What is Black Hills' operating income?

Black Hills' total operating income in 2025 was $537.50 million, based on the following breakdown: Total Gross Profit: $1.48 billion Total Operating Expenses: $941 million

Black Hills (BKH) Financials

$74.34 +0.05 (+0.06%)

Closing price 08/14/2026 03:59 PM Eastern

Extended Trading

$74.32 -0.02 (-0.03%)

As of 08/14/2026 07:34 PM Eastern

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Annual Income Statements for Black Hills

This table shows Black Hills' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-32	73	177	258	199	228	237	258	262	273	292
Consolidated Net Income / (Loss)	-32	83	191	273	213	243	251	271	276	284	300
Net Income / (Loss) Continuing Operations	142	147	208	280	213	243	251	271	276	284	300
Total Pre-Tax Income	220	206	282	256	243	276	258	296	302	320	344
Total Operating Income	300	336	417	397	406	428	409	455	473	503	538
Total Gross Profit	804	1,040	1,117	1,129	1,164	1,205	1,207	1,321	1,348	1,397	1,479
Total Revenue	1,261	1,539	1,680	1,754	1,735	1,697	1,949	2,552	2,331	2,128	2,310
Total Cost of Revenue	457	499	563	626	571	492	742	1,231	983	730	832
Operating Cost of Revenue	457	499	563	626	571	492	742	1,231	983	730	832
Total Operating Expenses	504	704	700	732	758	776	798	866	876	894	941
Depreciation Expense	127	176	188	196	209	224	236	251	257	270	284
Other Operating Expenses / (Income)	364	473	506	533	549	552	562	615	619	624	657
Total Other Income / (Expense), net	-80	-130	-135	-141	-163	-153	-151	-159	-171	-183	-194
Interest Expense	85	136	138	142	139	145	154	163	180	195	207
Interest & Investment Income	2.52	4.70	3.34	1.64	1.63	1.46	1.70	1.60	12	14	6.80
Other Income / (Expense), net	1.92	1.12	-0.21	-1.18	-25	-9.15	1.40	1.80	-3.20	-1.40	6.10
Income Tax Expense	79	59	73	-24	30	33	7.20	25	26	36	44
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	9.66	14	14	14	15	15	12	14	11	8.20
Basic Earnings per Share	($0.71)	$1.41	$3.33	$4.75	$3.29	$3.65	$3.74	$3.98	$3.91	$3.91	$3.99
Weighted Average Basic Shares Outstanding	45.29M	51.92M	53.22M	54.42M	60.66M	62.38M	63.20M	64.90M	67M	69.80M	73M
Diluted Earnings per Share	($0.71)	$1.37	$3.21	$4.66	$3.28	$3.65	$3.74	$3.97	$3.91	$3.91	$3.98
Weighted Average Diluted Shares Outstanding	45.29M	53.27M	55.12M	55.49M	60.80M	62.44M	63.30M	65M	67.10M	69.90M	73.20M
Weighted Average Basic & Diluted Shares Outstanding	45.20M	51.80M	53.20M	54.40M	60.60M	62.79M	64.74M	66.10M	68.20M	71.62M	75.47M
Cash Dividends to Common per Share	$1.62	$1.68	$1.81	$1.93	$2.05	$2.17	$2.29	$2.41	$2.50	$2.60	$2.70

This table shows Black Hills' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	80	128	23	24	98	134	28	25	105	131	38
Consolidated Net Income / (Loss)	83	132	25	26	101	136	29	26	109	133	40
Net Income / (Loss) Continuing Operations	83	132	25	26	101	136	29	26	109	133	40
Total Pre-Tax Income	93	149	28	29	114	155	33	30	126	151	46
Total Operating Income	137	193	71	76	163	205	83	79	171	202	97
Total Gross Profit	359	410	296	307	385	446	315	318	400	443	339
Total Revenue	592	726	403	402	597	805	439	430	636	781	453
Total Cost of Revenue	233	317	107	95	212	360	124	112	236	338	114
Operating Cost of Revenue	233	317	107	95	212	360	124	112	236	338	114
Total Operating Expenses	222	217	225	231	222	241	233	240	229	241	242
Depreciation Expense	66	66	67	69	68	69	70	72	73	75	75
Other Operating Expenses / (Income)	157	151	158	162	153	171	163	168	155	166	167
Total Other Income / (Expense), net	-44	-45	-42	-47	-50	-51	-49	-49	-45	-51	-51
Interest Expense	48	46	48	51	50	52	50	51	55	53	53
Interest & Investment Income	6.20	2.00	5.60	5.40	0.50	0.40	0.90	1.20	4.30	1.20	1.10
Other Income / (Expense), net	-1.80	-0.80	0.40	-1.30	0.30	0.80	-0.40	0.60	5.10	0.70	0.20
Income Tax Expense	9.60	17	3.70	2.90	13	18	4.40	4.00	17	18	5.20
Net Income / (Loss) Attributable to Noncontrolling Interest	3.60	3.70	1.90	2.00	3.00	2.10	1.30	1.00	3.80	2.10	2.20
Basic Earnings per Share	$1.16	$1.88	$0.33	$0.35	$1.35	$1.87	$0.38	$0.34	$1.40	$1.74	$0.50
Weighted Average Basic Shares Outstanding	67M	68.20M	69M	70.50M	69.80M	71.60M	72.40M	72.80M	73M	75.40M	75.90M
Diluted Earnings per Share	$1.16	$1.87	$0.33	$0.35	$1.36	$1.87	$0.38	$0.34	$1.39	$1.73	$0.50
Weighted Average Diluted Shares Outstanding	67.10M	68.30M	69M	70.60M	69.90M	71.80M	72.40M	72.90M	73.20M	75.60M	76.10M
Weighted Average Basic & Diluted Shares Outstanding	68.20M	68.93M	69.75M	71.57M	71.62M	72.51M	72.85M	75.47M	75.47M	76.13M	76.25M

This table details how cash moves in and out of Black Hills' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	432	-427	2.45	5.91	-10	-2.92	3.10	13	66	-70	167
Net Cash From Operating Activities	424	320	428	489	506	542	-65	585	944	719	673
Net Cash From Continuing Operating Activities	339	318	409	494	506	542	-65	585	944	719	673
Net Income / (Loss) Continuing Operations	142	147	208	280	213	243	251	271	276	284	300
Consolidated Net Income / (Loss)	-32	83	191	273	213	243	251	271	276	284	300
Depreciation Expense	127	176	188	196	209	224	236	251	257	270	284
Amortization Expense	6.36	6.18	8.26	7.85	7.84	7.88	7.00	9.80	10	11	9.70
Non-Cash Adjustments To Reconcile Net Income	20	-9.16	13	32	61	74	26	9.40	21	18	24
Changes in Operating Assets and Liabilities, net	45	-1.61	-8.85	-22	15	-7.23	-585	44	380	137	56
Net Cash From Investing Activities	-476	-1,588	-317	-466	-816	-762	-664	-604	-537	-746	-828
Net Cash From Continuing Investing Activities	-289	-1,580	-325	-486	-816	-762	-664	-604	-537	-746	-828
Purchase of Property, Plant & Equipment	-266	-455	-326	-458	-818	-767	-678	-604	-556	-744	-820
Other Investing Activities, net	-0.44	-0.56	1.01	-4.28	2.17	5.74	13	0.50	19	-1.80	-8.40
Net Cash From Financing Activities	484	841	-109	-17	300	217	732	32	-342	-43	322
Net Cash From Continuing Financing Activities	484	841	-109	-17	300	217	732	32	-342	-43	322
Repayment of Debt	-282	-1,187	2.04	-892	-759	-16	-813	0.90	-538	-608	-5.90
Payment of Dividends	-73	-97	-115	-126	-143	-151	-161	-174	-186	-200	-208
Issuance of Debt	300	1,787	0.00	700	1,100	400	1,400	0.00	800	450	450
Issuance of Common Equity	249	338	4.41	301	101	99	119	90	118	181	219
Other Financing Activities, net	290	-	-	-	-	-115	186	115	-536	134	-134
Cash Interest Paid	-	-	-	138	132	137	143	153	157	174	196
Cash Income Taxes Paid	-	-	-	15	-4.68	-2.17	-1.50	-0.80	1.00	-14	-8.80

