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Black Hills cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$99.2M in Q3 2026 · −$315M over twelve months

Operating cash flow$171M
Capital spending−$270M
Free cash flow−$99.2M
Cash / net income3.9×

Analysis

In Q3 2026, Black Hills generated $171M of operating cash flow and spent $270M on capital projects, leaving free cash flow of −$99.2M. That is $9.7M less than in Q3 2025 (−$89.5M).

Over the twelve months to Sep 30, 2026, operating cash flow was $711M; the largest uses were capital spending ($1.0B), net borrowing (+) / repaid (−) ($300M), dividends ($211M); besides operations, cash came from other financing ($778M), shares issued ($68.9M); the cash balance fell by $2.6M.

Operating cash flow was $171M against net income of $43.5M — 3.9× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$76.2M, inventory −$27.0M, other non-cash +$15.8M.

Free cash flow

Black Hills: free cash flow by quarterBlack Hills: free cash flow by quarter−$60.5MQ4 2024$74.9MQ1 2025−$30.3MQ2 2025−$89.5MQ3 2025−$102MQ4 2025−$91.2MQ1 2026−$23.0MQ2 2026−$99.2MQ3 2026
Operating cash flow less capital spending.
Black Hills: operating cash flow against capital spendingBlack Hills: operating cash flow against capital spendingOperating cash flowCapital spending$153M$214MQ4 2024$228M$153MQ1 2025$189M$219MQ2 2025$88.9M$178MQ3 2025$168M$270MQ4 2025$176M$267MQ1 2026$195M$218MQ2 2026$171M$270MQ3 2026
Latest (Q3 2026): Operating cash flow $171M, Capital spending $270M.

Capital allocation, year by year

Black Hills: where the cash came from (up) and went (down), by fiscal yearBlack Hills: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingDividendsFY2021: Operating cash flow −$64.6MFY2021: Net borrowing $592MFY2021: Shares issued $119MFY2021: Capital spending −$678MFY2021: Dividends −$145M$711MFY2021FY2022: Operating cash flow $585MFY2022: Shares issued $90.1MFY2022: Capital spending −$604MFY2022: Dividends −$157M$675MFY2022FY2023: Operating cash flow $944MFY2023: Net borrowing $275MFY2023: Shares issued $118MFY2023: Capital spending −$556MFY2023: Dividends −$168M$1.3BFY2023FY2024: Operating cash flow $719MFY2024: Net borrowing −$150MFY2024: Shares issued $181MFY2024: Capital spending −$744MFY2024: Dividends −$182M$901MFY2024FY2025: Operating cash flow $673MFY2025: Net borrowing $450MFY2025: Shares issued $219MFY2025: Capital spending −$820MFY2025: Dividends −$198M$1.3BFY2025
Over these 5 years operating cash flow totalled $2.9B; the largest uses were capital spending ($3.4B) and dividends ($850M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$18.2M
Debt$4.5B
Net debt$4.4B
Due within a year$472M

Black Hills's operations bring cash in ($711M over twelve months), and it spends more than that on capital projects: a gap of $315M funded from its $18.2M of cash and investments and from borrowing ($4.5B of debt, $472M due within a year). That is a choice to invest, not a cash runway running down.

Where the cash came from and went

Black Hills: sources (+) and uses (−) of cash, Q3 2026Black Hills: sources (+) and uses (−) of cash, Q3 2026Capital spending−$270MOperating cash flow$171MOther financing$85.3MDividends−$53.6MCash drawn (+) / kept (−)$53.0MShares issued$18.8MPartners−$3.2MOther investing−$1.1M
Black Hills: sources (+) and uses (−) of cash, TTM to Q3 2026Black Hills: sources (+) and uses (−) of cash, 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 profit to cash

Black Hills: net income to operating cash flow, Q3 2026Black Hills: net income to operating cash flow, Q3 2026Net income$43.5MDepreciation & amortization$76.2MStock-based pay$3.1MDeferred taxes$4.1MOther non-cash$15.8MReceivables$11.5MInventory−$27.0MOther operating capital−$8.2MOperating cash flow$171M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$171M−$270M−$53.6M—$18.8M$53.0M−$99.2M
Q2 2026$195M−$218M−$53.5M—$9.4M−$48.1M−$23.0M
Q1 2026$176M−$267M−$53.1M−$300M$40.7M$159M−$91.2M
Q4 2025$168M−$270M−$51.1M$450M—−$161M−$102M
Q3 2025$88.9M−$178M−$49.2M—$154M−$13.3M−$89.5M
Q2 2025$189M−$219M−$49.0M—$19.4M−$1.7M−$30.3M
Q1 2025$228M−$153M−$48.6M—$45.6M$9.3M$74.9M
Q4 2024$153M−$214M−$46.5M—−$200K−$3.8M−$60.5M

Black Hills: income statement and cash flow

Black Hills, Q3 2026: revenue $466M (+8% year over year), operating margin 21.0%. The chart follows the revenue to costs, profit and cash.

Black Hills: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.