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NiSourceNI

Legal name
NiSource Inc.
Sector
Energy
Industry
Electric & Other Services Combined
Exchange
NYSE

Stock Price $NI

Latest filings

You are here#28 of 28 in Utilities by market cap

Filing record · 2016–202610-K1210-Q338-K177

NI filed 12 annual reports (10-K), 33 quarterly reports (10-Q) and 177 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Sep ’17Sep ’17
  2. Leadership change8-K · Oct ’19Oct ’19
  3. Leadership change8-K · Jan ’22Jan ’22
  4. Material agreement8-K · Dec ’25Dec ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  18. $6.52B
YoY changeLargest recent move+21.3%in FY22Latest +23.5%

1 older move runs past ±25% (largest −25.1%); point at, tap or drag across the bars to read one.

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All NI Financial Metrics55 metrics

Income Statement12

Balance Sheet25

Cash Flow13

Per Share5

02—Overview

NiSource Financial Overview 2021–2025

Updated Nov 4, 2026

NiSource's operating income climbed from $1,006.9 million in FY2021 to $1,835.3 milliona in FY2025, an 82% increase that outpaced revenue growth by a wide margin. That gap is the story: this regulated utility is converting a heavy capital program into earnings, while piling on debt to fund it.

The core thesis is simple. Rate-base investment is working, but the balance sheet is carrying the load. Revenue rose from $4,899.6 million in FY2021 to $6,642.2 millionb in FY2025, and diluted EPS went from $1.27 to $1.95. Over the same stretch, total consolidated indebtedness grew from $9,801.5 million to $16,213.5 million. Capital expenditures reached $4.05 billion in FY2025, and management now plans roughly $21.0 billion of base-business investment over 2026-2030, plus about $7.0 billion for the Amazon data center contract.

Leverage has not tightened the covenant picture, though. The debt-to-capitalization ratio sat at 51.0% at the end of FY2025, against a 70% limit and down from 57.4% in FY2021. The $2.16 billionc Blackstone investment in NIPSCO helped there. Investors paid 21.4x earnings at the close of FY2025, with the shares at $41.76 and a market cap of $20.0 billion. The company paid $1.12 per share in dividends that year.

Recent Developments (Q2 and Q3 2026)

Q3 2026 brought the sharpest turn in the period. Net income rose to $129.5 milliond ($0.27 diluted EPS) from $94.7 million in Q3 2025, and operating income climbed to $340.3 million from $297.5 million. Q2 was weak: EPS fell to $0.09 from $0.22 as interest expense rose to $199.2 million from $139.1 million, and a NIPSCO lockout added $21.4 million of costs. Management narrowed 2026 adjusted EPS guidance to the upper half of $2.02-$2.07 and set 2027 guidance at $2.22-$2.30. The capital plan through 2033 is now $40.0 billion. A Microsoft contract and a $2.2 billion battery storage agreement anchor the data center push, and the August 11 storm left about 375,000 customers without power.

Bull case: guidance is rising, and the data center contracts extend earnings growth to 10%-11% annually through 2033. Bear case: nine-month interest expense reached $601.3 millione, nine-month GAAP EPS is flat at $1.42, and liquidity slipped to $1,947.5 million. At 22.5x earnings as of October 27, 2026, the shares carry a premium to the 21.4x year-end multiple. That date is the quarterly report date, not today.

What to watch: IURC findings on the storm response; financing of the $14.0-$14.5 billion data center buildout

