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Black Hills Corporation

EDGAR

BKH Current report (8-K) · filed 2026-10-23

Annual consolidated revenue for 2025: about USD 2.31B, using the latest reported figures. The previous period, 2024, was about USD 2.128B.

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Watchlist

Latest quarter

Revenue

453 million USD

2026 Q2 · USD

Exact inputs and evidence

Revenue: 452800000 USD Source

Operating margin

21.42%

2026 Q2 · %

Exact inputs and evidence

Operating Income: 97000000 USD Source
Revenue: 452800000 USD Source

Operating cash flow

195 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating Cash Flow: 371300000 USD Source
Operating Cash Flow: 176200000 USD Source

Free cash flow

-23 million USD

2026 Q2 · USD

Exact inputs and evidence

Operating Cash Flow: 371300000 USD Source
Operating Cash Flow: 176200000 USD Source
Capital Expenditure: 485500000 USD Source
Capital Expenditure: 267400000 USD Source

Cash and cash equivalents: 71.5 million USD 2026-06-30 Source
Exact value

71500000 USD
Long-term debt including current maturities: 1.87 billion USD 2015-12-31 Source
Exact value

1866866000 USD
Shares outstanding: 75.5 million shares 2025-12-31 Source
Exact value

75500000 shares

Reported share-count change

5.30% · 3.8 million shares

Year-over-year change in reported shares. Splits, issuance and buybacks can affect this figure; it does not isolate employee compensation or economic dilution.

Exact inputs and evidence

71700000 shares · 2024-12-31· Source
75500000 shares · 2025-12-31· Source

Trailing twelve months

The four most recent complete quarters added together. This gives a full-year view that includes the latest quarterly results.

Revenue

2.3 billion USD

2025-07-01 – 2026-06-30

Exact inputs and evidence

Revenue: 430200000 USD · 2025-07-01 – 2025-09-30 Source
Revenue: 2310000000 USD · 2025-01-01 – 2025-12-31 Source
Revenue: 1674500000 USD · 2025-01-01 – 2025-09-30 Source
Revenue: 780700000 USD · 2026-01-01 – 2026-03-31 Source
Revenue: 452800000 USD · 2026-04-01 – 2026-06-30 Source

Net income

299 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence

Net income: 24900000 USD · 2025-07-01 – 2025-09-30 Source
Net income: 291600000 USD · 2025-01-01 – 2025-12-31 Source
Net income: 186600000 USD · 2025-01-01 – 2025-09-30 Source
Net income: 131000000 USD · 2026-01-01 – 2026-03-31 Source
Net income: 38200000 USD · 2026-04-01 – 2026-06-30 Source

Operating cash flow

628 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence

Operating cash flow: 505300000 USD · 2025-01-01 – 2025-09-30 Source
Operating cash flow: 416400000 USD · 2025-01-01 – 2025-06-30 Source
Operating cash flow: 673400000 USD · 2025-01-01 – 2025-12-31 Source
Operating cash flow: 505300000 USD · 2025-01-01 – 2025-09-30 Source
Operating cash flow: 176200000 USD · 2026-01-01 – 2026-03-31 Source
Operating cash flow: 371300000 USD · 2026-01-01 – 2026-06-30 Source
Operating cash flow: 176200000 USD · 2026-01-01 – 2026-03-31 Source

Capital expenditure

934 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence

Capital expenditure: 550200000 USD · 2025-01-01 – 2025-09-30 Source
Capital expenditure: 371800000 USD · 2025-01-01 – 2025-06-30 Source
Capital expenditure: 819800000 USD · 2025-01-01 – 2025-12-31 Source
Capital expenditure: 550200000 USD · 2025-01-01 – 2025-09-30 Source
Capital expenditure: 267400000 USD · 2026-01-01 – 2026-03-31 Source
Capital expenditure: 485500000 USD · 2026-01-01 – 2026-06-30 Source
Capital expenditure: 267400000 USD · 2026-01-01 – 2026-03-31 Source

Free cash flow

-305 million USD

2025-07-01 – 2026-06-30

Exact inputs and evidence

Operating cash flow: 505300000 USD · 2025-01-01 – 2025-09-30 Source
Operating cash flow: 416400000 USD · 2025-01-01 – 2025-06-30 Source
Operating cash flow: 673400000 USD · 2025-01-01 – 2025-12-31 Source
Operating cash flow: 505300000 USD · 2025-01-01 – 2025-09-30 Source
Operating cash flow: 176200000 USD · 2026-01-01 – 2026-03-31 Source
Operating cash flow: 371300000 USD · 2026-01-01 – 2026-06-30 Source
Operating cash flow: 176200000 USD · 2026-01-01 – 2026-03-31 Source
Capital expenditure: 550200000 USD · 2025-01-01 – 2025-09-30 Source
Capital expenditure: 371800000 USD · 2025-01-01 – 2025-06-30 Source
Capital expenditure: 819800000 USD · 2025-01-01 – 2025-12-31 Source
Capital expenditure: 550200000 USD · 2025-01-01 – 2025-09-30 Source
Capital expenditure: 267400000 USD · 2026-01-01 – 2026-03-31 Source
Capital expenditure: 485500000 USD · 2026-01-01 – 2026-06-30 Source
Capital expenditure: 267400000 USD · 2026-01-01 – 2026-03-31 Source

Includes later revisions to earlier periods. Annual charts exclude incomplete years.

Latest filing recorded: 2026-10-23.

Financial data available through: 2025-12-31.

Coverage by financial measure

Revenue: 11 of 11 periods available· newest 2025-12-31
Operating income: 11 of 11 periods available· newest 2025-12-31
Net income: 11 of 11 periods available· newest 2025-12-31
Operating cash flow: 11 of 11 periods available· newest 2025-12-31
Capital expenditure: 11 of 11 periods available· newest 2025-12-31
Total assets: 11 of 11 periods available· newest 2025-12-31
liabilities: No compatible figures in this window
Current assets: 11 of 11 periods available· newest 2025-12-31
Current liabilities: 11 of 11 periods available· newest 2025-12-31
Cash and cash equivalents: 11 of 11 periods available· newest 2025-12-31
Long-term debt including current maturities: 1 of 11 periods available· newest 2015-12-31
Shares outstanding: 4 of 11 periods available· newest 2025-12-31

Coverage describes values retained in this snapshot. Missing values are not zero; loading limits are reported separately.

What changed year over year

Latest complete year compared with the corresponding period one year earlier. These are measured changes; they do not establish their business causes.

