Black Hills (BKH) Q3 2025 earnings summary

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.