Black Hills Corporation (BKH) Revenue History
Annual and quarterly revenue from 2014 to 2025
Compound Annual Growth Rate (CAGR)
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BKH Revenue Growth
Revenue Breakdown (FY 2023)
BKH's revenue distribution by segment and geography for fiscal year 2023
By Product/Segment
BKH Revenue Analysis (2014–2025)
As of May 8, 2026, Black Hills Corporation (BKH) generated trailing twelve-month (TTM) revenue of $2.29 billion, reflecting slight decline in growth of -3.0% year-over-year. The most recent quarter (Q1 2026) recorded $780.7 million in revenue, up 22.8% sequentially.
Looking at the longer-term picture, BKH's 5-year compound annual growth rate (CAGR) stands at +6.4%, indicating steady revenue expansion. The company achieved its highest annual revenue of $2.55 billion in 2022.
Revenue diversification analysis shows BKH's business is primarily driven by Other (100%). With over half of revenue concentrated in Other, the company maintains significant focus in this area while developing other growth vectors.
When compared to Utilities sector peers including NWE (+9.1% YoY), AVA (-1.5% YoY), and OTTR (-0.5% YoY), BKH has underperformed the peer group in terms of revenue growth. Compare BKH vs NWE →
BKH Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| BKHCurrent | $2.3B | -3.0% | +6.4% | 23.3% | |
 NWE | $1.6B | +9.1% | +6.1% | 20.2% | |
 AVA | $2.0B | -1.5% | +8.2% | 18.0% | |
 OTTR | $1.3B | -0.5% | +7.9% | 26.5% | |
 POR | $3.4B | +1.1% | +9.5% | 16.4% | |
 MGEE | $744M | +8.9% | +6.7% | 22.9% |
BKH Historical Revenue Data (2014–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $2.31B | +8.6% | $888.7M | 38.5% | $537.5M | 23.3% |
| 2024 | $2.13B | -8.7% | $840.4M | 39.5% | $503.1M | 23.6% |
| 2023 | $2.33B | -8.6% | $796.4M | 34.2% | $472.7M | 20.3% |
| 2022 | $2.55B | +30.9% | $772.8M | 30.3% | $455.2M | 17.8% |
| 2021 | $1.95B | +14.9% | $705.5M | 36.2% | $409.4M | 21.0% |
| 2020 | $1.70B | -2.2% | $709.1M | 41.8% | $428.3M | 25.2% |
| 2019 | $1.73B | -1.1% | $668.1M | 38.5% | $406.0M | 23.4% |
| 2018 | $1.75B | +4.4% | $647.0M | 36.9% | $397.0M | 22.6% |
| 2017 | $1.68B | +9.2% | $662.4M | 39.4% | $416.7M | 24.8% |
| 2016 | $1.54B | +22.0% | $613.2M | 39.8% | $336.2M | 21.8% |
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Start ComparisonBKH — Frequently Asked Questions
Quick answers to the most common questions about buying BKH stock.
Is BKH's revenue growth accelerating or slowing?
BKH revenue growth slowed to -3.0%, below the 5-year CAGR of +6.4%. TTM revenue is $2.3B. The deceleration marks a shift from historical growth rates.
What is BKH's long-term revenue growth rate?
Black Hills Corporation's 5-year revenue CAGR of +6.4% reflects the variable expansion pattern. Current YoY growth of -3.0% is near this long-term average.
How is BKH's revenue distributed by segment?
BKH reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2014-2025 are available for download. Segment mix reveals concentration and diversification trends.