BKH at a glance
BLACK HILLS CORP /SD/ (BKH, SEC CIK 1130464) filed its latest 10-K annual report on February 11, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on October 6, 2026 and Form 4 insider filings as recently as May 28, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), BLACK HILLS CORP /SD/ (BKH) reported revenue of $2.3 billion (up 9.0% from FY2024) and net income of $291.6 million. Diluted EPS was $3.98.
- The most recent insider open-market sale reported on Form 4 was by Otto Robert P on May 27, 2026 of 4,109 shares at $74.22 per share.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $2.3B
- +9.0% vs prior year
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- Latest 8-K
- Aug 17, 2026
- Item 8.01
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Risk Factors
- Risk of significant income tax expense changes from IRS or state tax audits impacting deferred tax assets valuation
- Potential earnings volatility from adjustments to deferred tax assets due to tax law changes or interpretations
- Exposure to changes in federal and state income tax rates affecting consolidation of separate tax entities
Business Overview
- Core business: Regulated utility operations providing electric and natural gas services in multiple US states
- New emphasis: Pending all-stock merger agreement with NorthWestern to create a larger utility serving 0.7 million electric and 1.5 million gas customers
- Strategic shift: Expected geographic expansion across 8 states post-merger, increasing scale and customer base significantly
- Quantitative metric: Serving 227,000 electric and 1,138,000 gas customers pre-merger, with extensive infrastructure including 1,386 MW generation and over 54,000 miles of gas pipelines
- Noteworthy fact: Merger pending various regulatory approvals, aiming to close in second half of 2026 as a tax-free transaction
Management Discussion & Analysis
- Revenue Electric Utilities $942.8M (+$66.7M YoY), Gas Utilities $1,382.8M (+$113.4M YoY), total operating income $537.5M (+$34.4M YoY)
- Operating margin Electric Utilities 23.6% ($222.5M/ $942.8M) vs 26.6% (233.0M/876.1M), Gas Utilities 23.2% (320.8M/1,382.8M) vs 21.4% (271.3M/1,269.4M)
- Best segment Gas Utilities operating income $320.8M (+$49.5M), worst Electric Utilities $222.5M (-$10.5M)
- Cash flow operating activities $673.4M (-$45.9M YoY), investing activities outflow $828.2M (+$82.2M), financing activities inflow $321.8M (+$364.7M); capex $819.8M (+$75.6M), dividends paid $197.9M (+$15.6M), common stock issued $219.2M (+$37.8M)
- Management plans refinancing $400M senior notes due Jan 2027, expects to file new shelf registration in 2026; key risk higher interest expense (+$18.4M), merger-related costs increasing Corporate loss ($4.6M)
AI summary of the BKH 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Jun 30, 2026
Management Discussion & Analysis
- Q2 revenue: Electric Utilities $226.3M vs $219.9M; Gas Utilities $230.5M vs $223.0M
- Q2 operating income $97.0M vs $82.5M; net income $40.4M vs $28.8M
- Best segment: Electric Utilities operating income $61.1M vs $49.0M; Gas Utilities $43.1M vs $35.5M
- Cash $71.5M vs $182.8M; available liquidity $728.3M vs $929.6M at December 31, 2025
- Headwinds: merger costs increased Corporate and Other loss by $5.2M; net interest expense increased $2.7M due to higher debt balances
Risk Factors
- No Risk Factors section provided in the submitted filing excerpt
- No newly added, updated, regulatory, operational, competitive, or financial risks identifiable from the provided text
AI summary of the BKH 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 8.01: Other Events
- NorthWestern historical financial statements filed under Rule 3-05, supporting Black Hills’ pending merger review
- Pro forma combined financials assume closing January 1, 2025 for income and June 30, 2026 for balance sheet
Item EX-99.1: Item EX-99.1
- Q2 revenue $392.6M, up from $342.7M, but net income rose to $25.0M from $21.2M
