NYSE : BKH
Black Hills Corporation — Financial statements
Utilities · Utilities - Regulated Gas · United States
Last price 81.46 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 6.21B
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Financial statements
Black Hills Corporation (BKH) reported revenue of 2.30B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.30B | 2.31B | 2.13B | 2.33B | 2.55B | 1.95B |
| Fuel & Purchased Power | 799.00M | 831.50M | 730.30M | 982.90M | 1.23B | 741.90M |
| Operations & Maintenance | 575.30M | 578.00M | 546.40M | 545.00M | 539.80M | 492.00M |
| Depreciation & Amortization | 294.90M | 283.80M | 270.10M | 256.80M | 250.90M | 236.00M |
| Other Operating Expenses | 85.80M | 84.00M | 81.80M | 78.30M | 75.70M | 69.10M |
| Total Operating Expenses | 1.75B | 1.78B | 1.63B | 1.86B | 2.10B | 1.54B |
| Operating Income | 544.30M | 532.70M | 499.10M | 468.30M | 454.80M | 410.10M |
| Interest Expense | -198.30M | -194.00M | -186.50M | -174.00M | -157.00M | -150.00M |
| Interest Income | 7.90M | 6.80M | 13.50M | 12.10M | 1.60M | 1.70M |
| Net Interest Expense | -190.40M | -187.20M | -173.00M | -161.90M | -155.40M | -148.30M |
| Allowance for Equity Funds for Construction | -10.70M | -10.70M | -4.00M | -400.00K | -600.00K | -600.00K |
| Allowance for Borrowed Funds for Construction | -12.90M | -12.90M | -8.70M | -6.00M | -5.60M | -4.10M |
| Other Non-Operating Income (Expenses) | 21.80M | 21.60M | 6.60M | 1.60M | 2.80M | 1.30M |
| EBT Excluding Unusual Items | 352.10M | 343.50M | 320.00M | 301.60M | 296.00M | 258.40M |
| Pretax Income | 352.10M | 343.50M | 320.00M | 301.60M | 296.00M | 258.40M |
| Income Tax Expense | 44.00M | 43.70M | 36.30M | 25.60M | 25.20M | 7.20M |
| Earnings From Continuing Ops. | 308.10M | 299.80M | 283.70M | 276.00M | 270.80M | 251.20M |
| Net Income to Company | 308.10M | 299.80M | 283.70M | 276.00M | 270.80M | 251.20M |
| Minority Interest in Earnings | -9.00M | -8.20M | -10.60M | -13.80M | -12.40M | -14.50M |
| Net Income | 299.10M | 291.60M | 273.10M | 262.20M | 258.40M | 236.70M |
| Net Income to Common | 299.10M | 291.60M | 273.10M | 262.20M | 258.40M | 236.70M |
| Shares Outstanding (Basic) | 74.85M | 73.00M | 69.80M | 67.00M | 64.90M | 63.20M |
| Shares Outstanding (Diluted) | 75.10M | 73.20M | 69.90M | 67.10M | 65.00M | 63.30M |
| EPS (Basic) | 4.00 | 3.99 | 3.91 | 3.91 | 3.98 | 3.75 |
| EPS (Diluted) | 3.98 | 3.98 | 3.91 | 3.91 | 3.97 | 3.74 |
| Free Cash Flow | -305.20M | -146.40M | -24.90M | 388.80M | -19.60M | -742.10M |
| Free Cash Flow Per Share | -4.06 | -2.00 | -0.36 | 5.79 | -0.30 | -11.72 |
| Dividend Per Share | 2.76 | 2.70 | 2.60 | 2.50 | 2.41 | 2.32 |
| Profit Margin | 13.01% | 12.62% | 12.83% | 11.25% | 10.13% | 12.14% |
| Free Cash Flow Margin | -13.27% | -6.34% | -1.17% | 16.68% | -0.77% | -38.07% |
