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NiSource vs NorthWestern Energy Group: NI and NWE compared
NiSource is the larger company: $1.3B of revenue in its latest quarter (Q3 2026) against $424M for NorthWestern Energy Group (Q3 2026). NorthWestern Energy Group is growing faster (+10% against +5% a year earlier). NiSource is more profitable, with an operating margin of 26.2% against 17.6%.
Where the money goes: NI and NWE
NiSource (NI) · Q3 2026
NiSource, Q3 2026: revenue $1.3B (+5% year over year), operating margin 26.2%, net earnings $130M, operating cash flow $547M. The chart follows the revenue to costs, profit and cash.
NorthWestern Energy Group (NWE) · Q3 2026
NorthWestern Energy Group, Q3 2026: revenue $424M (+10% year over year), operating margin 17.6%, net earnings $30.7M, operating cash flow $131M. The chart follows the revenue to costs, profit and cash.
| NiSource (NI) | NorthWestern Energy Group (NWE) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.3B | $424M |
| Revenue growth, Y/Y | +5% | +10% |
| Operating margin | 26.2% | 17.6% |
| Net earnings | $130M | $30.7M |
| Net margin | 10.0% | 7.3% |
| Operating cash flow | $547M | $131M |
| Market value | $21.3B | $5.1B |
| P/E | 22.7× | 31.2× |
| Analysts’ mean target | $48.22 | $79.21 |
Where the revenue comes from
NiSource
- NIPSCO Operations: $796M (61%)
- Columbia Operations: $493M (38%)
- Corporate Segment: $10.5M (1%)
- NIPSCO: $1.6M (0%)
Questions
Which is bigger, NiSource or NorthWestern Energy Group?
NiSource is the larger company: $1.3B of revenue in its latest quarter (Q3 2026) against $424M for NorthWestern Energy Group (Q3 2026).
Is NiSource or NorthWestern Energy Group growing faster?
NorthWestern Energy Group is growing faster (+10% against +5% a year earlier).
Which is more profitable, NiSource or NorthWestern Energy Group?
NiSource is more profitable, with an operating margin of 26.2% against 17.6%.
More: NiSource earnings · how NiSource makes money · NorthWestern Energy Group earnings · how NorthWestern Energy Group makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Oct 28, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.