Black Hills Corp (BKH) financial statements: income statement, balance sheet and cash flow
Black Hills Corp's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Black Hills Corp reported revenue of $2.3B (+8.6% year on year) and net income of $299.8M (+5.7% year on year).
Income statement
Black Hills Corp income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Revenue
$2.3B
$2.1B
$2.3B
$2.6B
Fuel, purchased power and cost of natural gas sold
$831.5M
$730.3M
$982.9M
$1.2B
Operations and maintenance
$589.8M
$557.0M
$552.0M
$548.4M
Depreciation and amortization
$283.8M
$270.1M
$256.8M
—
Taxes other than income taxes
$67.4M
$67.2M
$66.9M
$66.7M
Total operating expenses
$1.8B
$1.6B
$1.9B
$2.1B
Operating income
$537.5M
$503.1M
$472.7M
$455.2M
Interest expense incurred net of amounts capitalized
($206.9M)
($195.2M)
($180.0M)
($162.6M)
Interest income
$6.8M
$13.5M
$12.1M
$1.6M
Other income (expense), net
$6.1M
($1.4M)
($3.2M)
$1.7M
Total other income (expense)
($194.0M)
($183.1M)
($171.1M)
($159.3M)
Income before income taxes
$343.5M
$320.0M
$301.6M
$296.0M
Income tax (expense)
($43.7M)
($36.3M)
($25.6M)
($25.2M)
Net income
$299.8M
$283.7M
$276.0M
$270.8M
Net income attributable to non-controlling interest
($8.2M)
($10.6M)
($13.8M)
($12.4M)
Net income available for common stock
$291.6M
$273.1M
$262.2M
$258.4M
Earnings per share, Basic (usd per share)
$3.99
$3.91
$3.91
$3.98
Earnings per share, Diluted (usd per share)
$3.98
$3.91
$3.91
$3.97
Basic (in shares)
73.0M
69.8M
67.0M
64.9M
Diluted (in shares)
73.2M
69.9M
67.1M
65.0M
Black Hills Corp income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Revenue
$452.8M
$780.7M
$430.2M
$439.0M
Fuel, purchased power and cost of natural gas sold
$113.5M
$337.9M
$112.0M
$124.0M
Operations and maintenance
$150.5M
$148.0M
$150.8M
$147.6M
Depreciation and amortization
$75.3M
$74.8M
$71.5M
$69.8M
Taxes other than income taxes
$16.5M
$18.1M
$17.2M
$15.1M
Total operating expenses
$355.8M
$578.8M
$351.5M
$356.5M
Operating income
$97.0M
$201.9M
$78.7M
$82.5M
Interest expense incurred net of amounts capitalized
($52.7M)
($53.1M)
($50.6M)
($49.8M)
Interest income
$1.1M
$1.2M
$1.2M
$900.0K
Other income (expense), net
$200.0K
$700.0K
$600.0K
($400.0K)
Total other (expense)
($51.4M)
($51.2M)
($48.8M)
($49.3M)
Income before income taxes
$45.6M
$150.7M
$29.9M
$33.2M
Income tax (expense)
($5.2M)
($17.6M)
($4.0M)
($4.4M)
Net income
$40.4M
$133.1M
$25.9M
$28.8M
Net income attributable to non-controlling interest
($2.2M)
($2.1M)
($1.0M)
($1.3M)
Net income available for common stock
$38.2M
$131.0M
$24.9M
$27.5M
Earnings per share, Basic (usd per share)
$0.50
$1.74
$0.34
$0.38
Earnings per share, Diluted (usd per share)
$0.50
$1.73
$0.34
$0.38
Basic (in shares)
75.9M
75.4M
72.8M
72.4M
Diluted (in shares)
76.1M
75.6M
72.9M
72.4M
Balance sheet
Black Hills Corp balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$182.8M
$16.1M
$86.6M
$21.4M
Restricted cash and equivalents
