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NiSource (NI) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Oct 28, 2026 · NiSource (NI) Q3 2026 earnings results →
Q3 2026 Revenue up 5% year over year to $1.3B · 10¢ of every $1 of revenue kept as net profit · operating margin 26.2%
NiSource made $1.3B in Q3 2026 (+5% Y/Y): NIPSCO Operations $796M, Columbia Operations $493M, Corporate Segment $10.5M. Operating margin 26.2%, net earnings $130M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 28, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $1.3B in Q3 2026, up 5% year over year and up 1% from the previous quarter. NIPSCO Operations was the largest line at 61% of revenue. NIPSCO Operations added $0.04B year over year (up 5%), 60% of the total change.
Operating profit was $0.34B, a 26.2% margin (up 2.2 points year over year). Of the extra revenue versus Q3 2025, 73% reached operating profit, above the 24% margin then. Total costs grew 2% against revenue growth of 5%. Net earnings were $0.13B, up 37% year over year. The effective tax rate was 8.6%.
Operating cash flow was $0.55B (up 17% year over year), 393% of net income including minority interests. Non-cash charges added back $0.34B of depreciation and amortization. Working capital and other items added $0.07B. Capital expenditures of $1.2B exceeded it, leaving free cash flow of −$0.65B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Oct 28, 2026 | $1.3B | +5% | 26.2% | $130M | $547M |
| Q2 2026 | 10-Q | Aug 5, 2026 | $1.3B | +3% | 17.7% | $45.5M | $680M |
| Q1 2026 | 10-Q | May 6, 2026 | $2.3B | +8% | 35.3% | $507M | $442M |
| Q4 2025 | 10-K | Feb 11, 2026 | $1.9B | +22% | 27.3% | $258M | $713M |
| Q3 2025 | 10-Q | Oct 29, 2025 | $1.2B | +15% | 24.0% | $94.7M | $468M |
| Q2 2025 | 10-Q | Aug 6, 2025 | $1.2B | +15% | 21.1% | $102M | $495M |
| Q1 2025 | 10-Q | May 7, 2025 | $2.1B | +26% | 35.3% | $475M | $686M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About NiSource
NiSource Inc. is an energy holding company under the Public Utility Holding Company Act of 2005 whose primary subsidiaries are fully regulated natural gas and electric utility companies, serving approximately 3.8 million customers in six states. NiSource is the successor to an Indiana corporation organized in 1987 under the name of NIPSCO Industries, Inc., which changed its name to NiSource Inc. on April 14, 1999. NiSource’s principal subsidiaries include NiSource Gas Distribution Group, Inc. (a holding company that owns Columbia of Kentucky, Columbia of Maryland, Columbia of Ohio, Columbia of Pennsylvania, and Columbia of Virginia), and NIPSCO Holdings I (a holding company that owns a controlling interest in NIPSCO, a gas and electric utility). NiSource derives substantially all of its revenues and earnings from the operating results of these rate-regulated businesses.
In its own words, from its 10-K, filed Feb 11, 2026.
NiSource against its Electric & Other Services Combined peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +7%. Operating margin: 26.2% against the peers' median 22.2%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| NI NiSource | Q3 2026 | $1.3B | +5% | 26.2% |
| DUK Duke Energy | Q3 2026 | $9.1B | +7% | 30.2% |
| Pepco Holdings LLC | Q3 2026 | $7.3B | +9% | 18.8% |
| EXC Exelon | Q1 2026 | $7.2B | +8% | 22.2% |
| PCG PG&E | Q3 2026 | $6.2B | -1% | 20.2% |
| ED Consolidated Edison | Q3 2026 | $4.9B | +8% | 23.8% |
| XEL Xcel Energy | Q3 2026 | $4.2B | +7% | 28.5% |
| Consolidated Edison Co of New York | Q2 2026 | $4.1B | +13% | 13.6% |
| PEG Public Service Enterprise Group | Q3 2026 | $3.0B | -6% | 20.6% |
Source: NiSource 10-Q on SEC EDGAR · CIK 1111711 · Electric & Other Services Combined
13F: who owns NI and who is buying
More on NI
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results