Black Hills Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	291.6	273.1	262.2	258.4	236.7
Depreciation & Amortization	283.8	270.1	256.8	250.9	236
Other Amortization	9.7	10.7	10.1	9.8	7
Stock-Based Compensation	11.8	10.6	7	8.6	9.7
Change in Accounts Receivable	-45	-25.7	204.5	-184.5	-43.2
Change in Inventory	-17.8	13.2	51.4	-75.4	-35.7
Change in Accounts Payable	24	28.8	-109.9	89.4	10.6
Change in Other Net Operating Assets	59.1	90	236.8	203.9	-524.2
Other Operating Activities	56.2	48.5	25.5	23.7	38.5
Operating Cash Flow	673.4	719.3	944.4	584.8	-64.6
Operating Cash Flow Growth	-6.38%	-23.84%	61.49%	-	-
Capital Expenditures	-819.8	-744.2	-555.6	-604.4	-677.5
Other Investing Activities	-8.4	-1.8	18.9	0.5	13.3
Investing Cash Flow	-828.2	-746	-536.7	-603.9	-664.2
Short-Term Debt Issued	-	133.8	-	115.4	986.1
Long-Term Debt Issued	450	450	800	-	600
Total Debt Issued	450	583.8	800	115.4	1,586
Short-Term Debt Repaid	-133.8	-	-535.6	-	-800
Long-Term Debt Repaid	-	-600	-525	-	-8.4
Total Debt Repaid	-133.8	-600	-1,061	-	-808.4
Net Debt Issued (Repaid)	316.2	-16.2	-260.6	115.4	777.7
Issuance of Common Stock	221.6	183.4	120	91.2	119
Common Dividends Paid	-197.9	-182.3	-168.1	-156.7	-145
Other Financing Activities	-18.1	-27.8	-33	-17.6	-19.8
Financing Cash Flow	321.8	-42.9	-341.7	32.3	731.9
Net Cash Flow	167	-69.6	66	13.2	3.1
Free Cash Flow	-146.4	-24.9	388.8	-19.6	-742.1
Free Cash Flow Margin	-6.34%	-1.17%	16.68%	-0.77%	-38.07%
Free Cash Flow Per Share	-2.00	-0.36	5.79	-0.30	-11.72
Cash Interest Paid	196.4	174.4	157.3	152.5	142.7
Cash Income Tax Paid	-8.8	-14.4	1	-0.8	-1.5
Levered Free Cash Flow	-279.31	-199.13	191.54	-275.5	-547.04
Unlevered Free Cash Flow	-167.76	-93.26	290.19	-187.17	-460.29
Change in Working Capital	20.3	106.3	382.8	33.4	-592.5

Source: S&P Global Market Intelligence. Utility template. Financial Sources.