$7.6M
$7.3M
$6.4M
$5.6M
Accounts receivable, net
$389.0M
$351.2M
$350.3M
$508.2M
Materials, supplies and fuel
$172.4M
$153.9M
$160.9M
$207.4M
Income tax receivable, net
$23.3M
$19.8M
$18.5M
$17.6M
Regulatory assets, current
$139.7M
$154.8M
$175.7M
$260.3M
Other current assets
$81.1M
$39.2M
$28.2M
$50.6M
Total current assets
$995.9M
$742.3M
$826.6M
$1.1B
Property, plant and equipment
$10.3B
$9.6B
$8.9B
$8.4B
Less accumulated depreciation and depletion
($2.1B)
($1.9B)
($1.8B)
($1.6B)
Total property, plant and equipment, net
$8.2B
$7.6B
$7.1B
$6.8B
Goodwill
$1.3B
$1.3B
$1.3B
$1.3B
Intangible assets, net
$6.4M
$7.6M
$8.4M
$9.6M
Regulatory assets, non-current
$255.0M
$272.9M
$304.4M
$392.7M
Other assets, non-current
$78.8M
$70.4M
$62.2M
$46.9M
Total other assets, non-current
$1.6B
$1.7B
$1.7B
$1.7B
TOTAL ASSETS
$10.9B
$10.0B
$9.6B
$9.6B
Accounts payable
$311.7M
$229.1M
$186.4M
$310.0M
Accrued liabilities
$322.6M
$302.2M
$293.3M
$243.5M
Derivative liabilities, current
$5.8M
$4.2M
$6.5M
$6.6M
Regulatory liabilities, current
$99.9M
$94.1M
$98.9M
$46.0M
Notes payable
$0
$133.8M
$0
$535.6M
Total current liabilities
$740.0M
$763.4M
$1.2B
$1.7B
Long-term debt, net of current maturities
$4.7B
$4.3B
$3.8B
$3.6B
Deferred income tax liabilities, net
$697.9M
$625.1M
$548.0M
$508.9M
Regulatory liabilities, non-current
$488.3M
$474.6M
$467.7M
$472.6M
Benefit plan liabilities
$123.4M
$122.9M
$123.9M
$116.7M
Other deferred credits and other liabilities
$213.4M
$201.2M
$188.7M
$156.1M
Total deferred credits and other liabilities
$1.5B
$1.4B
$1.3B
$1.3B
Common stock $1.00 par value; 100,000,000 shares authorized; issued: 75,520,234 and 71,676,756, respectively
75.5M
71.7M
68.3M
66.1M
Additional paid-in capital
$2.4B
$2.2B
$2.0B
$1.9B
Retained earnings
$1.3B
$1.2B
$1.2B
$1.1B
Treasury stock at cost - 43,167 and 56,608, respectively
($2.6M)
($3.3M)
($4.1M)
($2.4M)
Accumulated other comprehensive income (loss)
($9.7M)
($9.4M)
($14.8M)
($15.6M)
Total stockholders’ equity
$3.8B
$3.5B
$3.2B
$3.0B
Non-controlling interest
$82.1M
$83.7M
$90.5M
$95.0M
Total equity
$3.9B
$3.6B
$3.3B
$3.1B
TOTAL LIABILITIES AND TOTAL EQUITY
$10.9B
$10.0B
$9.6B
$9.6B
Black Hills Corp balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$71.5M
$23.6M
$21.1M
$8.1M
Restricted cash and equivalents
$8.0M
$7.8M
$8.0M
$7.7M
Accounts receivable, net
$282.1M
$383.4M
$251.4M
$260.8M
Materials, supplies and fuel
$157.9M
$146.8M
$173.0M
$145.2M
Income tax receivable, net
$24.3M
$22.6M
$21.0M
$20.9M
Regulatory assets, current
$121.0M
$122.6M
$138.2M
$132.1M
Other current assets
$80.3M
$81.4M
$54.9M
$33.6M
Total current assets
$745.1M
$788.2M
$667.6M
$608.4M
Property, plant and equipment
$10.9B
$10.6B
$10.1B
$9.9B
Less accumulated depreciation
($2.2B)
($2.2B)
($2.1B)
($2.0B)
Total property, plant and equipment, net
$8.6B
$8.4B
$8.0B
$7.9B
Goodwill
$1.3B
$1.3B
$1.3B
$1.3B
Intangible assets, net
$5.6M
$5.8M
$6.7M
$7.0M
Regulatory assets, non-current
