BKH
$76.63+1.00%
BKH financial statements
The full income statement, balance sheet, and cash-flow statement for Black Hills Corporation (BKH), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.
Shares outstanding (point-in-time)
2024-06 69.7M2024-09 71.6M2024-12 71.6M2025-03 72.5M2025-06 72.9M2025-09 75.5M2025-12 75.5M2026-03 76.1M2026-06 76.3M+9.3% over 8 periods
SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.
As-reported fiscal years.
| Line item | Trend | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Income Statement | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Revenue | 2.29B+9.0% | 2.10B-8.8% | 2.30B-9.5% | 2.54B+31.7% | 1.93B+14.9% | |
| 1.77B+9.1% | 1.62B-12.6% | 1.86B-11.4% | 2.10B+36.2% | 1.54B+21.4% | ||
| Amortization of intangibles | 1.20M+9.1% | 1.10M-8.3% | 1.20M+0.0% | 1.20M+9.1% | 1.10M-16.8% | |
| Provision for credit losses | 7.20M+28.6% | 5.60M-35.6% | 8.70M-4.4% | 9.10M+279.2% | 2.40M-73.1% | |
| Operating income | 538M+6.8% | 503M+6.4% | 473M+3.8% | 455M+11.2% | 409M-4.4% | |
| Interest expense | 200M+10.1% | 182M+8.2% | 168M+4.3% | 161M+5.6% | 152M+6.2% | |
| Interest & investment income | 6.80M-49.6% | 13.5M+11.6% | 12.1M+656.3% | 1.60M-5.9% | 1.70M+16.4% | |
| Other non-operating income | 6.10M+535.7% | -1.40M+56.3% | -3.20M-277.8% | 1.80M+28.6% | 1.40M+161.1% | |
| Pre-tax income | 344M+7.3% | 320M+6.1% | 302M+1.9% | 296M+14.6% | 258M-6.3% | |
| Income tax | 43.7M+20.4% | 36.3M+41.8% | 25.6M+1.6% | 25.2M+250.0% | 7.20M-78.1% | |
| 292M+6.8% | 273M+4.2% | 262M+1.5% | 258M+9.2% | 237M+4.0% | ||
| Net income to non-controlling interest | 8.20M-22.6% | 10.6M-23.2% | 13.8M+11.3% | 12.4M-14.5% | 14.5M-4.3% | |
| $3.98+1.8% | $3.91+0.0% | $3.91-1.5% | $3.97+6.1% | $3.74+2.5% | ||
| EPS (basic) | $3.99+2.0% | $3.91+0.0% | $3.91-1.8% | $3.98+6.4% | $3.74+2.5% | |
| Weighted-avg shares (basic) | 73.0M+4.6% | 69.8M+4.2% | 67.0M+3.2% | 64.9M+2.7% | 63.2M+1.3% | |
| Weighted-avg shares (diluted) | 73.2M+4.7% | 69.9M+4.2% | 67.1M-8.3% | 73.2M+15.6% | 63.3M+1.4% | |
| Dividends per share | $2.70+4.0% | $2.60+4.0% | $2.50+3.7% | $2.41+5.2% | $2.29+5.5% | |
| Balance Sheet | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 996M+34.2% | 742M-10.2% | 827M-22.9% | 1.07B+32.6% | 808M+63.8% | ||
| Cash & equivalents | 183M+1035.4% | 16.1M-81.4% | 86.6M+304.7% | 21.4M+139.9% | 8.92M+40.4% | |
| Accounts receivable | 389M+10.8% | 351M+0.3% | 350M-31.1% | 508M+58.0% | 322M+20.9% | |
| Inventory | 172M+12.0% | 154M-4.4% | 161M-22.4% | 207M+37.4% | 151M+28.6% | |
