BKH · Black Hills Corp /Sd/ - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $780.70M | - | $430.20M | $439.00M | $805.20M | - | $401.60M | $402.60M | $726.40M | - |
| Cost of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | - | - | - | - | - | - | - | - | - | - |
| Total Operating Expenses | $578.80M | - | $351.50M | $356.50M | $600.20M | - | $325.80M | $332.00M | $533.10M | - |
| D&A | $74.80M | - | $71.50M | $69.80M | $69.20M | - | $69.30M | $66.60M | $65.90M | - |
| Operating Income | $201.90M | - | $78.70M | $82.50M | $205.00M | - | $75.80M | $70.60M | $193.30M | - |
| Interest Expense | $51.90M | - | $49.40M | $42.60M | $44.00M | - | - | - | - | - |
| Income Tax | $17.60M | - | $4.00M | $4.40M | $18.10M | - | $2.90M | $3.70M | $16.90M | - |
| Net Income | $131.00M | - | $24.90M | $27.50M | $134.30M | - | $24.40M | $22.80M | $127.90M | - |
| EPS - Basic | $1.74 | - | $0.34 | $0.38 | $1.87 | - | $0.35 | $0.33 | $1.88 | - |
| EPS - Diluted | $1.73 | - | $0.34 | $0.38 | $1.87 | - | $0.35 | $0.33 | $1.87 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $23.60M | $182.80M | $21.10M | $8.10M | $6.60M | $16.10M | $12.50M | $624.80M | $123.00M | $86.60M |
| Accounts Receivable | $383.40M | $389.00M | $251.40M | $260.80M | $377.90M | $351.20M | $205.40M | $221.50M | $334.40M | $350.30M |
| Inventory | $146.80M | $172.40M | $173.00M | $145.20M | $128.10M | $153.90M | $155.40M | $134.80M | $130.60M | $160.90M |
| Accounts Payable | $210.80M | $311.70M | $219.10M | $180.80M | $216.80M | $229.10M | $136.30M | $155.20M | $132.60M | $186.40M |
| Current Assets | $788.20M | $995.90M | $667.60M | $608.40M | $708.10M | $742.30M | $599.50M | $1.17B | $797.60M | $826.60M |
| Total Assets | $10.82B | $10.87B | $10.33B | $10.09B | $10.06B | $10.02B | $9.72B | $10.19B | $9.68B | $9.62B |
| Current Liabilities | $1.22B | $740.00M | $734.60M | $953.90M | $928.90M | $763.40M | $536.20M | $1.11B | $1.09B | $1.19B |
| Long-term Debt | $3.99B | $4.70B | $4.25B | $3.95B | $3.95B | $4.25B | $4.25B | $4.25B | $3.80B | $3.80B |
| Total Liabilities | - | - | - | - | - | - | - | - | - | - |
| Stockholders' Equity | $3.95B | $3.82B | $3.77B | $3.64B | $3.64B | $3.50B | $3.45B | $3.36B | $3.33B | $3.22B |
| Retained Earnings | $1.42B | $1.34B | $1.29B | $1.31B | $1.33B | $1.25B | $1.20B | $1.22B | $1.24B | $1.16B |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $176.20M | - | - | - | $227.80M | - | - | - | $233.40M | - |
| Investing Cash Flow | ($270.00M) | - | - | - | ($155.20M) | - | - | - | ($176.90M) | - |
| Financing Cash Flow | ($65.20M) | - | - | - | ($81.90M) | - | - | - | ($19.80M) | - |
| CapEx | $267.40M | - | - | - | $152.90M | - | - | - | $176.20M | - |
| Free Cash Flow | ($91.20M) | - | - | - | $74.90M | - | - | - | $57.20M | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | 25.9% | - | 18.3% | 18.8% | 25.5% | - | 18.9% | 17.5% | 26.6% | - |
| EBITDA margin | 35.4% | - | 34.9% | 34.7% | 34.1% | - | 36.1% | 34.1% | 35.7% | - |
| Net margin | 16.8% | - | 5.8% | 6.3% | 16.7% | - | 6.1% | 5.7% | 17.6% | - |
| Free cash flow margin | -11.7% | - | - | - | 9.3% | - | - | - | 7.9% | - |
| FCF / Net income | -0.70 | - | - | - | 0.56 | - | - | - | 0.45 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | 11.8% | - | 13.8% | 13.8% | 11.9% | - | 10.6% | 14.0% | 11.7% | - |
| Return on assets | 1.2% | - | 0.2% | 0.3% | 1.3% | - | 0.3% | 0.2% | 1.3% | - |
| Return on equity | 3.3% | - | 0.7% | 0.8% | 3.7% | - | 0.7% | 0.7% | 3.8% | - |
| Return on invested capital | 2.2% | - | 0.8% | 0.9% | 2.4% | - | 0.9% | 0.8% | 2.4% | - |
