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Black Hills Corp. (BKH)

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Black Hills Corp. (BKH) reported revenue of $453 million for Q2 FY2026, the quarter ended 30 June 2026, up 3.1% on the same quarter a year earlier. Net income was $38 million, up 38.9% on the year, and diluted earnings per share $0.50. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2026.

Revenue$453 millionup 3.1%
Net income$38 millionup 38.9%
Diluted EPS$0.50
QuarterQ2 FY2026ended 30 June 2026

Black Hills (BKH) in brief

Black Hills (BKH) reported revenue of $2.3 billion for fiscal 2025, the year ended 31 December 2025, up 8.6% on the year before.
Read moreNet income was $292 million and diluted earnings per share $3.98. Revenue was $2.1 billion in fiscal 2024, $2.3 billion in fiscal 2023, $2.6 billion in fiscal 2022 and $1.9 billion in fiscal 2021. Net income in the same years was $273 million, $262 million, $258 million and $237 million. Over the twelve months to 30 June 2026, Black Hills reported revenue of $2.3 billion and net income of $299 million. Revenue grew 6.4% a year, compounded, over the five years to fiscal 2025. Black Hills declared $2.70 a share in dividends over the last four quarters and had 76 million shares outstanding at the latest filed count. At the close of 8 October 2026 the market cap of Black Hills was $5.8 billion, 19.3 times its earnings over the last twelve months.

Ratios

From the filings

ROE7.6%
ROCE6.9%
Operating margin23.9%
Net margin13.0%
FCF margin-13.3%
Interest cover2.70
Debt to equity1.01
Cash conversion2.10
Share count, 1 year4.7%
Sales CAGR, 3 years-3.3%
Profit CAGR, 3 years4.1%
EPS, TTM$3.96

At the close of 8 October 2026

Price$76.52
Market cap$5.8 billion
Stock P/E19.32
Price to book1.48
EV / EBITDA11.56
Dividend yield3.5%
Market cap / sales2.54
52-week high$76.83
52-week low$60.04
Price, 1 year23.9%
Price CAGR, 3 years15.8%
Price CAGR, 5 years3.6%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on long-term debt as Black Hills Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
BKHgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on BKH

Filings19 in twelve months: 10 current reports (8-K), about 4 results of operations; 3 other events; 2 regulation fd disclosure; 2 shareholder vote
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.13 by open interest at the 8 October 2026 close; the straddle prices a 3.8% move to 16 October 2026
13F holders8 of the followed funds hold it; largest Point72 Asset Management; 5 Schedule 13D or 13G filings in twelve months
Insider trading2 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest10.8 million shares short, 12.80 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023 †Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue407592726403402597805439430636781453
Operating income97.813719370.675.816320582.578.717120297.0
Operating margin24%23%27%18%19%27%25%19%18%27%26%21%
Interest expensen/an/a44.042.645.249.951.348.949.450.551.951.6
Pre-tax income56.193.014828.429.311415433.229.912615145.6
Tax rate13%10%11%13%10%11%12%13%13%14%12%11%
Net income45.479.712822.824.498.013427.524.910513138.2
Net margin11%13%18%6%6%16%17%6%6%17%17%8%
Diluted EPS$0.67$1.17$1.87$0.33$0.35$1.37$1.87$0.38$0.34$1.39$1.73$0.50
Operating cash flow15118823323110215322818988.9168176195
Capital expenditure160134176166188214153219178270267218
