Black Hills Financials
This page shows Black Hills (BKH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Rising profits are being absorbed by heavy reinvestment, making cash generation hinge more on outside capital than on retained cash.
In the latest year, net income was$291.6M while free cash flow was-$146.4M . That reverses the earlier cash surplus because capex climbed to$819.8M as operating cash flow eased to$673.4M ; the business is profitable, but today's cash is being routed into building and maintaining the asset base rather than piling up on the balance sheet.
The operating margin improved to
Balance-sheet growth has been financed by both creditors and shareholders: long-term debt increased to
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Black Hills's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Black Hills has an operating margin of 23.3%, meaning the company retains $23 of operating profit per $100 of revenue. This strong profitability earns a score of 73/100, reflecting efficient cost management and pricing power. This is down from 23.6% the prior year.
Black Hills's revenue grew 8.6% year-over-year to $2.3B, a solid pace of expansion. This earns a growth score of 33/100.
Black Hills carries a low D/E ratio of 1.23, meaning only $1.23 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.
Black Hills's current ratio of 1.35 is below the typical benchmark, resulting in a score of 22/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While Black Hills generated $673.4M in operating cash flow, capex of $819.8M consumed most of it, leaving -$146.4M in free cash flow. This results in a low score of 25/100, reflecting heavy capital investment rather than weak cash generation.
Black Hills generates a 7.6% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 28/100. This is down from 7.8% the prior year.
Black Hills scores 1.06, below the 1.81 distress threshold. This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Black Hills passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Black Hills generates $2.31 in operating cash flow ($673.4M OCF vs $291.6M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Black Hills earns $2.7 in operating income for every $1 of interest expense ($537.5M vs $200.1M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Black Hills generated $2.3B in revenue in fiscal year 2025. This represents an increase of 8.6% from the prior year.
Black Hills's EBITDA was $821.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.2% from the prior year.
Black Hills reported $291.6M in net income in fiscal year 2025. This represents an increase of 6.8% from the prior year.
Black Hills earned $3.98 per diluted share (EPS) in fiscal year 2025. This represents an increase of 1.8% from the prior year.
Cash & Balance Sheet
Black Hills generated -$146.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 488.0% from the prior year.
Black Hills held $182.8M in cash against $4.7B in long-term debt as of fiscal year 2025.
Black Hills paid $2.70 per share in dividends in fiscal year 2025. This represents an increase of 4.0% from the prior year.
Black Hills had 75M shares outstanding in fiscal year 2025. This represents an increase of 5.4% from the prior year.
Margins & Returns
Black Hills's operating margin was 23.3% in fiscal year 2025, reflecting core business profitability. This is down 0.4 percentage points from the prior year.
Black Hills's net profit margin was 12.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.2 percentage points from the prior year.
Black Hills's ROE was 7.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the prior year.
Capital Allocation
Black Hills invested $819.8M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 10.2% from the prior year.
