Black Hills Corporation
BKH Utilities Utilities Regulated Gas
Black Hills Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 8.57% from fiscal 2024. In the quarter to June 2026, revenue grew 3.14%, EPS grew 31.6%, free cash flow grew 24.1% and total debt rose 3.56%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.
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A Balance Sheet is a financial statement that provides a snapshot of a company's assets, liabilities, and shareholders' equity at a specific point in time. It follows the formula: Assets = Liabilities + Shareholders' Equity. Key components include current and non-current assets, current and long-term liabilities, and equity. The Balance Sheet helps businesses and investors evaluate financial stability, liquidity, and capital structure. It's essential for assessing the company's ability to meet its obligations and fund future operations.
| Dec '25 | Dec '24 | Dec '23 | Dec '22 | Dec '21 | Dec '20 | Dec '19 | Dec '18 | Dec '17 | Dec '16 | |
|---|---|---|---|---|---|---|---|---|---|---|
Cash and Short Term Investments |
190.40 | 23.40 | 93.00 | 27.00 | 13.81 | 10.74 | 13.66 | 24.15 | 18.24 | 15.79 |
Receivables |
412.30 | 371.00 | 368.80 | 525.80 | 339.67 | 285.41 | 272.25 | 282.13 | 248.33 | 259.31 |
Inventory |
172.40 | 153.90 | 160.90 | 207.40 | 150.98 | 117.40 | 117.17 | 117.30 | 113.28 | 103.61 |
Other current assets |
220.80 | 194.00 | 203.90 | 311.50 | 303.68 | 79.75 | 70.10 | 80.26 | 190.93 | 88.11 |
Total current assets |
995.90 | 742.30 | 826.60 | 1,071.70 | 808.13 | 493.29 | 473.18 | 503.83 | 570.78 | 466.81 |
Property, Plant, Equpment (Net) |
8,234.20 | 7,629.90 | 7,119.30 | 6,798.00 | 6,449.18 | 6,019.71 | 5,503.19 | 4,854.88 | 4,541.43 | 4,386.18 |
Long-Term Investments |
— | — | — | — | — | — | — | 41.01 | 13.09 | 12.56 |
Goodwill and Intangible Assets (Total) |
1,305.90 | 1,307.10 | 1,307.90 | 1,309.10 | 1,310.22 | 1,311.40 | 1,312.72 | 1,313.79 | 1,307.01 | 1,307.85 |
Long-term assets (Other) |
78.80 | 70.40 | 62.20 | 46.70 | 38.05 | 37.80 | 41.31 | 14.35 | 10.15 | 121.49 |
Total non-current assets |
9,873.90 | 9,280.30 | 8,793.80 | 8,546.50 | 8,323.76 | 7,595.50 | 7,085.27 | 6,459.49 | 6,088.12 | 6,074.96 |
Total Assets |
10,869.80 | 10,022.60 | 9,620.40 | 9,618.20 | 9,131.90 | 8,088.79 | 7,558.46 | 6,963.33 | 6,658.90 | 6,541.77 |
Notes Payable |
— | 133.80 | — | 535.60 | 420.18 | 234.04 | 349.50 | 185.62 | 211.30 | 96.60 |
Accounts Payable |
311.70 | 229.10 | 186.40 | 310.00 | 217.76 | 183.34 | 193.52 | 210.61 | 160.89 | 152.13 |
Accrued Expenses |
322.60 | 302.20 | 293.30 | 243.50 | 244.76 | 243.61 | 226.77 | 215.50 | 219.46 | 235.55 |
Current Part of Debt |
— | — | 600.00 | 525.00 | 420.00 | 8.44 | 5.74 | 5.74 | 5.74 | 5.74 |
Current Part of Taxes to Pay |
— | — | — | — | — | — | — | 0.00 | 1.02 | 12.55 |
Other current liabilities |
105.70 | 98.30 | 105.40 | 52.60 | 19.01 | 27.11 | 35.76 | 30.76 | 50.69 | 25.36 |
Total current liabilities |
740.00 | 763.40 | 1,185.10 | 1,666.70 | 901.71 | 696.53 | 811.29 | 648.23 | 649.10 | 527.93 |
Long Term Debt (Total) |
4,701.10 | 4,250.20 | 3,801.20 | 3,607.30 | 4,126.92 | 3,528.10 | 3,140.10 | 2,950.84 | 3,109.40 | 3,211.19 |
Long Term Tax Liability (Deferred) |
697.90 | 625.10 | 548.00 | 508.90 | 465.39 | 408.62 | 360.72 | 311.33 | 336.52 | 561.94 |
Preferred Shares of Subsidiary (Mandatory, Redeemable) |
— | — | — | — | — | — | — | — | — | 4.30 |
Non-current Liabilities (Other) |
825.10 | 798.70 | 780.30 | 745.40 | 750.75 | 792.88 | 782.28 | 765.51 | 743.68 | 506.29 |
Total non-current liabilities |
6,224.10 | 5,674.00 | 5,129.50 | 4,861.60 | 5,343.06 | 4,729.61 | 4,283.09 | 4,027.67 | 4,189.60 | 4,283.71 |
Total liabilities |
6,964.10 | 6,437.40 | 6,314.60 | 6,528.30 | 6,244.77 | 5,426.14 | 5,094.39 | 4,675.90 | 4,838.70 | 4,811.64 |
Additional Paid In Capital |
2,417.50 | 2,193.40 | 2,007.70 | 1,882.70 | 1,783.44 | 1,657.29 | 1,552.79 | 1,450.57 | 1,150.29 | 1,138.98 |
Common Stock (Net) |
75.50 | 71.70 | 68.30 | 66.10 | 64.79 | 62.83 | 61.48 | 60.05 | 53.58 | 53.40 |
Retained Earnings |
1,342.90 | 1,249.10 | 1,158.20 | 1,064.10 | 962.46 | 870.74 | 778.78 | 700.40 | 548.62 | 457.93 |
Treasury Stock |
2.60 | 3.30 | 4.10 | 2.40 | 3.51 | 2.12 | 0.27 | 2.51 | 2.31 | 0.79 |
Common Equity (Total) |
3,905.70 | 3,585.20 | 3,305.80 | 3,089.90 | 2,887.12 | 2,662.65 | 2,464.07 | 2,287.42 | 1,820.21 | 1,730.13 |
Shareholders Equity (Total) |
3,905.70 | 3,585.20 | 3,305.80 | 3,089.90 | 2,887.12 | 2,662.65 | 2,464.07 | 2,287.42 | 1,820.21 | 1,730.13 |
Shareholders Equity and Liabilities (Total) |
10,869.80 | 10,022.60 | 9,620.40 | 9,618.20 | 9,131.90 | 8,088.79 | 7,558.46 | 6,963.33 | 6,658.90 | 6,541.77 |
Shares (Common) |
75.48 | 71.62 | 68.20 | 66.10 | 64.74 | 62.80 | 61.48 | 60.00 | 53.54 | 53.38 |
Shareholders Equity (Tangible) |
2,599.80 | 2,278.10 | 1,997.90 | 1,780.80 | 1,576.90 | 1,351.25 | 1,151.35 | 973.63 | 513.19 | 422.29 |
Net Debt |
4,510.70 | 4,226.80 | 4,308.20 | 4,105.30 | 4,533.11 | 3,525.80 | 3,132.18 | 2,932.43 | 3,096.90 | 3,201.14 |
Total Debt |
4,701.10 | 4,250.20 | 4,401.20 | 4,132.30 | 4,546.92 | 3,536.54 | 3,145.84 | 2,956.58 | 3,115.14 | 3,216.93 |