Filing Flows › Black Hills (BKH) › Q2 2025
Black Hills (BKH) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Black Hills (BKH) reported revenue of $439M for the second quarter 2025 (Q2 2025), +9% from a year earlier and -45% from the quarter before. Operating margin was 18.8%, net earnings $27.5M (6.3% of revenue).
Black Hills, Q2 2025: revenue $439M (+9% year over year), operating margin 18.8%, net earnings $27.5M, operating cash flow $189M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $439M | -45% | +9% |
| Operating profit | $82.5M | -60% | +17% |
| Net earnings | $27.5M | -80% | +21% |
| Operating cash flow | $189M | -17% | -18% |
What changed
Revenue was $439.0M in Q2 2025, up 9% year over year and down 45% from the previous quarter.
Operating profit was $82.5M, a 18.8% margin (up 1.3 points year over year). Of the extra revenue versus a year earlier, 33% reached operating profit, above the 18% margin then. Total costs grew 7% against revenue growth of 9%. Net earnings were $27.5M, up 21% year over year. The effective tax rate was 13.3%.
Operating cash flow was $188.6M (down 18% year over year), 655% of net income including minority interests. Non-cash charges added back $69.8M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items added $86.9M. Capital expenditures of $218.9M exceeded it, leaving free cash flow of −$30.3M.
Questions
What was Black Hills' revenue in the second quarter 2025?
Black Hills (BKH) reported revenue of $439M for the second quarter 2025 (Q2 2025), +9% from a year earlier and -45% from the quarter before.
Was Black Hills profitable in the second quarter 2025?
Operating profit was $82.5M (18.8% of revenue) and net earnings $27.5M.
Source: Black Hills 10-Q on SEC EDGAR.