BKH Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $780.7M+22.8% | $635.6M+47.7% | $430.2M-2.0% | $439.0M-45.5% | $805.2M+34.9% | $597.1M+48.7% | $401.6M-0.2% | $402.6M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $201.9M+17.9% | $171.3M+117.7% | $78.7M-4.6% | $82.5M-59.8% | $205.0M+25.5% | $163.4M+115.6% | $75.8M+7.4% | $70.6M |
| Interest Expense | $51.9M+2.8% | $50.5M+2.2% | $49.4M+1.0% | $48.9M-4.7% | $51.3M+2.8% | $49.9M+10.4% | $45.2M+6.1% | $42.6M |
| Income Tax | $17.6M+2.3% | $17.2M+330.0% | $4.0M-9.1% | $4.4M-75.7% | $18.1M+41.4% | $12.8M+341.4% | $2.9M-21.6% | $3.7M |
| Net Income | $131.0M+24.9% | $104.9M+321.3% | $24.9M-9.5% | $27.5M-79.5% | $134.3M+37.0% | $98.0M+301.6% | $24.4M+7.0% | $22.8M |
| EPS (Diluted) | $1.73 | N/A | $0.34-10.5% | $0.38-79.7% | $1.87 | N/A | $0.35+6.1% | $0.33 |
BKH Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.8B-0.5% | $10.9B+5.2% | $10.3B+2.4% | $10.1B+0.3% | $10.1B+0.4% | $10.0B+3.1% | $9.7B-4.6% | $10.2B |
| Current Assets | $788.2M-20.9% | $995.9M+49.2% | $667.6M+9.7% | $608.4M-14.1% | $708.1M-4.6% | $742.3M+23.8% | $599.5M-48.9% | $1.2B |
| Cash & Equivalents | $23.6M-87.1% | $182.8M+766.4% | $21.1M+160.5% | $8.1M+22.7% | $6.6M-59.0% | $16.1M+28.8% | $12.5M-98.0% | $624.8M |
| Inventory | $146.8M-14.8% | $172.4M-0.3% | $173.0M+19.1% | $145.2M+13.3% | $128.1M-16.8% | $153.9M-1.0% | $155.4M+15.3% | $134.8M |
| Accounts Receivable | $383.4M-1.4% | $389.0M+54.7% | $251.4M-3.6% | $260.8M-31.0% | $377.9M+7.6% | $351.2M+71.0% | $205.4M-7.3% | $221.5M |
| Goodwill | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B0.0% | $1.3B |
| Total Liabilities | $6.9B-2.4% | $7.0B+7.4% | $6.6B+1.6% | $6.5B+0.5% | $6.4B-1.5% | $6.5B+4.0% | $6.3B-8.1% | $6.8B |
| Current Liabilities | $1.2B+65.0% | $740.0M+0.7% | $734.6M-23.0% | $953.9M+2.7% | $928.9M+21.7% | $763.4M+42.4% | $536.2M-51.6% | $1.1B |
| Long-Term Debt | $4.0B-15.1% | $4.7B+10.5% | $4.3B+7.6% | $4.0B0.0% | $4.0B-7.0% | $4.3B0.0% | $4.2B0.0% | $4.2B |
| Total Equity | $3.9B+3.2% | $3.8B+1.5% | $3.8B+3.6% | $3.6B0.0% | $3.6B+3.8% | $3.5B+1.6% | $3.4B+2.7% | $3.4B |
| Retained Earnings | $1.4B+5.8% | $1.3B+4.2% | $1.3B-1.9% | $1.3B-1.6% | $1.3B+6.9% | $1.2B+4.3% | $1.2B-1.8% | $1.2B |
BKH Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $176.2M+4.8% | $168.1M+89.1% | $88.9M-52.9% | $188.6M-17.2% | $227.8M+48.7% | $153.2M+50.0% | $102.1M-55.7% | $230.6M |
| Capital Expenditures | $267.4M-0.8% | $269.6M+51.1% | $178.4M-18.5% | $218.9M+43.2% | $152.9M-28.5% | $213.7M+13.6% | $188.1M+13.2% | $166.2M |
| Free Cash Flow | -$91.2M+10.1% | -$101.5M-13.4% | -$89.5M-195.4% | -$30.3M-140.5% | $74.9M+223.8% | -$60.5M+29.7% | -$86.0M-233.5% | $64.4M |
| Investing Cash Flow | -$270.0M+0.7% | -$271.8M-50.8% | -$180.2M+18.5% | -$221.0M-42.4% | -$155.2M+27.5% | -$214.0M-11.9% | -$191.3M-16.8% | -$163.8M |
| Financing Cash Flow | -$65.2M-124.6% | $265.0M+153.3% | $104.6M+206.7% | $34.1M+141.6% | -$81.9M-226.8% | $64.6M+112.4% | -$522.9M-220.2% | $435.2M |
| Dividends Paid | $53.1M+3.9% | $51.1M+3.9% | $49.2M+0.4% | $49.0M+0.8% | $48.6M+4.5% | $46.5M0.0% | $46.5M+3.6% | $44.9M |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BKH Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 25.9%-1.1pp | 27.0%+8.7pp | 18.3%-0.5pp | 18.8%-6.7pp | 25.5%-1.9pp | 27.4%+8.5pp | 18.9%+1.3pp | 17.5% |
| Net Margin | 16.8%+0.3pp | 16.5%+10.7pp | 5.8%-0.5pp | 6.3%-10.4pp | 16.7%+0.3pp | 16.4%+10.3pp | 6.1%+0.4pp | 5.7% |
