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Side-by-side financial comparison of NextEra Energy (NEE) and NiSource (NI), based on the latest 10-Q / 10-K filings. Click either name above to swap in a different company.
NextEra Energy is the larger business by last-quarter revenue ($6.0B vs $1.9B, roughly 3.2× NiSource). NextEra Energy runs the higher net margin — 25.6% vs 13.7%, a 11.9% gap on every dollar of revenue. On growth, NiSource posted the faster year-over-year revenue change (22.5% vs 11.1%). Over the past eight quarters, NiSource's revenue compounded faster (7.2% CAGR vs 5.4%).
NextEra Energy, Inc. is an American energy company that is the world's largest electric utility holding company by market capitalization, with a valuation of over $170 billion as of Oct 2024. NextEra Energy had revenues of $24.8 billion and 16,700 employees throughout the US and Canada in 2024. It has a current generating capacity of 73 gigawatts. Its subsidiaries include Florida Power & Light (FPL), NextEra Energy Resources (NEER), XPLR Energy Partners, and NextEra Energy Services.
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.
NEE vs NI — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $6.0B | $1.9B |
| Net Profit | $1.5B | $257.8M |
| Gross Margin | — | — |
| Operating Margin | 26.4% | 27.3% |
| Net Margin | 25.6% | 13.7% |
| Revenue YoY | 11.1% | 22.5% |
| Net Profit YoY | 27.6% | 15.1% |
| EPS (diluted) | $0.74 | $0.53 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align — see 8-quarter trend below.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history — bar widths are scaled to the larger of the two companies so you can eyeball the size gap and growth trajectory without doing math. Quarters aligned by calendar period (report date) so offset fiscal years line up.
| Q4 25 | $6.0B | $1.9B | ||
| Q3 25 | $7.4B | $1.2B | ||
| Q2 25 | $6.4B | $1.2B | ||
| Q1 25 | $6.0B | $2.1B | ||
| Q4 24 | $5.4B | $1.5B | ||
| Q3 24 | $6.7B | $1.0B | ||
| Q2 24 | $6.0B | $1.1B | ||
| Q1 24 | $5.4B | $1.6B |
| Q4 25 | $1.5B | $257.8M | ||
| Q3 25 | $2.4B | $94.7M | ||
| Q2 25 | $2.0B | $102.2M | ||
| Q1 25 | $833.0M | $474.8M | ||
| Q4 24 | $1.2B | $223.9M | ||
| Q3 24 | $1.9B | $85.7M | ||
| Q2 24 | $1.6B | $85.8M | ||
| Q1 24 | $2.3B | $365.0M |
| Q4 25 | 26.4% | 27.3% | ||
| Q3 25 | 34.1% | 24.0% | ||
| Q2 25 | 29.9% | 21.1% | ||
| Q1 25 | 37.6% | 35.3% | ||
| Q4 24 | 17.4% | 27.1% | ||
| Q3 24 | 42.6% | 20.9% | ||
| Q2 24 | 27.8% | 22.5% | ||
| Q1 24 | 37.3% | 35.5% |
| Q4 25 | 25.6% | 13.7% | ||
| Q3 25 | 32.9% | 7.6% | ||
| Q2 25 | 31.7% | 8.2% | ||
| Q1 25 | 13.9% | 22.1% | ||
| Q4 24 | 22.3% | 14.5% | ||
| Q3 24 | 27.6% | 8.2% | ||
| Q2 24 | 27.0% | 8.1% | ||
| Q1 24 | 42.0% | 22.2% |
| Q4 25 | $0.74 | $0.53 | ||
| Q3 25 | $1.18 | $0.20 | ||
| Q2 25 | $0.98 | $0.22 | ||
| Q1 25 | $0.40 | $1.00 | ||
| Q4 24 | $0.58 | $0.47 | ||
| Q3 24 | $0.90 | $0.19 | ||
| Q2 24 | $0.79 | $0.19 | ||
| Q1 24 | $1.10 | $0.77 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest filing — the kind of financial-strength check premium terminals charge for.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $2.8B | $110.1M |
| Total DebtLower is stronger | — | $15.5B |
| Stockholders' EquityBook value | $54.6B | $9.5B |
| Total Assets | $212.7B | $35.9B |
| Debt / EquityLower = less leverage | — | 1.64× |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $2.8B | $110.1M | ||
