Cash Flow Statement

Operating Cash Flow

+68%

+114%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	277	313	357	373	385	35	28	85	44	403	417	436	429	434	398	307	273	255	288	282	326	332	317	321	204	(25)	(16)	79	128	326	290	218	267	300	348	283	295	307	308	299	283	312	297	416	483	486	514	532	538	544	528	530	539	433	397	302	213	270	302	332	356	283	270	129	193	262	(91)	(51)	(108)	165	511	383	240	(62)	(241)	(14)	207	268	503	589	724	723	724	792	698	689	724	674	737	794	792	845	971	969	979	1 013
Depreciation & Amortization	555	494	466	491	471	500	498	497	498	500	502	507	517	526	536	544	546	548	549	532	529	525	525	540	542	556	559	567	575	576	584	589	595	599	603	595	579	562	544	536	548	561	550	562	559	555	575	577	582	588	509	606	582	633	633	524	532	469	539	547	558	563	570	570	572	574	580	600	630	663	697	717	727	726	725	726	727	735	744	748	756	779	793	821	835	859	867	908	943	964	1 022	1 043	1 060	1 093	1 130	1 168
Change in Deffered Taxes	29	97	124	96	105	69	11	78	37	50	77	98	81	28	47	(17)	(27)	(43)	(89)	(111)	(71)	(21)	(6)	5	23	75	122	138	144	120	400	378	382	383	154	194	269	291	232	178	168	172	142	305	329	343	371	287	320	307	198	299	240	232	249	135	141	133	213	182	197	154	141	307	254	285	184	(188)	(193)	(128)	(41)	118	47	(20)	(73)	(29)	46	53	131	112	144	142	141	157	145	149	141	134	120	126	141	168	198	203	212	236
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	7	1	1	3	4	5	8	9	10	10	10	11	10	10	11	25	31	37	42	35	39	40	42	45	45	47	48	52	49	52	53	59	66	69	68	54	51	44	43	46	47	0	0	0	40	0	0	0	29	0	0	0	26	0	0	0	17	0	0	0	24	0	0	0	25	0	0	0	34	0	0	0	44	0	0	0	51
Other Non-Cash Items	64	(61)	(534)	8	(57)	334	345	301	359	108	99	43	15	(2)	(70)	66	105	116	227	99	82	72	36	46	126	346	346	308	172	(59)	(211)	(224)	(207)	(191)	(43)	74	123	103	111	117	149	121	135	32	(31)	18	(1)	(8)	10	6	327	23	119	131	18	341	259	250	47	35	36	151	151	153	127	43	74	69	91	59	27	440	281	358	637	670	394	315	37	29	(79)	(79)	(72)	(75)	23	23	14	19	13	(19)	(62)	(79)	(78)	(56)	(37)	3
Cash Taxes Paid	245	189	163	119	135	187	178	257	244	208	257	185	156	181	145	101	131	175	249	288	287	209	193	185	184	137	76	61	59	22	21	34	35	84	72	69	69	24	0	9	15	16	18	8	9	7	8	10	14	14	14	19	0	23	27	21	0	0	7	8	0	0	0	6	0	0	0	3	0	0	0	11	0	0	0	(1)	0	0	0	5	0	0	0	7	0	0	0	9	0	0	0	4	0	0	0	3
Cash Interest Paid	494	418	450	494	502	488	479	442	448	421	428	383	377	390	391	405	444	389	426	372	397	406	411	415	418	384	404	352	361	350	388	381	406	381	381	393	396	386	0	369	551	566	705	387	406	394	410	403	409	406	418	429	0	447	408	390	0	0	342	338	0	0	0	340	0	0	0	354	0	0	0	350	0	0	0	349	0	0	0	322	0	0	0	344	0	0	0	434	0	0	0	468	0	0	0	557
Change in Working Capital	374	391	655	218	88	(126)	(203)	(393)	(205)	120	(53)	(27)	238	(77)	93	(188)	(450)	(76)	(147)	355	340	(189)	(189)	(157)	(70)	(144)	(375)	(508)	(223)	222	365	706	(345)	(261)	(185)	(420)	(202)	(205)	(8)	(260)	(220)	(259)	(106)	(39)	(96)	(3)	(48)	48	(68)	(252)	(317)	(138)	50	356	330	154	10	(294)	(306)	(292)	(235)	(182)	(330)	(416)	(426)	(264)	393	110	131	(102)	(348)	(75)	260	362	163	(249)	(191)	(273)	(230)	(260)	(195)	(142)	(271)	(285)	(189)	(27)	163	200	(106)	(219)	(253)	(196)	(139)	(147)	(94)	(56)
