Black Hills Corporation (BKH)

Black Hills Income Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Revenue	869.2	2,310	2,128	2,331	2,552	1,949
Revenue Growth (YoY)	8.08%	8.57%	-8.73%	-8.64%	30.92%	14.86%
Fuel and Purchased Power Expense	809.7	831.5	730.3	982.9	1,231	741.9
Operations and Maintenance Expenses	584	589.8	557	552	548.4	501.7
Gross Profit	492	888.7	840.4	796.4	772.8	705.5
Depreciation & Amortization Expenses	289.4	283.8	270.1	256.8	250.9	236
Taxes Other than Income Tax	67.8	67.4	67.2	66.9	66.7	60.1
Operating Income	534.5	537.5	503.1	472.7	455.2	409.4
Interest Income	7.5	6.8	13.5	12.1	1.6	1.7
Interest Expense	-204	-206.9	-195.2	-180	-162.6	-154.1
Other Non-Operating Income (Expense)	5.9	6.1	-1.4	-3.2	1.8	1.4
Total Non-Operating Income (Expense)	-140.1	-194	-183.1	-171.1	-159.2	-151
Pretax Income	339.7	343.5	320	301.6	296	258.4
Provision for Income Taxes	43.2	43.7	36.3	25.6	25.2	7.2
Net Income	288.4	291.6	273.1	262.2	258.4	236.7
Minority Interest in Earnings	8.1	8.2	10.6	13.8	12.4	14.5
Net Income to Common	288.4	291.6	273.1	262.2	258.4	236.7
Net Income Growth	3.15%	6.77%	4.16%	1.47%	9.17%	4.00%
Shares Outstanding (Basic)	71	73	70	67	56	63
Shares Outstanding (Diluted)	71	73	70	67	56	63
Shares Change (YoY)	3.63%	4.44%	4.17%	20.32%	-11.90%	1.38%
EPS (Basic)	3.82	3.99	3.91	3.91	3.28	3.74
EPS (Diluted)	3.81	3.98	3.91	3.91	3.25	3.74
EPS Growth	-7.30%	1.79%	-	20.31%	-13.10%	2.47%
Shares Outstanding	76.12	75.48	71.7	68.2	66.1	64.74
Free Cash Flow	-312.5	-146.4	-24.9	388.8	-19.6	-742.1
Free Cash Flow Per Share	-4.38	-2.01	-0.36	5.79	-0.35	-11.72
Dividends Per Share	2.731	2.704	2.600	2.500	2.410	2.320
Dividend Growth	1.00%	4.00%	4.00%	3.73%	3.88%	6.91%
Gross Margin	56.60%	38.47%	39.50%	34.16%	30.28%	36.20%
Operating Margin	61.49%	23.27%	23.65%	20.28%	17.84%	21.00%
Profit Margin	34.11%	12.98%	13.33%	11.84%	10.61%	12.89%
FCF Margin	-35.95%	-6.34%	-1.17%	16.68%	-0.77%	-38.07%
EBITDA	823.9	821.3	773.2	729.5	706.1	645.4
EBITDA Margin	94.79%	35.55%	36.34%	31.29%	27.67%	33.11%
EBIT	534.5	537.5	503.1	472.7	455.2	409.4
EBIT Margin	61.49%	23.27%	23.65%	20.28%	17.84%	21.00%
Effective Tax Rate	12.72%	12.72%	11.34%	8.49%	8.51%	2.79%

Updated May 7, 2026. Data Source: Fiscal.ai. Utilities template. Financial Sources.

SEC Filings: 10-K · 10-Q