What is Black Hills's gas utilities — PP&E (net)?

Black Hills (BKH) reported gas utilities — PP&E (net) of $4.33B in Q4 2025.

How has Black Hills's gas utilities — PP&E (net) changed year-over-year?

Black Hills's gas utilities — PP&E (net) increased by 6.5% year-over-year, from $4.06B to $4.33B.

What does gas utilities — PP&E (net) mean?

The book value of gas utility infrastructure calculated as the gross cost of property, plant, and equipment minus accumulated depreciation. It provides a snapshot of the current carrying value of the segment's productive assets used to deliver gas services.

Black Hills BKH Gas Utilities — PP&E (Net)

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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

See full

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:PropertyPlantAndEquipmentNet.

The official record: Black Hills’s 10-K, filed February 11, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Black Hills's gas utilities — PP&E (net)?: Black Hills (BKH) reported gas utilities — PP&E (net) of $4.33B in Q4 2025.
How has Black Hills's gas utilities — PP&E (net) changed year-over-year?: Black Hills's gas utilities — PP&E (net) increased by 6.5% year-over-year, from $4.06B to $4.33B.
What does gas utilities — PP&E (net) mean?: The book value of gas utility infrastructure calculated as the gross cost of property, plant, and equipment minus accumulated depreciation. It provides a snapshot of the current carrying value of the segment's productive assets used to deliver gas services.