| EBITDA | 839.20M | 816.50M | 769.20M | 725.10M | 705.70M | 646.10M |
| EBITDA Margin | 36.50% | 35.35% | 36.15% | 31.10% | 27.66% | 33.15% |
| D&A For EBITDA | 294.90M | 283.80M | 270.10M | 256.80M | 250.90M | 236.00M |
| EBIT | 544.30M | 532.70M | 499.10M | 468.30M | 454.80M | 410.10M |
| EBIT Margin | 23.67% | 23.06% | 23.46% | 20.09% | 17.82% | 21.04% |
| Effective Tax Rate | 12.50% | 12.72% | 11.34% | 8.49% | 8.51% | 2.79% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 71.50M | 182.80M | 16.10M | 86.60M | 21.40M | 8.92M |
| Accounts Receivable | 282.10M | 389.00M | 351.20M | 350.30M | 508.20M | 321.65M |
| Other Receivables | 24.30M | 23.30M | 19.80M | 18.50M | 17.60M | 18.02M |
| Inventory | 157.90M | 172.40M | 153.90M | 160.90M | 207.40M | 150.98M |
| Restricted Cash | 8.00M | 7.60M | 7.30M | 6.40M | 5.60M | 4.89M |
| Other Current Assets | 201.30M | 220.80M | 194.00M | 203.90M | 311.50M | 303.68M |
| Total Current Assets | 745.10M | 995.90M | 742.30M | 826.60M | 1.07B | 808.13M |
| Property, Plant & Equipment | 8.64B | 8.23B | 7.63B | 7.12B | 6.80B | 6.45B |
| Regulatory Assets | 257.00M | 255.00M | 272.90M | 304.40M | 392.70M | 526.31M |
| Goodwill | 1.30B | 1.30B | 1.30B | 1.30B | 1.30B | 1.30B |
| Other Intangible Assets | 5.60M | 6.40M | 7.60M | 8.40M | 9.60M | 10.77M |
| Other Long-Term Assets | 91.30M | 78.80M | 70.40M | 62.20M | 46.70M | 38.05M |
| Total Assets | 11.04B | 10.87B | 10.02B | 9.62B | 9.62B | 9.13B |
| Accounts Payable | 275.20M | 311.70M | 229.10M | 186.40M | 310.00M | 217.76M |
| Accrued Expenses | 208.50M | 263.60M | 246.60M | 217.30M | 195.80M | 195.94M |
| Short-Term Debt | 90.00M | 133.80M | 535.60M | 420.18M | ||
| Current Portion of Long-Term Debt | 410.00M | 600.00M | 525.00M | |||
| Other Current Liabilities | 441.50M | 164.70M | 153.90M | 181.40M | 100.30M | 67.83M |
| Total Current Liabilities | 1.43B | 740.00M | 763.40M | 1.19B | 1.67B | 901.71M |
| Long-Term Debt | 3.99B | 4.70B | 4.25B | 3.80B | 3.61B | 4.13B |
| Pension & Post-Retirement Benefits | 121.40M | 123.40M | 122.90M | 123.90M | 116.70M | 123.92M |
| Long-Term Deferred Tax Liabilities | 742.40M | 697.90M | 625.10M | 548.00M | 508.90M | 465.39M |
| Other Long-Term Liabilities | 731.50M | 701.70M | 675.80M | 656.40M | 628.70M | 626.82M |
| Total Liabilities | 7.01B | 6.96B | 6.44B | 6.31B | 6.53B | 6.24B |
| Common Stock | 76.30M | 75.50M | 71.70M | 68.30M | 66.10M | 64.79M |
| Additional Paid-In Capital | 2.47B | 2.42B | 2.19B | 2.01B | 1.88B | 1.78B |
| Retained Earnings | 1.41B | 1.34B | 1.25B | 1.16B | 1.06B | 962.46M |
| Treasury Stock | -4.00M | -2.60M | -3.30M | -4.10M | -2.40M | -3.51M |
| Comprehensive Income & Other | -6.60M | -9.70M | -9.40M | -14.80M | -15.60M | -20.08M |
| Total Common Equity | 3.94B | 3.82B | 3.50B | 3.22B | 2.99B | 2.79B |