Revenue
+8.6%

Prior period

USD 2.13 billion

2024-01-01 – 2024-12-31
Current period

USD 2.31 billion

2025-01-01 – 2025-12-31

Exact inputs and evidence

2310000000 − 2127700000 = 182300000 USD

2127700000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source
2310000000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current source

Share or cite

Citation for Year-over-year change in Revenue · Black Hills Corporation · 2025-12-31 Black Hills Corporation (edgar:1130464) Year-over-year change in Revenue: 182300000 USD Concept: fundies:Revenue Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#period-changes-title Computed: Current period minus corresponding prior-year period Input fundies:Revenue: 2310000000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#7170324 Filing: 000119312526046028 Input fundies:Revenue: 2127700000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#7292249 Filing: 000119312526046028
The citation records this snapshot. The page link may show a newer release later.
Net income
+6.8%

Prior period

USD 273.1 million

2024-01-01 – 2024-12-31
Current period

USD 291.6 million

2025-01-01 – 2025-12-31

Exact inputs and evidence

291600000 − 273100000 = 18500000 USD

273100000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source
291600000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current source

Share or cite

Citation for Year-over-year change in Net income · Black Hills Corporation · 2025-12-31 Black Hills Corporation (edgar:1130464) Year-over-year change in Net income: 18500000 USD Concept: fundies:NetIncome Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#period-changes-title Computed: Current period minus corresponding prior-year period Input fundies:NetIncome: 291600000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#7257295 Filing: 000119312526046028 Input fundies:NetIncome: 273100000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#7379631 Filing: 000119312526046028
The citation records this snapshot. The page link may show a newer release later.
Operating cash flow
-6.4%

Prior period

USD 719.3 million

2024-01-01 – 2024-12-31
Current period

USD 673.4 million

2025-01-01 – 2025-12-31

Exact inputs and evidence

673400000 − 719300000 = -45900000 USD

719300000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source
673400000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current source

Share or cite

Citation for Year-over-year change in Operating cash flow · Black Hills Corporation · 2025-12-31 Black Hills Corporation (edgar:1130464) Year-over-year change in Operating cash flow: -45900000 USD Concept: fundies:OperatingCashFlow Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#period-changes-title Computed: Current period minus corresponding prior-year period Input fundies:OperatingCashFlow: 673400000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3491922 Filing: 000119312526046028 Input fundies:OperatingCashFlow: 719300000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3493270 Filing: 000119312526046028
The citation records this snapshot. The page link may show a newer release later.
Capital expenditure
+10.2%

Prior period

USD 744.2 million

2024-01-01 – 2024-12-31
Current period

USD 819.8 million

2025-01-01 – 2025-12-31

Exact inputs and evidence

819800000 − 744200000 = 75600000 USD

744200000 USD · 2024-01-01 – 2024-12-31
Inspect prior input Prior source
819800000 USD · 2025-01-01 – 2025-12-31
Inspect current input Current source

Share or cite

Citation for Year-over-year change in Capital expenditure · Black Hills Corporation · 2025-12-31 Black Hills Corporation (edgar:1130464) Year-over-year change in Capital expenditure: 75600000 USD Concept: fundies:CapitalExpenditure Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#period-changes-title Computed: Current period minus corresponding prior-year period Input fundies:CapitalExpenditure: 819800000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3501869 Filing: 000119312526046028 Input fundies:CapitalExpenditure: 744200000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3503356 Filing: 000119312526046028
The citation records this snapshot. The page link may show a newer release later.

Where revenue goes

How a period’s revenue divides into costs and what remains as profit. Items marked Derived are calculated by subtraction from reported figures.

2025 2025-01-01 – 2025-12-31

Revenue USD 2.31 billion 100% of revenue
Operating costs Derived USD 1.77 billion 77% of revenue
Operating income USD 537.5 million 23% of revenue
Tax, interest and other Derived USD 245.9 million 11% of revenue
Net income USD 291.6 million 13% of revenue

Cash

Operating cash flow USD 673.4 million 29% of revenue
Capital expenditure USD 819.8 million 35% of revenue
Free cash flow Derived −USD 146.4 million −6.3% of revenue

Share of revenue by period

Net income
Tax, interest and other
Operating costs

2016 17%78%
2017 11%14%75%
2018 15%77%
2019 11%12%77%
2020 13%12%75%
2021 12%79%
2022 10%82%
2023 11%9%80%
2024 13%11%76%
2025 13%11%77%

Values and sources

Revenue breakdown by annual reporting period
Period	Revenue	Operating costs	Operating income	Tax, interest and other	Net income	Free cash flow	Source
2016 2016-01-01 – 2016-12-31	1538916000	1202735000 Derived	336181000	263211000 Derived	72970000	-134473000 Derived	Source 2016-01-01 – 2016-12-31: 1538916000 USD Inspect Revenue Open source 2016-01-01 – 2016-12-31: 336181000 USD Inspect Operating Income Open source 2016-01-01 – 2016-12-31: 72970000 USD Inspect Net Income Open source 2016-01-01 – 2016-12-31: 320479000 USD Inspect Operating Cash Flow Open source 2016-01-01 – 2016-12-31: 454952000 USD Inspect Capital Expenditure Open source
2017 2017-01-01 – 2017-12-31	1680266000	1263530000 Derived	416736000	239702000 Derived	177034000	102251000 Derived	Source 2017-01-01 – 2017-12-31: 1680266000 USD Inspect Revenue Open source 2017-01-01 – 2017-12-31: 416736000 USD Inspect Operating Income Open source 2017-01-01 – 2017-12-31: 177034000 USD Inspect Net Income Open source 2017-01-01 – 2017-12-31: 428261000 USD Inspect Operating Cash Flow Open source 2017-01-01 – 2017-12-31: 326010000 USD Inspect Capital Expenditure Open source
2018 2018-01-01 – 2018-12-31	1754268000	1357231000 Derived	397037000	138595000 Derived	258442000	31287000 Derived	Source 2018-01-01 – 2018-12-31: 1754268000 USD Inspect Revenue Open source 2018-01-01 – 2018-12-31: 397037000 USD Inspect Operating Income Open source 2018-01-01 – 2018-12-31: 258442000 USD Inspect Net Income Open source 2018-01-01 – 2018-12-31: 488811000 USD Inspect Operating Cash Flow Open source 2018-01-01 – 2018-12-31: 457524000 USD Inspect Capital Expenditure Open source
2019 2019-01-01 – 2019-12-31	1734900000	1328858000 Derived	406042000	206732000 Derived	199310000	-312863000 Derived	Source 2019-01-01 – 2019-12-31: 1734900000 USD Inspect Revenue Open source 2019-01-01 – 2019-12-31: 406042000 USD Inspect Operating Income Open source 2019-01-01 – 2019-12-31: 199310000 USD Inspect Net Income Open source 2019-01-01 – 2019-12-31: 505513000 USD Inspect Operating Cash Flow Open source 2019-01-01 – 2019-12-31: 818376000 USD Inspect Capital Expenditure Open source
2020 2020-01-01 – 2020-12-31	1696941000	1268638000 Derived	428303000	200695000 Derived	227608000	-225541000 Derived	Source 2020-01-01 – 2020-12-31: 1696941000 USD Inspect Revenue Open source 2020-01-01 – 2020-12-31: 428303000 USD Inspect Operating Income Open source 2020-01-01 – 2020-12-31: 227608000 USD Inspect Net Income Open source 2020-01-01 – 2020-12-31: 541863000 USD Inspect Operating Cash Flow Open source 2020-01-01 – 2020-12-31: 767404000 USD Inspect Capital Expenditure Open source
2021 2021-01-01 – 2021-12-31	1949100000	1539700000 Derived	409400000	172700000 Derived	236700000	-742100000 Derived	Source 2021-01-01 – 2021-12-31: 1949100000 USD Inspect Revenue Open source 2021-01-01 – 2021-12-31: 409400000 USD Inspect Operating Income Open source 2021-01-01 – 2021-12-31: 236700000 USD Inspect Net Income Open source 2021-01-01 – 2021-12-31: -64600000 USD Inspect Operating Cash Flow Open source 2021-01-01 – 2021-12-31: 677500000 USD Inspect Capital Expenditure Open source
2022 2022-01-01 – 2022-12-31	2551800000	2096600000 Derived	455200000	196800000 Derived	258400000	-19600000 Derived	Source 2022-01-01 – 2022-12-31: 2551800000 USD Inspect Revenue Open source 2022-01-01 – 2022-12-31: 455200000 USD Inspect Operating Income Open source 2022-01-01 – 2022-12-31: 258400000 USD Inspect Net Income Open source 2022-01-01 – 2022-12-31: 584800000 USD Inspect Operating Cash Flow Open source 2022-01-01 – 2022-12-31: 604400000 USD Inspect Capital Expenditure Open source
2023 2023-01-01 – 2023-12-31	2331300000	1858600000 Derived	472700000	210500000 Derived	262200000	388800000 Derived	Source 2023-01-01 – 2023-12-31: 2331300000 USD Inspect Revenue Open source 2023-01-01 – 2023-12-31: 472700000 USD Inspect Operating Income Open source 2023-01-01 – 2023-12-31: 262200000 USD Inspect Net Income Open source 2023-01-01 – 2023-12-31: 944400000 USD Inspect Operating Cash Flow Open source 2023-01-01 – 2023-12-31: 555600000 USD Inspect Capital Expenditure Open source
2024 2024-01-01 – 2024-12-31	2127700000	1624600000 Derived	503100000	230000000 Derived	273100000	-24900000 Derived	Source 2024-01-01 – 2024-12-31: 2127700000 USD Inspect Revenue Open source 2024-01-01 – 2024-12-31: 503100000 USD Inspect Operating Income Open source 2024-01-01 – 2024-12-31: 273100000 USD Inspect Net Income Open source 2024-01-01 – 2024-12-31: 719300000 USD Inspect Operating Cash Flow Open source 2024-01-01 – 2024-12-31: 744200000 USD Inspect Capital Expenditure Open source
2025 2025-01-01 – 2025-12-31	2310000000	1772500000 Derived	537500000	245900000 Derived	291600000	-146400000 Derived	Source 2025-01-01 – 2025-12-31: 2310000000 USD Inspect Revenue Open source 2025-01-01 – 2025-12-31: 537500000 USD Inspect Operating Income Open source 2025-01-01 – 2025-12-31: 291600000 USD Inspect Net Income Open source 2025-01-01 – 2025-12-31: 673400000 USD Inspect Operating Cash Flow Open source 2025-01-01 – 2025-12-31: 819800000 USD Inspect Capital Expenditure Open source

