Black Hills Corporation (BKH) Balance Sheet
BKH balance sheet, 2025
December 31, 2025 · U.S. dollars$10.87B assets = $6.96B liabilities + $3.91B equity
Both columns are drawn to the same scale: what BKH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
BKH financial health
Descriptive bands, not a rating. Fiscal 2025.
BKH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $6.52B2016 | $10.87B2025 | +5.9%/yr | |
| Total liabilities | $4.79B2016 | $6.96B2025 | +4.3%/yr | |
| Shareholders’ equity | $1.61B2016 | $3.82B2025 | +10.1%/yr | |
| Cash & short-term investments | $13.6M2016 | $182.8M2025 | +33.5%/yr | |
| Total debt | $3.31B2016 | $4.70B2025 | +4.0%/yr | |
| Net cash (debt) | −$3.30B2016 | −$4.52B2025 | −$1.2B | |
| Working capital | −$61.1M2016 | $255.9M2025 | +$317.0M | |
| Book value per share | $30.292016 | $52.232025 | +6.2%/yr | |
| Current ratio | 0.882016 | 1.352025 | +0.46 | |
| Debt / equity | 2.052016 | 1.232025 | −0.82 | |
| Shares outstanding | 53.3M2016 | 73.2M2025 | +3.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
BKH assets
BKH liabilities and equity
BKH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
BKH balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $182.8M | $16.1M | $86.6M | $21.4M | $8.9M | $6.4M | $9.8M | $20.8M | $15.4M | $13.6M |
| Cash & equivalents | $182.8M | $16.1M | $86.6M | $21.4M | $8.9M | $6.4M | $9.8M | $20.8M | $15.4M | $13.6M |
| Short-term investments | — | — | — | — | — | — | — | — | $2.8M | $2.3M |
| Receivables | $412.3M | $371.0M | $368.8M | $525.8M | $339.7M | $285.4M | $272.3M | $282.1M | $248.3M | $259.3M |
| Inventory | $172.4M | $153.9M | $160.9M | $207.4M | $151.0M | $117.4M | $117.2M | $117.3M | $113.3M | $107.2M |
| Other current assets | $228.4M | $201.3M | $210.3M | $317.1M | $308.6M | $84.1M | $74.0M | $83.6M | $193.7M | $86.7M |
| Total current assets | $995.9M | $742.3M | $826.6M | $1.07B | $808.1M | $493.3M | $473.2M | $503.8M | $570.8M | $466.8M |
| Property, plant & equipment (net) | $8.23B | $7.63B | $7.12B | $6.80B | $6.45B | $6.02B | $5.50B | $4.85B | $4.54B | $4.47B |
| Goodwill & intangible assets | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $21.9M | $41.0M | $13.1M | $12.8M |
| Other non-current assets | $333.8M | $343.3M | $366.6M | $439.5M | $564.4M | $264.4M | $247.4M | $249.8M | $226.6M | $259.0M |
| Total assets | $10.87B | $10.02B | $9.62B | $9.62B | $9.13B | $8.09B | $7.56B | $6.96B | $6.66B | $6.52B |
| Liabilities | ||||||||||
| Accounts payable | $311.7M | $229.1M | $186.4M | $310.0M | $217.8M | $183.3M | $193.5M | $210.6M | $160.9M | $152.1M |
| Short-term debt | $0 | $133.8M | $600.0M | $1.06B | $420.2M | $242.5M | $355.2M | $191.4M | $217.0M | $102.3M |
| Deferred revenue | $59.0M | $55.6M | $76.0M | $47.7M | $48.8M | $52.2M | $54.7M | $43.6M | $44.4M | $51.6M |
| Total current liabilities | $740.0M | $763.4M | $1.19B | $1.67B | $901.7M | $696.5M | $811.3M | $648.2M | $649.1M | $527.9M |
| Long-term debt | $4.70B | $4.25B | $3.80B | $3.61B | $4.13B | $3.53B | $3.14B | $2.95B | $3.11B | $3.21B |
| Other long-term liabilities | $1.52B | $1.42B | $1.33B | $1.25B | $1.22B | $1.20B | $1.14B | $1.08B | $1.08B | $1.05B |
| Total liabilities | $6.96B | $6.44B | $6.31B | $6.53B | $6.24B | $5.43B | $5.09B | $4.68B | $4.84B | $4.79B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $75.5M | $71.7M | $68.3M | $66.1M | $64.8M | $62.8M | $61.5M | $60.0M | $1.20B | $1.19B |
| Retained earnings (deficit) | $1.34B | $1.25B | $1.16B | $1.06B | $962.5M | $870.7M | $778.8M | $700.4M | $548.6M | $457.9M |
| Treasury stock | — | — | — | −$2.4M | −$3.5M | −$2.1M | −$267,000 | −$2.5M | −$2.3M | −$791,000 |
