Black Hills (BKH) Q3 2026 earnings summary

Executive summary

• Q3 adjusted EPS was $0.57 vs. $0.45; 2026 adjusted EPS guidance was reaffirmed at $4.25–$4.45.

• Google agreements for a planned Wyoming data center project projected 2030 net income of $150 million and ~$2.4 billion of unlevered free cash flow through 2048.

• NorthWestern Energy merger conditions were largely satisfied, with final Montana regulatory approval pending.

Financial highlights

• Q3 revenue was $466.1 million vs. $430.2 million; operating income was $98.1 million vs. $78.7 million.

• Q3 GAAP diluted EPS was $0.54 vs. $0.34; adjusted EPS was $0.57 vs. $0.45, excluding merger-related costs.

• 9M revenue was $1,699.6 million vs. $1,674.5 million; operating income was $397.1 million vs. $366.1 million.

• 9M GAAP diluted EPS was $2.76 vs. $2.58; adjusted EPS was $2.89 vs. $2.68, excluding merger-related costs.

• 9M operating cash flow was $542.6 million vs. $505.3 million; investing cash outflow was $763.7 million vs. $556.4 million.

Outlook and guidance

• 2026 adjusted EPS guidance remains $4.25–$4.45, with the midpoint representing 6% growth over 2025 adjusted EPS of $4.10.

• Long-term adjusted EPS growth target is 4%–6% for 2026–2030; the current plan supports the upper half of the range.

• The $4.7 billion 2026–2030 base capital forecast excludes Google generation, additional transmission investments and the pending merger.

• Guidance assumes normal weather, constructive and timely regulatory outcomes, ~3.5% O&M expense growth, $50–$70 million of equity issuance and a ~14% effective tax rate.