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Black Hills
Black Hills (BKH) investor relations material
Black Hills Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary5 Feb, 2026
Executive summary
Achieved midpoint of 2025 earnings guidance and long-term growth targets, maintaining investment-grade credit ratings and strong liquidity.
Announced a tax-free, all-stock merger with NorthWestern Energy, with regulatory filings submitted and approvals targeted for the second half of 2026.
Completed major projects including the Ready Wyoming 260-mile transmission line and broke ground on the 99 MW Lange II generation project.
Extended dividend growth streak to 56 consecutive years in 2026.
Advanced major rate reviews in multiple states and obtained approval for a 50 MW battery project in Colorado.
Financial highlights
Reported 2025 GAAP EPS of $3.98 and adjusted EPS of $4.10, up 5% year-over-year from $3.91 in 2024, with $0.12 per share in merger-related costs.
Net income available for common stock was $291.6 million in 2025, with adjusted earnings of $300.4 million.
Delivered $0.95 per share of new rates and rider recovery margin, offsetting higher O&M, financing, and depreciation expenses.
Issued $220 million in equity and $450 million in debt; maintained strong liquidity with over $700 million available.
Maintained investment-grade credit ratings: Moody’s Baa2, S&P BBB+ (stable outlooks).
Outlook and guidance
Initiated 2026 adjusted EPS guidance of $4.25–$4.45, representing 6% growth at the midpoint over 2025.
Long-term EPS growth target of 4%–6% CAGR from 2026 to 2030, aiming for the upper half of the range.
Capital plan of $4.7 billion from 2026–2030 focused on safety, reliability, and growth, with minimal investment for 600 MW of data center demand included.
Expecting lower equity needs ($50–$70 million) in 2026 due to stronger forecasted cash flows.
Targeting a 55%–65% dividend payout ratio, with 56 consecutive years of increases in 2026.
Wyoming data center tariff mechanism
Strategic rationale for NorthWestern merger
Drivers of Wyoming's electric demand growth
Capital needs for 3GW+ data center pipeline
Montana Commission's merger approval outlook
Drivers for South Dakota rate review request
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Next Black Hills earnings date
Q1 20266 May, 2026
Black Hills
Next Black Hills earnings date
Q1 20266 May, 2026
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Frequently asked questions
Black Hills Corp is an energy company that provides electric and natural gas utility services to customers in the U.S. Midwest and Mountain regions. The company also engages in power generation and natural gas supply chain operations. It is headquartered in Rapid City, South Dakota, and its shares are listed on the NYSE.
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