| Accumulated other comprehensive income | −$9.7M | −$9.4M | −$14.8M | −$15.6M | −$20.1M | −$27.3M | −$30.7M | −$26.9M | −$41.2M | −$34.9M |
| Minority interest | $82.1M | $83.7M | $90.5M | $95.0M | $100.0M | $101.3M | $101.9M | $105.8M | $111.2M | $115.5M |
| Total shareholders' equity | $3.82B | $3.50B | $3.22B | $2.99B | $2.79B | $2.56B | $2.36B | $2.18B | $1.71B | $1.61B |
| Key figures | ||||||||||
| Total debt | $4.70B | $4.38B | $4.40B | $4.67B | $4.55B | $3.77B | $3.50B | $3.14B | $3.33B | $3.31B |
| Net cash (debt) | −$4.52B | −$4.37B | −$4.31B | −$4.65B | −$4.54B | −$3.76B | −$3.49B | −$3.12B | −$3.31B | −$3.30B |
| Working capital | $255.9M | −$21.1M | −$358.5M | −$595.0M | −$93.6M | −$203.2M | −$338.1M | −$144.4M | −$78.3M | −$61.1M |
| Tangible book value | $2.52B | $2.19B | $1.91B | $1.69B | $1.48B | $1.25B | $1.05B | $867.8M | $402.0M | $306.8M |
| Book value per share | $52.23 | $50.09 | $47.92 | $46.06 | $44.01 | $41.02 | $38.85 | $39.31 | $31.02 | $30.29 |
| Shares outstanding | 73.2M | 69.9M | 67.1M | 65.0M | 63.3M | 62.4M | 60.8M | 55.5M | 55.1M | 53.3M |
| Current ratio | 1.35 | 0.97 | 0.70 | 0.64 | 0.90 | 0.71 | 0.58 | 0.78 | 0.88 | 0.88 |
| Quick ratio | 0.80 | 0.51 | 0.38 | 0.33 | 0.39 | 0.42 | 0.35 | 0.47 | 0.41 | 0.52 |
| Debt / equity | 1.23 | 1.25 | 1.37 | 1.56 | 1.63 | 1.47 | 1.48 | 1.44 | 1.95 | 2.05 |
| Equity / assets | 35.2% | 34.9% | 33.4% | 31.1% | 30.5% | 31.7% | 31.3% | 31.3% | 25.7% | 24.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $71.5M | $31.4M | $182.8M | $21.1M | $8.1M | $6.6M | $16.1M | $12.5M | $624.8M | $123.0M | $86.6M | $594.3M |
| Cash & equivalents | $71.5M | $31.4M | $182.8M | $21.1M | $8.1M | $6.6M | $16.1M | $12.5M | $624.8M | $123.0M | $86.6M | $594.3M |
| Receivables | $306.4M | $406.0M | $432.3M | $272.4M | $281.7M | $397.6M | $371.0M | $225.3M | $241.3M | $352.6M | $368.8M | $246.6M |
| Inventory | $157.9M | $146.8M | $172.4M | $173.0M | $145.2M | $128.1M | $153.9M | $155.4M | $134.8M | $130.6M | $160.9M | $168.1M |
| Other current assets | $209.3M | $204.0M | $208.4M | $201.1M | $173.4M | $175.8M | $201.3M | $206.3M | $172.7M | $191.4M | $210.3M | $231.3M |
| Total current assets | $745.1M | $788.2M | $995.9M | $667.6M | $608.4M | $708.1M | $742.3M | $599.5M | $1.17B | $797.6M | $826.6M | $1.24B |
| Property, plant & equipment (net) | $8.64B | $8.39B | $8.23B | $8.03B | $7.86B | $7.72B | $7.63B | $7.47B | $7.36B | $7.22B | $7.12B | $7.01B |
| Goodwill & intangible assets | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B | $1.31B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $348.3M | $332.7M | $333.8M | $327.5M | $316.3M | $324.3M | $343.3M | $342.2M | $349.2M | $348.1M | $366.6M | $372.1M |
| Total assets | $11.04B | $10.82B | $10.87B | $10.33B | $10.09B | $10.06B | $10.02B | $9.72B | $10.19B | $9.68B | $9.62B | $9.93B |
| Liabilities | ||||||||||||
| Accounts payable | $275.2M | $210.8M | $311.7M | $219.1M | $180.8M | $216.8M | $229.1M | $136.3M | $155.2M | $132.6M | $186.4M | $124.0M |
| Short-term debt | $500.0M | $662.2M | $0 | $126.0M | $423.7M | $359.9M | $133.8M | $17.5M | $600.0M | $600.0M | $600.0M | $1.12B |
| Deferred revenue | $345.7M | — | $59.0M | $62.6M | $44.7M | $41.0M | $55.6M | $59.2M | $54.7M | $60.3M | $76.0M | $57.1M |
| Total current liabilities | $1.43B | $1.22B | $740.0M | $734.6M | $953.9M | $928.9M | $763.4M | $536.2M | $1.11B | $1.09B | $1.19B | $1.60B |
| Long-term debt | $3.99B | $3.99B | $4.70B | $4.25B | $3.95B | $3.95B | $4.25B | $4.25B | $4.25B | $3.80B | $3.80B | $3.80B |
| Other long-term liabilities | $1.60B | $1.58B | $1.52B | $1.49B | $1.47B | $1.46B | $1.42B | $1.40B | $1.39B | $1.36B | $1.33B | $1.27B |
