Revenue: As of FY2025, the actual value is USD 6.642 B, beating the estimate of USD 6.017 B.EPS: As of FY2025, the actual value is USD 1.95, beating the estimate of USD 1.905.<h4>Consolidated Financial Results</h4><ul><li>Operating Revenues increased to $6,642.2 million in 2025 from $5,455.1 million in 2024, representing a favorable change of $1,187.1 million. In 2024, operating revenues were $5,455.1 million, a decrease of - $50.3 million from $5,505.4 million in 2023.</li><li>Total Operating Expenses were $4,806.9 million in 2025, an unfavorable change of - $807.3 million from $3,999.6 million in 2024. Total operating expenses in 2024 were $3,999.6 million, a favorable change of $210.3 million from $4,209.9 million in 2023.</li><li>Operating Income reached $1,835.3 million in 2025, a favorable change of $379.8 million from $1,455.5 million in 2024. Operating income in 2024 was $1,455.5 million, a favorable change of $160.0 million from $1,295.5 million in 2023.</li><li>Net Income attributable to NiSource Inc. was $929.5 million in 2025, a favorable change of $169.1 million from $760.4 million in 2024. In 2024, net income was $760.4 million, a favorable change of $46.1 million from $714.3 million in 2023.</li></ul><h4>Columbia Operations</h4><ul><li>Operating Revenues for Columbia Operations were $3,343.3 million in 2025, increasing by $627.3 million from $2,716.0 million in 2024. In 2024, revenues decreased by - $30.1 million to $2,716.0 million from $2,746.1 million in 2023.</li><li>Operating Income for Columbia Operations was $895.1 million in 2025, a favorable change of $166.4 million from $728.7 million in 2024. In 2024, operating income was $728.7 million, an unfavorable change of - $9.6 million from $738.3 million in 2023.</li><li>Revenues by Customer Type in 2025 included $2,284.0 million from Residential, $768.0 million from Commercial, and $168.8 million from Industrial customers. In 2024, these figures were $1,891.5 million, $588.4 million, and $145.2 million, respectively. In 2023, they were $1,882.8 million, $606.2 million, and $139.5 million, respectively.</li><li>Sales and Transportation (MMDth) totaled 623.1 MMDth in 2025, up from 576.9 MMDth in 2024 and 563.0 MMDth in 2023. Residential sales were 180.3 MMDth in 2025, 153.2 MMDth in 2024, and 155.2 MMDth in 2023. Commercial sales were 138.3 MMDth in 2025, 121.8 MMDth in 2024, and 120.4 MMDth in 2023. Industrial sales were 278.1 MMDth in 2025, 277.9 MMDth in 2024, and 255.3 MMDth in 2023.</li><li>Gas Distribution Customers totaled 2,429,595 in 2025, compared to 2,416,259 in 2024 and 2,405,844 in 2023.</li></ul><h4>NIPSCO Operations</h4><ul><li>Operating Revenues for NIPSCO Operations were $3,308.5 million in 2025, a favorable change of $556.5 million from $2,752.0 million in 2024. In 2024, revenues were $2,752.0 million, an unfavorable change of - $19.6 million from $2,771.6 million in 2023.</li><li>Operating Income for NIPSCO Operations reached $938.1 million in 2025, a favorable change of $218.3 million from $719.8 million in 2024. In 2024, operating income was $719.8 million, a favorable change of $178.1 million from $541.7 million in 2023.</li><li>NIPSCO Electric Revenues by Customer Type in 2025 were $771.4 million from Residential, $716.8 million from Commercial, and $581.3 million from Industrial customers. The corresponding figures for 2024 were $649.9 million, $620.4 million, and $500.0 million, respectively, and for 2023 were $583.9 million, $578.1 million, and $475.0 million, respectively.</li><li>NIPSCO Electric Sales (GWh) totaled 16,538.8 GWh in 2025, up from 16,062.5 GWh in 2024 and 15,332.7 GWh in 2023. Residential sales were 3,498.9 GWh in 2025, 3,404.9 GWh in 2024, and 3,262.9 GWh in 2023. Commercial sales were 3,737.0 GWh in 2025, 3,697.9 GWh in 2024, and 3,614.2 GWh in 2023. Industrial sales were 8,344.8 GWh in 2025, 7,984.8 GWh in 2024, and 7,820.3 GWh in 2023.</li><li>NIPSCO Electric Customers totaled 496,534 in 2025, compared to 492,690 in 2024 and 488,833 in 2023.</li><li>NIPSCO Gas Revenues by Customer Type in 2025 included $712.3 million from Residential, $271.6 million from Commercial, and $100.2 million from Industrial customers. In 2024, these figures were $540.9 million, $202.4 million, and $79.0 million, respectively. In 2023, they were $634.9 million, $249.1 million, and $86.9 million, respectively.</li><li>NIPSCO Gas Sales and Transportation Volumes (MMDth) totaled 380.9 MMDth in 2025, up from 357.5 MMDth in 2024 and 366.0 MMDth in 2023. Residential sales were 66.6 MMDth in 2025, 58.2 MMDth in 2024, and 60.3 MMDth in 2023. Commercial sales were 47.3 MMDth in 2025, 42.5 MMDth in 2024, and 43.9 MMDth in 2023. Industrial sales were 267.0 MMDth in 2025, 256.8 MMDth in 2024, and 261.8 MMDth in 2023.</li><li>NIPSCO Gas Customers totaled 877,875 in 2025, compared to 871,107 in 2024 and 864,769 in 2023.</li></ul><h4>Cash Flow</h4><ul><li>Cash Flow from Operating Activities was $2,362.3 million in 2025, $1,781.5 million in 2024, and $1,935.1 million in 2023.</li><li>Cash Flow used for Investing Activities was - $4,524.1 million in 2025, - $3,213.0 million in 2024, and - $3,571.6 million in 2023.</li></ul><h4>Capital Expenditures</h4><ul><li>Total Capital Expenditures in 2025 amounted to $4,051.6 million, with $1,213.0 million allocated to Columbia Operations, $2,508.9 million to NIPSCO Operations, and $329.7 million to Corporate and Other Operations, including $39.7 million for data center generation assets.</li></ul><h4>Outlook / Guidance</h4>NiSource Inc. plans to invest approximately $21.0 billion in its base business and an additional $7.0 billion for the ADS Contract during the 2026-2030 period. These investments are expected to be financed through cash flow from operations, debt and equity issuances, and minority interest investments. The company also anticipates contributing approximately $2.7 million to pension plans and $18.3 million to postretirement medical and life plans in 2026.

Nisource | 10-K: FY2025 Revenue Beats Estimate at USD 6.642 B