10-K · February 11, 2026
The 2025 Form 10-K emphasizes Black Hills’ regulated utility operations and near-term growth driven by transmission and generation projects (Ready Wyoming completed in 2025; Lange II expected in 2H 2026) and a pending…
Earnings analysis · 10-Q
BKH earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Black Hills Corporation recorded disappointing Q1 2026 results, with revenue of $780.7 million, significantly below the expected $903.9 million, representing a 13.6% miss. EPS was reported at $1.79, falling short of the…
Read full summary
Black Hills Corporation recorded disappointing Q1 2026 results, with revenue of $780.7 million, significantly below the expected $903.9 million, representing a 13.6% miss. EPS was reported at $1.79, falling short of the estimate of $1.85, indicating challenging operational conditions. Despite this, management reaffirmed their adjusted EPS guidance for 2026 in the range of $4.25 to $4.45.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.79
- Segment
- Electric Utilities
- Segment
- Gas Utilities
What stood out
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Revenue Declined Significantly
Total revenue fell to $780.7 million, down from $805 million in Q1 2025, a decrease of 3.0% year-over-year.
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EPS Misses Expectations
Earnings per share was reported at $1.79, a decrease of 4.3% from $1.87 in Q1 2025.
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Decline in Gas Utilities Revenue
Gas Utilities revenue decreased from $572.4 million to $543.1 million, representing a decline of 5.1% year-over-year.
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Operating Income Stable
Operating income was $201.9 million, down slightly from $205 million in Q1 2025.
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Debt to Capitalization Improved
The debt to capitalization ratio improved to 54.1% from 55.1% by reducing total debt to $4.654 billion.
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Operating Cash Flow Remains Robust
Net cash provided by operating activities was $176.2 million, though down from $227.8 million in Q1 2025.
What to watch
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Weak Revenue Growth
Q1 2026 revenue of $780.7 million fell short of expectations by 13.6%, indicating potential ongoing demand challenges.
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Increased Merger-Related Costs
Corporate operating loss increased by $3.7 million mainly due to merger-related expenses.
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Regulatory Risks from Weather Variability
Operating income in Gas Utilities was negatively impacted by $13.2 million due to unfavorable weather conditions.
Management's outlook
Management maintains EPS guidance for 2026 at $4.25 to $4.45, excluding merger-related costs.
Earlier filings 4
10-K · February 12, 2025
The 2024 Form 10-K depicts a regulated utility with a large generation and transmission footprint and explicit regulatory recovery mechanisms, while facing quarter-to-quarter revenue and cash-flow volatility. Management…
10-Q · August 1, 2024
Black Hills reported Q2 revenue of $402.6 million and GAAP diluted EPS of $0.33. Operating income increased to $70.6 million (operating margin ~17.5%) and gross margin is high (~73.4%), while cash balances and liquidity…
10-Q · May 4, 2023
Black Hills reported Q1 revenue of $921,159,000 (up $97,589,000 or 11.9% vs. $823,570,000 in Q1 2022) and diluted EPS of $1.73 (down $0.09 vs. $1.82). Operating income was $174,883,000 (operating margin 18.98%) while…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.