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NiSource (NI)
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NiSource Income Statement 2025-2007 | NI
Brief overview of revenue and earnings at NiSource
The figures are compared over a five-year interval. Revenue at NiSource moved from $4.5 billion in 2020 to $6.5 billion in 2025. The total change was +45.8%, with a CAGR of approximately 7.8%. The company expanded at a measured pace.
Gross profit was $3.4 billion at the start and $4.9 billion at the end of the period (+46.8%). The relationship between revenue and direct costs remained stable. Gross margin moved from 75.2% to 75.7%. The relationship between gross profit and revenue changed only slightly.
Over the period, EBITDA shifted from $1.3 billion to $3 billion, a change of +135.2%. EBITDA expanded faster than the top line. EBITDA margin was 28.5% at the start and 46% at the end. The increased EBITDA share is a positive sign.
Comparing the endpoints shows a move from −17.6 million dollars to 930 million dollars. The trajectory reversed from a loss to positive earnings.
The market value of the business moved from $8.1 billion to $21.2 billion, or +160.8%. Market value lagged the financial performance.
Overall conclusion
Most key measures improved without a pronounced weak signal. The positive side is supported by revenue expansion, an improving EBITDA margin and a stronger final result. Future reports should be judged by revenue momentum, margins, and the conversion of sales into net income.
Annual Income Statement NiSource
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Market Cap |
21.2 B | 17.6 B | 10.9 B | 11.2 B | 11.4 B | 8.15 B | 10.9 B | 9.54 B | 8.05 B | 7.03 B | 6.67 B | 5.36 B | 4.21 B | 2.88 B | 2.51 B | 1.59 B | 1.2 B | 1.93 B | - |
Shares |
473 M | 454 M | 416 M | 407 M | 394 M | 384 M | 375 M | 356 M | 329 M | 322 M | 318 M | 315 M | 312 M | 286 M | 280 M | 278 M | 275 M | 274 M | - |
Historical Prices |
44.9 | 38.8 | 26.1 | 27.4 | 28.9 | 21.2 | 27.2 | 24.6 | 21.5 | 19 | 17.3 | 13.6 | 10.5 | 8.01 | 6.33 | 5.72 | 4.35 | 7.05 | 8.66 |
Net Income |
930 M | 760 M | 714 M | 804 M | 585 M | -17.6 M | 383 M | -50.6 M | 128 M | 332 M | 286 M | 530 M | 532 M | - | 299 M | 283 M | 217 M | 79 M | - |
Revenue |
6.52 B | 5.28 B | 5.35 B | 5.74 B | 4.73 B | 4.47 B | 5.21 B | 5.11 B | 4.87 B | 4.49 B | 4.65 B | 6.47 B | 5.66 B | - | 6.02 B | - | - | - | - |
Cost of Revenue |
1.58 B | 1.13 B | 1.53 B | 2.11 B | 1.39 B | 1.11 B | 1.53 B | 1.76 B | 1.52 B | 1.39 B | 1.64 B | 2.22 B | 1.82 B | 1.54 B | 2.55 B | 2.96 B | 3.32 B | - | - |
Gross Profit |
- | - | - | - | - | - | 2.32 B | 1 B | 1.74 B | 1.65 B | 1.58 B | 2.11 B | 1.97 B | - | 3.46 B | 3.41 B | 3.33 B | 3.25 B | - |
Operating Income |
1.84 B | 1.46 B | 1.3 B | 1.27 B | 1.01 B | 551 M | 891 M | 125 M | 921 M | 866 M | 800 M | 789 M | 698 M | 1.04 B | 914 M | 892 M | 800 M | 919 M | - |
Interest Expense |
20.1 M | 64.5 M | 490 M | 362 M | 341 M | 371 M | 379 M | 353 M | 353 M | 350 M | 380 M | 380 M | 375 M | 418 M | 377 M | 392 M | 399 M | 380 M | - |
EBITDA |
