Income StatementBalance SheetCash FlowSegments
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NiSource Business Segments

Business, geographic, and product segment breakdowns

NiSource generates $11.3B in annual revenue across 2 key segments: Columbia Operations ($3.4B), and NIPSCO Operations ($5.8B). The company-wide operating margin is 16.72%. Based on the Q1 2026 filing.

Columbia Operations (TTM)$3.4BNIPSCO Operations (TTM)$5.8B
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$22.3B
P/E Ratio23.20
ROE10.37%

Business Segments

Accounts Receivable, Allowance for Credit Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NIPSCO Operations$13.9M$15.6M$15.9M$15.6M$25.0M$27.6M
Columbia Operations$9.8M$14.0M$11.4M$3.0M$15.6M$18.5M

Allowance for Credit Loss

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations$9.8M———$15.6M—

Capital Expenditures

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations-$302.3M-$303.3M-$303.3M-$303.3M-$303.3M—
NIPSCO Operations-$563.1M-$627.2M-$627.2M-$627.2M-$627.2M—

Cost of energy

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations$195.4M$379.8M$110.4M$58.5M$271.1M$383.9M
NIPSCO Operations$181.2M$267.7M$151.4M$135.2M$210.4M$285.3M

Current period provisions

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations$0.0$9.1M$33.2M—$16.1M$11.8M
NIPSCO Operations$0.0$4.1M$20.9M——$6.6M

Customer revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations$763.9M$1.2B$592.3M$479.7M$998.1M$1.3B
NIPSCO Operations$652.3M$909.6M$654.2M$760.5M$789.0M$993.7M
Corporate and Other-$600.0K$1.2M$2.5M$1.2M-$3.6M$1.4M

Depreciation, Depletion and Amortization

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NIPSCO Operations$157.8M$141.3M$165.9M$185.3M$188.1M$162.7M
Columbia Operations$108.5M$108.2M$111.7M$112.7M$118.6M$120.9M

Financing Receivable, Allowance for Credit Loss, Writeoff

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations$11.0M$12.7M$12.7M$12.7M$12.7M—

Operating Income (Loss)

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations$228.9M$445.8M$122.2M$52.1M$275.0M$472.3M
NIPSCO Operations$189.8M$311.9M$134.0M$232.6M$259.6M$348.5M

Other revenues

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NIPSCO Operations$32.6M$31.8M$26.4M$26.5M$24.6M$44.8M
Columbia Operations$15.2M$700.0K$8.9M$5.2M—-$5.4M
Corporate and Other$300.0K$1.2M$1.2M$1.2M$1.3M$1.4M

Recoveries of amounts previously written off

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations$0.0$2.9M$11.4M—$7.6M$3.2M
NIPSCO Operations$0.0$200.0K$900.0K——$400.0K

Regulated Operating Revenue

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations$841.9M$1.2B$604.7M$488.2M$1.0B$1.3B
NIPSCO Operations$2.8B$941.7M$680.8M$787.3M$3.3B$1.0B

Taxes, Miscellaneous

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations$69.1M$67.0M$52.4M$52.0M$81.8M$71.1M
NIPSCO Operations$16.5M$18.5M$18.1M$19.1M$19.8M$20.9M

Total Assets

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
NIPSCO Operations$15.8B$16.8B$17.5B$17.8B$18.1B$18.5B
Columbia Operations$14.8B$15.0B$15.0B$15.3B$15.9B$16.2B

Utilities Operating Expense, Maintenance and Operations

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations$232.6M$243.0M$207.7M$212.8M$260.2M$278.4M
NIPSCO Operations$204.9M$202.0M$211.0M$215.1M$220.8M$221.4M

Write-offs charged against allowance

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Columbia Operations$0.0$7.8M$43.0M——$12.1M
NIPSCO Operations$0.0$2.6M$12.4M——$4.4M

Depreciation Provisions For Utility Plant Percentage

SegmentQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Electric Operations0.8%0.8%0.8%0.8%0.8%—
Gas Distribution Operations0.7%0.7%0.7%0.7%0.7%—