Company research
BLACK HILLS CORP /SD/
CIK 1130464Updated Oct 7, 2026
SecurityBKH · NYSE · equity
Name history
BLACK HILLS HOLDING CORP · through Dec 26, 2000
BKH price & chart
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NYSE:BKH on TradingView ↗About the company
Black Hills Corp. (NYSE: BKH) is a customer-focused, growth-oriented utility company with a tradition of improving life with energy and a vision to be the energy partner of choice. Based in Rapid City, South Dakota, the company serves 1.35 million natural gas and electric utility customers in eight states: Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota and Wyoming. More information is available at www.blackhillscorp.com.
In the news
Black Hills Corp. Schedules 2026 Second-Quarter Earnings Release and Conference Call ↗
NYSE Content Advisory: Pre-Market Update + TIME Showcases its 2025 Person of the Year at NYSE USA - English APAC - English News provided by New York Stock Exchange Dec 11, 2025, 08:55 ET Share this article Share to X Share this article Share to X NEW YORK , Dec. 11, 2025 /PRNewswire/ -- The New York ↗
SHAREHOLDER INVESTIGATION: Halper Sadeh LLC Investigates NWE, BKH, MURA, SCPH on Behalf of Shareholders News provided by Halper Sadeh LLP Aug 28, 2025, 11:23 ET Share this article Share to X Share this article Share to X NEW YORK , Aug. 28, 2025 /PRNewswire/ -- Halper Sadeh LLC, an investor rights l ↗
Recent filings
Regulation FD Disclosure
Items 7.01, 9.01
Other Events
Items 8.01, 9.01
10-Q filing
Results of Operations and Financial Condition
Items 2.02, 9.01
11-K filing
Show 5 more recent filings
424B5 filing
S-3ASR filing
Other Events
Items 8.01, 9.01
10-Q filing
Results of Operations and Financial Condition
Items 2.02, 9.01
Financials
FY 2025 · USDSource
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balance sheet · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| ASSETS | ||||
| AssetsUSD | 10,869,800,000Source | 10,022,600,000Source | 9,620,400,000Source | 9,618,230,000Source |
| Property, Plant and Equipment, NetUSD | 8,234,200,000Source | 7,629,900,000Source | 7,119,300,000Source | 6,797,948,000Source |
| GoodwillUSD | 1,299,500,000Source | 1,299,500,000Source | 1,299,500,000Source | 1,299,454,000Source |
| Intangible Assets, Net (Excluding Goodwill)USD | 6,400,000Source | 7,600,000Source | 8,400,000Source | 9,589,000Source |
| Current assets: | ||||
| Cash and Cash Equivalents, at Carrying ValueUSD | 182,800,000Source | 16,100,000Source | 86,600,000Source | 21,430,000Source |
| Accounts Receivable, after Allowance for Credit Loss, CurrentUSD | 389,000,000Source | 351,200,000Source | 350,300,000Source | 508,192,000Source |
| Inventory, NetUSD | 172,400,000Source | 153,900,000Source | 160,900,000Source | 207,421,000Source |
| Assets, CurrentUSD | 995,900,000Source | 742,300,000Source | 826,600,000Source | 1,071,708,000Source |
| Other Assets, NoncurrentUSD | 78,800,000Source | 70,400,000Source | 62,200,000Source | 46,862,000Source |
| LIABILITIES AND EQUITY | ||||
| Stockholders’ equity: | ||||
| Common Stock, Value, IssuedUSD | 75,500,000Source | 71,700,000Source | 68,300,000Source | 66,140,000Source |
| Additional Paid in CapitalUSD | 2,417,500,000Source | 2,193,400,000Source | 2,007,700,000Source | 1,882,653,000Source |
| Retained Earnings (Accumulated Deficit)USD | 1,342,900,000Source | 1,249,100,000Source | 1,158,200,000Source | 1,064,122,000Source |
| Accumulated Other Comprehensive Income (Loss), Net of TaxUSD | -9,700,000Source | -9,400,000Source | -14,800,000Source | -15,567,000Source |
