◆ TICKERBASE · GLOBAL STOCK FINANCIAL DATA LIBRARY

Home › All stocks › B › BKH

Black Hills Corporation (BKH) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

UTILITIES · UTILITIES - REGULATED GAS · DATA UPDATED 2026-08-16

Black Hills Corporation (BKH) operates in the UTILITIES - REGULATED GAS industry and is headquartered in Rapid City, United States with about 2,795 employees. Its market capitalization is roughly $5 billion. In the fiscal year ended 2025-12-31, BKH reported $2.3B in revenue and $292M in net income.

Black Hills Corporation, through its subsidiaries, operates as an electric and natural gas utility company in the United States. The company operates through the Electric Utilities and Gas Utilities segments.

Interactive charts & full statements → Open the BKH valuation workbench →

BKH Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	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	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$2.3B	$2.3B	$2.1B	$2.3B	$2.6B	$1.9B	$1.7B	$1.7B	$1.8B	$1.7B	$1.5B	$1.3B	$1.4B	$1.3B	$1.2B	$1.3B	$1.2B	$1.3B	$1.0B	$575M	$543M
Gross Profit	$987M	$889M	$840M	$796M	$773M	$706M	$709M	$668M	$647M	$662M	$613M	$481M	$453M	$438M	$439M	$356M	$653M	$617M	$556M	$414M	$351M
Gross Margin %	42.9%	38.5%	39.5%	34.2%	30.3%	36.2%	41.8%	38.5%	36.9%	39.4%	39.8%	38.1%	32.5%	34.3%	37.4%	28.0%	53.5%	48.6%	55.3%	72.0%	64.7%
Operating Income (EBIT)	$547M	$538M	$503M	$473M	$455M	$409M	$428M	$406M	$397M	$417M	$336M	$300M	$264M	$259M	$276M	$186M	$183M	$127M	$56M	$126M	$102M
Operating Margin %	23.8%	23.3%	23.6%	20.3%	17.8%	21.0%	25.2%	23.4%	22.6%	24.8%	21.9%	23.8%	18.9%	20.3%	23.5%	14.6%	15.0%	10.0%	5.6%	21.9%	18.8%
Net Income	$299M	$292M	$273M	$262M	$258M	$237M	$228M	$199M	$258M	$177M	$73M	($32M)	$131M	$117M	$102M	$50M	$69M	$82M	$105M	$99M	$81M
Net Margin %	13.0%	12.6%	12.8%	11.2%	10.1%	12.1%	13.4%	11.5%	14.7%	10.5%	4.7%	-2.5%	9.4%	9.2%	8.7%	3.9%	5.6%	6.4%	10.4%	17.2%	14.9%
EBITDA	$774M	$827M	$785M	$738M	$710M	$648M	$645M	$591M	$594M	$608M	$518M	$431M	$413M	$431M	$429M	$284M	$312M	$317M	$76M	$225M	$196M
Earnings Per Share (EPS)	$3.97	$3.98	$3.91	$3.91	$3.97	$3.74	$3.65	$3.28	$4.66	$3.21	$1.37	$-0.63	$2.93	$2.64	$2.32	$1.24	$1.76	$2.11	$2.75	$2.64	$2.41
Shares Outstanding (M)	76M	73M	70M	67M	65M	63M	62M	61M	56M	55M	53M	51M	45M	44M	44M	40M	39M	39M	38M	37M	34M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BKH Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$453M	$781M	$636M	$430M	$439M	$805M	$597M	$402M
Gross Profit	$339M	$218M	$262M	$167M	$167M	$292M	$249M	$162M
Gross Margin %	74.9%	27.9%	41.2%	38.9%	38.1%	36.2%	41.7%	40.2%
Operating Income (EBIT)	$97M	$200M	$171M	$79M	$82M	$205M	$163M	$76M
Operating Margin %	21.4%	25.6%	27.0%	18.3%	18.8%	25.5%	27.4%	18.9%
Net Income	$38M	$131M	$105M	$25M	$28M	$134M	$98M	$24M
Net Margin %	8.4%	16.8%	16.5%	5.8%	6.3%	16.7%	16.4%	6.1%
EBITDA	$97M	$278M	$250M	$149M	$153M	$275M	$232M	$149M
Earnings Per Share (EPS)	$0.50	$1.73	$1.39	$0.34	$0.38	$1.87	$1.37	$0.35
Shares Outstanding (M)	76M	76M	75M	73M	72M	72M	72M	71M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BKH Free Cash Flow History

