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NiSource NI Production tax credit

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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$20.57B+4.4%
Enterprise value$36.81B+8.8%
P/E22.7×+0.5×
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:ProductionTaxCredit.

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
Year Ended December 31, (in millions)202520242023
State and local income taxes, net of federal income tax effect4.911.713.7
Tax Credits
Investment tax credit(32.4)(14.5)(2.1)
Production tax credit(40.5)(5.8)(0.3)
Other(3.1)(3.0)(1.5)
Regulatory Adjustments
ITC / PTC68.220.0
Amortization of Excess Deferred Income Taxes(30.2)(31.2)(39.2)

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA (continued)

FAQ

What is NiSource's production tax credit?
NiSource (NI) reported production tax credit of -$10.13M in Q4 2025.
How has NiSource's production tax credit changed year-over-year?
NiSource's production tax credit decreased by 598.3% year-over-year, from -$1.45M to -$10.13M.
What is the long-term trend for NiSource's production tax credit?
Over 2 years (2023 to 2025), NiSource's production tax credit has grown at a 1061.9% compound annual growth rate (CAGR), from -$300K to -$40.5M.
What does production tax credit mean?
Represents tax credits earned based on the volume of energy produced from qualifying renewable sources. Unlike investment credits, these are performance-based and fluctuate with the output of the company's renewable energy assets. This metric is essential for assessing the operational efficiency and profitability of the company's renewable energy portfolio.

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