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

76.13M

Op. Cash Flow

$673.40M

BKH$74.56+30.74% · past yearDBEQ Basic

Daily closing prices

Business

Black Hills Corporation is a regulated utility holding company operating electric and natural gas businesses across eight states. The Electric Utilities segment generates, transmits, and distributes electricity to approximately 227,000 customers in Colorado, Montana, South Dakota, and Wyoming. The Gas Utilities segment serves approximately 1.1 million natural gas customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. The company owns integrated coal mining operations and provides non-regulated services including equipment protection plans and energy services.

Summary from 10-K filed 2026-02-11

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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Frequently asked questions

What is BLACK HILLS CORP /SD/'s CIK number?

BLACK HILLS CORP /SD/'s SEC CIK number is 0001130464 (1130464). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.

Where can I find BLACK HILLS CORP /SD/'s SEC filings?

All of BLACK HILLS CORP /SD/'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.

When did BLACK HILLS CORP /SD/ last report earnings?

BLACK HILLS CORP /SD/ (BKH) most recently filed an earnings 8-K with the SEC on May 6, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001193125-26-209210). This is BLACK HILLS CORP /SD/'s most recent earnings filing of record — not a forecast of its next earnings date.

What is BLACK HILLS CORP /SD/'s most recent earnings 8-K?

BLACK HILLS CORP /SD/'s latest earnings 8-K (Item 2.02) was filed May 6, 2026 under accession 0001193125-26-209210. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.

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