Filing Flows › NiSource (NI) › Q3 2025
NiSource (NI) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 29, 2025
NiSource (NI) reported revenue of $1.2B for the third quarter 2025 (Q3 2025), +15% from a year earlier and -0.5% from the quarter before. Operating margin was 24.0%, net earnings $94.7M (7.6% of revenue).
NiSource, Q3 2025: revenue $1.2B (+15% year over year), operating margin 24.0%, net earnings $94.7M, operating cash flow $468M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.2B | -0.5% | +15% |
| Operating profit | $298M | +13% | +36% |
| Net earnings | $94.7M | -7% | +11% |
| Operating cash flow | $468M | -6% | +38% |
What changed
Revenue was $1.2B in Q3 2025, up 15% year over year and down 1% from the previous quarter. NIPSCO Operations was the largest line at 61% of revenue. NIPSCO Operations added $0.13B year over year (up 21%), 80% of the total change.
Operating profit was $0.30B, a 24.0% margin (up 3.7 points year over year). Of the extra revenue versus a year earlier, 48% reached operating profit, above the 20% margin then. Total costs grew 10% against revenue growth of 15%. The fastest-growing cost line was Cost of revenue (+17%). Net earnings were $0.09B, up 11% year over year. The effective tax rate was 16.1%.
Operating cash flow was $0.47B (up 38% year over year), 437% of net income including minority interests. Non-cash charges added back $0.31B of depreciation and amortization. Working capital and other items added $0.05B. Capital expenditures of $0.64B exceeded it, leaving free cash flow of −$0.17B.
Questions
What was NiSource's revenue in the third quarter 2025?
NiSource (NI) reported revenue of $1.2B for the third quarter 2025 (Q3 2025), +15% from a year earlier and -0.5% from the quarter before.
Was NiSource profitable in the third quarter 2025?
Operating profit was $298M (24.0% of revenue) and net earnings $94.7M.
Source: NiSource 10-Q on SEC EDGAR.