# Black Hills Corp: Form 10-Q for the period ended Jun 30, 2025

- Company: [Black Hills Corp](/companies/bkh.md) (CIK 1130464)
- Form: 10-Q
- Filed: 2025-07-31
- Accepted by EDGAR: Jul 31, 2025, 15:44 ET
- Period: 2025-06-30
- Accession: 0000950170-25-100667
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1130464/000095017025100667/bkh-20250630.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1130464/000095017025100667/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-04-01 to 2025-06-30 | $435.7m | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Revenue | 6 months, 2025-01-01 to 2025-06-30 | $1.24bn | us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax |
| Operating income | 3 months, 2025-04-01 to 2025-06-30 | $82.5m | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2025-01-01 to 2025-06-30 | $287.4m | us-gaap:OperatingIncomeLoss |
| Interest expense | 3 months, 2025-04-01 to 2025-06-30 | $48.9m | us-gaap:InterestExpense |
| Interest expense | 6 months, 2025-01-01 to 2025-06-30 | $100.3m | us-gaap:InterestExpense |
| Income tax | 3 months, 2025-04-01 to 2025-06-30 | $4.4m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2025-01-01 to 2025-06-30 | $22.5m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2025-04-01 to 2025-06-30 | $27.5m | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2025-01-01 to 2025-06-30 | $161.7m | us-gaap:NetIncomeLoss |
| Diluted EPS | 3 months, 2025-04-01 to 2025-06-30 | $0.38 | us-gaap:EarningsPerShareDiluted |
| Diluted EPS | 6 months, 2025-01-01 to 2025-06-30 | $2.24 | us-gaap:EarningsPerShareDiluted |
| Basic EPS | 3 months, 2025-04-01 to 2025-06-30 | $0.38 | us-gaap:EarningsPerShareBasic |
| Basic EPS | 6 months, 2025-01-01 to 2025-06-30 | $2.25 | us-gaap:EarningsPerShareBasic |
| Diluted shares (weighted) | 3 months, 2025-04-01 to 2025-06-30 | 72,400,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Diluted shares (weighted) | 6 months, 2025-01-01 to 2025-06-30 | 72,100,000 shares | us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding |
| Operating cash flow | 6 months, 2025-01-01 to 2025-06-30 | $416.4m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Capital expenditure | 6 months, 2025-01-01 to 2025-06-30 | $371.8m | us-gaap:PaymentsToAcquirePropertyPlantAndEquipment |
| Dividends paid | 6 months, 2025-01-01 to 2025-06-30 | $97.6m | us-gaap:PaymentsOfDividends |
| Cash and equivalents | at 2025-06-30 | $8.1m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-06-30 | $608.4m | us-gaap:AssetsCurrent |
| Total assets | at 2025-06-30 | $10.09bn | us-gaap:Assets |
| Current liabilities | at 2025-06-30 | $953.9m | us-gaap:LiabilitiesCurrent |
| Long-term debt | at 2025-06-30 | $3.95bn | us-gaap:LongTermDebtNoncurrent |
| Current portion of debt | at 2025-06-30 | $300.0m | us-gaap:LongTermDebtCurrent |
| Short-term borrowings | at 2025-06-30 | $123.7m | us-gaap:ShortTermBorrowings |
| Shareholders' equity | at 2025-06-30 | $3.64bn | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 41,882 characters.

The following discussions should be read in conjunction with the Notes contained herein and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in our 2024 Annual Report on Form 10-K

### Executive Summary

We are a customer-focused energy solutions provider with a mission of *Improving Life with Energy* for more than 1.35 million customers and 800+ communities we serve. Our aspiration is to be the trusted energy partner across our growing eight-state footprint, including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. Our strategy is centered on four priorities: *People & Culture—*build a team that wins together, *Operational Excellence—*relentlessly deliver on our commitment to serve our customers, *Transformation—*be a simple and connected company and *Growth—*grow to be a dominant long-term energy provider.

We conduct our business operations through two operating segments: Electric Utilities and Gas Utilities. Certain unallocated corporate expenses that support our operating segments are presented as Corporate and Other. We conduct our utility operations under the name Black Hills Energy predominantly in rural areas of the Rocky Mountains and Midwestern states. We consider ourselves a domestic electric and natural gas utility company.

We have provided energy and served customers for 141 years, since the 1883 gold rush days in Deadwood, South Dakota. Throughout our history, the common thread that unites the past to the present is our commitment to serve our customers and communities. By being responsive and service focused, we can help our customers and communities thrive while meeting rapidly changing customer expectations.

### Recent Developments

### One Big Beautiful Bill Act

On July 4, 2025, the OBBBA was enacted and on July 7, 2025, President Trump issued Executive Order 14315. See Note 11 of the Condensed Notes to Consolidated Financial Statements for further discussion surrounding the OBBBA and Executive Order 14315.

### Trade Tariffs

Trade tariffs were recently enacted and proposed to be enacted through presidential executive orders affecting products exported by several U.S. trading partners. While some tariffs scheduled to take effect were temporarily suspended, broad tariffs remain in effect with the possibility of additional tariffs being imposed. We are currently unable to predict the impact that recently imposed and possible future tariffs may have on our business. Trade tariffs have not had a material impact on our operations or financial performance to date. We are closely monitoring the impacts of trade tariffs and the potential effect they may have on our financial position, results of operations, or cash flows.

