Business Segment Information

12 Months Ended

Dec. 31, 2025

Our reportable segments reflect the manner in which our business is managed and our resources are allocated. Following the consummation of the NIPSCO Minority Interest Transaction, we revised how we evaluate results and allocate resources across our business with an increased focus on operating performance at the state level. Refer to Note 4, "Noncontrolling Interests," for additional information on the NIPSCO Minority Interest Transaction. At December 31, 2025, our operations are divided into two primary reportable segments, the Columbia Operations and the NIPSCO Operations segments. Columbia Operations aggregates the results of the fully regulated and wholly owned subsidiaries of NiSource Gas Distribution Group, Inc. (a holding company that owns Columbia of Kentucky, Columbia of Maryland, Columbia of Ohio, Columbia of Pennsylvania, and Columbia of Virginia). Each Columbia distribution company is an operating segment which we aggregate to form the Columbia Operations reportable segment. NIPSCO Operations includes the results of NIPSCO Holdings I and its majority-owned subsidiaries, including NIPSCO, which has fully regulated gas and electric operations in northern Indiana. Our historical segment disclosures have been recast to be consistent with the current presentation.

The remainder of our operations, which are not significant enough on a stand-alone basis to warrant treatment as an operating segment, are presented as "Corporate and Other" in the subsequent reconciliation table and primarily are comprised of interest expense on holding company debt and unallocated corporate costs and activities, as well as new business development costs associated with GenCo. Refer to Note 3, "Revenue Recognition," for additional information on our segments and their sources of revenues. The following table provides information about our reportable segments. We use operating income as our primary measurement for each of the reported segments and make decisions on financing, dividends and taxes at the corporate level on a consolidated basis. We provide this measure to our Chief Operating Decision Maker, the CEO, who utilizes this measure to make operating segment level strategy decisions based on budget-to-actual variances and against prior periods to allocate resources accordingly. Segment revenues include intersegment sales to affiliated subsidiaries, which are eliminated in consolidation. Affiliated sales are recognized on the basis of prevailing market, regulated prices or at levels provided for under contractual agreements. Operating income is derived from revenues and expenses directly associated with each segment.


Year Ended December 31, 2025 (in millions)
	Columbia Operations		NIPSCO Operations		Total of Reportable Segments
Operating Revenues
External revenue	$	3,330.0	$	3,307.4	$	6,637.4
Intersegment revenue	13.3		1.1		14.4
Total Operating Revenue	$	3,343.3	$	3,308.5	$	6,651.8


Cost of energy	819.8		764.7		1,584.5
O&M	923.7		848.9		1,772.6
Depreciation	451.2		680.6		1,131.8
Total other taxes	253.2		75.5		328.7
Other segment items(1)	0.3		0.7		1.0
Operating Income	$	895.1	$	938.1	$	1,833.2

Capital Expenditures(2)	$	1,213.0	$	2,508.9	$	3,721.9
Assets	$	15,903.7	$	18,126.7	$	34,030.4

(1)Other segment items consists of Loss (gain) on Sale or Impairment of Assets and other segment income or expenses deemed insignificant which are used to reach our measurement of segment profit or loss, Operating Income.

(2)Amounts differ from those presented on the Statements of Consolidated Cash Flows primarily due to the inclusion of capital expenditures in current liabilities, the capitalized portion of the Corporate Incentive Plan payout, and AFUDC Equity.


Year Ended December 31, 2024 (in millions)
	Columbia Operations		NIPSCO Operations		Total of Reportable Segments
Operating Revenues
External revenue	$	2,703.2	$	2,751.0	$	5,454.2
Intersegment revenue	12.8		1.0		13.8
Total Operating Revenue	$	2,716.0	$	2,752.0	$	5,468.0


Cost of energy	514.7		617.5		1,132.2
O&M	837.5		761.4		1,598.9
Depreciation	409.1		590.3		999.4
Total other taxes	218.6		64.3		282.9
Other segment items(1)	7.4		(1.3)		6.1
Operating Income	$	728.7	$	719.8	$	1,448.5

Capital Expenditures(2)	$	1,209.0	$	2,252.4	$	3,461.4
Assets	$	14,769.5	$	15,823.5	$	30,593.0

(1)Other segment items consists of Loss(gain) on Sale or Impairment of Assets and other segment income or expenses deemed insignificant which are used to reach our measurement of segment profit or loss, Operating Income.


Year Ended December 31, 2023 (in millions)
	Columbia Operations		NIPSCO Operations		Total of Reportable Segments
Operating Revenues
External revenue	$	2,733.9	$	2,770.7	$	5,504.6
Intersegment revenue	12.2		0.9		13.1
Total Operating Revenue	$	2,746.1	$	2,771.6	$	5,517.7



Cost of energy	645.0		888.3		1,533.3
O&M	792.3		787.7		1,580.0
Depreciation	371.7		493.8		865.5
Total other taxes	198.8		57.9		256.7
Other segment items(1)	—		2.2		2.2
Operating Income	$	738.3	$	541.7	$	1,280.0

Capital Expenditures(2)	$	1,159.6	$	1,294.8	$	2,454.4
Assets	$	13,664.5	$	13,962.6	$	27,627.1

(1)Other segment items consists of proceeds from a property insurance settlement related to the Greater Lawrence Incident and other segment income or expenses deemed insignificant which are used to reach our measurement of segment profit or loss, Operating Income.

To reconcile the segment tables above to consolidated NiSource:


Year Ended December 31, 2025 (in millions)
	Total Reportable Segments		Corporate and Other		Eliminations		Consolidated NiSource
Total Operating Revenue	$	6,651.8	$	600.1	$	(609.7)	$	6,642.2
Operating Income	1,833.2		2.1		—		1,835.3
Capital Expenditures	3,721.9		329.7		—		4,051.6
Assets	34,030.4		1,828.3		—		35,858.7

Year Ended December 31, 2024 (in millions)
	Total Reportable Segments		Corporate and Other		Eliminations		Consolidated NiSource
Total Operating Revenue	$	5,468.0	$	581.9	$	(594.8)	$	5,455.1
Operating Income	1,448.5		7.0		—		1,455.5
Capital Expenditures	3,461.4		231.1		—		3,692.5
Assets	30,593.0		1,195.1		—		31,788.1

Year Ended December 31, 2023 (in millions)
	Total Reportable Segments		Corporate and Other		Eliminations		Consolidated NiSource
Total Operating Revenue	$	5,517.7	$	504.6	$	(516.9)	$	5,505.4
Operating Income	1,280.0		15.5		—		1,295.5
Capital Expenditures	2,454.4		236.3		—		2,690.7
Assets	27,627.1		3,450.1		—		31,077.2

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

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