BLACK HILLS CORP /SD/
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 11, 2026
BKH$86.35+1.7%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Equity
| Common Stock · Treasury Stock | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Shares | Value | Shares | Value | Additional Paid in Capital | Retained Earnings | AOCI | Non controlling Interest | Total | |
| (in millions except share amounts) | |||||||||
| Balance at December 31, 2022 | 66,140,396 | $66.1 | 36,726 | $(2.4) | $1,882.7 | $1,064.1 | $(15.6) | $95.0 | $3,089.9 |
| Net income | — | — | — | — | — | 262.2 | — | 13.8 | 276.0 |
| Other comprehensive income, net of tax | — | — | — | — | — | — | 0.8 | — | 0.8 |
| Dividends on common stock ($2.50 per share) | — | — | — | — | — | (168.1) | — | — | (168.1) |
| Share-based compensation | 93,257 | 0.1 | 31,347 | (1.7) | 8.8 | — | — | — | 7.2 |
| Issuance of common stock | 2,031,389 | 2.1 | — | — | 117.9 | — | — | — | 120.0 |
| Issuance costs | — | — | — | — | (1.7) | — | — | — | (1.7) |
| Distributions to non-controlling interest | — | — | — | — | — | — | — | (18.3) | (18.3) |
| Balance at December 31, 2023 | 68,265,042 | $68.3 | 68,073 | $(4.1) | $2,007.7 | $1,158.2 | $(14.8) | $90.5 | $3,305.8 |
| Net income | — | — | — | — | — | 273.1 | — | 10.6 | 283.7 |
| Other comprehensive income, net of tax | — | — | — | — | — | — | 5.4 | — | 5.4 |
| Dividends on common stock ($2.60 per share) | — | — | — | — | — | (182.3) | — | — | (182.3) |
| Share-based compensation | 113,824 | 0.1 | (11,465) | 0.8 | 7.6 | 0.1 | — | — | 8.6 |
| Issuance of common stock | 3,297,890 | 3.3 | — | — | 180.1 | — | — | — | 183.4 |
| Issuance costs | — | — | — | — | (2.0) | — | — | — | (2.0) |
| Distributions to non-controlling interest | — | — | — | — | — | — | — | (17.4) | (17.4) |
| Balance at December 31, 2024 | 71,676,756 | $71.7 | 56,608 | $(3.3) | $2,193.4 | $1,249.1 | $(9.4) | $83.7 | $3,585.2 |
| Net income | — | — | — | — | — | 291.6 | — | 8.2 | 299.8 |
| Other comprehensive income, net of tax | — | — | — | — | — | — | (0.3) | — | (0.3) |
| Dividends on common stock ($2.704 per share) | — | — | — | — | — | (197.9) | — | — | (197.9) |
| Share-based compensation | 123,173 | 0.1 | (13,441) | 0.7 | 8.6 | 0.1 | — | — | 9.5 |
| Issuance of common stock | 3,720,305 | 3.7 | — | — | 217.9 | — | — | — | 221.6 |
| Issuance costs | — | — | — | — | (2.4) | — | — | — | (2.4) |
| Distributions to non-controlling interest | — | — | — | — | — | — | — | (9.8) | (9.8) |
| Balance at December 31, 2025 | 75,520,234 | $75.5 | 43,167 | $(2.6) | $2,417.5 | $1,342.9 | $(9.7) | $82.1 | $3,905.7 |
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