BLACK HILLS CORP /SD/ (BKH) FY2025 10-K Annual Report
BLACK HILLS CORP /SD/ (BKH) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 11, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
BLACK HILLS CORP /SD/ FY2025 10-K Analysis
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)
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
- • No specific operational, geopolitical, competitive, or financial risks detailed in provided text
BLACK HILLS CORP /SD/ FY2025 Key Financial MetricsXBRL
Revenue
$2.3B
▲ +9.0% YoY
Net Income
$292M
▲ +6.8% YoY
Operating Margin
23.5%
▼ -47bp YoY
Net Margin
12.8%
▼ -26bp YoY
ROE
7.6%
▼ -17bp YoY
Total Assets
$10.9B
▲ +8.5% YoY
EPS (Diluted)
$3.98
▲ +1.8% YoY
Operating Cash Flow
$673M
▼ -6.4% YoY
Source: XBRL data from BLACK HILLS CORP /SD/ FY2025 10-K filing on SEC EDGAR. All figures in USD.
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