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Black Hills (BKH) investor relations material
Black Hills Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Achieved strong Q3 2025 results with adjusted EPS of $0.45, reaffirmed full-year guidance, and completed planned equity and debt financings, maintaining strong credit quality and liquidity.
Announced a tax-free, all-stock merger with NorthWestern Energy, with regulatory filings underway and expected closure in the second half of 2026.
Advanced key regulatory and growth initiatives, including the Ready Wyoming transmission project, Lange II generation project, and major data center expansions.
Recognized for industry-leading reliability and customer service, with 55 consecutive years of dividend increases.
Financial highlights
Q3 2025 adjusted EPS was $0.45 (up from $0.35 in Q3 2024), GAAP EPS was $0.34, and year-to-date adjusted EPS reached $2.68.
Q3 2025 revenue was $430.2 million, up from $401.6 million; nine-month revenue was $1,674.5 million, up from $1,530.6 million.
Regulatory efforts contributed $0.21 per share in new rates and rider recovery for Q3, and $0.68 for the year-to-date.
O&M and interest expenses increased due to merger costs and higher rates, but O&M was lower year-over-year when excluding merger costs.
Maintained 55 consecutive years of dividend increases, with a 2025 annualized dividend of $2.70 per share.
Outlook and guidance
Reaffirmed 2025 adjusted EPS guidance of $4.00–$4.20, representing 5% growth at midpoint, and targeting the upper half of the 4%-6% long-term EPS growth range starting in 2026.
Five-year capital plan of $4.7 billion prioritizes safety, reliability, and growth, with $1 billion investment in 2025.
Updated 2026 guidance and capital plan to be provided at the Q4 & full-year 2025 earnings report.
Quantify earnings impact of >3 GW data center pipeline
What drives the South Dakota electric rate review?
Impact of 2025 unplanned generation outages
Data center capital needs for 3GW pipeline
Merger's impact on long-term EPS growth
Reason for lower 2026 equity issuance
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Next Black Hills earnings date
Q4 20255 Feb, 2026
Next Black Hills earnings date
Q4 20255 Feb, 2026
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Frequently asked questions
Black Hills Corp is an energy company that provides electric and natural gas utility services to customers in the U.S. Midwest and Mountain regions. The company also engages in power generation and natural gas supply chain operations. It is headquartered in Rapid City, South Dakota, and its shares are listed on the NYSE.
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