Free cash flow-9.154.557.264.4-86.0-60.574.9-30.3-89.5-102-91.2-23.0
Dividends paid42.342.744.444.946.546.548.649.049.251.153.153.5
Shares outstanding68m68m69m70m72m72m73m73m75m76m76m76m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020 †FY2021 †FY2022 †FY2023FY2024FY2025TTM
Revenue1,3941,2611,5391,6801,7541,7351,6971,9492,5522,3312,1282,3102,299
Operating income264300336417397406428409455473503538549
Operating margin18.9%23.8%21.8%24.8%22.6%23.4%25.2%21.0%17.8%20.3%23.6%23.3%23.9%
Interest expense71.084.7136137140138143152161168182200203
Pre-tax income198220206282256243276258296302320344352
Income tax66.678.759.173.4-23.729.632.97.225.225.636.343.744.0
Effective tax rate33.7%35.7%28.7%26.0%-9.2%12.2%11.9%2.8%8.5%8.5%11.3%12.7%12.5%
Net income131-32.173.0177258199228237258262273292299
Net margin9.4%-2.5%4.7%10.5%14.7%11.5%13.4%12.1%10.1%11.2%12.8%12.6%13.0%
Diluted EPS$2.93-$0.71$1.37$3.21$4.66$3.28$3.65$3.74$3.97$3.91$3.91$3.98$3.96
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Gas Utilities1,4841,2691,38359.5%
Electric Utilities86587694340.5%
Gas UtilitiesElectric Utilities
2,349FY20232,146FY20242,326FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020 †FY2021 †FY2022 †FY2023FY2024FY2025TTM
Operating cash flow315424320428489506542-64.6585944719673628
Capital expenditure398266455326458818767677604556744820934
Free cash flow-83.2158-13410231.3-313-226-742-19.6389-24.9-146-305
Free cash flow margin-6.0%12.5%-8.7%6.1%1.8%-18.0%-13.3%-38.1%-0.8%16.7%-1.2%-6.3%-13.3%
Cash from investing-401-476-1,589-318-466-816-762-664-604-537-746-828-944
Cash from financing91.1484841-109-17.130021773232.3-342-42.9322380
Depreciation and amortisation145127176188196209224236251257270284295
Share-based compensation9.34.110.97.612.412.15.49.78.67.010.611.812.5
Dividends paid69.672.687.696.7107125135145157168182198207
Dividend per share$1.56$1.62$1.68$1.81$1.93$2.05$2.17$2.29$2.41$2.50$2.60$2.70n/a
Diluted shares, weighted45m45m53m55m55m61m62m63m65m67m70m73m76m
Shares outstanding at period end45m51mn/an/an/an/an/an/an/a68m72m76m76m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016 †FY2017 †FY2018 †FY2019FY2020 †FY2021 †FY2022 †FY2023FY2024FY2025TTM
Funded by
Shareholders' equity1,3541,4661,6151,7092,1822,3622,5612,7872,9953,2153,5023,8243,943
Non-controlling interestn/an/a11511110610210110095.090.583.782.180.3
Short-term borrowings75.076.896.62111863502344205360.01340.090.0
Debt1,5431,8673,2113,1092,9513,1403,5284,1273,6073,8014,2504,7013,994
Other liabilities1,2741,2171,5041,5181,5391,6051,6641,6982,3852,5132,0532,2632,930
Total liabilities and equity4,2464,6276,5426,6596,9637,5588,0899,1329,6189,62010,02310,87011,038
Owned
Fixed assets3,2053,2594,3864,5414,8555,5036,0206,4496,7987,1197,6308,2348,640
Goodwill3533601,2991,2991,2991,2991,2991,2991,2991,3001,3001,3001,300
Intangible assets3.23.48.47.614.313.311.910.89.68.47.66.45.6
Investments17.312.012.613.141.021.915.815.5n/an/an/an/an/a
Cash and equivalents21.244113.515.420.89.86.48.921.486.616.118371.5
Receivables190147259248269256266322508350351389282
Inventory91.286.9104113117117117151207161154172158
Other assets364317459420346338352875774595564586582
Total assets4,2464,6276,5426,6596,9637,5588,0899,1329,6189,62010,02310,87011,038
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded6.2%6.4%-3.3%2.5%
Profit growth, compoundedn/a5.1%4.1%5.2%
Return on equity, average8.5%8.1%7.9%7.6%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Utilities

