Filing Flows › Black Hills (BKH) › Q2 2026 › vs Q1 2026
Black Hills (BKH) Q2 2026 vs Q1 2026 (quarter over quarter)
Black Hills's revenue fell $328M (-42%) from $781M in Q1 2026 to $453M in Q2 2026. Operating margin 21.4% against 25.9% (-4.4 pts).
Black Hills, Q2 2026: revenue $453M (+3% year over year), operating margin 21.4%, net earnings $38.2M, operating cash flow $195M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 21.4% | 25.9% | -4.4 pts |
| Net margin | 8.4% | 16.8% | -8.3 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Revenue | $453M | $781M | −$328M | -42% |
| Operating profit | $97.0M | $202M | −$105M | -52% |
| Costs & expenses | $356M | $579M | −$223M | -39% |
| Pre-tax earnings | $45.6M | $151M | −$105M | -70% |
| Other expense, net | $51.4M | $51.2M | $200K | +0.4% |
| Net earnings | $38.2M | $131M | −$92.8M | -71% |
| Minority interests | $2.2M | $2.1M | $100K | +5% |
| Income tax | $5.2M | $17.6M | −$12.4M | -70% |
| Depreciation & amortization | $75.3M | $74.8M | $500K | +0.7% |
| Share-based compensation | $3.2M | $3.2M | $0 | 0% |
| Working capital & other | $78.4M | −$32.8M | $111M | — |
| Operating cash flow | $195M | $176M | $18.9M | +11% |
| Capital expenditures | $218M | $267M | −$49.3M | -18% |
| Negative free cash flow (OCF − capex) | $23.0M | $91.2M | −$68.2M | -75% |
Questions
How much did Black Hills's revenue grow quarter over quarter in Q2 2026?
Black Hills's revenue fell $328M (-42%) from $781M in Q1 2026 to $453M in Q2 2026. Operating margin 21.4% against 25.9% (-4.4 pts).