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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Results of Operations - Consolidated Summary and Overview
Results of Operations
Our discussion and analysis for the year ended December 31, 2025, compared to 2024, is included herein. For discussion and analysis for the year ended December 31, 2024, compared to 2023, please refer to Item 7 of Part II, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 12, 2025.
All amounts are presented on a pre-tax basis unless otherwise indicated. Minor differences in amounts may result due to rounding.
Consolidated Summary and Overview
| For the Years Ended December 31, | |||||
|---|---|---|---|---|---|
| 2025 | 2024 | 2025 vs 2024 Variance | 2023 | 2024 vs 2023 Variance | |
| (in millions, except per share amounts) | |||||
| Operating income (loss): | |||||
| Electric Utilities | $222.5 | $233.0 | $(10.5) | $248.8 | $(15.8) |
| Gas Utilities | 320.8 | 271.3 | 49.5 | 228.8 | 42.5 |
| Corporate and Other (a) | (5.8) | (1.2) | (4.6) | (4.9) | 3.7 |
| Operating Income | 537.5 | 503.1 | 34.4 | 472.7 | 30.4 |
| Interest expense, net | (200.1) | (181.7) | (18.4) | (167.9) | (13.8) |
| Other income (expense), net | 6.1 | (1.4) | 7.5 | (3.2) | 1.8 |
| Income tax (expense) | (43.7) | (36.3) | (7.4) | (25.6) | (10.7) |
| Net income | 299.8 | 283.7 | 16.1 | 276.0 | 7.7 |
| Net income attributable to non-controlling interest | (8.2) | (10.6) | 2.4 | (13.8) | 3.2 |
| Net income available for common stock | $291.6 | $273.1 | $18.5 | $262.2 | $10.9 |
| Weighted average common shares outstanding, Diluted | 73.2 | 69.9 | 3.3 | 67.1 | 2.8 |
| Total earnings per share of common stock, Diluted | $3.98 | $3.91 | $0.07 | $3.91 | $(0.00) |
(a)
Includes inter-segment eliminations.
Electric Utilities’ operating income decreased $10.5 million primarily due to higher operating expenses, unplanned generation outages, lower transmission services revenues and unfavorable weather partially offset by new rates and rider recovery;
Gas Utilities’ operating income increased $49.5 million primarily due to new rates and rider recovery driven by the Arkansas Gas, Iowa Gas, Kansas Gas, and Nebraska Gas rate reviews and favorable weather partially offset by unfavorable retail customer usage and higher operating expenses;
Corporate and Other operating (loss) increased by $4.6 million primarily due to costs related to the pending Merger partially offset by a one-time favorable true-up from the consolidation of our Captive;
Net interest expense increased $18.4 million due to higher interest rates on long-term debt, higher CP Program borrowings and lower interest income partially offset by higher AFUDC debt;
Other income, net increased $7.5 million primarily due to higher AFUDC equity driven by construction work-in-progress balances and higher investment income from our Captive;
Income tax (expense) increased $7.4 million primarily due to higher pre-tax income and a higher effective tax rate; and
Net income attributable to non-controlling interest decreased $2.4 million due to lower net income from Black Hills Colorado IPP primarily driven by unplanned generation outages.
Segment Operating Results
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