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Black Hills Corp. reported first-quarter 2026 net income available for common stock of $131.0 million and diluted EPS of $1.73, down from $1.87 a year earlier, mainly reflecting mild winter weather and higher financing and depreciation costs. Adjusted EPS was $1.79 versus $1.87, excluding $0.05 per share of merger-related costs. Revenue was $780.7 million compared with $805.2 million in 2025, with weather reducing results by $0.18 per share but partially offset by new rates, riders, and lower operations and maintenance expenses.
The company reaffirmed 2026 adjusted EPS guidance of $4.25 to $4.45, based on normal weather, constructive regulatory outcomes, equity issuance of $50–$70 million, and an effective tax rate of about 14%. Black Hills highlighted progress on its tax-free, all-stock merger with NorthWestern Energy, including shareholder approvals, settlements with intervenors in multiple states, completion of the Hart-Scott-Rodino waiting period, and an expected closing in the second half of 2026, subject to remaining conditions. It also emphasized a growing data center pipeline of more than 3 GW, including a prospective 1.8 GW project in Wyoming backed by $201 million in refundable customer contributions to reserve generation equipment.
Operationally, Wyoming Electric served a new all-time peak load of 393 MW, marking 20 consecutive years of demand growth in the Cheyenne region. Construction continued on key projects, including the 99-MW, $280 million Lange II gas-fired generation facility in South Dakota and a 50-MW battery storage project in Colorado, along with a new power purchase agreement for up to 200 MW of solar energy. Multiple electric and gas utilities pursued rate reviews seeking new annual revenue in several states. The board declared a quarterly dividend of $0.703 per share, extending the company’s record to 56 consecutive years of dividend increases, and the company issued 0.6 million new common shares for net proceeds of $41 million under its at-the-market program.
Waleski Anne G reported acquisition or exercise transactions in this Form 4 filing.
BLACK HILLS CORP director Anne G. Waleski received an equity award of 1,921 shares of common stock as a non-employee director restricted stock unit grant. This compensation-related grant was priced at $0.00 per share in the table and increased her direct holdings to 4,237.1172 shares.
BLACK HILLS CORP director Teresa Taylor reported a stock award and updated equity holdings. She received a grant of 1,921 shares of Common Stock as a non-employee director restricted stock unit grant, recorded at a price of $0.00 per share as compensation rather than an open-market purchase.
After this award, she directly holds 13,645.6562 shares of Common Stock. Separately, a trust associated with her indirectly holds Phantom Stock Units tied to 10,385.6725 underlying shares of Common Stock, with a 1-for-1 conversion ratio. These derivative units are exercisable and expire upon retirement under the agreement’s terms.
Prochazka Scott M reported acquisition or exercise transactions in this Form 4 filing.
Black Hills Corp. director Scott M. Prochazka received an equity grant of 1,921 shares of Common Stock as a restricted stock unit award. The grant was made at a price of $0.00 per share as a non-employee director Restricted Stock Unit grant.
Following this award, Prochazka directly holds 11,715.8442 Common Stock shares. He is also associated with 2,335.0121 Phantom Stock Units held indirectly by a trust, which reference an equivalent number of Common Stock shares on a 1-for-1 basis and become exercisable and expire upon retirement under the agreement’s terms.
Black Hills Corp director Robert P. Otto received a grant of 1,921 shares of Common Stock as a non-employee director restricted stock unit award at a price of $0.0000 per share. After this grant, his directly held common stock position is 14,994.9672 shares.
He also has an indirect position in Phantom Stock Units held by a trust, representing 9,764.9995 underlying shares of Common Stock on a 1-for-1 conversion ratio. These derivative securities are exercisable upon retirement and expire upon retirement under the terms of the agreement, indicating a long-term, retirement-linked compensation structure rather than an open-market trade.
BLACK HILLS CORP (BKH) director Steven Richard Mills reported a stock-based compensation grant and his existing phantom stock holdings. He received an award of 1,921 shares of common stock as a non-employee director restricted stock unit grant, increasing his direct common stock holdings to 29,622.2309 shares.
Mills is also indirectly associated with 22,105.2207 phantom stock units held by a trust, each with a 1-for-1 conversion ratio into common stock. The derivative security becomes exercisable upon retirement and expires upon retirement under the terms of the agreement.
McAllister Kathleen S reported acquisition or exercise transactions in this Form 4 filing.
Black Hills Corp. director Kathleen S. McAllister received a grant of 1,921 shares of common stock as a non-employee director restricted stock unit award. After this grant, she holds 16,529.1219 common shares directly. She also has phantom stock units indirectly via a trust, tied to 4,250.9788 underlying common shares on a 1-for-1 basis, which become exercisable and expire upon retirement under the agreement.
Black Hills Corp. director Tony A. Jensen reported an equity grant of 1,921 shares of common stock as a non-employee director restricted stock unit award. The shares were acquired at a stated price of $0.0000 per share and increase his direct holdings to 18,117.5789 shares of common stock.
He also reports an indirect position in Phantom Stock Units held by a trust, representing 4,250.9788 underlying shares of common stock 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 CORP /SD/ director Barry M. Granger received a grant of 1,921 shares of Common Stock as a restricted stock unit award at no cost. This compensation-related acquisition increased his direct holdings to 11,715.8959 Common Stock shares.
He also has an indirect position in Phantom Stock Units held by a trust, representing 2,335.0121 underlying Common Stock 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 CORP (BKH) director Robert F. Beard reported a stock-based compensation grant. On May 1, 2026, he acquired 1,921 shares of Common Stock at a stated price of $0.00 per share as a Non-employee Director Restricted Stock Unit Grant.
Following this award, Beard directly holds 4,237.1172 Common Stock shares. This is a routine equity grant for board service rather than an open-market purchase or sale.