Filing Flows › Black Hills (BKH) › Q2 2026 › vs Q2 2025
Black Hills (BKH) Q2 2026 vs Q2 2025 (year over year)
Black Hills's revenue rose $13.8M (+3%) from $439M in Q2 2025 to $453M in Q2 2026. Operating margin 21.4% against 18.8% (+2.6 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 21.4% | 18.8% | +2.6 pts |
| Net margin | 8.4% | 6.3% | +2.2 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $453M | $439M | $13.8M | +3% |
| Operating profit | $97.0M | $82.5M | $14.5M | +18% |
| Costs & expenses | $356M | $356M | −$700K | -0.2% |
| Pre-tax earnings | $45.6M | $33.2M | $12.4M | +37% |
| Other expense, net | $51.4M | $49.3M | $2.1M | +4% |
| Net earnings | $38.2M | $27.5M | $10.7M | +39% |
| Minority interests | $2.2M | $1.3M | $900K | +69% |
| Income tax | $5.2M | $4.4M | $800K | +18% |
| Depreciation & amortization | $75.3M | $69.8M | $5.5M | +8% |
| Share-based compensation | $3.2M | $3.1M | $100K | +3% |
| Working capital & other | $78.4M | $88.2M | −$9.8M | -11% |
| Operating cash flow | $195M | $189M | $6.5M | +3% |
| Capital expenditures | $218M | $219M | −$800K | -0.4% |
| Negative free cash flow (OCF − capex) | $23.0M | $30.3M | −$7.3M | -24% |
Questions
How much did Black Hills's revenue grow year over year in Q2 2026?
Black Hills's revenue rose $13.8M (+3%) from $439M in Q2 2025 to $453M in Q2 2026. Operating margin 21.4% against 18.8% (+2.6 pts).