BLACK HILLS CORP /SD/ (BKH) Financial Statements — Income, Balance Sheet, Cash Flow

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Financial Statements — BKH

Balance Sheet

(in billions USD)

Metric	Q2 2026	Q1 2026	Q3 2025	Q2 2025	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022	Q2 2022	Q1 2022	Q3 2021	Q2 2021	Q1 2021
Cash & Equivalents	0.07	0.02	0.02	0.01	0.01	0.01	0.62	0.12	0.59	0.15	0.04	0.01	0.01	0.02	0.01	0.00	0.01
Accounts Receivable	0.28	0.38	0.25	0.26	0.38	0.21	0.22	0.33	0.23	0.26	0.48	0.25	0.27	0.38	0.18	0.19	0.28
Inventory	0.16	0.15	0.17	0.15	0.13	0.16	0.13	0.13	0.17	0.14	0.13	0.22	0.15	0.11	0.15	0.11	0.10
Total Current Assets	0.75	0.79	0.67	0.61	0.71	0.60	1.17	0.80	1.24	0.80	0.92	0.85	0.76	0.85	0.63	0.57	0.58
Property, Plant & Equipment	8.64	8.39	8.03	7.86	7.72	7.47	7.36	7.22	7.01	6.92	6.84	6.70	6.59	6.47	6.32	6.20	6.10
Goodwill	1.30	1.30	1.30	1.30	1.30	1.30	1.30	1.30	1.30	1.30	1.30	1.30	1.30	1.30	1.30	1.30	1.30
Intangible Assets	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Total Non-current Assets*	10.29	10.03	9.66	9.48	9.35	9.12	9.01	8.88	8.69	8.61	8.54	8.47	8.37	8.28	8.28	8.17	8.12
Total Assets	11.04	10.82	10.33	10.09	10.06	9.72	10.19	9.68	9.93	9.41	9.46	9.32	9.13	9.13	8.91	8.74	8.70
Accounts Payable	0.28	0.21	0.22	0.18	0.22	0.14	0.16	0.13	0.12	0.13	0.17	0.19	0.19	0.17	0.14	0.13	0.16
Short-term Debt	0.09	0.25	0.13	0.12	0.06	0.02	0.00	0.00	0.00	0.00	0.00	0.50	0.34	0.34	0.33	0.83	0.82
Total Current Liabilities	1.43	1.22	0.73	0.95	0.93	0.54	1.11	1.09	1.60	0.98	1.04	0.97	0.79	0.79	0.76	1.23	1.23
Long-term Debt	3.99	3.99	4.25	3.95	3.95	4.25	4.25	3.80	3.80	3.96	3.95	4.13	4.13	4.13	4.13	3.53	3.53
Total Non-current Liabilities*	5.67	5.65	5.83	5.50	5.50	5.74	5.72	5.25	5.16	5.32	5.32	5.47	5.46	5.46	5.45	4.85	4.84
Total Liabilities*	7.09	6.87	6.56	6.46	6.43	6.27	6.83	6.34	6.77	6.30	6.36	6.44	6.25	6.26	6.21	6.08	6.07
Retained Earnings	1.41	1.42	1.29	1.31	1.33	1.20	1.22	1.24	1.12	1.12	1.14	1.03	1.04	1.04	0.93	0.92	0.93
Total Stockholder Equity	3.94	3.95	3.77	3.64	3.64	3.45	3.36	3.33	3.17	3.11	3.10	2.89	2.89	2.87	2.70	2.66	2.62

* Derived from reported values

Income Statement

(in millions USD) (except per-share rows)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Total Revenue	440.60	762.00	622.70	427.40	435.70	800.40	585.10	398.60	397.10	717.20	584.35	400.16	405.14	912.06	789.90	460.87	470.32	821.77	553.54	378.65
Cost of Revenue*	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	103.75
Gross Profit	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	274.90
Total Operating Expenses	355.80	578.80	464.30	351.50	356.50	600.20	433.70	325.80	332.00	533.10	455.20	309.36	347.77	746.28	661.42	383.13	401.81	650.22	448.53	290.72
Operating Income	97.00	201.90	171.30	78.70	82.50	205.00	163.40	75.80	70.60	193.30	136.53	97.77	63.52	174.88	130.02	79.48	72.39	173.35	113.98	89.87
Interest Expense	51.60	51.90	50.50	49.40	48.90	51.30	49.90	--	--	--	--	--	--	--	--	--	--	--	--	--
Pretax Income	45.60	150.70	125.90	29.90	33.20	154.50	113.80	29.30	28.40	148.50	92.97	56.13	20.45	132.05	85.34	39.92	35.19	135.51	75.16	53.42
Tax Provision	5.20	17.60	17.20	4.00	4.40	18.10	12.80	2.90	3.70	16.90	9.65	7.37	(6.09)	14.67	9.29	2.09	(0.66)	14.49	0.84	5.25
Net Income	38.20	131.00	104.90	24.90	27.50	134.30	98.00	24.40	22.80	127.90	79.68	45.38	23.05	114.08	72.47	37.83	35.85	117.53	71.16	44.11
Basic EPS	0.50	1.74	1.40	0.34	0.38	1.87	1.35	0.35	0.33	1.88	1.16	0.67	0.35	1.73	1.10	0.54	0.52	1.82	1.10	0.70
Diluted EPS	0.50	1.73	1.39	0.34	0.38	1.87	1.36	0.35	0.33	1.87	1.16	0.67	0.35	1.73	1.09	0.54	0.52	1.82	1.10	0.70

* Derived from reported values

Cash Flow Statement

(in millions USD)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Operating Cash Flow	195.10	176.20	168.10	88.90	188.60	227.80	153.20	102.10	230.60	233.40	188.35	150.98	276.33	328.75	90.51	52.26	177.91	264.12	80.19	105.41
Capital Expenditures	218.10	267.40	269.60	178.40	218.90	152.90	213.70	188.10	166.20	176.20	133.83	160.03	142.63	119.11	138.06	172.50	157.02	136.78	179.64	178.37
Free Cash Flow*	(23.00)	(91.20)	(101.50)	(89.50)	(30.30)	74.90	(60.50)	(86.00)	64.40	57.20	54.52	(9.05)	133.69	209.64	(47.55)	(120.24)	20.89	127.34	(99.45)	(72.96)
Investing Cash Flow	(222.10)	(270.00)	(271.80)	(180.20)	(221.00)	(155.20)	(214.00)	(191.30)	(163.80)	(176.90)	(132.91)	(158.41)	(143.87)	(101.50)	(137.56)	(174.94)	(153.54)	(137.84)	(180.12)	(174.37)
Financing Cash Flow	75.10	(65.20)	265.00	104.60	34.10	(81.90)	64.60	(522.90)	435.20	(19.80)	(562.95)	449.39	(19.04)	(209.09)	56.94	124.41	(30.35)	(118.74)	98.81	78.16

* Derived from reported values

Dividends Per Share

(USD)

Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022	Q2 2022	Q1 2022	Q4 2021	Q3 2021
Dividends Per Share	0.70	0.70	0.68	0.68	0.68	0.68	0.65	0.65	0.65	0.65	0.63	0.63	0.63	0.63	0.63	0.60	0.60	0.60	0.60	0.56