03—Filings

Recent SEC Filings

  1. 8-KNiSource 8-K Report, Financial Results (Oct 28, 2026)NiSource Inc. reported third-quarter 2026 results in a press release dated October 28, 2026, furnished as Exhibit 99.1. On a GAAP basis, net income available to common shareholders for the quarter ended September 30, 2026 was $129.5 million, or $0.27 per diluted share, compared with $94.7 million, or $0.20 per diluted share, in the same period of 2025. Non-GAAP adjusted net income available to common shareholders was $130.9 million, or $0.27 of consolidated adjusted EPS, versus $91.8 million, or $0.19, a year earlier. For the nine months ended September 30, 2026, GAAP net income available to common shareholders was $685.7 million ($1.42 per diluted share), and adjusted net income was $718.1 million ($1.49 of consolidated adjusted EPS). The company narrowed its 2026 non-GAAP consolidated adjusted EPS guidance to the upper half of the $2.02-$2.07 range and introduced 2027 guidance of $2.22-$2.30. It extended its capital plan through 2033, with a seven-year consolidated total capital expenditure plan of $40.0 billion, comprising $32.0 billion of base plan capital expenditures and $8.0 billion for data center investments. The company expects 9%-10% consolidated investment base growth from 2027-2033, a consolidated non-GAAP adjusted EPS compound annual growth rate of 10%-11% for 2027-2033 (raised from prior expectations as stated in the release), and base plan adjusted EPS annual growth of 6%-8%, with 8%-10% rate base growth from 2027-2033. Management also announced an expanded agreement with Microsoft, bringing expected GenCo cost savings for existing customers to approximately $1.75 billion. The company now presents base plan adjusted EPS, which excludes the impact of data center operations and development, alongside consolidated adjusted EPS. Adjustments in the third quarter included a $6.0 million Value Captured initiative cost and a $4.0 million favorable weather impact, and for the nine months included a $21.4 million workplace continuity cost tied to the April 2026 lockout period.
  2. 8-KNiSource 8-K Report, Financial Obligation (Oct 16, 2026)NiSource Inc. (NI) disclosed in a Current Report on Form 8-K (Items 2.03 and 9.01) that its subsidiary, NiSource Generation Company LLC ("GenCo"), entered into a Battery Storage System Tolling Agreement on October 15, 2026 with Atlas Storage 1 LLC, an indirect subsidiary of AGP Capital Holdings Pte. Ltd. ("AGP Group"). Under the agreement, AGP Group will develop, construct, own and operate a 600 MWAC / 2,400 MWh stand-alone battery energy storage system interconnected to the MISO transmission system, and GenCo will supply the charging electricity at its expense and receive the economic benefits of the project's capacity, discharged energy, storage, ancillary services and environmental attributes. The delivery term is expected to be approximately twenty and a half years, starting on the commercial operation date of the project's first phase, expected by December 1, 2027. GenCo's aggregate storage payments over the delivery term are expected to be approximately $2.2 billion, and the agreement is expected to be accounted for as a finance lease obligation under FASB ASC Topic 842. This creates a direct financial obligation for the company. GenCo also receives an exclusive, irrevocable option to purchase the project at specified intervals and at the end of the delivery term. Effectiveness is conditioned on AGP Group executing an engineering, procurement and construction contract and an interconnection agreement reasonably satisfactory to AGP Group, both by January 31, 2027. The filing's forward-looking statements flag risks including regulatory approvals, supplier and contractor performance, tariffs, severe weather, and AGP Group's ability to build the project on time.
  3. 8-KNiSource 8-K Report, Corporate Update (Aug 18, 2026)NiSource Inc. filed this Form 8-K to report the closing, on August 18, 2026, of a $750,000,000 offering of its 6.250% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2057. The sale was made under the company's Form S-3 registration statement (File No. 333-291167) pursuant to a Terms Agreement dated August 13, 2026 with Barclays Capital Inc., Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and Wells Fargo Securities, LLC as lead underwriters. The Notes were issued under a Subordinated Indenture dated May 16, 2024 with The Bank of New York Mellon, as supplemented by a Fourth Supplemental Indenture dated August 18, 2026. The Notes pay a fixed 6.250% coupon from August 18, 2026 until April 15, 2032, the First Reset Date. After that, the rate resets to the Five-year U.S. Treasury Rate plus a spread of 1.930%, with a floor of 6.250% per annum. Interest is payable semi-annually on April 15 and October 15, beginning April 15, 2027, and the Notes mature on April 15, 2057. The company may redeem the Notes during specified periods and upon certain ratings, tax or tax credit events, as described in the prospectus supplement. The Notes are junior subordinated obligations with an interest deferral feature. While no event of default is continuing, NiSource may defer interest for up to 20 consecutive semi-annual periods per deferral. During deferral, the company is restricted from paying common or other capital stock dividends, repurchasing capital stock, and paying on debt or guarantees ranking equal or junior to the Notes, subject to exceptions in the prospectus supplement. The company intends to use net proceeds for general corporate purposes, including capital expenditures, working capital and repayment of existing indebtedness.
  4. 8-KNiSource 8-K Report, Financial Results (Aug 5, 2026)NiSource Inc. reported second-quarter 2026 results on August 5, 2026, for the period ended June 30, 2026, as stated in an 8-K furnishing a press release (Exhibit 99.1). On a GAAP basis, net income available to common shareholders was $45.5 million, or $0.09 per diluted share, for the quarter, versus $102.2 million, or $0.22 per diluted share, a year earlier. For the six months ended June 30, 2026, GAAP net income available to common shareholders was $556.2 million, or $1.15 per diluted share, compared with $577.0 million, or $1.22, in the prior-year period. On a non-GAAP basis, second-quarter 2026 adjusted net income available to common shareholders was $77.6 million, or $0.16 of consolidated adjusted EPS, compared with $101.9 million, or $0.22, in the second quarter of 2025. For the six months, adjusted net income was $587.2 million, or $1.22 per share, versus $564.2 million, or $1.19, a year earlier. The reconciliation adds back a $16.0 million favorable weather impact to revenue, $21.4 million of workplace continuity costs tied to the April 2026 NIPSCO lockout, and $5.4 million of Value Captured initiative costs, among other items. NiSource reaffirmed its 2026 non-GAAP consolidated adjusted EPS guidance of $2.02-$2.07 and its 2026-2033 consolidated adjusted EPS compound annual growth rate target of 9%-10%. The company is continuing to execute a $28.6 billion 2026-2030 capital investment plan, comprising $21.0 billion of base capital and $7.6 billion of strategic data center infrastructure investment, and expects it to support 9%-11% rate base growth from 2026-2033. Management also highlighted regulatory approval of Amazon and Alphabet special contracts and $1.4 billion of savings for existing customers from those agreements.
  5. 8-KNiSource 8-K Report, Corporate Update (May 18, 2026)NiSource Inc. (NI) closed the sale of $1.25 billion of senior notes on May 18, 2026. The offering consisted of $500,000,000 of 4.750% Notes due 2031 and $750,000,000 of 5.300% Notes due 2036, sold under the Company's Form S-3 registration statement (File No. 333-291167) pursuant to a Terms Agreement dated May 11, 2026 with BNP Paribas Securities Corp., BofA Securities, Inc., MUFG Securities Americas Inc. and U.S. Bancorp Investments, Inc. as Lead Underwriters. The Notes were issued under a 2000 indenture with The Bank of New York Mellon as successor trustee. NiSource intends to use the net proceeds for general corporate purposes, including financing capital expenditures, working capital and repaying existing indebtedness. The filing does not state the interest payment terms beyond the coupon rates or disclose the offering price, underwriting discounts or net proceeds amount. The filing is largely a financing disclosure. It files the forms of the notes as Exhibits 4.1 and 4.2, an opinion of McGuireWoods LLP as Exhibit 5.1, and a related consent. Investors can view the offering as a routine refinancing and funding action, with the filing itself containing no new operating or earnings information.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.