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NiSource NI Q4 2025 Annual earnings

Reported February 11, 2026 · Before market open

Revenue$1.9BBeat by $472.4MDiluted EPS$0.51Beat by $0.01
Revenue estimate$1.4B
EPS estimate$0.50

Next report

Aug 5, 2026 (In 3 weeks)
Revenue estimate$1.2B
EPS estimate$0.21

Financials

Q4 2025

Income statement

See full
Revenue$6.5B+23.5%
Gross profit$1.4B+35.2%
Operating income$515.5M+23.7%
Net income$257.8M+15.1%
EPS (diluted)$0.53+10.4%

Balance sheet

See full
Cash & equivalents$110.1M-29.7%
Total debt$16.5B+27.3%
Total equity$9.5B+8.8%
Total assets$35.9B+12.8%

Cash flow

See full
Operating cash flow$712.6M+32.0%
CapEx$846.3M+11.4%
Free cash flow-$133.7M+39.3%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$19.76B+15.2%
Enterprise value$36.15B+20.7%
P/E21.3×-1.3×
P/S1.8×-0.1×

Profitability

See full
Gross margin44.3%-1.1pp
Operating margin16.4%+0.5pp
Net margin8.3%0.0pp
FCF margin-3.8%-1.4pp

Returns & leverage

See full
Return on equity10.3%+1.3pp
Debt / equity1.7×+0.3×
Current ratio0.7×+0.2×

Segments

By segment

See full
Columbia Operations$998.1M+30.7%
NIPSCO Operations$789.0M+21.0%
Corporate and Other-$3.6M-500%

Versus estimates

Revenue

Q1 2026$2.4BMiss by $157.4M
Q4 2025$1.9BBeat by $472.4M
Q3 2025$1.3BBeat by $73.4MQ2 2025$1.3BBeat by $69.7MQ1 2025$2.2BBeat by $26.4MQ4 2024$1.6BMiss by $187.7M

Diluted EPS

Q1 2026$1.06In line
Q4 2025$0.51Beat by $0.01
Q3 2025$0.19Miss by $0.01Q2 2025$0.22Beat by $0.02Q1 2025$0.98Beat by $0.08Q4 2024$0.49Beat by $0.01

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Questions, answered.

When did NiSource report Q4 2025 earnings?
NiSource (NI) reported Q4 2025 earnings on February 11, 2026 before market open.
What were NiSource's Q4 2025 revenue and EPS?
NiSource reported revenue of $1.9B and diluted EPS of $0.51 for Q4 2025.
Did NiSource beat estimates in Q4 2025?
Revenue beat the consensus estimate of $1.4B by $472.4M. EPS beat the consensus estimate of $0.50 by $0.01.
How did NiSource's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 19.8% from $1.6B a year earlier and diluted EPS grew 4.1% from $0.49.
Where can I find NiSource's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001111711-26-000026) and the 10-K periodic report (0001111711-26-000027) directly on SEC EDGAR. The filing index links above go to sec.gov.