How Black Hills makes money

Period

FY2025

How does Black Hills make money? This Sankey traces every dollar of revenue through the income statement — into cost of revenue, R&D, SG&A, and taxes — and shows what's left as profit. Pick any fiscal year, recent quarter, or the trailing twelve months. Straight from SEC filings.

Black Hills Corporation · FY2025 · year ended 2025-12-31

Revenue$2.3BGross profit$2.3B · 100%Cost of revenue$0 · 0%Operating income$538M · 24%Operating expenses$1.7B · 76%Other opex$1.7B · 76%Pre-tax income$335M · 15%Other expense$202M · 9%Net income$292M · 13%Income tax$44M · 2%

Each fiscal year from SEC filings. Percentages are share of revenue, so the green profit nodes read directly as gross / operating / net margin. Line items a company doesn't break out are derived from their siblings so the flows balance; small residuals show as “Other.” For informational purposes only.