NiSourceNIEarnings & Financial Report
NiSource Inc. is one of the largest fully regulated utility companies in the United States, serving approximately 3.5 million natural gas customers and 500,000 electric customers across six states through its local Columbia Gas and NIPSCO brands. The company, based in Merrillville, Indiana, has more than 8,000 employees. As of 2018, NiSource is the sole Indiana-based utility company.
Revenue
$1.2B
Gross Profit
N/A
Operating Profit
$297.5M
Net Profit
$94.7M
Gross Margin
N/A
Operating Margin
24.0%
Net Margin
7.6%
YoY Growth
18.6%
EPS
$0.20
NiSource Q3 FY2025 Financial Summary
NiSource reported revenue of $1.2B (up 18.6% YoY) for Q3 FY2025, with a net profit of $94.7M (up 10.5% YoY) (7.6% margin).
Key Financial Metrics
| Total Revenue | $1.2B |
|---|---|
| Net Profit | $94.7M |
| Gross Margin | N/A |
| Operating Margin | 24.0% |
| Report Period | Q3 FY2025 |
Revenue Breakdown
NiSource Q3 FY2025 revenue of $1.2B breaks down across 10 segments, led by Nonrelated Party at $484.9M (39.1% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| Nonrelated Party | $484.9M | 39.1% |
| Residential | $328.1M | 26.5% |
| Other | $143.7M | 11.6% |
| NIPSCO Gas Distribution | $127.4M | 10.3% |
| Commercial | $95.1M | 7.7% |
| Industrial | $36.0M | 2.9% |
| Offsystem | $13.8M | 1.1% |
| Misc. | $6.7M | 0.5% |
| Related Party | $3.3M | 0.3% |
| Unaffiliated | $1.2M | 0.1% |
NiSource Revenue by Segment — Quarterly Trend
NiSource revenue by segment across the last 4 reported quarters, showing how each business line (such as Nonrelated Party and Residential) has evolved quarter over quarter.
| Segment | Q4 FY2025 | Q3 FY2025 | Q2 FY2025 | Q1 FY2025 |
|---|---|---|---|---|
| Nonrelated Party | — | $484.9M | — | — |
| Residential | $703.6M | $328.1M | $397.0M | $851.2M |
| Other | — | $143.7M | — | — |
| NIPSCO Gas Distribution | $348.1M | $127.4M | $185.6M | $430.6M |
| Commercial | $235.9M | $95.1M | $126.2M | $306.5M |
NiSource Annual Revenue by Year
NiSource annual revenue history includes year-by-year totals (for example, 2025 revenue was $6.5B).
| Year | Annual Revenue |
|---|---|
| 2025 | $6.5B |
| 2024 | $5.3B |
| 2023 | $5.3B |
| 2022 | $5.7B |
NiSource Quarterly Revenue & Net Profit History
NiSource results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 FY2025 | $1.9B | +22.5% | $257.8M | 13.7% |
| Q3 FY2025 | $1.2B | +18.6% | $94.7M | 7.6% |
| Q2 FY2025 | $1.2B | +18.3% | $102.2M | 8.2% |
| Q1 FY2025 | $2.1B | +30.8% | $474.8M | 22.1% |
| Q4 FY2024 | $1.5B | +11.4% | $223.9M | 14.5% |
| Q3 FY2024 | $1.0B | +4.3% | $85.7M | 8.2% |
| Q2 FY2024 | $1.1B | -1.2% | $85.8M | 8.1% |
| Q1 FY2024 | $1.6B | -13.3% | $365.0M | 22.2% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.64B | $1.05B | $1.05B | $1.54B | $2.15B | $1.25B | $1.24B | $1.89B |
| YoY Growth | -13.3% | -1.2% | 4.3% | 11.4% | 30.8% | 18.3% | 18.6% | 22.5% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $29.34B | $29.90B | $30.83B | $31.79B | $33.11B | $34.03B | $34.40B | $35.86B |
| Liabilities | $21.44B | $22.03B | $22.48B | $23.10B | $24.21B | $25.15B | $25.28B | $26.41B |
| Equity | $7.90B | $7.87B | $8.35B | $8.68B | $8.90B | $8.88B | $9.12B | $9.45B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $456.2M | $445.5M | $340.0M | $539.8M | $686.4M | $495.4M | $467.9M | $712.6M |