BLACK HILLS CORP /SD/
Company Stats
- Market Cap
- $5.3B
- as of Sep 30, 2026
- Shares Outstanding
- 76.3M
- Free Float
- 99.3%
Income Statement
- Revenue
- $2.3B
- Operating Income
- $537.5M
- Net Income
- $291.6M
- EBITDA
- $821.3M
- Revenue Growth, 3Y
- -3.5%
- FCF Margin, 3Y Avg
- 3.1%
- FCF Margin, Worst Year
- -6.4%
Cash Flow
- Free Cash Flow
- -$146.4M
- FCF Yield
- -2.7%
- Owner FCF Yield
- -3.0%
Balance Sheet
- Cash & Equivalents
- $182.8M
Returns & Capital
- Dividends Paid
- $197.9M
- Dividend Yield
- 3.7%
- Dividend Payout, 3Y Avg
- 66.2%
- SBC, 3Y Avg
- $9.8M
Cash Flow by Year
| Year | Revenue | FCF | Margin |
|---|---|---|---|
| FY2025 | $2.3B | -$146.4M | -6.4% |
| FY2024 | $2.1B | -$24.9M | -1.2% |
| FY2023 | $2.3B | $388.8M | 16.9% |
| FY2022 | $2.5B | -$19.6M | -0.8% |
| FY2021 | $1.9B | -$742.1M | -38.4% |
Annual filing data through FY ended December 31, 2025; shares and float as of October 27, 2026. Yields and enterprise value use the calculated market cap above, at its as-of date. Ratios are our calculations from reported figures.
Earnings
Other Coverage
November 7, 2026
Deals
NorthWestern Energy Group to Combine With Black Hills
October 6, 2026
Deals
Black Hills to Serve Google Wyoming Data Center
September 28, 2026
QBook
Stronger demand supports expansion as pricing diverges
September 10, 2026
Deals
NorthWestern Energy to Merge with Black Hills in All-Stock Deal
June 30, 2026
Share Count Trends
Utilities Lead Quarterly Dilution as Materials Buybacks Gain
NorthWestern Energy Group to Combine With Black Hills
October 6, 2026
Deals
Black Hills to Serve Google Wyoming Data Center
September 28, 2026
QBook
Stronger demand supports expansion as pricing diverges
September 10, 2026
Deals
NorthWestern Energy to Merge with Black Hills in All-Stock Deal
June 30, 2026
Share Count Trends
Utilities Lead Quarterly Dilution as Materials Buybacks Gain