Business
Black Hills is a regulated utility company with electric and gas utility operations subject to cost-of-service regulation.
Black Hills grew revenue and net income, but free cash flow weakened sharply as utility capex and debt rose.
The read at a glance✓ Audited against SEC data
- Business mix — Regulated electric and gas utilitiesNote
- Revenue — Revenue up 9.0%OK
- Income — Net income up 6.8%OK
- FCF — FCF fell to -$146.4MWatch
- Debt — Long-term debt up 10.6%Watch
- Insiders — 0 purchases / 1 saleWatch
- Accounting — Altman-Z distress; Beneish clean; EQ safeWatch
Where the revenue comes from
Fiscal 2025, as BLACK HILLS CORP /SD/ reports it. History and quarterly detail are in the app.
- Gas Utilities$1.4B
- Electric Utilities$942.8M
Leadership changes
From BLACK HILLS CORP /SD/'s own filings, the day they're filed.
- Black Hills · Chief Executive Officer · departureeff. 2025-08-18
- Marne M. Jones · President · appointmenteff. 2023-06-15
Latest filings
- 8-K · Company announcement2026-08-17
- 10-Q · Quarterly report2026-08-06
- 8-K · Company announcement2026-08-05
- 8-K · Company announcement2026-05-15
- 10-Q · Quarterly report2026-05-07
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- Main tension🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about BLACK HILLS CORP /SD/, every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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