Every 10-Q that Black Hills Corporation (BKH) has filed with the SEC in the last 24 months is listed below, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-Q covers the quarterly report filed between annual reports, so if you follow BKH and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full BKH filings page.
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 Corporation reported first-quarter 2026 revenue of $780.7 million and diluted earnings per share of $1.73, compared with $805.2 million and $1.87 a year earlier. Net income available for common stock was $131.0 million versus $134.3 million.
Electric Utilities operating income rose to $59.9 million on new rates and rider recovery, while Gas Utilities operating income eased to $146.5 million on milder weather despite recent rate approvals. Operating cash flow was $176.2 million, funding $259.8 million of capital expenditures, largely at Electric Utilities.
The company advanced its all-stock merger with NorthWestern, with shareholder approvals obtained, key regulatory applications filed, and antitrust clearance under the HSR Act completed. It also signed a 1.8 GW data center generation reservation agreement in Wyoming and a 200 MW solar PPA in Colorado to support its Clean Energy Plan.
Black Hills Corporation reported Q3 results with revenue of $430.2 million, up from $401.6 million, and net income available to common stock of $24.9 million versus $24.4 million a year ago. Operating income was $78.7 million. Diluted EPS was $0.34 compared with $0.35. For the first nine months, revenue reached $1.674 billion and EPS was $2.58.
Regulatory outcomes are adding recurring revenue: Colorado Electric’s final CPUC decision lifts new annual revenue to approximately $17.5 million effective March 22, 2025; Kansas Gas settled for $10.8 million effective August 1, 2025; Iowa Gas’ black‑box settlement provides $15.0 million effective January 1, 2025. Nebraska Gas reached a settlement expected to generate $23.9 million annually, subject to NPSC approval, with rates targeted for January 1, 2026. Operating cash flow was $505.3 million for the nine months, supporting $550.2 million of capital additions. Common shares outstanding were 75,473,390 as of November 4, 2025.
BKH’s Q2 2025 results showed solid top-line and earnings growth. Revenue rose 9% year-over-year to $439 million, lifting operating income 17% to $82.5 million. Net income available to common stock climbed 21% to $27.5 million ($0.38 diluted EPS vs $0.33).
For the first half, revenue increased 10% to $1.24 billion and net income grew 7% to $161.7 million ($2.24 diluted EPS). Higher retail sales at both Electric and Gas Utilities plus larger transportation volumes drove the gains; operating margin held at 23%. Interest expense, however, continued to pressure results, up 8% year-to-date to $101.6 million.
Liquidity remains adequate: operating cash flow was $416 million (-10% YoY) against $372 million of capex, while the $750 million revolver maturity was extended to 2030. Long-term debt declined to $3.95 billion (-7% since year-end) but $300 million matures within 12 months; leverage stands near 59% of capital. The company issued $84 million of equity through ATM programs.
Regulatory momentum is favorable. CPUC approved a $17.5 million Colorado Electric rate hike effective March 2025; KCC okayed a $10.8 million Kansas Gas settlement effective Aug 2025; Nebraska Gas filed for $34.9 million, with interim rates expected in Aug 2025. Regulatory assets tied to Winter Storm Uri fell to $64.9 million (-41% YTD).