Filing Flows › NiSource (NI) › Q2 2026 › vs Q1 2026
NiSource (NI) Q2 2026 vs Q1 2026 (quarter over quarter)
NiSource's revenue fell $1.0B (-44%) from $2.3B in Q1 2026 to $1.3B in Q2 2026. The biggest changes: Columbia Operations −$744M (-56%); NIPSCO Operations −$289M (-29%). Operating margin 17.7% against 35.3% (-17.6 pts).
NiSource, Q2 2026: revenue $1.3B (+3% year over year), operating margin 17.7%, net earnings $45.5M, operating cash flow $680M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 17.7% | 35.3% | -17.6 pts |
| Net margin | 3.5% | 21.8% | -18.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| NIPSCO Operations | $705M | $994M | −$289M | -29% |
| Columbia Operations | $585M | $1.3B | −$744M | -56% |
| Revenue | $1.3B | $2.3B | −$1.0B | -44% |
| Operating profit | $228M | $819M | −$591M | -72% |
| Costs & expenses | $1.1B | $1.5B | −$442M | -29% |
| Pre-tax earnings | $47.1M | $642M | −$595M | -93% |
| Other expense, net | $181M | $177M | $3.8M | +2% |
| Cost of revenue | $194M | $669M | −$476M | -71% |
| Other operating costs | $868M | $834M | $33.9M | +4% |
| Loss borne by minority interests | $8.6M | −$49.1M | $57.7M | — |
| Net earnings | $45.5M | $507M | −$462M | -91% |
| Income tax | $10.2M | $85.8M | −$75.6M | -88% |
| Depreciation & amortization | $362M | $288M | $73.9M | +26% |
| Working capital & other | $273M | −$353M | $626M | — |
| Operating cash flow | $680M | $442M | $238M | +54% |
| Capital expenditures | $1.1B | $805M | $292M | +36% |
| Negative free cash flow (OCF − capex) | $417M | $363M | $54.1M | +15% |
Questions
How much did NiSource's revenue grow quarter over quarter in Q2 2026?
NiSource's revenue fell $1.0B (-44%) from $2.3B in Q1 2026 to $1.3B in Q2 2026.
What drove NiSource's revenue change in Q2 2026?
Columbia Operations −$744M (-56%); NIPSCO Operations −$289M (-29%).