### Business Segment Recent Developments

#### Electric Utilities

- See Note 2 of the Condensed Notes to Consolidated Financial Statements for recent rate review activity for Colorado Electric.
- On March 6, 2025, the state of Wyoming enacted comprehensive wildfire mitigation legislation (HB0192), effective July 1, 2025. The legislation provides material liability protections for a utility that complies with its commission-approved wildfire mitigation plan. The legislation provides a utility a presumption of meeting an appropriate level of operating care for compliance with an approved wildfire mitigation plan. We plan to file our wildfire mitigation plan with the WPSC in the second half of 2025.
- In 2024, we published our first formal WMP, which is an overview of our three-layered approach to manage wildfire risks driven by asset-based risk assessments that include asset programs, integrity programs and operational response. On June 30, 2025, we established our Emergency PSPS program across all three of our electric utilities to promote customer safety and mitigate wildfire risk. In establishing the Emergency PSPS program, we engaged with wildfire experts and key stakeholders including customers, community and local agencies, regulators and community leaders.
- In the first half of 2025, Wyoming Electric set four new all-time peak loads, including an all-time peak of 379 MW on June 20, 2025. Prior to 2025, the previous all-time peak was 314 MW set on January 11, 2024.
- During the second quarter of 2025, Colorado Electric continued to advance the addition of 350 MW of new renewable generation resources in support of its Clean Energy Plan. In 2024, the CPUC approved the addition of a 100-MW utility-owned solar project, 50-MW utility-owned battery storage project and a 200-MW solar PPA. On June 12, 2025, Colorado Electric filed a CPCN for the battery storage project and expects a CPUC decision by year-end 2025. Negotiations with counterparties for the other two projects are ongoing, which will drive final cost and timing of projects.
- On March 28, 2025, South Dakota Electric filed a request with the WPSC for the Lange II project, which was approved in June 2025. The new facility is scheduled to begin construction in the third quarter of 2025 and to be in service by the second half of 2026.
- During the second quarter of 2025, Wyoming Electric continued construction of its approximately 260-mile, $350 million Ready Wyoming electric transmission expansion project. The project is on track to be completed and in service by year end 2025.

#### Gas Utilities

- See Note 2 of the Condensed Notes to Consolidated Financial Statements for recent rate review activity for Iowa Gas, Kansas Gas and Nebraska Gas.

#### Corporate and Other

- See Note 5 of the Condensed Notes to Consolidated Financial Statements for our corporate Revolving Credit Facility and ATM program activity.
- During the second quarter of 2025, we published our 2024 Corporate Sustainability, highlighting our environmental, social and governance impacts and our progress on major projects and climate goals.
- On January 17, 2025, Fitch affirmed BHC's long-term issuer rating at BBB+ with a negative outlook. Following the affirmation, the parties jointly withdrew the rating. See Liquidity and Capital Resources section below for additional information on our credit ratings.

### Results of Operations

Certain lines of business in which we operate are highly seasonal, and revenue from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Demand for electricity and natural gas is sensitive to seasonal cooling, heating and industrial load requirements. In particular, the normal peak usage season for our Electric Utilities is June through August while the normal peak usage season for our Gas Utilities is November through March. Significant earnings variances can be expected between the Gas Utilities segment’s peak and off-peak seasons. Due to this seasonal nature, our results of operations for the three and six months ended June 30, 2025, and 2024, and our financial condition as of June 30, 2025, and December 31, 2024, are not necessarily indicative of the results of operations and financial condition to be expected as of or for any other period or for the entire year.

All amounts are presented on a pre-tax basis unless otherwise indicated. Minor differences in amounts may result due to rounding.

### Consolidated Summary and Overview

*(in millions, except per share amounts)*

| Operating income (loss): | Three Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance | Six Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Electric Utilities | $49.0 | $46.3 | $2.7 | $103.3 | $110.9 | $(7.6) |
| Gas Utilities | 35.5 | 23.0 | 12.5 | 187.0 | 153.7 | 33.3 |
| Corporate and Other (a) | (2.0) | 1.3 | (3.3) | (2.9) | (0.6) | (2.3) |
| Operating income | 82.5 | 70.6 | 11.9 | 287.4 | 264.0 | 23.4 |
| Interest expense, net | (48.9) | (42.6) | (6.3) | (100.3) | (86.7) | (13.6) |
| Other income (expense), net | (0.4) | 0.4 | (0.8) | 0.6 | (0.5) | 1.1 |
| Income tax (expense) | (4.4) | (3.7) | (0.7) | (22.5) | (20.6) | (1.9) |
| Net income | 28.8 | 24.7 | 4.1 | 165.2 | 156.2 | 9.0 |
| Net income attributable to non-controlling interest | (1.3) | (1.9) | 0.6 | (3.5) | (5.6) | 2.1 |
| Net income available for common stock | $27.5 | $22.8 | $4.7 | $161.7 | $150.6 | $11.1 |
| Weighted average common shares outstanding, Diluted | 72.4 | 69.0 | 3.4 | 72.1 | 68.7 | 3.4 |
| Total earnings per share of common stock, Diluted | $0.38 | $0.33 | $0.05 | $2.24 | $2.19 | $0.05 |

(a) Includes inter-segment eliminations.

#### Three Months Ended June 30, 2025, Compared to the Three Months Ended June 30, 2024

The variance to the prior year included the following:

- Electric Utilities' operating income increased $2.7 million primarily due to new rates and rider recovery partially offset by higher operating expenses;
- Gas Utilities' operating income increased $12.5 million primarily due to new rates and rider recovery driven by the Arkansas Gas and Iowa Gas rate reviews and favorable weather;
- Corporate and Other operating loss increased $3.3 million primarily due to a prior year gain on the sale of a Corporate asset and higher unallocated outside services expenses; and
- Interest expense increased $6.3 million primarily due to higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances.

#### Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024:

The variance to the prior year included the following:

- Electric Utilities’ operating income decreased $7.6 million primarily due to higher operating expenses and current year unplanned generation outages partially offset by new rates and rider recovery;
- Gas Utilities’ operating income increased $33.3 million primarily due to new rates and rider recovery driven by the Arkansas Gas, Iowa Gas and Colorado Gas rate reviews and favorable weather partially offset by higher operating expenses;
- Corporate and Other operating loss increased $2.3 million primarily due to a prior year gain on the sale of a Corporate asset and higher unallocated outside services expenses;
- Interest expense increased $13.6 million primarily due to higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances; and
- Net income attributable to non-controlling interest decreased $2.1 million due to lower net income from Black Hills Colorado IPP primarily driven by current year unplanned generation outages.

### Segment Operating Results

A discussion of operating results from our business segments follows. Unless otherwise indicated, segment information does not include inter-segment eliminations.

### Non-GAAP Financial Measures

The following discussion includes financial information prepared in accordance with GAAP and a “non-GAAP financial measure", Electric and Gas Utility margin. Generally, a non-GAAP financial measure is a numerical measure of a company’s financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. We define Electric and Gas Utility margin as operating revenue less cost of fuel, purchased power and cost of natural gas sold. Electric and Gas Utility margin is a non-GAAP financial measure due to the exclusion of operation and maintenance expenses determined to be directly attributable to revenue-producing activities, depreciation and amortization expenses, and taxes other than income taxes from the measure.

We believe that Gas and Electric Utility margin provides a useful basis for evaluating our segment operating results since our Utilities have regulatory mechanisms that allow them to pass prudently incurred costs of energy through to the customer in current rates. As a result, management uses Gas and Electric Utility margin internally when assessing the financial performance of our operating segments as this measure excludes the majority of revenue fluctuations caused by changes in these costs of energy. Similarly, the presentation of Gas and Electric Utility margin is intended to supplement investors’ understanding of operating performance.

Our Electric and Gas Utility margin measure may not be comparable to other companies’ Electric and Gas Utility margin measures. The following table includes a reconciliation of Electric and Gas Utility margin to Gross margin, the most directly comparable GAAP measure:

*(in millions)*

|  | Electric Utilities Three Months Ended June 30, 2025 | 2024 | Six Months Ended June 30, 2025 | 2024 | Gas Utilities Three Months Ended June 30, 2025 | 2024 | Six Months Ended June 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $219.9 | $205.1 | $456.6 | $427.3 | $223.0 | $202.0 | $795.4 | $710.6 |
| Fuel, purchased power and cost of natural gas sold | (55.3) | (45.9) | (122.5) | (100.8) | (68.9) | (61.3) | (361.4) | (323.2) |
| Operations and maintenance (a) | (43.8) | (42.5) | (85.7) | (78.5) | (40.7) | (42.3) | (86.9) | (85.1) |
| Depreciation and amortization | (37.5) | (35.5) | (74.6) | (70.8) | (32.3) | (31.1) | (64.4) | (61.5) |
| Taxes other than income taxes | (8.9) | (9.3) | (18.2) | (19.3) | (6.2) | (7.3) | (14.5) | (14.3) |
| Gross margin (GAAP) | $74.4 | $71.9 | $155.6 | $157.9 | $74.9 | $60.0 | $268.2 | $226.5 |
| Operations and maintenance (a) | 43.8 | 42.5 | 85.7 | 78.5 | 40.7 | 42.3 | 86.9 | 85.1 |
| Depreciation and amortization | 37.5 | 35.5 | 74.6 | 70.8 | 32.3 | 31.1 | 64.4 | 61.5 |
| Taxes other than income taxes | 8.9 | 9.3 | 18.2 | 19.3 | 6.2 | 7.3 | 14.5 | 14.3 |
| Electric and Gas Utility margin (non-GAAP) | $164.6 | $159.2 | $334.1 | $326.5 | $154.1 | $140.7 | $434.0 | $387.4 |

(a) Operations and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operations and maintenance expenses at our electric generation facilities, operations and maintenance expenses at our WRDC coal mine, and electric and gas transmission and distribution expenses. These amounts are included in the table above to calculate gross margin in accordance with GAAP. These amounts excluded operations and maintenance expenses not directly attributable to revenue-producing activities of $25.4 million, $25.6 million, 52.3 million, and $47.0 million for the three and six months ended June 30, 2025 and 2024, respectively, for the Electric Utilities and $39.4, $37.0, $81.2 million, and $72.8 million for the three and six months ended June 30, 2025 and 2024, respectively, for the Gas Utilities.

### Electric Utilities

Operating results for the Electric Utilities were as follows:

*(in millions)*

|  | Three Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance | Six Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $219.9 | $205.1 | $14.8 | $456.6 | $427.3 | $29.3 |
| Fuel and purchased power | 55.3 | 45.9 | 9.4 | 122.5 | 100.8 | 21.7 |
| Electric Utility margin (non-GAAP) (a) | 164.6 | 159.2 | 5.4 | 334.1 | 326.5 | 7.6 |
| Operations and maintenance | 69.2 | 68.1 | 1.1 | 138.0 | 125.5 | 12.5 |
| Depreciation and amortization | 37.5 | 35.5 | 2.0 | 74.6 | 70.8 | 3.8 |
| Taxes other than income taxes | 8.9 | 9.3 | (0.4) | 18.2 | 19.3 | (1.1) |
|  | 115.6 | 112.9 | 2.7 | 230.8 | 215.6 | 15.2 |
| Operating income | $49.0 | $46.3 | $2.7 | $103.3 | $110.9 | $(7.6) |

(a) See Non-GAAP Financial Measures section above for reconciliation to Gross margin, the most directly comparable GAAP measure.

#### Three Months Ended June 30, 2025, Compared to the Three Months Ended June 30, 2024:

Electric Utility margin increased as a result of the following:

*(in millions)*

|  |  |
| --- | ---: |
| New rates and rider recovery | $5.0 |
| Weather | (0.8) |
| Other | 1.2 |
|  | $5.4 |

Operations and maintenance expense was comparable to the same period in the prior year.

