Black Hills Corp

Latest Results (17.05.2026):

Black Hills Corp. — Fourth quarter 2025: Black Hills Corp. reported Q4 2025 GAAP diluted EPS of $1.39 (adjusted EPS $1.41) and full‑year 2025 GAAP diluted EPS of $3.98 (adjusted EPS $4.10). Full‑year adjusted EPS rose ~5% versus 2024, supported by new rates and rider recoveries, with consolidated 2025 revenue of $2.31 billion and net income available for common of $291.6 million. The company energized its Ready Wyoming transmission project, continued major generation work, and provided 2026 adjusted EPS guidance while progressing a pending merger with NorthWestern Energy.

Key financial results

Q4 2025 net income available for common was $104.9M (adjusted $106.2M). Consolidated revenue for Q4 was $635.5M and for full‑year 2025 $2.31B. Full‑year GAAP EPS was $3.98; adjusted EPS was $4.10 (excluding $0.12 per share of merger‑related costs).

2026 guidance and long‑term outlook

Black Hills initiated 2026 adjusted EPS guidance of $4.25–$4.45 (about 6% growth vs. 2025 adjusted EPS) and is targeting the upper half of a 4%–6% long‑term adjusted EPS growth range off 2023. Guidance assumptions include normal weather, timely regulatory outcomes, ~3.5% O&M inflation, $50–$70M equity issuance and ~14% effective tax rate; guidance excludes merger-related and mark‑to‑market items.

Major projects and operations

The company energized the Ready Wyoming 260‑mile transmission expansion ( ~$350M total; ~ $300M being recovered via Wyoming Transmission Rider as of Jan. 1, 2026). South Dakota Electric is constructing the 99 MW, $280M Lange II gas plant (expected in service Q4 2026). 2025 included nearly $900M of capital invested and plans for $4.7B of capital from 2026–2030.

Data center pipeline

Black Hills reported a data center pipeline exceeding 3 GW, with 600 MW targeted in the five‑year plan through 2030. The company cited ongoing negotiations with large‑load partners (including Microsoft and Meta) and expects some Wyoming load to be served under an innovative tariff with minimal company capital.

Merger progress and costs

Black Hills and NorthWestern Energy announced a tax‑free, all‑stock merger (announced Aug. 19, 2025). Joint regulatory filings are underway; shareholder votes are scheduled for April 2, 2026, and the transaction is expected to close in H2 2026 subject to conditions. Merger‑related costs were $0.02 per share in Q4 and $0.12 per share for full‑year 2025 (excluded from adjusted EPS).

Capital, dividends and credit

The board approved a quarterly dividend of $0.703 per share payable March 1, 2026, marking 56 consecutive years of increases. In 2025 the company completed a $450M public notes offering (4.55% due 2031), issued 3.7M shares for ~$220M, and maintained solid investment‑grade ratings (Moody’s Baa2 / S&P BBB+; stable outlooks).

Regulatory and rate developments

2025 rate decisions and settlements added material new annual revenue (~$52M across multiple reviews). Nebraska Gas and Kansas Gas settlements and new Colorado electric rates were noted; Wyoming enacted wildfire mitigation legislation that the company expects will affect utility liability and wildfire plans.