# Black Hills Corp: overview

BKH · NYSE · CIK 1130464 · [Utilities](/sectors/utilities.md) · fiscal year ends Dec 31

Pages: [Overview](/companies/bkh.md) · [Financials](/companies/bkh/financials.md) · [Filings](/companies/bkh/filings.md) · [Insiders](/companies/bkh/insiders.md)

Latest reported revenue: [$440.6m](/filings/0001193125-26-337444.md) for Q2 FY2026, three months to 2026-06-30, from the 10-Q filed Aug 6, 2026 (XBRL us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax, accession 0001193125-26-337444).

## Last eight quarters

| Line item | Unit | Q3 FY2024 (2024-09-30) | Q4 FY2024 (2024-12-31) | Q1 FY2025 (2025-03-31) | Q2 FY2025 (2025-06-30) | Q3 FY2025 (2025-09-30) | Q4 FY2025 (2025-12-31) | Q1 FY2026 (2026-03-31) | Q2 FY2026 (2026-06-30) |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [399](/filings/0001193125-25-268567.md) | [585 d](/filings/0001193125-26-046028.md) | [800](/filings/0001193125-26-211037.md) | [436](/filings/0001193125-26-337444.md) | [427](/filings/0001193125-25-268567.md) | [623 d](/filings/0001193125-26-046028.md) | [762](/filings/0001193125-26-211037.md) | [441](/filings/0001193125-26-337444.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [19.0%](/filings/0001193125-25-268567.md) | [27.9% d](/filings/0001193125-26-046028.md) | [25.6%](/filings/0001193125-26-211037.md) | [18.9%](/filings/0001193125-26-337444.md) | [18.4%](/filings/0001193125-25-268567.md) | [27.5% d](/filings/0001193125-26-046028.md) | [26.5%](/filings/0001193125-26-211037.md) | [22.0%](/filings/0001193125-26-337444.md) |
| Net margin | % | [6.1%](/filings/0001193125-25-268567.md) | [16.8% d](/filings/0001193125-26-046028.md) | [16.8%](/filings/0001193125-26-211037.md) | [6.3%](/filings/0001193125-26-337444.md) | [5.8%](/filings/0001193125-25-268567.md) | [16.9% d](/filings/0001193125-26-046028.md) | [17.2%](/filings/0001193125-26-211037.md) | [8.7%](/filings/0001193125-26-337444.md) |
| Diluted EPS | $ per share | [0.35](/filings/0001193125-25-268567.md) | not reported | [1.87](/filings/0001193125-26-211037.md) | [0.38](/filings/0001193125-26-337444.md) | [0.34](/filings/0001193125-25-268567.md) | not reported | [1.73](/filings/0001193125-26-211037.md) | [0.50](/filings/0001193125-26-337444.md) |
| Free cash flow | $m | [(86.0) d](/filings/0001193125-25-268567.md) | [(60.5) d](/filings/0001193125-26-046028.md) | [74.9](/filings/0001193125-26-211037.md) | [(30.3) d](/filings/0001193125-26-337444.md) | [(89.5) d](/filings/0001193125-25-268567.md) | [(102) d](/filings/0001193125-26-046028.md) | [(91.2)](/filings/0001193125-26-211037.md) | [(23.0) d](/filings/0001193125-26-337444.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax. Derived values: 12-month figure less the 9-month figure.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment. Derived values: 9-month figure less the 6-month figure; 12-month figure less the 9-month figure; 6-month figure less the 3-month figure.

## Last five fiscal years

| Line item | Unit | FY2021 (2021-12-31) | FY2022 (2022-12-31) | FY2023 (2023-12-31) | FY2024 (2024-12-31) | FY2025 (2025-12-31) |
| --- | --- | ---: | ---: | ---: | ---: | ---: |
| Revenue | $m | [1,931](/filings/0000950170-24-015090.md) | [2,543](/filings/0000950170-25-018647.md) | [2,302](/filings/0001193125-26-046028.md) | [2,098](/filings/0001193125-26-046028.md) | [2,286](/filings/0001193125-26-046028.md) |
| Gross margin | % | not reported | not reported | not reported | not reported | not reported |
| Operating margin | % | [21.2%](/filings/0000950170-24-015090.md) | [17.9%](/filings/0000950170-25-018647.md) | [20.5%](/filings/0001193125-26-046028.md) | [24.0%](/filings/0001193125-26-046028.md) | [23.5%](/filings/0001193125-26-046028.md) |
| Net margin | % | [12.3%](/filings/0000950170-24-015090.md) | [10.2%](/filings/0000950170-25-018647.md) | [11.4%](/filings/0001193125-26-046028.md) | [13.0%](/filings/0001193125-26-046028.md) | [12.8%](/filings/0001193125-26-046028.md) |
| Diluted EPS | $ per share | [3.74](/filings/0000950170-24-015090.md) | [3.97](/filings/0000950170-25-018647.md) | [3.91](/filings/0001193125-26-046028.md) | [3.91](/filings/0001193125-26-046028.md) | [3.98](/filings/0001193125-26-046028.md) |
| Free cash flow | $m | [(742)](/filings/0000950170-24-015090.md) | [(19.6)](/filings/0000950170-25-018647.md) | [389](/filings/0001193125-26-046028.md) | [(24.9)](/filings/0001193125-26-046028.md) | [(146)](/filings/0001193125-26-046028.md) |

- Revenue. XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Gross margin (gross profit / revenue). XBRL Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Operating margin (operating income / revenue). XBRL Operating income: us-gaap:OperatingIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Net margin (net income / revenue). XBRL Net income: us-gaap:NetIncomeLoss; Revenue: us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.
- Diluted EPS. XBRL Diluted EPS: us-gaap:EarningsPerShareDiluted.
- Free cash flow (operating cash flow − capital expenditure). XBRL Operating cash flow: us-gaap:NetCashProvidedByUsedInOperatingActivities; Capital expenditure: us-gaap:PaymentsToAcquirePropertyPlantAndEquipment.

