What is Black Hills's gas utilities — derivative liabilities?

Black Hills (BKH) reported gas utilities — derivative liabilities of $1.8M in Q1 2026.

What is the long-term trend for Black Hills's gas utilities — derivative liabilities?

Over 3 years (2021 to 2024), Black Hills's gas utilities — derivative liabilities has grown at a 40.5% compound annual growth rate (CAGR), from $5.23M to $14.5M.

What does gas utilities — derivative liabilities mean?

This represents the fair value of derivative financial instruments that have a negative value to the gas utility segment at the reporting date. These liabilities reflect obligations arising from hedging contracts used to mitigate exposure to fluctuations in energy market prices.

Black Hills BKH Gas Utilities — Derivative Liabilities

Similar metrics at other companies

SRGas Utility — Derivative Liabilities

$10.6M—

SRGas Utility — Derivative Fair Value Of Derivative Liability

$25.9M+90.4%

SRGas Utility — Derivative Assets

$26.4M+7.3%

SRGas Utility — Derivative Liability Fair Value Gross Liability Including Not Subject To Master Netting Arrangement

$13.4M+235%

SRGas Utility — Derivative Fair Value Of Derivative Asset

$2.9M-14.7%

SRGas Utility — Derivative Liability Fair Value Gross Asset And Right To Reclaim Cash Offset

$2.8M-30.0%

Other financials

Income statement

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Revenue$780.7M-3.0%

Operating income$201.9M-1.5%

Net income$131.0M-2.5%

EPS (diluted)$1.73-7.5%

Balance sheet

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Cash & equivalents$23.6M+258%

Total debt$4.2B+5.8%

Total equity$3.9B+8.5%

Total assets$10.8B+7.5%

Cash flow

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Operating cash flow$176.2M-22.7%

CapEx$267.4M+74.9%

Free cash flow-$91.2M-222%

Valuation

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Market cap$5.54B+20.7%

Enterprise value$9.76B+13.4%

P/E19.2×+2.8×

P/S2.4×+0.3×

Profitability

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Operating margin23.4%+0.1pp

Net margin12.6%-0.1pp

FCF margin-13.7%-14.0pp

Returns & leverage

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Return on equity7.6%-0.4pp

Debt / equity1.1×0.0×

Current ratio0.6×-0.1×

Where this comes from

Reported directly by Black Hills in its filing.

Tagged under the XBRL concept us-gaap:DerivativeLiabilities.

The official record: Black Hills’s 10-Q, filed May 7, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Black Hills's gas utilities — derivative liabilities?: Black Hills (BKH) reported gas utilities — derivative liabilities of $1.8M in Q1 2026.
What is the long-term trend for Black Hills's gas utilities — derivative liabilities?: Over 3 years (2021 to 2024), Black Hills's gas utilities — derivative liabilities has grown at a 40.5% compound annual growth rate (CAGR), from $5.23M to $14.5M.
What does gas utilities — derivative liabilities mean?: This represents the fair value of derivative financial instruments that have a negative value to the gas utility segment at the reporting date. These liabilities reflect obligations arising from hedging contracts used to mitigate exposure to fluctuations in energy market prices.