Black Hills Corporation
11/06/2025 | Press release | Distributed by Public on 11/06/2025 10:58
Quarterly Report for Quarter Ending September 30, 2025 (Form 10-Q)
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussions should be read in conjunction with the Notes contained herein and Management's Discussion and Analysis of Financial Condition and Results of Operations appearing in our 2024 Annual Report on Form 10-K.
Executive Summary
We are a customer-focused energy solutions provider with a mission of Improving Life with Energyfor more than 1.35 million customers and 800+ communities we serve. Our aspiration is to be the trusted energy partner across our growing eight-state footprint, including Arkansas, Colorado, Iowa, Kansas, Montana, Nebraska, South Dakota, and Wyoming. Our strategy is centered on four priorities: People & Culture-build a team that wins together, Operational Excellence-relentlessly deliver on our commitment to serve our customers, Transformation-be a simple and connected company and Growth-grow to be a dominant long-term energy provider.
We conduct our business operations through two operating segments: Electric Utilities and Gas Utilities. Certain unallocated corporate expenses that support our operating segments are presented as Corporate and Other. We conduct our utility operations under the name Black Hills Energy predominantly in rural areas of the Rocky Mountains and Midwestern states. We consider ourselves a domestic electric and natural gas utility company.
We have provided energy and served customers for 141 years, since the 1883 gold rush days in Deadwood, South Dakota. Throughout our history, the common thread that unites the past to the present is our commitment to serve our customers and communities. By being responsive and service focused, we can help our customers and communities thrive while meeting rapidly changing customer expectations.
Recent Developments
Pending Merger with NorthWestern
On August 18, 2025, we entered into the Merger Agreement with NorthWestern and Merger Sub. See Note 14of the Condensed Notes to Consolidated Financial Statements for further discussion about the pending Merger.
One Big Beautiful Bill Act
See Note 11of the Condensed Notes to Consolidated Financial Statements for discussion surrounding the OBBBA.
Trade Tariffs
Trade tariffs have been enacted over the last several months through presidential executive orders affecting products exported by several U.S. trading partners, and retaliatory tariffs have been imposed by some of these trading partners. While some tariffs scheduled to take effect were temporarily suspended, broad tariffs remain in effect with the possibility of additional tariffs being imposed. We are currently unable to predict the impact that recently imposed and possible future tariffs may have on our business. Trade tariffs have not had a material impact on our operations or financial performance to date. We are closely monitoring the impacts of trade tariffs and the potential effect they may have on our financial position, results of operations, or cash flows.
Business Segment Recent Developments
Electric Utilities
•
See Note 2of the Condensed Notes to Consolidated Financial Statements for recent rate review activity for Colorado Electric.
•
On March 6, 2025, the state of Wyoming enacted comprehensive wildfire mitigation legislation (HB0192), effective July 1, 2025. The legislation provides material liability protections for a utility that complies with its commission-approved wildfire mitigation plan. The legislation provides a utility a presumption of meeting an appropriate level of operating care for compliance with an approved wildfire mitigation plan. We plan to file our wildfire mitigation plan with the WPSC in the fourth quarter of 2025.
•
In 2024, we published our formal WMP, which is an overview of our three-layered approach to manage wildfire risks driven by asset-based risk assessments that include asset programs, integrity programs and operational response. On June 30, 2025, we established our Emergency PSPS program across all three of our electric utilities to promote customer safety and mitigate wildfire risk. In establishing the Emergency PSPS program, we engaged with wildfire experts and key stakeholders including customers, community and local agencies, regulators and community leaders.
•
In the first half of 2025, Wyoming Electric set four new all-time peak loads, including an all-time peak of 379 MW on June 20, 2025. Prior to 2025, the previous all-time peak was 314 MW set on January 11, 2024.
•
In 2024, Colorado Electric received CPUC approval for the addition of 350 MW of new renewable generation resources in support of its Clean Energy Plan, which included a 50-MW utility-owned battery storage project, a 200-MW solar PPA and a 100-MW utility-owned solar project. On October 8, 2025, Colorado Electric filed a settlement with the CPUC for its request for a CPCN for the 50-MW battery storage project and anticipates a decision by year-end. On October 29, 2025, the CPUC recommended continuing negotiations on the 200-MW solar PPA but recommended no further action on the 100-MW utility-owned solar project.
•
On March 28, 2025, South Dakota Electric filed a CPCN with the WPSC for the Lange II project, which was approved in June 2025. The new facility began construction in the third quarter of 2025 and is anticipated to be in service in the second half of 2026.
•
During the third quarter of 2025, Wyoming Electric continued construction of its approximately 260-mile, $350 million Ready Wyoming electric transmission expansion project. The project is on track and expected to be completed and in service by year-end 2025.
Gas Utilities
•
See Note 2of the Condensed Notes to Consolidated Financial Statements for recent rate review activity for Iowa Gas, Kansas Gas and Nebraska Gas.
Corporate and Other
•
See Note 5of the Condensed Notes to Consolidated Financial Statements for information regarding our corporate Revolving Credit Facility, October 2, 2025, debt offering and ATM program activity.
