BLACK HILLS CORP /SD/
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BKH FY 2025 request
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| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Revenue | 2,310 | 2,127.7 | +8.6% |
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| Alternative revenue and other | 23.8 | 29.7 | -19.9% |
| Alternative revenue and other · Electric Utilities | 4.3 | 5 | -14.0% |
| Alternative revenue and other · Gas Utilities | 19.5 | 24.7 | -21.1% |
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| Electric Utilities · Operating Segments | 933.2 | 864.4 | +8.0% |
| Electric Utilities · Operating Segments | 9.6 | 11.7 | -17.9% |
| Electric Utilities · Operating Segments | 942.8 | 876.1 | +7.6% |
| Gas Utilities · Operating Segments | 1,376.8 | 1,263.3 | +9.0% |
| Gas Utilities · Operating Segments | 6 | 6.1 | -1.6% |
| Gas Utilities · Operating Segments | 1,382.8 | 1,269.4 | +8.9% |
| Reportable Segment Aggregation Before Other Operating Segment | 2,325.6 | 2,145.5 | +8.4% |
| Reportable Segment Aggregation Before Other Operating Segment · External Customers | 2,310 | 2,127.7 | +8.6% |
| Reportable Segment Aggregation Before Other Operating Segment · Inter-segment | 15.6 | 17.8 | -12.4% |
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| Corporate Non Segment | -15.6 | -17.8 | +12.4% |
| Corporate Non Segment · Inter-segment | -15.6 | -17.8 | +12.4% |
| Intersegment Elimination | -15.6 | -17.8 | +12.4% |
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| External Customers | 2,310 | 2,127.7 | +8.6% |
| Fuel Purchased Power And Cost Of Gas Sold | 831.5 | 730.3 | +13.9% |
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| Electric Utilities · Operating Segments | 259.6 | 206.4 | +25.8% |
| Gas Utilities · Operating Segments | 572.3 | 524.3 | +9.2% |
| Reportable Segment Aggregation Before Other Operating Segment | 831.9 | 730.7 | +13.8% |
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| Accumulated Gain Loss Net Cash Flow Hedge Parent · Commodity Contract | -1 | -3.5 | +71.4% |
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| Corporate Non Segment | -0.4 | -0.4 | 0.0% |
| Operating Expense Maintenance Operationsand Other Costsand Expense | 589.8 | 557 | +5.9% |
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| Accumulated Defined Benefit Plans Adjustment Net Unamortized Gain Loss · Reclassification Out Of Accumulated Other Comprehensive Income | 0.8 | -0.2 | +500.0% |
| Depreciation And Amortization | 283.8 | 270.1 | +5.1% |
| Taxes Excluding Income And Excise Taxes | 67.4 | 67.2 | +0.3% |
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| Electric Utilities · Operating Segments | 37.1 | 38.8 | -4.4% |
| Gas Utilities · Operating Segments | 30.3 | 28.4 | +6.7% |
| Reportable Segment Aggregation Before Other Operating Segment | 67.4 | 67.2 | +0.3% |
| Operating Expenses | 1,772.5 | 1,624.6 | +9.1% |
| Operating Income | 537.5 | 503.1 | +6.8% |
Show Business Segments breakouts |
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| Electric Utilities · Operating Segments | 222.5 | 233 | -4.5% |
| Gas Utilities · Operating Segments | 320.8 | 271.3 | +18.2% |
| Reportable Segment Aggregation Before Other Operating Segment | 543.3 | 504.3 | +7.7% |
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| Corporate Non Segment | -5.8 | -1.2 | -383.3% |
| Interest Costs Incurred | -206.9 | -195.2 | -6.0% |
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| Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Swap | 2.9 | 2.9 | 0.0% |
| Interest Income | 6.8 | 13.5 | -49.6% |
| Other Non-Operating Income (Expense) | 6.1 | -1.4 | +535.7% |
| Non-Operating Income (Expense) | -194 | -183.1 | -6.0% |
| Income Before Taxes | 343.5 | 320 | +7.3% |
| Income Tax Expense (Benefit) | -43.7 | -36.3 | -20.4% |
