Filing Flows › Black Hills (BKH) › Q1 2026
Black Hills (BKH) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Black Hills (BKH) reported revenue of $781M for the first quarter 2026 (Q1 2026), -3% from a year earlier and +23% from the quarter before. Operating margin was 25.9%, net earnings $131M (16.8% of revenue).
Black Hills, Q1 2026: revenue $781M (-3% year over year), operating margin 25.9%, net earnings $131M, operating cash flow $176M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $781M | +23% | -3% |
| Operating profit | $202M | +18% | -2% |
| Net earnings | $131M | +25% | -2% |
| Operating cash flow | $176M | +5% | -23% |
What changed
Revenue was $780.7M in Q1 2026, down 3% year over year and up 23% from the previous quarter.
Operating profit was $201.9M, a 25.9% margin (up 0.4 points year over year). Total costs fell 4% while revenue fell 3%. Net earnings were $131.0M, down 2% year over year. The effective tax rate was 11.7%.
Operating cash flow was $176.2M (down 23% year over year), 132% of net earnings. Non-cash charges added back $74.8M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items used $34.9M. Capital expenditures of $267.4M exceeded it, leaving free cash flow of −$91.2M.
Questions
What was Black Hills' revenue in the first quarter 2026?
Black Hills (BKH) reported revenue of $781M for the first quarter 2026 (Q1 2026), -3% from a year earlier and +23% from the quarter before.
Was Black Hills profitable in the first quarter 2026?
Operating profit was $202M (25.9% of revenue) and net earnings $131M.
Source: Black Hills 10-Q on SEC EDGAR.