NISOURCE INC.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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Summary of Consolidated Financial Results
A summary of our consolidated financial results for the years ended December 31, 2025, 2024 and 2023, are presented below:
| Favorable (Unfavorable) | |||||
|---|---|---|---|---|---|
| Year Ended December 31, (in millions, except per share amounts) | 2025 | 2024 | 2023 | 2025 vs. 2024 | 2024 vs. 2023 |
| Operating Revenues | $6,642.2 | $5,455.1 | $5,505.4 | $1,187.1 | $(50.3) |
| Operating Expenses | |||||
| Cost of energy | 1,584.4 | 1,132.2 | 1,533.3 | (452.2) | 401.1 |
| Other Operating Expenses | 3,222.5 | 2,867.4 | 2,676.6 | (355.1) | (190.8) |
| Total Operating Expenses | 4,806.9 | 3,999.6 | 4,209.9 | (807.3) | 210.3 |
| Operating Income | 1,835.3 | 1,455.5 | 1,295.5 | 379.8 | 160.0 |
| Total Other Deductions, Net | (618.9) | (452.7) | (481.6) | (166.2) | 28.9 |
| Income Taxes | 203.8 | 158.1 | 139.5 | (45.7) | (18.6) |
| Net Income | 1,012.6 | 844.7 | 674.4 | 167.9 | 170.3 |
| Net (loss) income attributable to noncontrolling interest | 83.1 | 84.3 | (39.9) | 1.2 | (124.2) |
| Net Income attributable to NiSource | 929.5 | 760.4 | 714.3 | 169.1 | 46.1 |
| Preferred dividends and redemption premium | — | (20.7) | (52.6) | 20.7 | 31.9 |
| Net Income Available to Common Shareholders | 929.5 | 739.7 | 661.7 | 189.8 | 78.0 |
| Basic Earnings Per Share | $1.96 | $1.63 | $1.59 | $0.33 | $0.04 |
| Diluted Earnings Per Share | $1.95 | $1.62 | $1.48 | $0.33 | $0.14 |
The majority of the costs of energy in both segments are tracked costs that are passed through directly to the customer, resulting in an equal and offsetting amount reflected in operating revenues.
The increase in net income available to common shareholders during 2025 was primarily due to higher revenues, net of cost of energy, driven by our continued investment in safety and successful regulatory outcomes for these investments, reliability and low- or zero-emission generation year-over-year. The increase in net income available to common shareholders is partially offset by higher operation and maintenance expense, higher depreciation expense attributed to our planned capital expenditures, and increased interest expense.
For additional information on operating income variance drivers see "Results and Discussion of Operations" for Columbia Operations and NIPSCO Operations in this Management's Discussion.
Other Deductions, Net
The change in Other deductions, net in 2025 compared to 2024 is primarily driven by higher long-term debt interest in 2025 and lower AFUDC in 2025 driven by lower CWIP outstanding year-over-year. See Note 7, "Short-Term Borrowings," Note 8, "Long-Term Debt," Note 22, "Other, Net,"and Note 23, "Interest Expense, Net," in the Notes to Consolidated Financial Statements for additional information.
Income Taxes
The increase in income tax expense in 2025 compared to the same period in 2024 is primarily due to higher pre-tax income, partially offset by the tax effect of non-controlling interest. Refer to Note 15, "Income Taxes," in the Notes to Consolidated Financial Statements for additional information on income taxes and the change in the effective tax rate.
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