- Six-month net income fell to $88.5M from $98.2M, with diluted EPS declining to $1.43 from $1.60
Item 2.02: Results of Operations and Financial Condition
- Q2 2026 financial results announced on August 5, 2026
- Exhibit 99 contains the substantive earnings release for investor review
Item EX-99.1: Item EX-99.1
- Q2 adjusted EPS $0.54 versus $0.38, supported by rate recovery despite higher financing and depreciation costs
- Six-month adjusted EPS $2.33 versus $2.24, while mild weather reduced results by $0.18 per share
AI summaries of BKH 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for BKH
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Otto Robert P | Sell | May 27, 2026 | 4,109 | $74.22 |
| Jensen Tony A | A | May 1, 2026 | 1,921 | - |
| McAllister Kathleen S | A | May 1, 2026 | 1,921 | - |
| Waleski Anne G | A | May 1, 2026 | 1,921 | - |
| Otto Robert P | A | May 1, 2026 | 1,921 | - |
| Prochazka Scott M | A | May 1, 2026 | 1,921 | - |
| Taylor Teresa | A | May 1, 2026 | 1,921 | - |
| MILLS STEVEN RICHARD | A | May 1, 2026 | 1,921 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | $2.1B | $2.3B |
| Operating Income | - | $503.1M | $537.5M |
| Net Income | $262.2M | $273.1M | $291.6M |
| Op. Margin | - | 24.0% | 23.5% |
| Net Margin | - | 13.0% | 12.8% |
| Balance Sheet | |||
| Total Assets | $9.6B | $10.0B | $10.9B |
| Equity | - | $3.5B | $3.8B |
| ROE | - | 7.8% | 7.6% |
| Per Share | |||
| EPS | $3.91 | $3.91 | $3.98 |
| Cash Flow | |||
| Operating CF | - | $719.3M | $673.4M |
| CapEx | $555.6M | $744.2M | $819.8M |
Source: XBRL data in BLACK HILLS CORP /SD/ (BKH)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
BKH filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 8-K | Oct 6, 2026 | - | - | - |
| 8-K | Aug 17, 2026 | - | Analysis | - |
| SC 13G | Aug 7, 2026 | - | - | |
| 10-Q | Aug 6, 2026 | Jun 30, 2026 | Analysis | |
| 8-K | Aug 5, 2026 | - | Analysis | - |
| 4 | May 28, 2026 | - | - | |
| 8-K | May 15, 2026 | - | Analysis | |
| SC 13G | May 12, 2026 | - | - | |
| 10-Q | May 7, 2026 | Mar 31, 2026 | Analysis | |
| 8-K | May 6, 2026 | - | Analysis | |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 4 | May 4, 2026 | - | - | - |
| 8-K | May 1, 2026 | - | Analysis | - |
| SC 13G | Apr 29, 2026 | - | - | |
| SC 13G | Apr 29, 2026 | - | - | |
| 8-K | Apr 2, 2026 | - | Analysis | - |
| 8-K | Feb 19, 2026 | - | - | |
| 4 | Feb 18, 2026 | - | - |
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BKH SEC filings: frequently asked questions
What was BKH's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), BLACK HILLS CORP /SD/ (BKH) reported revenue of $2.3 billion (up 9.0% from FY2024) and net income of $291.6 million. Diluted EPS was $3.98. The figures come from the XBRL data in the 10-K.
What are the main risks in BKH's latest 10-K?
In the 10-K filed February 11, 2026, BLACK HILLS CORP /SD/ (BKH) flagged: Risk of significant income tax expense changes from IRS or state tax audits impacting deferred tax assets valuation. Potential earnings volatility from adjustments to deferred tax assets due to tax law changes or interpretations. (AI summary of the Risk Factors section.)
What did BKH report in its latest 8-K?
BLACK HILLS CORP /SD/ (BKH) filed an 8-K on August 17, 2026 reporting Item 8.01 (Other Events). NorthWestern historical financial statements filed under Rule 3-05, supporting Black Hills’ pending merger review.
What are the latest BKH SEC filings?
BLACK HILLS CORP /SD/ (BKH) filed its latest 10-K annual report on February 11, 2026, a 10-Q quarterly report on August 6, 2026, an 8-K current report on October 6, 2026 and a Form 4 insider filing on May 28, 2026.
What is BKH's SEC CIK number?
BLACK HILLS CORP /SD/ (BKH)'s SEC Central Index Key (CIK) is 1130464. EDGAR lists every BKH filing under that number.
Ask anything about BKH
The research agent reads BKH's filings, financials, insider trades and 13F holders, then answers with sources.