Jun 2026 (Q2 FY26) — Aug 6, 2026
Black Hills Corporation Q2 FY26 — Strong Earnings and Advancing Large Load Opportunities
Read the full callBlack Hills (BKH) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Black Hills earnings: last reported Thu, 6 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 453 | +3.1% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 21.4 | +2.6 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 38.2 | +38.9% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
19 of 21 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| South Dakota generation rider filing for Lange II | File rider | Mar 2026 | And for the South Dakota portion, we recently filed for recovery to the generation rider. | Achieved |
| Arkansas Gas rate case outcome | New rates effective | Dec 2024 | Our Arkansas Gas rate review is currently in the final stages of rebuttal testimony and a hearing is set for August 20. | Delayed |
| Capital expenditure | $800 million | Jun 2024 | Ghosted |
2 of BLACK HILLS CORP /SD/'s 36 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 33 more targets are in the full ledger.
Claimed
- Delivered Q2 FY26 adjusted EPS of $0.54, up from $0.38 in Q2 FY25.
- Reaffirmed full-year adjusted EPS guidance of $4.25 to $4.45, representing 6% growth at the midpoint over 2025.
- Maintained solid financial position with FFO to debt target of 14%-15% and over $650 million liquidity.
- Advanced large load demand pipeline with over 3 GW of data center opportunities, including 600 MW in current plan and 2.5 GW under active negotiation.
- Extended dividend increase track record to 56 consecutive years in 2026.
Qualified
- Q2 FY26 GAAP EPS of $0.50 included $0.04 of merger-related transaction costs.
- Higher financing and depreciation costs impacted Q2 FY26 EPS by $0.12.
- Weather was $0.03 unfavorable compared to normal in Q2 FY26.
- Awaiting final regulatory approval from Montana for the NorthWestern Energy merger, with a decision expected by mid-November.
Price
$75.87 −0.73% · −$0.56
Performance +24.3% 1Y
1Y: $61.05 on 14 Oct 2025 → $75.87. High $77.24 (13 Oct 2026), low $61.05 (14 Oct 2025).
- Previous close
- $76.43
- 52-week range
- $61.05 – $77.24
- One year
- +22.25%
Overview
- Symbol
- BKH
- Sector
- Utilities
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
19 of 21 judged targets kept · 15 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| South Dakota generation rider filing for Lange II | File rider | Mar 2026 | And for the South Dakota portion, we recently filed for recovery to the generation rider. | Achieved |
| Arkansas Gas rate case outcome | New rates effective | Dec 2024 | Our Arkansas Gas rate review is currently in the final stages of rebuttal testimony and a hearing is set for August 20. | Delayed |
| Capital expenditure | $800 million | Jun 2024 | Ghosted |
Claimed
- Delivered Q2 FY26 adjusted EPS of $0.54, up from $0.38 in Q2 FY25.
- Reaffirmed full-year adjusted EPS guidance of $4.25 to $4.45, representing 6% growth at the midpoint over 2025.
- Maintained solid financial position with FFO to debt target of 14%-15% and over $650 million liquidity.
- Advanced large load demand pipeline with over 3 GW of data center opportunities, including 600 MW in current plan and 2.5 GW under active negotiation.
- Extended dividend increase track record to 56 consecutive years in 2026.
Qualified
- Q2 FY26 GAAP EPS of $0.50 included $0.04 of merger-related transaction costs.
- Higher financing and depreciation costs impacted Q2 FY26 EPS by $0.12.
- Weather was $0.03 unfavorable compared to normal in Q2 FY26.
- Awaiting final regulatory approval from Montana for the NorthWestern Energy merger, with a decision expected by mid-November.