This table details how cash moves in and out of Black Hills' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-508	37	502	-612	3.80	-9.30	1.70	13	161	-159	48
Net Cash From Operating Activities	188	233	231	102	153	228	189	89	168	176	195
Net Cash From Continuing Operating Activities	188	233	231	102	153	228	189	89	168	176	195
Net Income / (Loss) Continuing Operations	83	132	25	26	101	136	29	26	109	133	40
Consolidated Net Income / (Loss)	83	132	25	26	101	136	29	26	109	133	40
Depreciation Expense	66	66	67	69	68	69	70	72	73	75	75
Amortization Expense	3.20	2.70	2.80	2.70	2.50	2.40	1.90	2.90	2.50	2.50	2.50
Non-Cash Adjustments To Reconcile Net Income	15	22	1.90	8.30	2.40	8.10	-27	5.50	4.60	6.20	1.40
Changes in Operating Assets and Liabilities, net	22	11	135	-4.60	-21	12	115	-17	-21	-40	76
Net Cash From Investing Activities	-133	-177	-164	-191	-214	-155	-221	-180	-272	-270	-222
Net Cash From Continuing Investing Activities	-133	-177	-164	-191	-214	-155	-221	-180	-272	-270	-222
Purchase of Property, Plant & Equipment	-134	-176	-166	-188	-214	-153	-219	-178	-270	-267	-218
Other Investing Activities, net	0.90	-0.70	2.40	-3.20	-0.30	-2.30	-2.10	-1.80	-2.20	-2.60	-4.00
Net Cash From Financing Activities	-563	-20	435	-523	65	-82	34	105	265	-65	75
Net Cash From Continuing Financing Activities	-563	-20	435	-523	65	-82	34	105	265	-65	75
Repayment of Debt	-526	-1.00	-7.30	-600	-0.10	-1.20	-0.10	-1.30	-3.30	-303	90
Payment of Dividends	-48	-50	-49	-49	-51	-52	-49	-51	-56	-56	-57
Issuance of Common Equity	11	31	42	109	-0.20	46	19	154	-	41	9.40
Other Financing Activities, net	-	0.00	-	18	116	-74	64	2.30	-126	252	33
Cash Interest Paid	49	34	56	33	52	49	52	45	51	51	51
Cash Income Taxes Paid	1.10	0.00	-	0.10	0.20	-15	1.30	1.00	4.10	-15	2.70

This table presents Black Hills' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	4,627	6,542	6,659	6,963	7,558	8,089	9,132	9,618	9,620	10,023	10,870
Total Current Assets	806	467	571	504	473	493	808	1,072	827	742	996
Cash & Equivalents	441	14	15	21	9.78	6.36	8.92	21	87	16	183
Restricted Cash	1.70	2.27	2.82	3.37	3.88	4.38	4.89	5.60	6.40	7.30	7.60
Accounts Receivable	147	259	248	269	256	266	322	508	350	351	389
Inventories, net	87	104	113	117	117	117	151	207	161	154	172
Current Deferred & Refundable Income Taxes	0.37	-	0.00	13	16	19	18	18	19	20	23
Other Current Assets	129	77	107	80	70	80	304	312	204	194	221
Plant, Property, & Equipment, net	3,259	4,386	4,541	4,855	5,503	6,020	6,449	6,798	7,119	7,630	8,234
Plant, Property & Equipment, gross	4,977	5,315	5,568	6,000	6,785	7,306	7,857	8,375	8,917	9,567	10,345
Accumulated Depreciation	1,718	929	1,026	1,145	1,281	1,286	1,407	1,577	1,798	1,937	2,111
Total Noncurrent Assets	561	1,676	1,534	1,564	1,582	1,576	1,875	1,749	1,675	1,650	1,640
Goodwill	360	1,299	1,299	1,299	1,299	1,299	1,299	1,300	1,300	1,300	1,300
Intangible Assets	3.38	8.39	7.56	14	13	12	11	9.60	8.40	7.60	6.40
Other Noncurrent Operating Assets	186	259	227	250	269	264	564	439	367	343	334
Total Liabilities & Shareholders' Equity	4,627	6,542	6,659	6,963	7,558	8,089	9,132	9,618	9,620	10,023	10,870
Total Liabilities	3,161	4,807	4,839	4,676	5,094	5,426	6,245	6,528	6,315	6,437	6,964
Total Current Liabilities	406	528	649	648	811	697	902	1,667	1,185	763	740
Short-Term Debt	77	102	217	191	355	242	420	1,061	600	134	0.00
Accounts Payable	90	152	161	211	194	183	218	310	186	229	312
Accrued Expenses	232	236	219	216	227	244	245	244	293	302	323
Other Current Liabilities	7.70	14	8.91	31	36	27	19	53	105	98	106
Total Noncurrent Liabilities	2,754	4,279	4,190	4,028	4,283	4,730	5,343	4,862	5,130	5,674	6,224
Long-Term Debt	1,854	3,211	3,109	2,951	3,140	3,528	4,127	3,607	3,801	4,250	4,701
Asset Retirement Reserve & Litigation Obligation	148	194	478	511	503	508	485	473	468	475	488
Noncurrent Deferred & Payable Income Tax Liabilities	451	562	337	311	361	409	465	509	548	625	698
Noncurrent Employee Benefit Liabilities	146	174	160	145	154	151	124	117	124	123	123
Other Noncurrent Operating Liabilities	156	116	106	109	125	135	141	156	189	201	213
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,466	1,730	1,820	2,287	2,464	2,663	2,887	3,090	3,306	3,585	3,906
Total Preferred & Common Equity	1,466	1,615	1,709	2,182	2,362	2,561	2,787	2,995	3,215	3,502	3,824
Total Common Equity	1,466	1,615	1,709	2,182	2,362	2,561	2,787	2,995	3,215	3,502	3,824
Common Stock	1,004	1,192	1,204	1,511	1,614	1,720	1,848	1,949	2,076	2,265	2,493
Retained Earnings	473	458	549	700	779	871	962	1,064	1,158	1,249	1,343
Treasury Stock	-1.89	-0.79	-2.31	-2.51	-0.27	-2.12	-3.51	-2.40	-4.10	-3.30	-2.60
Accumulated Other Comprehensive Income / (Loss)	-9.06	-35	-41	-27	-31	-27	-20	-16	-15	-9.40	-9.70
Noncontrolling Interest	0.00	115	111	106	102	101	100	95	91	84	82

