NiSource Inc. (NI) Income Statement
NI 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsNI revenue and net income
Where NI's revenue goes
2025Each bar shows an amount and its share of revenue. NI kept 14.0% of revenue as net income.
NI profit margins
NI growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +21.8% | +4.3% | +7.2% | +3.6% |
| Gross profit | +19.2% | +14.1% | +11.0% | +7.8% |
| Operating income | +25.9% | +13.1% | +27.2% | +8.6% |
| Net income | +22.2% | +4.9% | — | +12.5% |
| EPS (diluted) | +8.6% | +8.9% | +7.6% | +3.1% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NI quarterly EPS vs estimates
NiSource beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: October 28, 2026 (estimate $0.22).
NI income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.64B | $5.46B | $5.51B | $5.85B | $4.90B | $4.68B | $5.21B | $5.11B | $4.87B | $4.49B |
| Cost of revenue | $3.29B | $2.65B | $3.03B | $3.60B | $2.85B | $2.70B | $2.89B | $4.11B | $3.12B | $2.84B |
| Gross profit | $3.35B | $2.81B | $2.48B | $2.25B | $2.05B | $1.99B | $2.32B | $1.00B | $1.75B | $1.66B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $14.3M | $13.5M | $35.3M | $27.6M | $35.5M | $9.3M | $3.19B | $4.39B | $3.39B | $1.70B |
| Total operating expenses | $1.52B | $1.35B | $1.18B | $984.9M | $1.04B | $1.44B | $1.03B | $856.4M | $838.1M | $799.3M |
| Operating income | $1.83B | $1.46B | $1.30B | $1.27B | $1.01B | $550.8M | $890.7M | $124.7M | $921.2M | $866.1M |
| Interest income | $636.5M | $10.4M | $9.0M | $4.3M | $4.0M | $356.4M | $7.7M | $6.6M | $4.6M | $3.4M |
| Interest expense | $661.9M | $517.2M | $489.6M | $360.5M | $341.1M | $371.0M | $378.9M | $353.3M | $353.2M | $349.5M |
| Income before taxes | $1.22B | $1.00B | $813.9M | $956.4M | $706.6M | −$31.3M | $506.6M | −$230.6M | $443.1M | $510.2M |
| Income taxes | $203.8M | $158.1M | $139.5M | $164.6M | $117.8M | −$17.1M | $123.5M | −$180.0M | $314.5M | $182.1M |
| Net income | $929.5M | $760.4M | $714.3M | $804.1M | $584.9M | −$17.6M | $383.1M | −$50.6M | $128.5M | $331.5M |
| EBITDA | $3.05B | $2.57B | $2.22B | $2.15B | $1.80B | $1.07B | $1.60B | $741.6M | $1.38B | $1.42B |
| EPS (diluted) | $1.90 | $1.75 | $1.60 | $1.47 | $1.40 | $1.32 | $1.30 | $1.32 | $1.21 | $1.07 |
| Gross margin | 50.4% | 51.5% | 45.0% | 38.5% | 41.9% | 42.4% | 44.5% | 19.6% | 36.0% | 36.9% |
| Operating margin | 27.6% | 26.7% | 23.5% | 21.6% | 20.6% | 11.8% | 17.1% | 2.4% | 18.9% | 19.3% |
| Net margin | 14.0% | 13.9% | 13.0% | 13.7% | 11.9% | −0.4% | 7.4% | −1.0% | 2.6% | 7.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.34B | $2.36B | $1.90B | $1.27B | $1.28B | $2.18B | $1.59B | $1.08B | $1.08B | $1.71B | $1.42B | $1.03B |
| Cost of revenue | $668.5M | $1.16B | $966.6M | $594.7M | $658.0M | $1.08B | $798.3M | $523.3M | $522.4M | $803.4M | $728.0M | $522.5M |
| Gross profit | $673.9M | $1.20B | $936.3M | $678.4M | $625.0M | $1.11B | $789.5M | $553.0M | $562.3M | $902.9M | $694.0M | $504.9M |
| Sales, general & admin | — | — | $3.8M | — | — | $3.8M | $3.3M | $5.9M | $2.1M | $2.2M | $5.8M | $9.8M |
