Black Hills Corporation (BKH)

Black Hills Income Statement

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

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep 30, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	2,272	2,128	2,331	2,552	1,949	1,697
Revenue Growth (YoY)	7.03%	-8.73%	-8.64%	30.92%	14.86%	-2.19%
Fuel & Purchased Power	807.8	730.3	982.9	1,231	741.9	492.4
Operations & Maintenance	577.8	546.4	545	539.8	492	490.03
Depreciation & Amortization	278.8	270.1	256.8	250.9	236	224.46
Other Operating Expenses	81.8	81.8	78.3	75.7	69.1	64.7
Total Operating Expenses	1,746	1,629	1,863	2,097	1,539	1,272
Operating Income	525.4	499.1	468.3	454.8	410.1	425.35
Interest Expense	-193.9	-186.5	-174	-157	-150	-144.93
Interest Income	3.2	13.5	12.1	1.6	1.7	1.46
Net Interest Expense	-190.7	-173	-161.9	-155.4	-148.3	-143.47
Allowance for Equity Funds for Construction	-4	-4	-0.4	-0.6	-0.6	-
Allowance for Borrowed Funds for Construction	-8.7	-8.7	-6	-5.6	-4.1	-
Other Non-Operating Income (Expenses)	9.4	6.6	1.6	2.8	1.3	0.66
EBT Excluding Unusual Items	331.4	320	301.6	296	258.4	282.54
Gain (Loss) on Sale of Investments	-	-	-	-	-	-6.86
Pretax Income	331.4	320	301.6	296	258.4	275.68
Income Tax Expense	39.2	36.3	25.6	25.2	7.2	32.92
Earnings From Continuing Ops.	292.2	283.7	276	270.8	251.2	242.76
Net Income to Company	292.2	283.7	276	270.8	251.2	242.76
Minority Interest in Earnings	-7.5	-10.6	-13.8	-12.4	-14.5	-15.16
Net Income	284.7	273.1	262.2	258.4	236.7	227.61
Net Income to Common	284.7	273.1	262.2	258.4	236.7	227.61
Net Income Growth	11.78%	4.16%	1.47%	9.17%	4.00%	14.20%
Shares Outstanding (Basic)	72	70	67	65	63	62
Shares Outstanding (Diluted)	72	70	67	65	63	62
Shares Change (YoY)	4.60%	4.17%	3.23%	2.69%	1.38%	2.70%
EPS (Basic)	3.95	3.91	3.91	3.98	3.75	3.65
EPS (Diluted)	3.95	3.91	3.91	3.97	3.74	3.65
EPS Growth	7.21%	-	-1.51%	6.15%	2.50%	11.24%
Free Cash Flow	-105.4	-24.9	388.8	-19.6	-742.1	-225.54
Free Cash Flow Per Share	-1.46	-0.36	5.79	-0.30	-11.72	-3.61
Dividend Per Share	2.704	2.626	2.500	2.410	2.320	2.170
Dividend Growth	5.01%	5.04%	3.73%	3.88%	6.91%	5.85%
Profit Margin	12.53%	12.83%	11.25%	10.13%	12.14%	13.41%
Free Cash Flow Margin	-4.64%	-1.17%	16.68%	-0.77%	-38.07%	-13.29%
EBITDA	804.2	769.2	725.1	705.7	646.1	649.81
EBITDA Margin	35.40%	36.15%	31.10%	27.66%	33.15%	38.29%
D&A For EBITDA	278.8	270.1	256.8	250.9	236	224.46
EBIT	525.4	499.1	468.3	454.8	410.1	425.35
EBIT Margin	23.13%	23.46%	20.09%	17.82%	21.04%	25.07%
Effective Tax Rate	11.83%	11.34%	8.49%	8.51%	2.79%	11.94%

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.

SEC Filings: 10-K · 10-Q