NiSource (NI) FY2025 10-K Annual Report
NiSource (NI) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 11, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
NiSource FY2025 10-K Analysis
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
- • No specific revenue, profitability, segment performance, cash flow, or forward guidance disclosed in this section
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
NiSource FY2025 Key Financial MetricsXBRL
Revenue
$6.5B
▲ +23.5% YoY
Net Income
$930M
▲ +22.2% YoY
Operating Margin
28.1%
▲ +59bp YoY
Net Margin
14.3%
▼ -14bp YoY
ROE
9.8%
▲ +108bp YoY
Total Assets
$35.9B
▲ +12.8% YoY
EPS (Diluted)
$1.95
▲ +20.4% YoY
Operating Cash Flow
$2.4B
▲ +32.6% YoY
Source: XBRL data from NiSource FY2025 10-K filing on SEC EDGAR. All figures in USD.
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