Black Hills Cash Flow 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
Net Income	299.8	283.7	276	270.8	251.2
Depreciation & Amortization	283.8	270.1	256.8	250.9	236
Stock-Based Compensation	11.8	10.6	7	8.6	9.7
Other Adjustments	76.5	69.8	49.7	36.2	30.9
Change in Receivables	-45	-25.7	204.5	-184.5	-43.2
Changes in Inventories	-17.8	13.2	51.4	-75.4	-35.7
Changes in Accounts Payable	24	28.8	-109.9	89.4	10.6
Changes in Other Operating Activities	40.3	68.8	208.9	188.8	-524.1
Operating Cash Flow	673.4	719.3	944.4	584.8	-64.6
Operating Cash Flow Growth	-6.38%	-23.84%	61.49%	-	-
Capital Expenditures	-819.8	-744.2	-555.6	-604.4	-677.5
Other Investing Activities	-8.4	-1.8	18.9	0.5	13.3
Investing Cash Flow	-828.2	-746	-536.7	-603.9	-664.2
Long-Term Debt Issued	450	450	800	-	1,400
Long-Term Debt Repaid	-	-600	-525	-	-808.4
Net Long-Term Debt Issued (Repaid)	450	-150	275	-	591.6
Issuance of Common Stock	219.2	101.4	118.3	90.1	119
Net Common Stock Issued (Repurchased)	219.2	101.4	118.3	90.1	119
Common Dividends Paid	-197.9	-182.3	-168.1	-156.7	-145
Other Financing Activities	-149.5	108	-566.9	98.9	166.3
Financing Cash Flow	321.8	-42.9	-341.7	32.3	731.9
Net Cash Flow	167	-69.6	66	13.2	3.1
Free Cash Flow	-146.4	-24.9	388.8	-19.6	-742.1
FCF Margin	-6.34%	-1.17%	16.68%	-0.77%	-38.07%
Free Cash Flow Per Share	-2.01	-0.36	5.79	-0.35	-11.72
Levered Free Cash Flow	252.1	-240.2	388.8	107.7	-162.4
Unlevered Free Cash Flow	-20.38	82.73	284.18	265.75	-592.71

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

SEC Filings: 10-K · 10-Q