Skip to content
OpenCapital
Get started
Income StatementBalance SheetCash FlowSegments
NiSource logo

NiSource Income Statement

Revenue, expenses, and profitability over time

NiSource generated $11.3B in trailing twelve-month revenue, up 0.2% year-over-year. Net income was $961.8M with a 8.49% net margin. Gross margin stands at 44.91% and operating margin at 16.72%. Diluted EPS is $2.01, which grew 0.1% year-over-year. Based on the Q1 2026 filing.

Total Revenue (TTM)$11.3BGross Profit (TTM)$5.1BOperating Income (TTM)$1.9BNet Income (TTM)$961.8MEps Diluted (TTM)$2.01
Latest FilingQ1 2026
Report Date2026-05-06
Market Cap$22.4B
P/E Ratio23.24
ROE10.37%

Operating Expenses

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Compensation and benefits—$75.5M$63.1M$26.4M—$55.8M
Depreciation and amortization$278.1M$258.6M$286.7M$306.9M$315.4M$288.3M
Other operating expenses-$15.9M$7.1M$15.2M$200K-$23.7M$18.3M
Provision for credit losses$0$13.2M$54.1M—$30.9M$18.4M
Total operating expenses$1.2B$1.4B$1B$975.6M$1.4B$1.5B

Earnings Per Share

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Basic earnings per share$0.48$1.01$0.22$0.20$0.54$1.06
Diluted earnings per share$0.48$1.00$0.22$0.20$0.53$1.06
Weighted-average shares, basic454.2M470.4M471M472.1M472.9M479M
Weighted-average shares, diluted456M472.5M472.1M473.7M474.5M480.9M

Tax

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income tax expense$48.6M$105.7M$23.8M$20.6M$53.7M$85.8M

Other Income & Expense

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Interest expense$137M$132.8M$139.1M$179.8M$187.3M$191.6M
Interest Income (Expense), Nonoperating$2.6M$2M$1.5M$3.8M$2.9M$4.7M
Other income (expense), net-$123.9M-$127M-$138.6M-$169.9M-$183.4M-$177.2M

Net Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Net income attributable to noncontrolling interests$20.4M$51.9M-$1.7M$12.3M$20.6M$49.1M
Net income$223.9M$474.8M$102.2M$94.7M$257.8M$507.1M
Preferred stock dividends$0$0$0$0$0$3.6M

