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Black Hills Corp revenue

Black Hills Corp's revenue was $2.31bn in fiscal 2025, up 8.6% on the year before. Since fiscal 2009 ($1.20bn) it has grown at a compound 4.2% a year. Over the last twelve months it was $2.30bn.

Revenue history

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
Revenue1,1991,2201,2721,1741,2761,3941,2611,5391,6801,7541,7351,6971,9492,5522,3312,1282,3102,299
Growth on the year before—+1.8%+4.3%−7.7%+8.7%+9.2%−9.5%+22.0%+9.2%+4.4%−1.1%−2.2%+14.9%+30.9%−8.6%−8.7%+8.6%—
Gross profit603653697767——————————————
Gross margin50.3%53.5%54.8%65.3%——————————————

Revenue as reported in the company's 10-K and 10-Q filings (for banks, net interest income plus non-interest income). Growth is left blank when the earlier figure was zero or negative.

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Reportable Segment Aggregation Before Other Operating $2.3B ▲ 8.4%
Gas Utilities $1.4B ▲ 9.5%
Electric Utilities $939M ▲ 7.7%

These categories overlap or exclude eliminations, so shares aren't shown.

From Black Hills Corp's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Revenue against peers

Multi-Utilities: the closest covered companies by revenue. Last twelve months.

CompanyRevenueGrowth3-year growth a year
Black Hills Corp $2.30bn 2.5% -3.8%
Avista Corp $1.92bn -1.8% 3.6%
MDU Resources Group Inc $1.83bn -1.1% -5.2%
Northwestern Energy Group, Inc. $1.69bn 10.7% 4.0%
Pinnacle West Capital $5.55bn 5.7% 6.9%
NiSource $6.80bn 12.3% 6.2%

Compare with peers

Head to head: AVA vs BKHBKH vs MDUBKH vs NWE

More: Multi-Utilities stocks compared, Utilities sector, rankings of US companies

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.