Black Hills Cash Flow Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 2026	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	296.5	299.8	283.7	276	270.8	251.2
Depreciation & Amortization	289.4	283.8	270.1	256.8	250.9	236
Stock-Based Compensation	12.4	11.8	10.6	7	8.6	9.7
Other Adjustments	72.7	76.5	69.8	49.7	36.2	30.9
Change in Receivables	18.1	-45	-25.7	204.5	-184.5	-43.2
Changes in Inventories	-18.6	-17.8	13.2	51.4	-75.4	-35.7
Changes in Accounts Payable	-39.3	24	28.8	-109.9	89.4	10.6
Changes in Other Operating Activities	-9.4	40.3	68.8	208.9	188.8	-524.1
Operating Cash Flow	621.8	673.4	719.3	944.4	584.8	-64.6
Operating Cash Flow Growth	-12.88%	-6.38%	-23.84%	61.49%	-	-
Capital Expenditures	-934.3	-819.8	-744.2	-555.6	-604.4	-677.5
Other Investing Activities	-8.7	-8.4	-1.8	18.9	0.5	13.3
Investing Cash Flow	-943	-828.2	-746	-536.7	-603.9	-664.2
Long-Term Debt Issued	450	450	450	800	-	1,400
Long-Term Debt Repaid	-300	-	-600	-525	-	-808.4
Net Long-Term Debt Issued (Repaid)	150	450	-150	275	-	591.6
Issuance of Common Stock	214.3	219.2	101.4	118.3	90.1	119
Net Common Stock Issued (Repurchased)	214.3	219.2	101.4	118.3	90.1	119
Common Dividends Paid	-202.4	-197.9	-182.3	-168.1	-156.7	-145
Other Financing Activities	176.6	-149.5	108	-566.9	98.9	166.3
Financing Cash Flow	338.5	321.8	-42.9	-341.7	32.3	731.9
Net Cash Flow	17.3	167	-69.6	66	13.2	3.1
Free Cash Flow	-312.5	-146.4	-24.9	388.8	-19.6	-742.1
FCF Margin	-35.95%	-6.34%	-1.17%	16.68%	-0.77%	-38.07%
Free Cash Flow Per Share	-4.38	-2.01	-0.36	5.79	-0.35	-11.72
Levered Free Cash Flow	-273.8	252.1	-240.2	388.8	107.7	-162.4
Unlevered Free Cash Flow	-245.67	-20.38	82.73	284.18	265.75	-592.71

SEC Filings: 10-K · 10-Q