Black Hills financials
$70.27+0.77%
Close Sep 29, 2026 · split-adjustedRevenue
Net income
Income statement & cash flow
| Fiscal year | FY25 Dec 31 | FY24 Dec 31 | FY23 Dec 31 | FY22 Dec 31 | FY21 Dec 31 | FY20 Dec 31 | FY19 Dec 31 | FY18 Dec 31 | FY17 Dec 31 | FY16 Dec 31 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.31B | $2.13B | $2.33B | $2.55B | $1.95B | $1.70B | $1.73B | $1.75B | $1.68B | $1.54B |
| Gross profit | $1.48B | $1.40B | $1.35B | $1.32B | $1.21B | $1.20B | $1.16B | $1.13B | $1.12B | $1.04B |
| Gross margin | 64.0% | 65.7% | 57.8% | 51.8% | 61.9% | 71.0% | 67.1% | 64.3% | 66.5% | 67.6% |
| Operating income | $537.5M | $503.1M | $472.7M | $455.2M | $409.4M | $421.4M | $386.3M | $398.9M | $422.5M | $336.2M |
| Net income | $291.6M | $273.1M | $262.2M | $258.4M | $236.7M | $227.6M | $199.3M | $258.4M | $177.0M | $73.0M |
| Net margin | 12.6% | 12.8% | 11.2% | 10.1% | 12.1% | 13.4% | 11.5% | 14.7% | 10.5% | 4.7% |
| Diluted EPS | $3.98 | $3.91 | $3.91 | $3.97 | $3.74 | $3.65 | $3.28 | $4.66 | $3.21 | $1.37 |
| EBITDA | $821.3M | $773.2M | $729.5M | $706.1M | $645.4M | $652.8M | $615.2M | $595.2M | $610.8M | $511.7M |
| Operating cash flow | $673.4M | $719.3M | $944.4M | $584.8M | -$64.6M | $541.9M | $505.5M | $488.8M | $428.3M | $320.5M |
| Free cash flow | -$146.4M | -$24.9M | $388.8M | -$19.6M | -$742.1M | -$225.5M | -$312.9M | $31.3M | $102.3M | -$134.5M |
| Diluted shares | 73.2M | 69.9M | 67.1M | 65.0M | 63.3M | 62.4M | 60.8M | 55.5M | 55.1M | 53.3M |
Balance sheet
| Period end | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 | Dec 31 |
|---|---|---|---|---|---|---|
| Cash & equivalents | $182.8M | $16.1M | $86.6M | $21.4M | $8.9M | $6.4M |
| Short-term investments | $0.00 | $0.00 | $0.00 | $0.00 | — | — |
| Total debt | $4.70B | $4.38B | $4.40B | $4.67B | $4.55B | $3.77B |
| Total assets | $10.87B | $10.02B | $9.62B | $9.62B | $9.13B | $8.09B |
| Total liabilities | $6.96B | $6.44B | $6.31B | $6.53B | $6.24B | $5.43B |
| Shareholders' equity | $3.91B | $3.59B | $3.31B | $3.09B | $2.89B | $2.66B |
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