| Other current assets | 81.1M+106.9% | 39.2M+39.0% | 28.2M-44.3% | 50.6M+74.4% | 29.0M+10.6% | |
| 10.9B+8.5% | 10.0B+4.2% | 9.62B+0.0% | 9.62B+5.3% | 9.13B+12.9% | ||
| Property, plant & equipment | 8.23B+7.9% | 7.63B+7.2% | 7.12B+4.7% | 6.80B+5.4% | 6.45B+7.1% | |
| Goodwill | 1.30B+0.0% | 1.30B+0.0% | 1.30B+0.0% | 1.30B+0.0% | 1.30B+0.0% | |
| Intangible assets | 6.40M-15.8% | 7.60M-9.5% | 8.40M-12.5% | 9.60M-11.1% | 10.8M-9.2% | |
| Long-term investments | — | — | — | — | 15.5M-2.1% | |
| Other non-current assets | 78.8M+11.9% | 70.4M+13.2% | 62.2M+33.2% | 46.7M+22.7% | 38.1M+0.7% | |
| 740M-3.1% | 763M-35.6% | 1.19B-28.9% | 1.67B+84.8% | 902M+29.5% | ||
| Accounts payable | 312M+36.1% | 229M+22.9% | 186M-39.9% | 310M+42.4% | 218M+18.8% | |
| Accrued liabilities | 323M+6.8% | 302M+3.0% | 293M+20.5% | 244M-0.5% | 245M+0.5% | |
| Short-term & current debt | 0.00 | 0.00-100.0% | 600M+14.3% | 525M | 0.00-100.0% | |
| Long-term debt | 4.70B+10.6% | 4.25B+11.8% | 3.80B+5.4% | 3.61B-12.6% | 4.13B+17.0% | |
| Deferred tax liabilities | 698M+11.6% | 625M+14.1% | 548M+7.7% | 509M+9.3% | 465M+13.9% | |
| Other non-current liabilities | 213M+6.1% | 201M+6.6% | 189M+20.9% | 156M+10.4% | 141M+5.0% | |
| 3.82B+9.2% | 3.50B+8.9% | 3.22B+7.4% | 2.99B+7.5% | 2.79B+8.8% | ||
| Common stock | 75.5M+5.3% | 71.7M+5.0% | 68.3M+3.3% | 66.1M+2.0% | 64.8M+3.1% | |
| Additional paid-in capital | 2.42B+10.2% | 2.19B+9.2% | 2.01B+6.6% | 1.88B+5.6% | 1.78B+7.6% | |
| Retained earnings | 1.34B+7.5% | 1.25B+7.8% | 1.16B+8.8% | 1.06B+10.6% | 962M+10.5% | |
| Treasury stock | 2.60M-21.2% | 3.30M-19.5% | 4.10M+70.8% | 2.40M-31.6% | 3.51M+65.6% | |
| Accumulated other comprehensive income | -9.70M-3.2% | -9.40M+36.5% | -14.8M+5.1% | -15.6M+22.4% | -20.1M+26.5% | |
| Total equity incl. non-controlling | 3.91B+8.9% | 3.59B+8.5% | 3.31B+7.0% | 3.09B+7.0% | 2.89B+8.4% | |
| Total liabilities & equity | 10.9B+8.5% | 10.0B+4.2% | 9.62B+0.0% | 9.62B+5.3% | 9.13B+12.9% | |
| Common shares issued | 75.5M+5.4% | 71.7M+5.0% | 68.3M+3.2% | 66.1M+2.1% | 64.8M+3.1% | |
| Common shares outstanding | 75.5M+5.3% | 71.7M+5.4% | 68.0M | — | — | |
| Shares outstanding (cover) | 75.5M+5.4% | 71.6M+5.0% | 68.2M+3.2% | 66.1M+2.1% | 64.7M+3.1% | |
| Cash Flow | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| 673M-6.4% | 719M-23.8% | 944M+61.5% | 585M+1005.3% | -64.6M-111.9% | ||
| Depreciation & amortization | 284M+5.1% | 270M+5.2% | 257M+2.4% | 251M+6.3% | 236M+5.1% | |