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| Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income | -0.2 | 0.1 | -300.0% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income | 0.9 | 1.4 | -35.7% |
| Net Income | 299.8 | 283.7 | +5.7% |
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| Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income | 0.6 | -0.1 | +700.0% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income | -3 | -5 | +40.0% |
| Noncontrolling Interest | 8.2 | 10.6 | -22.6% |
| Retained Earnings | 291.6 | 273.1 | +6.8% |
Show Reclassification Out Of Accumulated Other Comprehensive Income breakouts |
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| Reclassification Out Of Accumulated Other Comprehensive Income | -2.4 | -5.1 | +52.9% |
| Net Income Loss Attributable To Noncontrolling Interest | -8.2 | -10.6 | +22.6% |
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| Power Generation | -8.2 | -10.6 | +22.6% |
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| Variable Interest Entity Primary Beneficiary | -10.5 | — | — |
| Net Income | 291.6 | 273.1 | +6.8% |
| EPS (Basic) | 3.99 | 3.91 | +2.0% |
| EPS (Diluted) | 3.98 | 3.91 | +1.8% |
| Wtd Avg Shares (Basic) | 73 | 69.8 | +4.6% |
| Wtd Avg Shares (Diluted) | 73.2 | 69.9 | +4.7% |
| Revenue | 2,286.2 | 2,098 | +9.0% |
Show Business Segments breakouts |
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| Electric Utilities · Operating Segments | 51.9 | 34.8 | +49.1% |
| Electric Utilities · Operating Segments | 59.3 | 58.7 | +1.0% |
| Electric Utilities · Operating Segments | 760.4 | 698.6 | +8.8% |
| Electric Utilities · Operating Segments | 45.2 | 52.2 | -13.4% |
| Electric Utilities · Operating Segments | 21.7 | 26.8 | -19.0% |
| Electric Utilities · Operating Segments | 938.5 | 871.1 | +7.7% |
| Electric Utilities · Operating Segments | 34.9 | 34.7 | +0.6% |
| Electric Utilities · Operating Segments | 903.6 | 836.4 | +8.0% |
| Gas Utilities · Operating Segments | 0.2 | 0.1 | +100.0% |
| Gas Utilities · Operating Segments | 43.2 | 43.1 | +0.2% |
| Gas Utilities · Operating Segments | 1,124.9 | 1,022.6 | +10.0% |
| Gas Utilities · Operating Segments | 0.6 | 0.7 | -14.3% |
| Gas Utilities · Operating Segments | 194.4 | 178.2 | +9.1% |
| Gas Utilities · Operating Segments | 1,363.3 | 1,244.7 | +9.5% |
| Gas Utilities · Operating Segments | 1,363.3 | 1,244.7 | +9.5% |
Show Consolidation Items breakouts |
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| Intersegment Elimination | -15.6 | -17.8 | +12.4% |
| Intersegment Elimination · Other revenues | -15.2 | -17.4 | +12.6% |
| Intersegment Elimination · Transferred Over Time | -15.6 | -17.8 | +12.4% |
| Intersegment Elimination · Transportation | -0.4 | -0.4 | 0.0% |
Show Major Customers breakouts |
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| Market - off-system sales | 52.1 | 34.9 | +49.3% |
| Other revenues | 87.3 | 84.4 | +3.4% |
| Retail - Electric , Natural Gas and Coal | 1,885.3 | 1,721.2 | +9.5% |
| Transmission | 45.8 | 52.9 | -13.4% |
| Transportation | 194 | 177.8 | +9.1% |
| Wholesale | 21.7 | 26.8 | -19.0% |
Show Timing Of Transfer Of Good Or Service breakouts |
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| Transferred At Point In Time | 34.9 | 34.7 | +0.6% |
| Transferred Over Time | 2,251.3 | 2,063.3 | +9.1% |
| Comprehensive Income | 291.3 | 278.5 | +4.6% |
| Interest Expense | -200.1 | -181.7 | -10.1% |
| Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments (FY) | — | — | — |
Show Equity Components breakouts |
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| Accumulated Defined Benefit Plans Adjustment · Reclassification Out Of Accumulated Other Comprehensive Income | 0.8 | -0.2 | +500.0% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent · Reclassification Out Of Accumulated Other Comprehensive Income | -3.9 | -6.4 | +39.1% |
