Black Hills financials
$70.27+0.77%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Quarter | Q2 '26 Jun 30 | Q1 '26 Mar 31 | Q4 '25 Dec 31 | Q3 '25 Sep 30 | Q2 '25 Jun 30 | Q1 '25 Mar 31 | Q4 '24 Dec 31 | Q3 '24 Sep 30 | Q2 '24 Jun 30 | Q1 '24 Mar 31 | Q4 '23 Dec 31 | Q3 '23 Sep 30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $452.8M | $780.7M | $635.5M | $430.2M | $439.0M | $805.2M | $597.1M | $401.6M | $402.6M | $726.4M | $591.7M | $407.1M |
| Gross profit | $339.3M | $442.8M | $399.7M | $318.2M | $315.0M | $445.5M | $385.0M | $307.1M | $295.5M | $409.8M | $358.6M | $304.9M |
| Gross margin | 74.9% | 56.7% | 62.9% | 74.0% | 71.8% | 55.3% | 64.5% | 76.5% | 73.4% | 56.4% | 60.6% | 74.9% |
| Operating income | $97.0M | $201.9M | $171.4M | $78.7M | $82.5M | $205.0M | $163.3M | $75.8M | $70.6M | $193.3M | $136.5M | $97.8M |
| Net income | $38.2M | $131.0M | $105.0M | $24.9M | $27.5M | $134.3M | $98.1M | $24.4M | $22.8M | $127.9M | $79.7M | $45.4M |
| Net margin | 8.4% | 16.8% | 16.5% | 5.8% | 6.3% | 16.7% | 16.4% | 6.1% | 5.7% | 17.6% | 13.5% | 11.2% |
| Diluted EPS | $0.50 | $1.73 | $1.39 | $0.34 | $0.38 | $1.87 | $1.37 | $0.35 | $0.33 | $1.87 | $1.17 | $0.67 |
| EBITDA | $172.3M | $276.7M | $244.7M | $150.2M | $152.3M | $274.2M | $231.6M | $145.1M | $137.2M | $259.2M | $136.5M | $162.6M |
| Operating cash flow | $195.1M | $176.2M | $168.1M | $88.9M | $188.6M | $227.8M | $153.2M | $102.1M | $230.6M | $233.4M | $188.4M | $150.9M |
| Free cash flow | -$23.0M | -$91.2M | -$101.5M | -$89.5M | -$30.3M | $74.9M | -$60.5M | -$86.0M | $64.4M | $57.2M | $54.6M | -$9.2M |
| Diluted shares | 76.1M | 75.6M | 75.7M | 72.9M | 72.4M | 71.8M | 71.7M | 70.6M | 69.0M | 68.3M | 68.2M | 67.4M |
Balance sheet
| Period end | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Jun 30 | Mar 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $71.5M | $23.6M | $182.8M | $21.1M | $8.1M | $6.6M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Total debt | $4.49B | $4.65B | $4.70B | $4.38B | $4.38B | $4.31B |
| Total assets | $11.04B | $10.82B | $10.87B | $10.33B | $10.09B | $10.06B |
| Total liabilities | $7.01B | $6.79B | $6.96B | $6.48B | $6.37B | $6.34B |
| Shareholders' equity | $4.02B | $4.03B | $3.91B | $3.85B | $3.72B | $3.72B |
From SEC filings via Massive. Fiscal periods follow the company's own calendar; free cash flow is operating cash flow minus capital expenditure.
Sources: Massive / Polygon daily aggregates (split-adjusted) · SEC filings via Massive · FINRA settlements via Massive · Financial Modeling Prep. Figures are dated where shown; research is informational, not investment advice. Methodology