Black Hills Corp (BKH) Financial Statements
Industry: Electric Services
In fiscal 2025, Black Hills reported revenue of $2.31B, up 8.6% from $2.13B the year before. Net income was $291.6M (a 12.6% net margin), or $3.98 per diluted share. Operating margin was 23.3%. Operating activities generated $673.4M of cash, leaving -$146.4M of free cash flow. At fiscal year end, Black Hills held $10.87B in total assets against $7.05B in total liabilities, including $182.8M of cash and equivalents.
Open the full interactive Black Hills financials → Quarterly statements, key ratios, valuation history and price charts.
Black Hills Key Stats
| Share Price | $77.24 |
|---|---|
| Market Cap | $5.88B |
| P/E Ratio | 19.4 |
| Dividend Yield | 3.52% |
| Revenue YoY Growth | +8.6% |
| 52-Week Range | $57.79 – $77.24 |
| Shares Outstanding | 75.9 million (basic, 2026 Q2) |
Black Hills Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $1.70B | $1.95B | $2.55B | $2.33B | $2.13B | $2.31B |
| Cost of Goods Sold | $551.8M | $561.8M | $615.1M | $552.0M | — | — |
| Gross Profit | $1.15B | $1.39B | $1.94B | $1.78B | — | — |
| Operating Income | $428.3M | $409.4M | $455.2M | $472.7M | $503.1M | $537.5M |
| Pre-Tax Income | $275.7M | $258.4M | $296.0M | $301.6M | $320.0M | $343.5M |
| Income Tax | $32.9M | $7.2M | $25.2M | $25.6M | $36.3M | $43.7M |
| Net Income | $227.6M | $236.7M | $258.4M | $262.2M | $273.1M | $291.6M |
| Diluted EPS | $3.65 | $3.74 | $3.97 | $3.91 | $3.91 | $3.98 |
Black Hills Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $430.2M | $635.6M | $780.7M | $452.8M |
| Net Income | $24.9M | $104.9M | $131.0M | $38.2M |
| Diluted EPS | $0.34 | $1.43 | $1.73 | $0.50 |
Black Hills Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.4M | $8.9M | $21.4M | $86.6M | $16.1M | $182.8M |
| Current Assets | $493.3M | $808.1M | $1.07B | $826.6M | $742.3M | $995.9M |
| Total Assets | $8.09B | $9.13B | $9.62B | $9.62B | $10.02B | $10.87B |
| Current Liabilities | $696.5M | $901.7M | $1.67B | $1.19B | $763.4M | $740.0M |
| Total Long-Term Debt | $3.54B | $4.13B | $4.13B | $4.40B | $4.25B | $4.70B |
| Total Liabilities | $5.53B | $6.34B | $6.62B | $6.41B | $6.52B | $7.05B |
| Shareholders' Equity | $2.56B | $2.79B | $2.99B | $3.22B | $3.50B | $3.82B |
Black Hills Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | $541.9M | -$64.6M | $584.8M | $944.4M | $719.3M | $673.4M |
| Cash From Investing | -$761.7M | -$664.2M | -$603.9M | -$536.7M | -$746.0M | -$828.2M |
| Cash From Financing | $216.9M | $731.9M | $32.3M | -$341.7M | -$42.9M | $321.8M |
| Free Cash Flow | -$225.5M | -$742.1M | -$19.6M | $388.8M | -$24.9M | -$146.4M |
| Dividends Paid | $135.4M | $145.0M | $156.7M | $168.1M | $182.3M | $197.9M |
Figures from Black Hills' 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Black Hills financials page for every line item.
Black Hills Company Profile
| Ticker | BKH |
|---|---|
| Exchange | NYSE |
| Industry | Electric Services |
| Headquarters | Rapid City, South Dakota |
| Incorporated in | South Dakota |
| Fiscal Year End | December 31 |
| SEC Filer Category | Large accelerated filer |
| SEC CIK | 0001130464 |
Frequently Asked Questions
What was Black Hills' revenue in fiscal 2025?
Black Hills (BKH) reported revenue of $2.31B for fiscal 2025.
What is Black Hills' annual revenue history?
Black Hills' annual revenue by fiscal year: 2020: $1.70B; 2021: $1.95B; 2022: $2.55B; 2023: $2.33B; 2024: $2.13B; 2025: $2.31B.
What was Black Hills' net income in fiscal 2025?
Black Hills reported net income of $291.6M for fiscal 2025.
What was Black Hills' earnings per share (EPS) in fiscal 2025?
Black Hills' diluted EPS was $3.98 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Black Hills generate in fiscal 2025?
Black Hills generated -$146.4M of free cash flow in fiscal 2025.
What was Black Hills' revenue last quarter?
In its most recent reported quarter (2026 Q2), Black Hills reported revenue of $452.8M.
How much debt does Black Hills have?
Black Hills reported $4.70B of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Black Hills are outstanding?
Black Hills reported a weighted average of 75.9 million basic shares outstanding in 2026 Q2.
What is Black Hills' market cap?
Based on its latest closing price, Black Hills (BKH) has a market capitalization of about $5.88B.
When does Black Hills' fiscal year end?
Black Hills' fiscal year end, as registered with the SEC, is December 31.
Where is Black Hills headquartered?
Black Hills lists its business address in Rapid City, South Dakota in its SEC filings.