The full ledger
Open BLACK HILLS CORP /SD/’s full ledger
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Call summaries
Mar 2026 (Q1 FY26) — May 7, 2026
Black Hills Corporation Q1 FY26 — Strong Start with Reaffirmed Guidance and Data Center Growth
Read the full callEvery analysed call
Black Hills earnings calls (BKH)
Financials
What the filings say
Net profit, year on year: +39% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 402 | 597 | 805 | 439 | 430 | 636 | 781 | 453 |
| Operating profit | 76 | 163 | 205 | 83 | 79 | 171 | 202 | 97 |
| Operating margin | 18.9% | 27.4% | 25.5% | 18.8% | 18.3% | 26.9% | 25.9% | 21.4% |
| Other income | -46 | -50 | -50 | -49 | -49 | -45 | -51 | -51 |
| Interest | 45 | 50 | 51 | 49 | 49 | 51 | 52 | 52 |
| Profit before tax | 29 | 114 | 155 | 33 | 30 | 126 | 151 | 46 |
| Tax rate | 9.9% | 11.3% | 11.7% | 13.3% | 13.4% | 13.7% | 11.7% | 11.4% |
| Net profit | 24 | 98 | 134 | 28 | 25 | 105 | 131 | 38 |
| EPS ($ per share) | 0.35 | — | 1.87 | 0.38 | 0.34 | — | 1.74 | 0.50 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 60 | 61 | 63 | 65 | 66 | 68 | 72 | 76 |
| Reserves | 700 | 779 | 871 | 962 | 1,064 | 1,158 | 1,249 | 1,343 |
| Total liabilities | 4,676 | 5,094 | 5,426 | 6,245 | 6,528 | 6,315 | 6,437 | 6,964 |
| Fixed assets | 4,855 | 5,503 | 6,020 | 6,449 | 6,798 | 7,119 | 7,630 | 8,234 |
| Total assets | 6,963 | 7,558 | 8,089 | 9,132 | 9,618 | 9,620 | 10,023 | 10,870 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 489 | 506 | 542 | -65 | 585 | 944 | 719 | 673 |
| Cash from investing | -466 | -816 | -762 | -664 | -604 | -537 | -746 | -828 |
| Cash from financing | -17 | 300 | 217 | 732 | 32 | -342 | -43 | 322 |
| Capital expenditure | -458 | -818 | -767 | -677 | -604 | -556 | -744 | -820 |
| Free cash flow | 31 | -313 | -226 | -742 | -20 | 389 | -25 | -146 |
BKH revenue by segment
Gas Utilities grew from 43% to 51% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Gas Utilities | 43% | 61% | 71% | 50% | 42% | 62% | 70% | 51% | +4.3% |
| Electric Utilities | 58% | 36% | 29% | 50% | 58% | 37% | 31% | 50% | +3.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
37 filings between Nov 7, 2025 and May 27, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$1.33M
2 sales by 2 insiders
Compensation
not trading decisions- 19
- Award — granted as compensation
- 13
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts, 1 other.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Nooney Kimberly F | — | $1.03M | Nov 10, 2025 |
| Otto Robert P | — | $305.0K | May 27, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| May 27, 2026 | Otto Robert P Director | Sale | 4,109 | $305.0K |
| May 1, 2026 | McAllister Kathleen S Director | Award | 1,921 | — |
| May 1, 2026 | Jensen Tony A Director | Award | 1,921 | — |
| May 1, 2026 | MILLS STEVEN RICHARD Director | Award | 1,921 | — |
| May 1, 2026 | Granger Barry M Director | Award | 1,921 | — |
| May 1, 2026 | Otto Robert P Director | Award | 1,921 | — |
| May 1, 2026 | Prochazka Scott M Director | Award | 1,921 | — |
| May 1, 2026 | Taylor Teresa Director | Award | 1,921 | — |
