Filing Flows › NiSource (NI) › Q1 2025
NiSource (NI) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 7, 2025
NiSource (NI) reported revenue of $2.1B for the first quarter 2025 (Q1 2025), +26% from a year earlier and +40% from the quarter before. Operating margin was 35.3%, net earnings $475M (22.1% of revenue).
NiSource, Q1 2025: revenue $2.1B (+26% year over year), operating margin 35.3%, net earnings $475M, operating cash flow $686M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $2.1B | +40% | +26% |
| Operating profit | $759M | +82% | +30% |
| Net earnings | $475M | +112% | +30% |
| Operating cash flow | $686M | +27% | +50% |
| Free cash flow | $49.1M | — | — |
What changed
Revenue was $2.1B in Q1 2025, up 26% year over year and up 40% from the previous quarter. Columbia Operations was the largest line at 58% of revenue. Columbia Operations added $0.33B year over year (up 36%), 74% of the total change.
Operating profit was $0.76B, a 35.3% margin (up 1.1 points year over year). Of the extra revenue versus a year earlier, 40% reached operating profit, above the 34% margin then. Total costs grew 24% against revenue growth of 26%. The fastest-growing cost line was Cost of revenue (+52%). Net earnings were $0.47B, up 30% year over year. The effective tax rate was 16.7%.
Operating cash flow was $0.69B (up 50% year over year), 130% of net income including minority interests. Non-cash charges added back $0.26B of depreciation and amortization. Working capital and other items used $0.10B. Capital expenditures of $0.64B left free cash flow of $0.05B.
Questions
What was NiSource's revenue in the first quarter 2025?
NiSource (NI) reported revenue of $2.1B for the first quarter 2025 (Q1 2025), +26% from a year earlier and +40% from the quarter before.
Was NiSource profitable in the first quarter 2025?
Operating profit was $759M (35.3% of revenue) and net earnings $475M.
Source: NiSource 10-Q on SEC EDGAR.