Operating Income

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating income$416.8M$759.4M$262.9M$297.5M$515.5M$819.2M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
2028 through 2030 market capacity purchase commitments—————$174.6M
Capacity Purchase Commitments—————$1.1B
Accounts receivable sold—$141.5M$185.6M$263.3M—$51.1M
Accretion recorded as a regulatory asset$6.3M$9.5M$9.5M$9.5M$9.5M—
Advance deposits transferred to capital expenditures—$0———$108.5M
Pre-tax stock-based compensation cost$8M$10.2M$10.2M$10.2M$10.2M—
Allowance For Borrowed Funds Used And Interest Capitalized During Construction$10M$9.5M$9.5M$9.5M$9.5M—
Additions / (Releases)—$4.1M$4.1M$4.1M$4.1M—
Accounts Receivable, Allowance for Credit Loss, Recovery$0$3.1M$12.3M——$3.6M
Accounts Receivable, Allowance for Credit Loss, Writeoff$0$10.4M$55.4M——$16.5M
Asset Retirement Obligation Cash Paid To Settle$17.5M$10.4M$20.9M$18.7M$23M$15.5M
Asset Retirement Obligation Liabilities Incurred$47.5M$15.8M$15.8M$15.8M$15.8M—
Asset Retirement Obligation, Liabilities Settled$18.1M$18.3M$18.3M$18.3M$18.3M—
Changes in estimated cash flows$21.9M$6.4M$6.4M$6.4M$6.4M—
Asset sale covenant percentage of consolidated total assets15.0%———15.0%—
ATM Program Equity Remaining Available for Issuance—$337.5M$337.5M$337.5M$337.5M—
Business Combination, Price of Acquisition, Expected————$35.2M—
Capital investments accrued but not yet paid$19M$394.2M$32.4M$0$71.7M$484.6M
Capitalized Cloud Computing, Amortization$4.4M$6.8M$6.8M$6.8M$6.8M—
Software amortization expense$21.3M$19M$19M$19M$19M—
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect—$105.1M$61.9M-$246.1M—-$38.6M
Dividends declared (in dollars per share)$0.00$0.56$0.28$0.28$0.00$0.60
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest$243.5M$527.9M$101.5M$122.2M$285.2M$553.2M
Contributions from tax equity partners$0$0$0$0$0—
Federal-$4.8M-$7.6M-$7.6M-$7.6M-$7.6M—
Current State And Local Tax Expense Benefit$2.4M-$400K-$400K-$400K-$400K—
Debt Instrument Convertible Conversion Ratio152.6%———51.0%—
Total net securities (losses)-$575K-$250K-$250K-$250K-$250K—
Debt-based post-in-service carrying charges$6.6M$11.9M$11.9M$11.9M$11.9M—
Federal$97.5M$102.9M$102.9M$102.9M$102.9M—
Deferred taxes$42.2M$59.1M$59.1M$59.1M$59.1M—
Deferred and other income taxes$58.9M$91.3M$29.1M$33.1M$82.3M$75.8M
Deferred Other Tax Expense Benefit-$200K-$175K-$175K-$175K-$175K—
State$650K$3.3M$3.3M$3.3M$3.3M—
Defined Contribution Plan Cost Recognized$14.2M$14.8M$14.8M$14.8M$14.8M—
Defined Contribution Plan Employer Matching Contribution Percent4.5%———4.5%—
Depreciation$205.1M$252.2M$252.2M$252.2M$252.2M—
Debt discount/cost amortization$3.5M$3.8M$3.8M$3.8M$3.8M—
Distributions to Tax Equity Partners$1.8M$4.1M$5.7M$3M$1.4M$3.2M
Dividends, Common Stock, Cash$700K$264.5M$132.9M$134.6M$1M$292.1M
Effective tax rates$0$0.2$0.2$0.2—$0.1
Income taxes at U.S. statutory rate of 21%21.0%21.0%——21.0%21.0%
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Percent0.0%———0.7%—
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Percent-2.7%———-1.5%—
Nontaxable or nondeductible items1.2%———0.4%—
Effective Income Tax Rate Reconciliation Other Reconciling Items Percent-0.8%———0.1%—
State income taxes – net of federal income tax benefit$0$0$0$0$0—
Compensation and employee benefits—$75.5M$63.1M$26.4M—$55.8M
Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount$1M$1.3M$1.3M$1.3M$1.3M—
Share-Based Payment Arrangement, Expense, Tax Benefit$1.8M$2.8M$2.8M$2.8M$2.8M—
Income tax benefit realized from option exercises$500K$1.3M$1.3M$1.3M$1.3M—
Excess Deferred Income Taxes - ITC / PTC$5M$17.1M$17.1M$17.1M$17.1M—
Excess Deferred Income Taxes - ITC / PTC, Percent2.0%———5.6%—
Effective Income Tax Rate Reconciliation, Tax Contingency, Other, Percent-3.1%———-2.5%—
Deferred income taxes and investment tax credits-$7.8M-$7.6M-$7.6M-$7.6M-$7.6M—
Excess Tax Expense - Share Based Compensation$500K—————
Finance Lease, Principal Payments$6.7M$5.5M$5.5M$5.5M$5.5M—
Finance Lease Principal Payments$5.2M$5.5M——$4.7M$5.9M
