Filing Flows › NiSource (NI) › Q4 2025
NiSource (NI) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
NiSource (NI) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +52% from the quarter before. Operating margin was 27.3%, net earnings $258M (13.7% of revenue).
NiSource, Q4 2025: revenue $1.9B (+22% year over year), operating margin 27.3%, net earnings $258M, operating cash flow $713M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $1.9B | +52% | +23% |
| Operating profit | $516M | +73% | +24% |
| Net earnings | $258M | +172% | +15% |
| Operating cash flow | $713M | +52% | +32% |
What changed
Revenue was $1.9B in Q4 2025, up 23% year over year and up 52% from the previous quarter.
Operating profit was $0.52B, a 27.3% margin (up 0.3 points year over year). Of the extra revenue versus a year earlier, 28% reached operating profit, above the 27% margin then. Total costs grew 22% against revenue growth of 23%. The fastest-growing cost line was Cost of revenue (+28%). Net earnings were $0.26B, up 15% year over year. The effective tax rate was 16.2%.
Operating cash flow was $0.71B (up 32% year over year), 256% of net income including minority interests. Non-cash charges added back $0.32B of depreciation and amortization. Working capital and other items added $0.12B. Capital expenditures of $0.85B exceeded it, leaving free cash flow of −$0.13B.
Questions
What was NiSource's revenue in the fourth quarter 2025?
NiSource (NI) reported revenue of $1.9B for the fourth quarter 2025 (Q4 2025), +23% from a year earlier and +52% from the quarter before.
Was NiSource profitable in the fourth quarter 2025?
Operating profit was $516M (27.3% of revenue) and net earnings $258M.
Source: NiSource 10-K on SEC EDGAR.