Saturday 17 October 2026 Export NI’s income statement to Excel — free account

NiSource, Inc

In the quarter to June 2026, revenue grew 4.63%, EPS fell 59.1%, free cash flow fell 156.1% and total debt rose 10.5%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years.

42.68 1.43 +3.47%

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Market cap: $19.8B
P/E: 22.7×
Fwd P/E: 22.7×
Dividend yield: 3.47%
F-score: 6/9
Altman Z: 0.80
Beneish M: −2.41
Dividend safety: 36/100

Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Insider Decisions trades per month

Total sells 4.85

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	1	—	—	2	—	—	3	—	—	1	—	—

Insider Ownership 0.40%

Capital & Financial Ratios $m

Market Cap 19,780.00

Revenue 6,881.50

Net Income 978.50

Free Cash Flow (1,086.20)

Net Debt 17,307.60

Current Ratio 0.50

Debt/Equity 1.46

P/E ratio 22.70

Fwd P/E 22.70

P/S ratio 2.98

P/B ratio 1.72

Past 5Y EPS Growth —

This Y EPS Growth 8.01%

Next Y EPS Growth 9.70%

Next Y revenue growth 8.65%

Next 5Y EPS Growth 9.22%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 49.81%

10-year low 10-year high

P/S against its own 10 years 83.78%

10-year low 10-year high

P/B against its own 10 years 22.45%

10-year low 10-year high

EV/Sales against its own 10 years 83.82%

10-year low 10-year high

Dividends

Payout Ratio 0.79

Annual Dividend Rate 1.48

Annual Dividend Yield 3.47%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	1.20	0.30 0.30 0.30 0.30
2025	1.12	0.28 0.28 0.28 0.28
2024	1.06	0.27 0.27 0.27 0.27
2023	1.00	0.25 0.25 0.25 0.25
2022	0.94	0.24 0.24 0.24 0.24
2021	0.88	0.22 0.22 0.22 0.22
2020	0.84	0.21 0.21 0.21 0.21
2019	0.80	0.20 0.20 0.20 0.20
2018	0.78	0.20 0.20 0.20 0.20
2017	0.70	0.18 0.18 0.18 0.18
2016	0.64	0.16 0.16 0.17 0.17

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	2,281	199	136	95
Receivables	928	1,010	1,264	892
Inventory	503	389	450	408
Other	682	344	379	558
	4,499	2,080	2,377	2,199

	2023	2024	2025	Q'26
Payables	749	863	1,125	1,136
ST’ Debt	3,072	1,886	756	1,790
Other	646	504	599	400
	5,265	4,113	3,457	4,415

Compound Annual Growth %

	10y	5y	3y
Sales	3.63%	7.25%	4.32%
Cash Flow	4.95%	16.43%	18.79%
Earnings	12.49%	0.00%	7.46%
Book Value	11.74%	14.84%	13.85%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	2,363	1,342	—	—	—
’25	2,183	1,283	1,273	1,903	6,642
’24	1,706	1,085	1,076	1,588	5,455
’23	1,966	1,090	1,027	1,422	5,505
’22	1,873	1,183	1,090	1,705	5,851
’21	1,546	986	959	1,409	4,900
’20	1,606	963	903	1,211	4,682

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	442	680	—	—	—
’25	686	495	468	713	2,362
’24	456	446	340	540	1,782
’23	683	508	345	399	1,935
’22	580	327	129	373	1,409
’21	448	255	236	279	1,218
’20	370	338	151	245	1,104

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	(363)	(417)	—	—	—
’25	49	(163)	(173)	(134)	(420)
’24	(133)	(184)	(295)	(220)	(832)
’23	126	(97)	(379)	(361)	(711)
’22	130	(139)	(477)	(307)	(794)
’21	81	(176)	(258)	(267)	(620)
’20	(82)	(29)	(322)	895	462