Forward price (USD per share)$33.64$40.10$39.71—$41.84$45.63
Forward Contract Indexed To Issuers Equity Shares21.1M—————
Heating assistance-$125K-$525K-$525K-$525K-$525K—
Impairment And Gain Loss On Sale Of Assets, Net—$300K$400K$0—$0
Income Loss From Continuing Operations Before Income Taxes Domestic$292.9M$632.4M$124.3M$127.6M$332.1M$642M
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount—$2.1M$2.1M$2.1M$2.1M—
Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount$52.7M$63.9M$63.9M$63.9M$63.9M—
Effective Income Tax Rate Reconciliation, Noncontrolling Interest Income (Loss), Amount-$6.8M-$4.6M-$4.6M-$4.6M-$4.6M—
Nontaxable or Nondeductible items$3.1M$1.4M$1.4M$1.4M$1.4M—
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount$625K-$1.1M-$1.1M-$1.1M-$1.1M—
Effective Income Tax Rate Reconciliation, State and Local Income Taxes, Amount$2.9M$1.2M$1.2M$1.2M$1.2M—
Income Taxes Paid, Net$1.1M$825K$825K$825K$825K—
Income and other taxes—$34.2M-$700K$7.3M—$12.5M
Increase Decrease In Exchange Gas Receivable Payable—-$40.9M-$32.9M—-$76M$246.8M
Increase Decrease In Finished Goods And Work In Process Inventories—$127.7M$20.9M-$86.2M—$146.1M
Adjustment to Reconcile Net Income to Cash Provided by (Used in) Operating Activity, Increase (Decrease) in Operating Capital—$205.3M$64.8M$26M—$531.5M
Increase Decrease In Other Accruals-$40.8M-$28.6M$17.6M$20.4M-$77.3M-$16.9M
Increase (decrease) in all other liabilities—$8.1M—$6.5M—$200K
Increase (Decrease) in Other Operating Assets and Liabilities, Net—$205.3M———$531.5M
Increase Decrease In Prepayments And Other Current Assets—-$20M-$28.4M-$45.4M—-$64.4M
Increase (Decrease) in Regulatory Assets and Liabilities—-$10.3M$34M-$4.2M-$75.2M-$50.5M
Increase (Decrease) in Tax Expense$4.7M$11.4M$11.4M$11.4M$11.4M—
Increase (Decrease) in Effective Tax Rate—0.7%4.5%2.0%—-3.3%
Add - Incremental shares associated with contingently issuable shares (in shares)900K1.4M1M1M1.2M1.6M
Dilutive shares (in shares)600K00200K100K200K
Effect of equity units (in shares)0———0—
Add - Incremental shares under stock-based compensation plans (in shares)—$700K$100K$400K—$100K
Interest Expense, Long-Term Debt$126.6M$162M$162M$162M$162M—
Interest Paid, Excluding Capitalized Interest, Operating Activity$117.1M$139.3M$139.3M$139.3M$139.3M—
Investment and Production Tax Credits$4.7M$4.8M$4.8M$4.8M$4.8M—
Utilization of federal investment tax credits$3.6M$8.1M$8.1M$8.1M$8.1M—
Effective Income Tax Rate Reconciliation, Tax Credit, Investment, Percent-1.5%———-2.7%—
Line of Credit Facility, Increase, Accrued Interest—$14.8M$20.5M$40.9M—$12.5M
Long-term material purchase obligations—————$658.7M
Minority Interest Decrease From Distributions To Noncontrolling Interest Holders$20.1M$21.6M$32.6M$14.1M$20.5M$23.1M
Miscellaneous Non-Operating Income (Expense)—-$1.6M$100K-$2M—-$2.3M
Cash Provided by (Used in) Financing Activity, Including Discontinued Operation—$771.4M$780.1M$116.3M$431.1M$391.7M
Cash Provided by (Used in) Investing Activity, Including Discontinued Operation-$798.5M-$1.4B-$1.2B-$830.3M-$1.1B-$872.6M
Cash Provided by (Used in) Operating Activity, Including Discontinued Operation$539.8M$686.4M$495.4M$467.9M$712.6M$442.3M
Net change in commercial paper and other short-term borrowings-$198.5M$32.9M$32.9M$32.9M$32.9M—
Net Income Available to Common Shareholders - Basic Excluding Participating Securities—$474M$101.9M$94.4M—$509.6M
Net Income Loss Attributable To Noncontrolling Interest$20.4M$51.9M-$1.7M$12.3M$20.6M$49.1M
Leased devices transferred from inventory to property and equipment$16.5M—————
Assets acquired under an operating lease$3.1M—————
Purchase of non-controlling interest—$34.8M$99.5M$11M$86.1M$33.5M
Number of reportable segments0.502.002.002.00—2.00
Unrealized gains (losses) on available-for-sale securities$100K$800K$1M$1.3M$1M-$1.2M
AOCI before reclass, net of taxes—$1.1M$900K$15.1M$7.5M-$3M
Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax Parent$25K$25K$25K$25K$25K—
Unrealized gains (losses) on hedge instruments—-$100K-$100K-$100K—-$100K
Change in net unrealized gain (loss) on derivative instruments-$100K-$100K-$100K-$100K-$100K—
