MARKETS / NYSE / BKH

NYSE · ELECTRIC SERVICES · LARGE CAP

Black Hills Corp. BKH

18 fiscal years on record · USD · FY2025 reported · SEC filings only

15 YEARS OF DIVIDEND GROWTH

Revenue

$2.3B

▲ 9.0% YoY

Net income

$291.6M

▲ 6.8% YoY

Free cash flow

$-146.4M

In brief

What this company does

Black Hills Corporation generates, transmits, and distributes electricity to retail customers in Colorado, Montana, South Dakota, and Wyoming, and serves natural gas utility customers in Arkansas, Colorado, Iowa, Kansas, Nebraska, and Wyoming. As of December 31, 2025, the company had 2,795 total employees. It operates its business in the United States, reporting its operating results through its Electric Utilities and Gas Utilities segments, with certain unallocated corporate expenses presented as Corporate and Other. Its Electric Utilities segment serves approximately 227,000 electric utility customers and owns 1,386 MW of generation and 9,478 miles of electric transmission and distribution lines. Its Gas Utilities segment serves approximately 1,138,000 natural gas utility customers and owns and operates 4,581 miles of intrastate gas transmission pipelines and 44,840 miles of gas distribution mains and service lines. Black Hills Corporation is headquartered in Rapid City, South Dakota, and was incorporated in South Dakota in 1941.

Written from the business description in BLACK HILLS CORP /SD/'s annual report to the U.S. Securities and Exchange Commission, filed 11 February 2026. Every sentence was checked against that document before publication.

Growth

USD 2.3B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 2.3 · Net income 0.3

Compound annual growth

Revenue

−3.5%

+6.3%

+6.1%

+4.3%

Net income

+4.1%

+5.1%

+10.1%

EPS, diluted

+0.1%

+1.7%

+5.6%

Dividend / share

+3.9%

+4.5%

+5.3%

+4.3%

Returned to shareholders

+8.1%

+7.9%

+10.5%

+8.7%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +6.3% a year over five years — but profit grew slower: net income at +5.1%, earnings per share at +1.7%.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

13 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 23.5% · Net 13.1%

ROE

FY2025 · ROE 8.0%

Gross margin—

Operating margin23.5%

Net margin13.1%

Return on assets2.9%

EBITDAUSD 821.3M

Each USD of equity produced 8 cents of profit this year.

Cash & shareholders

USD 197.9M

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF -146.4

Net buybacks $M Dividends $M

FY2025 · Dividends 197.9 · Net buybacks —

Dividends paidUSD 197.9M

Net buybacks—

Share of profit67.9%

Consecutive raises15 years (since the 2010 share-count change)

USD 197.9M in dividends — 68% of the year's profit went back to shareholders.

Total assetsUSD 10.9B

EquityUSD 3.8B

CashUSD 182.8M

Gross debtUSD 4.7B

Net debtUSD 4.5B

Current ratio1.35×

Net debt stands at 118% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	2.3	2.1	2.3	2.5	1.9	1.7	1.7	1.7	1.7	1.5	1.3	1.4	1.3	1.2	1.3	1.2	1.2	1.0
Operating income $B	0.5	0.5	0.5	0.5	0.4	0.4	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.1	0.1
EBITDA $B	0.8	0.8	0.7	0.7	0.6	0.7	0.6	0.6	0.6	0.5	0.4	0.4	0.4	0.4	0.3	0.3	0.2	0.2
Income tax $B	0.0	0.0	0.0	0.0	0.0	0.0	0.0	−0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	−0.0
Net income $B	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.3	0.2	0.1	−0.0	0.1	0.1	0.1	0.0	0.1	0.1	0.1
Free cash flow $B	−0.1	−0.0	0.4	−0.0	−0.7	−0.2	−0.3	0.0	0.1	−0.1	0.2	−0.1	−0.0	−0.0	−0.2	·	·	·
EPS, diluted $	3.98	3.91	3.91	3.97	3.74	3.65	3.28	4.66	3.21	1.37	−0.71	2.93	2.64	2.32	1.24	1.76	2.11	2.75
Dividend / sh $	2.70	2.60	2.50	2.41	2.29	2.17	2.05	1.93	1.81	1.68	1.62	1.56	1.52	1.48	1.46	1.44	1.42	·
Payout %	68	67	64	61	61	60	63	41	55	120	−226	·	59	80	119	82	68	·
ROE %	8.0	8.1	8.4	8.9	8.9	9.2	8.8	13.3	10.7	4.7	−2.3	·	9.2	6.9	4.4	6.3	7.6	·
Shares out B	0.08	0.07	0.07	·	·	·	·	·	·	·	0.05	0.04	0.04	0.04	0.04	0.04	38.98	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 70 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 6 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityElectric Services

Listed onNYSE

Incorporated inSouth Dakota

Fiscal year endsDecember 31

Data on record since2008