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
NextEra Energy Inc. NEE$161.4 billion17.3916.3%29.8%10.8%1.732.9%
Constellation Energy Corp. CEG$101.2 billion27.7810.8%14.7%26.0%0.600.1%
Southern Co. SO$97.1 billion20.7611.0%24.2%6.4%1.623.4%
American Electric Power Co. Inc. AEP$66.6 billion21.209.8%23.0%10.3%1.583.1%
Dominion Energy, Inc. D$54.3 billion21.528.8%21.1%19.0%1.624.3%
Vistra Corp. VST$52.5 billion26.3340.5%18.5%3.8%3.570.6%
Entergy Corp. ETR$46.9 billion26.289.9%22.9%9.5%1.812.4%
DTE Energy Co. DTE$26.4 billion20.0810.8%13.3%15.9%2.133.5%
Firstenergy Corp. FE$26.0 billion23.868.4%14.6%12.6%2.104.0%
PPL Corp. PPL$25.7 billion20.188.4%24.1%6.7%1.323.2%
Centerpoint Energy Inc. CNP$25.3 billion22.609.5%23.2%7.1%1.952.3%
Eversource Energy ES$24.7 billion17.028.9%21.5%7.8%1.634.6%
All 53 in Utilities
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
NextEra Energy Inc. NEE$161.4 billion17.3916.3%29.8%10.8%1.732.9%
Constellation Energy Corp. CEG$101.2 billion27.7810.8%14.7%26.0%0.600.1%
Southern Co. SO$97.1 billion20.7611.0%24.2%6.4%1.623.4%
Duke Energy Corp. DUK$91.1 billion17.579.6%27.8%6.3%1.503.6%
Williams Companies, Inc. WMB$88.5 billion28.8223.3%38.2%8.7%2.132.8%
National Grid plc NGG *$80.2 billion17.878.2%30.7%-3.8%1.192.7%
Kinder Morgan, Inc. KMI$71.8 billion20.6711.0%29.0%12.5%0.943.6%
American Electric Power Co. Inc. AEP$66.6 billion21.209.8%23.0%10.3%1.583.1%
TC Energy Corporation TRP *$62.4 billion26.1412.9%52.7%10.7%2.204.0%
Targa Resources Corp. TRGP$61.9 billion27.5862.0%22.9%-2.0%5.351.3%
ONEOK Inc. OKE$56.9 billion15.5715.9%15.5%40.8%1.374.7%
Dominion Energy, Inc. D$54.3 billion21.528.8%21.1%19.0%1.624.3%
Vistra Corp. VST$52.5 billion26.3340.5%18.5%3.8%3.570.6%
Sempra SRE$52.4 billion23.217.0%n/a1.6%0.953.2%
Entergy Corp. ETR$46.9 billion26.289.9%22.9%9.5%1.812.4%
Xcel Energy Inc. XEL$45.8 billion20.109.3%19.1%4.7%1.543.1%
Exelon Corp. EXC$43.1 billion15.259.4%20.8%6.6%1.693.8%
Consolidated Edison Inc. ED$39.1 billion17.438.6%18.0%9.5%1.083.1%
Public Service Enterprise Group Inc. PEG$35.8 billion17.8711.6%23.1%12.7%1.363.5%
WEC Energy Group, Inc. WEC$33.8 billion20.0811.6%22.8%8.9%1.323.4%
Ameren Corp. AEE$28.2 billion17.9311.4%24.9%3.8%1.392.8%
Pg&E Corp. PCG$27.9 billion9.189.0%20.0%5.7%1.82n/a
Atmos Energy Corp. ATO$27.1 billion19.179.2%37.0%6.5%0.642.2%
DTE Energy Co. DTE$26.4 billion20.0810.8%13.3%15.9%2.133.5%
Firstenergy Corp. FE$26.0 billion23.868.4%14.6%12.6%2.104.0%
PPL Corp. PPL$25.7 billion20.188.4%24.1%6.7%1.323.2%
American Water Works Company, Inc. AWK$25.5 billion22.219.7%36.9%6.9%1.202.6%
Centerpoint Energy Inc. CNP$25.3 billion22.609.5%23.2%7.1%1.952.3%
Eversource Energy ES$24.7 billion17.028.9%21.5%7.8%1.634.6%
NRG Energy, Inc. NRG$22.4 billion27.6217.5%6.1%12.8%4.821.7%
Edison International EIX$20.9 billion5.6021.4%32.7%10.7%2.336.2%
CMS Energy Corp. CMS$20.5 billion19.6210.5%18.9%9.9%1.863.3%
Nisource Inc. NI$19.4 billion21.569.5%27.0%12.3%1.632.8%
Evergy, Inc. EVRG$18.6 billion20.499.1%26.2%3.6%1.203.4%
Talen Energy Corp. TLN$18.1 billionn/a-11.4%2.6%60.8%5.92n/a
Alliant Energy Corp. LNT$17.0 billion20.7310.9%22.1%6.8%1.413.1%
DT Midstream, Inc. DTM$12.6 billion27.149.8%49.6%18.1%0.702.7%
Pinnacle West Capital Corp. PNW$11.9 billion18.779.1%20.5%5.7%1.393.7%
Essential Utilities, Inc. WTRG$11.0 billion19.767.9%35.1%9.9%1.204.8%
Antero Midstream Corp. AM$9.9 billion24.8220.5%52.8%6.9%1.83n/a
OGE Energy Corp. OGE$9.5 billion20.229.4%24.2%0.6%1.123.7%
UGI Corp. UGI$7.9 billion12.3512.9%16.2%-0.5%1.284.1%
National Fuel GAS Co. NFG$7.4 billion10.8617.2%40.3%15.1%0.912.7%
Idacorp Inc. IDA$7.4 billion22.209.0%22.8%-0.4%0.972.6%
Txnm Energy Inc. TXNM$6.5 billion31.975.5%22.2%10.0%1.462.8%
Southwest Gas Holdings, Inc. SWX$6.0 billionn/an/an/an/a0.833.0%
Black Hills Corp. BKH$5.8 billion19.327.6%23.9%2.5%1.013.5%
Ormat Technologies, Inc. ORA$5.5 billion43.664.9%16.6%31.1%0.600.5%
Portland General Electric Co. POR$5.3 billion19.986.2%14.1%1.3%1.204.6%
NEW Jersey Resources Corp. NJR$5.2 billion14.0913.9%24.8%6.4%1.213.6%
Spire Inc. SR$4.6 billion8.6915.3%19.7%4.1%1.614.0%
NorthWestern Energy Group, Inc. NWE$4.6 billion26.945.9%18.8%10.7%1.193.5%
One Gas, Inc. OGS$4.5 billion15.598.1%20.6%-0.8%0.743.7%
21 companies share its SEC industry code (Electric Services); the rest are the names nearest in size in its wider industry, Utilities, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20266 August 2026EDGAR
10-Q31 March 20267 May 2026EDGAR
10-K31 December 202511 February 2026EDGAR
10-Q30 September 20256 November 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 20258 May 2025EDGAR
10-K31 December 202412 February 2025EDGAR
10-Q30 September 20247 November 2024EDGAR
10-Q30 June 20241 August 2024EDGAR
10-Q31 March 20249 May 2024EDGAR

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