Short answer
NiSource (NI) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $6.5B (+23.5% year over year) and net income of $930M.
- Top risk flagged: Regulatory/legal risk from Amended LLC Agreement increasing Blackstone affiliates' mandatory capital contributions by $175 million over seven years
FY2025 key financial metrics · XBRL
- Revenue
- $6.5B
- +23.5% YoY
- Net income
- $930M
- +22.2% YoY
- Operating margin
- 28.1%
- +0.6 pp YoY
- EPS (diluted)
- $1.95
- +20.4% YoY
- ROE
- 9.8%
- +1.1 pp YoY
- Operating cash flow
- $2.4B
- +32.6% YoY
Source: XBRL data from the NiSource (NI) FY2025 10-K on SEC EDGAR. USD.
NiSource FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business: fully regulated natural gas and electric utility serving six states through Columbia and NIPSCO segments
- New emphasis on Data Center strategy via GenCo affiliate targeting large load customers, and ADS Contract to supply electricity to Amazon's data centers starting 2027
- Strategic focus on electric generation transition with two solar and one solar-battery projects placed in service
- Infrastructure modernization investment $1.6B including 256 miles distribution main replacement, 45 miles underground cable, 1,656 electric poles replaced
- Customer base grew by 24,000; advanced WAM ERP program for gas distribution and generation operations optimization
Management Discussion & Analysis
- No goodwill impairment recorded; fair value of reporting units exceeds carrying values as of 2025 year-end
- Unbilled revenue $465.2 million as of December 31, 2025, based on estimated energy delivered between meter readings
- Unrecognized tax benefits $21.7 million as of 2025, valuation allowance increased to $14.8 million from $6.4 million in 2024
- Income tax provision and deferred tax assets require significant judgment; risk of material adjustments exists
Risk Factors
- Regulatory/legal risk from Amended LLC Agreement increasing Blackstone affiliates' mandatory capital contributions by $175 million over seven years
- Geopolitical risk as electric service expansion to data center customers exposed to market uncertainties in data center sector growth
- Operational risk tied to Generation Holdings II's governance changes after 19.9% equity sale to Blackstone affiliates for $35.2 million cash
- Competitive risk from energy market contracts impacted by new arrangements between NIPSCO Holdings II and Generation Holdings II subsidiaries
- Financial risk concentration with Blackstone controlling voting rights as one investor in NIPSCO Holdings II equity holdings
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