•
During the second quarter of 2025, we published our 2024 Corporate Sustainability Report, highlighting our environmental, social and governance impacts and our progress on major projects and climate goals.
•
On January 17, 2025, Fitch affirmed BHC's long-term issuer rating at BBB+ with a negative outlook. Following the affirmation, the parties jointly withdrew the rating. See Liquidity and Capital Resourcessection below for additional information on our credit ratings.
Results of Operations
Certain lines of business in which we operate are highly seasonal, and revenue from, and certain expenses for, such operations may fluctuate significantly among quarterly periods. Demand for electricity and natural gas is sensitive to seasonal cooling, heating and industrial load requirements. In particular, the normal peak usage season for our Electric Utilities is June through August while the normal peak usage season for our Gas Utilities is November through March. Significant earnings variances can be expected between the Gas Utilities segment's peak and off-peak seasons. Due to this seasonal nature, our results of operations for the three and nine months ended September 30, 2025, and 2024, and our financial condition as of September 30, 2025, and December 31, 2024, are not necessarily indicative of the results of operations and financial condition to be expected as of or for any other period or for the entire year.
All amounts are presented on a pre-tax basis unless otherwise indicated. Minor differences in amounts may result due to rounding.
Consolidated Summary and Overview
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||
|
2025 |
2024 |
2025 vs 2024 Variance |
2025 |
2024 |
2025 vs 2024 Variance |
|||||||||||||
|
(in millions, except per share amounts) |
||||||||||||||||||
|
Operating income (loss): |
||||||||||||||||||
|
Electric Utilities |
$ |
62.4 |
$ |
65.1 |
$ |
(2.7 |
) |
$ |
165.7 |
$ |
176.0 |
$ |
(10.3 |
) |
||||
|
Gas Utilities |
20.8 |
10.9 |
9.9 |
207.7 |
164.6 |
43.1 |
||||||||||||
|
Corporate and Other (a) |
(4.5 |
) |
(0.2 |
) |
(4.3 |
) |
(7.3 |
) |
(0.8 |
) |
(6.5 |
) |
||||||
|
Operating income |
78.7 |
75.8 |
2.9 |
366.1 |
339.8 |
26.3 |
||||||||||||
|
Interest expense, net |
(49.4 |
) |
(45.2 |
) |
(4.2 |
) |
(149.6 |
) |
(131.9 |
) |
(17.7 |
) |
||||||
|
Other income (expense), net |
0.6 |
(1.3 |
) |
1.9 |
1.1 |
(1.7 |
) |
2.8 |
||||||||||
|
Income tax (expense) |
(4.0 |
) |
(2.9 |
) |
(1.1 |
) |
(26.5 |
) |
(23.6 |
) |
(2.9 |
) |
||||||
|
Net income |
25.9 |
26.4 |
(0.5 |
) |
191.1 |
182.6 |
8.5 |
|||||||||||
|
Net income attributable to non-controlling interest |
(1.0 |
) |
(2.0 |
) |
1.0 |
(4.5 |
) |
(7.6 |
) |
3.1 |
||||||||
|
Net income available for common stock |
$ |
24.9 |
$ |
24.4 |
$ |
0.5 |
$ |
186.6 |
$ |
175.0 |
$ |
11.6 |
||||||
|
Weighted average common shares outstanding, Diluted |
72.9 |
70.6 |
2.3 |
72.4 |
69.3 |
3.1 |
||||||||||||
|
Total earnings per share of common stock, Diluted |
$ |
0.34 |
$ |
0.35 |
$ |
(0.01 |
) |
$ |
2.58 |
$ |
2.52 |
$ |
0.06 |
|||||
(a)
Includes inter-segment eliminations.
Three Months Ended September 30, 2025, Compared to the Three Months Ended September 30, 2024
•
Electric Utilities' operating income decreased $2.7 million primarily due to milder weather and higher operating expenses partially offset by new rates and rider recovery;
•
Gas Utilities' operating income increased $9.9 million primarily due to new rates and rider recovery driven by the Arkansas Gas, Kansas Gas, and Nebraska Gas rate reviews and lower operating expenses partially offset by the unfavorable margin impacts of wet summer weather on Nebraska irrigation loads;
•
Corporate and Other operating loss increased $4.3 million primarily due to NorthWestern merger-related costs partially offset by an unallocated favorable true-up of operating expenses; and
•
Interest expense, net, increased $4.2 million primarily due to higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances partially offset by higher AFUDC debt driven by construction work-in-progress balances related to the Lange II and Ready Wyoming projects.
Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024:
•
Electric Utilities' operating income decreased $10.3 million primarily due to higher operating expenses, unplanned generation outages, lower transmission services revenues and unfavorable weather partially offset by new rates and rider recovery;
•
Gas Utilities' operating income increased $43.1 million primarily due to new rates and rider recovery driven by the Arkansas Gas, Iowa Gas, Kansas Gas, and Nebraska Gas rate reviews and favorable weather partially offset by higher operating expenses;
•
Corporate and Other operating loss increased $6.5 million primarily due to NorthWestern merger-related costs;
•
Interest expense, net, increased $17.7 million due to higher interest rates on long-term debt, higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances partially offset by higher AFUDC debt driven by construction work-in-progress balances related to the Lange II and Ready Wyoming projects;
•
Other income, net, increased $2.8 million primarily due to higher AFUDC equity driven by construction work-in-progress balances related to the Lange II and Ready Wyoming projects;
•
Income tax expense increased $2.9 million primarily due to higher pre-tax income; and
•
Net income attributable to non-controlling interest decreased $3.1 million due to lower net income from Black Hills Colorado IPP primarily driven by current year unplanned generation outages.
