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Black Hills BKH Q3 2025 earnings

Reported November 5, 2025 · After market close

Revenue$430.2MMiss by $10.8M
EPS$0.45In line
Revenue estimate$441.0M
EPS estimate$0.45

Next report

Nov 4, 2026 (in 2 months)
Revenue estimate$517.6M
EPS estimate$0.51

Financials

Q3 2025

Income statement

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Revenue$430.2M+7.1%
Operating income$78.7M+3.8%
Net income$24.9M+2.0%
EPS (diluted)$0.34-2.9%

Balance sheet

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Cash & equivalents$21.1M+68.8%
Total debt$4.4B+2.6%
Total equity$3.8B+9.3%
Total assets$10.3B+6.3%

Cash flow

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Operating cash flow$88.9M-12.9%
CapEx$178.4M-5.2%
Free cash flow-$89.5M-4.1%

Valuation & ratios

Valuation

as of 09/30/25
See full
Market cap$4.49B+5.3%
Enterprise value$8.84B+3.9%
P/E15.8×-1.0×
P/S2×0.0×

Profitability

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Operating margin23.3%+0.9pp
Net margin12.5%+0.5pp
FCF margin-4.6%-8.9pp

Returns & leverage

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Return on equity7.9%+0.2pp
Debt / equity1.2×-0.1×
Current ratio0.9×-0.2×

Segments

By segment

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Electric Utilities$249.7M+7.4%
Gas Utilities$184.4M+6.2%

FAQ

When did Black Hills report Q3 2025 earnings?
Black Hills (BKH) reported Q3 2025 earnings on November 5, 2025 after market close.
What were Black Hills's Q3 2025 revenue and EPS?
Black Hills reported revenue of $430.2M and eps of $0.45 for Q3 2025.
Did Black Hills beat estimates in Q3 2025?
Revenue missed the consensus estimate of $441.0M by $10.8M. EPS beat the consensus estimate of $0.45 by $0.00.
How did Black Hills's Q3 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 7.1% from $401.6M a year earlier and eps grew 28.6% from $0.35.
Where can I find Black Hills's Q3 2025 SEC filings?
You can read the 8-K earnings release (0001193125-25-267138) and the 10-Q periodic report (0001193125-25-268567) directly on SEC EDGAR. The filing index links above go to sec.gov.