Black Hills Corporation (BKH) Income Statement

30Y historyFree accessUpdated daily

Revenue growth of 8.3% in Q3 2026 and an operating margin of 21.0% suggest rate-driven top-line expansion, but a net margin of 8.8% and interest coverage near 1.98x indicate that financing costs absorb much of the operating profit.

Annual statement

BKH Income Statement

Black Hills Corporation (BKH) annual income statement — 30-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Dec'25	Dec'24	Dec'23	Dec'22	Dec'21	Dec'20	Dec'19	Dec'18	Dec'17	Dec'16	Dec'15	Dec'14	Dec'13	Dec'12	Dec'11	Dec'10	Dec'09	Dec'08	Dec'07	Dec'06	Dec'05	Dec'04	Dec'03	Dec'02	Dec'01	Dec'00	Dec'99	Dec'98	Dec'97	Dec'96

Revenue	2.34B	2.31B	2.13B	2.33B	2.55B	1.95B	1.7B	1.73B	1.75B	1.68B	1.54B	1.26B	1.39B	1.28B	1.17B	1.27B	1.22B	1.27B	1.01B	574.84M	542.59M	613.54M	445.54M	1.25B	908.48M	737.83M	1.62B	791.9M	679.3M	313.7M	162.6M
Revenue Growth %	2.8%	8.57%	-8.73%	-8.64%	30.92%	14.86%	-2.19%	-1.1%	4.4%	9.19%	22.01%	-9.49%	9.23%	8.69%	-7.73%	4.3%	-3.93%	26.23%	74.97%	5.94%	-11.56%	37.71%	-64.36%	37.6%	23.13%	-54.56%	105.06%	16.58%	116.54%	92.93%	8.47%
Cost of Revenue	1.17B	1.42B	1.29B	1.53B	1.78B	1.24B	987.81M	1.07B	1.11B	1.02B	925.74M	780.7M	940.88M	837.83M	735.26M	915.94M	566.97M	652.73M	449.74M	161.01M	191.65M	189.75M	82.92M	718.45M	580.97M	382.91M	1.37B	637.3M	531.5M	177.1M	34.2M
Gross Profit	1.16B	888.7M	840.4M	796.4M	772.8M	705.5M	709.13M	668.08M	646.95M	662.37M	613.18M	480.63M	452.69M	438.02M	438.62M	356.25M	652.72M	616.85M	556.05M	413.83M	350.93M	423.79M	362.62M	531.6M	327.5M	354.92M	252M	154.6M	147.8M	136.6M	128.4M
Gross Margin %	49.85%	38.47%	39.5%	34.16%	30.28%	36.2%	41.79%	38.51%	36.88%	39.42%	39.84%	38.1%	32.48%	34.33%	37.36%	28%	53.52%	48.59%	55.28%	71.99%	64.68%	69.07%	81.39%	42.53%	36.05%	48.1%	15.52%	19.52%	21.76%	43.54%	78.97%
Gross Profit Growth %	-	5.75%	5.52%	3.05%	9.54%	-0.51%	6.15%	3.27%	-2.33%	8.02%	27.58%	6.17%	3.35%	-0.14%	23.12%	-45.42%	5.82%	10.94%	34.37%	17.92%	-17.19%	16.87%	-31.79%	62.32%	-7.72%	40.84%	63%	4.6%	8.2%	6.39%	16.09%
Operating Expenses	597.7M	351.2M	337.3M	323.7M	317.6M	296.1M	280.83M	262.04M	249.91M	245.64M	277M	180.21M	188.82M	178.58M	162.18M	170.01M	469.3M	490.02M	500.17M	288.12M	248.8M	341.94M	233.95M	400.43M	214.79M	213.88M	137.25M	92.8M	98.4M	77.6M	74.1M