Balance Sheet
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Current Assets | |||
| Cash & Cash Equivalents | 182.8 | 16.1 | +1035.4% |
| Restricted Cash And Investments Current | 7.6 | 7.3 | +4.1% |
| Accounts Receivable | 389 | 351.2 | +10.8% |
| Inventory | 172.4 | 153.9 | +12.0% |
| Income Taxes Receivable | 23.3 | 19.8 | +17.7% |
| Regulatory Assets Current | 139.7 | 154.8 | -9.8% |
| Other Assets Current | 81.1 | 39.2 | +106.9% |
| Total Current Assets | 995.9 | 742.3 | +34.2% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Primary Beneficiary | 9.6 | 11.7 | -17.9% |
| Non-Current Assets | |||
| Property, Plant & Equipment | 8,234.2 | 7,629.9 | +7.9% |
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| Electric Utilities | 3,891 | 3,555.3 | +9.4% |
| Gas Utilities | 4,328.9 | 4,063.9 | +6.5% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Primary Beneficiary | 156.9 | 160.4 | -2.2% |
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| Corporate Non Segment | 14.3 | 10.7 | +33.6% |
| Goodwill | 1,299.5 | 1,299.5 | 0.0% |
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| Electric Utilities | 257.3 | 257.3 | 0.0% |
| Gas Utilities | 1,042.2 | 1,042.2 | 0.0% |
| Regulatory Assets Noncurrent | 255 | 272.9 | -6.6% |
| Other Non-Current Assets | 78.8 | 70.4 | +11.9% |
| Total Assets | 10,869.8 | 10,022.6 | +8.5% |
| Other Assets | |||
| Property Plant And Equipment Gross | 10,344.9 | 9,566.5 | +8.1% |
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| Gas Utilities | 5,073.3 | 4,720.2 | +7.5% |
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| Corporate Non Segment | 14.1 | 10.7 | +31.8% |
| Accumulated Depreciation Depletion And Amortization Property Plant And Equipment | -2,110.7 | -1,936.6 | -9.0% |
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| Electric Utilities | -1,366.5 | -1,280.3 | -6.7% |
| Gas Utilities | -744.4 | -656.3 | -13.4% |
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| Corporate Non Segment | 0.2 | — | — |
| Intangible Assets Net Excluding Goodwill | 6.4 | 7.6 | -15.8% |
| Assets Noncurrent Other Than Noncurrent Investments And Property Plant And Equipment | 1,639.7 | 1,650.4 | -0.6% |
| Current Liabilities | |||
| Accounts Payable | 311.7 | 229.1 | +36.1% |
| Accrued Liabilities | 322.6 | 302.2 | +6.8% |
Show Legal Entity breakouts |
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| Black Hills Energy - Colorado Electric · Settled Litigation | 20 | — | — |
| Derivative Liabilities Current | 5.8 | 4.2 | +38.1% |
| Regulatory Liability Current | 99.9 | 94.1 | +6.2% |
| Total Current Liabilities | 740 | 763.4 | -3.1% |
Show Consolidated Entities breakouts |
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| Variable Interest Entity Primary Beneficiary | 5.8 | 8.3 | -30.1% |
| Non-Current Liabilities | |||
| Long-Term Debt | 4,701.1 | 4,250.2 | +10.6% |
| Deferred Tax Liabilities | 697.9 | 625.1 | +11.6% |
| Regulatory Liability Noncurrent | 488.3 | 474.6 | +2.9% |
| Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent | 123.4 | 122.9 | +0.4% |
Show Retirement Plan Type breakouts |
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| Other Postretirement Benefit Plans Defined Benefit | 36.6 | 36.7 | -0.3% |
| Pension Plans Defined Benefit | 42.2 | 41.4 | +1.9% |
| Supplemental Employee Retirement Plan Defined Benefit | 44.6 | 43.3 | +3.0% |
| Other Non-Current Liabilities | 213.4 | 201.2 | +6.1% |
| Liabilities Other Than Longterm Debt Noncurrent | 1,523 | 1,423.8 | +7.0% |
| Long-Term Debt (Q) | — | — | — |
Show Fair Value By Measurement Basis breakouts |
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| Carrying Reported Amount Fair Value Disclosure | 4,701.1 | 4,250.2 | +10.6% |
| Estimate Of Fair Value Fair Value Disclosure | 4,639 | 4,059.1 | +14.3% |
Show Long-Term Debt Type breakouts |