Amounts are exact, in USD.

Growth

Sales over time and how quickly they are changing.

Revenue

Revenue reported for each complete financial period.

USD 2.3B 2025

Values and sources

Revenue values and source evidence
Period	Series	Value(USD)	Source evidence
20162016-12-31	Revenue	1538916000	Revenue: 1538916000 Open source
20172017-12-31	Revenue	1680266000	Revenue: 1680266000 Open source
20182018-12-31	Revenue	1754268000	Revenue: 1754268000 Open source
20192019-12-31	Revenue	1734900000	Revenue: 1734900000 Open source
20202020-12-31	Revenue	1696941000	Revenue: 1696941000 Open source
20212021-12-31	Revenue	1949100000	Revenue: 1949100000 Open source
20222022-12-31	Revenue	2551800000	Revenue: 2551800000 Open source
20232023-12-31	Revenue	2331300000	Revenue: 2331300000 Open source
20242024-12-31	Revenue	2127700000	Revenue: 2127700000 Open source
20252025-12-31	Revenue	2310000000	Revenue: 2310000000 Open source

Revenue growth

Change in revenue from the same financial period one year earlier.

8.6% 2025

Values and sources

Revenue growth values and source evidence
Period	Series	Value	Source evidence
20162016-12-31	Year over year	22%	Revenue: 1538916000 Open source Revenue: 1261322000 Open source
20172017-12-31	Year over year	9.2%	Revenue: 1680266000 Open source Revenue: 1538916000 Open source
20182018-12-31	Year over year	4.4%	Revenue: 1754268000 Open source Revenue: 1680266000 Open source
20192019-12-31	Year over year	-1.1%	Revenue: 1734900000 Open source Revenue: 1754268000 Open source
20202020-12-31	Year over year	-2.2%	Revenue: 1696941000 Open source Revenue: 1734900000 Open source
20212021-12-31	Year over year	14.9%	Revenue: 1949100000 Open source Revenue: 1696941000 Open source
20222022-12-31	Year over year	30.9%	Revenue: 2551800000 Open source Revenue: 1949100000 Open source
20232023-12-31	Year over year	-8.6%	Revenue: 2331300000 Open source Revenue: 2551800000 Open source
20242024-12-31	Year over year	-8.7%	Revenue: 2127700000 Open source Revenue: 2331300000 Open source
20252025-12-31	Year over year	8.6%	Revenue: 2310000000 Open source Revenue: 2127700000 Open source

Profit and cash

How much revenue becomes profit, and how much cash operations generate.

Profit margins

Operating income, net income and free cash flow as a share of revenue.