$257.0M
$251.7M
$253.0M
$247.8M
Other assets, non-current
$91.3M
$81.0M
$74.5M
$68.5M
Total other assets, non-current
$1.7B
$1.6B
$1.6B
$1.6B
TOTAL ASSETS
$11.0B
$10.8B
$10.3B
$10.1B
Accounts payable
$275.2M
$210.8M
$219.1M
$180.8M
Accrued liabilities
$269.2M
$260.2M
$292.4M
$251.1M
Refundable advances for construction
$285.0M
—
—
—
Derivative liabilities, current
$1.4M
$1.8M
$5.2M
$1.7M
Regulatory liabilities, current
$94.4M
$85.9M
$91.9M
$96.6M
Notes payable
$90.0M
$252.2M
$126.0M
$123.7M
Current maturities of long-term debt
$410.0M
$410.0M
—
$300.0M
Total current liabilities
$1.4B
$1.2B
$734.6M
$953.9M
Long-term debt, net of current maturities
$4.0B
$4.0B
$4.3B
$4.0B
Deferred income tax liabilities, net
$742.4M
$736.6M
$679.6M
$674.0M
Regulatory liabilities, non-current
$494.3M
$490.2M
$484.7M
$480.1M
Benefit plan liabilities
$121.4M
$121.2M
$120.9M
$119.9M
Other deferred credits and other liabilities
$237.2M
$231.7M
$205.5M
$191.9M
Total deferred credits and other liabilities
$1.6B
$1.6B
$1.5B
$1.5B
Common stock $1 par value; 100,000,000 shares authorized; issued 76,317,445 and 75,520,234 shares, respectively
76.3M
76.2M
75.5M
72.9M
Additional paid-in capital
$2.5B
$2.5B
$2.4B
$2.3B
Retained earnings
$1.4B
$1.4B
$1.3B
$1.3B
Treasury stock, at cost - 61,109 and 43,167 shares, respectively
-4.0M
-3.7M
-2.7M
-2.8M
Accumulated other comprehensive (loss)
($6.6M)
($7.5M)
($8.8M)
($8.0M)
Total stockholders’ equity
$3.9B
$3.9B
$3.8B
$3.6B
Non-controlling interest
$80.3M
$81.7M
$82.9M
$83.3M
Total equity
$4.0B
$4.0B
$3.9B
$3.7B
TOTAL LIABILITIES AND TOTAL EQUITY
$11.0B
$10.8B
$10.3B
$10.1B
Cash flow statement
Black Hills Corp cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income
$299.8M
$283.7M
$276.0M
$270.8M
Depreciation and amortization
$283.8M
$270.1M
—
—
Deferred financing cost amortization
$9.7M
$10.7M
$10.1M
$9.8M
Stock compensation
$11.8M
$10.6M
$7.0M
$8.6M
Deferred income taxes
$54.3M
$52.0M
$25.4M
$25.6M
Employee benefit plans
$11.6M
$11.2M
$11.5M
$5.5M
Other adjustments, net
$900.0K
($4.1M)
$2.7M
($4.7M)
Materials, supplies and fuel
($17.8M)
$13.2M
$51.4M
($75.4M)
Accounts receivable and other current assets
($45.0M)
($25.7M)
$204.5M
($184.4M)
Accounts payable and other current liabilities
$24.0M
$28.8M
($109.9M)
$89.4M
Regulatory assets
$59.1M
$90.0M
$236.8M
$203.9M
Other operating activities, net
($18.8M)
($21.2M)
($27.9M)
($15.0M)
Net cash provided by operating activities
$673.4M
$719.3M
$944.4M
$584.8M
Property, plant and equipment additions
($819.8M)
($744.2M)
($555.6M)
($604.4M)
Other investing activities
($8.4M)
($1.8M)
$18.9M
$485.0K
Net cash (used in) investing activities
($828.2M)
($746.0M)
($536.7M)
($603.9M)
Dividends paid on common stock
($197.9M)
($182.3M)
($168.1M)
($156.7M)
Common stock issued
$219.2M
$181.4M
$118.3M
$90.0M
Net borrowings (payments) of Revolving Credit Facility and CP Program
($133.8M)
$133.8M
($535.6M)
$115.4M
Long-term debt - issuance
