BKHNYSEElectric ServicesFiscal year ends December 31

BLACK HILLS CORP /SD/

Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 6, 2026

$76.40−0.23 (-0.30%)

Close on Oct 19, 2026

Margins

Share of revenue, fiscal years 2011 to 2025

–

23.3%−2.0 pts over 5 years

12.6%−0.8 pts over 5 years

Compound annual growth to fiscal 2025

Per year	1 year	3 years	5 years	10 years
Revenue	+8.6%	-3.3%	+6.4%	+6.2%
Operating income	+6.8%	+5.7%	+4.6%	+6.0%
Net income	+6.8%	+4.1%	+5.1%	–
EPS, diluted	+1.8%	+0.1%	+1.7%	–
Dividend per share	+4.0%	+3.9%	+4.5%	+5.3%

10 fiscal years. Hover a measure to see how it is calculated.

Measure	FY2016	FY2020	FY2025
Return on equity	4.7%	9.2%	8.0%
Return on assets	1.3%	2.9%	2.8%
Current ratio	0.88	0.71	1.35
Debt to equity	2.05	1.47	1.23
Net debt to EBITDA	6.44×	5.76×	5.50×
Interest coverage	2.5×	3.0×	2.7×
Capex to revenue	29.6%	45.2%	35.5%
Diluted shares	53M	62M	73M

Return on equity split into margin, efficiency and leverage

Net margin12.6%

Asset turnover0.22×

Equity multiplier2.85×

Return on equity, FY20258.0%

Fiscal year	Net margin	Asset turnover	Equity multiplier	Return on equity
FY2025	12.6%	0.22×	2.85×	8.0%
FY2024	12.8%	0.22×	2.92×	8.1%
FY2023	11.2%	0.24×	3.10×	8.4%
FY2022	10.1%	0.27×	3.24×	8.9%
FY2021	12.1%	0.23×	3.22×	8.9%
FY2020	13.4%	0.22×	3.18×	9.2%
FY2019	11.5%	0.24×	3.20×	8.8%
FY2018	14.7%	0.26×	3.50×	13.3%
FY2017	10.5%	0.25×	3.97×	10.7%
FY2016	4.7%	0.28×	3.63×	4.7%