Segment Operating Results
A discussion of operating results from our business segments follows. Unless otherwise indicated, segment information does not include inter-segment eliminations.
Non-GAAP Financial Measures
The following discussion includes financial information prepared in accordance with GAAP and a "non-GAAP financial measure", Electric and Gas Utility margin. Generally, a non-GAAP financial measure is a numerical measure of a company's financial performance, financial position or cash flows that excludes (or includes) amounts that are included in (or excluded from) the most directly comparable measure calculated and presented in accordance with GAAP. We define Electric and Gas Utility margin as operating revenue less cost of fuel, purchased power and cost of natural gas sold. Electric and Gas Utility margin is a non-GAAP financial measure due to the exclusion of operation and maintenance expenses determined to be directly attributable to revenue-producing activities, depreciation and amortization expenses, and taxes other than income taxes from the measure.
We believe that Gas and Electric Utility margin provides a useful basis for evaluating our segment operating results since our Utilities have regulatory mechanisms that allow them to pass prudently incurred costs of energy through to the customer in current rates. As a result, management uses Gas and Electric Utility margin internally when assessing the financial performance of our operating segments as this measure excludes the majority of revenue fluctuations caused by changes in these costs of energy. Similarly, the presentation of Gas and Electric Utility margin is intended to supplement investors' understanding of operating performance.
Our Electric and Gas Utility margin measure may not be comparable to other companies' Electric and Gas Utility margin measures. The following table includes a reconciliation of Electric and Gas Utility margin to Gross margin, the most directly comparable GAAP measure:
|
Electric Utilities |
Gas Utilities |
|||||||||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||
|
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
|||||||||||||||||
|
(in millions) |
||||||||||||||||||||||||
|
Revenue |
$ |
249.7 |
$ |
232.5 |
$ |
706.3 |
$ |
659.8 |
$ |
184.4 |
$ |
173.6 |
$ |
979.9 |
$ |
884.2 |
||||||||
|
Fuel, purchased power and cost of natural gas sold |
(69.8 |
) |
(54.9 |
) |
(192.2 |
) |
(155.7 |
) |
(42.3 |
) |
(39.7 |
) |
(403.7 |
) |
(362.9 |
) |
||||||||
|
Operations and maintenance (a) |
(44.4 |
) |
(38.0 |
) |
(130.1 |
) |
(116.5 |
) |
(42.0 |
) |
(44.3 |
) |
(129.0 |
) |
(129.5 |
) |
||||||||
|
Depreciation and amortization |
(38.3 |
) |
(38.0 |
) |
(113.0 |
) |
(108.9 |
) |
(33.2 |
) |
(31.3 |
) |
(97.6 |
) |
(92.8 |
) |
||||||||
|
Taxes other than income taxes |
(9.4 |
) |
(9.4 |
) |
(27.6 |
) |
(28.7 |
) |
(7.8 |
) |
(6.9 |
) |
(22.4 |
) |
(21.3 |
) |
||||||||
|
Gross margin (GAAP) |
$ |
87.8 |
$ |
92.2 |
$ |
243.4 |
$ |
250.0 |
$ |
59.1 |
$ |
51.4 |
$ |
327.2 |
$ |
277.7 |
||||||||
|
Operations and maintenance (a) |
44.4 |
38.0 |
130.1 |
116.5 |
42.0 |
44.3 |
129.0 |
129.5 |
||||||||||||||||
|
Depreciation and amortization |
38.3 |
38.0 |
113.0 |
108.9 |
33.2 |
31.3 |
97.6 |
92.8 |
||||||||||||||||
|
Taxes other than income taxes |
9.4 |
9.4 |
27.6 |
28.7 |
7.8 |
6.9 |
22.4 |
21.3 |
||||||||||||||||
|
Electric and Gas Utility margin (non-GAAP) |
$ |
179.9 |
$ |
177.6 |
$ |
514.1 |
$ |
504.1 |
$ |
142.1 |
$ |
133.9 |
$ |
576.2 |
$ |
521.3 |
||||||||
(a)
Operations and maintenance expenses which are deemed to be directly attributable to revenue-producing activities include plant operations and maintenance expenses at our electric generation facilities, operations and maintenance expenses at our WRDC coal mine, and electric and gas transmission and distribution expenses. These amounts are included in the table above to calculate gross margin in accordance with GAAP. These amounts excluded operations and maintenance expenses not directly attributable to revenue-producing activities of $25.4 million, $27.1 million, $77.7 million, and $74.0 million for the three and nine months ended September 30, 2025, and 2024, respectively, for the Electric Utilities and $38.3 million, $40.5 million, $119.5 million, and $113.2 million for the three and nine months ended September 30, 2025, and 2024, respectively, for the Gas Utilities.
