Black Hills Corporation (BKH)

BKH Income Statement

Revenue, expenses, and profitability analysis

BKH Quarterly Income Statement (USD)

Quarterly Report	TTM	03/31/2026	12/31/2025	09/30/2025	06/30/2025	03/31/2025	12/31/2024	09/30/2024	06/30/2024
Revenue	2.285B	780.700M	635.500M	430.200M	439.000M	805.200M	597.100M	401.600M	402.600M
Cost of Goods Sold	1.470B	562.700M	373.400M	262.800M	271.600M	513.400M	348.300M	240.100M	248.800M
Gross Profit	814.900M	218.000M	262.100M	167.400M	167.400M	291.800M	248.800M	161.500M	153.800M
Gross Profit Margin	27.9%	27.9%	41.2%	38.9%	38.1%	36.2%	41.7%	40.2%	38.2%
Total Operating Expenses	282.400M	18.100M	90.700M	88.700M	84.900M	86.800M	85.500M	85.700M	83.200M
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Income (EBIT)	532.500M	199.900M	171.400M	78.700M	82.500M	205.000M	163.300M	75.800M	70.600M
Operating Margin	25.6%	25.6%	27.0%	18.3%	18.8%	25.5%	27.3%	18.9%	17.5%
Income Before Tax (EBT)	339.600M	150.700M	125.800M	29.900M	33.200M	154.500M	113.800M	29.300M	28.400M
Interest Income	7.500M	1.200M	4.200M	1.200M	900K	400K	600K	5.400M	5.600M
Interest Expense	206.800M	52.400M	54.700M	49.900M	49.800M	51.700M	50.400M	50.600M	48.200M
Other Income/Expense	-192.900M	-49.200M	-45.600M	-48.800M	-49.300M	-50.500M	-49.500M	-46.500M	-42.200M
Net Income	288.300M	131.000M	104.900M	24.900M	27.500M	134.300M	98.100M	24.400M	22.800M
Income Tax Expense	43.200M	17.600M	17.200M	4.000M	4.400M	18.100M	12.700M	2.900M	3.700M
Net Profit Margin	16.8%	16.8%	16.5%	5.8%	6.3%	16.7%	16.4%	6.1%	5.7%
EBITDA	829.400M	277.900M	249.600M	149.100M	152.800M	275.400M	232.500M	149.200M	143.200M
EBITDA Margin	35.6%	35.6%	39.3%	34.7%	34.8%	34.2%	38.9%	37.2%	35.6%
Depreciation & Amortization	287.700M	74.800M	73.300M	69.800M	69.800M	69.200M	68.300M	69.300M	66.600M
EPS Basic	3.86	1.74	1.40	0.34	0.38	1.87	1.37	0.35	0.33
EPS Diluted	3.84	1.73	1.39	0.34	0.38	1.87	1.37	0.35	0.33
Shares Outstanding	75.400M	75.400M	75.200M	73.235M	72.400M	71.600M	71.400M	70.500M	69.000M
Diluted Shares Outstanding	75.600M	75.600M	75.400M	72.900M	72.400M	71.800M	71.600M	70.600M	69.000M

BKH Annual Income Statement (USD)

Annual Report	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018
Revenue	2.310B	2.128B	2.331B	2.552B	1.949B	1.697B	1.735B	1.754B
Cost of Goods Sold	1.421B	1.287B	1.535B	1.779B	1.244B	987.808M	1.067B	1.107B
Gross Profit	888.700M	840.400M	796.400M	772.800M	705.500M	709.133M	668.077M	646.952M
Gross Profit Margin	38.5%	39.5%	34.2%	30.3%	36.2%	41.8%	38.5%	36.9%
Total Operating Expenses	351.200M	337.300M	323.700M	317.600M	296.100M	280.830M	262.035M	249.915M
Research & Development	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Selling, General & Administrative	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Income (EBIT)	537.500M	503.100M	472.700M	455.200M	409.400M	428.303M	406.042M	397.037M
Operating Margin	23.3%	23.6%	20.3%	17.8%	21.0%	25.2%	23.4%	22.6%
Income Before Tax (EBT)	343.500M	320.000M	301.600M	296.000M	258.400M	275.681M	242.902M	255.882M
Interest Income	6.800M	13.500M	12.100M	1.600M	1.700M	1.461M	1.632M	1.641M
Interest Expense	206.900M	195.200M	180.000M	162.600M	154.100M	144.931M	139.291M	141.616M
Other Income/Expense	-194.000M	-183.100M	-171.100M	-159.200M	-151.000M	-152.622M	-163.140M	-141.155M
Net Income	291.600M	273.100M	262.200M	258.400M	236.700M	227.608M	199.310M	258.442M
Income Tax Expense	43.700M	36.300M	25.600M	25.200M	7.200M	32.918M	29.580M	-23.667M
Net Profit Margin	12.6%	12.8%	11.2%	10.1%	12.1%	13.4%	11.5%	14.7%
EBITDA	827.400M	785.300M	738.400M	709.500M	648.500M	645.069M	591.313M	593.826M
EBITDA Margin	35.8%	36.9%	31.7%	27.8%	33.3%	38.0%	34.1%	33.9%
Depreciation & Amortization	283.800M	270.100M	256.800M	250.900M	236.000M	224.457M	209.120M	196.328M
EPS Basic	3.99	3.91	3.91	3.98	3.74	3.65	3.29	4.75
EPS Diluted	3.98	3.91	3.91	3.97	3.74	3.65	3.28	4.66
Shares Outstanding	73.000M	69.800M	67.000M	64.858M	63.219M	62.378M	60.662M	54.400M
Diluted Shares Outstanding	73.200M	69.900M	67.100M	65.021M	63.325M	62.439M	60.798M	55.500M

Values are displayed in USD. Negative numbers shown in red.

Values are displayed in USD. Negative numbers are shown in red.

About Black Hills Corporation

Black Hills Corporation operates as an American utility firm, delivering both electric power and natural gas through its subsidiaries. Its business is organized into two primary divisions: Electric Utilities and Gas Utilities. The Electric Utilities segment is responsible for generating, transmitting, and distributing electricity to approximately 218,000 customers spanning Colorado, Montana, South Dakota, and Wyoming. This division manages 1,481.5 megawatts of power generation capacity and maintains 8,892 miles of electric transmission and distribution lines. Electric power generation is diversified, utilizing wind, natural gas, and coal-fired plants, and the company also operates a coal mine near Gillette, Wyoming. Conversely, the Gas Utilities segment provides natural gas to roughly 1,094,000 utility clients across Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. This operation includes overseeing 4,732 miles of intrastate gas transmission pipelines, 41,644 miles of gas distribution mains and service lines, six natural gas storage facilities, around 50,000 horsepower of compression, and 515 miles of gathering lines. Beyond these core utility offerings, Black Hills Corporation also constructs and maintains gas infrastructure for various gas transportation customers. It provides appliance repair services for residential utility subscribers and offers electrical system construction to large industrial clients. Founded in 1941, the company's headquarters are situated in Rapid City, South Dakota.

Rapid City, SD

2,841 employees

www.blackhillscorp.com

Utilities / Diversified Utilities

Sector: Utilities
Industry: Diversified Utilities
CEO: Linden R. Evans

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