AI Takeaway
NI delivered solid Q1 2026 results with revenue growing 8.0% YoY to $2.32B and operating income rising 7.9% to $819.2M, though operating cash flow declined sharply by 35.6% to $442.3M and cash balances fell 72.3% to $71.9M, signaling potential working capital pressures.
Revenue
$2.32B
++8.04% YoY
EPS (Basic)
$1.06
++4.95% YoY
Operating Income
$819.2M
++7.87% YoY
Filed · Source: SEC EDGAR 10-Q filing
NI grew total revenue 8.0% year-over-year to $2.32B in Q1 2026 (vs. $2.15B in Q1 2025), demonstrating continued top-line expansion across its business segments.
Source: Source: 10-Q Income Statement (XBRL Financial Data)
Operating margin remained essentially flat at 35.3% (vs. 35.3% prior year), indicating that cost management kept pace with revenue growth despite a $29.7M increase in D&A to $288.3M.
Source: Source: 10-Q Income Statement & Key Ratios (XBRL Financial Data)
Operating cash flow dropped 35.6% YoY to $442.3M from $686.4M, a significant divergence from net income growth of 6.8%, suggesting meaningful working capital headwinds or timing differences in cash collections.
Source: Source: 10-Q Cash Flow Statement (XBRL Financial Data)
2 more insights available
Upgrade to unlockCash and equivalents fell 72.3% YoY to $71.9M, while the current ratio stands at 0.65, meaning current liabilities of $3.73B significantly exceed current assets of $2.41B. This imbalance could constrain NI's ability to meet short-term obligations without accessing external financing.
Source: Source: 10-Q Balance Sheet (XBRL Financial Data)
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $1.06 versus the $1.08 analyst consensus — a -2.3% miss for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $2.32B | $2.15B | +8.04% |
Operating Income | $819.2M | $759.4M | +7.87% |
Net Income | $507.1M | $474.8M | +6.80% |
EPS (Basic) | $1.06 | $1.01 | +4.95% |
EPS (Diluted) | $1.06 | $1.00 | +6.00% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $36.6B | $33.11B | +10.56% |
Current Assets | $2.41B | $2.18B | +10.27% |
Current Liabilities | $3.73B | $4.24B | -12.14% |
Stockholders' Equity | $9.66B | $8.9B | +8.56% |
Cash & Equivalents | $71.9M | $259.4M | -72.28% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $442.3M | $686.4M | -35.56% |
Investing Cash Flow | $-872.6M | $-1.35B | +35.49% |
Financing Cash Flow | $391.7M | $771.4M | -49.22% |
D&A | $288.3M | $258.6M | +11.48% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 35.3% | 35.3% | -0.05% |
Net Margin | 21.8% | — | — |
ROE | 5.3% | — | — |
ROA | 1.4% | — | — |
Current Ratio | $0.646 | — | — |
Other companies in Multi-Utilities
NI reported Q1 2026 revenue of $2.32B, up 8.0% year-over-year, with net income growing 6.8% to $507.1M and diluted EPS rising to $1.06. Operating margins remained stable at approximately 35.3%, though operating cash flow declined sharply by 35.6% to $442.3M.
NI's cash and equivalents fell 72.3% year-over-year to just $71.9M in Q1 2026, compared to $259.4M in Q1 2025. This was driven by a significant decline in operating cash flow to $442.3M (down 35.6% YoY) and reduced financing cash inflows of $391.7M (down 49.2% YoY), suggesting higher cash deployment into operations or debt repayment.
NI's financial health shows mixed signals: total assets grew 10.6% to $36.6B and stockholders' equity rose 8.6% to $9.66B, but the current ratio of 0.65 indicates current liabilities of $3.73B exceed current assets of $2.41B, and cash fell to just $71.9M. The company remains profitable with a 21.8% net margin, but short-term liquidity warrants close monitoring.
Yes, NI grew revenue 8.0% year-over-year to $2.32B in Q1 2026, up from $2.15B in Q1 2025. This top-line growth was accompanied by operating income growth of 7.9% to $819.2M, with operating margins holding steady at approximately 35.3%.
The most significant near-term risk for NI is its liquidity position, with cash falling 72.3% to $71.9M and a current ratio of only 0.65, meaning current liabilities significantly exceed current assets. Additionally, operating cash flow declined 35.6% YoY to $442.3M despite solid net income growth, raising questions about working capital management and the quality of reported earnings.