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Black Hills BKH Electric Utilities — Costs And Expenses Direct

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Other financials

Income statement

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Revenue$452.8M+3.1%
Operating income$97.0M+17.6%
Net income$38.2M+38.9%
EPS (diluted)$0.50+31.6%

Balance sheet

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Cash & equivalents$71.5M+783%
Total debt$4.1B+0.2%
Total equity$3.9B+8.5%
Total assets$11.0B+9.4%

Cash flow

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Operating cash flow$195.1M+3.4%
CapEx$218.1M-0.4%
Free cash flow-$23.0M+24.1%

Valuation

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Market cap$5.54B+27.2%
Enterprise value$9.55B+13.4%
P/E18.5×+3.2×
P/S2.4×+0.5×

Profitability

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Operating margin23.9%+0.4pp
Net margin13%+0.3pp
FCF margin-13.3%-27.7pp

Returns & leverage

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Return on equity7.9%-0.2pp
Debt / equity-0.1×
Current ratio0.5×-0.1×

Where this comes from

Reported directly by Black Hills in its filing.

Tagged under the XBRL concept bkh:CostsAndExpensesDirect.

The source filing: Black Hills’s 10-Q, filed August 6, 2026.

Filed
Aug 6, 2026, 1:21 PM EDT
Fiscal quarter
Q2 FY2026
Calendar quarter
Q2 2026
Accession
0001193125-26-337444
Three Months Ended June 30, 2026Consolidating Income Statement / Electric UtilitiesConsolidating Income Statement / Gas UtilitiesConsolidating Income Statement / Total Reportable SegmentsConsolidating Income Statement / Corporate and OtherConsolidating Income Statement / Total
Total revenue226.3230.5456.8(4.0)452.8
Fuel, purchased power and cost of natural gas sold49.763.9113.6(0.1)113.5
Operations and maintenance (a) -
Direct33.441.374.73.378.0
Allocated32.140.472.572.5
Depreciation and amortization40.934.475.375.3
Taxes other than income taxes9.17.416.516.5
Total operating expenses165.2187.4352.63.2355.8

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Black Hills's electric utilities — costs and expenses direct?
Black Hills (BKH) reported electric utilities — costs and expenses direct of $33.4M in Q2 2026.
How has Black Hills's electric utilities — costs and expenses direct changed year-over-year?
Black Hills's electric utilities — costs and expenses direct decreased by 7.5% year-over-year, from $36.1M to $33.4M.
What is the long-term trend for Black Hills's electric utilities — costs and expenses direct?
Over 3 years (2022 to 2025), Black Hills's electric utilities — costs and expenses direct has grown at a 3.8% compound annual growth rate (CAGR), from $124M to $138.6M.
What does electric utilities — costs and expenses direct mean?
Includes all direct operating and maintenance expenses specifically attributable to the electric utility segment's activities. These costs are essential for the day-to-day delivery of utility services and exclude shared corporate overheads.

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