BLACK HILLS CORP /SD/
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
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Gas Utilities
Operating results for the years ended December 31 for the Gas Utilities were as follows:
| 2025 | 2024 | 2025 vs 2024 Variance | 2023 | 2024 vs 2023 Variance | |
|---|---|---|---|---|---|
| (in millions) | |||||
| Total revenue | $1,382.8 | $1,269.4 | $113.4 | $1,484.2 | $(214.8) |
| Cost of natural gas sold | 572.3 | 524.3 | 48.0 | 783.2 | (258.9) |
| Gas Utility margin (non-GAAP) | 810.5 | 745.1 | 65.4 | 701.0 | 44.1 |
| Operations and maintenance | 328.0 | 320.7 | 7.3 | 328.7 | (8.0) |
| Depreciation and amortization | 131.4 | 124.7 | 6.7 | 113.9 | 10.8 |
| Taxes other than income taxes | 30.3 | 28.4 | 1.9 | 29.6 | (1.2) |
| 489.7 | 473.8 | 15.9 | 472.2 | 1.6 | |
| Operating income | $320.8 | $271.3 | $49.5 | $228.8 | $42.5 |
Gas Utility margin increased as a result of:
| (in millions) | |
|---|---|
| New rates and rider recovery | $60.9 |
| Weather | 10.9 |
| Transport and transmission | 3.3 |
| Retail customer growth | 4.3 |
| Retail customer usage | (11.0) |
| Other | (3.0) |
| $65.4 | |
Operations and maintenance expense increased primarily due to $3.2 million of higher insurance expense primarily driven by higher excess liability premiums, $1.3 million of increased bad debt expense attributable to higher customer billings and $1.3 million of higher IT-related costs. Other unfavorable variances, none of which were individually significant, comprised the remainder of the difference when compared to the same period in 2024.
Depreciation and amortization increased primarily due to a higher asset base driven by capital expenditures.
Taxes other than income taxes were comparable to 2024.
Operating Statistics
| Revenue · Quantities Sold and Transported | ||||||
|---|---|---|---|---|---|---|
| For the year ended December 31, | For the year ended December 31, | |||||
| By Customer Class | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
| (in millions · (Dth in millions) | ||||||
| Retail Revenue - | ||||||
| Residential | $770.2 | $691.9 | $830.3 | 59.9 | 56.7 | 60.1 |
| Commercial | 292.9 | 266.3 | 337.3 | 29.4 | 28.4 | 29.4 |
| Industrial | 27.2 | 23.7 | 33.1 | 5.2 | 6.0 | 5.7 |
| Other Retail (a) | 34.6 | 40.7 | 48.1 | — | — | — |
| Subtotal Retail Revenue - Gas | 1,124.9 | 1,022.6 | 1,248.8 | 94.5 | 91.1 | 95.2 |
| Transportation | 194.4 | 178.2 | 176.8 | 166.7 | 159.2 | 159.8 |
| Other (b) | 63.5 | 68.6 | 58.6 | — | — | — |
| Total Revenue and Quantities Sold | $1,382.8 | $1,269.4 | $1,484.2 | 261.2 | 250.3 | 255.0 |
(a)
Includes Black Hills Energy Services revenue under the Choice Gas Program.
(b)
Includes inter-segment rent and non-regulated services under the Service Guard Comfort Plan, Tech Services, and HomeServe.
| Revenue · Quantities Sold and Transported | ||||||
|---|---|---|---|---|---|---|
| For the year ended December 31, | For the year ended December 31, | |||||
| By Business Unit | 2025 | 2024 | 2023 | 2025 | 2024 | 2023 |
| (in millions) · (Dth in millions) | ||||||
| Arkansas Gas | $286.5 | $248.8 | $268.9 | 32.5 | 29.9 | 30.2 |
| Colorado Gas | 251.8 | 278.8 | 313.6 | 30.6 | 31.0 | 32.8 |
| Iowa Gas | 197.6 | 162.3 | 213.6 | 39.6 | 37.3 | 37.9 |
| Kansas Gas | 160.4 | 130.4 | 155.6 | 37.0 | 34.8 | 35.5 |
| Nebraska Gas | 344.5 | 304.5 | 366.1 | 85.1 | 80.3 | 82.2 |
| Wyoming Gas | 142.0 | 144.6 | 166.4 | 36.4 | 37.0 | 36.4 |
| Total Revenue and Quantities Sold | $1,382.8 | $1,269.4 | $1,484.2 | 261.2 | 250.3 | 255.0 |
| For the year ended December 31, | ||||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | 2023 | ||||
| Heating Degree Days | Actual | Variance From Normal | Actual | Variance From Normal | Actual | Variance From Normal |
| Arkansas Gas (a) | 3,256 | (9)% | 2,998 | (20)% | 3,197 | (17)% |
| Colorado Gas | 5,416 | (7)% | 5,662 | (7)% | 5,916 | (4)% |
| Iowa Gas | 6,318 | (1)% | 5,543 | (16)% | 5,921 | (12)% |
| Kansas Gas (a) | 4,530 | --- | 4,092 | (12)% | 4,387 | (8)% |
| Nebraska Gas (a) | 5,630 | (3)% | 5,172 | (13)% | 5,579 | (8)% |
| Wyoming Gas | 6,727 | (7)% | 6.641 | (10)% | 7,385 | 8% |
| Combined (b) | 5,802 | (5)% | 5.517 | (11)% | 6,006 | (4)% |
(a)
Arkansas Gas and Kansas Gas have weather normalization mechanisms that mitigate the weather impact on Gas Utility margins. Nebraska Gas received NPSC approval to implement a two-year pilot program for a weather normalization mechanism which was effective August 1, 2025.
(b)
Heating degree days are calculated based on a weighted average of total customers by state excluding Kansas Gas and Nebraska Gas (effective in August 2025) due to their weather normalization mechanisms. Arkansas Gas is partially excluded based on the weather normalization mechanism in effect from November through April.
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