This table presents Black Hills' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	9,460	9,409	9,933	9,677	10,186	9,719	10,061	10,092	10,329	10,820	11,038
Total Current Assets	918	802	1,240	798	1,174	600	708	608	668	788	745
Cash & Equivalents	39	153	594	123	625	13	6.60	8.10	21	24	72
Restricted Cash	5.77	5.97	6.21	6.70	6.90	7.10	7.50	7.70	8.00	7.80	8.00
Accounts Receivable	477	260	229	334	222	205	378	261	251	383	282
Inventories, net	130	137	168	131	135	155	128	145	173	147	158
Current Deferred & Refundable Income Taxes	18	18	18	18	20	20	20	21	21	23	24
Other Current Assets	248	229	225	185	166	199	168	166	193	204	201
Plant, Property, & Equipment, net	6,837	6,919	7,012	7,223	7,356	7,470	7,722	7,860	8,028	8,394	8,640
Plant, Property & Equipment, gross	8,466	8,591	8,768	9,068	9,238	9,383	9,715	9,895	10,104	10,556	10,851
Accumulated Depreciation	1,629	1,671	1,756	1,845	1,883	1,913	1,993	2,034	2,077	2,163	2,211
Total Noncurrent Assets	1,704	1,687	1,680	1,656	1,657	1,650	1,631	1,623	1,634	1,638	1,653
Goodwill	1,299	1,299	1,299	1,300	1,300	1,300	1,300	1,300	1,300	1,300	1,300
Intangible Assets	9.30	9.00	8.71	8.40	8.10	7.90	7.30	7.00	6.70	5.80	5.60
Other Noncurrent Operating Assets	396	379	372	348	349	342	324	316	328	333	348
Total Liabilities & Shareholders' Equity	9,460	9,409	9,933	9,677	10,186	9,719	10,061	10,092	10,329	10,820	11,038
Total Liabilities	6,268	6,206	6,673	6,254	6,743	6,187	6,344	6,372	6,478	6,793	7,014
Total Current Liabilities	1,039	978	1,603	1,088	1,107	536	929	954	735	1,221	1,425
Short-Term Debt	525	525	1,125	600	600	18	360	424	126	662	500
Accounts Payable	173	133	124	133	155	136	217	181	219	211	275
Accrued Expenses	229	217	257	264	260	292	253	251	292	260	269
Other Current Liabilities	112	0.32	96	92	92	91	99	98	97	88	381
Total Noncurrent Liabilities	5,229	5,228	5,071	5,166	5,636	5,650	5,415	5,418	5,744	5,572	5,589
Long-Term Debt	3,954	3,956	3,800	3,803	4,247	4,249	3,952	3,952	4,253	3,993	3,994
Asset Retirement Reserve & Litigation Obligation	467	470	469	464	467	471	475	480	485	490	494
Noncurrent Deferred & Payable Income Tax Liabilities	536	529	531	576	599	603	667	674	680	737	742
Noncurrent Employee Benefit Liabilities	118	119	119	124	122	123	122	120	121	121	121
Other Noncurrent Operating Liabilities	155	156	152	199	201	205	200	192	206	232	237
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,192	3,203	3,260	3,423	3,443	3,532	3,717	3,719	3,851	4,027	4,024
Total Preferred & Common Equity	3,098	3,110	3,167	3,334	3,357	3,447	3,635	3,636	3,768	3,945	3,943
Total Common Equity	3,098	3,110	3,167	3,334	3,357	3,447	3,635	3,636	3,768	3,945	3,943
Common Stock	1,978	2,008	2,062	2,109	2,154	2,266	2,311	2,334	2,491	2,536	2,549
Retained Earnings	1,137	1,118	1,121	1,242	1,220	1,198	1,335	1,313	1,289	1,421	1,406
Treasury Stock	-2.70	-3.17	-3.46	-4.70	-4.90	-5.90	-2.00	-2.80	-2.70	-3.70	-4.00
Accumulated Other Comprehensive Income / (Loss)	-14	-13	-13	-12	-11	-11	-8.40	-8.00	-8.80	-7.50	-6.60
Noncontrolling Interest	94	93	92	89	86	86	82	83	83	82	80

