Income Statement

Revenue

-9%

+36%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Revenue
Interest Expense	38	36	35	34	37	44	49	49	54	52	50	48	47	48	48	49	49	48	50	30	45	39	32	25	28	31	42	54	64	78	82	83	88	87	90	91	92	92	91	91	97	101	104	114	108	104	101	112	106	100	95	71	73	75	79	85	96	110	125	136	139	140	138	138	104	105	106	142	247	247	245	139	136	137	139	145	147	150	152	154	155	155	157	163	168	172	176	180	182	187	193	195	201	203	203	207
Revenue	85 N/A	604 +613%	749 +24%	909 +21%	1 029 +13%	1 076 +4%	1 247 +16%	1 212 -3%	1 225 +1%	1 204 -2%	1 064 -12%	446 -58%	959 +115%	832 -13%	711 -15%	614 -14%	643 +5%	654 +2%	663 +1%	543 -18%	643 +18%	622 -3%	595 -4%	575 -3%	570 -1%	590 +3%	752 +27%	1 006 +34%	1 291 +28%	1 395 +8%	1 329 -5%	1 199 -10%	1 258 +5%	1 257 0%	1 281 +2%	1 220 -5%	1 194 -2%	1 198 +0%	1 198 N/A	1 272 +6%	1 237 -3%	1 219 -1%	1 216 0%	1 174 -3%	1 189 +1%	1 226 +3%	1 239 +1%	1 276 +3%	1 355 +6%	1 359 +0%	1 371 +1%	1 394 +2%	1 375 -1%	1 365 -1%	1 365 N/A	1 261 -8%	1 313 +4%	1 366 +4%	1 428 +5%	1 539 +8%	1 636 +6%	1 653 +1%	1 655 +0%	1 680 +2%	1 708 +2%	1 722 +1%	1 708 -1%	1 754 +3%	1 777 +1%	1 755 -1%	1 758 +0%	1 735 -1%	1 674 -3%	1 667 0%	1 688 +1%	1 697 +1%	1 793 +6%	1 839 +3%	1 873 +2%	1 949 +4%	2 139 +10%	2 241 +5%	2 323 +4%	2 552 +10%	2 649 +4%	2 587 -2%	2 531 -2%	2 331 -8%	2 137 -8%	2 128 0%	2 122 0%	2 128 +0%	2 207 +4%	2 243 +2%	2 272 +1%	2 310 +2%
Operating Income
Operating Expenses	41	(514)	(655)	(796)	(913)	(949)	(997)	(959)	(1 099)	(1 082)	(942)	(317)	(819)	(686)	(575)	(480)	(555)	(567)	(512)	(440)	(486)	(466)	(458)	(446)	(459)	(485)	(625)	(858)	(1 118)	(1 222)	(1 181)	(1 057)	(1 098)	(1 092)	(1 091)	(1 045)	(1 028)	(1 027)	(1 029)	(1 086)	(1 039)	(1 010)	(996)	(924)	(935)	(973)	(981)	(1 016)	(1 085)	(1 090)	(1 103)	(1 130)	(1 107)	(1 088)	(1 083)	(961)	(1 013)	(1 054)	(1 100)	(1 203)	(1 224)	(1 206)	(1 186)	(1 264)	(1 293)	(1 308)	(1 308)	(1 357)	(1 368)	(1 362)	(1 360)	(1 329)	(1 277)	(1 255)	(1 265)	(1 269)	(1 379)	(1 425)	(1 452)	(1 540)	(1 695)	(1 791)	(1 884)	(2 097)	(2 193)	(2 139)	(2 065)	(1 859)	(1 646)	(1 630)	(1 646)	(1 625)	(1 692)	(1 716)	(1 742)	(1 773)
Selling, General & Administrative	0	0	0	(65)	0	0	0	(67)	0	0	0	(58)	0	0	0	(91)	0	0	0	(89)	0	0	0	(111)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(12)	(0)	(1)	(1)	(14)	0	0	0	(6)	0	0	0	(10)	0	0	0	(9)	0	0	0	(7)	0	0	0	(11)	0	0	0	(12)
Depreciation & Amortization	(58)	(61)	(63)	(64)	(67)	(72)	(76)	(67)	(81)	(79)	(77)	(73)	(75)	(77)	(81)	(88)	(89)	(91)	(93)	(68)	(90)	(85)	(80)	(72)	(74)	(78)	(89)	(107)	(121)	(130)	(129)	(121)	(116)	(117)	(118)	(127)	(130)	(132)	(135)	(136)	(142)	(152)	(160)	(146)	(151)	(145)	(139)	(137)	(138)	(139)	(139)	(145)	(146)	(150)	(151)	(127)	(161)	(168)	(179)	(176)	(178)	(177)	(176)	(188)	(190)	(192)	(194)	(196)	(199)	(202)	(205)	(209)	(215)	(220)	(224)	(225)	(225)	(227)	(230)	(236)	(239)	(245)	(250)	(251)	(252)	(253)	(254)	(257)	(261)	(263)	(267)	(270)	(273)	(277)	(279)	(284)
