# NiSource Inc. (NI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-18  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/NI/thesis · /stocks/NI/memo

## Financial Snapshot

---
ticker: NI
step: 04
generated: 2026-05-13
source: quick-research
---

### NiSource Inc. (NI) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$5.5B | ~$5.5B | $5.46B | -0.9% |
| Operating Margin | ~17% | ~17% | ~18% | +1pp |
| Net Income | $749M | $662M | $740M | +12% |
| EPS (adj. non-GAAP) | $1.47 | $1.60 | $1.75 | +9% |

*FY2025: Revenue $6.642B (+21.8% — Amazon/data center agreements recognized); adj. EPS $1.90 (+9%)*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$1.5B |
| Free Cash Flow | Negative (heavy capex cycle) |
| Capital Expenditures | ~$2.5B |
| Cash & Equivalents | ~$300M |
| Total Debt | ~$12B |

*Note: Negative FCF is standard for utilities in high-growth capex cycles; dividend is funded from operating cash flow.*

#### Key Ratios (approximate)
- P/E: ~25x (adj.) | EV/EBITDA: ~13x | Dividend Yield: ~2.5%
- Adj. EPS CAGR (2026–2033): 8–9% target | Rate Base CAGR: 9–11%

#### Growth Profile
NiSource has delivered consistent 8–10% adj. EPS growth driven by infrastructure investment and rate base expansion. FY2025's 21.8% revenue jump reflects the recognition of Amazon and Alphabet data center capacity agreements. The $28B capital plan for 2026–2030 is one of the largest in the company's history, supporting an 8–9% EPS CAGR through 2033. Q1 2026 EPS beat consensus on data center momentum.

#### Forward Estimates
- FY2026 adj. EPS: ~$2.06–2.12 (+8–9% target)
- Long-term EPS CAGR: 8–9% through 2033
- Rate base CAGR: 9–11% through 2033
- Amazon capacity commitment: 2,800 MW by 2032
- Additional upside capex: ~$2.2B identified
- Analyst avg. price target: ~$47.30 (essentially at current price)

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/NI/fundamental

## Navigation

- Overview: /stocks/NI
- Financials (this page): /stocks/NI/financials
- Thesis: /stocks/NI/thesis
- Investment Memo: /stocks/NI/memo
- Coverage universe: /stocks