BKH earnings analysis
What we found in BKH's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- EPS Misses Expectations
- Earnings per share was reported at $1.79, a decrease of 4.3% from $1.87 in Q1 2025.
- 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.
- Operating Income Stable
- Operating income was $201.9 million, down slightly from $205 million in Q1 2025.
- Debt to Capitalization Improved
- The debt to capitalization ratio improved to 54.1% from 55.1% by reducing total debt to $4.654 billion.
- Operating Cash Flow Remains Robust
- Net cash provided by operating activities was $176.2 million, though down from $227.8 million in Q1 2025.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Weak Revenue Growth
- Q1 2026 revenue of $780.7 million fell short of expectations by 13.6%, indicating potential ongoing demand challenges.
- Increased Merger-Related Costs
- Corporate operating loss increased by $3.7 million mainly due to merger-related expenses.
- Regulatory Risks from Weather Variability
- Operating income in Gas Utilities was negatively impacted by $13.2 million due to unfavorable weather conditions.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.79
- Segment
- Electric Utilities
- Segment
- Gas Utilities
What they said about what is next.
Management maintains EPS guidance for 2026 at $4.25 to $4.45, excluding merger-related costs.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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