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Black Hills BKH Gas Utilities — Operating Income

Other segment segments

Electric Utilities
$61.1M+24.7%

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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 us-gaap:OperatingIncomeLoss.

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
Depreciation and amortization40.934.475.375.3
Taxes other than income taxes9.17.416.516.5
Total operating expenses165.2187.4352.63.2355.8
Operating income (loss)$61.1$43.1$104.2$(7.2)$97.0
Interest expense, net(51.6)
Other income (expense), net0.2
Income tax (expense)(5.2)
Net income40.4

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Black Hills's gas utilities — operating income?
Black Hills (BKH) reported gas utilities — operating income of $43.1M in Q2 2026.
How has Black Hills's gas utilities — operating income changed year-over-year?
Black Hills's gas utilities — operating income increased by 21.4% year-over-year, from $35.5M to $43.1M.
What is the long-term trend for Black Hills's gas utilities — operating income?
Over 4 years (2021 to 2025), Black Hills's gas utilities — operating income has grown at a 11.0% compound annual growth rate (CAGR), from $211.2M to $320.9M.
What does gas utilities — operating income mean?
This metric represents the profit or loss generated by the gas utility business segment after deducting operating expenses from total revenues. It serves as a primary indicator of the segment's core operational efficiency and profitability before accounting for interest, taxes, or corporate-level allocations.

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