尼索思 2025年度报告

(Registrant’s telephone number, including area code) Securities registered pursuant to Section12(b) of the Act: Common Stock, par value $0.01 per share Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.YesNo Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days. YesNo Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submitsuch files). YesNoIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growthcompany" in Rule 12-b-2 of the Exchange Act.Emerging Growth Company☐ Large accelerated filerAccelerated FilerNon-accelerated FilerSmaller Reporting Company☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☑ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrants included inthe filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant's executive officers during the relevant recovery period pursuant to §240. 10D-1(b).☐Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).Yes☐No The aggregate market value of the registrant's common stock, par value $0.01 per share (the "Common Stock") held by non-affiliates wasapproximately $18,966,136,571 based upon the June30, 2025, closing price of $40.34 on the New York Stock Exchange.There were 478,533,171shares of Common Stock outstanding as of February4, 2026. Documents Incorporated by ReferencePart III of this report incorporates by reference specific portions of the Registrant’s Notice of Annual Meeting and Proxy Statement relating to the Annual Meeting of Stockholders to be held on May11, 2026. CONTENTS Defined Terms Part I Item1.Business8Item1A.Risk Factors18Item1B.Unresolved Staff Comments39Item1C.Cybersecurity39Item2.Properties40Item3.Legal Proceedings40Item4Mine Safety Disclosures40Part IIItem5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities41Item6.Reserved41Item7.Management’s Discussion and Analysis of Financial Condition and Results of Operations42Item7A.Quantitative and Qualitative Disclosures About Market Risk65Item8.Financial Statements and Supplementary Data66Item9.Changes in and Disagreements With Accountants on Accounting and Financial Disclosure134Item9A.Controls and Procedures134Item9B.Other Information136Item 9C.Disclosure Regarding Foreign Jurisdictions that Prevent Inspections136Part IIIItem10.Directors, Executive Officers and Corporate Governance137Item11.Executive Compensation137Item12.Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters137Item13.Certain Relationships and Related Transactions, and Director Independence137Item14.Principal Accounting Fees and Services137Part IVItem15.Exhibits, Financial Statement Schedules138Item 16.Form 10-K Summary143Signatures144 DEFINED TERMS Thefollowingisalistoffrequentlyusedabbreviationsoracronymsthatarefoundinthisreport: NiSource Subsidiaries and Affiliates (not exhaustive) GibsonFairbanks BTACavalry DEFINED TERMSCombined Cycle Gas TurbineCoal Combustion ResidualsChief Executive OfficerOhio Capital Expenditure ProgramComprehensive Environmental Response Compensation and Liability Act(also known as Superfund)Chief Financial OfficerCertified Information Systems AuditorChief Information Security OfficerCertified Information Systems Security ProfessionalChief Operating Decision MakerReportable segment comp