Loading financials from SEC filings…
Utilities - Regulated electric · Utilities · Fiscal year ends Dec 31
Black Hills reported revenue of $2.3B in the fiscal year ended Dec 2025, up 9.0% from the year before. Operating income was $538M, an operating margin of 23.5%, and net income was $292M. Operating cash flow of $673M less capital expenditure of $820M left free cash flow of −$146M. Net debt was $4.5B.
Ranks among the 36 utilities - regulated electric companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1,931 | 2,543 | 2,302 | 2,098 | 2,286 |
| Operating income | 409 | 455 | 473 | 503 | 538 |
| Interest expense | 152 | 161 | 168 | 182 | 200 |
| Pre-tax income | 258 | 296 | 302 | 320 | 344 |
| Income tax | 7.2 | 25.2 | 25.6 | 36.3 | 43.7 |
| Net income | 237 | 258 | 262 | 273 | 292 |
| Diluted EPS | 3.74 | 3.97 | 3.91 | 3.91 | 3.98 |
| Diluted shares | 63.3 | 73.2 | 67.1 | 69.9 | 73.2 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 8.9 | 21.4 | 86.6 | 16.1 | 183 |
| Receivables | 322 | 508 | 350 | 351 | 389 |
| Inventory | 151 | 207 | 161 | 154 | 172 |
| Current assets | 808 | 1,072 | 827 | 742 | 996 |
| Net PP&E | 6,449 | 6,798 | 7,119 | 7,630 | 8,234 |
| Goodwill | 1,299 | 1,300 | 1,300 | 1,300 | 1,300 |
| Total assets | 9,132 | 9,618 | 9,620 | 10,023 | 10,870 |
| Payables | 218 | 310 | 186 | 229 | 312 |
| Current liabilities | 902 | 1,667 | 1,185 | 763 | 740 |
| Short-term debt | 0.0 | 525 | 600 | 0.0 | 0.0 |
| Long-term debt | 4,127 | 3,607 | 3,801 | 4,250 | 4,701 |
| Total liabilities | 6,245 | 6,528 | 6,315 | 6,437 | 6,964 |
| Shareholders' equity | 2,787 | 2,995 | 3,215 | 3,502 | 3,824 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −64.6 | 585 | 944 | 719 | 673 |
| Capital expenditure | 678 | 604 | 556 | 744 | 820 |
| Free cash flow | −742 | −19.6 | 389 | −24.9 | −146 |
| Depreciation & amortisation | 236 | 251 | 257 | 270 | 284 |
| Stock-based compensation | 9.7 | 8.6 | 7.0 | 10.6 | 11.8 |
| Dividends paid | 145 | 157 | 168 | 182 | 198 |
| Dividend per share | 2.29 | 2.41 | 2.50 | 2.60 | 2.70 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 31.7% | −9.5% | −8.8% | 9.0% |
| Operating income growth (YoY) | – | 11.2% | 3.8% | 6.4% | 6.8% |
| EPS growth (YoY) | – | 6.1% | −1.5% | 0.0% | 1.8% |
| Operating margin | 21.2% | 17.9% | 20.5% | 24.0% | 23.5% |
| Net margin | 12.3% | 10.2% | 11.4% | 13.0% | 12.8% |
| Return on equityBlank when equity is negative | 8.5% | 8.6% | 8.2% | 7.8% | 7.6% |
| ROCEEBIT ÷ (assets − current liabilities) | 5.0% | 5.7% | 5.6% | 5.4% | 5.3% |
| Free cash flow margin | −38.4% | −0.8% | 16.9% | −1.2% | −6.4% |
| Cash conversion (CFO ÷ net income) | −0.27x | 2.26x | 3.60x | 2.63x | 2.31x |
| Receivable days | 61 | 73 | 56 | 61 | 62 |
| Interest cover | 2.69x | 2.83x | 2.82x | 2.77x | 2.69x |
| Debt ÷ equity | 1.48x | 1.38x | 1.37x | 1.21x | 1.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 4,118 | 4,111 | 4,315 | 4,234 | 4,518 |
| Current ratio | 0.90x | 0.64x | 0.70x | 0.97x | 1.35x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.