Depreciation and amortization increased primarily due to higher asset base driven by capital expenditures.

Taxes other than income taxes was comparable to the same period in the prior year.

#### Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024:

Electric Utility margin increased as a result of the following:

*(in millions)*

|  |  |
| --- | ---: |
| New rates and rider recovery | $6.8 |
| Retail customer growth and usage | 3.0 |
| Weather | 0.4 |
| Off-system excess energy sales | (0.8) |
| Other | (1.8) |
|  | $7.6 |

Operations and maintenance expense increased primarily due to $5.3 million of expenses related to unplanned generation outages, $4.1 million of higher outside services expenses and $2.3 million of higher insurance expense.

Depreciation and amortization increased primarily due to higher asset base driven by capital expenditures.

Taxes other than income taxes was comparable to the same period in the prior year.

#### Operating Statistics

*(in millions)*

| By Customer Class Retail Revenue - | Revenue Three Months Ended June 30, 2025 | 2024 | Six Months Ended June 30, 2025 | 2024 | Quantities Sold Three Months Ended June 30, 2025 (in GWh) | 2024 | Six Months Ended June 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Residential | $54.1 | $50.8 | $120.5 | $113.3 | 321.0 | 323.5 | 727.4 | 712.3 |
| Commercial | 66.9 | 63.3 | 135.7 | 129.2 | 499.7 | 506.9 | 1,016.9 | 1,018.7 |
| Industrial (a) | 49.3 | 41.7 | 97.5 | 85.2 | 663.9 | 558.3 | 1,273.7 | 1,111.9 |
| Municipal | 4.3 | 4.1 | 8.8 | 8.4 | 34.1 | 36.1 | 68.7 | 70.3 |
| Other Retail | 3.5 | 3.5 | 6.9 | 7.0 | — | — | — | — |
| Subtotal Retail Revenue - Electric | 178.1 | 163.4 | 369.4 | 343.1 | 1,518.7 | 1,424.8 | 3,086.7 | 2,913.2 |
| Wholesale | 4.2 | 6.5 | 11.3 | 15.0 | 108.4 | 158.7 | 256.2 | 334.7 |
| Market - off-system sales | 10.7 | 5.5 | 22.0 | 12.1 | 220.0 | 164.2 | 393.6 | 279.8 |
| Transmission | 10.1 | 12.9 | 22.2 | 25.5 | — | — | — | — |
| Other (b) | 16.8 | 16.8 | 31.7 | 31.6 | — | — | — | — |
| Total Revenue and Quantities Sold | $219.9 | $205.1 | $456.6 | $427.3 | $1,847.1 | $1,747.7 | 3,736.5 | 3,527.7 |
| Other Uses, Losses, or Generation, net (c) |  |  |  |  | 125.4 | 25.1 | 219.5 | 126.9 |
| Total Energy |  |  |  |  | 1,972.5 | 1,772.8 | 3,956.0 | 3,654.6 |

(a) The increase in industrial revenues and quantities sold for the three and six months ended June 30, 2025, compared to the same periods in 2024, was primarily driven by Wyoming Electric LPCS Tariff and BCIS Tariff customers.

(b) Includes Integrated Generation, inter-segment rent, and non-regulated services to our retail customers under the Service Guard Comfort Plan and Tech Services.

(c) Includes company uses and line losses.

*(in millions)*

| By Business Unit | Revenue Three Months Ended June 30, 2025 | 2024 | Six Months Ended June 30, 2025 | 2024 | Quantities Sold Three Months Ended June 30, 2025 (in GWh) | 2024 | Six Months Ended June 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Colorado Electric | $66.3 | $64.1 | $138.7 | $133.8 | 524.1 | 585.7 | 1,056.4 | 1,141.4 |
| South Dakota Electric | 78.0 | 75.9 | 164.9 | 156.5 | 638.9 | 591.4 | 1,320.9 | 1,212.5 |
| Wyoming Electric | 64.8 | 55.6 | 131.4 | 116.4 | 665.2 | 549.5 | 1,311.0 | 1,124.7 |
| Integrated Generation | 10.8 | 9.5 | 21.6 | 20.6 | 18.9 | 21.1 | 48.2 | 49.1 |
| Total Revenue and Quantities Sold | $219.9 | $205.1 | $456.6 | $427.3 | 1,847.1 | 1,747.7 | 3,736.5 | 3,527.7 |

| Quantities Generated and Purchased by Fuel Type Generated: | Three Months Ended June 30, 2025 (in GWh) | 2024 | Six Months Ended June 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| Coal (a) | 457.4 | 478.1 | 1,057.3 | 1,158.8 |
| Natural Gas and Oil (b) | 585.3 | 451.5 | 1,097.4 | 974.9 |
| Wind | 135.4 | 161.7 | 310.8 | 335.7 |
| Total Generated | 1,178.1 | 1,091.3 | 2,465.5 | 2,469.4 |
| Purchased: |  |  |  |  |
| Coal, Natural Gas, Oil, and Other Market Purchases | 470.8 | 350.6 | 846.5 | 639.5 |
| Wind and Solar | 323.6 | 330.9 | 644.0 | 545.7 |
| Total Purchased (c) | 794.4 | 681.5 | 1,490.5 | 1,185.2 |
| Total Generated and Purchased | 1,972.5 | 1,772.8 | 3,956.0 | 3,654.6 |

(a) The decrease in coal generation for the three and six months ended June 30, 2025, compared to the same period in 2024 is primarily due to unplanned outages at Wygen III.