| Minority Interest | 80.30M | 82.10M | 83.70M | 90.50M | 95.00M | 100.03M |
| Shareholders' Equity | 4.02B | 3.91B | 3.59B | 3.31B | 3.09B | 2.89B |
| Total Liabilities & Equity | 11.04B | 10.87B | 10.02B | 9.62B | 9.62B | 9.13B |
| Total Debt | 4.49B | 4.70B | 4.38B | 4.40B | 4.67B | 4.55B |
| Net Cash (Debt) | -4.42B | -4.52B | -4.37B | -4.31B | -4.65B | -4.54B |
| Net Cash Per Share | -58.89 | -61.73 | -62.49 | -64.30 | -71.48 | -71.69 |
| Filing Date Shares Outstanding | 76.25M | 75.47M | 71.62M | 68.20M | 66.10M | 64.74M |
| Total Common Shares Outstanding | 76.26M | 75.48M | 71.62M | 68.20M | 66.10M | 64.74M |
| Working Capital | -680.10M | 255.90M | -21.10M | -358.50M | -595.00M | -93.58M |
| Book Value Per Share | 51.71 | 50.66 | 48.89 | 47.15 | 45.31 | 43.05 |
| Tangible Book Value | 2.64B | 2.52B | 2.19B | 1.91B | 1.69B | 1.48B |
| Tangible Book Value Per Share | 34.60 | 33.36 | 30.64 | 27.97 | 25.50 | 22.81 |
| Machinery | 10.01B | 9.25B | 8.74B | 8.16B | 7.62B | |
| Construction In Progress | 334.40M | 313.20M | 175.90M | 218.70M | 227.77M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 299.10M | 291.60M | 273.10M | 262.20M | 258.40M | 236.70M |
| Depreciation & Amortization | 294.90M | 283.80M | 270.10M | 256.80M | 250.90M | 236.00M |
| Other Amortization | 10.40M | 9.70M | 10.70M | 10.10M | 9.80M | 7.00M |
| Stock-Based Compensation | 12.50M | 11.80M | 10.60M | 7.00M | 8.60M | 9.70M |
| Change in Accounts Receivable | -1.60M | -45.00M | -25.70M | 204.50M | -184.50M | -43.20M |
| Change in Inventory | -11.90M | -17.80M | 13.20M | 51.40M | -75.40M | -35.70M |
| Change in Accounts Payable | -28.10M | 24.00M | 28.80M | -109.90M | 89.40M | 10.60M |
| Change in Other Net Operating Assets | 19.20M | 59.10M | 90.00M | 236.80M | 203.90M | -524.20M |
| Other Operating Activities | 33.80M | 56.20M | 48.50M | 25.50M | 23.70M | 38.50M |
| Operating Cash Flow | 628.30M | 673.40M | 719.30M | 944.40M | 584.80M | -64.60M |
| Capital Expenditures | -933.50M | -819.80M | -744.20M | -555.60M | -604.40M | -677.50M |
| Other Investing Activities | -10.60M | -8.40M | -1.80M | 18.90M | 500.00K | 13.30M |
| Investing Cash Flow | -944.10M | -828.20M | -746.00M | -536.70M | -603.90M | -664.20M |
| Short-Term Debt Issued | 133.80M | 115.40M | 986.10M | |||
| Long-Term Debt Issued | 450.00M | 450.00M | 800.00M | 600.00M | ||
| Total Debt Issued | 540.00M | 450.00M | 583.80M | 800.00M | 115.40M | 1.59B |
| Short-Term Debt Repaid | -133.80M | -535.60M | -800.00M | |||
| Long-Term Debt Repaid | -600.00M | -525.00M | -8.40M | |||
| Total Debt Repaid | -423.70M | -133.80M | -600.00M | -1.06B | -808.40M | |
| Net Debt Issued (Repaid) | 116.30M | 316.20M | -16.20M | -260.60M | 115.40M | 777.70M |
| Issuance of Common Stock | 206.70M | 221.60M | 183.40M | 120.00M | 91.20M | 119.00M |
| Common Dividends Paid | -206.90M | -197.90M | -182.30M | -168.10M | -156.70M | -145.00M |
