---
title: "NiSource: Business Model"
description: "NiSource revenue by business segment from its fiscal 2025 Form 10-K, with each part's share, growth and profitability explained."
canonical: https://www.getswoopr.com/stocks/companies/nisource/business-model/
source: "Swoopr Investment: https://www.getswoopr.com"
---

# NiSource: Business Model & Revenue Engine

## Direct Answer

NiSource reports revenue across 2 business segments in its fiscal 2025 Form 10-K. Columbia Operations is the largest, with $3.3 billion of revenue (51% of the total), followed by NIPSCO Operations at $3.2 billion (49%).

## How Does NiSource Make Money?

No single line supplies a majority of revenue: the largest, Columbia Operations, is 51%, which spreads NiSource's exposure across several demand drivers. Between fiscal 2024 and 2025, Columbia Operations grew fastest (+26.5%) and NIPSCO Operations slowest (+20.5%), so the revenue mix tilts toward Columbia Operations while that gap lasts.

| Segment | FY2025 revenue | FY2024 revenue | Share of revenue | Change |
| --- | --- | --- | --- | --- |
| Columbia Operations | $3.3 billion | $2.6 billion | 51.0% | 26.5% |
| NIPSCO Operations | $3.2 billion | $2.7 billion | 49.0% | 20.5% |

![Bar chart of NiSource revenue by segment for fiscal 2025: Columbia Operations 51.0%, NIPSCO Operations 49.0%.](https://www.getswoopr.com/images/charts/nisource-business-model-segment-mix.webp)
*NiSource revenue by segment as a share of total revenue, from the table above. The largest is highlighted. Select the chart to open it full size.*

## Which NiSource Segments Earn the Most?

| Segment | FY2025 segment operating income | Segment margin |
| --- | --- | --- |
| Columbia Operations | $895 million | 26.9% |
| NIPSCO Operations | $938 million | 29.3% |

Segment operating income is the profit measure NiSource reports to its chief operating decision maker for each segment. It usually leaves out corporate costs that are not allocated to a segment, so the segments usually add up to more than consolidated operating income, and margins are comparable within NiSource more safely than against another company.

## What the Segment Figures Do Not Show

The rows above add up to 100% of NiSource's reported revenue for fiscal 2025; the difference is intersegment eliminations, corporate revenue or items the company reports outside its segments. Segment definitions are management's choice and change when a company reorganizes, in which case it restates prior years in the next filing, so a multi-year comparison should use the figures from a single filing. Revenue shows where sales come from, not where profit or cash is earned: a small segment can carry most of the margin.

## Where These Numbers Come From

Every figure on this page is a value NiSource reported in the segment note and revenue disclosures of its Form 10-K filed February 11, 2026 (accession 0001111711-26-000027), read from the SEC's Financial Statement Data Sets. The prior-year column is the comparative figure from that same filing, so it reflects any restatement for a change in segments. Category names are the company's own XBRL labels, lightly reformatted for reading.

Rows that only total other rows (for example a "Products" line beside the individual products) are left out so nothing is counted twice. This page is educational and describes reported history for fiscal 2025; it is not a forecast or a recommendation.

## Frequently Asked Questions

### What are NiSource's business segments?

In its fiscal 2025 Form 10-K, NiSource reports revenue for Columbia Operations and NIPSCO Operations.

### Which part of NiSource brings in the most revenue?

Columbia Operations, with $3.3 billion of revenue in fiscal 2025, or 51% of the total.

### Where does NiSource report its segment results?

In the segment note to the financial statements in its Form 10-K, most recently filed February 11, 2026, alongside management's discussion of each segment's results.

## References

- [SEC EDGAR: NISOURCE INC. Form 10-K filed February 11, 2026](https://www.sec.gov/Archives/edgar/data/1111711/000111171126000027/nix-20251231.htm)
- [SEC EDGAR: NISOURCE INC. annual and quarterly filings](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1111711&type=10-K)
- [SEC: EDGAR application programming interfaces (XBRL frames and submissions data)](https://www.sec.gov/search-filings/edgar-application-programming-interfaces)
- [SEC: Financial Statement Data Sets](https://www.sec.gov/data-research/sec-markets-data/financial-statement-data-sets)

## Related Pages

- [NiSource company dossier](https://www.getswoopr.com/stocks/companies/nisource/)
- [NiSource financial metrics](https://www.getswoopr.com/stocks/companies/nisource/metrics/)
- [NiSource financial risk indicators](https://www.getswoopr.com/stocks/companies/nisource/risks/)
- [NiSource peer comparison](https://www.getswoopr.com/stocks/companies/nisource/competitors/)
- [NiSource business model and revenue mix](https://www.getswoopr.com/stocks/companies/nisource/business-model/)
- [Fundamental analysis guides](https://www.getswoopr.com/learn/fundamental-analysis/)

**[Swoopr Editorial Team](https://www.getswoopr.com/authors/swoopr-editorial-team/)**

Swoopr's editorial team produces independent investment education content reviewed for accuracy and clarity. We do not provide personalized financial advice. See our [editorial policy](https://www.getswoopr.com/legal/editorial-policy/) and [corrections policy](https://www.getswoopr.com/legal/corrections-policy/).