| Return on Equity | 3.3%+0.6pp | 2.7%+2.1pp | 0.7%-0.1pp | 0.8%-2.9pp | 3.7%+0.9pp | 2.8%+2.1pp | 0.7%+0.0pp | 0.7% |
| Return on Assets | 1.2%+0.2pp | 1.0%+0.7pp | 0.2%-0.0pp | 0.3%-1.1pp | 1.3%+0.3pp | 1.0%+0.7pp | 0.3%+0.0pp | 0.2% |
| Current Ratio | 0.65-0.7 | 1.35+0.4 | 0.91+0.3 | 0.64-0.1 | 0.76-0.2 | 0.97-0.1 | 1.12+0.1 | 1.06 |
| Debt-to-Equity | 1.01-0.2 | 1.23+0.1 | 1.13+0.0 | 1.090.0 | 1.09-0.1 | 1.21-0.0 | 1.23-0.0 | 1.26 |
| FCF Margin | -11.7%+4.3pp | -16.0%+4.8pp | -20.8%-13.9pp | -6.9%-16.2pp | 9.3%+19.4pp | -10.1%+11.3pp | -21.4%-37.4pp | 16.0% |
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Frequently Asked Questions
What is Black Hills's annual revenue?
Black Hills (BKH) reported $2.3B in total revenue for fiscal year 2025. This represents a 8.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Black Hills's revenue growing?
Black Hills (BKH) revenue grew by 8.6% year-over-year, from $2.1B to $2.3B in fiscal year 2025.
Is Black Hills profitable?
Yes, Black Hills (BKH) reported a net income of $291.6M in fiscal year 2025, with a net profit margin of 12.6%.
What is Black Hills's EBITDA?
Black Hills (BKH) had EBITDA of $821.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Black Hills have?
As of fiscal year 2025, Black Hills (BKH) had $182.8M in cash and equivalents against $4.7B in long-term debt.
What is Black Hills's operating margin?
Black Hills (BKH) had an operating margin of 23.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Black Hills's net profit margin?
Black Hills (BKH) had a net profit margin of 12.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Black Hills pay dividends?
Yes, Black Hills (BKH) paid $2.70 per share in dividends during fiscal year 2025.
What is Black Hills's return on equity (ROE)?
Black Hills (BKH) has a return on equity of 7.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Black Hills's free cash flow?
Black Hills (BKH) generated -$146.4M in free cash flow during fiscal year 2025. This represents a -488.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Black Hills's operating cash flow?
Black Hills (BKH) generated $673.4M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Black Hills's total assets?
Black Hills (BKH) had $10.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Black Hills's capital expenditures?
Black Hills (BKH) invested $819.8M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Black Hills's current ratio?
Black Hills (BKH) had a current ratio of 1.35 as of fiscal year 2025, which is considered adequate.
What is Black Hills's debt-to-equity ratio?
Black Hills (BKH) had a debt-to-equity ratio of 1.23 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Black Hills's return on assets (ROA)?
Black Hills (BKH) had a return on assets of 2.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Black Hills's Altman Z-Score?
Black Hills (BKH) has an Altman Z-Score of 1.06, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Black Hills's Piotroski F-Score?
Black Hills (BKH) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Black Hills's earnings high quality?
Black Hills (BKH) has an earnings quality ratio of 2.31x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Black Hills cover its interest payments?
Black Hills (BKH) has an interest coverage ratio of 2.7x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Black Hills?
Black Hills (BKH) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.