Black Hills Corporation filings document the formal disclosures of a South Dakota-based electric and natural gas utility with common stock listed on the New York Stock Exchange under BKH. Its SEC reports include Form 8-K updates on operating and financial results, rate-related regulatory matters, material agreements, debt obligations and other capital-structure events.
Proxy and shareholder-vote filings describe director elections, auditor ratification, executive compensation votes and governance matters. The filing record also covers registered common stock and exhibits such as earnings releases, investor presentations and financing documents.
Black Hills Corporation (BKH) reported third-quarter 2026 revenue of $466.1 million, compared with $430.2 million a year earlier. Net income available for common stock was $41.0 million versus $24.9 million, and diluted earnings per share were $0.54 versus $0.34. For the first nine months, revenue was $1,699.6 million and net income available for common stock was $210.2 million.
Long-term agreements with Google and third-party partners cover a planned Cheyenne data-center project served through a total resource mix of 2.7 GW, including reserve margins. Service is expected to begin in late 2027 and ramp to projected peak load by the end of 2030. Black Hills expects to provide up to 590 MW of grid-connected service and manage approximately 2.1 GW of third-party resources. Refundable customer advances were $398.8 million as of September 30, 2026, with repayment expected by June 30, 2027.
Arkansas Gas's new rates took effect October 12, 2026 and are expected to generate $17.9 million in new annual revenue. South Dakota Electric received approval on November 4, 2026 for a settlement expected to generate $27.4 million in new annual revenue; new rates are effective in December 2026.
Black Hills Corporation reported third-quarter 2026 revenue of $466.1 million, compared with $430.2 million a year earlier. Net income available for common stock was $41.0 million versus $24.9 million; diluted GAAP EPS was $0.54 versus $0.34, and adjusted EPS was $0.57 versus $0.45. For the first nine months, diluted GAAP EPS was $2.76 versus $2.58 and adjusted EPS was $2.89 versus $2.68.
Black Hills reaffirmed 2026 adjusted EPS guidance of $4.25 to $4.45, excluding merger-related costs. Under definitive agreements through 2048 to serve Google's planned Wyoming data center, the company plans to invest $1.8 billion in 564 MW of company-owned generation and manage 2.1 GW of third-party resources. Project earnings are expected to begin in mid- and late-2027, with net income of $150 million expected in 2030. The company requested Certificates of Public Convenience and Necessity for $686 million of transmission expansion investments.
South Dakota Electric's approved rate settlement provides $27.4 million in new annual revenue and a four-year base-rate moratorium through August 2030, absent an extraordinary event. Arkansas Gas's new rates provide $17.9 million in annual revenue and took effect October 12, 2026. The NorthWestern Energy merger remains subject to satisfactory final Montana regulatory approval and is expected to close by year-end 2026.
Black Hills Corporation announced a planned post-merger name and ticker change: if its proposed merger with NorthWestern Energy Group, Inc., doing business as NorthWestern Energy, receives satisfactory final regulatory approval from the Montana Public Service Commission and is completed, Black Hills will be renamed Bright Horizon Energy Corporation, and its common stock will trade on the NYSE under HZN. NorthWestern Energy would become a wholly owned subsidiary of Bright Horizon Energy.
The Montana Public Service Commission is expected to consider the merger prior to November 12, 2026, and completion remains subject to its satisfactory final regulatory approval. Shareholders need take no action for the name and ticker change. While the merger is pending, Black Hills shares continue trading as BKH on the NYSE and NorthWestern Energy shares as NWE on Nasdaq. The merger has received shareholder approvals from both companies, approvals from the Nebraska and South Dakota regulatory commissions and the Federal Energy Regulatory Commission, and clearance under the Hart-Scott-Rodino Act.
Black Hills Corp. announced definitive agreements, effective September 30, 2026, to serve Google’s planned data center in Cheyenne, Wyoming, under terms through 2048. Energy service is planned to begin in late 2027 and ramp to the project’s peak load in 2030. Black Hills will provide up to 590 MW of grid-connected service and manage approximately 2.1 GW of third-party contracted resources through a private microgrid.
Black Hills plans to invest $1.8 billion between 2027 and 2029 to build 564 MW of company-owned natural gas generation through a non-regulated affiliate. The project is expected to provide approximately $150 million of net income in 2030 and approximately $2.4 billion of unlevered free cash flow through 2048, net of $1.8 billion of generation capital investment. The agreements are structured so Google bears all costs of serving the project, without shifting them to existing retail customers. Google provided $399 million in refundable advances for long lead-time equipment, which Black Hills expects to reimburse by June 30, 2027.
Black Hills Corporation is advancing an all-stock merger of equals with NorthWestern Energy Group. Under the Merger Agreement, each share of NorthWestern common stock will convert into 0.98 shares of Black Hills common stock, implying estimated merger consideration of about $4.43 billion based on recent Black Hills share prices.
