Black Hills (BKH) Q4 FY2025 earnings: revenue $636 million, up 6.4% on the year

Black Hills Corp. (BKH) reported revenue of $636 million for Q4 FY2025, the quarter ended 31 December 2025, up 6.4% on the same quarter a year earlier. Net income was $105 million, up 7.0% on the year, and diluted earnings per share $1.39. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue$636 millionup 6.4%

Net income$105 millionup 7.0%

Diluted EPS$1.39

QuarterQ4 FY2025ended 31 December 2025

The quarter, against the one before and a year earlier

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Revenue	636	430	597	+6.4%
Operating income	171	78.7	163	+4.8%
Operating margin	27.0%	18.3%	27.4%
Interest expense	50.5	49.4	49.9	+1.2%
Pre-tax income	126	29.9	114	+10.6%
Income tax	17.2	4.0	12.8	+34.4%
Effective tax rate	13.7%	13.4%	11.2%
Net income	105	24.9	98.0	+7.0%
Net margin	16.5%	5.8%	16.4%
Diluted EPS	$1.39	$0.34	$1.37	+1.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. 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. 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.

Cash flow and capital returned

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Operating cash flow	168	88.9	153	+9.7%
Capital expenditure	270	178	214	+26.2%
Free cash flow	-102	-89.5	-60.5	n/a
Free cash flow margin	-16.0%	-20.8%	-10.1%
Cash from investing	-272	-180	-214	n/a
Cash from financing	265	105	64.6	+310.2%
Depreciation and amortisation	73.3	71.5	68.3	+7.3%
Share-based compensation	3.8	2.3	2.4	+58.3%
Dividends paid	51.1	49.2	46.5	+9.9%
Dividend per share	n/a	$0.68	n/a	n/a
Diluted shares, weighted	n/a	73m	72m	n/a
Shares outstanding at period end	76m	75m	72m	+5.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2025	Q3 FY2025	Q4 FY2024	Change on the year
Shareholders' equity	3,824	3,768	3,502	+9.2%
Non-controlling interest	82.1	82.9	83.7	-1.9%
Short-term borrowings	0.0	126	134	n/a
Debt	4,701	4,253	4,250	+10.6%
Other liabilities	2,263	2,099	2,053	+10.2%
Total liabilities and equity	10,870	10,329	10,023	+8.5%
Fixed assets	8,234	8,028	7,630	+7.9%
Goodwill	1,300	1,300	1,300	+0.0%
Intangible assets	6.4	6.7	7.6	-15.8%
Cash and equivalents	183	21.1	16.1	+1035.4%
Receivables	389	251	351	+10.8%
Inventory	172	173	154	+12.0%
Other assets	586	550	564	+3.7%
Total assets	10,870	10,329	10,023	+8.5%

Quarterly results, the last 12 quarters

	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	407	592	726	403	402	597	805	439	430	636	781	453
Operating income	97.8	137	193	70.6	75.8	163	205	82.5	78.7	171	202	97.0
Operating margin	24%	23%	27%	18%	19%	27%	25%	19%	18%	27%	26%	21%
Interest expense	n/a	n/a	44.0	42.6	45.2	49.9	51.3	48.9	49.4	50.5	51.9	51.6
Pre-tax income	56.1	93.0	148	28.4	29.3	114	154	33.2	29.9	126	151	45.6
Tax rate	13%	10%	11%	13%	10%	11%	12%	13%	13%	14%	12%	11%
Net income	45.4	79.7	128	22.8	24.4	98.0	134	27.5	24.9	105	131	38.2
Net margin	11%	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 flow	151	188	233	231	102	153	228	189	88.9	168	176	195
Capital expenditure	160	134	176	166	188	214	153	219	178	270	267	218
Free cash flow	-9.1	54.5	57.2	64.4	-86.0	-60.5	74.9	-30.3	-89.5	-102	-91.2	-23.0
Dividends paid	42.3	42.7	44.4	44.9	46.5	46.5	48.6	49.0	49.2	51.1	53.1	53.5
Shares outstanding	68m	68m	69m	70m	72m	72m	73m	73m	75m	76m	76m	76m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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.

Source

10-K for the period ended 31 December 2025, filed 11 February 2026, accession 0001193125-26-046028: the filing on EDGAR. All of Black Hills Corp.'s filings: EDGAR company page.

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