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Black Hills (BKH) FY2025 results: revenue $2.3 billion, up 8.6% on the year

Black Hills Corp. (BKH) reported revenue of $2.3 billion for fiscal 2025, the year ended 31 December 2025, up 8.6% on the year before. Net income was $292 million, up 6.8%, and diluted earnings per share $3.98. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue
$2.3 billion
+8.6% on the year
FY2018FY2025
Operating margin
23.3%
23.6% a year earlier
FY2018FY2025
Net income
$292 million
+6.8% on the year
FY2018FY2025
Diluted EPS
$3.98
+1.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 narrowed, 4 new, 2 kept.

  • 2025 adjusted EPS at guidance midpoint: Full-year 2025 adjusted EPS was $4.10 and GAAP EPS was $3.98, against $3.91 in 2024. Management said 2025 delivered the midpoint of the earnings guidance range.
  • 2026 adjusted EPS guided to $4.25 to $4.45: Initial 2026 guidance of $4.25 to $4.45 reflects 6% growth over 2025, excluding merger-related costs and mark-to-market adjustments.
  • Data center pipeline exceeds 3 GW: The large-load pipeline is above 3 GW, with 600 MW in the five-year plan by 2030, driven by Microsoft expansion and a Meta AI data center served through a Wyoming tariff.
  • Three rate reviews added $52 million: Three rate reviews completed in 2025 added more than $52 million of new annual revenue, according to the CEO.
  • Five-year capital plan of $4.7 billion: The company plans to invest $4.7 billion of capital from 2026 through 2030, focused on safe, reliable service and growth.
Read the Q4 FY2025 earnings call summary

From this 10-K

Black Hills Corporation is a utility company headquartered in Rapid City, South Dakota, and incorporated there in 1941. It reports through two segments, Electric Utilities and Gas Utilities, and all of its business is in the United States. The electric side serves approximately 227,000 customers in Colorado, Montana, South Dakota and Wyoming, and the gas side serves approximately 1,138,000 natural gas customers in Arkansas, Colorado, Iowa, Kansas, Nebraska and Wyoming.

Black Hills Corp., the 10-K for 2025

Black Hills Corporation is a utility company headquartered in Rapid City, South Dakota, and incorporated there in 1941. It reports through two segments, Electric Utilities and Gas Utilities, and all of its business is in the United States. The electric side serves approximately 227,000 customers in Colorado, Montana, South Dakota and Wyoming, and the gas side serves approximately 1,138,000 natural gas customers in Arkansas, Colorado, Iowa, Kansas, Nebraska and Wyoming.

Electric Utilities

Electric operations run through subsidiaries in Colorado, South Dakota and Wyoming, which generate, transmit and distribute electricity to retail customers. The segment owns 1,386 MW of generation and 9,478 miles of electric transmission and distribution lines. At the end of 2025 it had 194,735 residential, 31,240 commercial, 86 industrial and 1,039 municipal retail customers. By business unit, Colorado Electric had 102,152 customers, South Dakota Electric 78,976 and Wyoming Electric 45,972. The plants include wind farms near Pueblo, Colorado, natural gas units at Pueblo and Cheyenne, and the coal-fired plants of the Gillette Energy Complex in northeastern Wyoming. The utilities also sell excess power to other utilities and marketing companies.

The coal mine

The company owns and operates a single coal mine through its WRDC subsidiary, reported within Electric Utilities. It surface mines low-sulfur sub-bituminous coal immediately next to the Gillette Energy Complex in the Powder River Basin, where five coal-fired power plants are located. It produced approximately 3.3 million tons of coal in 2025, and its approach is to sell nearly all of the production to the on-site generating plants under long-term supply contracts.

Gas Utilities

The gas utilities own and operate 4,581 miles of intrastate gas transmission pipelines and 44,840 miles of gas distribution mains and service lines. They also run seven natural gas storage sites, more than 50,000 horsepower of compression and 494 miles of gathering lines.

Data centers and new building

Wyoming Electric serves data center customers Microsoft and Meta under a large-load tariff. In July 2024 it announced a partnership with Meta to provide power for its AI data center, which the filing says plans to move from construction power to permanent service in the first quarter of 2026. The Ready Wyoming transmission project was completed and placed in service in December 2025, linking the transmission systems of South Dakota Electric and Wyoming Electric. Construction on the Lange II generating project began in the third quarter of 2025, and the company states that it is anticipated to be in service in the fourth quarter of 2026, replacing generation planned for retirement.

The NorthWestern merger

Black Hills and NorthWestern entered into an all-stock business combination on August 18, 2025. The filing states it is expected to close in the second half of 2026, subject to conditions including regulatory approvals, clearance under the HSR Act and approval from each company's shareholders. The company states that the combined company would serve approximately 0.7 million electric customers and 1.5 million gas customers across eight states.

People

The company had 2,795 employees as of December 31, 2025.

From Black Hills Corporation's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 11 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue2,3102,1282,331+8.6%
Operating income538503473+6.8%
Operating margin23.3%23.6%20.3%
Interest expense200182168+10.1%
Pre-tax income344320302+7.3%
Income tax43.736.325.6+20.4%
Effective tax rate12.7%11.3%8.5%
Net income292273262+6.8%
Net margin12.6%12.8%11.2%
Diluted EPS$3.98$3.91$3.91+1.8%
$ million except per share.
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.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow673719944-6.4%
Capital expenditure820744556+10.2%
Free cash flow-146-24.9389
Free cash flow margin-6.3%-1.2%16.7%
Cash from investing-828-746-537
Cash from financing322-42.9-342
Depreciation and amortisation284270257+5.1%
Share-based compensation11.810.67.0+11.3%
Dividends paid198182168+8.6%
Dividend per share$2.70$2.60$2.50+4.0%
Diluted shares, weighted73m70m67m+4.7%
Shares outstanding at period end76m72m68m+5.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,8243,5023,215+9.2%
Non-controlling interest82.183.790.5-1.9%
Short-term borrowings0.0n/a0.0
Debt4,7014,3844,401+7.2%
Other liabilities2,2632,0531,913+10.2%
Total liabilities and equity10,87010,0239,620+8.5%
Fixed assets8,2347,6307,119+7.9%
Goodwill1,3001,3001,3000.0%
Intangible assets6.47.68.4-15.8%
Cash and equivalents18316.186.6+1,035.4%
Receivables389351350+10.8%
Inventory172154161+12.0%
Other assets586564595+3.7%
Total assets10,87010,0239,620+8.5%

10-K for the year ended 31 December 2025, filed 11 February 2026: the filing.