Other Operating Expenses	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA	866M	821.3M	773.2M	729.5M	706.1M	645.35M	652.76M	615.16M	593.37M	604.98M	511.71M	426.95M	408.61M	396.77M	422.37M	321.83M	310.03M	248.13M	163.14M	225.41M	196.22M	169.97M	216.5M	211.96M	176.58M	195.09M	147.61M	86.9M	73.4M	81.3M	77.1M
EBITDA Margin %	37.09%	35.55%	36.34%	31.29%	27.67%	33.11%	38.47%	35.46%	33.82%	36.01%	33.25%	33.85%	29.32%	31.1%	35.98%	25.3%	25.42%	19.54%	16.22%	39.21%	36.16%	27.7%	48.59%	16.96%	19.44%	26.44%	9.09%	10.97%	10.81%	25.92%	47.42%
EBITDA Growth %	7.14%	6.22%	5.99%	3.31%	9.41%	-1.13%	6.11%	3.67%	-1.92%	18.23%	19.85%	4.49%	2.99%	-6.06%	31.24%	3.81%	24.95%	52.1%	-27.63%	14.88%	15.45%	-21.49%	2.14%	20.04%	-9.49%	32.16%	69.87%	18.39%	-9.72%	5.45%	24.56%
Depreciation & Amortization	299.6M	283.8M	270.1M	256.8M	250.9M	235.95M	224.46M	209.12M	196.33M	188.25M	175.53M	126.53M	144.75M	137.32M	145.92M	135.59M	126.61M	121.3M	107.26M	99.7M	94.08M	88.12M	87.83M	80.79M	63.87M	54.05M	32.86M	25.1M	24M	0	0
D&A / Revenue %	12.83%	12.29%	12.69%	11.02%	9.83%	12.11%	13.23%	12.05%	11.19%	11.2%	11.41%	10.03%	10.39%	10.76%	12.43%	10.66%	10.38%	9.55%	10.66%	17.34%	17.34%	14.36%	19.71%	6.46%	7.03%	7.33%	2.02%	3.17%	3.53%	0%	0%
Operating Income (EBIT)	566.4M	537.5M	503.1M	472.7M	455.2M	409.4M	428.3M	406.04M	397.04M	416.74M	336.18M	300.42M	263.87M	259.44M	276.44M	186.24M	183.42M	126.83M	55.88M	125.72M	102.14M	81.85M	128.67M	131.17M	112.72M	141.03M	114.75M	61.8M	49.4M	59M	54.3M
Operating Margin %	24.26%	23.27%	23.65%	20.28%	17.84%	21%	25.24%	23.4%	22.63%	24.8%	21.85%	23.82%	18.93%	20.34%	23.55%	14.64%	15.04%	9.99%	5.56%	21.87%	18.82%	13.34%	28.88%	10.49%	12.41%	19.11%	7.07%	7.8%	7.27%	18.81%	33.39%
Operating Income Growth %	-	6.84%	6.43%	3.84%	11.19%	-4.41%	5.48%	2.27%	-4.73%	23.96%	11.9%	13.85%	1.7%	-6.15%	48.43%	1.54%	44.62%	126.98%	-55.55%	23.09%	24.78%	-36.39%	-1.9%	16.37%	-20.08%	22.91%	85.68%	25.1%	-16.27%	8.66%	28.67%
Interest Expense	4M	206.9M	195.2M	180M	162.6M	154.1M	144.93M	139.29M	141.62M	138.12M	136.11M	84.65M	70.96M	111.79M	113.61M	91.38M	101.3M	84.69M	54.12M	0	0	0	0	0	0	0	0	0	0	0	0
Interest Coverage	-	2.63x	2.64x	2.68x	2.82x	2.68x	2.90x	2.74x	2.81x	3.04x	2.51x	3.60x	3.78x	2.62x	2.49x	1.63x	1.83x	2.31x	-0.59x	-	-	-	-	-	-	-	-	-	-	-	-
