Black Hills Corp (BKH) financials
Black Hills revenue and earnings by year
Black Hills's revenue was $2.31 billion in the fiscal year to December 31, 2025, up 8.6% from the year before. Net income was $292 million, 12.6% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 4.6% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 2.31 | 2.13 | 2.33 | 2.55 | 1.95 | 1.70 | 1.73 | 1.75 | 1.68 | 1.54 |
| Revenue growth | 8.6% | -8.7% | -8.6% | 30.9% | 14.9% | -2.2% | -1.1% | 4.4% | 9.2% | — |
| Gross profit | 0.82 | 0.77 | 0.73 | 0.71 | 0.65 | 0.65 | 0.62 | 0.60 | 0.61 | 0.57 |
| Gross margin | 35.6% | 36.3% | 31.3% | 27.7% | 33.1% | 38.5% | 35.5% | 33.9% | 36.4% | 36.8% |
| Operating income | 0.54 | 0.50 | 0.47 | 0.46 | 0.41 | 0.43 | 0.41 | 0.40 | 0.42 | 0.34 |
| Operating margin | 23.3% | 23.6% | 20.3% | 17.8% | 21.0% | 25.2% | 23.4% | 22.6% | 24.8% | 21.8% |
| Net income | 0.29 | 0.27 | 0.26 | 0.26 | 0.24 | 0.23 | 0.20 | 0.26 | 0.18 | 0.07 |
| Net margin | 12.6% | 12.8% | 11.2% | 10.1% | 12.1% | 13.4% | 11.5% | 14.7% | 10.5% | 4.7% |
| Diluted EPS | $3.98 | $3.91 | $3.91 | $3.97 | $3.74 | $3.65 | $3.29 | $4.66 | $3.21 | $1.37 |
| Free cash flow | -0.15 | -0.02 | 0.39 | -0.02 | -0.74 | -0.23 | -0.31 | 0.03 | 0.10 | -0.13 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open BKH in Markets.
See also: BKH valuation and P/E history · BKH returns
No forecast, no recommendation. This page describes Black Hills Corp from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.