Black Hills Corporation (BKH) Income Statement
BKH 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsBKH revenue and net income
Where BKH's revenue goes
2025Each bar shows an amount and its share of revenue. BKH kept 12.6% of revenue as net income.
BKH profit margins
BKH growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.6% | −3.3% | +6.4% | +6.2% |
| Gross profit | +5.7% | +4.8% | +4.6% | +6.3% |
| Operating income | +6.8% | +5.7% | +4.6% | +6.0% |
| Net income | +6.8% | +4.1% | +5.1% | — |
| EPS (diluted) | +4.8% | +1.0% | +2.0% | +3.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
BKH quarterly EPS vs estimates
Black Hills beat the analyst EPS estimate in 5 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.42).
BKH income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.31B | $2.13B | $2.33B | $2.55B | $1.95B | $1.70B | $1.73B | $1.75B | $1.68B | $1.54B |
| Cost of revenue | $1.42B | $1.29B | $1.53B | $1.78B | $1.24B | $987.8M | $1.07B | $1.11B | $1.02B | $925.7M |
| Gross profit | $888.7M | $840.4M | $796.4M | $772.8M | $705.5M | $709.1M | $668.1M | $647.0M | $662.4M | $613.2M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $11.8M | $10.6M | $7.0M | $66.7M | $60.1M | $56.4M | $52.9M | $53.6M | $57.4M | $98.9M |
| Total operating expenses | $351.2M | $337.3M | $323.7M | $317.6M | $296.1M | $280.8M | $262.0M | $249.9M | $245.6M | $277.0M |
| Operating income | $537.5M | $503.1M | $472.7M | $455.2M | $409.4M | $428.3M | $406.0M | $397.0M | $416.7M | $336.2M |
| Interest income | $6.8M | $13.5M | $6.3M | $161.0M | $152.4M | $143.5M | $1.6M | $1.6M | $1.0M | $1.4M |
| Interest expense | $206.9M | $195.2M | $180.0M | $162.6M | $154.1M | $144.9M | $139.3M | $141.6M | $138.1M | $136.1M |
| Income before taxes | $343.5M | $320.0M | $301.6M | $296.0M | $258.4M | $275.7M | $242.9M | $255.9M | $281.7M | $205.9M |
| Income taxes | $43.7M | $36.3M | $25.6M | $25.2M | $7.2M | $32.9M | $29.6M | −$23.7M | $73.4M | $59.1M |
| Net income | $291.6M | $273.1M | $262.2M | $258.4M | $236.7M | $227.6M | $199.3M | $258.4M | $177.0M | $73.0M |
| EBITDA | $827.4M | $785.3M | $738.4M | $709.5M | $648.5M | $645.1M | $591.3M | $593.8M | $608.1M | $517.5M |
| EPS (diluted) | $4.11 | $3.92 | $3.92 | $3.99 | $3.75 | $3.73 | $3.54 | $3.55 | $3.30 | $3.17 |
| Gross margin | 38.5% | 39.5% | 34.2% | 30.3% | 36.2% | 41.8% | 38.5% | 36.9% | 39.4% | 39.8% |
| Operating margin | 23.3% | 23.6% | 20.3% | 17.8% | 21.0% | 25.2% | 23.4% | 22.6% | 24.8% | 21.8% |
| Net margin | 12.6% | 12.8% | 11.2% | 10.1% | 12.1% | 13.4% | 11.5% | 14.7% | 10.5% | 4.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $452.8M | $780.7M | $635.5M | $430.2M | $439.0M | $805.2M | $597.1M | $401.6M | $402.6M | $726.4M | $591.7M | $407.1M |
| Cost of revenue | $113.5M | $562.7M | $373.4M | $262.8M | $271.6M | $513.4M | $348.3M | $240.1M | $248.8M | $450.2M | $372.6M | $227.9M |
| Gross profit | $339.3M | $218.0M | $262.1M | $167.4M | $167.4M | $291.8M | $248.8M | $161.5M | $153.8M | $276.2M | $219.1M | $179.2M |