Electric Utilities
Operating results for the Electric Utilities were as follows:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||
|
2025 |
2024 |
2025 vs 2024 Variance |
2025 |
2024 |
2025 vs 2024 Variance |
|||||||||||||
|
(in millions) |
||||||||||||||||||
|
Revenue |
$ |
249.7 |
$ |
232.5 |
$ |
17.2 |
$ |
706.3 |
$ |
659.8 |
$ |
46.5 |
||||||
|
Fuel and purchased power |
69.8 |
54.9 |
14.9 |
192.2 |
155.7 |
36.5 |
||||||||||||
|
Electric Utility margin (non-GAAP) (a) |
179.9 |
177.6 |
2.3 |
514.1 |
504.1 |
10.0 |
||||||||||||
|
Operations and maintenance |
69.8 |
65.1 |
4.7 |
207.8 |
190.5 |
17.3 |
||||||||||||
|
Depreciation and amortization |
38.3 |
38.0 |
0.3 |
113.0 |
108.9 |
4.1 |
||||||||||||
|
Taxes other than income taxes |
9.4 |
9.4 |
- |
27.6 |
28.7 |
(1.1 |
) |
|||||||||||
|
117.5 |
112.5 |
5.0 |
348.4 |
328.1 |
20.3 |
|||||||||||||
|
Operating income |
$ |
62.4 |
$ |
65.1 |
$ |
(2.7 |
) |
$ |
165.7 |
$ |
176.0 |
$ |
(10.3 |
) |
||||
(a)
See Non-GAAP Financial Measures section above for reconciliation to Gross margin, the most directly comparable GAAP measure.
Three Months Ended September 30, 2025, Compared to the Three Months Ended September 30, 2024:
•
Electric Utility margin increased as a result of the following:
|
(in millions) |
|||
|
New rates and rider recovery |
$ |
6.8 |
|
|
Prior year unplanned outages |
1.4 |
||
|
Weather |
(2.6 |
) |
|
|
Retail customer usage |
(1.1 |
) |
|
|
Transmission services |
(1.1 |
) |
|
|
Other |
(1.1 |
) |
|
|
$ |
2.3 |
||
•
Operations and maintenance expense increased primarily due to higher outside services expenses and higher generation expenses.
•
Depreciation and amortization was comparable to the same period in the prior year.
•
Taxes other than income taxes was comparable to the same period in the prior year.
Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024:
•
Electric Utility margin increased as a result of the following:
|
(in millions) |
|||
|
New rates and rider recovery |
$ |
15.5 |
|
|
Retail customer growth and usage |
2.1 |
||
|
Current year and prior year unplanned outages |
1.8 |
||
|
Transmission services |
(3.9 |
) |
|
|
Weather |
(2.2 |
) |
|
|
Off-system excess energy sales |
(0.8 |
) |
|
|
Other |
(2.5 |
) |
|
|
$ |
10.0 |
||
•
Operations and maintenance expense increased primarily due to $5.7 million of higher outside services expenses, $4.8 million of higher expenses related to unplanned generation outages, $2.5 million of higher generation expenses, $2.1 million of higher insurance expense and $1.9 million of higher employee related expenses.
•
Depreciation and amortization increased primarily due to higher asset base driven by capital expenditures.
•
Taxes other than income taxes was comparable to the same period in the prior year.
Operating Statistics
|
Revenue |
Quantities Sold |
|||||||||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||
|
By Customer Class |
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
||||||||||||||||
|
(in millions) |
(in GWh) |
|||||||||||||||||||||||
|
Retail Revenue - |
||||||||||||||||||||||||
|
Residential |
$ |
68.8 |
$ |
66.1 |
$ |
189.3 |
$ |
179.4 |
393.5 |
411.1 |
1,120.9 |
1,123.4 |
||||||||||||
|
Commercial |
74.6 |
70.7 |
210.3 |
199.9 |
561.6 |
571.9 |
1,578.5 |
1,590.6 |
||||||||||||||||
|
Industrial (a) |
49.8 |
41.6 |
147.3 |
126.8 |
639.1 |
531.5 |
1,912.8 |
1,643.4 |
||||||||||||||||
|
Municipal |
4.6 |
4.4 |
13.4 |
12.8 |
41.4 |
41.4 |
110.1 |
111.7 |
||||||||||||||||
|
Other Retail |
3.5 |
3.5 |
10.3 |
10.5 |
- |
- |
- |
- |
||||||||||||||||
|
Subtotal Retail Revenue - Electric |
201.3 |
186.3 |
570.6 |
529.4 |
1,635.6 |
1,555.9 |
4,722.3 |
4,469.1 |
||||||||||||||||
|
Wholesale |
5.5 |
6.1 |
16.9 |
21.1 |
110.5 |
124.4 |
366.7 |
459.2 |
||||||||||||||||
|
Market - off-system sales |
16.3 |
10.7 |
38.3 |
22.8 |
267.0 |
227.0 |
660.6 |
506.8 |
||||||||||||||||
|
Transmission |
11.1 |
13.6 |
33.3 |
39.1 |
- |
- |
- |
- |
||||||||||||||||
|
Other (b) |
15.5 |
15.8 |
47.2 |
47.4 |
- |
- |
- |
- |
||||||||||||||||
|
Total Revenue and Quantities Sold |
$ |
249.7 |
$ |
232.5 |
$ |
706.3 |
$ |
659.8 |
$ |
2,013.1 |
$ |
1,907.3 |
5,749.6 |
5,435.1 |
||||||||||
|
Other Uses, Losses, or Generation, net (c) |
112.9 |
110.7 |
332.4 |
237.5 |
||||||||||||||||||||
|
Total Energy |
2,126.0 |
2,018.0 |
6,082.0 |
5,672.6 |
||||||||||||||||||||
(a)
The increase in industrial revenues and quantities sold for the three and nine months ended September 30, 2025, compared to the same periods in 2024, was primarily driven by Wyoming Electric LPCS Tariff and BCIS Tariff customers.