| Other Financing Activities | 263.40M | -18.10M | -27.80M | -33.00M | -17.60M | -19.80M |
| Financing Cash Flow | 379.50M | 321.80M | -42.90M | -341.70M | 32.30M | 731.90M |
| Net Cash Flow | 63.70M | 167.00M | -69.60M | 66.00M | 13.20M | 3.10M |
| Free Cash Flow | -305.20M | -146.40M | -24.90M | 388.80M | -19.60M | -742.10M |
| Free Cash Flow Margin | -13.27% | -6.34% | -1.17% | 16.68% | -0.77% | -38.07% |
| Free Cash Flow Per Share | -4.06 | -2.00 | -0.36 | 5.79 | -0.30 | -11.72 |
| Levered Free Cash Flow | -77.75M | -279.31M | -199.12M | 191.54M | -275.50M | -547.04M |
| Unlevered Free Cash Flow | 35.79M | -167.76M | -93.26M | 290.19M | -187.17M | -460.29M |
| Cash Interest Paid | 198.00M | 196.40M | 174.40M | 157.30M | 152.50M | 142.70M |
| Cash Income Tax Paid | -8.80M | -14.40M | 1.00M | -800.00K | -1.50M | |
| Change in Working Capital | -22.40M | 20.30M | 106.30M | 382.80M | 33.40M | -592.50M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 6.25B | 5.24B | 4.19B | 3.67B | 4.58B | 4.50B |
| Enterprise Value | 10.68B | 9.68B | 8.53B | 8.09B | 9.30B | 9.05B |
| PE Ratio | 20.59 | 17.97 | 15.34 | 13.99 | 17.71 | 19.03 |
| PS Ratio | 2.72 | 2.27 | 1.97 | 1.57 | 1.79 | 2.31 |
| PB Ratio | 1.59 | 1.34 | 1.17 | 1.11 | 1.48 | 1.56 |
| P/FCF Ratio | 9.44 | |||||
| P/OCF Ratio | 9.95 | 7.78 | 5.82 | 3.88 | 7.83 | |
| EV/Sales Ratio | 4.64 | 4.19 | 4.01 | 3.47 | 3.64 | 4.64 |
| EV/EBITDA Ratio | 12.72 | 11.86 | 11.09 | 11.16 | 13.17 | 14.01 |
| EV/EBIT Ratio | 19.61 | 18.17 | 17.09 | 17.28 | 20.44 | 22.08 |
| EV/FCF Ratio | 20.81 | |||||
| Debt / Equity Ratio | 1.12 | 1.20 | 1.22 | 1.33 | 1.51 | 1.57 |
| Debt / EBITDA Ratio | 5.35 | 5.76 | 5.70 | 6.07 | 6.61 | 7.04 |
| Debt / FCF Ratio | 11.32 | |||||
| Net Debt / Equity Ratio | 1.10 | 1.16 | 1.22 | 1.30 | 1.50 | 1.57 |
| Net Debt / EBITDA Ratio | 5.27 | 5.53 | 5.68 | 5.95 | 6.58 | 7.02 |
| Net Debt / FCF Ratio | -14.49 | -30.86 | -175.42 | 11.10 | -237.07 | -6.12 |
| Quick Ratio | 0.27 | 0.80 | 0.51 | 0.38 | 0.33 | 0.39 |
| Current Ratio | 0.52 | 1.35 | 0.97 | 0.70 | 0.64 | 0.90 |
| Asset Turnover | 0.22 | 0.22 | 0.22 | 0.24 | 0.27 | 0.23 |
| Return on Equity (ROE) | 7.96% | 8.00% | 8.23% | 8.63% | 9.06% | 9.05% |
| Return on Assets (ROA) | 3.22% | 3.19% | 3.18% | 3.04% | 3.03% | 2.98% |
| Return on Capital Employed (ROCE) | 5.70% | 5.30% | 5.40% | 5.60% | 5.70% | 5.00% |
| Earnings Yield | 4.86% | 5.57% | 6.52% | 7.15% | 5.64% | 5.26% |
| FCF Yield | -4.88% | -2.79% | -0.59% | 10.60% | -0.43% | -16.48% |
| Dividend Yield | 3.43% | 3.90% | 4.45% | 4.65% | 3.48% | 3.33% |
| Payout Ratio | 70.61% | 67.87% | 66.75% | 64.11% | 60.64% | 61.26% |
| Buyback Yield / Dilution | -4.89% | -4.72% | -4.17% | -3.23% | -2.69% | -1.38% |
| Total Shareholder Return | -1.46% | -0.83% | 0.27% | 1.42% | 0.79% | 1.96% |