Operations Maintenance	(145)	(140)	(145)	(68)	(144)	(160)	(171)	(78)	(168)	(154)	(143)	(76)	(143)	(146)	(154)	(76)	(177)	(181)	(177)	(63)	(165)	(165)	(172)	(69)	(185)	(192)	(224)	(266)	(295)	(324)	(322)	(318)	(314)	(327)	(336)	(323)	(327)	(317)	(314)	(341)	(337)	(336)	(337)	(328)	(328)	(334)	(338)	(346)	(352)	(354)	(352)	(359)	(359)	(362)	(367)	(324)	(375)	(397)	(422)	(427)	(434)	(434)	(428)	(455)	(456)	(463)	(469)	(469)	(489)	(495)	(496)	(482)	(495)	(488)	(494)	(489)	(500)	(506)	(505)	(492)	(508)	(518)	(530)	(540)	(553)	(566)	(558)	(545)	(545)	(541)	(560)	(546)	(577)	(583)	(588)	(578)
Purchased Fuel Power Gas	268	(290)	(424)	(581)	(683)	(695)	(727)	(719)	(703)	(703)	(694)	(83)	(574)	(433)	(307)	(190)	(200)	(208)	(206)	(192)	(197)	(180)	(172)	(161)	(166)	(180)	(272)	(448)	(658)	(724)	(686)	(595)	(628)	(613)	(606)	(567)	(541)	(547)	(547)	(575)	(522)	(481)	(458)	(407)	(418)	(454)	(463)	(492)	(555)	(557)	(570)	(582)	(557)	(529)	(516)	(457)	(423)	(434)	(443)	(499)	(547)	(561)	(567)	(563)	(591)	(598)	(592)	(626)	(627)	(612)	(605)	(571)	(512)	(494)	(492)	(492)	(597)	(633)	(656)	(742)	(886)	(966)	(1 040)	(1 231)	(1 320)	(1 253)	(1 187)	(983)	(773)	(759)	(751)	(730)	(773)	(790)	(808)	(832)
Other Operating Expenses	(24)	(23)	(23)	(18)	(19)	(23)	(23)	(28)	(148)	(147)	(28)	(27)	(28)	(29)	(32)	(34)	(89)	(87)	(36)	(30)	(34)	(35)	(34)	(33)	(34)	(35)	(40)	(37)	(44)	(45)	(44)	(23)	(40)	(34)	(31)	(29)	(30)	(31)	(33)	(34)	(39)	(41)	(42)	(43)	(38)	(42)	(41)	(41)	(41)	(42)	(42)	(44)	(46)	(47)	(49)	(54)	(53)	(55)	(56)	(102)	(65)	(34)	(16)	(57)	(56)	(55)	(54)	(54)	(53)	(52)	(53)	(53)	(54)	(55)	(56)	(56)	(57)	(58)	(60)	(60)	(62)	(63)	(64)	(67)	(67)	(67)	(67)	(67)	(67)	(67)	(67)	(67)	(68)	(66)	(67)	(67)
Operating Income	126 N/A	91 -28%	95 +5%	113 +19%	117 +3%	127 +9%	250 +97%	254 +1%	126 -50%	122 -3%	121 -1%	129 +6%	139 +8%	146 +5%	136 -7%	134 -2%	88 -34%	87 -1%	151 +73%	102 -32%	157 +53%	156 0%	136 -13%	129 -5%	111 -14%	105 -6%	126 +21%	148 +17%	173 +17%	173 +0%	147 -15%	142 -4%	160 +13%	165 +3%	190 +15%	175 -8%	166 -5%	171 +3%	169 -1%	186 +10%	198 +6%	209 +6%	220 +5%	250 +14%	254 +1%	253 0%	258 +2%	259 +1%	270 +4%	268 -1%	268 0%	264 -2%	268 +2%	277 +3%	281 +2%	300 +7%	300 0%	312 +4%	328 +5%	336 +3%	413 +23%	447 +8%	469 +5%	417 -11%	415 0%	415 0%	400 -3%	397 -1%	409 +3%	393 -4%	399 +1%	406 +2%	397 -2%	412 +4%	424 +3%	428 +1%	415 -3%	414 0%	422 +2%	409 -3%	445 +9%	450 +1%	439 -2%	455 +4%	457 +0%	448 -2%	466 +4%	473 +1%	491 +4%	498 +1%	476 -4%	503 +6%	515 +2%	527 +2%	530 +1%	538 +2%
Pre-Tax Income