(b)
Includes Integrated Generation, inter-segment rent, and non-regulated services to our retail customers under the Service Guard Comfort Plan and Tech Services.
(c)
Includes company uses and line losses.
|
Revenue |
Quantities Sold |
|||||||||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||
|
By Business Unit |
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
||||||||||||||||
|
(in millions) |
(in GWh) |
|||||||||||||||||||||||
|
Colorado Electric |
$ |
79.6 |
$ |
74.9 |
$ |
218.3 |
$ |
208.7 |
621.3 |
675.4 |
1,677.7 |
1,816.8 |
||||||||||||
|
South Dakota Electric |
90.6 |
86.0 |
255.5 |
242.5 |
711.8 |
669.8 |
2,032.7 |
1,882.3 |
||||||||||||||||
|
Wyoming Electric |
68.6 |
60.3 |
200.0 |
176.7 |
659.9 |
537.1 |
1,970.9 |
1,661.8 |
||||||||||||||||
|
Integrated Generation |
10.9 |
11.3 |
32.5 |
31.9 |
20.1 |
25.0 |
68.3 |
74.2 |
||||||||||||||||
|
Total Revenue and Quantities Sold |
$ |
249.7 |
$ |
232.5 |
$ |
706.3 |
$ |
659.8 |
2,013.1 |
1,907.3 |
5,749.6 |
5,435.1 |
||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
|
Quantities Generated and Purchased by Fuel Type |
2025 |
2024 |
2025 |
2024 |
||||||||
|
(in GWh) |
||||||||||||
|
Generated: |
||||||||||||
|
Coal (a) |
556.8 |
645.7 |
1,614.1 |
1,804.5 |
||||||||
|
Natural Gas and Oil |
718.7 |
714.4 |
1,816.1 |
1,689.3 |
||||||||
|
Wind |
115.7 |
141.8 |
426.5 |
477.5 |
||||||||
|
Total Generated |
1,391.2 |
1,501.9 |
3,856.7 |
3,971.3 |
||||||||
|
Purchased: |
||||||||||||
|
Coal, Natural Gas, Oil, and Other Market Purchases |
458.9 |
223.5 |
1,305.4 |
863.0 |
||||||||
|
Wind and Solar |
275.9 |
292.6 |
919.9 |
838.3 |
||||||||
|
Total Purchased (b) |
734.8 |
516.1 |
2,225.3 |
1,701.3 |
||||||||
|
Total Generated and Purchased |
2,126.0 |
2,018.0 |
6,082.0 |
5,672.6 |
||||||||
(a)
The decrease in coal generation for the three and nine months ended September 30, 2025, compared to the same period in 2024 is primarily due to unplanned outages at Wygen III.
(b)
The increase in total purchases for the three and nine months ended September 30, 2025, compared to the same periods in 2024, was primarily driven by increased demand from Wyoming Electric LPCS Tariff and BCIS Tariff customers and unplanned outages at Wygen III as discussed in (a) above.
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||
|
Quantities Generated and Purchased by Business Unit |
2025 |
2024 |
2025 |
2024 |
||||||||
|
(in GWh) |
||||||||||||
|
Generated: |
||||||||||||
|
Colorado Electric |
228.1 |
275.3 |
595.5 |
659.9 |
||||||||
|
South Dakota Electric (a) |
453.8 |
549.1 |
1,377.6 |
1,503.5 |
||||||||
|
Wyoming Electric |
236.9 |
227.9 |
676.3 |
630.9 |
||||||||
|
Integrated Generation |
472.4 |
449.6 |
1,207.3 |
1,177.0 |
||||||||
|
Total Generated |
1,391.2 |
1,501.9 |
3,856.7 |
3,971.3 |
||||||||
|
Purchased: |
||||||||||||
|
Colorado Electric |
72.8 |
67.2 |
269.5 |
330.1 |
||||||||
|
South Dakota Electric (a) |
294.7 |
161.8 |
738.6 |
425.4 |
||||||||
|
Wyoming Electric (b) |
357.7 |
269.0 |
1,173.5 |
894.5 |
||||||||
|
Integrated Generation |
9.6 |
18.1 |
43.7 |
51.3 |
||||||||
|
Total Purchased |
734.8 |
516.1 |
2,225.3 |
1,701.3 |
||||||||
|
Total Generated and Purchased |
2,126.0 |
2,018.0 |
6,082.0 |
5,672.6 |
||||||||
(a)
The shift in South Dakota Electric's generated and purchased GWh for the three and nine months ended September 30, 2025, compared to the same period in 2024 is primarily driven by unplanned outages at Wygen III.
