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Black Hills (BKH) guidance and outlook
Black Hills (BKH) reaffirmed its guidance on Nov 4, 2026: EPS $4.25–$4.45 for FY2026; Net income $1.8B for FY2030; Free cash flow $2.4B for long-term; Tax rate 14% for FY2026. Black Hills' 10-Q filed Nov 5, 2026 makes 19 forward-looking statements.
Guidance and outlook
Latest guidance
| Metric | Period | Range | Change |
|---|---|---|---|
| EPS | FY2026 | $4.25–$4.45 | reaffirmed |
| Net income | FY2030 | $1.8B | new |
| Free cash flow | long-term | $2.4B | new |
| Tax rate | FY2026 | 14% | reaffirmed |
From the earnings release filed Nov 4, 2026 (8-K on EDGAR).
Forward-looking statements, 10-Q filed Nov 5, 2026
- We anticipate the transaction closing by year-end 2026, subject to receipt of a satisfactory approval from the MPSC.
- In September 2026, the Company entered into long-term agreements with Google and other third-party partners to serve a planned data center project to be constructed in Cheyenne, Wyoming.
- We expect to provide up to 590 MW of grid-connected energy service through company-owned generation and market energy.
- In addition, we expect to manage the output of approximately 2.1 GW of third-party contracted resources through a privately managed microgrid under the Company’s LPCS tariff.
- To provide 590 MW of grid-connected service, the Company expects to invest approximately $1.8 billion to construct 564 MW (nameplate capacity) of new company-owned natural gas generation between 2027 and 2029 through a non-regulated affiliate, which will be located at the Company's existing CPGS facility.
- The remaining 26 MW is expected to be supplied through a combination of market energy purchases and retail utility service provided under the Company's applicable industrial tariff.
- The Company expects to finance the approximately $1.8 billion of generation investment through a combination of project-generated cash flow and debt and equity instruments with a focus on earnings accretion while maintaining solid investment-grade credit ratings.
- In connection with the development of the project, the Company previously disclosed customer-funded refundable advances received pursuant to the parties' generation reservation agreement to support procurement of long-lead generation equipment.
- The Company expects to reimburse those advances by their June 30, 2027 maturity date.
- The Company has obtained or initiated key regulatory approvals for the project during 2026, including a substation CPCN approval, the filing of an industrial siting permit for the CPGS expansion, and approval of an air quality permit and an industrial siting permit for the CPGS expansion.
- Additionally, the Company is advancing transmission expansion opportunities through regulatory filings to serve this project and other regional large-load opportunities.
- During the second quarter of 2026, we published our 2025 Corporate Sustainability Report, highlighting our environmental, social and governance impacts and our progress on major projects and climate goals.
Black Hills' latest quarter
Black Hills, Q3 2026: revenue $466M (+8% year over year), operating margin 21.0%, net earnings $41.0M, operating cash flow $171M. The chart follows the revenue to costs, profit and cash.
Questions
Did Black Hills raise or lower its guidance?
Black Hills (BKH) reaffirmed its guidance on Nov 4, 2026: EPS $4.25–$4.45 for FY2026; Net income $1.8B for FY2030; Free cash flow $2.4B for long-term; Tax rate 14% for FY2026.
What does Black Hills expect?
We anticipate the transaction closing by year-end 2026, subject to receipt of a satisfactory approval from the MPSC. In September 2026, the Company entered into long-term agreements with Google and other third-party partners to serve a planned data center project to be constructed in Cheyenne, Wyoming. We expect to provide up to 590 MW of grid-connected energy service through company-owned generation and market energy.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.