BKH

Black Hills Corp /Sd/

$72.90 -0.35 (-0.48%) At close · Jul 8

Market Cap

$5.55B

76,128,592

Income-statement, balance-sheet and cash-flow figures extracted from the company's SEC filings — 10-K annual and 10-Q quarterly reports — and standardised for comparison across periods.

Revenue

$2.31B +8.6%

FY2025

Net Income

$291.6M +6.8%

FY2025

Gross Margin

65.32% +10.5pp

FY2012

Operating Margin

23.27% -0.4pp

FY2025

Diluted EPS

$3.98 +1.8%

FY2025

Operating Cash Flow

$673.4M -6.4%

FY2025

Chart any reported metric, KPI or segment over time — the full statement history lives here

Income Statement Balance Sheet Cash Flow All Metrics

Annual Quarterly

Line Item	3Y	5Y	10Y	FY2026 (G)	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010
Revenue	-3.3%	+6.4%	+5.9%	—	$2.29B	$2.31B	$2.13B	$2.33B	$2.55B	$1.95B	$1.7B	$1.73B	$1.75B	$1.68B	$1.57B	$1.3B	$1.39B	$1.28B	$1.17B	$1.27B	$1.31B
Rental Income	—	—	—	—	—	—	—	—	—	—	$2.53M	$2.31M	—	—	—	—	—	—	—	—	—
Gross Profit	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	$766.82M	$697.2M	—
Gross Margin	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	65.32%	54.8%	—
Amortization of Intangibles	+0.5%	-1.9%	+18.0%	—	—	$1.2M	$1.1M	$1.2M	$1.18M	$1.17M	$1.32M	$1.07M	$824K	$833K	$510K	$230K	$221K	$223K	$223K	—	—
Depreciation & Amortization	+4.2%	+4.8%	+6.2%	—	$289.4M	$283.8M	$270.1M	$256.8M	$250.91M	$235.95M	$224.46M	$209.12M	$196.33M	$188.25M	$189.04M	$155.37M	$144.75M	$141.22M	$154.63M	$135.59M	$126.89M
Total Operating Expenses	-5.4%	+6.9%	+3.4%	—	$1.75B	$1.77B	$1.62B	$1.86B	$2.1B	$1.54B	$1.27B	$1.33B	$1.36B	$1.26B	$1.35B	$1.27B	$1.13B	$1.02B	$930.17M	$1.09B	$1.11B
Total Costs & Expenses	0.0%	+0.6%	+3.6%	—	—	—	—	$552M	$615.11M	$561.79M	$551.78M	$548.91M	$535.29M	$512M	$555.26M	$412.95M	$403.18M	$386.94M	$370.74M	$375.37M	$88.89M
Operating Income	+5.7%	+4.6%	+33.5%	—	$534.4M	$537.5M	$503.1M	$472.7M	$455.24M	$409.43M	$428.3M	$406.04M	$397.04M	$416.74M	$222.59M	$29.8M	$263.87M	$255.55M	$243.71M	$186.24M	$193.9M
Operating Margin	—	—	—	—	—	23.27%	23.65%	20.28%	17.84%	21.01%	25.24%	23.4%	22.63%	24.8%	14.15%	2.28%	18.93%	20.03%	20.76%	14.64%	14.83%
EBITDA	+5.2%	+4.7%	+16.1%	—	$823.8M	$821.3M	$773.2M	$729.5M	$706.15M	$645.38M	$652.76M	$615.16M	$593.37M	$604.98M	$411.63M	$185.17M	$408.61M	$396.77M	$398.34M	$321.83M	$320.8M
Interest Expense	+7.5%	+6.9%	+9.1%	—	$200.7M	$200.1M	$181.7M	$167.9M	$160.99M	$152.4M	$143.47M	$137.66M	$141.62M	$138.12M	$135.41M	$83.72M	$70.96M	$111.79M	$113.61M	$91.38M	$107.79M
Interest Income	+62.1%	+36.0%	+15.4%	—	$7.6M	$6.8M	$13.5M	$12.1M	$1.6M	$1.71M	$1.46M	$1.63M	$1.64M	$1.02M	$1.43M	$1.62M	$1.93M	$1.72M	$1.96M	$2.02M	$694K
Other Non-Operating Income	—	—	—	—	-$194.7M	-$194M	-$183.1M	-$171.1M	-$159.28M	-$151M	-$152.62M	-$5.74M	-$1.18M	$2.11M	$4.5M	$2.44M	$2.68M	$1.8M	$2.97M	$3.73M	-$101.48M
Equity in Earnings of Unconsolidated Entities	—	—	—	—	—	—	—	—	—	—	—	—	—	—	$0	-$344K	-$1000	-$86K	$10K	$1.12M	$1.56M
Pretax Income	+5.1%	+4.5%	—	—	$339.7M	$343.5M	$320M	$301.6M	$295.96M	$258.43M	$275.68M	$242.9M	$255.88M	$281.74M	$93.11M	-$49.52M	$197.52M	$177.54M	$136.9M	$57.47M	$92.42M
Income Tax	+20.1%	+5.8%	—	—	$43.2M	$43.7M	$36.3M	$25.6M	$25.21M	$7.17M	$32.92M	$29.58M	-$23.67M	$73.37M	$10.48M	-$22.16M	$66.63M	$61.61M	$48.4M	$18.22M	$25.3M
Net Income	+4.1%	+5.1%	—	—	$287M	$291.6M	$273.1M	$262.2M	$258.39M	$236.74M	$227.61M	$199.31M	$258.44M	$177.03M	$82.63M	—	—	$114.96M	$81.53M	$49.73M	$68.69M
Net Margin	—	—	—	—	—	12.62%	12.84%	11.25%	10.13%	12.15%	13.41%	11.49%	14.73%	10.54%	5.25%	—	—	9.01%	6.95%	3.91%	5.25%
Net Income Attributable to Noncontrolling Interests	-12.8%	-11.6%	—	—	$8.2M	$8.2M	$10.6M	$13.8M	$12.37M	$14.52M	$15.16M	$14.01M	$14.22M	$14.24M	$9.66M	—	—	—	—	—	$0
Net Income Available to Common Stockholders	—	+17.6%	—	—	—	—	—	—	—	—	—	—	$258.44M	$177.03M	$72.97M	-$32.11M	$130.89M	$114.96M	$81.53M	$49.73M	$68.69M
Comprehensive Income	+3.5%	+4.8%	—	—	$289.2M	$291.3M	$278.5M	$263M	$262.9M	$244.01M	$230.92M	$195.57M	$265.47M	$177.72M	$47.14M	—	—	$133.03M	—	-$9.3M	—
EPS (Basic) USD/shares	+0.1%	+1.8%	—	—	—	$3.99	$3.91	$3.91	$3.98	$3.74	$3.65	$3.29	$4.75	$3.33	$1.41	-$0.71	$2.95	$2.60	$1.86	$1.25	$1.76
EPS (Diluted) USD/shares	+0.1%	+1.7%	—	$4.25 – $4.45*	—	$3.98	$3.91	$3.91	$3.97	$3.74	$3.65	$3.28	$4.66	$3.21	$1.37	-$0.71	$2.93	$2.59	$1.85	$1.24	$1.76
Shares Outstanding (Basic Avg) shares	+4.0%	+3.2%	+4.9%	—	—	73M	69.8M	67M	64.86M	63.22M	62.38M	60.66M	54.42M	53.22M	51.92M	45.29M	44.39M	44.16M	43.82M	39.86M	38.92M
Shares Outstanding (Diluted Avg) shares	+4.0%	+3.2%	+4.9%	—	—	73.2M	69.9M	67.1M	65.02M	63.33M	62.44M	60.8M	55.49M	55.12M	53.27M	45.29M	44.6M	44.42M	44.07M	40.08M	39.09M

