NiSource (NI) 10-K Summary — Year Ended Dec 31, 2025
NiSource is a natural gas distribution company that replaces aging infrastructure to reduce methane emissions and improve safety. The company reported higher revenue than the prior year, with positive operating income and net income, supported by strong operating cash flow.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
NiSource is a natural gas distribution company that replaces aging infrastructure to reduce methane emissions and improve safety. The company reported higher revenue than the prior year, with positive operating income and net income, supported by strong operating cash flow.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$6.5B
Revenue reported for the fiscal year.
Operating income
$1.8B
Income from operations reported for the year.
Net income
$929.5M
Net income reported for the year.
Operating cash flow
$2.4B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2022 | $5.7B | +21.3% |
| Dec 31, 2023 | $5.3B | -6.8% |
| Dec 31, 2024 | $5.3B | -1.2% |
| Dec 31, 2025 | $6.5B | +23.5% |
Business overview
NiSource operates natural gas distribution companies that lower methane emissions by replacing aging infrastructure, which also increases safety and reliability. The company's investments are facilitated through regulatory capital programs.
Financial performance
Revenue increased compared to the prior year, while operating income and net income remained positive. Operating cash flow was substantial, supporting the company's ongoing investment activities.
Material risks
The filing includes a section on risk factors, but the supplied context does not provide specific details of those risks. The company's operations are subject to regulatory and operational uncertainties inherent in the utility industry.
Liquidity and capital
Liquidity and capital allocation are centered on regulatory capital programs that fund the replacement of aging natural gas infrastructure, which simultaneously reduces emissions and enhances safety.
What to watch
Monitor the progress of the infrastructure replacement program and its impact on emissions reduction and financial performance.