Filing Flows › Black Hills (BKH) › Q2 2026
Black Hills (BKH) Q2 2026 earnings results (second quarter 2026)
10-Q filed Aug 6, 2026
Black Hills (BKH) reported revenue of $453M for the second quarter 2026 (Q2 2026), +3% from a year earlier and -42% from the quarter before. Operating margin was 21.4%, net earnings $38.2M (8.4% of revenue).
Black Hills, Q2 2026: revenue $453M (+3% year over year), operating margin 21.4%, net earnings $38.2M, operating cash flow $195M. The chart follows the revenue to costs, profit and cash.
| Q2 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $453M | -42% | +3% |
| Operating profit | $97.0M | -52% | +18% |
| Net earnings | $38.2M | -71% | +39% |
| Operating cash flow | $195M | +11% | +3% |
What changed
Revenue was $452.8M in Q2 2026, up 3% year over year and down 42% from the previous quarter.
Operating profit was $97.0M, a 21.4% margin (up 2.6 points year over year). Of the extra revenue versus Q2 2025, 105% reached operating profit, above the 19% margin then. Total costs fell 0% while revenue rose 3%. Net earnings were $38.2M, up 39% year over year. The effective tax rate was 11.4%.
Operating cash flow was $195.1M (up 3% year over year), 483% of net income including minority interests. Non-cash charges added back $75.3M of depreciation and amortization and $3.2M of share-based compensation. Working capital and other items added $76.2M. Capital expenditures of $218.1M exceeded it, leaving free cash flow of −$23.0M.
Questions
What was Black Hills' revenue in the second quarter 2026?
Black Hills (BKH) reported revenue of $453M for the second quarter 2026 (Q2 2026), +3% from a year earlier and -42% from the quarter before.
Was Black Hills profitable in the second quarter 2026?
Operating profit was $97.0M (21.4% of revenue) and net earnings $38.2M.
Source: Black Hills 10-Q on SEC EDGAR.