Each value links to the filing it came from. d marks a derived value. A ratio is not reported when any input is missing.

## Insider purchases and sales

The last 20 open-market transactions on Form 4 (codes P and S). Reported price is as stated on the form, not a market price. [All insider transactions](/companies/bkh/insiders.md)

None in coverage.

## Funds that report holding it

From each manager’s latest Form 13F, largest reported value first. Reported value is as filed: filing data, not a price. [All funds](/funds.md)

| Fund | Quarter ended | Reported value | Shares | Put or call | Change on the quarter before |
| --- | --- | ---: | ---: | --- | --- |
| [BlackRock, Inc.](/funds/2012383.md) | 2026-06-30 | $928.7m | 12,482,189 |  | Added +352,531 |
| [VANGUARD PORTFOLIO MANAGEMENT LLC](/funds/2100121.md) | 2026-06-30 | $382.5m | 5,141,103 |  | Added +101,233 |
| [STATE STREET CORP](/funds/93751.md) | 2026-06-30 | $284.2m | 3,819,510 |  | Added +198,954 |
| [VANGUARD CAPITAL MANAGEMENT LLC](/funds/2100119.md) | 2026-06-30 | $255.1m | 3,428,442 |  | Added +58,854 |
| [NOMURA ASSET MANAGEMENT INTERNATIONAL INC.](/funds/921739.md) | 2026-06-30 | $185.8m | 2,496,967 |  | Reduced −182,225 |
| [AQR CAPITAL MANAGEMENT LLC](/funds/1167557.md) | 2026-06-30 | $166.1m | 2,232,003 |  | Added +636,408 |
| [Point72 Asset Management, L.P.](/funds/1603466.md) | 2026-06-30 | $160.8m | 2,161,197 |  | Added +217,982 |
| [GEODE CAPITAL MANAGEMENT, LLC](/funds/1214717.md) | 2026-06-30 | $158.6m | 2,131,386 |  | Added +136,571 |
| [FRANKLIN RESOURCES INC](/funds/38777.md) | 2026-06-30 | $146.1m | 1,963,191 |  | Added +386,820 |
| [Capital Research Global Investors](/funds/1422848.md) | 2026-06-30 | $135.9m | 1,825,961 |  | Reduced −449,961 |

## Recent filings

[All 2,036 filings](/companies/bkh/filings.md)

| Filed | Accepted | Form | What it is | Accession |
| --- | --- | --- | --- | --- |
| 2026-10-23 | 19:09 ET | [8-K](/filings/0001193125-26-429192.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-429192 |
| 2026-10-06 | 20:19 ET | [8-K](/filings/0001193125-26-415597.md) | 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-415597 |
| 2026-08-17 | 20:34 ET | [8-K](/filings/0001193125-26-354167.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-354167 |
| 2026-08-06 | 17:21 ET | [10-Q](/filings/0001193125-26-337444.md) | Quarterly report, period 2026-06-30 | 0001193125-26-337444 |
| 2026-08-05 | 20:29 ET | [8-K](/filings/0001193125-26-335259.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-335259 |
| 2026-05-15 | 20:27 ET | [8-K](/filings/0001193125-26-226896.md) | 8.01 Other events; 9.01 Financial statements and exhibits | 0001193125-26-226896 |
| 2026-05-07 | 15:46 ET | [10-Q](/filings/0001193125-26-211037.md) | Quarterly report, period 2026-03-31 | 0001193125-26-211037 |
| 2026-05-06 | 20:44 ET | [8-K](/filings/0001193125-26-209210.md) | 2.02 Results of operations; 9.01 Financial statements and exhibits | 0001193125-26-209210 |
| 2026-05-01 | 22:32 ET | [8-K](/filings/0001193125-26-198223.md) | 5.07 Shareholder vote results | 0001193125-26-198223 |
| 2026-04-02 | 20:22 ET | [8-K](/filings/0001193125-26-140217.md) | 5.07 Shareholder vote results; 7.01 Regulation FD disclosure; 9.01 Financial statements and exhibits | 0001193125-26-140217 |

## Latest annual report

[Form 10-K for the fiscal year ended Dec 31, 2025](/filings/0001193125-26-046028.md), filed Feb 11, 2026.

## Forecast league

Q3 FY2026, the quarter ended 2026-09-30, is open for forecasts until the first results filing for it is accepted by EDGAR. Results are due by \[object Promise\]. [Forecast this quarter](/leagues/2026q3/targets/90430953-043b-465e-a62c-9ba2c133ccbe)

## About the filer

- CIK: 1130464
- Tickers: BKH
- Exchange: NYSE
- SIC code: 4911 Electric Services
- State of incorporation: SD
- Filer category: Large accelerated filer

Source: SEC EDGAR, XBRL company facts, the filing index and Forms 4. Last ingested by Listed: Oct 24, 2026, 15:34 ET. No prices; not investment advice.