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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

Aug 5, 2026 (In 1 week)
Revenue estimate$490.9M
EPS estimate$0.41

Financials

Q3 2025

Income statement

See full
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

See full
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

See full
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

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

Returns & leverage

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

Segments

By segment

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

Versus estimates

Revenue

Q1 2026$780.7MBeat by $11.5MQ4 2025$635.5MMiss by $12.7M
Q3 2025$430.2MMiss by $10.8M
Q2 2025$439.0MMiss by $963.3KQ1 2025$805.2MBeat by $66.0MQ4 2024$597.1MMiss by $136.3M

Diluted EPS

Q1 2026$1.79Miss by $0.09Q4 2025$1.41Beat by $0.04
Q3 2025$0.45In line
Q2 2025$0.38In lineQ1 2025$1.87Miss by $0.05Q4 2024$1.37Beat by $0.17

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Questions, answered.

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.