Monday 2 November 2026 Export BKH’s income statement to Excel — free account

Black Hills Corporation

Black Hills Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.3 billion, up 8.57% from fiscal 2024.

Revenue: +3.14%
EPS: +33.8%
Free cash flow: +24.1%
Total debt: +3.56%

Quarter to June 2026, against a year earlier

Dividend growth 25 yrs

82.63 0.62 +0.76%

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Market cap: $6.3B
P/E: 20.1×
Fwd P/E: 19.0×
Dividend yield: 3.37%
F-score: 6/9
Altman Z: 1.01
Beneish M: −2.55
Dividend safety: 39/100

Overview Business Profile Earnings & Analysis Segments Filings

Black Hills Corporation (BKH) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2022: revenue by segment, and margins
Gas Utilities	1,665	65.26%
Electric Utilities	895	35.06%
Gross margin		51.78%
Operating margin		17.84%
Pre-tax margin		11.60%

Revenue by segment $m

Line	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Gas Utilities	1,665 65.49%	1,112 57.57%	964 57.38%	1,010 58.48%	1,024 58.58%	948 56.40%	838 54.48%	551 43.71%	658 47.18%	540 42.30%	454 38.68%	555 43.59%
Electric Utilities	895 35.18%	837 43.34%	733 43.59%	731 42.36%	709 40.55%	705 41.94%	677 44.01%	680 53.90%	658 47.18%	651 51.06%	611 52.03%	601 47.24%
Power Generation	—	—	—	—	91 5.19%	95 5.63%	91 5.92%	91 7.20%	88 6.28%	5 0.36%	4 0.36%	4 0.32%
Mining	—	—	—	—	66 3.76%	67 3.96%	60 3.92%	65 5.16%	63 4.55%	25 1.97%	26 2.20%	33 2.58%
Oil and Gas	—	—	—	—	—	—	—	—	55 3.95%	55 4.30%	79 6.74%	80 6.27%
Eliminations	(17) (0.67%)	(18) (0.91%)	(16) (0.97%)	(14) (0.84%)	(141) (8.09%)	(133) (7.93%)	(128) (8.33%)	(126) (9.96%)	(128) (9.15%)	—	—	—
Revenue	2,543	1,931	1,681	1,726	1,749	1,680	1,539	1,261	1,394	1,276	1,174	1,272

Operating income by segment $m, and margin

	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011
Gas Utilities	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Electric Utilities	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Power Generation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Mining	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Oil and Gas	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Operating income	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Coal	Q4 FY2025	69.4%	97.2%	—
Colorado Electric	Q2 FY2026	534.9K	524.1K	+2.06%
Commercial	Q2 FY2026	499.6K	499.7K	−0.02%
Distribution	Q1 FY2026	38.3M	—	—
Industrial	Q2 FY2026	784.0K	663.9K	+18.09%
Integrated generation	Q2 FY2026	21.3K	18.9K	+12.70%
Market - off-system sales	Q2 FY2026	90.4K	220.0K	−58.91%
Municipal	Q2 FY2026	35.8K	34.1K	+4.99%
Natural gas and diesel oil	Q4 FY2025	88.4%	85.5%	—
Other uses, losses, or generation, net	Q2 FY2026	142.3K	125.4K	+13.48%
Residential	Q2 FY2026	327.0K	321.0K	+1.87%
Residential	Q2 FY2026	6.7M	7.2M	−6.94%
Retail sales	Q2 FY2026	1.6M	1.5M	+8.41%
South Dakota Electric	Q2 FY2026	527.0K	638.9K	−17.51%
Total availability	Q4 FY2025	82.1%	88.2%	—
Total energy	Q2 FY2026	2.0M	2.0M	+1.53%
Total quantities sold	Q2 FY2026	50.1M	—	—
Total quantities sold	Q2 FY2026	1.9M	1.8M	+0.71%
Transport and transmission	Q2 FY2026	37.9M	—	—
Wholesale	Q2 FY2026	123.5K	108.4K	+13.93%
Wind	Q4 FY2025	82.3%	87.6%	—
Wind capacity factor	Q4 FY2025	39.7%	38.0%	—
Wyoming Electric	Q2 FY2026	777.1K	665.2K	+16.82%

	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Coal	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Colorado Electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Commercial	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Distribution	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Industrial	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Integrated generation	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Market - off-system sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Municipal	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Natural gas and diesel oil	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Other uses, losses, or generation, net	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Residential	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Residential	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Retail sales	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
South Dakota Electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total availability	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total energy	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total quantities sold	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Total quantities sold	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Transport and transmission	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Wholesale	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Wind	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Wind capacity factor	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Wyoming Electric	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.