| Stockholders' Equity Attributable to ParentUSD | 3,823,600,000Source | 3,501,500,000Source | 3,215,300,000Source | 2,994,913,000Source |
| Liabilities and EquityUSD | 10,869,800,000Source | 10,022,600,000Source | 9,620,400,000Source | 9,618,230,000Source |
| Current liabilities: | ||||
| Liabilities, CurrentUSD | 740,000,000Source | 763,400,000Source | 1,185,100,000Source | 1,666,690,000Source |
| Accounts Payable, CurrentUSD | 311,700,000Source | 229,100,000Source | 186,400,000Source | 310,020,000Source |
| Deferred Income Tax Liabilities, NetUSD | 697,900,000Source | 625,100,000Source | 548,000,000Source | 508,941,000Source |
| Other Liabilities, NoncurrentUSD | 213,400,000Source | 201,200,000Source | 188,700,000Source | 156,062,000Source |
| Additional Financial Items | ||||
| Accrued Liabilities, CurrentUSD | 322,600,000Source | 302,200,000Source | 293,300,000Source | 243,457,000Source |
| Deferred Tax Liabilities, NetUSD | 697,900,000Source | 625,100,000Source | 548,000,000Source | 508,941,000Source |
| Long-term Debt, Current MaturitiesUSD | 0Source | 0Source | 600,000,000Source | 525,000,000Source |
| Long-term Debt, Excluding Current MaturitiesUSD | 4,701,100,000Source | 4,250,200,000Source | 3,801,200,000Source | 3,607,340,000Source |
| Restricted Cash and Investments, CurrentUSD | 7,600,000Source | 7,300,000Source | 6,400,000Source | 5,555,000Source |
cash flow · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Cash flows from operating activities: | ||||
| Net Income (Loss), Including Portion Attributable to Noncontrolling InterestUSD | 299,800,000Source | 283,700,000Source | 276,000,000Source | 270,758,000Source |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||||
| Depreciation, Depletion and AmortizationUSD | 283,800,000Source | 270,100,000Source | 256,800,000Source | 250,909,000Source |
| Share-based Payment Arrangement, Noncash ExpenseUSD | 11,800,000Source | 10,600,000Source | 7,000,000Source | 8,551,000Source |
| Changes in operating assets and liabilities: | ||||
| Increase (Decrease) in InventoriesUSD | 17,800,000Source | -13,200,000Source | -51,400,000Source | 75,403,000Source |
| Deferred Income Tax Expense (Benefit)USD | 54,300,000Source | 52,000,000Source | 25,400,000Source | 25,592,000Source |
| Net Cash Provided by (Used in) Operating ActivitiesUSD | 673,400,000Source | 719,300,000Source | 944,400,000Source | 584,801,000Source |
| Cash flows from investing activities: | ||||
| Net Cash Provided by (Used in) Investing ActivitiesUSD | -828,200,000Source | -746,000,000Source | -536,700,000Source | -603,880,000Source |
| Payments for (Proceeds from) Other Investing ActivitiesUSD | 8,400,000Source | 1,800,000Source | -18,900,000Source | -485,000Source |
| Payments to Acquire Property, Plant, and EquipmentUSD | 819,800,000Source | 744,200,000Source | 555,600,000Source | 604,365,000Source |
| Cash flows from financing activities: | ||||
| Net Cash Provided by (Used in) Financing ActivitiesUSD | 321,800,000Source | -42,900,000Source | -341,700,000Source | 32,254,000Source |
| Dividends paid | — | — | — | — |
| Proceeds from (Payments for) Other Financing ActivitiesUSD | -5,900,000Source | -8,400,000Source | -13,000,000Source | 931,000Source |
| Repayments of Long-term DebtUSD | 0Source | 600,000,000Source | 525,000,000Source | 0Source |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash EquivalentsUSD | 190,400,000Source | 23,400,000Source | 93,000,000Source | 26,985,000Source |
| Supplemental disclosure of cash flow information: | ||||
