$BKH

BLACK HILLS CORP /SD/

CIK:0001130464|SEC Filings

Consolidated Statements of Income - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Revenue	$ 452.8	$ 439.0	$ 1,233.5	$ 1,244.2
Operating expenses:
Fuel, purchased power and cost of natural gas sold	113.5	124.0	451.3	483.8
Operations and maintenance	150.5	147.6	298.6	301.3
Depreciation and amortization	75.3	69.8	150.1	139.0
Taxes other than income taxes	16.5	15.1	34.5	32.7
Total operating expenses	355.8	356.5	934.5	956.8
Operating income	97.0	82.5	299.0	287.4
Other income (expense):
Interest expense incurred net of amounts capitalized	(52.7)	(49.8)	(105.9)	(101.6)
Interest income	1.1	0.9	2.4	1.3
Other income (expense), net	0.2	(0.4)	0.8	0.6
Total other (expense)	(51.4)	(49.3)	(102.7)	(99.7)
Income before income taxes	45.6	33.2	196.3	187.7
Income tax (expense)	(5.2)	(4.4)	(22.8)	(22.5)
Net income	40.4	28.8	173.5	165.2
Net income attributable to non-controlling interest	(2.2)	(1.3)	(4.3)	(3.5)
Net income available for common stock	$ 38.2	$ 27.5	$ 169.2	$ 161.7
Earnings per share of common stock:
Earnings per share, Basic (usd per share)	$ 0.5	$ 0.38	$ 2.24	$ 2.25
Earnings per share, Diluted (usd per share)	$ 0.5	$ 0.38	$ 2.23	$ 2.24
Weighted average common shares outstanding:
Basic (in shares)	75.9	72.4	75.7	72.0
Diluted (in shares)	76.1	72.4	75.9	72.1

Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities:
Net income	$ 173.5	$ 165.2
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	150.1	139.0
Deferred financing cost amortization	5.0	4.3
Stock compensation	6.4	5.7
Deferred income taxes	35.1	37.5
Employee benefit plans	5.4	5.6
Other adjustments	(4.2)	2.9
Changes in certain operating assets and liabilities:
Materials, supplies and fuel	14.3	8.4
Accounts receivable and other current assets	128.2	84.8
Accounts payable and other current liabilities	(145.4)	(93.3)
Regulatory assets	18.0	57.9
Other operating activities, net	(15.1)	(1.6)
Net cash provided by operating activities	371.3	416.4
Investing activities:
Property, plant and equipment additions	(485.5)	(371.8)
Other investing activities	(6.6)	(4.4)
Net cash (used in) investing activities	(492.1)	(376.2)
Financing activities:
Dividends paid on common stock	(106.6)	(97.6)
Common stock issued	50.1	65.0
Net borrowings (payments) of Revolving Credit Facility and CP Program	90.0	(10.1)
Long-term debt - repayments	(300.0)	0.0
Distributions to non-controlling interests	(6.1)	(3.8)
Proceeds from refundable advances for construction	285.0	0.0
Other financing activities	(2.5)	(1.3)
Net cash provided by (used in) financing activities	9.9	(47.8)
Net change in cash, restricted cash and cash equivalents	(110.9)	(7.6)
Cash, restricted cash, and cash equivalents beginning of period	190.4	23.4
Cash, restricted cash, and cash equivalents end of period	79.5	15.8
Supplemental cash flow information:
Interest (net of amounts capitalized)	(102.4)	(100.8)
Income taxes, net of transferred tax credits (Note 11)	12.1	13.9
Accrued property, plant, and equipment purchases	$ 179.8	$ 78.5

Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 71.5	$ 182.8
Restricted cash and equivalents	8.0	7.6
Accounts receivable, net	282.1	389.0
Materials, supplies and fuel	157.9	172.4
Income tax receivable, net	24.3	23.3
Regulatory assets, current	121.0	139.7
Other current assets	80.3	81.1
Total current assets	745.1	995.9
Property, plant and equipment	10,850.7	10,344.9
Less accumulated depreciation	(2,211.1)	(2,110.7)
Total property, plant and equipment, net	8,639.6	8,234.2
Other assets:
Goodwill	1,299.5	1,299.5
Intangible assets, net	5.6	6.4
Regulatory assets, non-current	257.0	255.0
Other assets, non-current	91.3	78.8
Total other assets, non-current	1,653.4	1,639.7
TOTAL ASSETS	11,038.1	10,869.8
Current liabilities:
Accounts payable	275.2	311.7
Accrued liabilities	269.2	322.6
Refundable advances for construction	285.0	0.0
Derivative liabilities, current	1.4	5.8
Regulatory liabilities, current	94.4	99.9
Notes payable	90.0	0.0
Current maturities of long-term debt	410.0	0.0
Total current liabilities	1,425.2	740.0
Long-term debt, net of current maturities	3,993.9	4,701.1
Deferred credits and other liabilities:
Deferred income tax liabilities, net	742.4	697.9
Regulatory liabilities, non-current	494.3	488.3
Benefit plan liabilities	121.4	123.4
Other deferred credits and other liabilities	237.2	213.4
Total deferred credits and other liabilities	1,595.3	1,523.0
Commitments, contingencies and guarantees (Note 3)
Equity:
Common stock $1 par value; 100,000,000 shares authorized; issued 76,317,445 and 75,520,234 shares, respectively	76.3	75.5
Additional paid-in capital	2,472.2	2,417.5
Retained earnings	1,405.5	1,342.9
Treasury stock, at cost - 61,109 and 43,167 shares, respectively	(4.0)	(2.6)
Accumulated other comprehensive (loss)	(6.6)	(9.7)
Total stockholders’ equity	3,943.4	3,823.6
Non-controlling interest	80.3	82.1
Total equity	4,023.7	3,905.7
TOTAL LIABILITIES AND TOTAL EQUITY	$ 11,038.1	$ 10,869.8