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

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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:PropertyPlantAndEquipmentNet.

The source filing: Black Hills’s 10-K, filed February 11, 2026.

Filed
Feb 10, 2026, 7:00 PM EST
Fiscal year
FY2025
Accession
0001193125-26-046028
Gas Utilities2025 / Property, Plant and Equipment2025 / Weighted Average Useful Life2024 / Property, Plant and Equipment2024 / Weighted Average Useful LifeLives / MinimumLives / Maximum
Cushion gas - not depreciable (a)51.4N/A52.1N/AN/AN/A
Storage83.64278.8423647
General587.222599.4222025
Total gas plant in service5,022.84,676.7
Construction work-in-progress50.543.5
Total gas plant5,073.34,720.2
Less accumulated depreciation(744.4)(656.3)
Gas plant net of accumulated depreciation$4,328.9$4,063.9

ITEM 8.

FAQ

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.

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