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Black Hills (BKH) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Black Hills (BKH) Q3 2026 earnings results →

Q3 2026 Revenue up 8% year over year to $466M · 9¢ of every $1 of revenue kept as net profit · operating margin 21.0%

Black Hills made $466M in Q3 2026 (+8% Y/Y). Operating margin 21.0%, net earnings $41.0M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.

Revenue$466M
Year over year+8%
Operating margin21.0%
Net earnings$41.0M
Operating cash flow$171M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $466.1M in Q3 2026, up 8% year over year and up 3% from the previous quarter.

Operating profit was $98.1M, a 21.0% margin (up 2.8 points year over year). Of the extra revenue versus Q3 2025, 54% reached operating profit, above the 18% margin then. Total costs grew 5% against revenue growth of 8%. Net earnings were $41.0M, up 65% year over year. The effective tax rate was 11.8%.

Operating cash flow was $171.3M (up 93% year over year), 394% of net income including minority interests. Non-cash charges added back $76.2M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items added $48.5M. Capital expenditures of $270.5M exceeded it, leaving free cash flow of −$99.2M.

Quarterly history

Black Hills revenue by quarterBlack Hills revenue by quarter$805MQ1 2025$439MQ2 2025$430MQ3 2025$636MQ4 2025$781MQ1 2026$453MQ2 2026$466MQ3 2026
Black Hills net earnings by quarterBlack Hills net earnings by quarter$134MQ1 2025$27.5MQ2 2025$24.9MQ3 2025$105MQ4 2025$131MQ1 2026$38.2MQ2 2026$41.0MQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QNov 5, 2026$466M+8%21.0%$41.0M$171M
Q2 202610-QAug 6, 2026$453M+3%21.4%$38.2M$195M
Q1 202610-QMay 7, 2026$781M-3%25.9%$131M$176M
Q4 202510-KFeb 11, 2026$636M+6%27.0%$105M$168M
Q3 202510-QNov 6, 2025$430M+7%18.3%$24.9M$88.9M
Q2 202510-QJul 31, 2025$439M+9%18.8%$27.5M$189M
Q1 202510-QMay 8, 2025$805M+11%25.5%$134M$228M

Charts

Black Hills: revenue growth, year over year and quarter over quarterBlack Hills: revenue growth, year over year and quarter over quarterY/YQ/Q+11%Q1 2025+9%-45%Q2 2025+7%-2%Q3 2025+6%+48%Q4 2025-3%+23%Q1 2026+3%-42%Q2 2026+8%+3%Q3 2026
Latest (Q3 2026): Y/Y +8%, Q/Q +3%.
Black Hills: where the cash came from (+) and went (−), TTM to Q3 2026Black Hills: where the cash came from (+) and went (−), TTM to Q3 2026Capital spending−$1.0BOther financing$778MOperating cash flow$711MNet borrowing (+) / repaid (−)−$300MDividends−$211MShares issued$68.9MPartners−$13.9MOther investing−$9.9MCash drawn (+) / kept (−)$2.6M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Black Hills: profit against cash, quarter by quarterBlack Hills: profit against cash, quarter by quarterNet incomeOperating cash flow$101M$153MQ4 2024$136M$228MQ1 2025$28.8M$189MQ2 2025$25.9M$88.9MQ3 2025$109M$168MQ4 2025$133M$176MQ1 2026$40.4M$195MQ2 2026$43.5M$171MQ3 2026
Latest (Q3 2026): Net income $43.5M, Operating cash flow $171M.
Black Hills: diluted shares by fiscal yearBlack Hills: diluted shares by fiscal year62MFY202063MFY202173MFY202267MFY202370MFY202473MFY2025
+17.2% since FY2020: more shares outstanding (issuance, stock pay).
Black Hills in its industry: growth against margin (53 companies, SIC 4911)Black Hills in its industry: growth against margin (53 companies, SIC 4911)revenue growth, year over year →↑ operating marginmedian +10%median 24%Southern Power CoSONEEFlorida Power & Light CoCEGNRGAEP Texas Inc.VSTDAEPEIXFirstEnergy Pennsylvania Electric CoETI-PDTEFEEAITVEETRPublic Service Co of New HampshirePPLOncor Electric Delivery Co LLCCNPPNWWELPPTLNPuget Energy IncOGEHEPORHawaiian Electric Co IncTampa Electric CoBasin Electric Power CooperativeTXNMIDAOglethorpe Power CorpIpalco Enterprises, Inc.Tucson Electric Power CoClearway Energy LLCCWENFirstEnergy Transmission, LLCTri-State Generation & Transmission Association, Inc.ITC Holdings Corp.Cleco Corporate Holdings LLCOld Dominion Electric CooperativeCleco Power LLCXIFROTTRORAHNRGGreenbacker Renewable Energy Co LLCSPRUOPTTBKH (+8%, 21%)
Electric Services; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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Customers and suppliers named in filings

Sells to

About Black Hills

Black Hills Corporation, a South Dakota corporation (together with its subsidiaries, referred to herein as the “Company,” "BHC," “we,” “us”, or “our”), is a customer-focused, growth-oriented utility company headquartered in Rapid City, South Dakota (incorporated in South Dakota in 1941). We operate our business in the United States, reporting our operating results through our Electric Utilities and Gas Utilities segments. Certain unallocated corporate expenses that support our operating segments are presented as Corporate and Other.

In its own words, from its 10-K, filed Feb 11, 2026.

Black Hills against its Electric Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +8% against the peers' median +13%. Operating margin: 21.0% against the peers' median 26.9%.

CompanyQuarterRevenueY/YOp. margin
BKH Black HillsQ3 2026$466M+8%21.0%
Southern PowerQ3 2026$8.8B+13%33.9%
NEE NextEra EnergyQ3 2026$8.1B+2%32.4%
Florida Power & LightQ2 2026$7.5B+12%29.7%
CEG Constellation EnergyQ2 2026$7.5B+23%7.7%
NRG NRG EnergyQ2 2026$7.5B+11%13.0%
AEP TexasQ3 2026$6.8B+14%26.5%
VST VistraQ3 2026$6.3B+28%26.9%
D Dominion EnergyQ3 2026$5.6B+24%32.8%

Source: Black Hills 10-Q on SEC EDGAR · CIK 1130464 · Electric Services

Guidance and outlook

Black Hills Tax rate: guidance against what was reportedBlack Hills Tax rate: guidance against what was reportedguided rangereported (above / within / below)FY202512.7%FY2026
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Black Hills: what its forward-looking statements are about (10-Q filed 2026-11-05)Black Hills: what its forward-looking statements are about (10-Q filed 2026-11-05)Other5Financing5Products2Costs2Demand2AI1Capital spending1Legal & regulation1
19 statements; tone +0.10 (−1 all cautious, +1 all confident); 2 hedged.
Black Hills: outlook statements against the filing beforeBlack Hills: outlook statements against the filing beforeConfident4Cautious2

13F: who owns BKH and who is buying

Largest holders of BKH (13F)Largest holders of BKH (13F)BlackRock$929MVanguard Group$623MVanguard Portfolio Management LLC$382MState Street$284MVanguard Capital Management LLC$255MNomura Asset Management Internati…$186MAQR Capital Management LLC$166MPoint72 Asset Management, L.P.$161MGeode Capital Management, LLC$159MFranklin Resources$146M
Funds' net buying of BKH by quarter (13F)Funds' net buying of BKH by quarter (13F)$124M2024-09$1.1M2024-12$59.3M2025-03$1.4M2025-06$235M2025-09$371M2025-12$220M2026-03$141M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on BKH

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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