Cash from Operating Activities	1 299 N/A	1 234 -5%	1 067 -14%	1 185 +11%	993 -16%	812 -18%	678 -16%	568 -16%	733 +29%	1 182 +61%	1 042 -12%	1 056 +1%	1 279 +21%	908 -29%	1 003 +10%	712 -29%	446 -37%	800 +79%	827 +3%	1 157 +40%	1 205 +4%	720 -40%	683 -5%	756 +11%	824 +9%	808 -2%	635 -21%	584 -8%	797 +36%	1 185 +49%	1 427 +20%	1 666 +17%	692 -58%	829 +20%	879 +6%	725 -17%	1 064 +47%	1 059 0%	1 187 +12%	870 -27%	928 +7%	906 -2%	1 018 +12%	1 276 +25%	1 245 -2%	1 398 +12%	1 412 +1%	1 437 +2%	1 382 -4%	1 193 -14%	1 245 +4%	1 320 +6%	1 530 +16%	1 784 +17%	1 627 -9%	1 457 -10%	1 155 -21%	828 -28%	795 -4%	803 +1%	912 +13%	968 +6%	801 -17%	742 -7%	719 -3%	900 +25%	1 140 +27%	540 -53%	551 +2%	657 +19%	845 +29%	1 583 +87%	1 554 -2%	1 365 -12%	1 210 -11%	1 104 -9%	1 182 +7%	1 099 -7%	1 185 +8%	1 218 +3%	1 349 +11%	1 422 +5%	1 315 -8%	1 409 +7%	1 513 +7%	1 693 +12%	1 909 +13%	1 935 +1%	1 708 -12%	1 646 -4%	1 641 0%	1 782 +9%	2 012 +13%	2 062 +2%	2 190 +6%	2 362 +8%
Investing Cash Flow
Capital Expenditures	(494)	(540)	(426)	(532)	(537)	(569)	(613)	(575)	(590)	(575)	(591)	(517)	(511)	(522)	(542)	(590)	(610)	(619)	(589)	(627)	(652)	(679)	(727)	(786)	(836)	(911)	(988)	(970)	(980)	(907)	(848)	(777)	(709)	(729)	(745)	(801)	(872)	(909)	(1 022)	(1 123)	(1 206)	(1 297)	(1 371)	(1 499)	(1 576)	(1 681)	(1 774)	(1 880)	(1 897)	(1 931)	(1 497)	(2 029)	(1 886)	(2 167)	(2 038)	(1 361)	(1 440)	(1 090)	(1 600)	(1 585)	(1 606)	(1 653)	(1 718)	(1 805)	(1 850)	(1 896)	(1 879)	(1 923)	(1 913)	(1 943)	(1 948)	(1 916)	(2 023)	(1 902)	(1 915)	(1 896)	(1 804)	(1 868)	(1 889)	(1 959)	(2 015)	(2 019)	(2 204)	(2 355)	(2 462)	(2 600)	(2 728)	(2 807)	(2 839)	(2 864)	(2 765)	(2 781)	(2 829)	(2 857)	(2 868)	(2 971)
Other Items	270	631	466	339	399	1	331	532	431	446	110	(36)	(12)	(21)	88	18	(7)	(32)	(269)	(105)	(23)	(11)	115	105	120	105	(216)	(144)	(226)	(140)	200	122	56	(0)	(168)	(142)	(52)	(63)	38	(27)	(63)	2	72	74	199	107	49	(12)	(156)	(140)	(655)	(88)	288	(46)	3 839	3 306	2 958	3 314	(29)	(18)	(25)	(27)	(23)	(4)	(14)	7	(0)	(4)	10	(10)	4	(7)	(8)	(9)	(13)	1 017	1 007	1 013	1 015	(246)	(158)	(275)	(290)	(215)	(466)	(395)	(663)	(765)	(728)	(926)	(718)	(432)	(1 014)	(1 328)	(1 327)	(1 554)
Cash from Investing Activities	(224) N/A	91 N/A	39 -57%	(193) N/A	(138) +29%	(568) -311%	(282) +50%	(43) +85%	(159) -273%	(129) +19%	(481) -274%	(553) -15%	(523) +5%	(544) -4%	(454) +17%	(572) -26%	(616) -8%	(651) -6%	(859) -32%	(733) +15%	(675) +8%	(691) -2%	(612) +11%	(681) -11%	(715) -5%	(806) -13%	(1 204) -49%	(1 114) +7%	(1 206) -8%	(1 047) +13%	(648) +38%	(655) -1%	(653) +0%	(729) -12%	(913) -25%	(943) -3%	(924) +2%	(973) -5%	(984) -1%	(1 149) -17%	(1 