NiSource Inc. (NI) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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NI Revenue Growth
Revenue Breakdown (FY 2023)
NI's revenue distribution by segment and geography for fiscal year 2023
By Product/Segment
NI Revenue Analysis (2014–2025)
As of May 8, 2026, NiSource Inc. (NI) generated trailing twelve-month (TTM) revenue of $6.82 billion, reflecting solid growth of +8.2% year-over-year. The most recent quarter (Q1 2026) recorded $2.36 billion in revenue, up 24.2% sequentially.
Looking at the longer-term picture, NI's 5-year compound annual growth rate (CAGR) stands at +7.2%, indicating steady revenue expansion. The company achieved its highest annual revenue of $6.64 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows NI's business is primarily driven by Gas Distribution Operations (68%), and Electric Operations (32%). With over half of revenue concentrated in Gas Distribution Operations, the company maintains significant focus in this area while developing other growth vectors.
When compared to Utilities sector peers including ATO (+8.8% YoY), SR (+1.9% YoY), and NWN (+5.9% YoY), NI has underperformed the peer group in terms of revenue growth. Compare NI vs ATO →
NI Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| NICurrent | $6.8B | +8.2% | +7.2% | 27.6% | |
 ATO | $4.7B | +8.8% | +10.8% | 33.2% | |
 SR | $2.5B | +1.9% | +5.9% | 21.2% | |
 NWN | $1.3B | +5.9% | +10.8% | 31.4% | |
 SWX | $1.9B | -39.1% | -10.1% | 24.4% | |
 OGS | $2.4B | +2.8% | +9.7% | 18.8% |
NI Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $6.64B | +21.8% | $3.89B | 58.6% | $1.84B | 27.6% |
| 2024 | $5.46B | -0.9% | $2.81B | 51.5% | $1.46B | 26.7% |
| 2023 | $5.51B | -5.9% | $2.48B | 45.0% | $1.30B | 23.5% |
| 2022 | $5.85B | +19.4% | $2.25B | 38.5% | $1.27B | 21.6% |
| 2021 | $4.90B | +4.7% | $2.05B | 41.9% | $1.01B | 20.6% |
| 2020 | $4.68B | -10.1% | $1.99B | 42.4% | $550.8M | 11.8% |
| 2019 | $5.21B | +1.8% | $2.32B | 44.5% | $890.7M | 17.1% |
| 2018 | $5.11B | +4.9% | $1.00B | 19.6% | $124.7M | 2.4% |
| 2017 | $4.87B | +8.5% | $1.75B | 36.0% | $921.2M | 18.9% |
| 2016 | $4.49B | -3.4% | $1.66B | 36.9% | $866.1M | 19.3% |
Full NI Stock Analysis
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Start ComparisonNI — Frequently Asked Questions
Quick answers to the most common questions about buying NI stock.
Is NI's revenue growth accelerating or slowing?
NI maintains +8.2% revenue growth, in line with its 5-year CAGR of +7.2%. TTM revenue stands at $6.8B. Growth rate remains consistent with historical average.
What is NI's long-term revenue growth rate?
NiSource Inc.'s 5-year revenue CAGR of +7.2% reflects the sustained expansion pattern. Current YoY growth of +8.2% is near this long-term average.
How is NI's revenue distributed by segment?
NI reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.