Interest Income Expense	(24)	(26)	(27)	(31)	(32)	(37)	(43)	(42)	(47)	(51)	(49)	(46)	(45)	(46)	(46)	(47)	(47)	(47)	(48)	(28)	(43)	(36)	(30)	(22)	(25)	(29)	(39)	(142)	(142)	(122)	(135)	(25)	(46)	(103)	(112)	(104)	(96)	(80)	(102)	(130)	(131)	(142)	(107)	(110)	(109)	(71)	(65)	(80)	(81)	(95)	(92)	(69)	(71)	(73)	(78)	(83)	(94)	(108)	(122)	(135)	(139)	(140)	(139)	(137)	(138)	(138)	(139)	(140)	(246)	(245)	(244)	(138)	(132)	(135)	(138)	(144)	(147)	(148)	(150)	(152)	(153)	(154)	(156)	(161)	(166)	(169)	(170)	(168)	(168)	(169)	(174)	(182)	(189)	(195)	(199)	(200)
Non-Reccuring Items	0	0	0	0	0	0	(117)	(117)	0	0	0	0	0	0	(59)	(52)	0	0	8	0	0	0	(3)	(3)	(3)	(3)	(1)	(92)	(109)	(109)	(109)	(17)	3	3	9	9	6	6	0	0	0	(27)	0	26	0	29	2	0	0	0	0	0	(22)	(122)	(184)	0	(272)	(204)	(159)	0	0	0	0	0	0	0	0	0	0	0	(20)	(20)	(27)	(27)	(7)	(7)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Total Other Income	9	8	3	3	2	1	2	1	1	1	1	1	1	1	1	1	1	1	1	3	5	6	7	5	4	3	4	5	6	8	11	11	12	11	7	6	4	3	3	3	3	4	3	3	2	1	2	2	2	2	3	3	2	2	3	3	4	4	4	4	4	3	3	2	2	(1)	(2)	(1)	104	106	107	(6)	(8)	(10)	(11)	(2)	(4)	(3)	0	1	2	4	3	2	2	(1)	(2)	(4)	(5)	(3)	(3)	(1)	0	(1)	1	6
Pre-Tax Income	111 N/A	73 -34%	71 -2%	85 +19%	87 +2%	91 +5%	92 +1%	95 +3%	79 -17%	72 -9%	73 +2%	83 +14%	95 +14%	101 +7%	32 -68%	36 +11%	42 +17%	41 -2%	112 +170%	77 -31%	118 +53%	126 +6%	111 -12%	109 -2%	87 -21%	76 -12%	91 +19%	(81) N/A	(72) +12%	(50) +30%	(86) -71%	110 N/A	128 +17%	76 -41%	94 +24%	85 -10%	80 -6%	101 +25%	70 -31%	59 -16%	71 +20%	44 -38%	117 +165%	170 +45%	147 -14%	213 +45%	197 -8%	181 -8%	191 +5%	176 -8%	179 +1%	198 +11%	177 -10%	84 -53%	23 -73%	220 +866%	(62) N/A	4 N/A	51 +1 107%	206 +306%	278 +35%	311 +12%	333 +7%	282 -15%	279 -1%	276 -1%	259 -6%	256 -1%	267 +4%	254 -5%	242 -4%	243 +0%	232 -5%	241 +4%	268 +11%	276 +3%	263 -4%	263 0%	271 +3%	258 -5%	293 +13%	299 +2%	286 -5%	296 +4%	293 -1%	278 -5%	294 +6%	302 +3%	318 +5%	326 +2%	299 -8%	320 +7%	326 +2%	331 +1%	331 +0%	344 +4%
Net Income
Tax Provision	(40)	(24)	(23)	(27)	(27)	(30)	(30)	(33)	(27)	(23)	(23)	(26)	(32)	(35)	(12)	(17)	(19)	(17)	(39)	(23)	(37)	(40)	(36)	(32)	(25)	(22)	(28)	29	29	21	35	(33)	(44)	(25)	(27)	(22)	(20)	(28)	(20)	(18)	(24)	(13)	(40)	(60)	(50)	(73)	(69)	(63)	(67)	(63)	(61)	(67)	(60)	(28)	(5)	(79)	36	15	(4)	(59)	(89)	(100)	(107)	236	296	300	306	24	(19)	(15)	(10)	(30)	(28)	(31)	(33)	(33)	(17)	(13)	(14)	(7)	(21)	(20)	(17)	(25)	(25)	(20)	(25)	(26)	(28)	(38)	(33)	(36)	(37)	(38)	(39)	(44)
Income from Continuing Operations	71	49	48	58	59	61	62	62	53	49	50	57	63	66	20	19	23	24	73	54	82	86	75	77	62	55	62	(52)	(42)	(29)	(51)	77	85	51	68	63	61	73	50	40	47	31	76	109	96	139	128	118	124	114	118	131	118	56	18	142	(26)	19	47	147	189	211	226	517	575	576	565	280	248	239	232	213	203	210	235	243	246	250	258	251	272	279	269	271	267	258	269	276	290	288	266	284	289	293	292	300