This table displays calculated financial ratios and metrics derived from Black Hills' official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.49%	22.01%	9.19%	4.40%	-1.10%	-2.19%	14.86%	30.92%	-8.64%	-8.73%	8.57%
EBITDA Growth	5.53%	19.25%	18.11%	-2.12%	-0.42%	9.03%	0.35%	9.77%	2.61%	6.26%	6.98%
EBIT Growth	13.85%	11.57%	23.49%	-4.96%	-3.86%	10.14%	-1.99%	11.25%	2.74%	6.86%	8.35%
NOPAT Growth	10.44%	24.12%	28.59%	40.73%	-17.79%	5.77%	5.52%	4.64%	3.87%	3.11%	5.18%
Net Income Growth	-124.53%	357.33%	131.48%	42.55%	-21.76%	13.80%	3.48%	7.80%	1.92%	2.79%	5.68%
EPS Growth	-124.23%	292.96%	134.31%	45.17%	-29.61%	11.28%	2.47%	6.15%	-1.51%	0.00%	1.79%
Operating Cash Flow Growth	34.59%	-24.48%	33.63%	14.14%	3.42%	7.19%	-111.92%	1,005.26%	61.49%	-23.84%	-6.38%
Free Cash Flow Firm Growth	1,133.17%	-1,061.34%	109.62%	-15.64%	-258.07%	55.68%	-502.51%	117.68%	417.97%	-79.21%	-101.30%
Invested Capital Growth	0.37%	67.69%	2.83%	5.75%	10.84%	8.02%	15.54%	4.18%	-1.51%	4.36%	5.92%
Revenue Q/Q Growth	-7.56%	11.18%	1.55%	2.69%	-1.34%	0.52%	4.06%	9.85%	-7.89%	0.25%	1.69%
EBITDA Q/Q Growth	67.54%	-13.05%	-6.07%	0.15%	0.70%	1.57%	-0.58%	2.25%	1.35%	4.13%	2.16%
EBIT Q/Q Growth	195.32%	-23.21%	-11.14%	-0.41%	0.05%	2.14%	-2.53%	3.47%	1.22%	6.14%	2.39%
NOPAT Q/Q Growth	124.68%	-18.73%	-3.24%	9.71%	-6.66%	1.50%	-0.51%	0.74%	1.52%	5.32%	0.50%
Net Income Q/Q Growth	-293.45%	75.66%	20.70%	15.27%	-7.57%	3.24%	-2.42%	0.68%	2.64%	6.69%	2.64%
EPS Q/Q Growth	-291.89%	87.67%	22.52%	13.94%	-10.14%	3.11%	-3.36%	-0.25%	1.82%	5.39%	0.76%
Operating Cash Flow Q/Q Growth	-3.99%	19.71%	-0.57%	0.26%	1.88%	0.55%	-188.96%	1.80%	11.56%	-4.67%	2.26%
Free Cash Flow Firm Q/Q Growth	254.73%	1.18%	-37.48%	-38.49%	-27.13%	-1.18%	4.57%	84.83%	24.41%	-49.94%	-103.28%
Invested Capital Q/Q Growth	1.27%	-0.79%	1.03%	3.45%	3.50%	3.35%	2.45%	1.73%	0.40%	2.15%	2.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	63.78%	67.57%	66.48%	64.34%	67.10%	70.98%	61.94%	51.78%	57.84%	65.68%	64.00%
EBITDA Margin	34.51%	33.73%	36.48%	34.20%	34.44%	38.39%	33.54%	28.13%	31.59%	36.78%	36.24%
Operating Margin	23.82%	21.85%	24.80%	22.63%	23.40%	25.24%	21.00%	17.84%	20.28%	23.65%	23.27%
EBIT Margin	23.97%	21.92%	24.79%	22.57%	21.94%	24.70%	21.08%	17.91%	20.14%	23.58%	23.53%
Profit (Net Income) Margin	-2.55%	5.37%	11.38%	15.54%	12.30%	14.31%	12.89%	10.61%	11.84%	13.33%	12.98%
Tax Burden Percent	-14.58%	40.13%	67.89%	106.56%	87.82%	88.06%	97.21%	91.49%	91.51%	88.66%	87.28%
Interest Burden Percent	72.83%	61.04%	67.64%	64.64%	63.83%	65.77%	62.90%	64.77%	64.24%	63.78%	63.19%
Effective Tax Rate	35.72%	28.70%	26.04%	-9.25%	12.18%	11.94%	2.79%	8.51%	8.49%	11.34%	12.72%
Return on Invested Capital (ROIC)	6.58%	6.09%	6.16%	8.31%	6.31%	6.10%	5.75%	5.50%	5.64%	5.73%	5.73%
ROIC Less NNEP Spread (ROIC-NNEP)	-8.18%	-0.63%	2.54%	3.22%	1.94%	2.39%	2.21%	2.32%	2.14%	1.99%	1.92%
Return on Net Nonoperating Assets (RNNOA)	-8.85%	-0.92%	4.60%	4.96%	2.67%	3.37%	3.30%	3.56%	2.99%	2.50%	2.27%
Return on Equity (ROE)	-2.28%	5.16%	10.76%	13.28%	8.98%	9.47%	9.05%	9.06%	8.63%	8.23%	8.00%
Cash Return on Invested Capital (CROIC)	6.21%	-44.49%	3.37%	2.72%	-3.97%	-1.61%	-8.67%	1.40%	7.16%	1.47%	-0.02%
Operating Return on Assets (OROA)	6.82%	6.04%	6.31%	5.81%	5.24%	5.36%	4.77%	4.87%	4.88%	5.11%	5.20%
Return on Assets (ROA)	-0.72%	1.48%	2.90%	4.00%	2.94%	3.10%	2.92%	2.89%	2.87%	2.89%	2.87%
Return on Common Equity (ROCE)	-2.28%	4.97%	10.06%	12.57%	8.59%	9.10%	8.72%	8.77%	8.38%	8.03%	7.83%
Return on Equity Simple (ROE_SIMPLE)	-2.19%	5.12%	11.19%	12.50%	9.03%	9.48%	9.01%	9.04%	8.58%	8.10%	0.00%
Net Operating Profit after Tax (NOPAT)	193	240	308	434	357	377	398	416	433	446	469
NOPAT Margin	15.31%	15.57%	18.34%	24.73%	20.55%	22.23%	20.42%	16.32%	18.56%	20.96%	20.31%
Net Nonoperating Expense Percent (NNEP)	14.75%	6.72%	3.63%	5.09%	4.37%	3.71%	3.54%	3.18%	3.50%	3.75%	3.82%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	5.37%	5.61%	5.60%	5.45%
Cost of Revenue to Revenue	36.22%	32.43%	33.52%	35.66%	32.90%	29.02%	38.06%	48.22%	42.16%	34.32%	36.00%
SG&A Expenses to Revenue	1.08%	3.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	39.96%	45.72%	41.67%	41.71%	43.69%	45.74%	40.93%	33.94%	37.56%	42.03%	40.74%
Earnings before Interest and Taxes (EBIT)	302	337	417	396	381	419	411	457	470	502	544
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	435	519	613	600	598	651	654	718	736	783	837
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.05	1.54	1.48	2.80	1.71	1.30	1.44	1.40	1.09	1.20	1.37
Price to Tangible Book Value (P/TBV)	1.40	8.12	6.28	7.05	3.84	2.66	2.73	2.48	1.84	1.91	2.08
Price to Revenue (P/Rev)	1.22	1.62	1.50	3.49	2.32	1.96	2.07	1.64	1.50	1.97	2.27
Price to Earnings (P/E)	0.00	34.12	14.27	23.67	20.22	14.63	17.01	16.21	13.36	15.34	17.97
Dividend Yield	4.70%	3.59%	3.83%	3.78%	3.13%	4.09%	3.63%	3.74%	4.85%	4.44%	3.90%
Earnings Yield	0.00%	2.93%	7.01%	4.23%	4.95%	6.83%	5.88%	6.17%	7.48%	6.52%	5.57%
Enterprise Value to Invested Capital (EV/IC)	1.03	1.19	1.17	1.73	1.28	1.12	1.17	1.15	1.04	1.09	1.17
Enterprise Value to Revenue (EV/Rev)	2.39	3.83	3.53	5.30	4.39	4.24	4.44	3.50	3.39	4.06	4.26
Enterprise Value to EBITDA (EV/EBITDA)	6.94	11.36	9.68	15.50	12.74	11.04	13.25	12.44	10.73	11.03	11.75
Enterprise Value to EBIT (EV/EBIT)	9.99	17.48	14.24	23.49	20.01	17.16	21.08	19.53	16.83	17.21	18.09
Enterprise Value to NOPAT (EV/NOPAT)	15.64	24.59	19.25	21.44	21.35	19.07	21.76	21.43	18.27	19.35	20.96
Enterprise Value to Operating Cash Flow (EV/OCF)	7.12	18.39	13.85	19.02	15.06	13.27	0.00	15.26	8.37	12.00	14.60
Enterprise Value to Free Cash Flow (EV/FCFF)	16.58	0.00	35.21	65.42	0.00	0.00	0.00	84.15	14.38	75.57	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.32	1.91	1.83	1.37	1.42	1.42	1.58	1.51	1.33	1.22	1.20
Long-Term Debt to Equity	1.26	1.85	1.71	1.29	1.27	1.33	1.43	1.17	1.15	1.19	1.20
Financial Leverage	1.08	1.46	1.81	1.54	1.38	1.41	1.49	1.53	1.40	1.26	1.18
Leverage Ratio	3.15	3.49	3.71	3.32	3.06	3.05	3.10	3.14	3.01	2.85	2.79
Compound Leverage Factor	2.29	2.13	2.51	2.14	1.95	2.01	1.95	2.03	1.93	1.82	1.76