| Interest Paid, Excluding Capitalized Interest, Operating ActivitiesUSD | 196,400,000Source | 174,400,000Source | 157,300,000Source | 152,546,000Source |
| Income Taxes Paid, NetUSD | -8,800,000Source | -14,400,000Source | 1,000,000Source | -771,000Source |
| Additional Financial Items | ||||
| Amortization of Debt Issuance CostsUSD | — | — | — | 4,549,000Source |
| Amortization of Debt Issuance Costs and DiscountsUSD | 9,700,000Source | 10,700,000Source | 10,100,000Source | 9,843,000Source |
| Amortization of Intangible AssetsUSD | 1,200,000Source | 1,100,000Source | 1,200,000Source | 1,181,000Source |
| Asset Retirement Obligation, Accretion ExpenseUSD | 4,200,000Source | 4,100,000Source | 3,500,000Source | 3,369,000Source |
| GoodwillUSD | 1,299,500,000Source | 1,299,500,000Source | 1,299,500,000Source | 1,299,454,000Source |
| Income Tax Expense (Benefit)USD | 43,700,000Source | 36,300,000Source | 25,600,000Source | 25,205,000Source |
| Investment Income, InterestUSD | 6,800,000Source | 13,500,000Source | 12,100,000Source | 1,595,000Source |
| Net Income (Loss) Attributable to ParentUSD | 291,600,000Source | 273,100,000Source | 262,200,000Source | 258,387,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | 8,200,000Source | 10,600,000Source | 13,800,000Source | 12,371,000Source |
| Nonoperating Income (Expense)USD | -194,000,000Source | -183,100,000Source | -171,100,000Source | -159,281,000Source |
| Operating ExpensesUSD | 1,772,500,000Source | 1,624,600,000Source | 1,858,600,000Source | 2,096,572,000Source |
| Other Nonoperating Income (Expense)USD | 6,100,000Source | -1,400,000Source | -3,200,000Source | 1,708,000Source |
| Proceeds from Issuance of Common StockUSD | 219,200,000Source | 181,400,000Source | 118,300,000Source | 90,044,000Source |
| Proceeds from Issuance of Long-term DebtUSD | 450,000,000Source | 450,000,000Source | 800,000,000Source | 0Source |
| Restricted Cash and Investments, CurrentUSD | 7,600,000Source | 7,300,000Source | 6,400,000Source | 5,555,000Source |
income statement · annual statements
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 |
|---|---|---|---|---|
| Total RevenueUSD | 2,286,200,000Source | 2,098,000,000Source | 2,301,700,000Source | 2,542,856,000Source |
| Operating Income (Loss)USD | 537,500,000Source | 503,100,000Source | 472,700,000Source | 455,244,000Source |
| Other Nonoperating Income (Expense)USD | 6,100,000Source | -1,400,000Source | -3,200,000Source | 1,708,000Source |
| Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling InterestUSD | 343,500,000Source | 320,000,000Source | 301,600,000Source | 295,963,000Source |
| Income Tax Expense (Benefit)USD | 43,700,000Source | 36,300,000Source | 25,600,000Source | 25,205,000Source |
| Net Income (Loss) Attributable to Noncontrolling InterestUSD | 8,200,000Source | 10,600,000Source | 13,800,000Source | 12,371,000Source |
| Net Income (Loss) Attributable to ParentUSD | 291,600,000Source | 273,100,000Source | 262,200,000Source | 258,387,000Source |
| Earnings Per Share, BasicUSD per share | 3.99Source | 3.91Source | 3.91Source | 3.98Source |
| Earnings Per Share, DilutedUSD per share | 3.98Source | 3.91Source | 3.91Source | 3.97Source |
| Weighted Average Number of Shares Outstanding, Basicshares | 73,000,000Source | 69,800,000Source | 67,000,000Source | 64,858,000Source |
| Weighted Average Number of Shares Outstanding, Dilutedshares | 73,200,000Source | 69,900,000Source | 67,100,000Source | 65,021,000Source |
| Additional Financial Items | ||||
| Amortization of Intangible AssetsUSD | 1,200,000Source | 1,100,000Source | 1,200,000Source | 1,181,000Source |