(b)
As discussed in footnote (b) in the Quantities Generated and Purchased by Fuel Type table above, the increase in Wyoming Electric's purchases is primarily driven by increased demand from LPCS Tariff and BCIS Tariff customers.
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
Degree Days |
Actual |
Variance from Normal |
Actual |
Variance from Normal |
Actual |
Variance from Normal |
Actual |
Variance from Normal |
|
Heating Degree Days: |
||||||||
|
Colorado Electric |
(15)% |
(57)% |
3,390 |
8% |
3,050 |
(8)% |
||
|
South Dakota Electric |
(41)% |
(71)% |
4,432 |
--- |
4,080 |
(12)% |
||
|
Wyoming Electric |
--- |
(35)% |
4,382 |
2% |
4,135 |
(8)% |
||
|
Combined (a) |
(24)% |
(58)% |
3,952 |
3% |
3,624 |
(10)% |
||
|
Cooling Degree Days: |
||||||||
|
Colorado Electric |
(13)% |
5% |
1,005 |
(14)% |
1,247 |
10% |
||
|
South Dakota Electric |
10% |
57% |
15% |
48% |
||||
|
Wyoming Electric |
(31)% |
(6)% |
(30)% |
6% |
||||
|
Combined (a) |
(8)% |
17% |
(8)% |
19% |
||||
(a)
Degree days are calculated based on a weighted average of total customers by state.
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||
|
Contracted generating facilities Availability(a) by fuel type |
2025 |
2024 |
2025 |
2024 |
|
Coal |
77.3% |
90.7% |
80.6% |
87.3% |
|
Natural gas and diesel oil |
97.9% |
98.0% |
94.2% |
95.4% |
|
Wind |
82.8% |
92.3% |
82.6% |
91.6% |
|
Total Availability (b) |
89.9% |
95.1% |
88.7% |
92.5% |
|
Wind Capacity Factor (a) |
26.1% |
32.0% |
32.4% |
36.2% |
(a)
Availability and Wind Capacity Factor are calculated using a weighted average based on capacity of our generating fleet.
(b)
2025 included unplanned outages at Wygen III, Pueblo Airport Generation #4-5 and Busch Ranch I and II. 2024 included unplanned outages at Wygen I and Pueblo Airport Generation #4-5.
Gas Utilities
Operating results for the Gas Utilities were as follows:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||
|
2025 |
2024 |
2025 vs 2024 Variance |
2025 |
2024 |
2025 vs 2024 Variance |
|||||||||||||
|
(in millions) |
||||||||||||||||||
|
Revenue |
$ |
184.4 |
$ |
173.6 |
$ |
10.8 |
$ |
979.9 |
$ |
884.2 |
$ |
95.7 |
||||||
|
Cost of natural gas sold |
42.3 |
39.7 |
2.6 |
403.7 |
362.9 |
40.8 |
||||||||||||
|
Gas Utility margin (non-GAAP) (a) |
142.1 |
133.9 |
8.2 |
576.2 |
521.3 |
54.9 |
||||||||||||
|
Operations and maintenance |
80.3 |
84.8 |
(4.5 |
) |
248.5 |
242.6 |
5.9 |
|||||||||||
|
Depreciation and amortization |
33.2 |
31.3 |
1.9 |
97.6 |
92.8 |
4.8 |
||||||||||||
|
Taxes other than income taxes |
7.8 |
6.9 |
0.9 |
22.4 |
21.3 |
1.1 |
||||||||||||
|
121.3 |
123.0 |
(1.7 |
) |
368.5 |
356.7 |
11.8 |
||||||||||||
|
Operating income |
$ |
20.8 |
$ |
10.9 |
$ |
9.9 |
$ |
207.7 |
$ |
164.6 |
$ |
43.1 |
||||||
(a)
See Non-GAAP Financial Measures section above for reconciliation to Gross margin, the most directly comparable GAAP measure.
Three Months Ended September 30, 2025, Compared to the Three Months Ended September 30, 2024:
•
Gas Utility margin increased as a result of the following:
|
(in millions) |
|||
|
New rates and rider recovery |
$ |
12.5 |
|
|
Weather |
(3.7 |
) |
|
|
Other |
$ |
(0.6 |
) |
|
$ |
8.2 |
||
•
Operations and maintenance expense decreased primarily due to lower employee related expenses.
•
Depreciation and amortization was comparable to the same period in the prior year.
•
Taxes other than income taxes was comparable to the same period in the prior year.
Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024:
•
Gas Utility margin increased as a result of the following:
|
(in millions) |
|||
|
New rates and rider recovery |
$ |
46.4 |
|
|
Weather |
8.4 |
||
|
Transport and transmission |
3.3 |
||
|
Retail customer growth |
3.2 |
||
|
Retail customer usage |
(6.1 |
) |
|
|
Other |
(0.3 |
) |
|
|
$ |
54.9 |
||
•
Operations and maintenance expense increased primarily due to $3.8 million of higher insurance expense and $1.2 million of higher bad debt expense driven by increased revenues and lower prior year write-offs.