$450.0M
$450.0M
$800.0M
$0
Long-term debt - repayments
$0
($600.0M)
($525.0M)
$0
Distributions to non-controlling interests
($9.8M)
($17.4M)
($18.3M)
($17.4M)
Other financing activities
($5.9M)
($8.4M)
($13.0M)
$931.0K
Net cash provided by (used in) financing activities
$321.8M
($42.9M)
($341.7M)
$32.3M
Net change in cash, restricted cash and cash equivalents
$167.0M
($69.6M)
$66.0M
$13.2M
Cash, restricted cash and cash equivalents beginning of year
$23.4M
$93.0M
$27.0M
$13.8M
Cash, restricted cash and cash equivalents end of year
$190.4M
$23.4M
$93.0M
$27.0M
Interest (net of amounts capitalized)
($196.4M)
($174.4M)
($157.3M)
($152.5M)
Income taxes net of transferred tax credits (Note 15)
$8.8M
$14.4M
($1.0M)
$771.0K
Accrued property, plant and equipment purchases at December 31
$118.8M
$80.2M
$52.4M
$59.3M
Increase (decrease) in capitalized assets associated with asset retirement obligations
($300.0K)
$400.0K
$3.8M
$14.0M
Black Hills Corp cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$173.5M
$133.1M
$191.1M
$165.2M
Depreciation and amortization
$150.1M
$74.8M
$210.5M
$139.0M
Deferred financing cost amortization
$5.0M
$2.5M
$7.2M
$4.3M
Stock compensation
$6.4M
$3.2M
$8.0M
$5.7M
Deferred income taxes
$35.1M
$31.8M
$40.6M
$37.5M
Employee benefit plans
$5.4M
$1.6M
$8.9M
$5.6M
Other adjustments
($4.2M)
$1.4M
$2.8M
$2.9M
Materials, supplies and fuel
$14.3M
$24.5M
($19.0M)
$8.4M
Accounts receivable and other current assets
$128.2M
$20.5M
$90.8M
$84.8M
Accounts payable and other current liabilities
($145.4M)
($119.3M)
($70.4M)
($93.3M)
Regulatory assets
$18.0M
$5.4M
$47.1M
$57.9M
Other operating activities, net
($15.1M)
($3.3M)
($12.3M)
($1.6M)
Net cash provided by operating activities
$371.3M
$176.2M
$505.3M
$416.4M
Property, plant and equipment additions
($485.5M)
($267.4M)
($550.2M)
($371.8M)
Other investing activities
($6.6M)
($2.6M)
($6.2M)
($4.4M)
Net cash (used in) investing activities
($492.1M)
($270.0M)
($556.4M)
($376.2M)
Dividends paid on common stock
($106.6M)
($53.1M)
($146.8M)
($97.6M)
Common stock issued
$50.1M
$40.7M
$219.2M
$65.0M
Net borrowings (payments) of Revolving Credit Facility and CP Program
$90.0M
$252.2M
($7.8M)
($10.1M)
Long-term debt - repayments
($300.0M)
($300.0M)
$0
—
Distributions to non-controlling interests
($6.1M)
($2.5M)
($5.2M)
($3.8M)
Proceeds from refundable advances for construction
$285.0M
—
—
—
Other financing activities
($2.5M)
($2.5M)
($2.6M)
($1.3M)
Net cash provided by (used in) financing activities
$9.9M
($65.2M)
$56.8M
($47.8M)
Net change in cash, restricted cash and cash equivalents
($110.9M)
($159.0M)
$5.7M
($7.6M)
Cash, restricted cash, and cash equivalents beginning of period
$190.4M
$190.4M
$23.4M
$23.4M
Cash, restricted cash, and cash equivalents end of period
$79.5M
$31.4M
$29.1M
$15.8M
Interest (net of amounts capitalized)
($102.4M)
($51.1M)
($145.4M)
($100.8M)
Income taxes, net of transferred tax credits (Note 11)