Operating margin 23.3% 2025

Net margin 12.6% 2025

Free cash flow margin -6.3% 2025

Operating margin
Net margin
Free cash flow margin

Values and sources

Profit margins values and source evidence
Period	Series	Value	Source evidence
20162016-12-31	Operating margin	21.8%	Operating Income: 336181000 Open source Revenue: 1538916000 Open source
20172017-12-31	Operating margin	24.8%	Operating Income: 416736000 Open source Revenue: 1680266000 Open source
20182018-12-31	Operating margin	22.6%	Operating Income: 397037000 Open source Revenue: 1754268000 Open source
20192019-12-31	Operating margin	23.4%	Operating Income: 406042000 Open source Revenue: 1734900000 Open source
20202020-12-31	Operating margin	25.2%	Operating Income: 428303000 Open source Revenue: 1696941000 Open source
20212021-12-31	Operating margin	21%	Operating Income: 409400000 Open source Revenue: 1949100000 Open source
20222022-12-31	Operating margin	17.8%	Operating Income: 455200000 Open source Revenue: 2551800000 Open source
20232023-12-31	Operating margin	20.3%	Operating Income: 472700000 Open source Revenue: 2331300000 Open source
20242024-12-31	Operating margin	23.6%	Operating Income: 503100000 Open source Revenue: 2127700000 Open source
20252025-12-31	Operating margin	23.3%	Operating Income: 537500000 Open source Revenue: 2310000000 Open source
20162016-12-31	Net margin	4.7%	Net Income: 72970000 Open source Revenue: 1538916000 Open source
20172017-12-31	Net margin	10.5%	Net Income: 177034000 Open source Revenue: 1680266000 Open source
20182018-12-31	Net margin	14.7%	Net Income: 258442000 Open source Revenue: 1754268000 Open source
20192019-12-31	Net margin	11.5%	Net Income: 199310000 Open source Revenue: 1734900000 Open source
20202020-12-31	Net margin	13.4%	Net Income: 227608000 Open source Revenue: 1696941000 Open source
20212021-12-31	Net margin	12.1%	Net Income: 236700000 Open source Revenue: 1949100000 Open source
20222022-12-31	Net margin	10.1%	Net Income: 258400000 Open source Revenue: 2551800000 Open source
20232023-12-31	Net margin	11.2%	Net Income: 262200000 Open source Revenue: 2331300000 Open source
20242024-12-31	Net margin	12.8%	Net Income: 273100000 Open source Revenue: 2127700000 Open source
20252025-12-31	Net margin	12.6%	Net Income: 291600000 Open source Revenue: 2310000000 Open source
20162016-12-31	Free cash flow margin	-8.7%	Revenue: 1538916000 Open source Operating Cash Flow: 320479000 Open source Capital Expenditure: 454952000 Open source
20172017-12-31	Free cash flow margin	6.1%	Revenue: 1680266000 Open source Operating Cash Flow: 428261000 Open source Capital Expenditure: 326010000 Open source
20182018-12-31	Free cash flow margin	1.8%	Revenue: 1754268000 Open source Operating Cash Flow: 488811000 Open source Capital Expenditure: 457524000 Open source
20192019-12-31	Free cash flow margin	-18%	Revenue: 1734900000 Open source Operating Cash Flow: 505513000 Open source Capital Expenditure: 818376000 Open source
20202020-12-31	Free cash flow margin	-13.3%	Revenue: 1696941000 Open source Operating Cash Flow: 541863000 Open source Capital Expenditure: 767404000 Open source
20212021-12-31	Free cash flow margin	-38.1%	Revenue: 1949100000 Open source Operating Cash Flow: -64600000 Open source Capital Expenditure: 677500000 Open source
20222022-12-31	Free cash flow margin	-0.8%	Revenue: 2551800000 Open source Operating Cash Flow: 584800000 Open source Capital Expenditure: 604400000 Open source
20232023-12-31	Free cash flow margin	16.7%	Revenue: 2331300000 Open source Operating Cash Flow: 944400000 Open source Capital Expenditure: 555600000 Open source
20242024-12-31	Free cash flow margin	-1.2%	Revenue: 2127700000 Open source Operating Cash Flow: 719300000 Open source Capital Expenditure: 744200000 Open source
20252025-12-31	Free cash flow margin	-6.3%	Revenue: 2310000000 Open source Operating Cash Flow: 673400000 Open source Capital Expenditure: 819800000 Open source

Operating cash flow

Cash generated by the company’s normal business operations.

USD 673.4M 2025

Values and sources

Operating cash flow values and source evidence
Period	Series	Value(USD)	Source evidence
20162016-12-31	Operating cash flow	320479000	Operating Cash Flow: 320479000 Open source
20172017-12-31	Operating cash flow	428261000	Operating Cash Flow: 428261000 Open source
20182018-12-31	Operating cash flow	488811000	Operating Cash Flow: 488811000 Open source
20192019-12-31	Operating cash flow	505513000	Operating Cash Flow: 505513000 Open source
20202020-12-31	Operating cash flow	541863000	Operating Cash Flow: 541863000 Open source
20212021-12-31	Operating cash flow	-64600000	Operating Cash Flow: -64600000 Open source
20222022-12-31	Operating cash flow	584800000	Operating Cash Flow: 584800000 Open source
20232023-12-31	Operating cash flow	944400000	Operating Cash Flow: 944400000 Open source
20242024-12-31	Operating cash flow	719300000	Operating Cash Flow: 719300000 Open source
20252025-12-31	Operating cash flow	673400000	Operating Cash Flow: 673400000 Open source

Free cash flow

Operating cash flow minus capital expenditure for the same period and unit.

USD -146.4M 2025

Values and sources

Free cash flow values and source evidence
Period	Series	Value(USD)	Source evidence
20162016-12-31	Free cash flow	-134473000	Operating Cash Flow: 320479000 Open source Capital Expenditure: 454952000 Open source
20172017-12-31	Free cash flow	102251000	Operating Cash Flow: 428261000 Open source Capital Expenditure: 326010000 Open source
20182018-12-31	Free cash flow	31287000	Operating Cash Flow: 488811000 Open source Capital Expenditure: 457524000 Open source
20192019-12-31	Free cash flow	-312863000	Operating Cash Flow: 505513000 Open source Capital Expenditure: 818376000 Open source
20202020-12-31	Free cash flow	-225541000	Operating Cash Flow: 541863000 Open source Capital Expenditure: 767404000 Open source
20212021-12-31	Free cash flow	-742100000	Operating Cash Flow: -64600000 Open source Capital Expenditure: 677500000 Open source
20222022-12-31	Free cash flow	-19600000	Operating Cash Flow: 584800000 Open source Capital Expenditure: 604400000 Open source
20232023-12-31	Free cash flow	388800000	Operating Cash Flow: 944400000 Open source Capital Expenditure: 555600000 Open source
20242024-12-31	Free cash flow	-24900000	Operating Cash Flow: 719300000 Open source Capital Expenditure: 744200000 Open source
20252025-12-31	Free cash flow	-146400000	Operating Cash Flow: 673400000 Open source Capital Expenditure: 819800000 Open source

Balance sheet

Liabilities and short-term ability to meet obligations at each period end.

Liabilities to assets

Total liabilities as a share of total assets.

Not enough comparable data to show this history.

Values and sources

Liabilities to assets values and source evidence
Period	Series	Value	Source evidence
2016-12-31	Liabilities / assets	Not reported	Total Assets: 6541773000 Open source
2017-12-31	Liabilities / assets	Not reported	Total Assets: 6658902000 Open source
2018-12-31	Liabilities / assets	Not reported	Total Assets: 6963327000 Open source
2019-12-31	Liabilities / assets	Not reported	Total Assets: 7558457000 Open source
2020-12-31	Liabilities / assets	Not reported	Total Assets: 8088786000 Open source
2021-12-31	Liabilities / assets	Not reported	Total Assets: 9131896000 Open source
2022-12-31	Liabilities / assets	Not reported	Total Assets: 9618200000 Open source
2023-12-31	Liabilities / assets	Not reported	Total Assets: 9620400000 Open source
2024-12-31	Liabilities / assets	Not reported	Total Assets: 10022600000 Open source
2025-12-31	Liabilities / assets	Not reported	Total Assets: 10869800000 Open source

Current assets to current liabilities

Current assets divided by current liabilities.