| Total operating expenses | $242.3M | $18.1M | $90.7M | $88.7M | $84.9M | $86.8M | $85.5M | $85.7M | $83.2M | $82.9M | $82.6M | $81.4M |
| Operating income | $97.0M | $199.9M | $171.4M | $78.7M | $82.5M | $205.0M | $163.3M | $75.8M | $70.6M | $193.3M | $136.5M | $97.8M |
| Interest income | $1.1M | $1.2M | $4.2M | $1.2M | $900,000 | $400,000 | $600,000 | $5.4M | $5.6M | $2.0M | $6.3M | $41.0M |
| Interest expense | $51.6M | $52.4M | $54.7M | $49.9M | $49.8M | $51.7M | $50.4M | $50.6M | $48.2M | $46.0M | $48.2M | $44.5M |
| Income before taxes | $45.6M | $150.7M | $125.8M | $29.9M | $33.2M | $154.5M | $113.8M | $29.3M | $28.4M | $148.5M | $93.0M | $56.2M |
| Income taxes | $5.2M | $17.6M | $17.2M | $4.0M | $4.4M | $18.1M | $12.7M | $2.9M | $3.7M | $16.9M | $9.7M | $7.4M |
| Net income | $38.2M | $131.0M | $104.9M | $24.9M | $27.5M | $134.3M | $98.1M | $24.4M | $22.8M | $127.9M | $79.7M | $45.4M |
| EBITDA | $172.5M | $277.9M | $249.6M | $150.8M | $152.8M | $275.4M | $232.5M | $149.2M | $143.2M | $260.4M | $206.7M | $165.6M |
| EPS (diluted) | $0.54 | $1.79 | $1.41 | $0.45 | $0.38 | $1.87 | $1.37 | $0.35 | $0.33 | $1.87 | $1.17 | $0.67 |
| Gross margin | 74.9% | 27.9% | 41.2% | 38.9% | 38.1% | 36.2% | 41.7% | 40.2% | 38.2% | 38.0% | 37.0% | 44.0% |
| Operating margin | 21.4% | 25.6% | 27.0% | 18.3% | 18.8% | 25.5% | 27.3% | 18.9% | 17.5% | 26.6% | 23.1% | 24.0% |
| Net margin | 8.4% | 16.8% | 16.5% | 5.8% | 6.3% | 16.7% | 16.4% | 6.1% | 5.7% | 17.6% | 13.5% | 11.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in BKH's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
BKH financial results
In fiscal year 2025 (ended December 31, 2025), Black Hills reported revenue of $2.3 billion, up 8.6% from the year before. It had net income of $291.6 million (up 6.8%), a net profit margin of 12.6%. Diluted earnings per share came to $4.11. Over five years revenue grew at an average rate of 6.4% a year.
See the BKH stock overview for the latest quote and news, or the BKH chart for price history and technical indicators.
BKH income statement FAQ
What is Black Hills's annual revenue?
Black Hills reported total revenue of $2.3 billion for fiscal year 2025, which ended on December 31, 2025. That was up 8.6% from $2.1 billion the previous year.
Is Black Hills profitable?
Yes. Black Hills reported net income of $291.6 million in fiscal 2025, a net profit margin of 12.6%; its operating margin was 23.3%.
What is Black Hills's gross margin?
Black Hills's gross margin was 38.5% in fiscal 2025: for every $100 of revenue, Black Hills kept $38 after the direct cost of its products and services.
How fast is Black Hills growing?
Revenue grew 6.4% a year on average over the last five fiscal years, from $1.7 billion to $2.3 billion.
What are Black Hills's earnings per share?
Black Hills earned $4.11 per diluted share in fiscal 2025, compared with $3.92 a year earlier.
When will Black Hills report its next earnings?
Black Hills is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Black Hills's fiscal year end?
Black Hills's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.