NIMEDIUM SIGNALOPPORTUNITY10-K

NiSource has entered into a significant data center electricity supply agreement (ADS Contract) while substantially improving its financial performance across all key metrics.

The new ADS Contract represents a strategic pivot into the high-growth data center market, with NiSource establishing a dedicated subsidiary (Generation Holdings I/GenCo) to develop generation assets specifically for data center customers. This business expansion, combined with strong operational execution reflected in double-digit growth across revenue, profitability, and cash flow, positions the company well for future growth in an attractive market segment.

Comparing 2026-02-11 vs 2025-02-12View on EDGAR →
FINANCIAL ANALYSIS

NiSource delivered robust financial performance with operating income growing 26.1% to $1.8B and net income increasing 22.2% to $929.5M, while operating cash flow surged 32.6% to $2.4B. The company strengthened its balance sheet by reducing total debt 24.1% to $6.4B and decreasing current liabilities, though cash declined 29.7% likely due to capital deployment. Despite higher interest expense (+35.4%), the strong revenue growth and operational improvements demonstrate effective business execution and improved financial health.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+35.4%
$361.6M→$489.6M

Interest expense surged 35.4% — significant debt increase or rising rates materially impacting earnings.

Gross Profit
P&L
+34.2%
$902.5M→$1.2B

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Operating Cash Flow
Cash Flow
+32.6%
$1.8B→$2.4B

Operating cash flow surged 32.6% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
-29.7%
$156.6M→$110.1M

Cash decreased 29.7% — monitor burn rate and upcoming capital needs.

Operating Income
P&L
+26.1%
$1.5B→$1.8B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Accounts Receivable
Balance Sheet
+24.2%
$964.2M→$1.2B

Receivables grew 24.2% — monitor days sales outstanding for collection efficiency.

Total Debt
Balance Sheet
-24.1%
$8.5B→$6.4B

Debt reduced 24.1% — deleveraging strengthens balance sheet and reduces financial risk.

Net Income
P&L
+22.2%
$760.4M→$929.5M

Net income grew 22.2% — bottom-line growth signals improving overall business health.

Current Liabilities
Balance Sheet
-15.9%
$4.1B→$3.5B

Current liabilities reduced — improved short-term financial position and working capital health.

Current Assets
Balance Sheet
+14.3%
$2.1B→$2.4B

Current assets grew 14.3% — improving short-term liquidity or inventory/receivables build.

LANGUAGE CHANGES
NEW — 2026-02-11
PRIOR — 2025-02-12
ADDED
ADS Contract NIPSCO agreement to provide electricity to ADS data centers Amended LLC Agreement Third Amended and Restated Limited Liability Company Agreement of NIPSCO Holdings II AOCI Accumulated Other Comprehensive Income (Loss) ASC Accounting Standards Codification ASU Accounting Standards Update ATM At-the-market BIP BIP Blue Buyer L.L.C BIP Blue Buyer VCOC L.L.C BIP Blue Buyer VCOC L.L.C., a Delaware limited liability company and also an affiliate of Blackstone BIP Orion Holdco L.P.
BIP Orion Holdco L.P., a Delaware limited liability company and also an affiliate of Blackstone BIP Orion Holdco II L.P.
BIP Orion Holdco II L.P., a Delaware limited liability company and also an affiliate of Blackstone Blackstone Blackstone Infrastructure Partners L.P.
Investors and prospective investors should understand that many factors impact whether any forward-looking statement contained herein will, or can be, realized.
In addition, NiSource will develop the generation resources it plans to use in serving data center customers through its subsidiary Generation Holdings I (a holding company that holds a controlling interest in GenCo).
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REMOVED
Investors and prospective investors should understand that many factors govern whether any forward-looking statement contained herein will be or can be realized.
In 2024, NiSource was recognized with the ISO 55001 certification from LRQA, one of the world s leading providers of professional engineering and technology services.
Achieving this international certification for asset management systems recognizes NiSource s commitment to safety for our people, systems and customers.
These certifications are important milestones for our SMS and NiSource s ongoing journey towards operational excellence.
The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as an operating segment, consist of our centralized corporate activities and are primarily comprised of interest expense on holding company debt and unallocated corporate costs and activities.
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