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Black Hills BKH Reportable Segment Aggregation Before Other Operating — Revenue

Other segment segments

Gas Utilities
$230.5M+3.4%
Electric Utilities
$226.3M+2.9%

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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:Revenues.

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
Year Ended December 31, 2025Consolidating Income Statement / Electric UtilitiesConsolidating Income Statement / Gas UtilitiesConsolidating Income Statement / Total Reportable SegmentsConsolidating Income Statement / Corporate and OtherConsolidating Income Statement / Total
Revenue -
External Customers$933.2$1,376.8$2,310.0$2,310.0
Inter-segment9.66.015.6(15.6)
Total revenue942.81,382.82,325.6(15.6)2,310.0
Fuel, purchased power and cost of natural gas sold259.6572.3831.9(0.4)831.5
Operations and maintenance (a) -
Direct138.6159.5298.1(9.4)288.7
Allocated132.6168.5301.1301.1

ITEM 8.

FAQ

What is Black Hills's reportable segment aggregation before other operating — revenue?
Black Hills (BKH) reported reportable segment aggregation before other operating — revenue of $581.4M in Q4 2025.
How has Black Hills's reportable segment aggregation before other operating — revenue changed year-over-year?
Black Hills's reportable segment aggregation before other operating — revenue increased by 8.4% year-over-year, from $536.38M to $581.4M.
What is the long-term trend for Black Hills's reportable segment aggregation before other operating — revenue?
Over 2 years (2023 to 2025), Black Hills's reportable segment aggregation before other operating — revenue has grown at a -0.5% compound annual growth rate (CAGR), from $2.35B to $2.33B.
What does reportable segment aggregation before other operating — revenue mean?
This metric represents the total gross income generated by the core utility business segments before accounting for corporate-level overhead or other non-operating activities. It reflects the primary revenue streams from the delivery of electric and gas services to residential, commercial, and industrial customers. This figure serves as a key indicator of the scale and market demand for the company's utility operations.

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