Debt to Total Capital	56.84%	65.64%	64.63%	57.87%	58.65%	58.61%	61.16%	60.17%	57.11%	55.01%	54.62%
Short-Term Debt to Total Capital	2.26%	2.03%	4.22%	3.52%	5.96%	3.77%	5.65%	13.67%	7.79%	1.68%	0.00%
Long-Term Debt to Total Capital	54.58%	63.61%	60.42%	54.35%	52.69%	54.84%	55.51%	46.50%	49.32%	53.33%	54.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	2.37%	2.16%	1.95%	1.71%	1.57%	1.35%	1.22%	1.17%	1.05%	0.95%
Common Equity to Total Capital	43.16%	31.99%	33.21%	40.18%	39.64%	39.82%	37.49%	38.61%	41.72%	43.94%	44.43%
Debt to EBITDA	4.44	6.38	5.43	5.24	5.85	5.79	6.95	6.50	5.98	5.60	5.62
Net Debt to EBITDA	3.39	6.33	5.38	5.13	5.83	5.77	6.93	6.47	5.85	5.57	5.39
Long-Term Debt to EBITDA	4.26	6.19	5.07	4.92	5.26	5.42	6.31	5.03	5.16	5.43	5.62
Debt to NOPAT	10.00	13.82	10.79	7.24	9.80	10.00	11.43	11.21	10.17	9.83	10.02
Net Debt to NOPAT	7.64	13.71	10.69	7.09	9.76	9.97	11.39	11.14	9.96	9.78	9.62
Long-Term Debt to NOPAT	9.60	13.40	10.09	6.80	8.81	9.35	10.37	8.66	8.79	9.53	10.02
Altman Z-Score	1.03	0.80	0.87	1.34	0.96	0.87	0.88	0.89	0.86	0.94	1.03
Noncontrolling Interest Sharing Ratio	0.00%	3.74%	6.50%	5.28%	4.37%	3.96%	3.63%	3.26%	2.90%	2.53%	2.21%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.98	0.88	0.88	0.78	0.58	0.71	0.90	0.64	0.70	0.97	1.35
Quick Ratio	1.45	0.52	0.41	0.45	0.33	0.39	0.37	0.32	0.37	0.48	0.77
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	182	-1,752	169	142	-225	-100	-600	106	549	114	-1.48
Operating Cash Flow to CapEx	159.32%	70.44%	131.36%	106.84%	61.77%	70.61%	-9.54%	96.76%	169.98%	96.65%	82.14%
Free Cash Flow to Firm to Interest Expense	2.15	-12.87	1.22	1.00	-1.61	-0.69	-3.89	0.65	3.05	0.59	-0.01
Operating Cash Flow to Interest Expense	5.01	2.35	3.10	3.45	3.63	3.74	-0.42	3.60	5.25	3.68	3.25
Operating Cash Flow Less CapEx to Interest Expense	1.87	-0.99	0.74	0.22	-2.25	-1.56	-4.82	-0.12	2.16	-0.13	-0.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.28	0.28	0.25	0.26	0.24	0.22	0.23	0.27	0.24	0.22	0.22
Accounts Receivable Turnover	7.48	7.57	6.62	6.78	6.61	6.50	6.63	6.15	5.43	6.07	6.24
Inventory Turnover	5.13	5.24	5.19	5.43	4.87	4.20	5.53	6.87	5.34	4.64	5.10
Fixed Asset Turnover	0.39	0.40	0.38	0.37	0.34	0.29	0.31	0.39	0.34	0.29	0.29
Accounts Payable Turnover	4.27	4.13	3.60	3.37	2.83	2.61	3.70	4.66	3.96	3.52	3.08
Days Sales Outstanding (DSO)	48.83	48.24	55.14	53.83	55.22	56.11	55.02	59.35	67.21	60.17	58.48
Days Inventory Outstanding (DIO)	71.15	69.67	70.27	67.26	74.96	86.94	66.02	53.15	68.38	78.67	71.62
Days Payable Outstanding (DPO)	85.45	88.46	101.41	108.37	129.21	139.68	98.67	78.27	92.17	103.83	118.70
Cash Conversion Cycle (CCC)	34.53	29.46	23.99	12.73	0.98	3.38	22.37	34.23	43.42	35.01	11.40
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,942	4,933	5,073	5,364	5,946	6,422	7,420	7,731	7,614	7,946	8,416
Invested Capital Turnover	0.43	0.39	0.34	0.34	0.31	0.27	0.28	0.34	0.30	0.27	0.28
Increase / (Decrease) in Invested Capital	11	1,991	140	292	581	477	998	310	-117	332	471
Enterprise Value (EV)	3,020	5,895	5,932	9,299	7,614	7,192	8,660	8,925	7,902	8,633	9,832
Market Capitalization	1,544	2,490	2,526	6,116	4,030	3,331	4,027	4,189	3,503	4,188	5,239
Book Value per Share	$32.68	$30.38	$31.95	$18.19	$38.44	$40.82	$43.67	$46.02	$47.29	$48.92	$50.66
Tangible Book Value per Share	$24.59	$5.77	$7.52	$7.24	$17.08	$19.92	$23.14	$25.90	$28.05	$30.66	$33.36
Total Capital	3,396	5,048	5,147	5,430	5,959	6,433	7,434	7,758	7,707	7,969	8,607
Total Debt	1,930	3,314	3,326	3,142	3,495	3,771	4,547	4,668	4,401	4,384	4,701
Total Long-Term Debt	1,854	3,211	3,109	2,951	3,140	3,528	4,127	3,607	3,801	4,250	4,701
Net Debt	1,476	3,285	3,295	3,077	3,482	3,760	4,533	4,641	4,308	4,361	4,511
Capital Expenditures (CapEx)	266	455	326	458	818	767	678	604	556	744	820
Debt-free, Cash-free Net Working Capital (DFCFNWC)	34	25	120	23	3.48	28	313	439	149	89	66
Debt-free Net Working Capital (DFNWC)	477	41	139	47	17	39	327	466	242	113	256
Net Working Capital (NWC)	400	-61	-78	-144	-338	-203	-94	-595	-359	-21	256
Net Nonoperating Expense (NNE)	225	157	117	161	143	134	147	146	157	162	169
Net Nonoperating Obligations (NNO)	1,476	3,199	3,253	3,077	3,482	3,760	4,533	4,641	4,308	4,361	4,511
Total Depreciation and Amortization (D&A)	133	182	197	204	217	232	243	261	267	281	294
Debt-free, Cash-free Net Working Capital to Revenue	2.72%	1.65%	7.17%	1.30%	0.20%	1.68%	16.05%	17.19%	6.37%	4.20%	2.84%
Debt-free Net Working Capital to Revenue	37.81%	2.68%	8.26%	2.68%	0.99%	2.31%	16.76%	18.25%	10.36%	5.30%	11.08%
Net Working Capital to Revenue	31.72%	-3.97%	-4.66%	-8.23%	-19.49%	-11.98%	-4.80%	-23.32%	-15.38%	-0.99%	11.08%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.71)	$1.41	$3.33	$4.75	$3.29	$3.65	$3.74	$3.98	$3.91	$3.91	$3.99
Adjusted Weighted Average Basic Shares Outstanding	45.29M	51.92M	53.22M	54.42M	60.66M	62.38M	63.22M	64.86M	67M	69.80M	73M
Adjusted Diluted Earnings per Share	($0.71)	$1.37	$3.21	$4.66	$3.28	$3.65	$3.74	$3.97	$3.91	$3.91	$3.98
Adjusted Weighted Average Diluted Shares Outstanding	45.29M	53.27M	55.12M	55.49M	60.80M	62.44M	63.33M	65.02M	67.10M	69.90M	73.20M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	51.19M	53.38M	53.54M	60.00M	61.48M	62.79M	64.74M	66.10M	68.20M	71.62M	75.47M
Normalized Net Operating Profit after Tax (NOPAT)	193	240	313	279	357	377	398	416	433	446	469
Normalized NOPAT Margin	15.31%	15.57%	18.60%	15.92%	20.55%	22.23%	20.42%	16.32%	18.56%	20.96%	20.31%
Pre Tax Income Margin	17.46%	13.38%	16.77%	14.59%	14.00%	16.25%	13.26%	11.60%	12.94%	15.04%	14.87%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.57	2.48	3.02	2.80	2.73	2.89	2.67	2.81	2.61	2.57	2.63
NOPAT to Interest Expense	2.28	1.76	2.23	3.06	2.56	2.60	2.58	2.56	2.40	2.29	2.27
EBIT Less CapEx to Interest Expense	0.42	-0.86	0.66	-0.44	-3.14	-2.40	-1.73	-0.91	-0.48	-1.24	-1.33
NOPAT Less CapEx to Interest Expense	-0.87	-1.58	-0.13	-0.17	-3.32	-2.69	-1.81	-1.16	-0.68	-1.53	-1.69
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-226.10%	117.55%	60.20%	46.29%	66.82%	62.32%	63.97%	64.29%	67.54%	70.39%	69.28%
Augmented Payout Ratio	-226.10%	117.55%	60.20%	46.29%	66.82%	62.32%	63.97%	64.29%	67.54%	70.39%	69.28%

