NISOURCE INC.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
NI$45.29+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Statements of Consolidated Cash Flows
| Year Ended December 31, (in millions) | 2025 | 2024 | 2023 |
|---|---|---|---|
| Operating Activities | |||
| Net Income | $1,012.6 | $844.7 | $674.4 |
| Adjustments to Reconcile Net Income to Net Cash from Operating Activities: | |||
| Depreciation and amortization | 1,167.6 | 1,043.2 | 908.2 |
| Deferred income taxes and investment tax credits | 235.8 | 168.0 | 134.1 |
| Stock compensation expense and 401(k) profit sharing contribution | 50.9 | 43.6 | 33.5 |
| Payments for asset retirement obligations | (73.0) | (72.5) | (41.6) |
| Other adjustments | 24.8 | (49.9) | (15.0) |
| Changes in Assets and Liabilities: | |||
| Accounts receivable | (273.4) | (101.5) | 184.1 |
| Gas storage and other inventories | (60.3) | 102.0 | 233.9 |
| Accounts payable | 131.8 | 71.5 | (171.8) |
| Exchange gas receivable/payable | 135.8 | (133.5) | 126.5 |
| Other accruals | 67.9 | 9.5 | (102.9) |
| Prepayments and other current assets | (37.3) | (75.9) | 36.7 |
| Regulatory assets/liabilities | 55.7 | (8.7) | (26.2) |
| Postretirement and postemployment benefits | (46.1) | (64.3) | (22.0) |
| Deferred charges and other noncurrent assets | (33.5) | (20.8) | (10.1) |
| Other noncurrent liabilities and deferred credits | 3.0 | 26.1 | (6.7) |
| Net Cash Flows from Operating Activities | 2,362.3 | 1,781.5 | 1,935.1 |
| Investing Activities | |||
| Capital expenditures | (2,782.3) | (2,614.0) | (2,645.8) |
| Cost of removal | (188.3) | (166.8) | (160.8) |
| Purchases of available-for-sale securities | (93.9) | (17.8) | (42.8) |
| Sales of available-for-sale securities | 39.3 | 93.2 | 39.9 |
| Milestone and final payments to renewable generation asset developers | (1,098.7) | (482.0) | (761.4) |
| Advanced deposits for project costs | (373.8) | (29.0) | — |
| Other investing activities | (26.4) | 3.4 | (0.7) |
| Net Cash Flows used for Investing Activities | (4,524.1) | (3,213.0) | (3,571.6) |
| Financing Activities | |||
| Proceeds from issuance of long-term debt | 3,352.0 | 2,229.5 | 1,488.7 |
| Repayments of finance lease obligations | (22.0) | (25.6) | (33.1) |
| Repayments of long-term debt | (1,260.0) | — | — |
| Repayment of short term credit agreements | — | (1,650.0) | — |
| Issuance of short term credit agreements | — | — | 650.0 |
| Net change in commercial paper and other short-term borrowings | 131.4 | (794.0) | 636.4 |
| Issuance of common stock, net of issuance costs | 312.1 | 612.6 | 12.9 |
| Redemption of preferred stock | — | (486.1) | (393.9) |
| Preferred stock redemption premium | — | (14.0) | (6.2) |
| Payment of obligation to renewable generation asset developer | — | — | (347.2) |
| Equity costs, premiums and other debt related costs | (26.8) | (67.3) | (30.2) |
| Contributions from NIPSCO and GenCo minority interest holders | 231.4 | 99.5 | 2,161.9 |
| Distributions to NIPSCO minority interest holders | (74.6) | (50.3) | — |
| Contributions from tax equity partners | — | — | 240.9 |
| Distributions to tax equity partners | (14.2) | (16.1) | (14.1) |
| Dividends paid - common stock | (530.4) | (481.0) | (413.5) |
| Dividends paid - preferred stock | — | (8.2) | (43.8) |
| Contract liability payment | — | — | (66.6) |
| Net Cash Flows (used for) from Financing Activities | 2,098.9 | (651.0) | 3,842.2 |
| Change in cash, cash equivalents and restricted cash | (62.9) | (2,082.5) | 2,205.7 |
| Cash, cash equivalents and restricted cash at beginning of period | 198.6 | 2,281.1 | 75.4 |
| Cash, Cash Equivalents and Restricted Cash at End of Period | $135.7 | $198.6 | $2,281.1 |
| Reconciliation to Balance Sheet | 2025 | 2024 | 2023 |
|---|---|---|---|
| Cash and cash equivalents | 110.1 | 156.6 | 2,245.4 |
| Restricted cash | 25.6 | 42.0 | 35.7 |
| Total Cash, Cash Equivalents and Restricted Cash | 135.7 | 198.6 | 2,281.1 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.