3 B | 2.5 B | 2.2 B | 2.09 B | 1.76 B | 1.28 B | 2.02 B | 726 M | 1.49 B | 1.4 B | 1.33 B | 1.79 B | 1.67 B | - | 1.45 B | 1.49 B | 1.39 B | 1.49 B | - |
Operating Expenses |
- | - | - | - | - | - | 1.01 B | 874 M | 828 M | 791 M | 780 M | 926 M | 878 M | - | 2.56 B | 2.53 B | 2.55 B | 2.34 B | - |
Annual performance
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All numbers in USD currency
Quarterly Income Statement NiSource
| 2026-Q2 | 2026-Q1 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | 2010-Q3 | 2010-Q2 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shares |
480 M | 479 M | 472 M | 471 M | 471 M | 470 M | 452 M | 448 M | 448 M | 447 M | 414 M | 413 M | 413 M | 412 M | 406 M | 406 M | 406 M | 405 M | 393 M | 393 M | 393 M | 392 M | 384 M | 384 M | 383 M | 382 M | 374 M | 374 M | 373 M | 372 M | 364 M | 354 M | 338 M | 337 M | 331 M | 325 M | 324 M | 323 M | 322 M | 322 M | 320 M | 319 M | 318 M | 318 M | 317 M | 316 M | 315 M | 315 M | 314 M | 314 M | 313 M | 312 M | 311 M | 310 M | 290 M | 284 M | 283 M | 282 M | 281 M | 280 M | 279 M | 278 M | 278 M |
Net Income |
45.5 M | 507 M | 94.7 M | 102 M | 475 M | - | 85.7 M | 85.8 M | 365 M | - | 85.1 M | 58.8 M | 333 M | - | 65.8 M | 67 M | 427 M | - | 63.2 M | 60.3 M | 296 M | 84.4 M | -173 M | -4.7 M | 75.6 M | -139 M | 6.6 M | 297 M | 219 M | -11.7 M | -340 M | 24.5 M | 276 M | -52.4 M | 14 M | -44.4 M | 211 M | 88.8 M | 27.2 M | 28.9 M | 187 M | 59.4 M | -4.9 M | -27.7 M | 275 M | 154 M | 31.4 M | 78.2 M | 266 M | 152 M | 48.1 M | 71.7 M | 260 M | 134 M | 19.3 M | 69.4 M | 193 M | 14.7 M | 34.7 M | 40.2 M | 210 M | 33.2 M | 28.1 M |
Revenue |
1.29 B | 2.32 B | 1.24 B | 1.25 B | 2.15 B | - | 1.08 B | 1.05 B | 1.64 B | - | 1.03 B | 1.09 B | 1.97 B | - | 1.09 B | 1.18 B | 1.87 B | - | 959 M | 986 M | 1.55 B | - | 902 M | 963 M | 1.61 B | - | 932 M | 1.01 B | 1.87 B | - | 895 M | 1.01 B | 1.75 B | 1.37 B | 917 M | 991 M | 1.6 B | 1.3 B | 861 M | 898 M | 1.44 B | 1.1 B | 817 M | 885 M | 1.85 B | 1.39 B | 838 M | 1.34 B | 2.32 B | 1.6 B | 1.08 B | 1.2 B | 1.78 B | 1.39 B | 956 M | 1.04 B | 1.65 B | 1.48 B | 1.07 B | 1.23 B | 2.23 B | - | - |
Cost of Revenue |
194 M | 669 M | 194 M | 262 M | 648 M | - | 166 M | 165 M | 425 M | - | 181 M | 252 M | 765 M | - | 331 M | 384 M | 707 M | - | 208 M | 228 M | 477 M | - | 143 M | 188 M | 462 M | - | 197 M | 254 M | 680 M | - | 222 M | 313 M | 724 M | - | 234 M | 277 M | 552 M | - | 218 M | 235 M | 496 M | - | 209 M | 250 M | 848 M | - | 262 M | 372 M | 1.06 B | - | 243 M | 349 M | 676 M | - | 227 M | 239 M | 627 M | - | 323 M | 462 M | 1.17 B | - | - |
Gross Profit |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 1.21 B | 902 M | 963 M | 1.61 B | 1.4 B | 932 M | 1.01 B | 1.87 B | 1.46 B | 895 M | 1.01 B | 1.75 B | 1.37 B | 917 M | 991 M | 1.6 B | - | 643 M | 663 M | 940 M | - | 608 M | 635 M | 1 B | - | 576 M | 963 M | 1.26 B | - | 834 M | 852 M | 1.11 B | - | 729 M | 800 M | 1.02 B | - | 746 M | 766 M | 1.06 B | 718 M | 732 M |
Operating Income |
