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Side-by-side financial comparison of BLACK HILLS CORP (BKH) and Empire State Realty Trust, Inc. (ESRT). Click either name above to swap in a different company.
BLACK HILLS CORP is the larger business by last-quarter revenue ($241.6M vs $190.3M, roughly 1.3× Empire State Realty Trust, Inc.). BLACK HILLS CORP runs the higher net margin — 55.1% vs 1.6%, a 53.5% gap on every dollar of revenue. On growth, Empire State Realty Trust, Inc. posted the faster year-over-year revenue change (5.7% vs -3.0%). Over the past eight quarters, Empire State Realty Trust, Inc.'s revenue compounded faster (0.2% CAGR vs -22.0%).
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.
Empire State Realty Trust is a leading real estate investment trust that owns, manages, and operates a portfolio of premium commercial, residential, and retail properties primarily in the New York City metropolitan area, including the iconic Empire State Building. It serves corporate tenants, retail partners, and residential occupants, focusing on sustainable property operations and long-term asset value growth.
BKH vs ESRT — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $241.6M | $190.3M |
| Net Profit | $133.1M | $3.0M |
| Gross Margin | — | — |
| Operating Margin | 83.6% | 15.5% |
| Net Margin | 55.1% | 1.6% |
| Revenue YoY | -3.0% | 5.7% |
| Net Profit YoY | -2.4% | -73.7% |
| EPS (diluted) | $1.73 | $0.20 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $241.6M | $190.3M | ||
| Q4 25 | $622.7M | $199.2M | ||
| Q3 25 | $427.4M | $197.7M | ||
| Q2 25 | $435.7M | $191.3M | ||
| Q1 25 | $800.4M | $180.1M | ||
| Q4 24 | $585.1M | $197.6M | ||
| Q3 24 | $398.6M | $199.6M | ||
| Q2 24 | $397.1M | $189.5M |
| Q1 26 | $133.1M | $3.0M | ||
| Q4 25 | $104.9M | $32.2M | ||
| Q3 25 | $24.9M | $13.6M | ||
| Q2 25 | $27.5M | $11.4M | ||
| Q1 25 | $134.3M | $15.8M | ||
| Q4 24 | $98.0M | $18.8M | ||
| Q3 24 | $24.4M | $22.8M | ||
| Q2 24 | $22.8M | $28.6M |
| Q1 26 | 83.6% | 15.5% | ||
| Q4 25 | 27.5% | 17.8% | ||
| Q3 25 | 18.4% | 19.9% | ||
| Q2 25 | 18.9% | 18.4% | ||
| Q1 25 | 25.6% | 14.3% | ||
| Q4 24 | 27.9% | 21.7% | ||
| Q3 24 | 19.0% | 22.7% | ||
| Q2 24 | 17.8% | 20.8% |
| Q1 26 | 55.1% | 1.6% | ||
| Q4 25 | 16.8% | 16.1% | ||
| Q3 25 | 5.8% | 6.9% | ||
| Q2 25 | 6.3% | 6.0% | ||
| Q1 25 | 16.8% | 8.8% | ||
| Q4 24 | 16.7% | 9.5% | ||
| Q3 24 | 6.1% | 11.4% | ||
| Q2 24 | 5.7% | 15.1% |
| Q1 26 | $1.73 | $0.20 | ||
| Q4 25 | $1.39 | $0.11 | ||
| Q3 25 | $0.34 | $0.05 | ||
| Q2 25 | $0.38 | $0.04 | ||
| Q1 25 | $1.87 | $0.05 | ||
| Q4 24 | $1.36 | $0.07 | ||
| Q3 24 | $0.35 | $0.08 | ||
| Q2 24 | $0.33 | $0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $68.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | — | $1.8B |
| Total Assets | — | $4.4B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $68.8M | ||
| Q4 25 | $182.8M | $132.7M | ||
| Q3 25 | $21.1M | $154.1M | ||
| Q2 25 | $8.1M | $94.6M | ||
| Q1 25 | $6.6M | $187.8M | ||
| Q4 24 | $16.1M | $385.5M | ||
| Q3 24 | $12.5M | $421.9M | ||
| Q2 24 | $624.8M | $535.5M |
| Q1 26 | — | $1.8B | ||
| Q4 25 | $3.8B | $1.1B | ||
| Q3 25 | $3.8B | $1.0B | ||
| Q2 25 | $3.6B | $1.0B | ||
| Q1 25 | $3.6B | $1.0B | ||
| Q4 24 | $3.5B | $1.0B | ||
| Q3 24 | $3.4B | $1.0B | ||
| Q2 24 | $3.4B | $1.0B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $10.9B | $4.5B | ||
| Q3 25 | $10.3B | $4.1B | ||
| Q2 25 | $10.1B | $4.1B | ||
| Q1 25 | $10.1B | $4.1B | ||
| Q4 24 | $10.0B | $4.5B | ||
| Q3 24 | $9.7B | $4.4B | ||
| Q2 24 | $10.2B | $4.4B |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BKH
Segment breakdown not available.
ESRT
| Rental revenue (1) | $166.1M | 87% |
| Observatory revenue | $18.5M | 10% |
| Other revenue and fees | $4.1M | 2% |
| Lease termination fees | $1.4M | 1% |
| Third-party management and other fees | $277.0K | 0% |