•
Depreciation and amortization increased primarily due to higher asset base driven by capital expenditures.
•
Taxes other than income taxes was comparable to the same period in the prior year.
Operating Statistics
|
Revenue |
Quantities Sold and Transported |
|||||||||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||
|
By Customer Class |
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
||||||||||||||||
|
(in millions) |
(Dth in millions) |
|||||||||||||||||||||||
|
Retail Revenue - |
||||||||||||||||||||||||
|
Residential |
$ |
86.0 |
$ |
76.2 |
$ |
543.4 |
$ |
476.5 |
3.6 |
3.5 |
41.5 |
38.2 |
||||||||||||
|
Commercial |
30.0 |
27.2 |
206.3 |
183.9 |
2.5 |
2.4 |
20.5 |
19.3 |
||||||||||||||||
|
Industrial |
8.2 |
7.6 |
21.3 |
18.5 |
2.0 |
2.4 |
4.4 |
5.1 |
||||||||||||||||
|
Other Retail (a) |
4.4 |
6.5 |
26.0 |
28.9 |
- |
- |
- |
- |
||||||||||||||||
|
Subtotal Retail Revenue - Gas |
128.6 |
117.5 |
797.0 |
707.8 |
8.1 |
8.3 |
66.4 |
62.6 |
||||||||||||||||
|
Transportation |
43.6 |
43.2 |
143.4 |
130.9 |
36.2 |
35.8 |
122.8 |
117.0 |
||||||||||||||||
|
Other (b) |
12.2 |
12.9 |
39.5 |
45.5 |
- |
- |
- |
- |
||||||||||||||||
|
Total Revenue and Quantities Sold |
$ |
184.4 |
$ |
173.6 |
$ |
979.9 |
$ |
884.2 |
44.3 |
44.1 |
189.2 |
179.6 |
||||||||||||
(a)
Includes Black Hills Energy Services revenue under the Choice Gas Program.
(b)
Includes inter-segment rent and non-regulated services under the Service Guard Comfort Plan, Tech Services, and HomeServe.
|
Revenue |
Quantities Sold and Transported |
|||||||||||||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||||||
|
By Business Unit |
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
2025 |
2024 |
||||||||||||||||
|
(in millions) |
(Dth in millions) |
|||||||||||||||||||||||
|
Arkansas Gas |
$ |
31.0 |
$ |
25.4 |
$ |
196.5 |
$ |
167.2 |
4.9 |
4.5 |
23.4 |
21.5 |
||||||||||||
|
Colorado Gas |
27.9 |
31.5 |
182.7 |
191.5 |
3.5 |
3.3 |
21.9 |
21.3 |
||||||||||||||||
|
Iowa Gas |
21.7 |
21.0 |
138.6 |
110.4 |
6.1 |
5.8 |
28.1 |
26.4 |
||||||||||||||||
|
Kansas Gas |
23.7 |
19.6 |
114.9 |
90.8 |
8.6 |
8.5 |
27.9 |
26.1 |
||||||||||||||||
|
Nebraska Gas |
57.2 |
54.2 |
245.4 |
218.9 |
15.6 |
16.5 |
61.7 |
58.1 |
||||||||||||||||
|
Wyoming Gas |
22.9 |
21.9 |
101.8 |
105.4 |
5.6 |
5.5 |
26.2 |
26.2 |
||||||||||||||||
|
Total Revenue and Quantities Sold |
$ |
184.4 |
$ |
173.6 |
$ |
979.9 |
$ |
884.2 |
44.3 |
44.1 |
189.2 |
179.6 |
||||||||||||
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||
|
2025 |
2024 |
2025 |
2024 |
|||||
|
Heating Degree Days |
Actual |
Variance from Normal |
Actual |
Variance from Normal |
Actual |
Variance from Normal |
Actual |
Variance from Normal |
|
Arkansas Gas (a) |
(92)% |
(40)% |
2,151 |
(3)% |
1,925 |
(18)% |
||
|
Colorado Gas |
(7)% |
(29)% |
3,758 |
--- |
3,613 |
(5)% |
||
|
Iowa Gas |
2% |
(47)% |
4,003 |
(1)% |
3,450 |
(19)% |
||
|
Kansas Gas (a) |
(20)% |
(26)% |
3,001 |
7% |
2,576 |
(11)% |
||
|
Nebraska Gas |
(23)% |
(65)% |
3,633 |
--- |
3,281 |
(12)% |
||
|
Wyoming Gas |
(22)% |
(37)% |
4,586 |
--- |
4,384 |
(6)% |
||
|
Combined (b) |
(11)% |
(43)% |
3,811 |
(1)% |
3,502 |
(11)% |
||
(a)
Arkansas Gas and Kansas Gas have weather normalization mechanisms that mitigate the weather impact on revenue.
(b)
The combined heating degree days are calculated based on a weighted average of total customers by state excluding Kansas Gas due to its weather normalization mechanism. Arkansas Gas is partially excluded based on the weather normalization mechanism in effect from November through April.
