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Clearway Energy vs Black Hills: CWEN and BKH compared
Clearway Energy is the larger company: $481M of revenue in its latest quarter (Q2 2026) against $466M for Black Hills (Q3 2026). Clearway Energy is growing faster (+23% against +8% a year earlier). Clearway Energy is more profitable, with an operating margin of 24.1% against 21.0%.
Where the money goes: CWEN and BKH
Clearway Energy (CWEN) · Q2 2026
Clearway Energy, Q2 2026: revenue $481M (+23% year over year), operating margin 24.1%, net earnings $122M, operating cash flow $214M. The chart follows the revenue to costs, profit and cash.
Black Hills (BKH) · Q3 2026
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.
| Clearway Energy (CWEN) | Black Hills (BKH) | |
|---|---|---|
| Latest quarter | Q2 2026 | Q3 2026 |
| Revenue | $481M | $466M |
| Revenue growth, Y/Y | +23% | +8% |
| Operating margin | 24.1% | 21.0% |
| Net earnings | $122M | $41.0M |
| Net margin | 25.4% | 8.8% |
| Operating cash flow | $214M | $171M |
| Free cash flow | $130M | — |
| Market value | $7.0B | $6.5B |
| P/E | — | 19.9× |
| Analysts’ mean target | $40.36 | $87.07 |
Questions
Which is bigger, Clearway Energy or Black Hills?
Clearway Energy is the larger company: $481M of revenue in its latest quarter (Q2 2026) against $466M for Black Hills (Q3 2026).
Is Clearway Energy or Black Hills growing faster?
Clearway Energy is growing faster (+23% against +8% a year earlier).
Which is more profitable, Clearway Energy or Black Hills?
Clearway Energy is more profitable, with an operating margin of 24.1% against 21.0%.
More: Clearway Energy earnings · how Clearway Energy makes money · Black Hills earnings · how Black Hills makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Aug 5, 2026; 10-Q filed Nov 5, 2026). Fiscal quarters can end on different dates. Not investment advice.