(b) The increase in natural gas and oil generation for the three and six months ended June 30, 2025, compared to the same periods in 2024, was primarily due to the timing and extent of unplanned outages at Pueblo Airport Generation #4-5.

(c) The increase in total purchases for the three and six months ended June 30, 2025, compared to the same periods in 2024, was primarily driven by increased demand from Wyoming Electric LPCS Tariff and BCIS Tariff customers and unplanned outages at Wygen III as discussed in (a) above.

| Quantities Generated and Purchased Generated: | Three Months Ended June 30, 2025 (in GWh) | 2024 | Six Months Ended June 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| Colorado Electric | 183.1 | 223.0 | 367.4 | 384.6 |
| South Dakota Electric (a) | 444.9 | 419.8 | 923.8 | 954.4 |
| Wyoming Electric | 220.1 | 187.8 | 439.4 | 403.0 |
| Integrated Generation | 330.0 | 260.7 | 734.9 | 727.4 |
| Total Generated | 1,178.1 | 1,091.3 | 2,465.5 | 2,469.4 |
| Purchased: |  |  |  |  |
| Colorado Electric | 106.5 | 172.7 | 196.7 | 262.9 |
| South Dakota Electric (a) | 232.6 | 163.0 | 443.9 | 263.6 |
| Wyoming Electric (b) | 439.7 | 329.8 | 815.8 | 625.5 |
| Integrated Generation | 15.6 | 16.0 | 34.1 | 33.2 |
| Total Purchased | 794.4 | 681.5 | 1,490.5 | 1,185.2 |
| Total Generated and Purchased | 1,972.5 | 1,772.8 | 3,956.0 | 3,654.6 |

(a) The shift in South Dakota Electric's generated and purchased GWh for the six months ended June 30, 2025, compared to the same period in 2024 is primarily driven by unplanned outages at Wygen III.

(b) As discussed in footnote (c) in the Quantities Generated and Purchased by Fuel Type table above, the increase in Wyoming Electric's purchases is primarily driven by increased demand from LPCS Tariff and BCIS Tariff customers.

| Degree Days Heating Degree Days: | Three Months Ended June 30, 2025 Actual | Variance from Normal | 2024 Actual | Variance from Normal | Six Months Ended June 30, 2025 Actual | Variance from Normal | 2024 Actual | Variance from Normal |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Colorado Electric | 623 | 5% | 524 | (12)% | 3,356 | 8% | 3,031 | (7)% |
| South Dakota Electric | 908 | (12)% | 898 | (15)% | 4,346 | 1% | 4,032 | (10)% |
| Wyoming Electric | 1,085 | (5)% | 1,040 | (10)% | 4,225 | 2% | 4,026 | (7)% |
| Combined (a) | 815 | (5)% | 757 | (13)% | 3,875 | 4% | 3,577 | (8)% |
| Cooling Degree Days: |  |  |  |  |  |  |  |  |
| Colorado Electric | 235 | (16)% | 343 | 25% | 235 | (16)% | 343 | 25% |
| South Dakota Electric | 162 | 41% | 114 | 8% | 162 | 41% | 114 | 8% |
| Wyoming Electric | 60 | (24)% | 118 | 75% | 60 | (24)% | 118 | 75% |
| Combined (a) | 174 | (4)% | 219 | 25% | 174 | (4)% | 219 | 25% |

(a) Degree days are calculated based on a weighted average of total customers by state.

| Contracted generating facilities Availability(a) by fuel type | Three Months Ended June 30, 2025 | 2024 | Six Months Ended June 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: |
| Coal | 79.4% | 75.5% | 82.7% | 85.6% |
| Natural gas and diesel oil | 93.2% | 91.6% | 92.4% | 94.1% |
| Wind | 78.6% | 92.1% | 82.4% | 91.2% |
| Total Availability (b) | 87.2% | 87.1% | 88.1% | 91.3% |
| Wind Capacity Factor (a) | 31.1% | 36.9% | 35.5% | 38.4% |

(a) Availability and Wind Capacity Factor are calculated using a weighted average based on capacity of our generating fleet.

(b) 2025 included unplanned outages at Wygen III, Pueblo Airport Generation #4-5 and Busch Ranch I and II. 2024 included unplanned outages at Wygen I and Pueblo Airport Generation #4-5.

### Gas Utilities

Operating results for the Gas Utilities were as follows:

*(in millions)*

|  | Three Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance | Six Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | $223.0 | $202.0 | $21.0 | $795.4 | $710.6 | $84.8 |
| Cost of natural gas sold | 68.9 | 61.3 | 7.6 | 361.4 | 323.2 | 38.2 |
| Gas Utility margin (non-GAAP) (a) | 154.1 | 140.7 | 13.4 | 434.0 | 387.4 | 46.6 |
| Operations and maintenance | 80.1 | 79.3 | 0.8 | 168.1 | 157.9 | 10.2 |
| Depreciation and amortization | 32.3 | 31.1 | 1.2 | 64.4 | 61.5 | 2.9 |
| Taxes other than income taxes | 6.2 | 7.3 | (1.1) | 14.5 | 14.3 | 0.2 |
|  | 118.6 | 117.7 | 0.9 | 247.0 | 233.7 | 13.3 |
| Operating income | $35.5 | $23.0 | $12.5 | $187.0 | $153.7 | $33.3 |

(a) See Non-GAAP Financial Measures section above for reconciliation to Gross margin, the most directly comparable GAAP measure.

#### Three Months Ended June 30, 2025, Compared to the Three Months Ended June 30, 2024:

Gas Utility margin increased as a result of the following:

*(in millions)*

|  |  |
| --- | ---: |
| New rates and rider recovery | $9.9 |
| Weather | 3.3 |
| Mark-to-market on non-utility natural gas commodity contracts | (0.6) |
| Other | 0.8 |
|  | $13.4 |

Operations and maintenance expense was comparable to the same period in the prior year.

