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Black Hills Corp cash flow statement

In fiscal 2025, Black Hills Corp's operations generated $673m of cash; it spent $820m on capital projects, leaving free cash flow of −$146m. It returned $198m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year2009Dec 20092010Dec 20102011Dec 20112012Dec 20122013Dec 20132014Dec 20142015Dec 20152016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMJun 2026
Cash from operations271148224317325315424320428489506542−65585944719673628
Depreciation and amortisation121127136146137145127176188196209224236251257270284295
Stock-based pay46681394118121251097111213
Capital spending347472441349355398266455326458818767678604556744820934
Free cash flow−76−325−217−32−30−83158−13410231−313−226−742−20389−25−146−305
Free cash flow after stock pay−80−330−223−40−43−93154−1459519−325−231−752−28382−36−158−318
Dividends paid555659656870738897107125135145157168182198207
Shares issued5312354324912243011019911990118181219204

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Black Hills Corp's SEC filings (10-K and 10-Q), retrieved October 26, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Black Hills Corp.