Regulatory and shareholder milestones are substantial: the SEC declared the joint Form S-4 effective, shareholders of both companies approved the merger, the Hart-Scott-Rodino waiting period expired, and approvals have been obtained from FERC, the Nebraska Public Service Commission, and the South Dakota Public Utilities Commission. Approval from the Montana Public Service Commission remains outstanding, and the companies anticipate closing by year-end 2026, subject to remaining conditions.
NorthWestern’s standalone results for the six months ended June 30, 2026 show $890.2 million in revenue and $88.5 million in net income. On a pro forma basis for the same period, the combined company would have generated $2.12 billion of revenue and $258 million of net income, with preliminary goodwill of about $1.81 billion recorded under acquisition accounting and estimated transaction-related costs of $25 million.
State Street Corporation, through various investment advisory subsidiaries, reports beneficial ownership of 3,821,310 shares of Black Hills Corp. common stock on a Schedule 13G. This position represents 5% of the class of Black Hills Corp. common stock identified by CUSIP 092113109.
State Street reports no sole voting or dispositive power over the shares. It has shared voting power over 3,632,279 shares and shared dispositive power over 3,819,510 shares, reflecting its role as an institutional investment manager. Several State Street Global Advisors entities are identified as the relevant investment adviser subsidiaries.
Black Hills Corporation reported second-quarter 2026 revenue of $452.8 million, slightly above $439.0 million a year earlier. Net income rose to $40.4 million from $28.8 million, and net income available to common stock was $38.2 million versus $27.5 million, driving diluted EPS of $0.50 compared with $0.38. For the first six months, net income available to common stock was $169.2 million with diluted EPS of $2.23.
Total assets were $11.04 billion at June 30, 2026, including $8.64 billion of net property, plant and equipment. Long-term debt including current maturities had a carrying amount of $4.40 billion, with a Consolidated Indebtedness to Capitalization Ratio of 0.53 to 1.00, within the 0.65 covenant limit. Operating cash flow was $371.3 million for the first half, against capital additions of $485.5 million, funded in part by equity issued under ATM programs and debt markets.
Regulatory activity included approved gas rate settlements in Kansas and Nebraska and pending rate reviews in Arkansas, Colorado and South Dakota that together seek substantial new annual revenue. Wyoming Electric received $285 million of refundable advances from a prospective 1.8 GW data center customer under a generation reservation agreement, later amended in July to increase advances to $377 million. Colorado Electric also executed a 15‑year PPA for up to 200 MW of solar energy to support its Clean Energy Plan. A previously disclosed Colorado legal settlement was fully offset by insurance recovery. The company continues to reference a proposed merger with NorthWestern, subject to regulatory approvals.
Black Hills Corp. reported higher second-quarter 2026 results, with net income available for common stock of $38.2 million and diluted EPS of $0.50, compared with $27.5 million and $0.38 a year earlier. Adjusted EPS increased to $0.54, excluding $0.04 per share of after-tax merger-related costs.
Revenue for the quarter was $452.8 million and operating income rose to $97.0 million, helped by new rates and rider recovery, partly offset by higher interest and depreciation. For the first half of 2026, net income available for common stock was $169.2 million and adjusted EPS was $2.33, compared with $161.7 million and $2.24 in 2025.
The company reaffirmed 2026 adjusted EPS guidance of $4.25 to $4.45, excluding merger-related costs and mark-to-market adjustments, and cited large-load growth in Wyoming, including a prospective 1.8 GW data center project backed by $377 million in refundable advances. A quarterly dividend of $0.703 per share marks 56 consecutive years of increases. A tax-free, all-stock merger with NorthWestern Energy is expected to close by year-end 2026, subject to remaining approval from the Montana Public Service Commission.
BLACK HILLS CORP director Robert P. Otto reported an open-market sale of 4,109 shares of common stock at $74.2199 per share. After this transaction, he directly holds 10,885.9672 common shares.
The filing also shows an indirect holding of Phantom Stock Units held by a trust, representing 9,764.9995 underlying common shares on a 1-for-1 conversion ratio. These derivative securities are exercisable upon retirement and expire upon retirement under the terms of the agreement.
Black Hills Corporation is offering up to $183,376,179.78 of common stock in an at-the-market program that replaces an earlier prospectus supplement. The amount represents the remaining capacity under a previously announced $400,000,000 sales agreement under which the company has sold 3,517,790 shares for aggregate gross proceeds of $216,623,820.22. Sales may be effected through designated sales agents or via forward sale agreements with affiliated forward purchasers and forward sellers; settlement under forward sale agreements may be physical, cash or net share settlement and could produce dilution or cash payment obligations depending on the settlement method.
The prospectus supplement states the company will pay commissions of up to 2% to agents/forward sellers, estimates offering expenses of approximately $700,000, and discloses 76,128,118 shares outstanding as of May 14, 2026. The proceeds, if any, will be used for working capital and general corporate purposes. The offering is subject to FINRA rules and customary risks described under "Risk Factors."