BLACK HILLS CORP /SD/ Revenue Disclosure
(4) REVENUE
The following tables depict the disaggregation of revenue, including intercompany revenue, from contracts with customers by customer type and timing of revenue recognition for each of the reportable segments, for the years ended December 31, 2025, 2024, and 2023. Sales tax and other similar taxes are excluded from revenues.
Year ended December 31, 2025 |
Electric Utilities |
|
Gas Utilities |
|
Inter-segment Eliminations |
|
Total |
|
||||
Customer types: |
(in millions) |
|
||||||||||
Retail |
$ |
760.4 |
|
$ |
1,124.9 |
|
$ |
— |
|
$ |
1,885.3 |
|
Transportation |
|
— |
|
|
194.4 |
|
|
(0.4 |
) |
|
194.0 |
|
Wholesale |
|
21.7 |
|
|
— |
|
|
— |
|
|
21.7 |
|
Market - off-system sales |
|
51.9 |
|
|
0.2 |
|
|
— |
|
|
52.1 |
|
Transmission |
|
45.2 |
|
|
0.6 |
|
|
— |
|
|
45.8 |
|
Other revenues |
|
59.3 |
|
|
43.2 |
|
|
(15.2 |
) |
|
87.3 |
|
Revenue from contracts with customers |
|
938.5 |
|
|
1,363.3 |
|
|
(15.6 |
) |
|
2,286.2 |
|
Alternative revenue and other |
|
4.3 |
|
|
19.5 |
|
|
— |
|
|
23.8 |
|
Total revenues |
$ |
942.8 |
|
$ |
1,382.8 |
|
$ |
(15.6 |
) |
$ |
2,310.0 |
|
|
|
|
|
|
|
|
|
|
||||
Timing of revenue recognition: |
|
|
|
|
|
|
|
|
||||
Services transferred at a point in time |
$ |
34.9 |
|
$ |
— |
|
$ |
— |
|
$ |
34.9 |
|
Services transferred over time |
|
903.6 |
|
|
1,363.3 |
|
|
(15.6 |
) |
|
2,251.3 |
|
Revenue from contracts with customers |
$ |
938.5 |
|
$ |
1,363.3 |
|
$ |
(15.6 |
) |
$ |
2,286.2 |
|
Year ended December 31, 2024 |
Electric Utilities |
|
Gas Utilities |
|
Inter-segment Eliminations |
|
Total |
|
||||
Customer types: |
(in millions) |
|
||||||||||
Retail |
$ |
698.6 |
|
$ |
1,022.6 |
|
$ |
— |
|
$ |
1,721.2 |
|
Transportation |
|
— |
|
|
178.2 |
|
|
(0.4 |
) |
|
177.8 |
|
Wholesale |
|
26.8 |
|
|
— |
|
|
— |
|
|
26.8 |
|
Market - off-system sales |
|
34.8 |
|
|
0.1 |
|
|
— |
|
|
34.9 |
|
Transmission |
|
52.2 |
|
|
0.7 |
|
|
— |
|
|
52.9 |
|
Other revenues |
|
58.7 |
|
|
43.1 |
|
|
(17.4 |
) |
|
84.4 |
|
Revenue from contracts with customers |
|
871.1 |
|
|
1,244.7 |
|
|
(17.8 |
) |
|
2,098.0 |
|
Alternative revenue and other |
|
5.0 |
|
|
24.7 |
|
|
— |
|
|
29.7 |
|
Total revenues |
$ |
876.1 |
|
$ |
1,269.4 |
|
$ |
(17.8 |
) |
$ |
2,127.7 |
|
|
|
|
|
|
|
|
|
|
||||
Timing of revenue recognition: |
|
|
|
|
|
|
|
|
||||
Services transferred at a point in time |
$ |
34.7 |
|
$ |
— |
|
$ |
— |
|
$ |
34.7 |
|
Services transferred over time |
|
836.4 |
|
|
1,244.7 |
|
|
(17.8 |
) |
|
2,063.3 |
|
Revenue from contracts with customers |
$ |
871.1 |
|
$ |
1,244.7 |
|
$ |
(17.8 |
) |
$ |
2,098.0 |
|
Year ended December 31, 2023 |
Electric Utilities |
|
Gas Utilities |
|
Inter-segment Eliminations |
|
Total |
|
||||
Customer types: |
(in millions) |
|
||||||||||
Retail |
$ |
666.1 |
|
$ |
1,248.8 |
|
$ |
— |
|
$ |
1,914.9 |
|
Transportation |
|
— |
|
|
176.8 |
|
|
(0.5 |
) |
|
176.3 |
|
Wholesale |
|
34.2 |
|
|
— |
|
|
— |
|
|
34.2 |
|
Market - off-system sales |
|
50.9 |
|
|
0.4 |
|
|
— |
|
|
51.3 |
|
Transmission |
|
47.1 |
|
|
0.7 |
|
|
— |
|
|
47.8 |
|
Other revenues |
|
55.9 |
|
|
38.7 |
|
|
(17.4 |
) |
|
77.2 |
|
Revenue from contracts with customers |
|
854.2 |
|
|
1,465.4 |
|
|
(17.9 |
) |
|
2,301.7 |
|
Alternative revenue and other |
|
10.8 |
|
|
18.8 |
|
|
— |
|
|
29.6 |
|
Total revenues |
$ |
865.0 |
|
$ |
1,484.2 |
|
$ |
(17.9 |
) |
$ |
2,331.3 |
|
|
|
|
|
|
|
|
|
|
||||
Timing of revenue recognition: |
|
|
|
|
|
|
|
|
||||
Services transferred at a point in time |
$ |
31.5 |
|
$ |
— |
|
$ |
— |
|
$ |
31.5 |
|
Services transferred over time |
|
822.7 |
|
|
1,465.4 |
|
|
(17.9 |
) |
|
2,270.2 |
|
Revenue from contracts with customers |
$ |
854.2 |
|
$ |
1,465.4 |
|
$ |
(17.9 |
) |
$ |
2,301.7 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 12, 2025 | |
| 2023 | Feb 14, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 14, 2020 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.