Black Hills Corp
NYSE:BKH
Black Hills Corp
In the heart of the American West, Black Hills Corp. stands as a beacon of energy generation and distribution, operating primarily within regulated energy markets in several states including South Dakota, Wyoming, and Colorado. With roots tracing back over a century, the company has evolved from its humble beginnings into a diversified energy provider. At its core, Black Hills Corp. generates electricity and distributes natural gas and electric services to over a million customers. The company’s electric utility business thrives on a mix of coal, natural gas, and renewable energy sources, showcasing a commitment to sustainable practices even as it meets the growing demands of its residential and commercial clients. This strategic approach not only secures a reliable energy supply chain but also ensures an alignment with evolving environmental standards.
Financially, Black Hills Corp. thrives on its robust regulatory framework, which allows for predictable revenue streams and stable returns. The company adeptly navigates the intricate regulatory landscape to secure fair rates of return on its investments in infrastructure and technology. Its operational model relies heavily on a steady flow of capital into the expansion and maintenance of its utility assets, such as power plants and transmission networks. The symbiosis of stable income from their utility services and strategic investment in infrastructure provides Black Hills Corp. a resilient foothold in the energy sector, allowing it to continuously reinvest in innovation and grid modernization. Thus, even amidst a dynamic energy economy, Black Hills Corp. remains poised to harness new opportunities while delivering value to its stakeholders.
In the heart of the American West, Black Hills Corp. stands as a beacon of energy generation and distribution, operating primarily within regulated energy markets in several states including South Dakota, Wyoming, and Colorado. With roots tracing back over a century, the company has evolved from its humble beginnings into a diversified energy provider. At its core, Black Hills Corp. generates electricity and distributes natural gas and electric services to over a million customers. The company’s electric utility business thrives on a mix of coal, natural gas, and renewable energy sources, showcasing a commitment to sustainable practices even as it meets the growing demands of its residential and commercial clients. This strategic approach not only secures a reliable energy supply chain but also ensures an alignment with evolving environmental standards.
Financially, Black Hills Corp. thrives on its robust regulatory framework, which allows for predictable revenue streams and stable returns. The company adeptly navigates the intricate regulatory landscape to secure fair rates of return on its investments in infrastructure and technology. Its operational model relies heavily on a steady flow of capital into the expansion and maintenance of its utility assets, such as power plants and transmission networks. The symbiosis of stable income from their utility services and strategic investment in infrastructure provides Black Hills Corp. a resilient foothold in the energy sector, allowing it to continuously reinvest in innovation and grid modernization. Thus, even amidst a dynamic energy economy, Black Hills Corp. remains poised to harness new opportunities while delivering value to its stakeholders.
EPS Growth: Black Hills delivered 2025 GAAP EPS of $3.98 (including $0.12 of merger costs) and adjusted EPS of $4.10, up 5% from 2024, meeting the midpoint of its guidance.
Dividend Record: The company increased its annual dividend for the 56th consecutive year in January 2026, maintaining an industry-leading track record.
Data Center Demand: A data center pipeline of over 3 gigawatts is driving growth, with 600 megawatts from Meta and Microsoft expected to be served by 2030, contributing over 10% to consolidated EPS from 2028.
Merger Progress: The planned merger with NorthWestern Energy is on track, with regulatory filings submitted and approvals targeted for the second half of 2026.
Strong Financial Outlook: 2026 adjusted EPS guidance is $4.25–$4.45, implying 6% growth at the midpoint, and lower equity needs of $50 million to $70 million expected.
Major Projects: The 260-mile Ready Wyoming transmission project was completed on schedule, and construction is underway on the 99-megawatt Lange II generation project.
