BLACK HILLS CORP /SD/BKHEarnings & Financial Report
Black Hills Corporation is an American diversified energy company that is an electric and gas utility in South Dakota, Montana, Wyoming, Colorado, Arkansas, Kansas, Nebraska, and Iowa. The company sells power throughout the American West. The company is based in Rapid City, South Dakota. It derives its name from its home in the Black Hills of South Dakota.
Revenue
$800.4M
Gross Profit
N/A
Operating Profit
$205.0M
Net Profit
$134.3M
Gross Margin
N/A
Operating Margin
25.6%
Net Margin
16.8%
YoY Growth
11.6%
EPS
$1.87
Financial Flow
BLACK HILLS CORP /SD/ Q1 2025 Financial Summary
BLACK HILLS CORP /SD/ reported revenue of $800.4M (up 11.6% YoY) for Q1 2025, with a net profit of $134.3M (up 5.0% YoY) (16.8% margin). Cost of goods sold was N/A.
Key Financial Metrics
| Total Revenue | $800.4M |
|---|---|
| Net Profit | $134.3M |
| Gross Margin | N/A |
| Operating Margin | 25.6% |
| Report Period | Q1 2025 |
Revenue Breakdown
BLACK HILLS CORP /SD/ Q1 2025 revenue of $800.4M breaks down across 11 segments, led by External Customers at $234.3M (29.3% of total).
| Segment | Revenue | % of Total |
|---|---|---|
| External Customers | $234.3M | 29.3% |
| Transferred Over Time | $227.5M | 28.4% |
| Retail Electric Natural Gasand Coal | $191.3M | 23.9% |
| Transportation | $57.7M | 7.2% |
| Other | $33.7M | 4.2% |
| Transmission | $12.1M | 1.5% |
| Market Off System Sales | $11.3M | 1.4% |
| Transferred At Point In Time | $8.1M | 1.0% |
| Wholesale | $7.1M | 0.9% |
| Inter Segment Revenues | $2.4M | 0.3% |
| Alternative Revenue And Other | $1.1M | 0.1% |
BLACK HILLS CORP /SD/ Revenue by Segment — Quarterly Trend
BLACK HILLS CORP /SD/ revenue by segment across the last 4 reported quarters, showing how each business line (such as External Customers and Transferred Over Time) has evolved quarter over quarter.
| Segment | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 |
|---|---|---|---|---|
| External Customers | — | — | $217.5M | $234.3M |
| Transferred Over Time | — | — | — | $227.5M |
| Retail Electric Natural Gasand Coal | $189.7M | $201.3M | $178.1M | $191.3M |
| Transportation | — | — | — | $57.7M |
| Other | $15.3M | $14.6M | $15.6M | $33.7M |
BLACK HILLS CORP /SD/ Annual Revenue by Year
BLACK HILLS CORP /SD/ annual revenue history includes year-by-year totals (for example, 2025 revenue was $2.3B).
| Year | Annual Revenue |
|---|---|
| 2025 | $2.3B |
| 2024 | $2.1B |
| 2023 | $2.3B |
| 2022 | $2.5B |
BLACK HILLS CORP /SD/ Quarterly Revenue & Net Profit History
BLACK HILLS CORP /SD/ results over the last 8 reported quarters, including revenue, net profit and year-over-year growth.
| Quarter | Revenue | Revenue YoY | Net Profit | Net Margin |
|---|---|---|---|---|
| Q4 2025 | $622.7M | +6.4% | $104.9M | 16.8% |
| Q3 2025 | $427.4M | +7.2% | $24.9M | 5.8% |
| Q2 2025 | $435.7M | +9.7% | $27.5M | 6.3% |
| Q1 2025 | $800.4M | +11.6% | $134.3M | 16.8% |
| Q4 2024 | $585.1M | +0.1% | $98.0M | 16.7% |
| Q3 2024 | $398.6M | -0.4% | $24.4M | 6.1% |
| Q2 2024 | $397.1M | -2.0% | $22.8M | 5.7% |
| Q1 2024 | $717.2M | -21.4% | $127.9M | 17.8% |
Income Statement
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $717.2M | $397.1M | $398.6M | $585.1M | $800.4M | $435.7M | $427.4M | $622.7M |
| YoY Growth | -21.4% | -2.0% | -0.4% | 0.1% | 11.6% | 9.7% | 7.2% | 6.4% |
Balance Sheet
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Assets | $9.68B | $10.19B | $9.72B | $10.02B | $10.06B | $10.09B | $10.33B | $10.87B |
| Liabilities | $6.34B | $6.83B | $6.27B | $6.52B | $6.43B | $6.46B | $6.56B | $7.05B |
| Equity | $3.33B | $3.36B | $3.45B | $3.50B | $3.64B | $3.64B | $3.77B | $3.82B |
Cash Flow
| Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|
| Operating CF | $233.4M | $230.6M | $102.1M | $153.2M | $227.8M | $188.6M | $88.9M | $168.1M |