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NiSource cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$653M in Q3 2026 · −$1.6B over twelve months

Operating cash flow$547M
Capital spending−$1.2B
Free cash flow−$653M
Cash / net income3.9×
Cash conversion cycle-468 days

Analysis

In Q3 2026, NiSource generated $547M of operating cash flow and spent $1.2B on capital projects, leaving free cash flow of −$653M. That is $480M less than in Q3 2025 (−$173M).

Over the twelve months to Sep 30, 2026, operating cash flow was $2.4B; the largest uses were capital spending ($3.9B), other investing ($581M), dividends ($572M); besides operations, cash came from net borrowing (+) / repaid (−) ($2.9B), partners ($202M); the cash balance fell by $36.7M.

Operating cash flow was $547M against net income of $139M — 3.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$338M, payables −$165M, deferred taxes +$54.6M.

Its cash conversion cycle was -468 days (receivables 59 + inventory 0 − payables 527): suppliers fund its working capital.

Free cash flow

NiSource: free cash flow by quarterNiSource: free cash flow by quarter−$220MQ4 2024$49.1MQ1 2025−$163MQ2 2025−$173MQ3 2025−$134MQ4 2025−$363MQ1 2026−$417MQ2 2026−$653MQ3 2026
Operating cash flow less capital spending.
NiSource: operating cash flow against capital spendingNiSource: operating cash flow against capital spendingOperating cash flowCapital spending$540M$760MQ4 2024$686M$637MQ1 2025$495M$658MQ2 2025$468M$640MQ3 2025$713M$846MQ4 2025$442M$805MQ1 2026$680M$1.1BQ2 2026$547M$1.2BQ3 2026
Latest (Q3 2026): Operating cash flow $547M, Capital spending $1.2B.

Capital allocation, year by year

NiSource: where the cash came from (up) and went (down), by fiscal yearNiSource: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $1.2BFY2021: Net borrowing $5.6MFY2021: Shares issued $300MFY2021: Asset sales $700KFY2021: Capital spending −$1.8BFY2021: Dividends −$345M$1.5BFY2021FY2022: Operating cash flow $1.4BFY2022: Net borrowing $1.5BFY2022: Shares issued $154MFY2022: Capital spending −$2.2BFY2022: Dividends −$382M$3.0BFY2022FY2023: Operating cash flow $1.9BFY2023: Net borrowing $2.1BFY2023: Shares issued −$381MFY2023: Capital spending −$2.6BFY2023: Dividends −$414M$4.0BFY2023FY2024: Operating cash flow $1.8BFY2024: Net borrowing $554MFY2024: Shares issued $613MFY2024: Capital spending −$2.6BFY2024: Dividends −$481M$2.9BFY2024FY2025: Operating cash flow $2.4BFY2025: Net borrowing $2.1BFY2025: Shares issued $312MFY2025: Capital spending −$2.8BFY2025: Dividends −$530M$4.7BFY2025
Over these 5 years operating cash flow totalled $8.7B; the largest uses were capital spending ($12.1B) and dividends ($2.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$57.5M
Debt$18.3B
Net debt$18.2B
Due within a year$1.9B

NiSource's operations bring cash in ($2.4B over twelve months), and it spends more than that on capital projects: a gap of $1.6B funded from its $57.5M of cash and investments and from borrowing ($18.3B of debt, $1.9B due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

NiSource: sources (+) and uses (−) of cash, Q3 2026NiSource: sources (+) and uses (−) of cash, Q3 2026Capital spending−$1.2BNet borrowing (+) / repaid (−)$826MOperating cash flow$547MDividends−$144MOther investing−$95.6MPartners$57.4MCash drawn (+) / kept (−)$12.6MOther financing−$6.9MShares issued$3.4M
NiSource: sources (+) and uses (−) of cash, TTM to Q3 2026NiSource: sources (+) and uses (−) of cash, TTM to Q3 2026Capital spending−$3.9BNet borrowing (+) / repaid (−)$2.9BOperating cash flow$2.4BOther investing−$581MDividends−$572MOther financing−$526MPartners$202MShares issued$63.4MCash drawn (+) / kept (−)$36.7M

From profit to cash

NiSource: net income to operating cash flow, Q3 2026NiSource: net income to operating cash flow, Q3 2026Net income$139MDepreciation & amortization$338MDeferred taxes$54.6MPayables−$165MOther liabilities$8.2MIncome taxes payable−$7.2MOther operating capital$50.1MOperating cash flow$547M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202659—527-468
Q2 202673—502-428
Q1 202647—143-96
Q4 202546—175-129
Q3 202555—332-277
Q2 202569—245-176
Q1 202543—110-67
Q4 202446—180-135

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$547M−$1.2B−$144M$826M$3.4M$12.6M−$653M
Q2 2026$680M−$1.1B−$144M$636M$3.1M$1.7M−$417M
Q1 2026$442M−$805M−$149M$549M$3.9M$38.6M−$363M
Q4 2025$713M−$846M−$134M$975M$53.0M−$16.2M−$134M
Q3 2025$468M−$640M−$132M$1.3B$252M$246M−$173M
Q2 2025$495M−$658M−$132M$839M$3.6M−$61.9M−$163M
Q1 2025$686M−$637M−$132M$897M$3.2M−$105M$49.1M
Q4 2024$540M−$760M−$124M−$5.3M$105M−$39.8M−$220M

NiSource: income statement and cash flow

NiSource, Q3 2026: revenue $1.3B (+5% year over year), operating margin 26.2%. The chart follows the revenue to costs, profit and cash.

NiSource: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.