1.35× 2025

Values and sources

Current assets to current liabilities values and source evidence
Period	Series	Value	Source evidence
20162016-12-31	Current assets / current liabilities	0.88×	Current Assets: 466814000 Open source Current Liabilities: 527932000 Open source
20172017-12-31	Current assets / current liabilities	0.88×	Current Assets: 570782000 Open source Current Liabilities: 649101000 Open source
20182018-12-31	Current assets / current liabilities	0.78×	Current Assets: 503833000 Open source Current Liabilities: 648230000 Open source
20192019-12-31	Current assets / current liabilities	0.58×	Current Assets: 473184000 Open source Current Liabilities: 811294000 Open source
20202020-12-31	Current assets / current liabilities	0.71×	Current Assets: 493291000 Open source Current Liabilities: 696533000 Open source
20212021-12-31	Current assets / current liabilities	0.9×	Current Assets: 808133000 Open source Current Liabilities: 901713000 Open source
20222022-12-31	Current assets / current liabilities	0.64×	Current Assets: 1071700000 Open source Current Liabilities: 1666700000 Open source
20232023-12-31	Current assets / current liabilities	0.7×	Current Assets: 826600000 Open source Current Liabilities: 1185100000 Open source
20242024-12-31	Current assets / current liabilities	0.97×	Current Assets: 742300000 Open source Current Liabilities: 763400000 Open source
20252025-12-31	Current assets / current liabilities	1.35×	Current Assets: 995900000 Open source Current Liabilities: 740000000 Open source

Cash generation

Compare reported profit with operating cash and capital spending. Free cash flow is calculated as operating cash flow minus capital expenditure when both exact, consolidated amounts match the same period and unit.

