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Segments

By segment

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Electric Utilities$40.9M+9.1%
Gas Utilities$34.4M+6.5%

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:DepreciationAndAmortization.

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)Three Months Ended June 30, 2026Three Months Ended June 30, 2025Six Months Ended June 30, 2026Six Months Ended June 30, 2025
Operating expenses:
Fuel, purchased power and cost of natural gas sold113.5124.0451.3483.8
Operations and maintenance150.5147.6298.6301.3
Depreciation and amortization75.369.8150.1139.0
Taxes other than income taxes16.515.134.532.7
Total operating expenses355.8356.5934.5956.8
Operating income97.082.5299.0287.4
Other income (expense):

ITEM 1. FINANCIAL STATEMENTS

FAQ

What is Black Hills's D&A?
Black Hills (BKH) reported D&A of $75.3M in Q2 2026.
How has Black Hills's D&A changed year-over-year?
Black Hills's D&A increased by 7.9% year-over-year, from $69.8M to $75.3M.
What is the long-term trend for Black Hills's D&A?
Over 4 years (2021 to 2025), Black Hills's D&A has grown at a 4.7% compound annual growth rate (CAGR), from $236M to $283.8M.
What does D&A mean?
Total non-cash depreciation of tangible assets and amortization of intangible assets — the largest add-back to net income in the operating cash flow reconciliation.

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