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| Interest Payments on Long-term Debt | 1,862.4 | — | — |
| Principal Payments on Long-term Debt Including Current Maturities | 4,735 | — | — |
| Stockholders' Equity | |||
| Common Stock | 75.5 | 71.7 | +5.3% |
| Additional Paid-In Capital | 2,417.5 | 2,193.4 | +10.2% |
| Retained Earnings | 1,342.9 | 1,249.1 | +7.5% |
| Treasury Stock Value | -2.6 | -3.3 | +21.2% |
| Accumulated Other Comprehensive Income | -9.7 | -9.4 | -3.2% |
| Total Stockholders' Equity | 3,823.6 | 3,501.5 | +9.2% |
| Noncontrolling Interest In Variable Interest Entity | 82.1 | 83.7 | -1.9% |
| Stockholders Equity Including Portion Attributable To Noncontrolling Interest | 3,905.7 | 3,585.2 | +8.9% |
Show Equity Components breakouts |
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| Accumulated Defined Benefit Plans Adjustment | -5.9 | -5.3 | -11.3% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent · Commodity Contract | -2.2 | -0.3 | -633.3% |
| Accumulated Gain Loss Net Cash Flow Hedge Parent · Interest Rate Swap | -1.6 | -3.8 | +57.9% |
| Accumulated Other Comprehensive Income | -9.7 | -9.4 | -3.2% |
| Additional Paid In Capital | 2,417.5 | 2,193.4 | +10.2% |
| Common Stock | 75.5 | 71.7 | +5.3% |
| Noncontrolling Interest | 82.1 | 83.7 | -1.9% |
| Retained Earnings | 1,342.9 | 1,249.1 | +7.5% |
| Treasury Stock Common | -2.6 | -3.3 | +21.2% |
| Total Liabilities & Equity | 10,869.8 | 10,022.6 | +8.5% |
Cash Flow Statement
| Metric | FY 2025 | FY 2024 | YoY |
|---|---|---|---|
| Operating Activities | |||
| Amortization Of Financing Costs And Discounts | 9.7 | 10.7 | -9.3% |
| Stock-Based Compensation | 11.8 | 10.6 | +11.3% |
| Deferred Income Taxes | 54.3 | 52 | +4.4% |
| Pension And Other Postretirement Benefit Expense | 11.6 | 11.2 | +3.6% |
| Other Non-Cash Items | 0.9 | -4.1 | +122.0% |
| Change in Inventory | -17.8 | 13.2 | -234.8% |
| Increase Decrease In Accounts Receivable And Other Operating Assets | -45 | -25.7 | -75.1% |
| Increase Decrease In Other Accounts Payable And Accrued Liabilities | 24 | 28.8 | -16.7% |
| Increase Decrease In Other Regulatory Assets | 59.1 | 90 | -34.3% |
| Increase Decrease In Other Operating Capital Net | -18.8 | -21.2 | +11.3% |
| Net Cash from Operations | 673.4 | 719.3 | -6.4% |
| Depreciation & Amortization | 283.8 | 270.1 | +5.1% |
Show Business Segments breakouts |
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| Electric Utilities · Operating Segments | 152.4 | 145.3 | +4.9% |
| Gas Utilities · Operating Segments | 131.4 | 124.7 | +5.4% |
| Reportable Segment Aggregation Before Other Operating Segment | 283.8 | 270 | +5.1% |
| Investing Activities | |||
| Capital Expenditures | -819.8 | -744.2 | -10.2% |
| Other Investing Activities | -8.4 | -1.8 | -366.7% |
| Net Cash from Investing | -828.2 | -746 | -11.0% |
| Financing Activities | |||
| Payments Of Dividends | -197.9 | -182.3 | -8.6% |
| Proceeds From Issuance Of Common Stock | 219.2 | 181.4 | +20.8% |
| Net Payments Borrowings Of Revolving Credit Facility And Commercial Paper Program | -133.8 | 133.8 | -200.0% |
| Proceeds From Issuance Of Long Term Debt | 450 | 450 | 0.0% |
| Payments To Minority Shareholders | -9.8 | -17.4 | +43.7% |
| Proceeds From Payments For Other Financing Activities | -5.9 | -8.4 | +29.8% |
| Net Cash from Financing | 321.8 | -42.9 | +850.1% |
| Supplemental | |||
| Interest Paid | -196.4 | -174.4 | -12.6% |
| Income Taxes Paid | 8.8 | 14.4 | -38.9% |
| Unpaid Capital Expenditures | 118.8 | 80.2 | +48.1% |
| Non Cash Revision To Capitalized Asset Retirement Costs | -0.3 | 0.4 | -175.0% |
| Other Cash Flow | |||
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect | 167 | -69.6 | +339.9% |
| Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents | 190.4 | 23.4 | +713.7% |
Values in millions USD. Source: SEC EDGAR 10-K filing.