Cash generation by annual reporting period
Period	Net income	Operating cash flow	Capital expenditure	Free cash flow
2016 2016-01-01 – 2016-12-31	USD 72.97 million Exact value Exact value: 72970000 USD 2016-01-01 – 2016-12-31: 72970000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Black Hills Corporation · 2016-12-31 Black Hills Corporation (edgar:1130464) Net Income: 72970000 USD Concept: fundies:NetIncome Period: 2016-01-01 to 2016-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ANetIncome&period=2016-12-31&surface=latest&period_type=duration&start=2016-01-01&unit=USD&dimensions= Input fundies:NetIncome: 72970000 USD (2016-01-01 to 2016-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046419000012/bkh-20181231.xml#1235782 Filing: 000113046419000012 The citation records this snapshot. The page link may show a newer release later.	USD 320.48 million Exact value Exact value: 320479000 USD 2016-01-01 – 2016-12-31: 320479000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Black Hills Corporation · 2016-12-31 Black Hills Corporation (edgar:1130464) Operating Cash Flow: 320479000 USD Concept: fundies:OperatingCashFlow Period: 2016-01-01 to 2016-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3AOperatingCashFlow&period=2016-12-31&surface=latest&period_type=duration&start=2016-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: 320479000 USD (2016-01-01 to 2016-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046419000012/bkh-20181231.xml#1234390 Filing: 000113046419000012 The citation records this snapshot. The page link may show a newer release later.	USD 454.95 million Exact value Exact value: 454952000 USD 2016-01-01 – 2016-12-31: 454952000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Black Hills Corporation · 2016-12-31 Black Hills Corporation (edgar:1130464) Capital Expenditure: 454952000 USD Concept: fundies:CapitalExpenditure Period: 2016-01-01 to 2016-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ACapitalExpenditure&period=2016-12-31&surface=latest&period_type=duration&start=2016-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 454952000 USD (2016-01-01 to 2016-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046419000012/bkh-20181231.xml#1299303 Filing: 000113046419000012 The citation records this snapshot. The page link may show a newer release later.	−USD 134.47 million Calculation and evidence 320479000 − 454952000 USD Exact free cash flow: -134473000 USD 2016-01-01 – 2016-12-31: 320479000 USD · Inspect Operating Cash Flow · Source 2016-01-01 – 2016-12-31: 454952000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Black Hills Corporation · 2016-12-31 Black Hills Corporation (edgar:1130464) Free cash flow: -134473000 USD Concept: free-cash-flow Period: 2016-01-01 to 2016-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 320479000 USD (2016-01-01 to 2016-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046419000012/bkh-20181231.xml#1234390 Filing: 000113046419000012 Input fundies:CapitalExpenditure: 454952000 USD (2016-01-01 to 2016-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046419000012/bkh-20181231.xml#1299303 Filing: 000113046419000012 The citation records this snapshot. The page link may show a newer release later.
2017 2017-01-01 – 2017-12-31	USD 177.03 million Exact value Exact value: 177034000 USD 2017-01-01 – 2017-12-31: 177034000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Black Hills Corporation · 2017-12-31 Black Hills Corporation (edgar:1130464) Net Income: 177034000 USD Concept: fundies:NetIncome Period: 2017-01-01 to 2017-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ANetIncome&period=2017-12-31&surface=latest&period_type=duration&start=2017-01-01&unit=USD&dimensions= Input fundies:NetIncome: 177034000 USD (2017-01-01 to 2017-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046420000006/bkh10k122019.htm#4106553 Filing: 000113046420000006 The citation records this snapshot. The page link may show a newer release later.	USD 428.26 million Exact value Exact value: 428261000 USD 2017-01-01 – 2017-12-31: 428261000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Black Hills Corporation · 2017-12-31 Black Hills Corporation (edgar:1130464) Operating Cash Flow: 428261000 USD Concept: fundies:OperatingCashFlow Period: 2017-01-01 to 2017-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3AOperatingCashFlow&period=2017-12-31&surface=latest&period_type=duration&start=2017-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: 428261000 USD (2017-01-01 to 2017-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046420000006/bkh10k122019.htm#2924311 Filing: 000113046420000006 The citation records this snapshot. The page link may show a newer release later.	USD 326.01 million Exact value Exact value: 326010000 USD 2017-01-01 – 2017-12-31: 326010000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Black Hills Corporation · 2017-12-31 Black Hills Corporation (edgar:1130464) Capital Expenditure: 326010000 USD Concept: fundies:CapitalExpenditure Period: 2017-01-01 to 2017-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ACapitalExpenditure&period=2017-12-31&surface=latest&period_type=duration&start=2017-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 326010000 USD (2017-01-01 to 2017-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046420000006/bkh10k122019.htm#2928767 Filing: 000113046420000006 The citation records this snapshot. The page link may show a newer release later.	USD 102.25 million Calculation and evidence 428261000 − 326010000 USD Exact free cash flow: 102251000 USD 2017-01-01 – 2017-12-31: 428261000 USD · Inspect Operating Cash Flow · Source 2017-01-01 – 2017-12-31: 326010000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Black Hills Corporation · 2017-12-31 Black Hills Corporation (edgar:1130464) Free cash flow: 102251000 USD Concept: free-cash-flow Period: 2017-01-01 to 2017-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 428261000 USD (2017-01-01 to 2017-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046420000006/bkh10k122019.htm#2924311 Filing: 000113046420000006 Input fundies:CapitalExpenditure: 326010000 USD (2017-01-01 to 2017-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046420000006/bkh10k122019.htm#2928767 Filing: 000113046420000006 The citation records this snapshot. The page link may show a newer release later.
2018 2018-01-01 – 2018-12-31	USD 258.44 million Exact value Exact value: 258442000 USD 2018-01-01 – 2018-12-31: 258442000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Black Hills Corporation · 2018-12-31 Black Hills Corporation (edgar:1130464) Net Income: 258442000 USD Concept: fundies:NetIncome Period: 2018-01-01 to 2018-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ANetIncome&period=2018-12-31&surface=latest&period_type=duration&start=2018-01-01&unit=USD&dimensions= Input fundies:NetIncome: 258442000 USD (2018-01-01 to 2018-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046421000007/bkh-20201231.htm#5248125 Filing: 000113046421000007 The citation records this snapshot. The page link may show a newer release later.	USD 488.81 million Exact value Exact value: 488811000 USD 2018-01-01 – 2018-12-31: 488811000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Black Hills Corporation · 2018-12-31 Black Hills Corporation (edgar:1130464) Operating Cash Flow: 488811000 USD Concept: fundies:OperatingCashFlow Period: 2018-01-01 to 2018-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3AOperatingCashFlow&period=2018-12-31&surface=latest&period_type=duration&start=2018-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: 488811000 USD (2018-01-01 to 2018-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046421000007/bkh-20201231.htm#2284229 Filing: 000113046421000007 The citation records this snapshot. The page link may show a newer release later.	USD 457.52 million Exact value Exact value: 457524000 USD 2018-01-01 – 2018-12-31: 457524000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Black Hills Corporation · 2018-12-31 Black Hills Corporation (edgar:1130464) Capital Expenditure: 457524000 USD Concept: fundies:CapitalExpenditure Period: 2018-01-01 to 2018-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ACapitalExpenditure&period=2018-12-31&surface=latest&period_type=duration&start=2018-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 457524000 USD (2018-01-01 to 2018-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046421000007/bkh-20201231.htm#2288101 Filing: 000113046421000007 The citation records this snapshot. The page link may show a newer release later.	USD 31.29 million Calculation and evidence 488811000 − 457524000 USD Exact free cash flow: 31287000 USD 2018-01-01 – 2018-12-31: 488811000 USD · Inspect Operating Cash Flow · Source 2018-01-01 – 2018-12-31: 457524000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Black Hills Corporation · 2018-12-31 Black Hills Corporation (edgar:1130464) Free cash flow: 31287000 USD Concept: free-cash-flow Period: 2018-01-01 to 2018-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 488811000 USD (2018-01-01 to 2018-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046421000007/bkh-20201231.htm#2284229 Filing: 000113046421000007 Input fundies:CapitalExpenditure: 457524000 USD (2018-01-01 to 2018-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046421000007/bkh-20201231.htm#2288101 Filing: 000113046421000007 The citation records this snapshot. The page link may show a newer release later.