| Liquidity | ||||||||||
| Current ratio | 0.65 | 1.35 | 0.91 | 0.64 | 0.76 | 0.97 | 1.12 | 1.06 | 0.73 | 0.70 |
| Quick ratio | 0.53 | 1.11 | 0.67 | 0.49 | 0.62 | 0.77 | 0.83 | 0.94 | 0.61 | 0.56 |
| Cash ratio | 0.02 | 0.25 | 0.03 | 0.01 | 0.01 | 0.02 | 0.02 | 0.56 | 0.11 | 0.07 |
| Leverage | ||||||||||
| Debt / Equity | 1.01 | 1.23 | 1.13 | 1.09 | 1.09 | 1.21 | 1.23 | 1.27 | 1.14 | 1.18 |
| Debt / Assets | 0.37 | 0.43 | 0.41 | 0.39 | 0.39 | 0.42 | 0.44 | 0.42 | 0.39 | 0.40 |
| Debt / EBITDA | 14.43 | - | 28.31 | 25.95 | 14.41 | - | 29.28 | 30.96 | 14.67 | - |
| Interest coverage | 3.9x | - | 1.6x | 1.9x | 4.7x | - | - | - | - | - |
| Equity multiplier | 2.74 | 2.84 | 2.74 | 2.78 | 2.77 | 2.86 | 2.82 | 3.03 | 2.90 | 2.99 |
| Liabilities / Assets | - | - | - | - | - | - | - | - | - | - |
| Efficiency | ||||||||||
| Asset turnover | 0.07 | - | 0.04 | 0.04 | 0.08 | - | 0.04 | 0.04 | 0.08 | - |
| Inventory turnover | - | - | - | - | - | - | - | - | - | - |
| Days sales outstanding | 179d | - | 213d | 217d | 171d | - | 187d | 201d | 168d | - |
| Days inventory outstanding | - | - | - | - | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | 40.1x | - | 181.1x | 147.6x | 32.4x | - | 174.6x | 164.8x | 29.2x | - |
| P / B | 1.3x | - | 1.2x | 1.1x | 1.2x | - | 1.3x | 1.1x | 1.1x | - |
| P / S | 6.7x | - | 10.4x | 9.3x | 5.4x | - | 10.7x | 9.3x | 5.1x | - |
| EV / EBITDA | 33.3x | - | 58.1x | 52.6x | 30.3x | - | 58.9x | 53.8x | 28.6x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -3.0% | - | 7.1% | 9.0% | 10.8% | - | -1.4% | -2.1% | -21.1% | - |
| Revenue CAGR (3y) | -5.4% | - | -2.4% | -2.5% | -0.7% | - | 1.8% | 2.6% | 4.7% | - |
| Revenue CAGR (5y) | 4.3% | - | 4.4% | 6.1% | 8.4% | - | 4.3% | 3.8% | 4.0% | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | -1.5% | - | 3.8% | 16.9% | 6.1% | - | -22.5% | 11.2% | 10.5% | - |
| Net income growth (YoY) | -2.5% | - | 2.0% | 20.6% | 5.0% | - | -46.2% | -31.8% | 12.1% | - |
| EPS growth (YoY) | -7.5% | - | -2.9% | 15.2% | 0.0% | - | -47.8% | -5.7% | 8.1% | - |
| EPS CAGR (3y) | 0.0% | - | -14.3% | -9.9% | 0.9% | - | -20.6% | -6.2% | 6.7% | - |
| EPS CAGR (5y) | 2.4% | - | -10.1% | 2.9% | 4.4% | - | 13.0% | 6.6% | 1.6% | - |
| FCF growth (YoY) | - | - | - | - | 30.9% | - | - | - | -72.7% | - |
| FCF CAGR (5y) | - | - | - | - | 30.1% | - | - | - | 12.5% | - |
| Book value growth (YoY) | 8.5% | 9.2% | 9.3% | 8.3% | 9.0% | 8.9% | 8.8% | 8.0% | 7.6% | 7.4% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$4.64B totalReportable Segment Aggregation Before Other Operating Segment$2.31B · 49.8%
Gas Utilities$1.38B · 29.8%
Electric Utilities$942.80M · 20.3%
Product / service
$4.30M totalAlternative Revenue And Other$4.30M · 100.0%
Peer comparison
Same SIC group: Electric Services
Comparing BLACK HILLS CORP /SD/ against the 5 most active filers in the same SIC group.
Dividends
$2.76/share trailing 12 months · +4.0% YoY
| Ex-date | Per share |
|---|---|
| May 15, 2026 | $0.7030 |
| Feb 17, 2026 | $0.7030 |
| Nov 17, 2025 | $0.6760 |
| Aug 18, 2025 | $0.6760 |
| May 16, 2025 | $0.6760 |
| Feb 18, 2025 | $0.6760 |
| Nov 18, 2024 | $0.6500 |
| Aug 19, 2024 | $0.6500 |
| May 16, 2024 | $0.6500 |
| Feb 15, 2024 | $0.6500 |
| Nov 16, 2023 | $0.6250 |
| Aug 17, 2023 | $0.6250 |
| May 17, 2023 | $0.6250 |
| Feb 13, 2023 | $0.6250 |
| Nov 16, 2022 | $0.6250 |
| Aug 17, 2022 | $0.5950 |
| May 17, 2022 | $0.5950 |
| Feb 11, 2022 | $0.5950 |
| Nov 16, 2021 | $0.5950 |
| Aug 17, 2021 | $0.5650 |
| May 17, 2021 | $0.5650 |
| Feb 11, 2021 | $0.5650 |
| Nov 16, 2020 | $0.5650 |
| Aug 17, 2020 | $0.5350 |