This table displays calculated financial ratios and metrics derived from Black Hills' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	75,474,846.00	76,128,592.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	75,474,846.00	76,128,592.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	1.74	0.50
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-25.24%	-21.15%	-2.12%	-1.35%	0.91%	10.85%	9.04%	7.12%	6.45%	-3.04%	3.14%
EBITDA Growth	5.06%	8.97%	8.58%	-10.67%	15.23%	6.24%	9.54%	4.91%	7.55%	0.90%	13.78%
EBIT Growth	4.38%	9.62%	14.52%	-23.35%	21.53%	6.91%	15.63%	6.44%	7.76%	-1.55%	18.39%
NOPAT Growth	5.64%	10.21%	-25.48%	-19.58%	18.50%	5.65%	16.55%	-0.18%	1.98%	-1.47%	20.08%
Net Income Growth	9.34%	12.10%	-7.14%	-45.90%	21.39%	3.65%	16.60%	-1.89%	7.62%	-2.42%	40.28%
EPS Growth	6.42%	8.09%	-5.71%	-47.76%	17.24%	0.00%	15.15%	-2.86%	2.21%	-7.49%	31.58%
Operating Cash Flow Growth	108.15%	-28.99%	-16.57%	-32.34%	-18.68%	-2.40%	-18.21%	-12.93%	9.73%	-22.65%	3.45%
Free Cash Flow Firm Growth	222.95%	298.94%	126.29%	-226.53%	-178.09%	-235.60%	-1,282.33%	-178.32%	-72.77%	-231.64%	22.01%
Invested Capital Growth	-1.51%	0.91%	0.42%	2.58%	4.36%	4.14%	5.50%	5.42%	5.92%	7.93%	4.44%
Revenue Q/Q Growth	45.35%	22.77%	-44.58%	-0.25%	48.68%	34.85%	-45.48%	-2.00%	47.75%	22.83%	-42.00%
EBITDA Q/Q Growth	24.09%	28.30%	-46.23%	4.34%	60.07%	18.29%	-44.56%	-0.07%	64.09%	10.98%	-37.48%
EBIT Q/Q Growth	38.58%	42.83%	-63.12%	4.93%	119.73%	25.72%	-60.11%	-3.41%	122.45%	14.85%	-52.02%
NOPAT Q/Q Growth	44.11%	39.99%	-64.16%	11.23%	112.34%	24.80%	-60.46%	-4.74%	116.95%	20.57%	-51.81%
Net Income Q/Q Growth	70.49%	58.10%	-81.23%	6.88%	282.58%	35.05%	-78.89%	-10.07%	319.69%	22.45%	-69.65%
EPS Q/Q Growth	73.13%	61.21%	-82.35%	6.06%	288.57%	37.50%	-79.68%	-10.53%	308.82%	24.46%	-71.10%
Operating Cash Flow Q/Q Growth	24.85%	23.92%	-1.20%	-55.72%	50.05%	48.69%	-17.21%	-52.86%	89.09%	4.82%	10.73%
Free Cash Flow Firm Q/Q Growth	138.25%	-57.47%	-70.95%	-529.91%	-47.04%	26.16%	-153.29%	-1.20%	8.72%	-41.73%	40.43%
Invested Capital Q/Q Growth	0.40%	1.07%	-0.48%	1.57%	2.15%	0.86%	0.81%	1.50%	2.63%	2.78%	-2.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	60.61%	56.42%	73.40%	76.47%	64.48%	55.33%	71.75%	73.97%	62.90%	56.72%	74.93%
EBITDA Margin	34.39%	35.94%	34.87%	36.48%	39.27%	34.45%	35.03%	35.73%	39.68%	35.85%	38.65%
Operating Margin	23.07%	26.61%	17.54%	18.87%	27.37%	25.46%	18.79%	18.29%	26.95%	25.86%	21.42%
EBIT Margin	22.76%	26.50%	17.64%	18.55%	27.42%	25.56%	18.70%	18.43%	27.75%	25.95%	21.47%
Profit (Net Income) Margin	14.06%	18.12%	6.14%	6.57%	16.92%	16.94%	6.56%	6.02%	17.10%	17.05%	8.92%
Tax Burden Percent	89.66%	88.62%	86.97%	90.10%	88.75%	88.28%	86.75%	86.62%	86.34%	88.32%	88.60%
Interest Burden Percent	68.89%	77.14%	40.00%	39.33%	69.52%	75.07%	40.44%	37.70%	71.37%	74.38%	46.91%
Effective Tax Rate	10.34%	11.38%	13.03%	9.90%	11.25%	11.72%	13.25%	13.38%	13.66%	11.68%	11.40%
Return on Invested Capital (ROIC)	6.28%	6.58%	4.25%	4.70%	6.64%	6.31%	4.65%	4.51%	6.57%	6.27%	5.28%
ROIC Less NNEP Spread (ROIC-NNEP)	5.41%	5.66%	3.40%	3.72%	5.63%	5.27%	3.65%	3.52%	5.69%	5.25%	4.25%
Return on Net Nonoperating Assets (RNNOA)	7.57%	7.46%	4.42%	4.70%	7.08%	6.33%	4.37%	4.10%	6.73%	6.05%	4.81%
Return on Equity (ROE)	13.85%	14.03%	8.66%	9.39%	13.72%	12.64%	9.02%	8.61%	13.30%	12.31%	10.10%
Cash Return on Invested Capital (CROIC)	7.16%	4.94%	5.35%	2.97%	1.47%	1.74%	0.57%	0.56%	-0.02%	-2.03%	1.48%
Operating Return on Assets (OROA)	5.52%	5.92%	3.83%	4.01%	5.94%	5.71%	4.14%	4.18%	6.14%	5.68%	4.67%
Return on Assets (ROA)	3.41%	4.05%	1.33%	1.42%	3.66%	3.79%	1.45%	1.36%	3.78%	3.73%	1.94%
Return on Common Equity (ROCE)	13.45%	13.65%	8.43%	9.15%	13.37%	12.34%	8.80%	8.41%	13.01%	12.05%	9.88%
Return on Equity Simple (ROE_SIMPLE)	0.00%	8.70%	8.59%	7.71%	0.00%	7.94%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	122	171	61	68	145	181	72	68	148	178	86
NOPAT Margin	20.68%	23.58%	15.25%	17.01%	24.29%	22.48%	16.30%	15.85%	23.27%	22.84%	18.98%
Net Nonoperating Expense Percent (NNEP)	0.88%	0.91%	0.85%	0.98%	1.02%	1.04%	1.00%	0.98%	0.88%	1.01%	1.04%
Return On Investment Capital (ROIC_SIMPLE)	1.59%	-	-	-	1.82%	2.25%	0.88%	0.83%	1.72%	2.05%	1.01%
Cost of Revenue to Revenue	39.40%	43.58%	26.60%	23.53%	35.52%	44.67%	28.25%	26.03%	37.10%	43.28%	25.07%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	37.54%	29.80%	55.86%	57.59%	37.11%	29.87%	52.96%	55.67%	35.95%	30.86%	53.51%
Earnings before Interest and Taxes (EBIT)	135	193	71	75	164	206	82	79	176	203	97
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	204	261	140	147	235	277	154	154	252	280	175
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.09	1.09	1.10	1.24	1.20	1.19	1.12	1.19	1.37	1.33	1.44
Price to Tangible Book Value (P/TBV)	1.84	1.79	1.81	1.99	1.91	1.87	1.75	1.82	2.08	1.98	2.15
Price to Revenue (P/Rev)	1.50	1.70	1.74	2.01	1.97	1.97	1.81	1.98	2.27	2.29	2.46
Price to Earnings (P/E)	13.36	13.15	13.44	16.74	15.34	15.54	14.31	15.76	17.97	18.17	18.94
Dividend Yield	4.85%	4.73%	4.74%	4.21%	4.44%	4.33%	4.73%	4.35%	3.90%	3.93%	3.71%
Earnings Yield	7.48%	7.61%	7.44%	5.97%	6.52%	6.43%	6.99%	6.35%	5.57%	5.50%	5.28%
Enterprise Value to Invested Capital (EV/IC)	1.04	1.04	1.05	1.11	1.09	1.09	1.05	1.09	1.17	1.15	1.20
Enterprise Value to Revenue (EV/Rev)	3.39	3.74	3.76	4.05	4.06	3.95	3.79	3.93	4.26	4.35	4.42
Enterprise Value to EBITDA (EV/EBITDA)	10.73	10.54	10.41	11.44	11.03	10.92	10.48	10.89	11.75	11.84	11.80
Enterprise Value to EBIT (EV/EBIT)	16.83	16.43	16.16	18.18	17.21	16.94	16.18	16.80	18.09	18.40	18.29
Enterprise Value to NOPAT (EV/NOPAT)	18.27	17.83	18.17	20.30	19.35	19.15	18.27	19.11	20.96	21.32	21.15
Enterprise Value to Operating Cash Flow (EV/OCF)	8.37	9.41	9.97	11.39	12.00	12.22	12.67	13.55	14.60	15.99	16.17
Enterprise Value to Free Cash Flow (EV/FCFF)	14.38	21.11	19.59	37.67	75.57	63.82	189.23	197.79	0.00	0.00	83.33
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.33	1.29	1.41	1.21	1.22	1.16	1.18	1.14	1.20	1.16	1.12
Long-Term Debt to Equity	1.15	1.11	1.23	1.20	1.19	1.06	1.06	1.10	1.20	0.99	0.99
Financial Leverage	1.40	1.32	1.30	1.26	1.26	1.20	1.20	1.16	1.18	1.15	1.13
Leverage Ratio	3.01	2.89	2.95	2.89	2.85	2.76	2.83	2.72	2.79	2.70	2.73
