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NiSource NI Investment and Production Tax Credits

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Other financials

Income statement

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Revenue$1.3B+3.4%
Gross profit$1.1B+11.3%
Operating income$228.1M-13.2%
Net income$45.5M-55.5%
EPS (diluted)$0.09-59.1%

Balance sheet

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Cash & equivalents$70.0M-79.1%
Total debt$16.3B+12.6%
Total equity$9.6B+7.8%
Total assets$37.5B+10.3%

Cash flow

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Operating cash flow$680.4M+37.3%
CapEx$1.1B+66.7%
Free cash flow-$417.0M-156%

Valuation

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Market cap$20.8B+5.6%
Enterprise value$37.03B+9.4%
P/E23×+0.8×
P/S1.8×-0.2×

Profitability

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Gross margin45.7%+0.2pp
Operating margin16.4%-0.6pp
Net margin8%-1.1pp
FCF margin-9.5%+8.9pp

Returns & leverage

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Return on equity9.8%-0.8pp
Debt / equity1.7×+0.1×
Current ratio0.5×-0.1×

Where this comes from

Reported directly by NiSource in its filing.

Tagged under the XBRL concept nix:InvestmentAndProductionTaxCredits.

The source filing: NiSource’s 10-K, filed February 11, 2026.

Filed
Feb 11, 2026, 6:37 AM EST
Fiscal year
FY2025
Accession
0001111711-26-000027

During the periods ended December 31, 2025 and 2024, respectively, we elected to monetize certain transferable ITC/PTC credits through sales to unrelated third‑party taxpayers. Accordingly, the cash proceeds received from the sale of the credits are reflected as an adjustment to income tax (benefit) expense. We recognized a current tax benefit associated with the monetization of these credits of $19.3 million and $18.8 million, for the years ended December 31, 2025, and 2024, respectively. These amounts offset current tax expense in the years received and a regulatory liability was established to pass back to customers over ten years, as ordered by the regulator.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (continued)

FAQ

What is NiSource's investment and production tax credits?
NiSource (NI) reported investment and production tax credits of $4.83M in Q4 2025.
How has NiSource's investment and production tax credits changed year-over-year?
NiSource's investment and production tax credits increased by 2.7% year-over-year, from $4.7M to $4.83M.
What does investment and production tax credits mean?
Investment and Production Tax Credits as reported by NiSource Inc..

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