Filing Flows › Black Hills (BKH) › Q1 2025
Black Hills (BKH) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 8, 2025
Black Hills (BKH) reported revenue of $805M for the first quarter 2025 (Q1 2025), +11% from a year earlier and +35% from the quarter before. Operating margin was 25.5%, net earnings $134M (16.7% of revenue).
Black Hills, Q1 2025: revenue $805M (+11% year over year), operating margin 25.5%, net earnings $134M, operating cash flow $228M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $805M | +35% | +11% |
| Operating profit | $205M | +26% | +6% |
| Net earnings | $134M | +37% | +5% |
| Operating cash flow | $228M | +49% | -2% |
| Free cash flow | $74.9M | — | +31% |
What changed
Revenue was $805.2M in Q1 2025, up 11% year over year and up 35% from the previous quarter.
Operating profit was $205.0M, a 25.5% margin (down 1.2 points year over year). Of the extra revenue versus a year earlier, 15% reached operating profit, below the 27% margin then. Total costs grew 13% against revenue growth of 11%. Net earnings were $134.3M, up 5% year over year. The effective tax rate was 11.7%.
Operating cash flow was $227.8M (down 2% year over year), 167% of net earnings. Non-cash charges added back $69.2M of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items added $19.6M. Capital expenditures of $152.9M left free cash flow of $74.9M.
Questions
What was Black Hills' revenue in the first quarter 2025?
Black Hills (BKH) reported revenue of $805M for the first quarter 2025 (Q1 2025), +11% from a year earlier and +35% from the quarter before.
Was Black Hills profitable in the first quarter 2025?
Operating profit was $205M (25.5% of revenue) and net earnings $134M.
Source: Black Hills 10-Q on SEC EDGAR.