Logo

BKH

Black Hills Corporation

BKH

Black Hills Corporation • NYSE
$73.79 ▲ 1.10% (+0.80)
Market Cap $5.32 B
52w High $74.02
52w Low $54.92
Dividend Yield 2.70%
P/E 18.63
Volume 863.24K
Outstanding Shares 72.13M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $430.2M ▼ $88.7M ▲ $24.9M ▼ 5.788% ▼ $0.34 ▼ $149.1M ▼
Q2-2025 $439M ▼ $84.9M ▼ $27.5M ▼ 6.264% ▼ $0.38 ▼ $152.8M ▼
Q1-2025 $805.2M ▲ $86.8M ▲ $134.3M ▲ 16.679% ▲ $1.87 ▲ $275.4M ▲
Q4-2024 $597.1M ▲ $85.5M ▼ $98.1M ▲ 16.429% ▲ $1.37 ▲ $232.5M ▲
Q3-2024 $401.6M $85.7M $24.4M 6.076% $0.35 $149.2M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $29.1M ▲ $10.329B ▲ $6.478B ▲ $3.768B ▲
Q2-2025 $8.1M ▲ $10.092B ▲ $6.372B ▲ $3.636B ▲
Q1-2025 $6.6M ▼ $10.061B ▲ $6.344B ▼ $3.635B ▲
Q4-2024 $16.1M ▲ $10.023B ▲ $6.437B ▲ $3.502B ▲
Q3-2024 $12.5M $9.719B $6.186B $3.447B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $24.9M ▼ $0 ▼ $0 ▲ $0 ▼ $-15.8M ▼ $0 ▼
Q2-2025 $28.8M ▼ $188.6M ▼ $-221M ▼ $34.1M ▲ $1.7M ▲ $341.5M ▲
Q1-2025 $134.3M ▲ $227.8M ▲ $-155.2M ▲ $-81.9M ▼ $-9.3M ▼ $74.9M ▲
Q4-2024 $101.1M ▲ $153.2M ▲ $-214M ▼ $64.6M ▲ $3.8M ▲ $-60.5M ▲
Q3-2024 $31.9M $102.1M $-191.3M $-522.9M $-612.1M $-86M

Revenue by Products

Product Q4-2023Q1-2024Q2-2024Q3-2024
Other
Other
 $20.00M ▲$10.00M ▼$10.00M ▲$0 ▼

Five-Year Company Overview

Income Statement

Income Statement Black Hills shows fairly steady earnings over the last several years, even though reported revenue has eased a bit from its recent peak. This pattern is typical for regulated utilities, where fuel and commodity pass-throughs can move revenue around without changing profit much. Margins have generally held up well, suggesting decent cost control and constructive regulation. Overall, profits look stable with only modest growth, pointing to a business focused more on reliability and gradual expansion than on rapid earnings gains.

Balance Sheet

Balance Sheet The balance sheet looks like a classic utility profile: heavy in long‑lived assets, funded by a meaningful amount of debt and a solid, steadily growing equity base. Debt is sizable but not unusual for this sector, and shareholders’ equity has been building over time, which supports financial resilience. Cash on hand is very small, but that is typical for regulated utilities that rely on steady cash inflows and ready access to financing. The main watchpoint is ongoing leverage and interest-rate exposure, rather than any sign of immediate stress.

Cash Flow

Cash Flow Cash generation from the core business is generally healthy, but it moves around from year to year, likely driven by weather, fuel costs, and working capital swings. Free cash flow is often tight or negative because the company invests heavily in infrastructure like transmission lines and generation assets. That means Black Hills regularly depends on debt and equity markets to fund growth projects. This is normal for the industry, but it does leave results sensitive to financing costs and regulatory approval of those investments.

Competitive Edge

Competitive Edge Black Hills benefits from the stability of regulated monopoly territories across multiple states, which gives it predictable demand and limited direct competition. That base is reinforced by a long record of dividend growth, signaling a management focus on steady, regulated returns. The company is carving out a niche in serving large power users, such as data centers, with tailored tariffs and grid upgrades, which could deepen its relationships with high‑growth customers. On the other hand, it remains subject to regulatory decisions, political pressure on energy costs, and the need to continually justify new investments to regulators and the public.

Innovation and R&D

Innovation and R&D For a mid‑sized utility, Black Hills is relatively active on the innovation front. It is modernizing its grid with large transmission projects, designing specialized power contracts for data centers, and moving into renewable natural gas and customer “green” programs. Pilot work on coal‑to‑hydrogen and broader plans to expand wind, solar, and storage show a willingness to test new technologies while gradually shifting the generation mix. The opportunity is to turn these initiatives into long‑term growth and cleaner operations; the risk is execution complexity, regulatory approval, and technology not scaling as hoped.

Summary

Black Hills comes across as a steady, regulation‑anchored utility with modest but consistent earnings, a capital‑intensive balance sheet, and heavy ongoing investment in its networks and generation fleet. Its financial profile fits the traditional utility mold: dependable cash from operations, frequent use of external financing, and a focus on long‑term infrastructure over short‑term profit spikes. Strategically, it is leaning into growth areas such as data centers, renewable gas, and grid modernization, and it may gain additional scale if its proposed merger with NorthWestern Energy proceeds. The key issues to watch are regulatory outcomes, the pace and cost of its investment program, and how effectively it converts its innovation and large‑customer focus into durable, low‑risk earnings over time.

NEWS

November 5, 2025 · 4:18 PM UTC

Black Hills Corp. Reports 2025 Third-Quarter Results and Reaffirms 2025 Adjusted Earnings Guidance

Read more

October 28, 2025 · 8:32 PM UTC

Black Hills Corp. Announces Quarterly Dividend

Read more

October 8, 2025 · 4:15 PM UTC

Black Hills Corp. Schedules 2025 Third-Quarter Earnings Release and Conference Call

Read more

September 26, 2025 · 8:45 AM UTC

Black Hills Corp. Completes 2025 Equity Issuances

Read more

September 25, 2025 · 5:21 PM UTC

Black Hills Corp. Announces Pricing of $450 Million Debt Offering

Read more