Italic rows are computed from reported lines — open a row's info icon for its formula. Values reflect the latest filing (restatements included); per-share figures on today's split basis. Click a value for its source filing. TTM: trailing twelve months through the latest reported quarter — flows sum the last four quarters, balances take the latest. 3Y/5Y/10Y columns are trailing CAGR from the newest fiscal year; blank where an endpoint is missing or negative. (G): the company's own guidance — a (G) column is a guided period not yet reported; a G marker shows how the reported figure landed against the guided range. Non-GAAP-basis guidance (*) is shown as stated and never judged against GAAP actuals.

Capital Returned to Shareholders

Cash spent on share repurchases and dividends per fiscal year, as reported on the cash-flow statement. Across FY2010–FY2025: $1.79B in dividends.

Price & Valuation

Multiples computed on the strict TTM/EV methodology — today's snapshot against the industry, and each ratio recomputed as of past filing dates.

Valuation

EV/Revenue

—

EV/EBIT

—

P/E (TTM)

18.98×

Utilities - Regulated Gas median 17.79×

Valuation over time computed as of each quarter's filing date

Revenue Breakdown

Annual revenue as the company disaggregates it in its own XBRL filings. Years a component wasn't reported show a dash.

Share mode is each component's slice of the reported components that year — issuers rarely tag every revenue dollar, so slices need not sum to total revenue.

By Segment (USD)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Reportable Segment Aggregation Before Other Operating Segment	$2,325,600,000	$2,145,500,000	$2,349,200,000	—	—	—	—	—
Gas Utilities	$1,382,800,000	$1,269,400,000	$1,484,200,000	$1,669,100,000	$1,124,900,000	$974,670,000	$1,010,030,000	$1,025,307,000
Electric Utilities	$942,800,000	$876,100,000	$865,000,000	$900,200,000	$842,200,000	$738,857,000	$739,355,000	$711,451,000
Mining	—	—	—	—	—	$61,075,000	$61,629,000	$68,033,000
Power Generation	—	—	—	—	—	$105,047,000	$101,258,000	$92,451,000

By Product & Service (USD)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31
Alternative Revenue and Other	$23,800,000	$29,700,000	$29,600,000	$8,900,000	—	—	—	—
Other	—	—	$29,600,000	$8,900,000	$18,200,000	$16,137,000	$8,508,000	$5,726,000

Segment Operating Income

Annual operating income by business segment, as tagged in the company's own XBRL filings. Segments need not sum to the consolidated figure — corporate costs and eliminations are typically unallocated.

By Segment (USD)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Reportable Segment Aggregation Before Other Operating Segment	$543,300,000	—	$477,600,000	—	—
Gas Utilities	$320,800,000	$271,300,000	$228,800,000	$244,200,000	$211,200,000
Electric Utilities	$222,500,000	$233,000,000	$248,800,000	$214,300,000	$202,700,000

Operating Margin by Segment (%)

Component	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Reportable Segment Aggregation Before Other Operating Segment	23.4%	—	20.3%	—	—
Gas Utilities	23.2%	21.4%	15.4%	14.6%	18.8%
Electric Utilities	23.6%	26.6%	28.8%	23.8%	24.1%

Key facts CIK 1130464 CUSIP 092113109 13F (30d) 16 filings 16 filers Visit website Investor relations