Other comprehensive income (loss)—$1.2M$1M$15.2M$6.8M-$3M
Other comprehensive income/(loss)—$1.2M$1M$15.2M—-$3M
Other Comprehensive (Income) Loss, Defined Benefit Plan, after Reclassification Adjustment, after Tax—-$500K-$100K-$14M-$5.9M$1.7M
Other Comprehensive Income Loss Pension And Other Postretirement Benefit Plans Tax—-$100K-$100K-$4.6M$0-$1.5M
Tax expense (benefit) of unrealized gains/losses on available for sale securities still held-$100K-$200K-$300K-$300K-$300K$300K
Other income, net (Note 6)$13.1M$5.8M$500K$9.9M$3.9M$14.4M
All other operating activities-$35M$7.1M$15.2M$200K$2.3M$18.3M
Other tax credits-$750K-$775K-$775K-$775K-$775K—
Other tax credits, percent-0.3%———-0.3%—
Earnings allocated to participating share awards$700K$800K$300K$300K$1.2M$1.1M
Payment Of Financing And Stock Issuance Costs$4.4M$15.4M$2.3M$4.3M$4.8M$22.7M
Payment of Preferred Stock Redemption Premium$3.5M$0$0$0$0—
Payment to renewable generation asset developer$3.2M$554.2M$403.8M$133.7M$7M$0
Payments For Advanced Deposits for Project Costs$29M$125.3M$35.6M$400K$212.5M$22.4M
Payment for (Proceeds from) Other Investing Activity—$35.9M$116M——$45M
Payments for Repurchase of Redeemable Preferred Stock$121.5M$0$0$0$0—
Payments of Ordinary Dividends, Common Stock$124M$132M$132.2M$132.2M$134M$149M
Payments to Acquire Property, Plant, and Equipment$760M$637.3M$658.2M$640.5M$846.3M$805.2M
Payments to Noncontrolling Interests$18.3M$17.5M$26.9M$11.1M$19.1M$19.9M
Customer deposits and credits-$3.3M-$3.8M-$1.6M-$5.7M-$1.9M$2.2M
Percentage of additional subset of assets capped10.0%———10.0%—
Pre-tax rate for allowance for funds used during construction4.8%———3.6%—
Preferred stock redemption—————$3.6M
Prior Period Federal Tax Credit Passback—$1.2M$1.2M$1.2M$1.2M—
Proceeds From Deposits From Customers—$125.6M$108.9M$4.6M—$135.3M
Proceeds from Issuance of Common Stock$104.7M$3.2M$3.6M$252.3M$53M$3.9M
Debt issued (Note 13)$0$741.5M$1.6B$0$990M$0
Proceeds from Noncontrolling Interests$0$34.8M$99.5M$11M$86.1M$25.5M
Short-term borrowings/(repayments) less than 90 days — net—$166.4M-$771M$1.3B—$555M
Production tax credit-$1.5M-$10.1M-$10.1M-$10.1M-$10.1M—
Production tax credit, Percent-0.6%———-3.3%—
Net additions (releases) charged to costs and expenses$0$13.2M$54.1M——$18.4M
Allowance for Funds Used During Construction, Capitalized Interest$18.4M$9.2M$8.6M$8.5M$6.4M$9.8M
Reclassified net gains (losses) from AOCI into earnings$1.6M$100K$100K$100K-$700K$0
Operating revenues$5.5B$2.2B$1.3B$1.3B$6.6B$2.4B
Other revenues$172.2M$33.7M$36.5M$32.9M$119.4M$40.8M
Revenue From Contract With Customer Excluding Assessed Tax$5.3B$2.1B$1.2B$1.2B$6.5B$2.3B
Revolving credit percentage requirement in NIPSCO70.0%———70.0%—
Property, plant, and equipment additions$923.1M$1B$1B$1B$1B—
Shares Issued - 401(k)309K68K56K55K231K57K
Employee Stock Purchase Plan, number of shares purchased by employees218K46K48K47K186K45K
Distributed under benefit plans769K682K62K24K772K831K
Issuance of common stock under benefit plans$2.2M$2.7M$2.1M$2.4M$2.2M$2.6M
Stock issued for employee stock purchase plan$1.7M$1.7M$1.9M$1.9M$1.9M$1.9M
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture$11.7M-$3.3M———-$12M
Stock Issued/Redeemed During the Period, Shares, Equity Units0—————
Tax penalty-$175K-$1M-$1M-$1M-$1M—
Taxes other than income taxes and other – net$89.6M$89.6M$74.2M$74.6M$105.7M$97.2M
Transfers between Fair Value Hierarchies$0$0$0$0$0$0
Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions$0$0$0$0$0—
Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions$0$0$0$0$0—
Utilities Operating Expense, Maintenance and Operations$421.7M$427.8M$396.2M$401.1M$485.1M$489.2M

Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Debt and Equity Securities, Unrealized Gain (Loss)———$400K$100K$900K
Total revenue$5.3B$2.1B$1.2B$1.2B$6.5B$2.3B

Cost of Revenue

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Total cost of revenue$376.6M$647.5M$261.8M$193.6M$481.5M$669.2M
Total interest expense (banking)$126.6M$162M$162M$162M$162M—