2019 2019-01-01 – 2019-12-31	USD 199.31 million Exact value Exact value: 199310000 USD 2019-01-01 – 2019-12-31: 199310000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Black Hills Corporation · 2019-12-31 Black Hills Corporation (edgar:1130464) Net Income: 199310000 USD Concept: fundies:NetIncome Period: 2019-01-01 to 2019-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ANetIncome&period=2019-12-31&surface=latest&period_type=duration&start=2019-01-01&unit=USD&dimensions= Input fundies:NetIncome: 199310000 USD (2019-01-01 to 2019-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046422000004/bkh-20211231.htm#4710073 Filing: 000113046422000004 The citation records this snapshot. The page link may show a newer release later.	USD 505.51 million Exact value Exact value: 505513000 USD 2019-01-01 – 2019-12-31: 505513000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Black Hills Corporation · 2019-12-31 Black Hills Corporation (edgar:1130464) Operating Cash Flow: 505513000 USD Concept: fundies:OperatingCashFlow Period: 2019-01-01 to 2019-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3AOperatingCashFlow&period=2019-12-31&surface=latest&period_type=duration&start=2019-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: 505513000 USD (2019-01-01 to 2019-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046422000004/bkh-20211231.htm#2044436 Filing: 000113046422000004 The citation records this snapshot. The page link may show a newer release later.	USD 818.38 million Exact value Exact value: 818376000 USD 2019-01-01 – 2019-12-31: 818376000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Black Hills Corporation · 2019-12-31 Black Hills Corporation (edgar:1130464) Capital Expenditure: 818376000 USD Concept: fundies:CapitalExpenditure Period: 2019-01-01 to 2019-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ACapitalExpenditure&period=2019-12-31&surface=latest&period_type=duration&start=2019-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 818376000 USD (2019-01-01 to 2019-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046422000004/bkh-20211231.htm#2048227 Filing: 000113046422000004 The citation records this snapshot. The page link may show a newer release later.	−USD 312.86 million Calculation and evidence 505513000 − 818376000 USD Exact free cash flow: -312863000 USD 2019-01-01 – 2019-12-31: 505513000 USD · Inspect Operating Cash Flow · Source 2019-01-01 – 2019-12-31: 818376000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Black Hills Corporation · 2019-12-31 Black Hills Corporation (edgar:1130464) Free cash flow: -312863000 USD Concept: free-cash-flow Period: 2019-01-01 to 2019-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 505513000 USD (2019-01-01 to 2019-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046422000004/bkh-20211231.htm#2044436 Filing: 000113046422000004 Input fundies:CapitalExpenditure: 818376000 USD (2019-01-01 to 2019-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000113046422000004/bkh-20211231.htm#2048227 Filing: 000113046422000004 The citation records this snapshot. The page link may show a newer release later.
2020 2020-01-01 – 2020-12-31	USD 227.61 million Exact value Exact value: 227608000 USD 2020-01-01 – 2020-12-31: 227608000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Black Hills Corporation · 2020-12-31 Black Hills Corporation (edgar:1130464) Net Income: 227608000 USD Concept: fundies:NetIncome Period: 2020-01-01 to 2020-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ANetIncome&period=2020-12-31&surface=latest&period_type=duration&start=2020-01-01&unit=USD&dimensions= Input fundies:NetIncome: 227608000 USD (2020-01-01 to 2020-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017023002759/bkh-20221231.htm#10300319 Filing: 000095017023002759 The citation records this snapshot. The page link may show a newer release later.	USD 541.86 million Exact value Exact value: 541863000 USD 2020-01-01 – 2020-12-31: 541863000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Black Hills Corporation · 2020-12-31 Black Hills Corporation (edgar:1130464) Operating Cash Flow: 541863000 USD Concept: fundies:OperatingCashFlow Period: 2020-01-01 to 2020-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3AOperatingCashFlow&period=2020-12-31&surface=latest&period_type=duration&start=2020-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: 541863000 USD (2020-01-01 to 2020-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017023002759/bkh-20221231.htm#4643316 Filing: 000095017023002759 The citation records this snapshot. The page link may show a newer release later.	USD 767.4 million Exact value Exact value: 767404000 USD 2020-01-01 – 2020-12-31: 767404000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Black Hills Corporation · 2020-12-31 Black Hills Corporation (edgar:1130464) Capital Expenditure: 767404000 USD Concept: fundies:CapitalExpenditure Period: 2020-01-01 to 2020-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ACapitalExpenditure&period=2020-12-31&surface=latest&period_type=duration&start=2020-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 767404000 USD (2020-01-01 to 2020-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017023002759/bkh-20221231.htm#4654402 Filing: 000095017023002759 The citation records this snapshot. The page link may show a newer release later.	−USD 225.54 million Calculation and evidence 541863000 − 767404000 USD Exact free cash flow: -225541000 USD 2020-01-01 – 2020-12-31: 541863000 USD · Inspect Operating Cash Flow · Source 2020-01-01 – 2020-12-31: 767404000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Black Hills Corporation · 2020-12-31 Black Hills Corporation (edgar:1130464) Free cash flow: -225541000 USD Concept: free-cash-flow Period: 2020-01-01 to 2020-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 541863000 USD (2020-01-01 to 2020-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017023002759/bkh-20221231.htm#4643316 Filing: 000095017023002759 Input fundies:CapitalExpenditure: 767404000 USD (2020-01-01 to 2020-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017023002759/bkh-20221231.htm#4654402 Filing: 000095017023002759 The citation records this snapshot. The page link may show a newer release later.
2021 2021-01-01 – 2021-12-31	USD 236.7 million Exact value Exact value: 236700000 USD 2021-01-01 – 2021-12-31: 236700000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Black Hills Corporation · 2021-12-31 Black Hills Corporation (edgar:1130464) Net Income: 236700000 USD Concept: fundies:NetIncome Period: 2021-01-01 to 2021-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ANetIncome&period=2021-12-31&surface=latest&period_type=duration&start=2021-01-01&unit=USD&dimensions= Input fundies:NetIncome: 236700000 USD (2021-01-01 to 2021-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017024015090/bkh-20231231.htm#5778541 Filing: 000095017024015090 The citation records this snapshot. The page link may show a newer release later.	−USD 64.6 million Exact value Exact value: -64600000 USD 2021-01-01 – 2021-12-31: -64600000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Black Hills Corporation · 2021-12-31 Black Hills Corporation (edgar:1130464) Operating Cash Flow: -64600000 USD Concept: fundies:OperatingCashFlow Period: 2021-01-01 to 2021-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3AOperatingCashFlow&period=2021-12-31&surface=latest&period_type=duration&start=2021-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: -64600000 USD (2021-01-01 to 2021-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017024015090/bkh-20231231.htm#2839349 Filing: 000095017024015090 The citation records this snapshot. The page link may show a newer release later.	USD 677.5 million Exact value Exact value: 677500000 USD 2021-01-01 – 2021-12-31: 677500000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Black Hills Corporation · 2021-12-31 Black Hills Corporation (edgar:1130464) Capital Expenditure: 677500000 USD Concept: fundies:CapitalExpenditure Period: 2021-01-01 to 2021-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ACapitalExpenditure&period=2021-12-31&surface=latest&period_type=duration&start=2021-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 677500000 USD (2021-01-01 to 2021-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017024015090/bkh-20231231.htm#2845187 Filing: 000095017024015090 The citation records this snapshot. The page link may show a newer release later.	−USD 742.1 million Calculation and evidence -64600000 − 677500000 USD Exact free cash flow: -742100000 USD 2021-01-01 – 2021-12-31: -64600000 USD · Inspect Operating Cash Flow · Source 2021-01-01 – 2021-12-31: 677500000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Black Hills Corporation · 2021-12-31 Black Hills Corporation (edgar:1130464) Free cash flow: -742100000 USD Concept: free-cash-flow Period: 2021-01-01 to 2021-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: -64600000 USD (2021-01-01 to 2021-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017024015090/bkh-20231231.htm#2839349 Filing: 000095017024015090 Input fundies:CapitalExpenditure: 677500000 USD (2021-01-01 to 2021-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017024015090/bkh-20231231.htm#2845187 Filing: 000095017024015090 The citation records this snapshot. The page link may show a newer release later.
2022 2022-01-01 – 2022-12-31	USD 258.4 million Exact value Exact value: 258400000 USD 2022-01-01 – 2022-12-31: 258400000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Black Hills Corporation · 2022-12-31 Black Hills Corporation (edgar:1130464) Net Income: 258400000 USD Concept: fundies:NetIncome Period: 2022-01-01 to 2022-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ANetIncome&period=2022-12-31&surface=latest&period_type=duration&start=2022-01-01&unit=USD&dimensions= Input fundies:NetIncome: 258400000 USD (2022-01-01 to 2022-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017025018647/bkh-20241231.htm#6937487 Filing: 000095017025018647 The citation records this snapshot. The page link may show a newer release later.	USD 584.8 million Exact value Exact value: 584800000 USD 2022-01-01 – 2022-12-31: 584800000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Black Hills Corporation · 2022-12-31 Black Hills Corporation (edgar:1130464) Operating Cash Flow: 584800000 USD Concept: fundies:OperatingCashFlow Period: 2022-01-01 to 2022-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3AOperatingCashFlow&period=2022-12-31&surface=latest&period_type=duration&start=2022-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: 584800000 USD (2022-01-01 to 2022-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017025018647/bkh-20241231.htm#3272896 Filing: 000095017025018647 The citation records this snapshot. The page link may show a newer release later.	USD 604.4 million Exact value Exact value: 604400000 USD 2022-01-01 – 2022-12-31: 604400000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Black Hills Corporation · 2022-12-31 Black Hills Corporation (edgar:1130464) Capital Expenditure: 604400000 USD Concept: fundies:CapitalExpenditure Period: 2022-01-01 to 2022-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ACapitalExpenditure&period=2022-12-31&surface=latest&period_type=duration&start=2022-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 604400000 USD (2022-01-01 to 2022-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017025018647/bkh-20241231.htm#3282969 Filing: 000095017025018647 The citation records this snapshot. The page link may show a newer release later.	−USD 19.6 million Calculation and evidence 584800000 − 604400000 USD Exact free cash flow: -19600000 USD 2022-01-01 – 2022-12-31: 584800000 USD · Inspect Operating Cash Flow · Source 2022-01-01 – 2022-12-31: 604400000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Black Hills Corporation · 2022-12-31 Black Hills Corporation (edgar:1130464) Free cash flow: -19600000 USD Concept: free-cash-flow Period: 2022-01-01 to 2022-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 584800000 USD (2022-01-01 to 2022-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017025018647/bkh-20241231.htm#3272896 Filing: 000095017025018647 Input fundies:CapitalExpenditure: 604400000 USD (2022-01-01 to 2022-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000095017025018647/bkh-20241231.htm#3282969 Filing: 000095017025018647 The citation records this snapshot. The page link may show a newer release later.