Interest / Revenue %	0.17%	8.96%	9.17%	7.72%	6.37%	7.91%	8.54%	8.03%	8.07%	8.22%	8.84%	6.71%	5.09%	8.76%	9.68%	7.18%	8.3%	6.67%	5.38%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Non-Operating Income	-4M	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Pretax Income	371.4M	343.5M	320M	301.6M	296M	258.4M	275.68M	242.9M	255.88M	281.74M	205.89M	220.21M	197.51M	181.43M	169.63M	57.47M	83.75M	110.73M	-85.8M	107.71M	78.36M	49.84M	82.38M	86.08M	84.78M	132.22M	83.21M	52.9M	37.5M	46.7M	43.9M
Pretax Margin %	15.91%	14.87%	15.04%	12.94%	11.6%	13.26%	16.25%	14%	14.59%	16.77%	13.38%	17.46%	14.17%	14.22%	14.45%	4.52%	6.87%	8.72%	-8.53%	18.74%	14.44%	8.12%	18.49%	6.89%	9.33%	17.92%	5.12%	6.68%	5.52%	14.89%	27%
Income Tax	45.8M	43.7M	36.3M	25.6M	25.2M	7.2M	32.92M	29.58M	-23.67M	73.37M	59.1M	78.66M	66.63M	63.04M	60.22M	18.22M	22.17M	33.31M	-29.39M	32.43M	23.1M	17.04M	26.1M	29.6M	26.64M	48.11M	30.36M	15.8M	11.7M	14.3M	13.6M
Effective Tax Rate %	12.33%	12.72%	11.34%	8.49%	8.51%	2.79%	11.94%	12.18%	-9.25%	26.04%	28.7%	35.72%	33.73%	34.75%	35.5%	31.71%	26.47%	30.09%	34.26%	30.11%	29.48%	34.2%	31.68%	34.39%	31.43%	36.39%	36.49%	29.87%	31.2%	30.62%	30.98%
Net Income	315.1M	291.6M	273.1M	262.2M	258.4M	236.7M	227.61M	199.31M	258.44M	177.03M	72.97M	-32.11M	130.89M	117.42M	102.44M	49.73M	68.69M	81.56M	105.08M	98.77M	81.02M	33.42M	57.97M	61.22M	61.45M	88.08M	52.85M	37.1M	25.8M	32.4M	30.3M
Net Margin %	13.49%	12.62%	12.84%	11.25%	10.13%	12.14%	13.41%	11.49%	14.73%	10.54%	4.74%	-2.55%	9.39%	9.2%	8.73%	3.91%	5.63%	6.42%	10.45%	17.18%	14.93%	5.45%	13.01%	4.9%	6.76%	11.94%	3.25%	4.68%	3.8%	10.33%	18.63%
Net Income Growth %	10.64%	6.77%	4.16%	1.47%	9.17%	3.99%	14.2%	-22.88%	45.98%	142.61%	327.24%	-124.53%	11.47%	14.63%	105.99%	-27.6%	-15.78%	-22.39%	6.39%	21.91%	142.43%	-42.35%	-5.31%	-0.37%	-30.23%	66.66%	42.45%	43.8%	-20.37%	6.93%	18.36%
EPS (Diluted)	4.12	3.98	3.91	3.91	3.97	3.74	3.65	3.28	4.66	3.34	1.37	-0.71	2.93	2.64	2.32	1.24	1.76	2.11	2.75	2.64	2.42	1.00	1.76	1.97	2.26	3.42	2.37	1.73	1.19	1.49	1.40
EPS Growth %	5.05%	1.79%	0%	-1.51%	6.15%	2.47%	11.28%	-29.61%	39.52%	143.8%	292.96%	-124.23%	10.98%	13.79%	87.1%	-29.55%	-16.59%	-23.27%	4.17%	9.09%	142%	-43.18%	-10.66%	-12.83%	-33.92%	44.3%	36.99%	45.38%	-20.13%	6.43%	17.65%
EPS (Basic)	-	3.99	3.91	3.91	3.98	3.74	3.65	3.29	4.75	3.46	1.41	-0.71	2.95	2.66	2.34	1.25	1.76	2.11	2.75	2.66	2.44	1.02	1.78	2.00	2.28	3.45	2.39	1.73	1.19	1.49	1.40
Diluted Shares Outstanding	76.4M	73.2M	69.9M	67.1M	65.02M	63.33M	62.44M	60.8M	55.5M	55.1M	53.3M	51.19M	44.67M	44.42M	44.07M	40.08M	39.09M	38.68M	38.19M	37.41M	33.55M	33.29M	32.91M	31.02M	27.09M	25.6M	22.28M	21.45M	21.68M	21.74M	21.64M

