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Black Hills BKH Gas 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 gas utilities — costs and expenses direct?
Black Hills (BKH) reported gas utilities — costs and expenses direct of $41.3M in Q2 2026.
How has Black Hills's gas utilities — costs and expenses direct changed year-over-year?
Black Hills's gas utilities — costs and expenses direct increased by 6.2% year-over-year, from $38.9M to $41.3M.
What is the long-term trend for Black Hills's gas utilities — costs and expenses direct?
Over 3 years (2022 to 2025), Black Hills's gas utilities — costs and expenses direct has grown at a 0.2% compound annual growth rate (CAGR), from $158.5M to $159.5M.
What does gas utilities — costs and expenses direct mean?
This metric captures the operating expenses directly attributable to the gas utility segment's daily operations, excluding fuel costs. It includes items such as maintenance, labor, and operational overhead specific to the gas distribution infrastructure.

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