| Total operating expenses | $445.8M | $385.5M | $421.2M | $380.9M | $362.1M | $348.5M | $372.7M | $334.7M | $325.3M | $319.5M | $331.4M | $271.9M |
| Operating income | $228.1M | $819.2M | $515.1M | $297.5M | $262.9M | $759.4M | $416.8M | $218.3M | $237.0M | $583.4M | $362.6M | $233.0M |
| Interest income | $1.6M | $4.7M | $184.4M | $3.8M | $1.5M | $2.0M | $2.6M | $3.4M | $1.9M | $2.5M | $2.7M | $126.5M |
| Interest expense | $199.2M | $191.6M | $210.2M | $179.8M | $139.1M | $132.8M | $137.0M | $134.6M | $129.3M | $116.3M | $141.0M | $129.2M |
| Income before taxes | $47.1M | $642.0M | $332.1M | $127.6M | $124.3M | $632.4M | $292.9M | $112.9M | $120.7M | $476.3M | $227.7M | $102.2M |
| Income taxes | $10.2M | $85.8M | $53.7M | $20.6M | $23.8M | $105.7M | $48.6M | $15.9M | $17.6M | $76.0M | $35.8M | $3.8M |
| Net income | $45.5M | $507.1M | $257.8M | $94.7M | $102.2M | $474.8M | $223.9M | $85.7M | $85.8M | $365.0M | $237.4M | $85.1M |
| EBITDA | $608.5M | $1.12B | $857.7M | $614.3M | $550.1M | $1.02B | $713.9M | $517.0M | $503.5M | $834.7M | $637.6M | $442.3M |
| EPS (diluted) | $0.16 | $1.06 | $0.51 | $0.19 | $0.22 | $0.98 | $0.49 | $0.20 | $0.21 | $0.85 | $0.53 | $0.19 |
| Gross margin | 50.2% | 51.0% | 49.2% | 53.3% | 48.7% | 50.7% | 49.7% | 51.4% | 51.8% | 52.9% | 48.8% | 49.1% |
| Operating margin | 17.0% | 34.7% | 27.1% | 23.4% | 20.5% | 34.8% | 26.3% | 20.3% | 21.8% | 34.2% | 25.5% | 22.7% |
| Net margin | 3.4% | 21.5% | 13.5% | 7.4% | 8.0% | 21.7% | 14.1% | 8.0% | 7.9% | 21.4% | 16.7% | 8.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in NI's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NI financial results
In fiscal year 2025 (ended December 31, 2025), NiSource reported revenue of $6.6 billion, up 21.8% from the year before. It had net income of $929.5 million (up 22.2%), a net profit margin of 14.0%. Diluted earnings per share came to $1.90. Over five years revenue grew at an average rate of 7.2% a year.
See the NI stock overview for the latest quote and news, or the NI chart for price history and technical indicators.
NI income statement FAQ
What is NiSource's annual revenue?
NiSource reported total revenue of $6.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 21.8% from $5.5 billion the previous year.
Is NiSource profitable?
Yes. NiSource reported net income of $929.5 million in fiscal 2025, a net profit margin of 14.0%; its operating margin was 27.6%.
What is NiSource's gross margin?
NiSource's gross margin was 50.4% in fiscal 2025: for every $100 of revenue, NiSource kept $50 after the direct cost of its products and services.
How fast is NiSource growing?
Revenue grew 7.2% a year on average over the last five fiscal years, from $4.7 billion to $6.6 billion.
What are NiSource's earnings per share?
NiSource earned $1.90 per diluted share in fiscal 2025, compared with $1.75 a year earlier.
When will NiSource report its next earnings?
NiSource is expected to report results for the quarter ending September 30, 2026 on October 28, 2026 before the market opens.
When does NiSource's fiscal year end?
NiSource's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.