Cash flow	TTM → 2026-06-30	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	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	$628M	$673M	$719M	$944M	$585M	($65M)	$542M	$506M	$489M	$428M	$320M	$428M	$323M	$325M	$317M	$224M	$148M	$271M	$146M	$252M	$260M
Capital Expenditures (CapEx)	$934M	$820M	$744M	$556M	$604M	$677M	$767M	$818M	$458M	$326M	$475M	$455M	$398M	$355M	$349M	$441M	$473M	$347M	$329M	$261M	$308M
Free Cash Flow (FCF)	($305M)	($146M)	($25M)	$389M	($20M)	($742M)	($226M)	($313M)	$31M	$102M	($154M)	($27M)	($75M)	($30M)	($32M)	($217M)	($325M)	($76M)	($183M)	($9M)	($49M)
FCF Margin %	-13.3%	-6.3%	-1.2%	16.7%	-0.8%	-38.1%	-13.3%	-18.0%	1.8%	6.1%	-10.0%	-2.2%	-5.4%	-2.4%	-2.7%	-17.1%	-26.6%	-6.0%	-18.2%	-1.6%	-9.0%
Dividends Paid	$207M	$198M	$182M	$168M	$157M	$145M	$135M	$125M	$107M	$97M	$88M	$73M	$70M	$68M	$65M	$59M	$56M	$55M	$54M	$50M	$44M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BKH Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	$195M	$176M	$168M	$89M	$189M	$228M	$153M	$102M
Capital Expenditures (CapEx)	$218M	$267M	$270M	$178M	$219M	$153M	$214M	$188M
Free Cash Flow (FCF)	($23M)	($91M)	($102M)	($90M)	($30M)	$75M	($60M)	($86M)
FCF Margin %	-5.1%	-11.7%	-16.0%	-20.8%	-6.9%	9.3%	-10.1%	-21.4%
Dividends Paid	$54M	$53M	$51M	$49M	$49M	$49M	$46M	$46M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

BKH Balance Sheet History

Balance sheet	2026-06-30	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	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$11.0B	$10.9B	$10.0B	$9.6B	$9.6B	$9.1B	$8.1B	$7.6B	$7.0B	$6.7B	$6.5B	$4.7B	$4.3B	$3.9B	$3.7B	$4.1B	$3.7B	$3.3B	$3.4B	$2.5B	$2.2B
Cash & Cash Equivalents	$72M	$183M	$16M	$87M	$21M	$9M	$6M	$10M	$21M	$15M	$14M	$457M	$21M	$8M	$15M	$22M	$32M	$113M	$168M	$86M	$37M
Total Liabilities	$7.0B	$7.0B	$6.4B	$6.3B	$6.5B	$6.2B	$5.4B	$5.1B	$4.7B	$4.8B	$4.8B	$3.2B	$2.9B	$2.6B	$2.5B	$2.9B	$2.6B	$2.2B	$2.3B	$1.5B	$1.4B
Total Debt (Short + Long-Term)	$4.5B	$4.7B	$4.4B	$4.4B	$4.7B	$4.5B	$3.8B	$3.5B	$3.1B	$3.3B	$3.3B	$1.9B	$1.6B	$1.5B	$1.3B	$1.6B	$1.4B	$1.2B	$1.2B	$732M	$791M
Total Shareholders' Equity	$3.9B	$3.8B	$3.5B	$3.2B	$3.0B	$2.8B	$2.6B	$2.4B	$2.2B	$1.7B	$1.6B	$1.5B	$1.4B	$1.3B	$1.2B	$1.2B	$1.1B	$1.1B	$1.1B	$970M	$790M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive BKH viewer.

Other Companies in UTILITIES - REGULATED GAS

UGI · UGI Corporation — $8 billion
SWX · Southwest Gas Holdings Inc — $6 billion
NJR · NewJersey Resources Corporation — $5 billion
OGS · One Gas Inc — $5 billion
SR · Spire Inc — $5 billion
MDU · MDU Resources Group Inc — $4 billion
CPK · Chesapeake Utilities Corporation — $3 billion
NWN · Northwest Natural Gas Co — $2 billion

← BKGI All “B” companies BKHA →

About TickerBase · Data methodology & sources · Privacy · Terms

TickerBase is provided for educational and informational purposes only. It does not constitute financial, investment, tax, or legal advice, or a recommendation to buy, sell, or hold any security. No price targets are published; any per-share value shown in the valuation workbench is generated entirely from reader-supplied assumptions and is not the publisher's view of fair value. Past performance does not predict future results. Figures are approximate and drawn from public filings; one-time items are noted where identified. Do your own research and consult a licensed professional before making any investment decision. The author may or may not hold positions in the securities discussed.