CookieStocks

NiSource (NI): financials, SEC filings and peers

NiSource (NI) is a multi-utilities company in the Utilities sector of the S&P 500, headquartered in Merrillville, Indiana.

It was founded in 1912 and joined the S&P 500 on November 2, 2000.

Its fiscal year ends in December, and its shares trade on the NYSE.

In its SEC filings it is classified as “Electric & Other Services Combined”.

NiSource at a glance

Revenue (12 months)
$11.4B
Revenue growth
+15.3%
Operating margin
16.6%
Net income (12 months)
$940M
Free cash flow (12 months)
−$1.6B
Cash
$58M
Debt
$18.3B
Diluted EPS (12 months)
$1.95

Twelve months to September 30, 2026, from the 10-Q filed October 28, 2026.

Latest twelve months

Over the twelve months to September 30, 2026, NiSource reported revenue of $11.4 billion, up 15.3% from a year earlier.

Its operating margin was 16.6%: for every $100 of sales, about $17 was left as operating profit.

Net income was $940 million (8.2% of revenue), 4.9% higher than a year earlier.

Operating cash flow was $2.4 billion and capital spending $3.9 billion, leaving free cash flow of −$1.6 billion (-13.7% of revenue). Capital spending equal to 35% of revenue is high; the company is investing heavily.

At the end of the period it held $58 million in cash and $18.3 billion in debt, a net debt position of $18.2 billion.

The diluted share count rose 1.6% in a year, which dilutes existing shareholders.

Five-year trend

  • Revenue went from $4.5 billion in fiscal 2020 to $6.5 billion in fiscal 2025, about 7.8% a year.
  • Operating margin widened from 12.3% to 28.1% over the same years.
  • Free cash flow was negative in 6 of the last 6 fiscal years.
  • NiSource reported a net loss in 1 of the last 6 fiscal years.
Fiscal year20212022202320242025
Revenue$4.7B$5.7B$5.3B$5.3B$6.5B
Revenue growth5.8%21.3%-6.8%-1.2%23.5%
Operating margin21.3%22.1%24.2%27.6%28.1%
Net income$585M$804M$714M$760M$930M
Free cash flow−$620M−$794M−$711M−$833M−$420M
Diluted EPS$1.27$1.70$1.48$1.62$1.95

Fiscal years as reported in NiSource’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

  • 8-K filed November 9, 2026 — Other event
  • 10-Q filed October 28, 2026 — quarterly report
  • 8-K filed October 28, 2026 — Earnings results
  • 8-K filed October 16, 2026 — New debt obligation
  • 8-K filed August 18, 2026 — Other event
  • 10-Q filed August 5, 2026 — quarterly report
  • 8-K filed August 5, 2026 — Earnings results
  • 8-K filed May 18, 2026 — Other event

All NiSource filings on SEC EDGAR

Companies like NiSource

Other S&P 500 companies in Multi-Utilities:

More from Utilities

All 31 Utilities companies →

Questions about NiSource

Is NiSource's revenue growing?

Yes. Revenue for the twelve months to September 30, 2026 was $11.4 billion, up 15.3% from a year earlier, according to its SEC filings.

Is NiSource profitable?

Yes. It earned $940 million in net income over the twelve months to September 30, 2026, a net margin of 8.2%.

Does NiSource have more cash or more debt?

At September 30, 2026 it had $58 million in cash and $18.3 billion in debt, so more debt than cash.

When did NiSource last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on October 28, 2026.

Which companies are similar to NiSource?

In the S&P 500, NiSource is grouped in Multi-Utilities within the Utilities sector. Ameren (AEE), CMS Energy (CMS), CenterPoint Energy (CNP), Dominion Energy (D), DTE Energy (DTE) are in the same group.

Understand the numbers

Source: NiSource’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved November 11, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.