Filing Flows › Black Hills (BKH) › Q3 2025
Black Hills (BKH) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Black Hills (BKH) reported revenue of $430M for the third quarter 2025 (Q3 2025), +7% from a year earlier and -2% from the quarter before. Operating margin was 18.3%, net earnings $24.9M (5.8% of revenue).
Black Hills, Q3 2025: revenue $430M (+7% year over year), operating margin 18.3%, net earnings $24.9M, operating cash flow $88.9M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $430M | -2% | +7% |
| Operating profit | $78.7M | -5% | +4% |
| Net earnings | $24.9M | -9% | +2% |
| Operating cash flow | $88.9M | -53% | -13% |
What changed
Revenue was $430.2M in Q3 2025, up 7% year over year and down 2% from the previous quarter.
Operating profit was $78.7M, a 18.3% margin (down 0.6 points year over year). Of the extra revenue versus a year earlier, 10% reached operating profit, below the 19% margin then. Total costs grew 8% against revenue growth of 7%. Net earnings were $24.9M, up 2% year over year. The effective tax rate was 13.4%.
Operating cash flow was $88.9M (down 13% year over year), 343% of net income including minority interests. Non-cash charges added back $71.5M of depreciation and amortization and $2.3M of share-based compensation. Working capital and other items used $10.8M. Capital expenditures of $178.4M exceeded it, leaving free cash flow of −$89.5M.
Questions
What was Black Hills' revenue in the third quarter 2025?
Black Hills (BKH) reported revenue of $430M for the third quarter 2025 (Q3 2025), +7% from a year earlier and -2% from the quarter before.
Was Black Hills profitable in the third quarter 2025?
Operating profit was $78.7M (18.3% of revenue) and net earnings $24.9M.
Source: Black Hills 10-Q on SEC EDGAR.