Compound Leverage Factor	2.07	2.23	1.18	1.14	1.98	2.08	1.14	1.02	1.99	2.01	1.28
Debt to Total Capital	57.11%	56.26%	58.47%	54.71%	55.01%	53.70%	54.06%	53.21%	54.62%	53.62%	52.76%
Short-Term Debt to Total Capital	7.79%	7.67%	7.24%	0.22%	1.68%	4.48%	5.23%	1.53%	0.00%	7.63%	5.87%
Long-Term Debt to Total Capital	49.32%	48.60%	51.23%	54.48%	53.33%	49.22%	48.82%	51.68%	54.62%	45.99%	46.89%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.17%	1.13%	1.04%	1.10%	1.05%	1.02%	1.03%	1.01%	0.95%	0.94%	0.94%
Common Equity to Total Capital	41.72%	42.60%	40.50%	44.20%	43.94%	45.28%	44.92%	45.79%	44.43%	45.44%	46.30%
Debt to EBITDA	5.98	5.81	6.30	5.68	5.60	5.40	5.39	5.34	5.62	5.54	5.22
Net Debt to EBITDA	5.85	5.64	5.48	5.65	5.57	5.38	5.37	5.31	5.39	5.51	5.13
Long-Term Debt to EBITDA	5.16	5.02	5.52	5.65	5.43	4.95	4.87	5.19	5.62	4.76	4.64
Debt to NOPAT	10.17	9.82	11.00	10.07	9.83	9.46	9.39	9.38	10.02	9.98	9.36
Net Debt to NOPAT	9.96	9.53	9.56	10.03	9.78	9.43	9.36	9.32	9.62	9.91	9.19
Long-Term Debt to NOPAT	8.79	8.49	9.64	10.03	9.53	8.67	8.48	9.11	10.02	8.56	8.32
Altman Z-Score	0.75	0.78	0.74	0.84	0.83	0.86	0.77	0.83	0.92	0.87	0.83
Noncontrolling Interest Sharing Ratio	2.90%	2.76%	2.69%	2.62%	2.53%	2.39%	2.37%	2.28%	2.21%	2.11%	2.11%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.70	0.73	1.06	1.12	0.97	0.76	0.64	0.91	1.35	0.65	0.52
Quick Ratio	0.37	0.42	0.76	0.41	0.48	0.41	0.28	0.37	0.77	0.33	0.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	239	102	30	-127	-187	-138	-349	-354	-323	-457	-272
Operating Cash Flow to CapEx	140.81%	132.46%	138.75%	54.28%	71.69%	148.99%	86.16%	49.83%	62.35%	65.89%	89.45%
Free Cash Flow to Firm to Interest Expense	4.97	2.21	0.61	-2.51	-3.71	-2.67	-7.01	-6.99	-5.89	-8.61	-5.17
Operating Cash Flow to Interest Expense	3.92	5.07	4.78	2.02	3.04	4.41	3.79	1.76	3.07	3.32	3.70
Operating Cash Flow Less CapEx to Interest Expense	1.14	1.24	1.34	-1.70	-1.20	1.45	-0.61	-1.77	-1.85	-1.72	-0.44
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.24	0.22	0.22	0.22	0.22	0.22	0.22	0.23	0.22	0.22	0.22
Accounts Receivable Turnover	5.43	5.27	8.83	9.78	6.07	6.20	9.30	9.95	6.24	6.00	8.47
Inventory Turnover	5.34	5.93	5.59	4.65	4.64	5.98	5.65	4.92	5.10	5.89	5.27
Fixed Asset Turnover	0.34	0.30	0.30	0.29	0.29	0.30	0.29	0.29	0.29	0.28	0.28
Accounts Payable Turnover	3.96	5.06	5.26	5.77	3.52	4.43	4.70	4.55	3.08	3.79	3.51
Days Sales Outstanding (DSO)	67.21	69.32	41.33	37.34	60.17	58.91	39.24	36.70	58.48	60.79	43.09
Days Inventory Outstanding (DIO)	68.38	61.50	65.24	78.58	78.67	61.05	64.66	74.19	71.62	61.96	69.21
Days Payable Outstanding (DPO)	92.17	72.18	69.37	63.24	103.83	82.45	77.59	80.29	118.70	96.38	104.13
Cash Conversion Cycle (CCC)	43.42	58.63	37.20	52.68	35.01	37.51	26.31	30.60	11.40	26.37	8.18
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	7,614	7,696	7,659	7,779	7,946	8,015	8,080	8,201	8,416	8,650	8,438
Invested Capital Turnover	0.30	0.28	0.28	0.28	0.27	0.28	0.29	0.28	0.28	0.27	0.28
Increase / (Decrease) in Invested Capital	-117	70	32	195	332	319	421	422	471	636	358
Enterprise Value (EV)	7,902	7,990	8,008	8,595	8,633	8,723	8,511	8,920	9,832	9,944	10,159
Market Capitalization	3,503	3,629	3,706	4,263	4,188	4,344	4,068	4,487	5,239	5,239	5,664
Book Value per Share	$47.29	$48.88	$48.70	$49.41	$48.92	$50.76	$50.15	$51.72	$50.66	$52.27	$51.80
Tangible Book Value per Share	$28.05	$29.71	$29.73	$30.67	$30.66	$32.51	$32.13	$33.79	$33.36	$34.98	$34.66
Total Capital	7,707	7,825	8,291	7,799	7,969	8,029	8,096	8,230	8,607	8,682	8,518
Total Debt	4,401	4,403	4,847	4,266	4,384	4,312	4,376	4,379	4,701	4,655	4,494
Total Long-Term Debt	3,801	3,803	4,247	4,249	4,250	3,952	3,952	4,253	4,701	3,993	3,994
Net Debt	4,308	4,273	4,215	4,247	4,361	4,297	4,360	4,350	4,511	4,623	4,414
Capital Expenditures (CapEx)	134	176	166	188	214	153	219	178	270	267	218
Debt-free, Cash-free Net Working Capital (DFCFNWC)	149	180	35	61	89	125	62	30	66	198	-260
Debt-free Net Working Capital (DFNWC)	242	309	667	81	113	139	78	59	256	230	-180
Net Working Capital (NWC)	-359	-291	67	63	-21	-221	-346	-67	256	-433	-680
Net Nonoperating Expense (NNE)	39	40	37	42	44	45	43	42	39	45	46
Net Nonoperating Obligations (NNO)	4,308	4,273	4,215	4,247	4,361	4,297	4,360	4,350	4,511	4,623	4,414
Total Depreciation and Amortization (D&A)	69	69	69	72	71	72	72	74	76	77	78
Debt-free, Cash-free Net Working Capital to Revenue	6.37%	8.40%	1.65%	2.88%	4.20%	5.67%	2.78%	1.32%	2.84%	8.67%	-11.29%
Debt-free Net Working Capital to Revenue	10.36%	14.47%	31.34%	3.81%	5.30%	6.30%	3.49%	2.60%	11.08%	10.04%	-7.83%
Net Working Capital to Revenue	-15.38%	-13.61%	3.14%	2.98%	-0.99%	-10.01%	-15.40%	-2.95%	11.08%	-18.93%	-29.58%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.16	$1.88	$0.33	$0.35	$1.35	$1.87	$0.38	$0.34	$1.40	$1.74	$0.50
Adjusted Weighted Average Basic Shares Outstanding	67M	68.20M	69M	70.50M	69.80M	71.60M	72.40M	72.80M	73M	75.40M	75.90M
Adjusted Diluted Earnings per Share	$1.16	$1.87	$0.33	$0.35	$1.36	$1.87	$0.38	$0.34	$1.39	$1.73	$0.50
Adjusted Weighted Average Diluted Shares Outstanding	67.10M	68.30M	69M	70.60M	69.90M	71.80M	72.40M	72.90M	73.20M	75.60M	76.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	68.20M	68.93M	69.75M	71.57M	71.62M	72.51M	72.85M	75.47M	75.47M	76.13M	76.25M
Normalized Net Operating Profit after Tax (NOPAT)	122	171	61	68	145	181	72	68	148	178	86
Normalized NOPAT Margin	20.68%	23.58%	15.25%	17.01%	24.29%	22.48%	16.30%	15.85%	23.27%	22.84%	18.98%
Pre Tax Income Margin	15.68%	20.44%	7.05%	7.30%	19.06%	19.19%	7.56%	6.95%	19.81%	19.30%	10.07%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2.80	4.18	1.47	1.47	3.25	3.98	1.65	1.57	3.22	3.82	1.84
NOPAT to Interest Expense	2.54	3.72	1.27	1.35	2.88	3.50	1.44	1.35	2.70	3.36	1.63
EBIT Less CapEx to Interest Expense	0.02	0.35	-1.98	-2.25	-0.99	1.02	-2.75	-1.96	-1.70	-1.22	-2.29
NOPAT Less CapEx to Interest Expense	-0.24	-0.11	-2.17	-2.37	-1.36	0.54	-2.96	-2.18	-2.22	-1.68	-2.51
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	67.54%	65.64%	67.15%	73.86%	70.39%	70.05%	68.97%	69.63%	69.28%	71.13%	71.08%
Augmented Payout Ratio	67.54%	65.64%	67.15%	73.86%	70.39%	70.05%	68.97%	69.63%	69.28%	71.13%	71.08%

