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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%
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:PaymentsToAcquirePropertyPlantAndEquipment.

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
(unaudited)Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Other operating activities, net(15.1)(1.6)
Net cash provided by operating activities371.3416.4
Investing activities:
Property, plant and equipment additions(485.5)(371.8)
Other investing activities(6.6)(4.4)
Net cash (used in) investing activities(492.1)(376.2)
Financing activities:
Dividends paid on common stock(106.6)(97.6)

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Black Hills's capex?
Black Hills (BKH) reported capex of $218.1M in Q2 2026.
How has Black Hills's capex changed year-over-year?
Black Hills's capex decreased by 0.4% year-over-year, from $218.9M to $218.1M.
What is the long-term trend for Black Hills's capex?
Over 4 years (2021 to 2025), Black Hills's capex has grown at a 4.9% compound annual growth rate (CAGR), from $677.5M to $819.8M.
What does capex mean?
Cash spent on property, plant, and equipment — the primary measure of investment in productive capacity and infrastructure.

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