Depreciation and amortization was comparable to the same period in the prior year.

Taxes other than income taxes was comparable to the same period in the prior year.

#### Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024:

Gas Utility margin increased as a result of the following:

*(in millions)*

|  |  |
| --- | ---: |
| New rates and rider recovery | $36.7 |
| Weather | 12.0 |
| Other | (2.1) |
|  | $46.6 |

Operations and maintenance expense increased primarily due to $4.4 million of higher employee related expenses, $3.6 million of higher insurance expense, and $1.5 million of higher bad debt expense driven by increased revenues and lower prior year write-offs.

Depreciation and amortization increased primarily due to higher asset base driven by capital expenditures.

Taxes other than income taxes was comparable to the same period in the prior year.

#### Operating Statistics

*(in millions)*

*(Dth in millions)*

| By Customer Class Retail Revenue - | Revenue Three Months Ended June 30, 2025 | 2024 | Six Months Ended June 30, 2025 | 2024 | Quantities Sold and Transported Three Months Ended June 30, 2025 | 2024 | Six Months Ended June 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Residential | $113.3 | $102.6 | $457.4 | $400.4 | 7.2 | 6.9 | 37.9 | 34.7 |
| Commercial | 42.0 | 38.2 | 176.3 | 156.7 | 4.0 | 3.9 | 18.0 | 16.9 |
| Industrial | 6.4 | 5.8 | 13.0 | 10.9 | 1.4 | 1.8 | 2.4 | 2.7 |
| Other Retail (a) | 6.9 | 6.4 | 21.6 | 22.4 | — | — | — | — |
| Subtotal Retail Revenue - Gas | 168.6 | 153.0 | 668.3 | 590.4 | 12.6 | 12.6 | 58.3 | 54.3 |
| Transportation | 42.1 | 36.0 | 99.8 | 87.6 | 36.2 | 34.5 | 86.7 | 81.2 |
| Other (b) | 12.3 | 13.0 | 27.3 | 32.6 | — | — | — | — |
| Total Revenue and Quantities Sold | $223.0 | $202.0 | $795.4 | $710.6 | 48.8 | 47.1 | 145.0 | 135.5 |

(a) Includes Black Hills Energy Services revenue under the Choice Gas Program.

(b) Includes inter-segment rent and non-regulated services under the Service Guard Comfort Plan, Tech Services, and HomeServe.

*(in millions)*

*(Dth in millions)*

| By Business Unit | Revenue Three Months Ended June 30, 2025 | 2024 | Six Months Ended June 30, 2025 | 2024 | Quantities Sold and Transported Three Months Ended June 30, 2025 | 2024 | Six Months Ended June 30, 2025 | 2024 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Arkansas Gas | $40.7 | $31.2 | $165.5 | $141.8 | 5.3 | 5.0 | 18.5 | 17.0 |
| Colorado Gas | 39.0 | 42.3 | 154.8 | 160.0 | 5.2 | 5.1 | 18.4 | 18.0 |
| Iowa Gas | 30.1 | 27.6 | 116.9 | 89.4 | 6.9 | 7.1 | 22.1 | 20.6 |
| Kansas Gas | 25.1 | 20.9 | 91.2 | 71.2 | 7.6 | 7.9 | 19.3 | 17.6 |
| Nebraska Gas | 57.9 | 50.4 | 188.1 | 164.7 | 16.4 | 14.5 | 46.1 | 41.6 |
| Wyoming Gas | 30.2 | 29.6 | 78.9 | 83.5 | 7.4 | 7.5 | 20.6 | 20.7 |
| Total Revenue and Quantities Sold | $223.0 | $202.0 | $795.4 | $710.6 | 48.8 | 47.1 | 145.0 | 135.5 |

| Heating Degree Days | Three Months Ended June 30, 2025 Actual | Variance from Normal | 2024 Actual | Variance from Normal | Six Months Ended June 30, 2025 Actual | Variance from Normal | 2024 Actual | Variance from Normal |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Arkansas Gas (a) | 193 | (33)% | 144 | (54)% | 2,150 | (2)% | 1,916 | (17)% |
| Colorado Gas | 822 | (5)% | 790 | (9)% | 3,659 | --- | 3,533 | (5)% |
| Iowa Gas | 640 | (5)% | 507 | (27)% | 3,928 | (1)% | 3,405 | (18)% |
| Kansas Gas (a) | 367 | (9)% | 266 | (37)% | 2,983 | 7% | 2,557 | (11)% |
| Nebraska Gas | 553 | (9)% | 457 | (26)% | 3,592 | --- | 3,259 | (12)% |
| Wyoming Gas | 1,110 | (7)% | 1,096 | (9)% | 4,433 | 1% | 4,252 | (5)% |
| Combined (b) | 658 | (8)% | 587 | (20)% | 3,740 | --- | 3,452 | (10)% |

(a) Arkansas Gas and Kansas Gas have weather normalization mechanisms that mitigate the weather impact on revenue.

(b) The combined heating degree days are calculated based on a weighted average of total customers by state excluding Kansas Gas due to its weather normalization mechanism. Arkansas Gas is partially excluded based on the weather normalization mechanism in effect from November through April.

### Corporate and Other

Corporate and Other operating results, including inter-segment eliminations, were as follows:

*(in millions)*

|  | Three Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance | Six Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Operating income (loss) | $(2.0) | $1.3 | $(3.3) | $(2.9) | $(0.6) | $(2.3) |

#### Three Months Ended June 30, 2025, Compared to the Three Months Ended June 30, 2024:

Operating loss increased primarily due to a prior year gain on the sale of a Corporate asset and higher unallocated outside services expenses.

#### Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024:

Operating loss increased primarily due to a prior year gain on the sale of a Corporate asset and higher unallocated outside services expenses.

### Consolidated Interest Expense, Other Income and Income Tax Expense

*(in millions)*

|  | Three Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance | Six Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Interest expense, net | $(48.9) | $(42.6) | $(6.3) | $(100.3) | $(86.7) | $(13.6) |
| Other income (expense), net | (0.4) | 0.4 | (0.8) | 0.6 | (0.5) | 1.1 |
| Income tax (expense) | (4.4) | (3.7) | (0.7) | (22.5) | (20.6) | (1.9) |

#### Three Months Ended June 30, 2025, Compared to the Three Months Ended June 30, 2024:

Interest expense, net increased primarily due to higher interest rates on long-term debt, higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances.

Other income (expense), net was comparable to the same period in the prior year.

Income tax (expense) was comparable to the same period in the prior year. For the three months ended June 30, 2025, the effective tax rate was 13.3%, which was comparable to 13.0% for the same period in 2024.

#### Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024:

Interest expense, net increased primarily due to higher interest rates on long-term debt, higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances.

Other income (expense), net was comparable to the same period in the prior year.

Income tax (expense) was comparable to the same period in the prior year. For the six months ended June 30, 2025, the effective tax rate was 12.0%, which was comparable to 11.7% for the same period in 2024.

### Liquidity and Capital Resources

The following table provides an informational summary of our liquidity and capital structure as of:

*(dollars in millions)*

|  | June 30, 2025 | December 31, 2024 |
| --- | ---: | ---: |
| Cash and cash equivalents | $8.1 | $16.1 |
| Available capacity under Revolving Credit Facility and CP Program (a) | 622.8 | 612.7 |
| Available liquidity | $630.9 | $628.8 |
| Capital structure |  |  |
| Short-term debt (b) | $423.7 | $133.8 |
| Long-term debt | 3,952.4 | 4,250.2 |
| Total debt | 4,376.1 | 4,384.0 |
| Total stockholders' equity (excludes non-controlling interest) | 3,636.1 | 3,501.5 |
| Total capitalization | $8,012.2 | $7,885.5 |
| Debt to capitalization | 54.6% | 55.6% |
| Long-term debt to total debt | 90.3% | 96.9% |

(a) Available capacity under Revolving Credit Facility and CP Program represents $750 million of total borrowing capacity less outstanding borrowings and letters of credit. See Note 5 of the Notes to Consolidated Financial Statements for more information.

(b) Short-term debt includes our $300 million, 3.95% senior unsecured notes due January 2026.

### Future Financing Plans

We plan to fund our capital plan and strategic objectives by using cash generated from operating activities and various financing alternatives, which could include our Revolving Credit Facility, our CP Program, and the issuance of common stock under our ATM or in a secondary offering. We plan to re-finance our $300 million, 3.95%, senior unsecured notes due January 2026, at or before maturity date.

### CASH FLOW ACTIVITIES

The following tables summarize our cash flows for the six months ended June 30, 2025:

### Operating Activities:

*(in millions)*

|  | Six Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance |
| --- | ---: | ---: | ---: |
| Net income | $165.2 | $156.2 | $9.0 |
| Non-cash adjustments to Net income | 195.0 | 181.6 | 13.4 |
| Total earnings | $360.2 | $337.8 | $22.4 |
| Changes in certain operating assets and liabilities: |  |  |  |
| Materials, supplies and fuel, Accounts receivable and other current assets | 93.2 | 146.1 | (52.9) |
| Accounts payable and other current liabilities | (93.3) | (77.4) | (15.9) |
| Regulatory assets | 57.9 | 69.8 | (11.9) |
| Net inflow (outflow) from changes in certain operating assets and liabilities | $57.8 | $138.5 | $(80.7) |
| Other operating activities | (1.6) | (12.3) | 10.7 |
| Net cash provided by operating activities | $416.4 | $464.0 | $(47.6) |

#### Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024

Net cash provided by operating activities was $47.6 million lower than the same period in 2024. The variance to the prior year was primarily attributable to:

- Total earnings (net income plus non-cash adjustments) were $22.4 million higher for the six months ended June 30, 2025, compared to the same period in the prior year primarily as a result of increased Electric and Gas Utility margins due to new rates and rider recovery partially offset by higher operating expenses and higher financing costs.
- Net inflows from changes in certain operating assets and liabilities were $80.7 million lower, primarily attributable to:
- Cash inflows decreased by approximately $52.9 million as a result of changes in accounts receivable and other current assets primarily driven by fluctuations in commodity prices;
- Cash outflows increased by approximately $15.9 million as a result of increases in accounts payable and other current liabilities primarily driven by fluctuations in commodity prices, remediation costs for our manufactured gas plant site in Iowa and changes in other working capital requirements; and
- Cash inflows decreased by approximately $11.9 million as a result of changes in our regulatory assets and liabilities primarily due to lower recoveries of our Winter Storm Uri regulatory asset as recovery is now complete in several of our jurisdictions.
- Cash outflows decreased $10.7 million from other operating activities primarily due to lower costs from cloud computing arrangements.

### Investing Activities:

*(in millions)*

|  | Six Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance |
| --- | ---: | ---: | ---: |
| Capital expenditures | $(371.8) | $(342.4) | $(29.4) |
| Other investing activities | (4.4) | 1.7 | (6.1) |
| Net cash (used in) investing activities | $(376.2) | $(340.7) | $(35.5) |

#### Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024

Net cash used in investing activities was $35.5 million higher than the same period in 2024. The variance to the prior year was primarily attributable to:

- Cash outflows from capital expenditures (which are net of contributions in aid of construction) increased $29.4 million primarily as a result of the Ready Wyoming and Lange II projects and prior year receipts related to contributions in aid of construction for data center projects in Wyoming; and
- Cash outflows increased by $6.1 million for other investing activities primarily due to higher AFUDC debt driven by higher construction work-in-progress balances and prior year proceeds from the sale of a Corporate asset.

