Filing Flows › NiSource (NI) › Q2 2025
NiSource (NI) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
NiSource (NI) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +15% from a year earlier and -42% from the quarter before. Operating margin was 21.1%, net earnings $102M (8.2% of revenue).
NiSource, Q2 2025: revenue $1.2B (+15% year over year), operating margin 21.1%, net earnings $102M, operating cash flow $495M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | -42% | +15% |
| Operating profit | $263M | -65% | +11% |
| Net earnings | $102M | -78% | +19% |
| Operating cash flow | $495M | -28% | +11% |
What changed
Revenue was $1.2B in Q2 2025, up 15% year over year and down 42% from the previous quarter. NIPSCO Operations was the largest line at 52% of revenue. Columbia Operations added $0.12B year over year (up 24%), 71% of the total change.
Operating profit was $0.26B, a 21.1% margin (down 0.8 points year over year). Of the extra revenue versus a year earlier, 16% reached operating profit, below the 22% margin then. Total costs grew 16% against revenue growth of 15%. The fastest-growing cost line was Cost of revenue (+59%). Net earnings were $0.10B, up 19% year over year ($0.10B including minority interests, which bore $1.7M of losses). The effective tax rate was 19.1%.
Operating cash flow was $0.50B (up 11% year over year), 493% of net earnings. Non-cash charges added back $0.29B of depreciation and amortization. Working capital and other items added $0.11B. Capital expenditures of $0.66B exceeded it, leaving free cash flow of −$0.16B.
Questions
What was NiSource's revenue in the second quarter 2025?
NiSource (NI) reported revenue of $1.2B for the second quarter 2025 (Q2 2025), +15% from a year earlier and -42% from the quarter before.
Was NiSource profitable in the second quarter 2025?
Operating profit was $263M (21.1% of revenue) and net earnings $102M.
Source: NiSource 10-Q on SEC EDGAR.