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NiSource NI NIPSCO Operations — CapEx

Other segment segments

Columbia Operations
-$1.21B-0.3%

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Other financials

Income statement

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Revenue$2.3B+8.0%
Gross profit$1.7B+10.1%
Operating income$819.2M+7.9%
Net income$507.1M+6.8%
EPS (diluted)$1.06+6.0%

Balance sheet

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Cash & equivalents$71.9M-72.3%
Total debt$16.7B+23.1%
Total equity$9.7B+8.6%
Total assets$36.6B+10.6%

Cash flow

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Operating cash flow$442.3M-35.6%
CapEx$805.2M+26.3%
Free cash flow-$362.9M-839%

Valuation

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Market cap$22.8B+23.0%
Enterprise value$39.48B+20.8%
P/E23.7×+2.8×
P/S+0.1×

Profitability

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Gross margin44.9%-0.7pp
Operating margin16.7%-0.3pp
Net margin8.5%-0.6pp
FCF margin-7.3%+0.7pp

Returns & leverage

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Return on equity10.4%0.0pp
Debt / equity1.7×+0.2×
Current ratio0.6×+0.1×

Where this comes from

Reported directly by NiSource in its filing.

Tagged under the XBRL concept us-gaap:SegmentExpenditureAdditionToLongLivedAssets.

The official record: NiSource’s 10-K, filed February 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is NiSource's NIPSCO operations — capex?
NiSource (NI) reported NIPSCO operations — capex of -$627.23M in Q4 2025.
How has NiSource's NIPSCO operations — capex changed year-over-year?
NiSource's NIPSCO operations — capex decreased by 11.4% year-over-year, from -$563.1M to -$627.23M.
What is the long-term trend for NiSource's NIPSCO operations — capex?
Over 3 years (2022 to 2025), NiSource's NIPSCO operations — capex has grown at a 35.0% compound annual growth rate (CAGR), from -$1.02B to -$2.51B.
What does NIPSCO operations — capex mean?
Measures the cash outflows for the acquisition or construction of long-term utility assets, such as power plants, transmission lines, and distribution networks within the NIPSCO segment. This metric is critical for assessing the company's commitment to infrastructure modernization, renewable energy transition, and system reliability. It directly influences the future growth of the regulated rate base.