NiSource filed its 10-Q with the SEC, placing its figures into our data. Revenue over the twelve months to Q3 2026 was $6.8 billion, a 12.3% increase on the year before. This growth rate marked a drop of 2.1 percentage points from the previous quarter.
Source: SEC EDGAR XBRL company facts. Latest period shown: FY26 Q3.
View chart data
| Period | Revenue growth, TTM YoY | Operating margin (TTM) | FCF margin (TTM) |
|---|---|---|---|
| FY24 Q4 | -1.2% | 27.6% | -15.8% |
| FY25 Q1 | 12.5% | 28.5% | -11.4% |
| FY25 Q2 | 15.8% | 28.1% | -10.7% |
| FY25 Q3 | 17.9% | 28.7% | -8.4% |
| FY25 Q4 | 23.5% | 28.1% | -6.4% |
| FY26 Q1 | 16.9% | 28.3% | -12.4% |
| FY26 Q2 | 14.4% | 27.6% | -16.1% |
| FY26 Q3 | 12.3% | 28.0% | -23.0% |
What stands out in the filings
Capital spending rose 46.5%, outpacing operating cash flow’s 8.8% gain and reducing the residual cash generated. While revenue grew 12.3%, the operating margin declined by 0.7 percentage points, indicating that sales are expanding faster than profit.
What the company earns
The company is selling more but retaining less of each sale. The trailing operating margin stood at 28.0%, down 0.7 percentage points from a year earlier, while the trailing net margin was 13.8%. Net income over the twelve months reached $939.9 million, representing a 4.9% rise on the year before.
Where the cash went
Investment is rising faster than operating cash flow, squeezing what remains for shareholders. Operating cash flow over the twelve months was $2.4 billion, up 8.8% on the year before, whereas capital spending totaled $3.9 billion or 58.1% of revenue. Consequently, free cash flow, defined as operating cash flow less capital spending, stood at −$1.6 billion. This represented a free-cash-flow margin of −23.0%, down 14.7 percentage points from a year earlier.
Shares outstanding
The average diluted share count increased by 1.8% over the year.
How today compares
In the context of past results, today’s free-cash-flow margin of −23.0% is higher than 3% of the company’s own past quarterly readings, which have ranged from −25.6% to 16.1%. Today’s operating margin of 28.0% exceeds 92% of past readings (1.4% to 28.7%). Additionally, today’s twelve-month revenue growth rate of 12.3% is higher than 79% of past readings (−21.8% to 23.5%).
Guidance
The company maintained its 2026 guidance for non-gaap consolidated adjusted EPS at $2.02 to $2.07. It also kept its 2026-2033 guidance for non-gaap consolidated adjusted EPS compound annual growth rate (CAGR) at 9% to 10%. The company provided its 2026-2030 guidance for a consolidated capital investment plan of $28.6 billion, with base capital investments set at $21.0 billion.
Next to watch
The next filing will show whether the trends above continue, slow or reverse.