| Total liabilities | $7.01B | $6.79B | $6.96B | $6.48B | $6.37B | $6.34B | $6.44B | $6.19B | $6.74B | $6.25B | $6.31B | $6.67B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $76.3M | $76.2M | $75.5M | $75.5M | $72.9M | $72.5M | $71.7M | $71.7M | $69.7M | $69.0M | $68.3M | $68.0M |
| Retained earnings (deficit) | $1.41B | $1.42B | $1.34B | $1.29B | $1.31B | $1.33B | $1.25B | $1.20B | $1.22B | $1.24B | $1.16B | $1.12B |
| Accumulated other comprehensive income | −$6.6M | −$7.5M | −$9.7M | −$8.8M | −$8.0M | −$8.4M | −$9.4M | −$10.6M | −$11.3M | −$12.3M | −$14.8M | −$12.9M |
| Minority interest | $80.3M | $81.7M | $82.1M | $82.9M | $83.3M | — | — | — | — | — | — | — |
| Total shareholders' equity | $3.94B | $3.95B | $3.82B | $3.77B | $3.64B | $3.64B | $3.50B | $3.45B | $3.36B | $3.33B | $3.22B | $3.17B |
| Key figures | ||||||||||||
| Total debt | $4.49B | $4.65B | $4.70B | $4.38B | $4.38B | $4.31B | $4.38B | $4.27B | $4.85B | $4.40B | $4.40B | $4.92B |
| Net cash (debt) | −$4.42B | −$4.62B | −$4.52B | −$4.36B | −$4.37B | −$4.30B | −$4.37B | −$4.25B | −$4.22B | −$4.28B | −$4.31B | −$4.33B |
| Working capital | −$680.1M | −$432.7M | $255.9M | −$67.0M | −$345.5M | −$220.8M | −$21.1M | $63.3M | $66.8M | −$290.8M | −$358.5M | −$362.4M |
| Tangible book value | $2.64B | $2.64B | $2.52B | $2.46B | $2.33B | $2.33B | $2.19B | $2.14B | $2.05B | $2.03B | $1.91B | $1.86B |
| Book value per share | $51.82 | $52.19 | $50.71 | $51.69 | $50.22 | $50.63 | $48.90 | $48.82 | $48.66 | $48.81 | $47.28 | $47.00 |
| Shares outstanding | 76.1M | 75.6M | 75.4M | 72.9M | 72.4M | 71.8M | 71.6M | 70.6M | 69.0M | 68.3M | 68.0M | 67.4M |
| Current ratio | 0.52 | 0.65 | 1.35 | 0.91 | 0.64 | 0.76 | 0.97 | 1.12 | 1.06 | 0.73 | 0.70 | 0.77 |
| Quick ratio | 0.27 | 0.36 | 0.83 | 0.40 | 0.30 | 0.44 | 0.51 | 0.44 | 0.78 | 0.44 | 0.38 | 0.52 |
| Debt / equity | 1.14 | 1.18 | 1.23 | 1.16 | 1.20 | 1.19 | 1.25 | 1.24 | 1.44 | 1.32 | 1.37 | 1.55 |
| Equity / assets | 35.7% | 36.5% | 35.2% | 36.5% | 36.0% | 36.1% | 34.9% | 35.5% | 33.0% | 34.5% | 33.4% | 31.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 11, 2026); data from EODHD.
BKH financial position
At the end of fiscal 2025 (December 31, 2025), Black Hills had total assets of $10.9 billion (up 8.5% from a year earlier), total liabilities of $7.0 billion and shareholders' equity of $3.8 billion. It held $182.8 million in cash and short-term investments against $4.7 billion of debt, net debt of $4.5 billion. Its current ratio was 1.35. In the latest quarter (ended June 30, 2026) total assets were $11.0 billion and equity $3.9 billion.
Related: BKH income statement, BKH cash flow statement, BKH key metrics. See the BKH stock overview for the latest quote and news.
BKH balance sheet FAQ
What are Black Hills's total assets?
Black Hills reported total assets of $10.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $10.0 billion a year earlier.
How much debt does Black Hills have?
Black Hills had $4.7 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 1.23.
How much cash does Black Hills have?
Black Hills held $182.8 million in cash and short-term investments at the end of fiscal 2025; with $4.7 billion of debt that is net debt of $4.5 billion.
What is Black Hills's book value?
Black Hills's shareholders' equity (book value) was $3.8 billion at the end of fiscal 2025, or $52.23 per share.
What is Black Hills's current ratio?
Black Hills had current assets of $995.9 million and current liabilities of $740.0 million, a current ratio of 1.35 (it can cover its short-term obligations).
How much goodwill does Black Hills have?
Black Hills carried $1.3 billion of goodwill and intangible assets, 12.0% of total assets, at the end of fiscal 2025.