Black Hills Income 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
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 & Purchased Power	831.5	730.3	982.9	1,231	741.9
Operations & Maintenance	589.8	546.4	545	539.8	492
Depreciation & Amortization	283.8	270.1	256.8	250.9	236
Other Operating Expenses	67.4	81.8	78.3	75.7	69.1
Total Operating Expenses	1,773	1,629	1,863	2,097	1,539
Operating Income	537.5	499.1	468.3	454.8	410.1
Interest Expense	-200.1	-186.5	-174	-157	-150
Interest Income	-	13.5	12.1	1.6	1.7
Net Interest Expense	-200.1	-173	-161.9	-155.4	-148.3
Allowance for Equity Funds for Construction	-	-4	-0.4	-0.6	-0.6
Allowance for Borrowed Funds for Construction	-	-8.7	-6	-5.6	-4.1
Other Non-Operating Income (Expenses)	6.1	6.6	1.6	2.8	1.3
EBT Excluding Unusual Items	343.5	320	301.6	296	258.4
Pretax Income	343.5	320	301.6	296	258.4
Income Tax Expense	43.7	36.3	25.6	25.2	7.2
Earnings From Continuing Ops.	299.8	283.7	276	270.8	251.2
Net Income to Company	299.8	283.7	276	270.8	251.2
Minority Interest in Earnings	-8.2	-10.6	-13.8	-12.4	-14.5
Net Income	291.6	273.1	262.2	258.4	236.7
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	65	63
Shares Outstanding (Diluted)	73	70	67	65	63
Shares Change (YoY)	4.72%	4.17%	3.23%	2.69%	1.38%
EPS (Basic)	3.99	3.91	3.91	3.98	3.75
EPS (Diluted)	3.98	3.91	3.91	3.97	3.74
EPS Growth	1.79%	-	-1.51%	6.15%	2.50%
Free Cash Flow	-	-24.9	388.8	-19.6	-742.1
Free Cash Flow Per Share	-	-0.36	5.79	-0.30	-11.72
Dividend Per Share	2.704	2.626	2.500	2.410	2.320
Dividend Growth	2.97%	5.04%	3.73%	3.88%	6.91%
Profit Margin	12.62%	12.83%	11.25%	10.13%	12.14%
Free Cash Flow Margin	-	-1.17%	16.68%	-0.77%	-38.07%
EBITDA	818.17	769.2	725.1	705.7	646.1
EBITDA Margin	35.42%	36.15%	31.10%	27.66%	33.15%
D&A For EBITDA	280.67	270.1	256.8	250.9	236
EBIT	537.5	499.1	468.3	454.8	410.1
EBIT Margin	23.27%	23.46%	20.09%	17.82%	21.04%
Effective Tax Rate	12.72%	11.34%	8.49%	8.51%	2.79%

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Utility template. Financial Sources.

SEC Filings: 10-K · 10-Q