### Financing Activities:

*(in millions)*

|  | Six Months Ended June 30, 2025 | 2024 | 2025 vs 2024 Variance |
| --- | ---: | ---: | ---: |
| Dividends paid on common stock | $(97.6) | $(89.3) | $(8.3) |
| Common stock issued | 65.0 | 73.0 | (8.0) |
| Short-term and long-term debt borrowings (repayments), net | (10.1) | 450.0 | (460.1) |
| Distributions to non-controlling interests | (3.8) | (10.0) | 6.2 |
| Other financing activities | (1.3) | (8.3) | 7.0 |
| Net cash provided by (used in) financing activities | $(47.8) | $415.4 | $(463.2) |

#### Six Months Ended June 30, 2025, Compared to the Six Months Ended June 30, 2024

Net cash used in financing activities was $463.2 million higher than the same period in 2024. The variance to the prior year was primarily attributable to:

- Dividends paid on common stock increased $8.3 million due to the increased dividend rate per share and increased number of common shares outstanding;
- Cash inflows decreased $8.0 million due to lower issuances of common stock;
- Net cash outflows increased $460.1 million as a result of net repayment activity under our Revolving Credit Facility and CP Program and prior year proceeds from the May 16, 2024, debt offering;
- Distributions to non-controlling interests decreased $6.2 million due to lower net income from Black Hills Colorado IPP primarily driven by unplanned generation outages; and
- Cash outflows decreased $7.0 million from other financing activities primarily due to prior year financing costs from the May 2024 debt offering.

### CAPITAL RESOURCES

See Note 5 of the Condensed Notes to Consolidated Financial Statements for recent financing updates and financial covenants information.

### CREDIT RATINGS

The following table represents the credit ratings and outlook and risk profile of BHC as of the date of this report:

| Rating Agency | Senior Unsecured Rating | Outlook |
| --- | --- | --- |
| S&P (a) | BBB+ | Stable |
| Moody's (b) | Baa2 | Stable |

(a) On May 9, 2024, S&P affirmed BBB+ rating and maintained a Stable outlook.

(b) On March 5, 2025, Moody's affirmed our Baa2 rating and maintained a Stable outlook.

The following table represents the credit rating of South Dakota Electric as of the date of this report:

| Rating Agency | Senior Secured Rating |
| --- | --- |
| S&P | A |

We have not had any triggering events (i.e. an acceleration of repayment of outstanding indebtedness, an increase in interest costs, or the posting of additional cash collateral) tied to our stock price and have not executed any transactions that require us to issue equity based on our credit ratings.

### CAPITAL REQUIREMENTS

### Capital Expenditures

*(in millions)*

| Capital Expenditures by Segment (minor differences may result due to rounding) | Actual (a) Six Months Ended June 30, 2025 | Forecasted (b) 2025 (c) | 2026 | 2027 | 2028 | 2029 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: |
| Electric Utilities | $212 | $550 | $432 | $383 | $615 | $435 |
| Gas Utilities | 154 | 431 | 386 | 412 | 447 | 447 |
| Corporate and Other | 4 | 21 | 41 | 27 | 27 | 27 |
|  | $370 | $1,002 | $859 | $822 | $1,089 | $909 |

(a) Includes accruals for property, plant and equipment as disclosed in supplemental cash flow information in the Consolidated Statements of Cash Flows in the Consolidated Financial Statements. Capital expenditures are presented net of CIACs in the Consolidated Statements of Cash Flows.

(b) Projects are being evaluated by our segments for timing, cost, and other factors.

(c) Includes actual capital expenditures for the six months ended June 30, 2025.

### Common Stock Dividends

Dividends paid on our common stock totaled $97.6 million for the six months ended June 30, 2025, or $0.676 per share. On July 22, 2025, our board of directors declared a quarterly dividend of $0.676 per share payable September 2, 2025, equivalent to an annual dividend of $2.704 per share. The amount of any future cash dividends to be declared and paid, if any, will depend upon, among other things, our financial condition, funds from operations, the level of our capital expenditures, restrictions under our Revolving Credit Facility, and our future business prospects.

### Critical Accounting Estimates

A summary of our critical accounting estimates is included in our 2024 Annual Report on Form 10-K. There were no material changes made as of June 30, 2025.

### New Accounting Pronouncements

See Note 1 of the Condensed Notes to Consolidated Financial Statements for a description of recent accounting pronouncements, if any, and our expectation of their impact on our results of operations and financial condition.

## Market risk

As filed, 173 characters.

There have been no material changes to our quantitative and qualitative disclosures about market risk previously disclosed in Item 7A of our 2024 Annual Report on Form 10-K.

## Controls and procedures

As filed, 1,188 characters.

Our Chief Executive Officer and Chief Financial Officer evaluated the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of June 30, 2025. Based on their evaluation, they have concluded that our disclosure controls and procedures were effective at June 30, 2025.

Our disclosure controls and procedures are designed to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.

### Changes in Internal Control over Financial Reporting

During the quarter ended June 30, 2025, there have been no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely, to materially affect our internal control over financial reporting.

## Risk factors

As filed, 131 characters.

There are no material changes to the risk factors previously disclosed in Item 1A of Part I in our 2024 Annual Report on Form 10-K.

Filed Jul 31, 2025.
Source: SEC EDGAR, the filing index for accession 0000950170-25-100667. Last ingested by Listed: Oct 24, 2026, 15:05 ET. No prices; not investment advice.