Financials Breakdown Chart

Key Financial Trends

Black Hills Corp. (NYSE: BKH) showed solid first-quarter 2026 earnings growth, but the cash flow and balance sheet picture was more mixed. Revenue rose year over year, earnings improved, and operating cash flow remained strong. However, heavy capital spending, continued debt levels, and a quarter-over-quarter drop in cash point to a utility that is still funding significant investment needs.

Revenue and profit improved year over year. Q1 2026 revenue increased to $780.7 million from $726.4 million in Q1 2025, while net income rose to $133.1 million from $136.4 million in the prior-year quarter’s restated figure, with common EPS holding up well at $1.73 versus $1.87 a year ago.
Operating cash flow was strong. Black Hills generated $176.2 million in operating cash flow in Q1 2026, supported by solid earnings and non-cash depreciation/amortization add-backs.
Gross profit expanded. Gross profit increased to $442.8 million from $445.5 million in Q1 2025, with revenue growth helping offset higher operating costs.
Equity increased over the last year. Total common equity rose to $3.95 billion at March 31, 2026, from $3.64 billion a year earlier, suggesting the company continued to grow its capital base.
Plant investment remains elevated. The company continued to invest heavily in its regulated asset base, spending $267.4 million on property, plant and equipment in Q1 2026.
Depreciation and amortization remain a major ongoing cost. These non-cash expenses were $77.3 million in Q1 2026, reflecting Black Hills’ large infrastructure footprint.
Interest expense is still meaningful. Q1 2026 interest expense was $53.1 million, which continues to pressure pre-tax profitability and underscores the importance of disciplined balance sheet management.
Share issuance continues to support funding needs. Black Hills issued $40.7 million of common equity in Q1 2026, consistent with a financing strategy that relies in part on equity to help fund capital needs and manage leverage.
Free cash flow was negative after capital spending. Operating cash flow of $176.2 million was below capital expenditures of $267.4 million, implying negative quarter-end free cash flow before financing items.
Cash declined quarter over quarter. Cash and equivalents fell to $23.6 million at March 31, 2026, from $21.1 million at December 31, 2025, but the company’s cash balance remains modest relative to its size and debt load.
Debt remains substantial. Black Hills ended Q1 2026 with $662.2 million of short-term debt and $3.99 billion of long-term debt, keeping leverage elevated for a utility.
Financing outflows were large in the quarter. The company repaid $302.5 million of debt and paid $55.6 million in dividends in Q1 2026, resulting in $65.2 million of net cash used in financing activities.
Cash balance is low versus liabilities and capital needs. Total liabilities stood at $6.79 billion versus $4.03 billion in equity and noncontrolling interests, leaving the company dependent on stable operating performance and capital markets access.

Bottom line: Black Hills continues to look like a stable utility with dependable earnings and operating cash flow, but the story is still heavily shaped by capital spending and debt management. For investors, the key question is whether upcoming investments will translate into stronger regulated returns without pressuring leverage or free cash flow too much.

08/17/26 04:15 AM ETAI Generated. May Contain Errors.

Black Hills Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Black Hills' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Black Hills' net income appears to be on an upward trend, with a most recent value of $299.80 million in 2025, falling from -$32.11 million in 2015. The previous period was $283.70 million in 2024. See Black Hills' forecast for analyst expectations on what's next for the company.

Black Hills' total operating income in 2025 was $537.50 million, based on the following breakdown:

Total Gross Profit: $1.48 billion
Total Operating Expenses: $941 million

Over the last 10 years, Black Hills' total revenue changed from $1.26 billion in 2015 to $2.31 billion in 2025, a change of 83.1%.

Black Hills' total liabilities were at $6.96 billion at the end of 2025, a 8.2% increase from 2024, and a 120.3% increase since 2015.

In the past 10 years, Black Hills' cash and equivalents has ranged from $6.36 million in 2020 to $440.86 million in 2015, and is currently $182.80 million as of their latest financial filing in 2025.

Over the last 10 years, Black Hills' book value per share changed from 32.68 in 2015 to 50.66 in 2025, a change of 55.0%.

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Financial statements for NYSE:BKH last updated on 8/6/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Black Hills (BKH) Financials

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