269) -10%	(1 295) -2%	(1 299) 0%	(1 425) -10%	(1 377) +3%	(1 574) -14%	(1 725) -10%	(1 891) -10%	(2 053) -9%	(2 071) -1%	(2 152) -4%	(2 117) +2%	(1 598) +25%	(2 213) -39%	1 802 N/A	1 945 +8%	1 518 -22%	2 224 +46%	(1 630) N/A	(1 603) +2%	(1 631) -2%	(1 679) -3%	(1 741) -4%	(1 809) -4%	(1 864) -3%	(1 888) -1%	(1 879) +1%	(1 926) -3%	(1 903) +1%	(1 953) -3%	(1 943) +0%	(1 922) +1%	(2 032) -6%	(1 911) +6%	(1 929) -1%	(879) +54%	(796) +9%	(855) -7%	(873) -2%	(2 205) -152%	(2 174) +1%	(2 294) -6%	(2 493) -9%	(2 570) -3%	(2 928) -14%	(2 995) -2%	(3 391) -13%	(3 572) -5%	(3 567) +0%	(3 790) -6%	(3 483) +8%	(3 213) +8%	(3 843) -20%	(4 185) -9%	(4 195) 0%	(4 524) -8%
Financing Cash Flow
Net Issuance of Common Stock	9	1	16	681	682	684	684	6	9	8	9	157	170	182	187	38	16	(77)	(81)	(66)	(60)	25	22	6	6	1	1	1	0	0	0	8	11	14	18	13	12	12	16	21	28	36	376	374	376	370	35	36	25	25	20	20	7	6	6	2	13	12	13	14	19	52	332	330	328	1 287	1 005	1 724	1 727	733	733	244	245	245	245	211	211	1 050	1 049	1 140	1 140	300	300	154	155	(245)	(245)	(387)	(888)	(488)	11	113	613	614	364	312
Net Issuance of Debt	(876)	(1 145)	(886)	(1 473)	(1 160)	(573)	(738)	(251)	(276)	(763)	(259)	(415)	(138)	(59)	405	126	(100)	(20)	(546)	(142)	(199)	163	154	214	114	273	828	767	719	317	(467)	(770)	180	(101)	199	453	56	211	50	518	548	605	159	74	102	91	582	715	893	1 139	1 208	1 097	(279)	66	(3 096)	(3 122)	(1 778)	(2 155)	1 008	982	899	861	815	968	1 061	17	67	75	93	880	703	494	663	819	1 128	82	(176)	(816)	(1 032)	31	(27)	852	1 180	1 488	1 791	2 482	2 403	2 742	1 297	758	237	(240)	1 851	2 190	2 092	2 201
Cash Paid for Dividends	(240)	(239)	(247)	(242)	(253)	(269)	(285)	(284)	(273)	(258)	(243)	(243)	(244)	(246)	(248)	(250)	(251)	(252)	(252)	(252)	(252)	(252)	(252)	(252)	(252)	(252)	(252)	(252)	(252)	(253)	(253)	(253)	(254)	(255)	(255)	(256)	(256)	(257)	(258)	(258)	(259)	(260)	(263)	(273)	(283)	(292)	(302)	(306)	(310)	(314)	(318)	(321)	(325)	(329)	(296)	(263)	(231)	(198)	(202)	(206)	(212)	(219)	(223)	(229)	(238)	(248)	(261)	(285)	(303)	(331)	(343)	(355)	(359)	(365)	(371)	(377)	(383)	(389)	(394)	(400)	(409)	(418)	(428)	(437)	(445)	(453)	(461)	(457)	(473)	(469)	(477)	(489)	(495)	(507)	(520)	(530)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(14)	0	0	0	0	0	0	0	(41)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	668	1 164	(28)	(28)	0	0	0	0	0	0	0	0	0	(15)	(46)	(46)	(50)	(35)	(12)	(18)	(19)	(31)	(252)	(164)	(154)	(153)	55	186	155	147	148	(64)	(68)	(391)	(187)	1 945	1 914	2 288	2 123	(34)	24	57	31	116
