Nisource (NI) Operating Margin (2009 - 2026)
Nisource's (NI) quarterly Operating Margin came in at 35.28% in Q1 2026, up 49.0% YoY from 23.67% in Q1 2025, and up 354.52% on a QoQ basis from 7.76% in Q4 2025.
Nisource (NI) Operating Margin (2009 - 2026) Analysis & Trends
Nisource (NI) has 18 years of Operating Margin data on file, last reported at 35.28% in Q1 2026.
- Quarterly Operating Margin rose 49.0% year-over-year to 35.28% in Q1 2026, while the trailing twelve-month figure through Mar 2026 was 16.5% (down 26.0% YoY) and the FY2025 annual result came in at 27.63%, up 8.0% from the prior year.
- Operating Margin rose to 35.28% in Q1 2026, from 7.76% in the prior quarter.
- In the past five years, Operating Margin ranged from a high of 35.51% in Q1 2024 to a low of 7.64% in Q4 2024.
- A 5-year average of 22.43% and a median of 22.48% in 2024 frame the typical range for Operating Margin.
- Annual changes were most pronounced in 2023 — Operating Margin soared 787 bps — and 2024, when it plunged 1860 bps.
- Tracing NI's Operating Margin over 5 years: stood at 20.36% in 2022, then advanced by 29 bps to 26.24% in 2023, then tumbled by 71 bps to 7.64% in 2024, then grew by 2 bps to 7.76% in 2025, then jumped by 355 bps to 35.28% in 2026.
- The last three Operating Margin figures came in at 35.28% (Q1 2026), 7.76% (Q4 2025), and 23.99% (Q3 2025), per Business Quant data.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Atmos Energy | 29.11 Bn | 28.59 Bn | - | 36.45% |
| 2 | Nisource | 20.23 Bn | 20.16 Bn | 867.50 Mn | 16.99% |
| 3 | Ugi | 8.24 Bn | 7.77 Bn | 573.00 Mn | -3.31% |
| 4 | Black Hills | 5.62 Bn | 5.54 Bn | - | 21.42% |
| 5 | New Jersey Resources | 5.60 Bn | 5.56 Bn | 243.61 Mn | 9.13% |
| 6 | ONE Gas | 5.18 Bn | 5.15 Bn | 272.01 Mn | 20.08% |
| 7 | Mdu Resources | 4.32 Bn | 4.27 Bn | - | 12.78% |
| 8 | Chesapeake Utilities | 3.32 Bn | 3.30 Bn | 150.20 Mn | 26.20% |
| 9 | Brookfield Infrastructure | 2.20 Bn | 1.44 Bn | 572.00 Mn | 58.51% |
| 10 | Centuri Holdings | 2.20 Bn | 2.16 Bn | 69.14 Mn | 2.51% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 16.99% |
| Mar 31, 2026 | 35.28% |
| Dec 31, 2025 | 7.76% |
| Sep 30, 2025 | 23.99% |
| Jun 30, 2025 | 20.49% |
| Mar 31, 2025 | 34.78% |
| Dec 31, 2024 | 7.64% |
| Sep 30, 2024 | 20.87% |
| Jun 30, 2024 | 22.48% |
| Mar 31, 2024 | 35.51% |
| Dec 31, 2023 | 26.24% |
| Sep 30, 2023 | 22.68% |
| Jun 30, 2023 | 15.50% |
| Mar 31, 2023 | 28.00% |
| Dec 31, 2022 | 20.36% |
| Sep 30, 2022 | 14.81% |
| Jun 30, 2022 | 12.39% |
| Mar 31, 2022 | 32.62% |
| Dec 31, 2021 | 20.19% |
| Sep 30, 2021 | 16.01% |