| May 1, 2026 | Waleski Anne G Director | Award | 1,921 | — |
| May 1, 2026 | Beard Robert F. Director | Award | 1,921 | — |
| Feb 17, 2026 | Evans Linden R President and CEO | Gift | 2,580 | — |
| Feb 17, 2026 | Evans Linden R President and CEO | Gift | 3,731 | — |
| Feb 12, 2026 | Evans Linden R President and CEO | Tax withheld | 3,556 | $260.3K |
| Feb 12, 2026 | Evans Linden R President and CEO | Award | 9,036 | $661.5K |
| Feb 12, 2026 | Nooney Kimberly F SVP & CFO | Award | 2,006 | $146.9K |
| Feb 12, 2026 | Nooney Kimberly F SVP & CFO | Tax withheld | 806 | $59.0K |
| Feb 12, 2026 | Jones Marne M SVP - Utilities | Award | 835 | $61.1K |
| Feb 12, 2026 | Jones Marne M SVP - Utilities | Tax withheld | 334 | $24.5K |
| Feb 9, 2026 | Nooney Kimberly F SVP & CFO | Tax withheld | 377 | $27.0K |
| Feb 9, 2026 | Evans Linden R President and CEO | Tax withheld | 1,382 | $98.8K |
| Feb 9, 2026 | Evans Linden R President and CEO | Tax withheld | 1,078 | $77.0K |
| Feb 9, 2026 | Jones Marne M SVP - Utilities | Tax withheld | 276 | $19.7K |
| Feb 9, 2026 | Nooney Kimberly F SVP & CFO | Tax withheld | 250 | $17.9K |
| Feb 9, 2026 | Jones Marne M SVP - Utilities | Tax withheld | 104 | $7.5K |
| Feb 7, 2026 | Jones Marne M SVP - Utilities | Tax withheld | 1,418 | $102.5K |
| Feb 7, 2026 | Evans Linden R President and CEO | Tax withheld | 1,625 | $117.5K |
| Feb 7, 2026 | Wiltse Sarah SVP and CHRO | Tax withheld | 201 | $14.5K |
| Feb 7, 2026 | Nooney Kimberly F SVP & CFO | Tax withheld | 1,805 | $130.5K |
| Feb 6, 2026 | Redden Donald Lee JR CITO | Award | 1,642 | $0 |
| Feb 6, 2026 | Nakata Darren T. Chief Legal Officer | Award | 2,874 | $0 |
| Feb 6, 2026 | Wiltse Sarah SVP and CHRO | Award | 2,327 | $0 |
| Feb 6, 2026 | Nooney Kimberly F SVP & CFO | Award | 4,654 | $0 |
| Feb 6, 2026 | Jones Marne M SVP - Utilities | Award | 4,106 | $0 |
| Feb 6, 2026 | Evans Linden R President and CEO | Award | 17,793 | $0 |
| Dec 1, 2025 | Evans Linden R President and CEO | Other | 8 | $585 |
| Nov 10, 2025 | Nooney Kimberly F SVP & CFO | Sale | 14,500 | $1.03M |
| Nov 7, 2025 | Nakata Darren T. Chief Legal Officer | Award | 4,621 | $0 |
| Aug 1, 2025 | Redden Donald Lee JR CITO | Award | 5,268 | — |
| May 1, 2025 | Waleski Anne G Director | Award | 2,222 | $0 |
| May 1, 2025 | Beard Robert F. Director | Award | 2,222 | $0 |
| May 1, 2025 | Taylor Teresa Director | Award | 2,222 | $0 |
| May 1, 2025 | MILLS STEVEN RICHARD Director | Award | 2,222 | $0 |
| May 1, 2025 | Jensen Tony A Director | Award | 2,222 | $0 |
| May 1, 2025 | Granger Barry M Director | Award | 2,222 | $0 |
| May 1, 2025 | McAllister Kathleen S Director | Award | 2,222 | $0 |
| May 1, 2025 | Otto Robert P Director | Award | 2,222 | $0 |
| May 1, 2025 | Prochazka Scott M Director | Award | 2,222 | $0 |
| Feb 18, 2025 | Evans Linden R President and CEO | Gift | 3,210 | $0 |
| Feb 18, 2025 | Evans Linden R President and CEO | Gift | 4,901 | $0 |
| Feb 12, 2025 | Erik Keller D Sr VP Chief Info Officer | Tax withheld | 120 | $7.2K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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