Cash from Financing Activities	(1 107) N/A	(1 382) -25%	(1 117) +19%	(1 034) +7%	(801) +22%	(227) +72%	(408) -80%	(529) -30%	(598) -13%	(1 072) -79%	(550) +49%	(501) +9%	(212) +58%	(123) +42%	344 N/A	(100) N/A	(334) -233%	(349) -4%	(878) -152%	(460) +48%	(512) -11%	(63) +88%	(76) -20%	(73) +4%	(132) -81%	22 N/A	577 +2 546%	516 -11%	467 -9%	65 -86%	(720) N/A	(1 016) -41%	(63) +94%	(342) -439%	(38) +89%	211 N/A	(188) N/A	(34) +82%	(192) -470%	281 N/A	317 +13%	382 +20%	271 -29%	175 -36%	195 +12%	168 -14%	316 +88%	445 +41%	608 +37%	851 +40%	910 +7%	796 -13%	72 -91%	907 +1 165%	(3 415) N/A	(3 412) +0%	(2 692) +21%	(3 533) -31%	819 N/A	791 -3%	705 -11%	694 -2%	923 +33%	1 069 +16%	1 151 +8%	1 042 -9%	764 -27%	1 469 +92%	1 468 0%	1 248 -15%	1 082 -13%	366 -66%	530 +45%	667 +26%	749 +12%	(248) N/A	(502) -103%	(308) +39%	(323) -5%	956 N/A	858 -10%	881 +3%	1 201 +36%	1 141 -5%	1 433 +26%	1 393 -3%	1 510 +8%	3 842 +155%	1 851 -52%	2 089 +13%	1 894 -9%	(651) N/A	1 994 N/A	2 353 +18%	1 966 -16%	2 099 +7%
Change in Cash
Net Change in Cash	(32) N/A	(58) -83%	(10) +82%	(41) -302%	54 N/A	17 -69%	(12) N/A	(4) +68%	(24) -534%	(18) +24%	10 N/A	2 -76%	544 +22 554%	242 -55%	893 +269%	40 -96%	(505) N/A	(200) +60%	(910) -354%	(36) +96%	18 N/A	(34) N/A	(5) +85%	2 N/A	(23) N/A	23 N/A	8 -65%	(14) N/A	58 N/A	203 +251%	59 -71%	(4) N/A	(25) -486%	(242) -882%	(73) +70%	(7) +90%	(48) -568%	53 N/A	11 -78%	2 -80%	(24) N/A	(7) +70%	(10) -39%	25 N/A	63 +154%	(8) N/A	3 N/A	(10) N/A	(63) -567%	(27) +58%	3 N/A	(1) N/A	4 N/A	479 +11 295%	14 -97%	(10) N/A	(19) -87%	(481) -2 499%	(16) +97%	(9) +41%	(14) -54%	(18) -26%	(17) +6%	2 N/A	6 +129%	54 +875%	25 -54%	83 +232%	116 +40%	(49) N/A	(17) +66%	27 N/A	52 +91%	121 +132%	31 -75%	(23) N/A	(116) -410%	(63) +46%	(11) +82%	(31) -172%	34 N/A	9 -73%	22 +145%	(20) N/A	18 N/A	92 +412%	28 -69%	2 206 +7 778%	(8) N/A	(55) -608%	52 N/A	(2 083) N/A	163 N/A	230 +41%	(39) N/A	(63) -60%
Free Cash Flow
Free Cash Flow	806 N/A	694 -14%	641 -8%	654 +2%	457 -30%	243 -47%	65 -73%	(6) N/A	143 N/A	607 +325%	451 -26%	539 +20%	768 +43%	386 -50%	461 +20%	122 -74%	(164) N/A	181 N/A	238 +32%	530 +122%	553 +4%	40 -93%	(44) N/A	(30) +31%	(11) +62%	(104) -810%	(353) -241%	(386) -9%	(183) +53%	278 N/A	579 +108%	889 +54%	(18) N/A	100 N/A	133 +33%	(76) N/A	192 N/A	150 -22%	165 +11%	(253) N/A	(278) -10%	(391) -41%	(353) +10%	(223) +37%	(331) -48%	(283) +15%	(362) -28%	(443) -23%	(515) -16%	(738) -43%	(252) +66%	(709) -181%	(356) +50%	(383) -8%	(411) -7%	96 N/A	(285) N/A	(262) +8%	(805) -208%	(782) +3%	(695) +11%	(685) +1%	(917) -34%	(1 063) -16%	(1 131) -6%	(995) +12%	(739) +26%	(1 382) -87%	(1 362) +2%	(1 286) +6%	(1 103) +14%	(332) +70%	(469) -41%	(538) -15%	(705) -31%	(792) -12%	(621) +22%	(768) -24%	(704) +8%	(741) -5%	(666) +10%	(597) +10%	(889) -49%	(945) -6%	(949) 0%	(907) +4%	(818) +10%	(872) -6%	(1 131) -30%	(1 218) -8%	(1 124) +8%	(999) +11%	(817) +18%	(795) +3%	(678) +15%	(608) +10%

Income Statement Balance Sheet Cash Flow Statement

NiSource Inc
NYSE:NI

Cash Flow Statement

Cash Flow Statement
NiSource Inc

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NiSource Inc NYSE:NI

Cash Flow Statement

Cash Flow Statement NiSource Inc

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NiSource Inc
NYSE:NI

Cash Flow Statement
NiSource Inc