Black Hills (BKH) financial statements
Black Hills reported revenue of $2.3B in fiscal 2025, up 4.6% a year over 9 years.
Net income was $292M and the operating margin 23.3%, against 21.8% in 2016.
Free cash flow was -$146M, and the company returned $198M in dividends.
The diluted share count rose 37% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Black Hills's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.5B | $1.7B | $1.8B | $1.7B | $1.7B | $1.9B | $2.6B | $2.3B | $2.1B | $2.3B |
| Operating income | $336M | $417M | $397M | $406M | $428M | $409M | $455M | $473M | $503M | $538M |
| Interest expense | $136M | $137M | $140M | $138M | $143M | $152M | $161M | $168M | $182M | $200M |
| Pre-tax income | $206M | $282M | $256M | $243M | $276M | $258M | $296M | $302M | $320M | $344M |
| Income tax | $59M | $73M | -$24M | $30M | $33M | $7M | $25M | $26M | $36M | $44M |
| Net income | $73M | $177M | $258M | $199M | $228M | $237M | $258M | $262M | $273M | $292M |
| EPS (diluted) | $1.37 | $3.21 | $4.66 | $3.28 | $3.65 | $3.74 | $3.97 | $3.91 | $3.91 | $3.98 |
| Diluted shares | 53M | 55M | 55M | 61M | 62M | 63M | 73M | 67M | 70M | 73M |
| Operating margin | 21.8% | 24.8% | 22.6% | 23.4% | 25.2% | 21.0% | 17.8% | 20.3% | 23.6% | 23.3% |
| Net margin | 4.7% | 10.5% | 14.7% | 11.5% | 13.4% | 12.1% | 10.1% | 11.2% | 12.8% | 12.6% |
Balance sheet
Fiscal years, from Black Hills's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $14M | $15M | $21M | $10M | $6M | $9M | $21M | $87M | $16M | $183M |
| Receivables | $259M | $248M | $269M | $256M | $266M | $322M | $508M | $350M | $351M | $389M |
| Inventory | $104M | $113M | $117M | $117M | $117M | $151M | $207M | $161M | $154M | $172M |
| Total current assets | $467M | $571M | $504M | $473M | $493M | $808M | $1.1B | $827M | $742M | $996M |
| Property, plant and equipment | $4.4B | $4.5B | $4.9B | $5.5B | $6.0B | $6.4B | $6.8B | $7.1B | $7.6B | $8.2B |
| Goodwill | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B | $1.3B |
| Total assets | $6.5B | $6.7B | $7.0B | $7.6B | $8.1B | $9.1B | $9.6B | $9.6B | $10.0B | $10.9B |
| Total current liabilities | $528M | $649M | $648M | $811M | $697M | $902M | $1.7B | $1.2B | $763M | $740M |
| Long-term debt | $3.2B | $3.1B | $3.0B | $3.1B | $3.5B | $4.1B | $3.6B | $3.8B | $4.3B | $4.7B |
| Total liabilities | $4.8B | $4.8B | $4.7B | $5.1B | $5.4B | $6.2B | $6.5B | $6.3B | $6.4B | $7.0B |
| Shareholders' equity | $1.6B | $1.7B | $2.2B | $2.4B | $2.6B | $2.8B | $3.0B | $3.2B | $3.5B | $3.8B |
| Net debt | $3.2B | $3.1B | $2.9B | $3.1B | $3.5B | $4.1B | $4.1B | $4.3B | $4.2B | $4.5B |
Cash flow
Fiscal years, from Black Hills's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $320M | $428M | $489M | $506M | $542M | -$65M | $585M | $944M | $719M | $673M |
| Capital spending | $455M | $326M | $458M | $818M | $767M | $678M | $604M | $556M | $744M | $820M |
| Free cash flow | -$134M | $102M | $31M | -$313M | -$226M | -$742M | -$20M | $389M | -$25M | -$146M |
| Stock-based compensation | $11M | $8M | $12M | $12M | $5M | $10M | $9M | $7M | $11M | $12M |
| Dividends paid | $88M | $97M | $107M | $125M | $135M | $145M | $157M | $168M | $182M | $198M |
| Net borrowing | $623M | $9M | -$180M | $358M | $276M | $592M | $0 | $275M | -$150M | $450M |
| Free cash flow margin | -8.7% | 6.1% | 1.8% | -18.0% | -13.3% | -38.1% | -0.8% | 16.7% | -1.2% | -6.3% |
| Dividends per share | $1.64 | $1.76 | $1.92 | $2.05 | $2.17 | $2.29 | $2.14 | $2.51 | $2.61 | $2.70 |
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Open BKH in InvestinglyQuestions
What was Black Hills's revenue in 2025?
$2.3B in fiscal 2025, from its 10-K filing.
How much free cash flow does Black Hills generate?
-$146M in fiscal 2025 (operating cash flow minus capital spending).
From Black Hills's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.