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$84.87+0.3%Stored close · as of Nov 6, 2026

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Contents

Page
GLOSSARY OF TERMS AND ABBREVIATIONS	4
WEBSITE ACCESS TO REPORTS	12
FORWARD-LOOKING INFORMATION	12
Part I
ITEM 1.	BUSINESS	13
	History and Organization	13
	Electric Utilities	13
	Gas Utilities	16
	Utility Regulation Characteristics	18
	Environmental Matters	21
	Human Capital Resources	22
ITEM 1A.	RISK FACTORS	24
ITEM 1B.	UNRESOLVED STAFF COMMENTS	38
ITEM 1C.	CYBERSECURITY	38
ITEM 2.	PROPERTIES		39
ITEM 3.	LEGAL PROCEEDINGS	39
ITEM 4.	MINE SAFETY DISCLOSURES	39
INFORMATION ABOUT OUR EXECUTIVE OFFICERS	40
Part II
ITEM 5.	MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	41
ITEM 6.	RESERVED	42
ITEM 7.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	42
	Executive Summary	42
	Recent Developments	43
	Results of Operations - Consolidated Summary and Overview	44
	Non-GAAP Financial Measure	45
	Electric Utilities	46
	Gas Utilities	49
	Corporate and Other	50
	Consolidated Interest Expense, Other Income (Expense) and Income Tax Benefit (Expense)	50
	Liquidity and Capital Resources	51
	Cash Flow Activities	52
	Capital Resources	53
	Credit Ratings	54
	Capital Requirements	55
	Critical Accounting Estimates	57
ITEM 7A.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	59

Part III
ITEM 8.	FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	61
	Management’s Report on Internal Controls Over Financial Reporting	61
	Reports of Independent Registered Public Accounting Firm	62
	Consolidated Statements of Income	65
	Consolidated Statements of Comprehensive Income	66
	Consolidated Balance Sheets	67
	Consolidated Statements of Cash Flows	69
	Consolidated Statements of Equity	70
	Notes to Consolidated Financial Statements	71
	Note 1. Business Description and Significant Accounting Policies	71
	Note 2. Regulatory Matters	80
	Note 3. Commitments, Contingencies and Guarantees	82
	Note 4. Revenue	85
	Note 5. Property, Plant and Equipment	86
	Note 6. Jointly Owned Facilities	87
	Note 7. Asset Retirement Obligations	88
	Note 8. Financing	88
	Note 9. Risk Management and Derivatives	92
	Note 10. Fair Value Measurements	95
	Note 11. Other Comprehensive Income	97
	Note 12. Variable Interest Entities	98
	Note 13. Employee Benefit Plans	99
	Note 14. Share-based Compensation Plans	104
	Note 15. Income Taxes	106
	Note 16. Business Segment Information	109
	Note 17. Pending Merger with NorthWestern	111
	Note 18. Subsequent Events	112
ITEM 9.	CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	113
ITEM 9A.	CONTROLS AND PROCEDURES	113
ITEM 9B.	OTHER INFORMATION	113
ITEM 9C.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	113
ITEM 10.	DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	113
ITEM 11.	EXECUTIVE COMPENSATION	113
ITEM 12.	SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	114
ITEM 13.	CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE	114
ITEM 14.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	114
Part IV
ITEM 15.	EXHIBITS, FINANCIAL STATEMENT SCHEDULES	115
SIGNATURES	119

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