BLACK HILLS CORP /SD/

Listed Company

BKHCIK 0001130464NYSELarge AcceleratedElectric ServicesSouth DakotaFY ends Dec 31

Period

FY 2025

Revenue

$2.31B

Net Income

$291.60M

Total Assets

$10.87B

Equity

$3.82B

Shares Out

75.47M

Op. Cash Flow

$673.40M

Business

Black Hills Corporation is a customer-focused, growth-oriented utility company that generates, transmits and distributes electricity and transports and distributes natural gas through regulated and non-regulated businesses. It provides electric generation and delivery, natural gas supply and transportation, coal mining for on-site generation, gas storage, power purchase and sales, and non-regulated services such as supply programs, Service Guard, Tech Services and HomeServe. The company reports results through Electric Utilities and Gas Utilities segments, with Corporate and Other for shared corporate functions. It serves retail and wholesale customers across multiple U.S. states via utility subsidiaries, interstate pipelines, power purchase agreements, and transmission and distribution networks.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	2,310	2,128	2,331	2,552	1,949
Fuel, purchased power and cost of natural gas sold	832	730	983	1,231	742
Operations and maintenance	590	557	552	548	502
Depreciation and amortization	284	270	257	251	—
Taxes other than income taxes	67	67	67	67	60
Total operating expenses	1,773	1,625	1,859	2,097	1,540
Operating income	538	503	473	455	409
Interest expense incurred net of amounts capitalized	−207	−195	−180	−163	−154
Interest income	7	14	12	2	2
Other income (expense), net	6	−1	−3	2	1
Total other income (expense)	−194	−183	−171	−159	−151
Income before income taxes	344	320	302	296	258
Income tax (expense)	−44	−36	−26	−25	−7
Net income	300	284	276	271	251
Net income attributable to non-controlling interest	−8	−11	−14	−12	−15
Net income available for common stock	292	273	262	258	237
Earnings per share, Basic (usd per share)	3.99	3.91	3.91	3.98	3.74
Earnings per share, Diluted (usd per share)	3.98	3.91	3.91	3.97	3.74
Basic (in shares)	73	70	67	65	63
Diluted (in shares)	73	70	67	73	63

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	183	16	87	21	9
Restricted cash and equivalents	8	7	6	6	5
Accounts receivable, net	389	351	350	508	322
Materials, supplies and fuel	172	154	161	207	151
Income tax receivable, net	23	20	19	18	18
Regulatory assets, current	140	155	176	260	270
Other current assets	81	39	28	51	29
Total current assets	996	742	827	1,072	808
Property, plant and equipment	10,345	9,567	8,917	8,375	7,857
Less accumulated depreciation and depletion	−2,111	−1,937	−1,798	−1,577	−1,407
Total property, plant and equipment, net	8,234	7,630	7,119	6,798	6,449
Goodwill	1,300	1,300	1,300	1,300	1,299
Intangible assets, net	6	8	8	10	11
Regulatory assets, non-current	255	273	304	393	526
Other assets, non-current	79	70	62	47	38
Total other assets, non-current	1,640	1,650	1,675	1,749	1,875
TOTAL ASSETS	10,870	10,023	9,620	9,618	9,132
Accounts payable	312	229	186	310	218
Accrued liabilities	323	302	293	244	245
Derivative liabilities, current	6	4	7	7	1
Regulatory liabilities, current	100	94	99	46	18
Notes payable	0	134	0	536	420
Total current liabilities	740	763	1,185	1,667	902
Long-term debt, net of current maturities	4,701	4,250	3,801	3,607	4,127
Deferred income tax liabilities, net	698	625	548	509	465
Regulatory liabilities, non-current	488	475	468	473	485
Benefit plan liabilities	123	123	124	117	124
Other deferred credits and other liabilities	213	201	189	156	141
Total deferred credits and other liabilities	1,523	1,424	1,328	1,254	1,216
Commitments, contingencies and guarantees (Note 3)	—	—	—	—	—
Common stock $1.00 par value; 100,000,000 shares authorized; issued: 75,520,234 and 71,676,756, respectively	76	72	68	66	65
Additional paid-in capital	2,418	2,193	2,008	1,883	1,783
Retained earnings	1,343	1,249	1,158	1,064	962
Treasury stock at cost - 43,167 and 56,608, respectively	−3	−3	−4	−2	−4
Accumulated other comprehensive income (loss)	−10	−9	−15	−16	−20
Total stockholders equity	3,824	3,502	3,215	2,995	2,787
Non-controlling interest	82	84	91	95	100
Total equity	3,906	3,585	3,306	3,090	2,887
TOTAL LIABILITIES AND TOTAL EQUITY	10,870	10,023	9,620	9,618	9,132

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred financing cost amortization	10	11	10	10	7
Stock compensation	12	11	7	9	10
Deferred income taxes	54	52	25	26	7
Employee benefit plans	12	11	12	6	10
Other adjustments, net	900,000	−4	3	−5	7
Materials, supplies and fuel	−18	13	51	−75	−36
Accounts receivable and other current assets	−45	−26	205	−185	−43
Accounts payable and other current liabilities	24	29	−110	89	11
Regulatory assets	59	90	237	204	−515
Other operating activities, net	−19	−21	−28	−15	100,000
Net cash provided by operating activities	673	719	944	585	−65
Property, plant and equipment additions	−820	−744	−556	−604	−678
Other investing activities	−8	−2	19	500,000	13
Net cash (used in) investing activities	−828	−746	−537	−604	−664
Dividends paid on common stock	−198	−182	−168	−157	−145
Common stock issued	219	181	118	90	119
Net borrowings (payments) of Revolving Credit Facility and CP Program	−134	134	−536	115	186
Long-term debt - issuance	450	450	800	0	600
Long-term debt - repayments	0	−600	−525	0	−8
Distributions to non-controlling interests	−10	−17	−18	−17	−16
Other financing activities	−6	−8	−13	900,000	−4
Net cash provided by (used in) financing activities	322	−43	−342	32	732
Net change in cash, restricted cash and cash equivalents	167	−70	66	13	3
Interest (net of amounts capitalized)	−196	−174	−157	−153	−143
Income taxes net of transferred tax credits (Note 15)	9	14	−1	800,000	2
Accrued property, plant and equipment purchases at December 31	119	80	52	59	69
Increase (decrease) in capitalized assets associated with asset retirement obligations	−300,000	400,000	4	14	2

Filings

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