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Black Hills BKH Q4 2025 Annual earnings

Reported February 4, 2026 · After market close

Revenue$635.5MMiss by $12.7M
EPS$1.41Beat by $0.04
Revenue estimate$648.2M
EPS estimate$1.37

Next report

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

Financials

Q4 2025

Income statement

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Revenue$635.5M+6.4%
Operating income$171.4M+5.0%
Net income$105.0M+7.0%
EPS (diluted)$1.40+0.7%

Balance sheet

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Cash & equivalents$182.8M+1,035%
Total debt$4.7B+7.2%
Total equity$3.8B+9.2%
Total assets$10.9B+8.5%

Cash flow

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Operating cash flow$168.1M+9.7%
CapEx$269.6M+26.2%
Free cash flow-$101.5M-67.8%

Valuation & ratios

Valuation

as of 12/31/25
See full
Market cap$5.24B+25.1%
Enterprise value$9.76B+14.0%
P/E18×+2.6×
P/S2.3×+0.3×

Profitability

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Operating margin23.3%-0.4pp
Net margin12.6%-0.2pp
FCF margin-6.3%-8.2pp

Returns & leverage

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Return on equity8%-0.2pp
Debt / equity1.2×0.0×
Current ratio1.3×+0.4×

Segments

By segment

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Gas Utilities$402.9M+4.6%
Electric Utilities$236.5M+9.3%

FAQ

When did Black Hills report Q4 2025 earnings?
Black Hills (BKH) reported Q4 2025 earnings on February 4, 2026 after market close.
What were Black Hills's Q4 2025 revenue and EPS?
Black Hills reported revenue of $635.5M and eps of $1.41 for Q4 2025.
Did Black Hills beat estimates in Q4 2025?
Revenue missed the consensus estimate of $648.2M by $12.7M. EPS beat the consensus estimate of $1.37 by $0.04.
How did Black Hills's Q4 2025 results compare year-over-year?
Compared to the same quarter a year prior, revenue grew 6.4% from $597.1M a year earlier and eps grew 2.9% from $1.37.
Where can I find Black Hills's Q4 2025 SEC filings?
You can read the 8-K earnings release (0001193125-26-037663) and the 10-K periodic report (0001193125-26-046028) directly on SEC EDGAR. The filing index links above go to sec.gov.