Key Metrics

Growth RegimeMixed

ProfitabilityModerate

Balance SheetMixed

Cash FlowMixed

Top Statement Risk

Persistent quarterly EPS shortfall

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q3)

Top-Line Growth Appears Rate-Driven

Based on reported quarterly figures, BKH's revenue grew 8.6% year over year, a pace that may reflect rate base recovery and rate case outcomes rather than organic volume gains, though the data alone does not isolate the drivers.

The 8.6% revenue expansion is consistent with a regulated utility passing through capital investment and authorized rate increases, which is the typical mechanism for top-line growth in this sector. Revenue growth has been uneven across quarters, with Q1 2026 declining 3.0%, which suggests weather and fuel pass-through timing may be influencing reported figures more than underlying rate recovery. Investors should monitor whether this trajectory persists once weather normalization is applied, since the reported data does not provide that adjustment.

EPS Misses Raise Timing Questions

Reported Q3 2026 EPS of $0.54 against a $1.61 consensus estimate, following a Q2 shortfall, suggests the earlier timing explanation for variance warrants re-examination in light of the cumulative gap.

Two consecutive material EPS shortfalls challenge the view that variance was purely timing-related, since second-half recovery would now need to absorb a larger cumulative gap. Net margin of 12.6% and ROE of 7.8% appear modest for a regulated utility, which may indicate that earned returns are not yet tracking authorized levels. Investors should look for disclosure of specific variance drivers to distinguish persistent cost recognition from weather or regulatory lag effects.

Margin Quality Under Regulatory Constraints

Reported operating margin of 21.0% in Q3 2026 and net margin of 8.8% suggest earnings conversion is modest, which may reflect interest burden and regulatory lag rather than operating inefficiency alone.

Operating income of $98.1M against net income of $41.0M indicates a substantial portion of operating profit is absorbed below the line, consistent with a leveraged capital structure. The interest coverage ratio of 1.98 in the most recent quarter is thin for a utility, suggesting limited cushion if earned returns compress. Whether the gap between authorized and earned ROE is widening cannot be confirmed from the supplied data, so this warrants further investigation through regulatory filings.

Leverage Reading Requires Verification

The reported debt-to-equity figure of 1.20 is unusually low for a utility, and it conflicts with the modest ROE and interest coverage profile, suggesting a possible data inconsistency that should be verified before drawing balance sheet conclusions.

A debt-to-equity ratio near 1.20 would typically be consistent with the leverage levels found across regulated utilities, but the reported ROE of 7.8% and interest coverage near 2.0x imply a more constrained financial position than the leverage figure alone would suggest. This tension may indicate a data snapshot issue, a definitional difference, or a recent capital structure change not visible in the supplied data. Investors should monitor the next balance sheet disclosure to resolve the discrepancy before relying on either metric.

BKH — Frequently Asked Questions

Quick answers to the most common questions about buying BKH stock.

What was Black Hills Corporation's (BKH) revenue in 2025?

For fiscal year 2025, Black Hills Corporation (BKH) reported total revenue of $2.31B. This represents a 1320.7% increase compared to $162.6M in 1996.

Is Black Hills Corporation (BKH) profitable?

Black Hills Corporation (BKH) is profitable, generating $291.6M in net income for the fiscal year ending 2025 with a net profit margin of 12.6%.

What is Black Hills Corporation's operating profit margin?

Black Hills Corporation (BKH) reported an operating income of $537.5M, resulting in an operating profit margin of 23.3%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Black Hills Corporation's gross profit and gross margin?

Black Hills Corporation (BKH) generated $888.7M in gross profit for the year, representing a gross profit margin of 38.5%. This demonstrates the company's core pricing power and production efficiency.