| Q3 25 | $2.4B | $95.0M | ||
| Q2 25 | $1.7B | $335.4M | ||
| Q1 25 | $2.4B | $259.4M | ||
| Q4 24 | $1.5B | $156.6M | ||
| Q3 24 | $2.3B | $126.2M | ||
| Q2 24 | $1.6B | $101.2M | ||
| Q1 24 | $1.6B | $102.2M |
| Q4 25 | — | $15.5B | ||
| Q3 25 | — | $14.5B | ||
| Q2 25 | — | $14.5B | ||
| Q1 25 | — | $12.8B | ||
| Q4 24 | — | $12.1B | ||
| Q3 24 | — | $12.1B | ||
| Q2 24 | — | $12.8B | ||
| Q1 24 | — | $11.7B |
| Q4 25 | $54.6B | $9.5B | ||
| Q3 25 | $54.2B | $9.1B | ||
| Q2 25 | $50.8B | $8.9B | ||
| Q1 25 | $49.8B | $8.9B | ||
| Q4 24 | $50.1B | $8.7B | ||
| Q3 24 | $50.1B | $8.3B | ||
| Q2 24 | $49.1B | $7.9B | ||
| Q1 24 | $48.6B | $7.9B |
| Q4 25 | $212.7B | $35.9B | ||
| Q3 25 | $204.4B | $34.4B | ||
| Q2 25 | $198.8B | $34.0B | ||
| Q1 25 | $194.3B | $33.1B | ||
| Q4 24 | $190.1B | $31.8B | ||
| Q3 24 | $186.0B | $30.8B | ||
| Q2 24 | $184.7B | $29.9B | ||
| Q1 24 | $179.9B | $29.3B |
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.59× | ||
| Q2 25 | — | 1.63× | ||
| Q1 25 | — | 1.44× | ||
| Q4 24 | — | 1.39× | ||
| Q3 24 | — | 1.45× | ||
| Q2 24 | — | 1.63× | ||
| Q1 24 | — | 1.48× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Net income can be massaged; cash flow is harder to fake.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $2.5B | $712.6M |
| Free Cash FlowOCF − Capex | — | $-133.7M |
| FCF MarginFCF / Revenue | — | -7.1% |
| Capex IntensityCapex / Revenue; lower = less reinvestment burden | — | 44.9% |
| Cash ConversionOCF / Net Profit; >1× = earnings back up with cash | 1.63× | 2.76× |
| TTM Free Cash FlowTrailing 4 quarters | — | $-420.0M |
8-quarter trend — quarters aligned by calendar period so offset fiscal years match up.
| Q4 25 | $2.5B | $712.6M | ||
| Q3 25 | $4.0B | $467.9M | ||
| Q2 25 | $3.2B | $495.4M | ||
| Q1 25 | $2.8B | $686.4M | ||
| Q4 24 | $2.0B | $539.8M | ||
| Q3 24 | $4.3B | $340.0M | ||
| Q2 24 | $3.9B | $445.5M | ||
| Q1 24 | $3.1B | $456.2M |
| Q4 25 | — | $-133.7M | ||
| Q3 25 | — | $-172.6M | ||
| Q2 25 | — | $-162.8M | ||
| Q1 25 | — | $49.1M | ||
| Q4 24 | — | $-220.2M | ||
| Q3 24 | — | $-294.7M | ||
| Q2 24 | — | $-184.3M | ||
| Q1 24 | — | $-133.3M |
| Q4 25 | — | -7.1% | ||
| Q3 25 | — | -13.9% | ||
| Q2 25 | — | -13.1% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | -14.3% | ||
| Q3 24 | — | -28.2% | ||
| Q2 24 | — | -17.5% | ||
| Q1 24 | — | -8.1% |
| Q4 25 | — | 44.9% | ||
| Q3 25 | — | 51.6% | ||
| Q2 25 | — | 52.8% | ||
| Q1 25 | — | 29.6% | ||
| Q4 24 | — | 49.4% | ||
| Q3 24 | — | 60.7% | ||
| Q2 24 | — | 59.7% | ||
| Q1 24 | — | 35.9% |
| Q4 25 | 1.63× | 2.76× | ||
| Q3 25 | 1.65× | 4.94× | ||
| Q2 25 | 1.57× | 4.85× | ||
| Q1 25 | 3.32× | 1.45× | ||
| Q4 24 | 1.65× | 2.41× | ||
| Q3 24 | 2.31× | 3.97× | ||
| Q2 24 | 2.42× | 5.19× | ||
| Q1 24 | 1.36× | 1.25× |
Financial Flow Comparison
Sankey diagram of revenue → gross profit → operating profit → net profit for each company. Charts shown full-width and stacked so both segment hierarchies are readable side-by-side on desktop and mobile.
Revenue Breakdown by Segment
NEE
Segment breakdown not available.
NI
| Residential | $703.6M | 37% |
| Ni Source Electric Generation And Power Delivery | $525.6M | 28% |
| NIPSCO Gas Distribution | $348.1M | 18% |
| Commercial | $235.9M | 13% |
| Industrial | $45.9M | 2% |
| Offsystem | $16.9M | 1% |
| Misc. | $9.6M | 1% |
| Related Party | $3.3M | 0% |