228 M | 819 M | 298 M | 263 M | 759 M | - | 218 M | 237 M | 583 M | - | 233 M | 169 M | 531 M | - | 157 M | 143 M | 600 M | - | 147 M | 142 M | 433 M | 218 M | 92.8 M | 91.7 M | 148 M | -38 M | 91 M | 464 M | 374 M | -78.4 M | -316 M | 118 M | 401 M | 271 M | 111 M | 124 M | 415 M | 225 M | 114 M | 138 M | 381 M | 220 M | 110 M | 84.4 M | 386 M | 227 M | 71.1 M | 118 M | 373 M | 344 M | 176 M | 194 M | 429 M | 307 M | 132 M | 202 M | 400 M | 182 M | 143 M | 166 M | 406 M | 123 M | 139 M |
Interest Expense |
18.2 M | 14.4 M | 9.9 M | 500 K | 5.8 M | - | 29.2 M | 13 M | 9.2 M | - | -1.6 M | 110 M | 109 M | - | 91.6 M | 84.5 M | 83.7 M | - | 84.4 M | 84.5 M | 84.6 M | - | 95.2 M | 97 M | 92.9 M | - | 95.9 M | 94.1 M | 95.6 M | - | 83.4 M | 88.7 M | 93.1 M | - | 87.9 M | 87.7 M | 85.2 M | - | 85 M | 86 M | 90.5 M | - | 94.9 M | 98.2 M | 92.8 M | - | 94.7 M | 109 M | 109 M | - | 104 M | 102 M | 98.6 M | - | 108 M | 103 M | 103 M | - | 95.7 M | 94.4 M | 89.8 M | 97.6 M | 98.4 M |
EBITDA |
590 M | 1.11 B | 604 M | 550 M | 1.02 B | - | 488 M | 490 M | 826 M | - | 444 M | 402 M | 738 M | - | 360 M | 352 M | 793 M | - | 336 M | 328 M | 618 M | 218 M | 273 M | 269 M | 332 M | -38 M | 273 M | 641 M | 549 M | -78.4 M | -167 M | 263 M | 545 M | 271 M | 254 M | 266 M | 559 M | 225 M | 250 M | 275 M | 514 M | 220 M | 242 M | 218 M | 511 M | 227 M | 195 M | 267 M | 522 M | 344 M | 321 M | 337 M | 572 M | 307 M | 257 M | 350 M | 545 M | 182 M | 278 M | 300 M | 541 M | 276 M | 291 M |
Operating Expenses |
- | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 840 M | 547 M | 1.5 B | - | 1.21 B | 889 M | 1.35 B | - | 806 M | 867 M | 1.18 B | - | 529 M | 524 M | 559 M | - | 498 M | 550 M | 618 M | - | 505 M | 755 M | 735 M | - | 668 M | 666 M | 684 M | - | 606 M | 604 M | 632 M | - | 602 M | 603 M | 657 M | 598 M | 593 M |
Quarterly performance
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All numbers in USD currency
The income statement is one of the three key financial reports of a company NiSource (alongside the balance sheet and the cash flow statement). It shows how the company makes money and what its expenses are:
- How much revenue the company earned
- How much it spent on production, personnel, marketing, taxes, etc.
- What profit remained in the end
Analyzing the income statement helps an investor understand whether the business generates stable and growing profits, how effectively the company controls its expenses, and whether it is capable of generating income in the future. Additionally, this analysis shows how the company copes with crises and economic cycles, and allows assessing the potential for stock price growth and dividend payments.
Features- The income statement may include both recurring and one-time items (for example, profit from the sale of assets). It is necessary to separate core metrics from one-off events for accurate analysis.
- Companies often publish interim reports (e.g., quarterly), which allows for more timely tracking of trends.
- A combined analysis of the income statement with the balance sheet and cash flow statement provides a comprehensive view of the company’s financial health.
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