NI · NYSE · fiscal year 2025
Nisource Inc. (NI): EPS, book value and free cash flow per share
Figures from the annual report filed with the SEC on February 11, 2026, with the standard per-share arithmetic worked out. No share price is shown.
DILUTED EPS · FY2025
$1.95
earnings per share, as reported (December 31, 2025)
- Book value per share
- $19.92 equity ÷ diluted shares
- Free cash flow per share
- −$0.89 operating cash flow − capital spending
- Graham number
- $29.56 √(22.5 × EPS × BVPS), arithmetic only
What the filing shows
Nisource Inc. (NI) reported diluted earnings per share of $1.95 for the fiscal year ended December 31, 2025, on revenue of $6.52 billion and net income of $929.5 million.
Shareholders' equity was $9.45 billion, which over 474.5 million weighted-average diluted shares is $19.92 of book value per share.
Operating cash flow of $2.36 billion less capital spending of $2.78 billion leaves free cash flow of −$420.0 million, or −$0.89 per share.
The Graham number from these filed figures is $29.56: the square root of 22.5 × $1.95 EPS × $19.92 book value per share. It is the output of a 1949 formula, not a price target or an opinion.
Diluted EPS by year
Reported diluted EPS for each of the last 5 fiscal years. The table below has every figure.
How to read these figures
Revenue went from $4.73 billion to $6.52 billion over the 5 fiscal years shown, a compound change of 8.4% a year.
Net income was 14.3% of revenue in FY2025.
Net income divided by year-end equity (return on equity) was 9.8%.
Dividends declared were $1.12 per share.
Treat each of these as a description of the past year, not a view about the future; the calculators let you add your own assumptions.
Five fiscal years
| Year | Revenue | Net income | Diluted EPS | Book value / share | Free cash flow / share |
|---|---|---|---|---|---|
| FY20252025-12-31 | $6.5B | $929.5M | $1.95 | $19.92 | −$0.89 |
| FY20242024-12-31 | $5.3B | $760.4M | $1.62 | $19.04 | −$1.83 |
| FY20232023-12-31 | $5.3B | $714.3M | $1.48 | $18.46 | −$1.59 |
| FY20222022-12-31 | $5.7B | $804.1M | $1.70 | $17.11 | −$1.79 |
| FY20212021-12-31 | $4.7B | $584.9M | $1.27 | $16.65 | −$1.49 |
Per-share book value and free cash flow use that year's weighted-average diluted shares. Blank cells (n/a) mean the company did not report the item under the standard tag we read.
Questions
What was NI's earnings per share?
Diluted EPS was $1.95 for the fiscal year ended December 31, 2025, as reported in the annual report filed February 11, 2026.
How is book value per share calculated for NI?
Shareholders' equity of $9.45 billion divided by weighted-average diluted shares of 474.5 million gives $19.92. Using period-end shares outstanding instead would give a slightly different figure.
Does this page rate NI or say what its shares are worth?
No. It republishes figures the company filed and shows arithmetic on them. It does not rate, rank or recommend any security, and it does not show a share price.
Other company pages
Read this first
Educational information only, not investment advice. These are figures the company reported, reproduced and divided; the page forms no view on the company or its shares. Company-reported data can contain errors or later restatements; check the filing.
Source: U.S. Securities and Exchange Commission, EDGAR XBRL companyfacts for CIK 0001111711, annual report (Form 10-K) accession 0001111711-26-000027, retrieved November 2, 2026. SEC data is public information; see data and method. XBRL tags read: see below.
XBRL tags used
- EPS:
EarningsPerShareDiluted - Equity:
StockholdersEquity - Diluted shares:
WeightedAverageNumberOfDilutedSharesOutstanding - Revenue:
RevenueFromContractWithCustomerExcludingAssessedTax - Net income:
NetIncomeLoss - Operating cash flow:
NetCashProvidedByUsedInOperatingActivities - Capital spending:
PaymentsToAcquirePropertyPlantAndEquipment