Filing Flows › Black Hills (BKH) › Q3 2026
Black Hills (BKH) Q3 2026 earnings results (third quarter 2026)
10-Q filed Nov 5, 2026
Black Hills (BKH) reported revenue of $466M for the third quarter 2026 (Q3 2026), +8% from a year earlier and +3% from the quarter before. Operating margin was 21.0%, net earnings $41.0M (8.8% of revenue).
Black Hills, Q3 2026: revenue $466M (+8% year over year), operating margin 21.0%, net earnings $41.0M, operating cash flow $171M. The chart follows the revenue to costs, profit and cash.
| Q3 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $466M | +3% | +8% |
| Operating profit | $98.1M | +1% | +25% |
| Net earnings | $41.0M | +7% | +65% |
| Operating cash flow | $171M | -12% | +93% |
What changed
Revenue was $466.1M in Q3 2026, up 8% year over year and up 3% from the previous quarter.
Operating profit was $98.1M, a 21.0% margin (up 2.8 points year over year). Of the extra revenue versus Q3 2025, 54% reached operating profit, above the 18% margin then. Total costs grew 5% against revenue growth of 8%. Net earnings were $41.0M, up 65% year over year. The effective tax rate was 11.8%.
Operating cash flow was $171.3M (up 93% year over year), 394% of net income including minority interests. Non-cash charges added back $76.2M of depreciation and amortization and $3.1M of share-based compensation. Working capital and other items added $48.5M. Capital expenditures of $270.5M exceeded it, leaving free cash flow of −$99.2M.
Questions
What was Black Hills' revenue in the third quarter 2026?
Black Hills (BKH) reported revenue of $466M for the third quarter 2026 (Q3 2026), +8% from a year earlier and +3% from the quarter before.
Was Black Hills profitable in the third quarter 2026?
Operating profit was $98.1M (21.0% of revenue) and net earnings $41.0M.
Source: Black Hills 10-Q on SEC EDGAR.