Black Hills Corporation (BKH)

Black Hills Cash Flow 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
Net Income	-	273.1	262.2	258.4	236.7
Depreciation & Amortization	-	270.1	256.8	250.9	236
Other Amortization	-	10.7	10.1	9.8	7
Stock-Based Compensation	-	10.6	7	8.6	9.7
Change in Accounts Receivable	-	-25.7	204.5	-184.5	-43.2
Change in Inventory	-	13.2	51.4	-75.4	-35.7
Change in Accounts Payable	-	28.8	-109.9	89.4	10.6
Change in Other Net Operating Assets	-	90	236.8	203.9	-524.2
Other Operating Activities	-	48.5	25.5	23.7	38.5
Operating Cash Flow	-	719.3	944.4	584.8	-64.6
Operating Cash Flow Growth	-	-23.84%	61.49%	-	-
Capital Expenditures	-	-744.2	-555.6	-604.4	-677.5
Other Investing Activities	-	-1.8	18.9	0.5	13.3
Investing Cash Flow	-	-746	-536.7	-603.9	-664.2
Short-Term Debt Issued	-	133.8	-	115.4	986.1
Long-Term Debt Issued	-	450	800	-	600
Total Debt Issued	-	583.8	800	115.4	1,586
Short-Term Debt Repaid	-	-	-535.6	-	-800
Long-Term Debt Repaid	-	-600	-525	-	-8.4
Total Debt Repaid	-	-600	-1,061	-	-808.4
Net Debt Issued (Repaid)	-	-16.2	-260.6	115.4	777.7
Issuance of Common Stock	-	183.4	120	91.2	119
Common Dividends Paid	-	-182.3	-168.1	-156.7	-145
Other Financing Activities	-	-27.8	-33	-17.6	-19.8
Financing Cash Flow	-	-42.9	-341.7	32.3	731.9
Net Cash Flow	-	-69.6	66	13.2	3.1
Free Cash Flow	-	-24.9	388.8	-19.6	-742.1
Free Cash Flow Margin	-	-1.17%	16.68%	-0.77%	-38.07%
Free Cash Flow Per Share	-	-0.36	5.79	-0.30	-11.72
Cash Interest Paid	-	174.4	157.3	152.5	142.7
Cash Income Tax Paid	-	-14.4	1	-0.8	-1.5
Levered Free Cash Flow	-	-199.13	191.54	-275.5	-547.04
Unlevered Free Cash Flow	-	-93.26	290.19	-187.17	-460.29
Change in Working Capital	-	106.3	382.8	33.4	-592.5

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

SEC Filings: 10-K · 10-Q