Short answer
BLACK HILLS CORP /SD/ (BKH) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $2.3B (+9.0% year over year) and net income of $292M.
- Top risk flagged: Risk of significant income tax expense changes from IRS or state tax audits impacting deferred tax assets valuation
FY2025 key financial metrics · XBRL
- Revenue
- $2.3B
- +9.0% YoY
- Net income
- $292M
- +6.8% YoY
- Operating margin
- 23.5%
- −0.5 pp YoY
- EPS (diluted)
- $3.98
- +1.8% YoY
- ROE
- 7.6%
- −0.2 pp YoY
- Operating cash flow
- $673M
- −6.4% YoY
Source: XBRL data from the BLACK HILLS CORP /SD/ (BKH) FY2025 10-K on SEC EDGAR. USD.
BLACK HILLS CORP /SD/ FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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
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