Filing Flows › Black Hills (BKH) › Q4 2025
Black Hills (BKH) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Black Hills (BKH) reported revenue of $636M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +48% from the quarter before. Operating margin was 27.0%, net earnings $105M (16.5% of revenue).
Black Hills, Q4 2025: revenue $636M (+6% year over year), operating margin 27.0%, net earnings $105M, operating cash flow $168M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $636M | +48% | +6% |
| Operating profit | $171M | +118% | +5% |
| Net earnings | $105M | +322% | +7% |
| Operating cash flow | $168M | +89% | +10% |
What changed
Revenue was $635.5M in Q4 2025, up 6% year over year and up 48% from the previous quarter.
Operating profit was $171.4M, a 27.0% margin (down 0.4 points year over year). Of the extra revenue versus a year earlier, 21% reached operating profit, below the 27% margin then. Total costs grew 7% against revenue growth of 6%. Net earnings were $105.0M, up 7% year over year. The effective tax rate was 13.7%.
Operating cash flow was $168.1M (up 10% year over year), 155% of net income including minority interests. Non-cash charges added back $73.3M of depreciation and amortization and $3.8M of share-based compensation. Working capital and other items used $17.7M. Capital expenditures of $269.6M exceeded it, leaving free cash flow of −$101.5M.
Questions
What was Black Hills' revenue in the fourth quarter 2025?
Black Hills (BKH) reported revenue of $636M for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +48% from the quarter before.
Was Black Hills profitable in the fourth quarter 2025?
Operating profit was $171M (27.0% of revenue) and net earnings $105M.
Source: Black Hills 10-K on SEC EDGAR.