Income to Minority Interest	0	0	0	0	0	0	0	0	0	0	0	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(0)	(1)	(1)	(1)	(1)	(0)	(0)	(0)	(0)	(0)	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(3)	(6)	(10)	(13)	(14)	(14)	(14)	(14)	(14)	(14)	(14)	(14)	(15)	(14)	(14)	(15)	(15)	(16)	(15)	(15)	(15)	(15)	(15)	(14)	(13)	(12)	(12)	(12)	(13)	(14)	(14)	(14)	(13)	(11)	(11)	(9)	(8)	(7)	(8)
Equity Earnings Affiliates	0	0	0	0	0	0	0	0	0	0	0	(0)	2	4	8	14	13	9	7	2	2	4	4	(1)	(2)	(0)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Net Income (Common)	70 N/A	49 -30%	50 +2%	61 +23%	61 +0%	64 +5%	69 +8%	61 -12%	57 -7%	51 -9%	46 -10%	58 +25%	64 +10%	67 +6%	26 -61%	33 +28%	44 +32%	41 -7%	87 +114%	81 -7%	87 +8%	101 +15%	96 -5%	99 +3%	83 -16%	80 -3%	228 +184%	105 -54%	115 +9%	117 +2%	(50) N/A	82 N/A	87 +6%	53 -38%	68 +27%	69 +1%	64 -7%	81 +26%	58 -28%	50 -14%	53 +6%	31 -40%	76 +143%	102 +34%	95 -7%	139 +46%	128 -8%	117 -8%	123 +5%	113 -8%	117 +4%	131 +12%	118 -10%	56 -53%	18 -67%	(32) N/A	(26) +19%	17 N/A	41 +145%	73 +80%	110 +50%	131 +20%	145 +10%	177 +22%	234 +32%	233 0%	223 -5%	258 +16%	229 -11%	222 -3%	217 -2%	199 -8%	189 -5%	195 +3%	220 +13%	228 +4%	231 +1%	235 +2%	243 +3%	237 -3%	258 +9%	266 +3%	257 -3%	258 +1%	255 -1%	245 -4%	255 +4%	262 +3%	276 +5%	276 0%	255 -8%	273 +7%	280 +2%	284 +2%	285 +0%	292 +2%
EPS (Diluted)	2.57 N/A	1.79 -30%	1.84 +3%	2.25 +22%	2.24 0%	2.06 -8%	2.11 +2%	1.96 -7%	1.72 -12%	1.55 -10%	1.4 -10%	1.78 +27%	1.92 +8%	1.98 +3%	0.79 -60%	1 +27%	1.3 +30%	1.21 -7%	2.58 +113%	2.41 -7%	2.45 +2%	2.67 +9%	2.51 -6%	2.64 +5%	2.16 -18%	2.09 -3%	5.92 +183%	2.75 -54%	2.97 +8%	3.02 +2%	-1.29 N/A	2.1 N/A	2.22 +6%	1.37 -38%	1.75 +28%	1.75 N/A	1.61 -8%	2.02 +25%	1.47 -27%	1.23 -16%	1.19 -3%	0.71 -40%	1.74 +145%	2.32 +33%	2.14 -8%	3.14 +47%	2.88 -8%	2.66 -8%	2.75 +3%	2.52 -8%	2.64 +5%	2.93 +11%	2.64 -10%	1.24 -53%	0.41 -67%	-0.7 N/A	-0.49 +30%	0.31 N/A	0.74 +139%	1.36 +84%	1.99 +46%	2.36 +19%	2.61 +11%	3.21 +23%	4.31 +34%	4.28 -1%	4.06 -5%	4.65 +15%	3.81 -18%	3.66 -4%	3.54 -3%	3.28 -7%	3.04 -7%	3.11 +2%	3.5 +13%	3.65 +4%	3.68 +1%	3.75 +2%	3.82 +2%	3.74 -2%	3.98 +6%	4.1 +3%	3.94 -4%	3.97 +1%	3.85 -3%	3.66 -5%	3.78 +3%	3.91 +3%	4.06 +4%	3.99 -2%	3.6 -10%	3.91 +9%	3.89 -1%	3.92 +1%	3.9 -1%	3.98 +2%

Income Statement Balance Sheet Cash Flow Statement

Black Hills Corp
NYSE:BKH

Income Statement

Earnings Waterfall
Black Hills Corp

Income Statement
Black Hills Corp

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Black Hills Corp NYSE:BKH

Income Statement

Earnings Waterfall Black Hills Corp

Income Statement Black Hills Corp

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Black Hills Corp
NYSE:BKH

Earnings Waterfall
Black Hills Corp

Income Statement
Black Hills Corp