Columbia Operations was Nisource’s largest segment in fiscal 2025, bringing in $3.34B of $6.64B (50%).
| Segment | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Gas Distribution Operations | — | — | — | — | ||||||
| Columbia Operations | $2.96B | $2.75B | $2.72B | $3.34B | ||||||
| Nipsco Operations | $2.89B | $2.77B | $2.75B | $3.31B | ||||||
| Electric Operations | — | — | — | — | ||||||
| Corporate & Other | $477.50M | $504.60M | $581.90M | $600.10M | ||||||
| Eliminations | -$478.40M | -$516.90M | -$594.80M | -$609.70M | ||||||
| Total | $5.85B | $5.51B | $5.46B | $6.64B |
Nisource brought in $6.64B from its four segments in fiscal 2025, the year ended December 31, 2025. That was up 21.8% from $5.46B in fiscal 2024. Columbia Operations was the largest at $3.34B (50.3%), ahead of Nipsco Operations at $3.31B (49.8%) and Corporate & Other at $600.10M (9.0%).
Compared with fiscal 2024, Columbia Operations grew fastest, up 23.1% to $3.34B. Every segment above 2% of revenue grew. From fiscal 2022 to 2025, combined revenue from these segments grew from $5.85B to $6.64B, a compound annual growth rate of 4.3%. Columbia Operations' share held steady at about 50.3%.
The total is net of Eliminations, which took $609.70M off revenue in fiscal 2025.
Nonrelated Party was Nisource’s largest revenue line in fiscal 2025, bringing in $6.64B of $6.64B (100%).
| Related Party Transactions By Related Party | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|
| Nonrelated Party | $5.84B | $5.50B | $5.45B | $6.64B |
| Corporate & Other | $477.50M | $504.60M | $581.90M | $600.10M |
| Intersegment Revenue | $13.40M | $13.10M | $13.80M | $14.40M |
| Eliminations | -$478.40M | -$516.90M | -$594.80M | -$609.70M |
| Total | $5.85B | $5.51B | $5.46B | $6.64B |
Nisource brought in $6.64B from its four revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 21.8% from $5.46B in fiscal 2024. Nonrelated Party was the largest at $6.64B (99.9%), ahead of Corporate & Other at $600.10M (9.0%) and Intersegment Revenue at $14.40M (0.2%).
Compared with fiscal 2024, Nonrelated Party grew 21.7% to $6.64B and Corporate & Other grew 3.1% to $600.10M. From fiscal 2022 to 2025, combined revenue from these revenue lines grew from $5.85B to $6.64B, a compound annual growth rate of 4.3%. Nonrelated Party's share held steady at about 99.9%.
The total is net of Eliminations, which took $609.70M off revenue in fiscal 2025.
Gas Distribution was Nisource’s largest segment in fiscal 2017, bringing in $2.06B of $4.87B (42%).
| Segment Revenues | FY 2016 | FY 2017 |
|---|---|---|
| Gas Distribution | $1.85B | $2.06B |
| Electric | $1.66B | $1.79B |
| Gas Transportation | $964.60M | $1.02B |
| Other | $16.20M | $4.40M |
| Total | $4.49B | $4.87B |
Nisource brought in $4.87B from its four segments in fiscal 2017, the year ended December 31, 2017. That was up 8.5% from $4.49B in fiscal 2016. Gas Distribution was the largest at $2.06B (42.3%), ahead of Electric at $1.79B (36.6%) and Gas Transportation at $1.02B (21.0%). The remaining segment, Other, brought in $4.40M.
Compared with fiscal 2016, Gas Distribution grew fastest, up 11.5% to $2.06B. Every segment above 2% of revenue grew.
Nisource (NI) reports its revenue by segment, by related party transactions by related party and by segment revenues. In fiscal 2025, Columbia Operations was its largest segment, bringing in $3.34B (50.3% of the total), followed by Nipsco Operations at $3.31B (49.8%).
Columbia Operations was Nisource's largest segment in fiscal 2025, bringing in $3.34B, or 50.3% of the $6.64B total across its four segments.
Nonrelated Party was Nisource's largest revenue line in fiscal 2025, bringing in $6.64B, or 99.9% of the $6.64B total across its four revenue lines.
Among Nisource's segments that make up at least 2% of revenue, Columbia Operations grew fastest in fiscal 2025, up 23.1% from $2.72B to $3.34B.
Every figure comes from Nisource's annual financial filings, as reported. Each line keeps the name Nisource gives it, and years follow its fiscal calendar.
Nisource's revenue by segment goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.