Revenue
$2.31B
Fiscal year ended 2025-12-31Operating income
$537.50M
Fiscal year ended 2025-12-31Free cash flow
-$146.40M
Fiscal year ended 2025-12-31BLACK HILLS CORP /SD/ (BKH) reported revenue of $2.31B and net income of $291.60M for the fiscal year ended 2025-12-31. This page shows 10 annual periods of income statement, balance sheet and cash flow figures normalized from BLACK HILLS CORP /SD/’s SEC filings, each linked to the filing it came from. It is classified by the SEC under Electric Services.
Income
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.31B | $2.13B | $2.33B | $2.55B | $1.95B | $1.70B | $1.73B | $1.75B | $1.68B | $1.54B |
| Cost of revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Gross profit | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating income | $537.50M | $503.10M | $472.70M | $455.20M | $409.40M | $428.30M | $406.04M | $397.04M | $416.74M | $336.18M |
| Net income | $291.60M | $273.10M | $262.20M | $258.40M | $236.70M | $227.61M | $199.31M | $258.44M | $177.03M | $72.97M |
| Research & development | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Weighted-average diluted shares | shares 73.20M | shares 69.90M | shares 67.10M | shares 73.20M | shares 63.30M | shares 62.44M | shares 60.80M | shares 55.49M | shares 55.12M | shares 53.27M |
| Pretax income | $343.50M | $320.00M | $301.60M | $296.00M | $258.40M | $275.68M | $242.90M | $255.88M | $281.74M | $205.89M |
| Income tax expense | $43.70M | $36.30M | $25.60M | $25.20M | $7.20M | $32.92M | $29.58M | -$23.67M | $73.37M | $59.10M |
| Diluted EPS | $3.98 | $3.91 | $3.91 | $3.97 | $3.74 | $3.65 | $3.28 | $4.66 | $3.21 | $1.37 |
| Selling, general & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| General & administrative | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Selling & marketing | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
Balance
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $182.80M | $16.10M | $86.60M | $21.40M | $8.92M | $6.36M | $9.78M | $20.78M | $15.42M | $13.52M |
| Total assets | $10.87B | $10.02B | $9.62B | $9.62B | $9.13B | $8.09B | $7.56B | $6.96B | $6.66B | $6.54B |
| Current assets | $995.90M | $742.30M | $826.60M | $1.07B | $808.13M | $493.29M | $473.18M | $503.83M | $570.78M | $466.81M |
| Total liabilities | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Current liabilities | $740.00M | $763.40M | $1.19B | $1.67B | $901.71M | $696.53M | $811.29M | $648.23M | $649.10M | $527.93M |
| Total equity incl. NCI | $3.91B | $3.59B | $3.31B | $3.09B | $2.89B | $2.66B | $2.46B | $2.29B | $1.82B | $1.73B |
| Temporary (mezzanine) equity | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $0 | $4.30M |
| Inventory | $172.40M | $153.90M | $160.90M | $207.40M | $150.98M | $117.40M | $117.17M | $117.30M | $113.28M | $103.61M |
| Accounts receivable | $389.00M | $351.20M | $350.30M | $508.20M | $321.65M | $265.96M | $255.80M | $269.15M | $248.33M | $259.31M |
| Goodwill | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B | $1.30B |
| Long-term debt | $4.70B | $4.25B | $3.80B | $3.61B | $4.13B | $3.53B | $3.14B | $2.95B | $3.11B | $3.21B |
| Accounts payable | $311.70M | $229.10M | $186.40M | $310.00M | $217.76M | $183.34M | $193.52M | $210.61M | $160.89M | $152.13M |
Cash flow
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $673.40M | $719.30M | $944.40M | $584.80M | -$64.60M | $541.86M | $505.51M | $488.81M | $428.26M | $320.48M |
| Capital expenditures | $819.80M | $744.20M | $555.60M | $604.40M | $677.50M | $767.40M | $818.38M | $457.52M | $326.01M | $454.95M |
| Investing cash flow | -$828.20M | -$746.00M | -$536.70M | -$603.90M | -$664.20M | -$761.66M | -$816.21M | -$465.85M | -$317.12M | -$1.59B |
| Financing cash flow | $321.80M | -$42.90M | -$341.70M | $32.30M | $731.90M | $216.88M | $300.21M | -$17.06M | -$108.70M | $841.00M |
| Net change in cash | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | $1.90M | -$427.26M |
| Stock-based compensation | $11.80M | $10.60M | $7.00M | $8.60M | $9.70M | $5.37M | $12.10M | $12.39M | $7.63M | $10.88M |
| Common dividends paid | $197.90M | $182.30M | $168.10M | $156.70M | $145.00M | $135.44M | $124.65M | $106.59M | $96.74M | $87.57M |
| Common share repurchases | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Depreciation & amortization | $283.80M | $270.10M | $256.80M | $250.90M | $236.00M | $224.46M | $209.12M | $196.33M | $188.25M | $175.53M |
Derived
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Free cash flow | -$146.40M | -$24.90M | $388.80M | -$19.60M | -$742.10M | -$225.54M | -$312.86M | $31.29M | $102.25M | -$134.47M |
| Gross margin | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Operating margin | 23.3% | 23.6% | 20.3% | 17.8% | 21.0% | 25.2% | 23.4% | 22.6% | 24.8% | 21.8% |
| FCF margin | -6.3% | -1.2% | 16.7% | -0.8% | -38.1% | -13.3% | -18.0% | 1.8% | 6.1% | -8.7% |
| SBC / revenue | 0.5% | 0.5% | 0.3% | 0.3% | 0.5% | 0.3% | 0.7% | 0.7% | 0.5% | 0.7% |
| Current ratio | 1.35x | 0.97x | 0.70x | 0.64x | 0.90x | 0.71x | 0.58x | 0.78x | 0.88x | 0.88x |
| Revenue YoY growth | 8.6% | -8.7% | -8.6% | 30.9% | 14.9% | -2.2% | -1.1% | 4.4% | 9.2% | Unavailable |
| Net margin | 12.6% | 12.8% | 11.2% | 10.1% | 12.1% | 13.4% | 11.5% | 14.7% | 10.5% | 4.7% |
| R&D / revenue | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| CapEx / revenue | 35.5% | 35.0% | 23.8% | 23.7% | 34.8% | 45.2% | 47.2% | 26.1% | 19.4% | 29.6% |
| Long-term debt / equity | 1.20x | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable | Unavailable |
| Effective tax rate | 12.7% | 11.3% | 8.5% | 8.5% | 2.8% | 11.9% | 12.2% | -9.2% | 26.0% | 28.7% |
Amounts are abbreviated; the exact reported value is carried in each cell. — means unavailable, not zero. Open BKH in the interactive workspace to inspect any figure back to its filing.
Source filings
10-Q · Filed 2026-08-06View SEC filing
10-Q · Filed 2026-05-07View SEC filing
10-K · Filed 2026-02-11View SEC filing
10-Q · Filed 2025-11-06View SEC filing
10-Q · Filed 2025-07-31View SEC filing
10-Q · Filed 2025-05-08View SEC filing
Every accounting identity this site checks — the balance sheet, the gross profit bridge and the cash flow statement — reconciles in every period shown.