| Intangible amortization | 1.20M+9.1% | 1.10M-8.3% | 1.20M+0.0% | 1.20M+9.1% | 1.10M-16.8% | |
| Share-based compensation | 11.8M+11.3% | 10.6M+51.4% | 7.00M-18.6% | 8.60M-11.3% | 9.70M+80.5% | |
| Deferred income taxes | 54.3M+4.4% | 52.0M+104.7% | 25.4M-0.8% | 25.6M+250.7% | 7.30M-80.8% | |
| Change in inventory | 17.8M+234.8% | -13.2M+74.3% | -51.4M-168.2% | 75.4M+111.2% | 35.7M+1395.8% | |
| -828M-11.0% | -746M-39.0% | -537M+11.1% | -604M+9.1% | -664M+12.8% | ||
| Capital expenditure | 820M+10.2% | 744M+33.9% | 556M-8.1% | 604M-10.8% | 678M-11.7% | |
| Free cash flow | -146M-488.0% | -24.9M-106.4% | 389M+2083.7% | -19.6M+97.4% | -742M-229.0% | |
| Acquisitions | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Other investing activities | 8.40M+366.7% | 1.80M+109.5% | -18.9M-3680.0% | -500K+96.2% | -13.3M-131.7% | |
| 322M+850.1% | -42.9M+87.4% | -342M-1157.9% | 32.3M-95.6% | 732M+237.5% | ||
| Long-term debt issued | 450M+0.0% | 450M-43.8% | 800M | 0.00-100.0% | 600M+50.0% | |
| Long-term debt repaid | 0.00-100.0% | 600M+14.3% | 525M | 0.00-100.0% | 8.40M-2.3% | |
| Common stock issued | 219M+20.8% | 181M+53.3% | 118M+31.3% | 90.1M-24.3% | 119M+19.9% | |
| Common stock repurchased | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | 198M+8.6% | 182M+8.4% | 168M+7.3% | 157M+8.1% | 145M+7.1% | |
| Other financing activities | -5.90M+29.8% | -8.40M+35.4% | -13.0M-1544.4% | 900K+122.0% | -4.10M+41.9% | |
| Interest paid | 196M+12.6% | 174M+10.9% | 157M+3.1% | 153M+6.9% | 143M+4.5% | |
| Income taxes paid | -8.80M+38.9% | -14.4M-1540.0% | 1.00M+225.0% | -800K+46.7% | -1.50M+30.9% | |
| Valuation Ratios | as ofDec 31 ’25 | as ofDec 31 ’24 | as ofDec 31 ’23 | as ofDec 31 ’22 | as ofDec 31 ’21 | |
| Market cap | 5.24B+25.0% | 4.19B+14.3% | 3.67B-19.9% | 4.58B+0.2% | 4.57B+18.4% | |
| P/E | 18.0×+17.1% | 15.3×+6.7% | 14.4×-19.3% | 17.8×-7.7% | 19.3×+13.8% | |
| P/S | 2.3×+14.7% | 2.0×+36.5% | 1.5×-26.3% | 2.0×-16.1% | 2.4×+3.1% | |
| P/B | 1.4×+14.5% | 1.2×+3.4% | 1.2×-27.0% | 1.6×-3.3% | 1.6×+8.8% | |
| P/FCF | — | — | 12.8× | — | — | |
| Earnings yield | 5.6%-14.6% | 6.5%-6.3% | 7.0%+23.9% | 5.6%+8.4% | 5.2%-12.2% | |
| FCF yield | — | — | 7.8% | — | — | |
| Dividend yield | 3.9%-12.3% | 4.4%-4.1% | 4.6%+35.2% | 3.4%+5.6% | 3.2%-8.1% | |
| Source filing | 10-K | 10-K | 10-K | 10-K | 10-K |
About this data
Source: BKH’s SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn’t file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all BKH filings on SEC EDGAR → Not investment advice.