Fiscal quarters ending in the months shown.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.06	0.09	—	—	—
’25	1.00	0.22	0.20	0.53	1.95
’24	0.77	0.19	0.19	0.47	1.62
’23	0.71	0.09	0.17	0.50	1.48
’22	0.94	0.12	0.12	0.52	1.70
’21	0.72	0.11	0.12	0.36	1.27
’20	0.16	(0.05)	(0.49)	0.18	(0.19)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	19.05	21.65	22.44	24.69	19.56	21.09	23.78	22.86	24.80	35.51	Analyst estimates 2026–2028 Powerpack
	High	26.94	27.76	28.11	30.67	30.46	27.85	32.59	28.95	38.56	44.88
People
People	Employees	8,007	8,175	8,087	8,363	7,389	7,342	7,162	7,411	7,746	7,738
	Revenue/emp, $m	0.56	0.60	0.63	0.62	0.63	0.67	0.82	0.74	0.70	0.86
Income, $m
Income, $m	Revenue	4,493	4,875	5,115	5,209	4,682	4,900	5,851	5,505	5,455	6,642
	Gross margin, %	69.06	68.84	65.56	70.54	76.31	71.58	63.93	72.15	79.25	76.15
	EBT	514	443	(231)	507	(31)	707	956	814	1,003	1,216
	EBT margin, %	11.43	9.09	(4.51)	9.73	(0.67)	14.42	16.35	14.78	18.38	18.31
	Net income	332	129	(51)	383	(14)	589	792	674	845	1,013
	Depreciation	555	578	607	717	726	748	821	908	1,043	1,168
Per share, $
Per share, $	Revenue	13.96	14.80	14.35	13.91	12.18	12.45	14.37	13.23	12.01	14.05
	Earnings	1.03	0.39	(0.18)	0.88	(0.19)	1.35	1.84	1.59	1.63	1.96
	Cash flow	2.50	2.25	1.52	4.23	2.87	3.09	3.46	4.65	3.92	5.00
	Capex	(4.58)	(5.15)	(5.10)	(4.81)	(1.67)	(4.67)	(5.41)	(6.36)	(5.76)	(5.88)
	Free cash flow	(2.09)	(2.89)	(3.58)	(0.58)	1.20	(1.58)	(1.95)	(1.71)	(1.83)	(0.89)
	Book value	12.65	13.12	16.13	15.98	15.19	18.48	19.41	24.36	23.49	24.66
	Shares, m	322	329	357	375	384	394	407	416	454	473
Valuation, ×
Valuation, ×	P/E	21.97	65.03	0.00	31.64	0.00	20.45	14.91	16.99	22.69	21.31
	P/S	1.59	1.71	1.77	2.00	1.88	2.22	1.91	2.04	3.06	2.97
	P/B	1.75	1.93	1.86	2.04	1.78	1.90	1.76	1.16	1.57	1.69
	EV/Sales	3.34	3.55	3.53	3.82	3.94	4.20	3.83	4.19	5.58	5.39
	EV/FCF	(22.35)	(18.16)	(14.14)	(91.10)	39.92	(33.18)	(28.24)	(32.48)	(36.59)	(85.30)
Cash, $m
Cash, $m	Operating cash flow	803	742	540	1,583	1,104	1,218	1,409	1,935	1,782	2,362
	Capex	(1,475)	(1,696)	(1,816)	(1,802)	(642)	(1,838)	(2,203)	(2,646)	(2,614)	(2,782)
	Free cash flow	(672)	(954)	(1,276)	(219)	462	(620)	(794)	(711)	(832)	(420)
Balance, $m
Balance, $m	Working capital	(1,690)	(1,415)	(1,981)	(1,892)	(620)	(825)	(2,076)	(766)	(2,033)	(1,080)
	Total debt	7,909	9,002	9,133	9,643	9,746	9,802	11,316	14,128	13,960	16,214
	Net debt	7,873	8,964	9,012	9,494	9,621	9,707	11,240	11,847	13,762	16,078
	Shareholders’ equity	4,071	4,320	5,751	5,987	5,838	7,273	7,902	10,136	10,668	11,660
Returns, %
Returns, %	ROA	1.83	0.66	(0.31)	1.48	(0.33)	2.29	2.94	2.29	2.35	2.75
	ROIC	4.53	4.33	0.53	3.60	2.23	3.71	4.13	3.68	3.72	4.14
	ROE	8.38	3.06	(1.43)	6.57	(1.44)	9.92	12.40	8.27	7.28	8.33

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ATO Atmos Energy Corporation	$27.7B	19.8×	20.2×	+4.80% (above 0%: growing)	+23.08% (above 0%: growing)	−7.79% (below 0%: shrinking)	99.07%	36.45%	Compare
NI NiSource, Inc	$19.8B	22.7×	22.7×	+4.63% (above 0%: growing)	−59.09% (below 0%: shrinking)	−156.14% (below 0%: shrinking)	85.58%	16.99%
UGI UGI Corporation	$8.1B	12.3×	11.5×	−4.52% (below 0%: shrinking)	n/m	−56.52% (below 0%: shrinking)	43.05%	(3.31%)	Compare
SWX Southwest Gas Corporation	$6.2B	11.4×	20.8×	−9.63% (below 0%: shrinking)	n/m	−157.57% (below 0%: shrinking)	89.27%	23.54%	Compare
BKH Black Hills Corporation	$5.8B	19.3×	16.7×	+3.14% (above 0%: growing)	+31.58% (above 0%: growing)	+24.09% (above 0%: growing)	74.93%	21.42%	Compare
NJR NewJersey Resources Corporation	$5.2B	14.3×	15.9×	+16.80% (above 0%: growing)	n/m	−3.14% (below 0%: shrinking)	57.69%	9.13%	Compare
SR Spire Inc.	$4.8B	9.1×	20.4×	+19.21% (above 0%: growing)	+1,131.03% (above 0%: growing)	+0.22% (above 0%: growing)	75.92%	5.57%	Compare
OGS ONE Gas, Inc.	$4.7B	16.2×	16.5×	−2.86% (below 0%: shrinking)	+39.62% (above 0%: growing)	+511.45% (above 0%: growing)	78.07%	20.08%	Compare
MDU MDU Resources Group, Inc.	$3.9B	20.0×	21.8×	+6.87% (above 0%: growing)	+42.86% (above 0%: growing)	−58.85% (below 0%: shrinking)	64.77%	12.78%	Compare
Median of peers	$5.5B	15.3×	18.5×	+3.97%	+39.62%	−5.46%	75.43%	16.43%

All 15 Utilities Regulated Gas stocks →

NiSource, Inc (NI) key facts

NiSource, Inc (NI) is an Utilities Regulated Gas company in the Utilities sector, listed on the New York Stock Exchange.
As of October 16, 2026, NI traded at $42.68, a market capitalization of $19.8 billion.
NiSource, Inc pays an annual dividend of $1.48 per share, a yield of 3.47%, with a payout ratio of 78.7%.
Return on equity was 8.33% and debt-to-equity 1.46.
Its Piotroski F-score is 6 out of 9 and its Altman Z-score is 0.80 (distress zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.