| Costs and ExpensesUSD | — | — | 552,000,000Source | 615,113,000Source |
| Current Income Tax Expense (Benefit)USD | 10,600,000Source | 15,700,000Source | 200,000Source | -387,000Source |
| Depreciation, Depletion and Amortization, NonproductionUSD | 283,800,000Source | 270,100,000Source | — | — |
| Interest ExpenseUSD | 200,100,000Source | 181,700,000Source | 167,900,000Source | 160,989,000Source |
| Investment Income, InterestUSD | 6,800,000Source | 13,500,000Source | 12,100,000Source | 1,595,000Source |
| Nonoperating Income (Expense)USD | -194,000,000Source | -183,100,000Source | -171,100,000Source | -159,281,000Source |
| Operating ExpensesUSD | 1,772,500,000Source | 1,624,600,000Source | 1,858,600,000Source | 2,096,572,000Source |
| Taxes, MiscellaneousUSD | 67,400,000Source | 67,200,000Source | 66,900,000Source | 66,683,000Source |
Offerings
Registration 333-296010
Registration 333-293105
Filing attachments
bkh-ex99_1.htm · 8-K · 2026-10-06
Black Hills Corp. Executes Definitive Agreements to Serve Google’s Planned Data Center in Cheyenne, Wyoming • Investing $1.8 billion in new company-owned natural gas generation • Providing up to 590 megawatts (MW) of grid-connected energy service and managing 2.1 gigawatts (GW) of third-party contracted resources through a private microgrid • Strong customer protections including no cost shifting to other customers • Return on generation investment and microgrid management fees are contracte…
Read attachment ↗bkh-ex99_1.htm · 8-K · 2026-08-17
EX-99.1 2 bkh-ex99_1.htm NWE Q2 2026 10-Q EX-99.1 NORTHWESTERN ENERGY GROUP CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 ──────────…
Read attachment ↗bkh-ex99_2.htm · 8-K · 2026-08-17
EX-99.2 3 bkh-ex99_2.htm PROFORMA STATEMENTS EX-99.2 UNAUDITED PRO FORMA CONDENSED COMBINED CONSOLIDATED FINANCIAL INFORMATION On August 18, 2025, Black Hills Corporation, a South Dakota corporation (“Black Hills” or the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with NorthWestern Energy Group, Inc., a Delaware corporation (“NorthWestern”) and River Merger Sub Inc., a Delaware corporation and direct wholly owned subsidiary of Black Hills (“Merger Sub”…
Read attachment ↗bkh-ex99_1.htm · 8-K · 2026-05-15
EX-99.1 2 bkh-ex99_1.htm NWE Q1 2026 10-Q EX-99.1 NORTHWESTERN ENERGY GROUP CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (in thousands, except per share amounts) Three Months Ended March 31, 2026 …
Read attachment ↗bkh-ex99_2.htm · 8-K · 2026-05-15
EX-99.2 3 bkh-ex99_2.htm PROFORMA STATEMENTS EX-99.2 UNAUDITED PRO FORMA CONDENSED COMBINED CONSOLIDATED FINANCIAL INFORMATION On August 18, 2025, Black Hills Corporation, a South Dakota corporation (“Black Hills” or the “Company”), entered into an Agreement and Plan of Merger (the “Merger Agreement”) with NorthWestern Energy Group, Inc., a Delaware corporation (“NorthWestern”) and River Merger Sub Inc., a Delaware corporation and direct wholly owned subsidiary of Black Hills (“Merger Sub”…
Read attachment ↗bkh-ex99_1.htm · 8-K · 2026-04-02
EX-99.1 2 bkh-ex99_1.htm EX-99.1 EX-99.1 Black Hills Corp. and NorthWestern Energy Shareholders Approve Merger Proposals RAPID CITY, SD and BUTTE, MT / SIOUX FALLS, SD - April 2, 2026 - Black Hills Corp. (NYSE: BKH) and NorthWestern Energy Group, Inc. d/b/a NorthWestern Energy (Nasdaq: NWE) announced today that shareholders of each company voted to approve the proposed all-stock merger and other related shareholder proposals at their Special Shareholder Meetings held earlier today. The sha…
Read attachment ↗