Black Hills Corporation (BKH)

Black Hills Income Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	2,310	2,128	2,331	2,552	1,949
Revenue Growth (YoY)	8.57%	-8.73%	-8.64%	30.92%	14.86%
Fuel and Purchased Power Expense	831.5	730.3	982.9	1,231	741.9
Operations and Maintenance Expenses	589.8	557	552	548.4	501.7
Gross Profit	888.7	840.4	796.4	772.8	705.5
Depreciation & Amortization Expenses	283.8	270.1	256.8	250.9	236
Taxes Other than Income Tax	67.4	67.2	66.9	66.7	60.1
Operating Income	537.5	503.1	472.7	455.2	409.4
Interest Income	6.8	13.5	12.1	1.6	1.7
Interest Expense	-206.9	-195.2	-180	-162.6	-154.1
Other Non-Operating Income (Expense)	6.1	-1.4	-3.2	1.8	1.4
Total Non-Operating Income (Expense)	-194	-183.1	-171.1	-159.2	-151
Pretax Income	343.5	320	301.6	296	258.4
Provision for Income Taxes	43.7	36.3	25.6	25.2	7.2
Net Income	291.6	273.1	262.2	258.4	236.7
Minority Interest in Earnings	8.2	10.6	13.8	12.4	14.5
Net Income to Common	291.6	273.1	262.2	258.4	236.7
Net Income Growth	6.77%	4.16%	1.47%	9.17%	4.00%
Shares Outstanding (Basic)	73	70	67	56	63
Shares Outstanding (Diluted)	73	70	67	56	63
Shares Change (YoY)	4.44%	4.17%	20.32%	-11.90%	1.38%
EPS (Basic)	3.99	3.91	3.91	3.28	3.74
EPS (Diluted)	3.98	3.91	3.91	3.25	3.74
EPS Growth	1.79%	-	20.31%	-13.10%	2.47%
Free Cash Flow	-146.4	-24.9	388.8	-19.6	-742.1
Free Cash Flow Per Share	-2.01	-0.36	5.79	-0.35	-11.72
Dividends Per Share	2.704	2.600	2.500	2.410	2.320
Dividend Growth	4.00%	4.00%	3.73%	3.88%	6.91%
Gross Margin	38.47%	39.50%	34.16%	30.28%	36.20%
Operating Margin	23.27%	23.65%	20.28%	17.84%	21.00%
Profit Margin	12.98%	13.33%	11.84%	10.61%	12.89%
FCF Margin	-6.34%	-1.17%	16.68%	-0.77%	-38.07%
EBITDA	821.3	773.2	729.5	706.1	645.4
EBITDA Margin	35.55%	36.34%	31.29%	27.67%	33.11%
EBIT	537.5	503.1	472.7	455.2	409.4
EBIT Margin	23.27%	23.65%	20.28%	17.84%	21.00%
Effective Tax Rate	12.72%	11.34%	8.49%	8.51%	2.79%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Utilities template. Financial Sources.

SEC Filings: 10-K · 10-Q