2023 2023-01-01 – 2023-12-31	USD 262.2 million Exact value Exact value: 262200000 USD 2023-01-01 – 2023-12-31: 262200000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Black Hills Corporation · 2023-12-31 Black Hills Corporation (edgar:1130464) Net Income: 262200000 USD Concept: fundies:NetIncome Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ANetIncome&period=2023-12-31&surface=latest&period_type=duration&start=2023-01-01&unit=USD&dimensions= Input fundies:NetIncome: 262200000 USD (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#7503839 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.	USD 944.4 million Exact value Exact value: 944400000 USD 2023-01-01 – 2023-12-31: 944400000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Black Hills Corporation · 2023-12-31 Black Hills Corporation (edgar:1130464) Operating Cash Flow: 944400000 USD Concept: fundies:OperatingCashFlow Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3AOperatingCashFlow&period=2023-12-31&surface=latest&period_type=duration&start=2023-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: 944400000 USD (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3494618 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.	USD 555.6 million Exact value Exact value: 555600000 USD 2023-01-01 – 2023-12-31: 555600000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Black Hills Corporation · 2023-12-31 Black Hills Corporation (edgar:1130464) Capital Expenditure: 555600000 USD Concept: fundies:CapitalExpenditure Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ACapitalExpenditure&period=2023-12-31&surface=latest&period_type=duration&start=2023-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 555600000 USD (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3504843 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.	USD 388.8 million Calculation and evidence 944400000 − 555600000 USD Exact free cash flow: 388800000 USD 2023-01-01 – 2023-12-31: 944400000 USD · Inspect Operating Cash Flow · Source 2023-01-01 – 2023-12-31: 555600000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Black Hills Corporation · 2023-12-31 Black Hills Corporation (edgar:1130464) Free cash flow: 388800000 USD Concept: free-cash-flow Period: 2023-01-01 to 2023-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 944400000 USD (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3494618 Filing: 000119312526046028 Input fundies:CapitalExpenditure: 555600000 USD (2023-01-01 to 2023-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3504843 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.
2024 2024-01-01 – 2024-12-31	USD 273.1 million Exact value Exact value: 273100000 USD 2024-01-01 – 2024-12-31: 273100000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Black Hills Corporation · 2024-12-31 Black Hills Corporation (edgar:1130464) Net Income: 273100000 USD Concept: fundies:NetIncome Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ANetIncome&period=2024-12-31&surface=latest&period_type=duration&start=2024-01-01&unit=USD&dimensions= Input fundies:NetIncome: 273100000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#7379631 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.	USD 719.3 million Exact value Exact value: 719300000 USD 2024-01-01 – 2024-12-31: 719300000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Black Hills Corporation · 2024-12-31 Black Hills Corporation (edgar:1130464) Operating Cash Flow: 719300000 USD Concept: fundies:OperatingCashFlow Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3AOperatingCashFlow&period=2024-12-31&surface=latest&period_type=duration&start=2024-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: 719300000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3493270 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.	USD 744.2 million Exact value Exact value: 744200000 USD 2024-01-01 – 2024-12-31: 744200000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Black Hills Corporation · 2024-12-31 Black Hills Corporation (edgar:1130464) Capital Expenditure: 744200000 USD Concept: fundies:CapitalExpenditure Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ACapitalExpenditure&period=2024-12-31&surface=latest&period_type=duration&start=2024-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 744200000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3503356 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.	−USD 24.9 million Calculation and evidence 719300000 − 744200000 USD Exact free cash flow: -24900000 USD 2024-01-01 – 2024-12-31: 719300000 USD · Inspect Operating Cash Flow · Source 2024-01-01 – 2024-12-31: 744200000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Black Hills Corporation · 2024-12-31 Black Hills Corporation (edgar:1130464) Free cash flow: -24900000 USD Concept: free-cash-flow Period: 2024-01-01 to 2024-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 719300000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3493270 Filing: 000119312526046028 Input fundies:CapitalExpenditure: 744200000 USD (2024-01-01 to 2024-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3503356 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.
2025 2025-01-01 – 2025-12-31	USD 291.6 million Exact value Exact value: 291600000 USD 2025-01-01 – 2025-12-31: 291600000 USD Inspect Net Income Open source Share or cite Citation for Net Income · Black Hills Corporation · 2025-12-31 Black Hills Corporation (edgar:1130464) Net Income: 291600000 USD Concept: fundies:NetIncome Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ANetIncome&period=2025-12-31&surface=latest&period_type=duration&start=2025-01-01&unit=USD&dimensions= Input fundies:NetIncome: 291600000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#7257295 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.	USD 673.4 million Exact value Exact value: 673400000 USD 2025-01-01 – 2025-12-31: 673400000 USD Inspect Operating Cash Flow Open source Share or cite Citation for Operating Cash Flow · Black Hills Corporation · 2025-12-31 Black Hills Corporation (edgar:1130464) Operating Cash Flow: 673400000 USD Concept: fundies:OperatingCashFlow Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3AOperatingCashFlow&period=2025-12-31&surface=latest&period_type=duration&start=2025-01-01&unit=USD&dimensions= Input fundies:OperatingCashFlow: 673400000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3491922 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.	USD 819.8 million Exact value Exact value: 819800000 USD 2025-01-01 – 2025-12-31: 819800000 USD Inspect Capital Expenditure Open source Share or cite Citation for Capital Expenditure · Black Hills Corporation · 2025-12-31 Black Hills Corporation (edgar:1130464) Capital Expenditure: 819800000 USD Concept: fundies:CapitalExpenditure Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464/explain?concept=fundies%3ACapitalExpenditure&period=2025-12-31&surface=latest&period_type=duration&start=2025-01-01&unit=USD&dimensions= Input fundies:CapitalExpenditure: 819800000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3501869 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.	−USD 146.4 million Calculation and evidence 673400000 − 819800000 USD Exact free cash flow: -146400000 USD 2025-01-01 – 2025-12-31: 673400000 USD · Inspect Operating Cash Flow · Source 2025-01-01 – 2025-12-31: 819800000 USD · Inspect Capital Expenditure · Source Share or cite Citation for Free cash flow · Black Hills Corporation · 2025-12-31 Black Hills Corporation (edgar:1130464) Free cash flow: -146400000 USD Concept: free-cash-flow Period: 2025-01-01 to 2025-12-31 Values: Latest reported Published: 2026-11-04T08:19:58Z Snapshot: 804de0d19661d186d68fb53c4793fe5bae79138cd74ec31d3b0a990d9d9ebf45 Dimensions: Consolidated View: https://fundies.io/companies/edgar/1130464?view=overview&cadence=annual&surface=latest#cash-generation-title Computed: Operating cash flow minus capital expenditure Input fundies:OperatingCashFlow: 673400000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3491922 Filing: 000119312526046028 Input fundies:CapitalExpenditure: 819800000 USD (2025-01-01 to 2025-12-31) Dimensions: Consolidated Source: https://www.sec.gov/Archives/edgar/data/1130464/000119312526046028/bkh-20251231.htm#3501869 Filing: 000119312526046028 The citation records this snapshot. The page link may show a newer release later.

Capital expenditure uses the canonical mapped positive-spending convention. A missing, ambiguous, incompatible, or negative-sign input is left blank. Values use the latest reported version.

Dataset coverage and company identifiers

Coverage reflects filings processed into this Fundies dataset; it does not imply every source filing is loaded.

414 filings · 18,725 latest values · 18,719 originally reported values

Dataset published 2026-11-04. Source filing dates and reporting periods are shown separately.

Identifiers: 0001130464, 1130464, BKH, edgar:1130464

Also known as BLACK HILLS CORP /SD/, BLACK HILLS CORPORATION, BLACK HILLS HOLDING CORP, Black Hills Corporation

Black Hills Corporation

Latest quarter

Revenue

Operating margin

Operating cash flow

Free cash flow

Reported share-count change

Trailing twelve months

Revenue

Net income

Operating cash flow

Capital expenditure

Free cash flow

Company performance

What changed year over year

Revenue

Net income

Operating cash flow

Capital expenditure

Where revenue goes

2025 2025-01-01 – 2025-12-31

Cash

Share of revenue by period

Growth

Profit and cash

Balance sheet

Cash generation