BLACK HILLS CORP /SD/

For the period ended Dec 31, 2025. Filed Feb 11, 2026.

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FY2025 · Filed Feb 11, 2026

BKH$86.35+1.7%Stored close · as of Nov 9, 2026

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Contents

Consolidated Balance Sheets

	As of
	December 31, 2025	December 31, 2024
(in millions)
ASSETS
Current assets:
Cash and cash equivalents	$182.8	$16.1
Restricted cash and equivalents	7.6	7.3
Accounts receivable, net	389.0	351.2
Materials, supplies and fuel	172.4	153.9
Income tax receivable, net	23.3	19.8
Regulatory assets, current	139.7	154.8
Other current assets	81.1	39.2
Total current assets	995.9	742.3
Property, plant and equipment	10,344.9	9,566.5
Less accumulated depreciation and depletion	(2,110.7)	(1,936.6)
Total property, plant and equipment, net	8,234.2	7,629.9
Other assets:
Goodwill	1,299.5	1,299.5
Intangible assets, net	6.4	7.6
Regulatory assets, non-current	255.0	272.9
Other assets, non-current	78.8	70.4
Total other assets, non-current	1,639.7	1,650.4
TOTAL ASSETS	$10,869.8	$10,022.6

CONSOLIDATED BALANCE SHEETS

(Continued)

	As of
	December 31, 2025	December 31, 2024
(in millions, except share amounts)
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$311.7	$229.1
Accrued liabilities	322.6	302.2
Derivative liabilities, current	5.8	4.2
Regulatory liabilities, current	99.9	94.1
Notes payable	—	133.8
Total current liabilities	740.0	763.4
Long-term debt, net of current maturities	4,701.1	4,250.2
Deferred credits and other liabilities:
Deferred income tax liabilities, net	697.9	625.1
Regulatory liabilities, non-current	488.3	474.6
Benefit plan liabilities	123.4	122.9
Other deferred credits and other liabilities	213.4	201.2
Total deferred credits and other liabilities	1,523.0	1,423.8
Commitments, contingencies and guarantees (Note 3)
Equity:
Stockholders’ equity -
Common stock $1.00 par value; 100,000,000 shares authorized; issued: 75,520,234 and 71,676,756, respectively	75.5	71.7
Additional paid-in capital	2,417.5	2,193.4
Retained earnings	1,342.9	1,249.1
Treasury stock at cost - 43,167 and 56,608, respectively	(2.6)	(3.3)
Accumulated other comprehensive income (loss)	(9.7)	(9.4)
Total stockholders’ equity	3,823.6	3,501.5
Non-controlling interest	82.1	83.7
Total equity	3,905.7	3,585.2
TOTAL LIABILITIES AND TOTAL EQUITY	$10,869.8	$10,022.6

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.