Filing Flows › Black Hills (BKH) › Q3 2026 › vs Q3 2025
Black Hills (BKH) Q3 2026 vs Q3 2025 (year over year)
Black Hills's revenue rose $35.9M (+8%) from $430M in Q3 2025 to $466M in Q3 2026. Operating margin 21.0% against 18.3% (+2.8 pts).
Black Hills, Q3 2026: revenue $466M (+8% year over year), operating margin 21.0%, net earnings $41.0M, operating cash flow $171M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Operating margin | 21.0% | 18.3% | +2.8 pts |
| Net margin | 8.8% | 5.8% | +3.0 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Revenue | $466M | $430M | $35.9M | +8% |
| Operating profit | $98.1M | $78.7M | $19.4M | +25% |
| Costs & expenses | $368M | $352M | $16.5M | +5% |
| Pre-tax earnings | $49.3M | $29.9M | $19.4M | +65% |
| Other expense, net | $48.8M | $48.8M | $0 | 0% |
| Net earnings | $41.0M | $24.9M | $16.1M | +65% |
| Minority interests | $2.5M | $1.0M | $1.5M | +150% |
| Income tax | $5.8M | $4.0M | $1.8M | +45% |
| Depreciation & amortization | $76.2M | $71.5M | $4.7M | +7% |
| Share-based compensation | $3.1M | $2.3M | $800K | +35% |
| Working capital & other | $51.0M | −$9.8M | $60.8M | — |
| Operating cash flow | $171M | $88.9M | $82.4M | +93% |
| Capital expenditures | $270M | $178M | $92.1M | +52% |
| Negative free cash flow (OCF − capex) | $99.2M | $89.5M | $9.7M | +11% |
Questions
How much did Black Hills's revenue grow year over year in Q3 2026?
Black Hills's revenue rose $35.9M (+8%) from $430M in Q3 2025 to $466M in Q3 2026. Operating margin 21.0% against 18.3% (+2.8 pts).