Corporate and Other
Corporate and Other operating results, including inter-segment eliminations, were as follows:
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||
|
2025 |
2024 |
2025 vs 2024 Variance |
2025 |
2024 |
2025 vs 2024 Variance |
|||||||||||||
|
(in millions) |
||||||||||||||||||
|
Operating income (loss) |
$ |
(4.5 |
) |
$ |
(0.2 |
) |
$ |
(4.3 |
) |
$ |
(7.3 |
) |
$ |
(0.8 |
) |
$ |
(6.5 |
) |
Three Months Ended September 30, 2025, Compared to the Three Months Ended September 30, 2024:
•
Operating loss increased primarily due to $8.4 million of NorthWestern merger-related costs partially offset by an unallocated favorable true-up of operating expenses.
Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024:
•
Operating loss increased primarily due to $8.4 million of NorthWestern merger-related costs.
Consolidated Interest Expense, Other Income and Income Tax Expense
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|||||||||||||||||
|
2025 |
2024 |
2025 vs 2024 Variance |
2025 |
2024 |
2025 vs 2024 Variance |
|||||||||||||
|
(in millions) |
||||||||||||||||||
|
Interest expense, net |
$ |
(49.4 |
) |
$ |
(45.2 |
) |
$ |
(4.2 |
) |
$ |
(149.6 |
) |
$ |
(131.9 |
) |
$ |
(17.7 |
) |
|
Other income (expense), net |
0.6 |
(1.3 |
) |
1.9 |
1.1 |
(1.7 |
) |
2.8 |
||||||||||
|
Income tax (expense) |
(4.0 |
) |
(2.9 |
) |
(1.1 |
) |
(26.5 |
) |
(23.6 |
) |
(2.9 |
) |
||||||
Three Months Ended September 30, 2025, Compared to the Three Months Ended September 30, 2024:
•
Interest expense, net, increased due to higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances partially offset by higher AFUDC debt driven by construction work-in-progress balances related to the Lange II and Ready Wyoming projects.
•
Other income (expense), net, was comparable to the same period in the prior year.
•
Income tax (expense) was comparable to the same period in the prior year. For the three months ended September 30, 2025, the effective tax rate was 13.5%, compared to 10.0% for the same period in 2024. The higher effective tax rate was primarily driven by non-deductibility of certain NorthWestern merger-related expenses.
Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024:
•
Interest expense, net, increased due to higher interest rates on long-term debt, higher CP Program borrowings and lower interest income on lower cash and cash equivalents balances partially offset by higher AFUDC debt driven by construction work-in-progress balances related to the Lange II and Ready Wyoming projects.
•
Other income, net, increased primarily due to higher AFUDC equity driven by construction work-in-progress balances related to the Lange II and Ready Wyoming projects;
•
Income tax (expense) was comparable to the same period in the prior year. For the nine months ended September 30, 2025, the effective tax rate was 12.2%, which was comparable to 11.4% for the same period in 2024.
Liquidity and Capital Resources
The following table provides an informational summary of our liquidity and capital structure as of:
|
September 30, 2025 |
December 31, 2024 |
|||||
|
(dollars in millions) |
||||||
|
Cash and cash equivalents |
$ |
21.1 |
$ |
16.1 |
||
|
Available capacity under Revolving Credit Facility and CP Program (a) |
620.9 |
612.7 |
||||
|
Available liquidity |
$ |
642.0 |
$ |
628.8 |
||
|
Capital structure |
||||||
|
Short-term debt |
$ |
126.0 |
$ |
133.8 |
||
|
Long-term debt (b) |
4,252.8 |
4,250.2 |
||||
|
Total debt |
4,378.8 |
4,384.0 |
||||
|
Total stockholders' equity (excludes non-controlling interest) |
3,768.0 |
3,501.5 |
||||
|
Total capitalization |
$ |
8,146.8 |
$ |
7,885.5 |
||
|
Debt to capitalization |
53.7 |
% |
55.6 |
% |
||
|
Long-term debt to total debt |
97.1 |
% |
96.9 |
% |
||
(a)
Available capacity under Revolving Credit Facility and CP Program represents $750 million of total borrowing capacity less outstanding borrowings and letters of credit. See Note 5of the Notes to Consolidated Financial Statements for more information.
(b)
On October 2, 2025, we completed a public debt offering of $450 million, 4.55% senior unsecured notes due January 31, 2031. Net proceeds from the offering will be used to repay our $300 million, 3.95% senior unsecured notes at or before their January 2026 maturity and for other general corporate purposes.
Future Financing Plans
We plan to fund our capital plan and strategic objectives by using cash generated from operating activities and various financing alternatives, which could include our Revolving Credit Facility, our CP Program, and the issuance of common stock under our ATM or in a secondary offering. We plan to repay our $300 million, 3.95%, senior unsecured notes due January 2026, at or before the maturity date.
CASH FLOW ACTIVITIES
The following tables summarize our cash flows for the nine months ended September 30, 2025:
Operating Activities:
|
Nine Months Ended September 30, |
|||||||||
|
2025 |
2024 |
2025 vs 2024 Variance |
|||||||
|
(in millions) |
|||||||||
|
Net income |
$ |
191.1 |
$ |
182.6 |
$ |
8.5 |
|||
|
Non-cash adjustments to Net income |
278.0 |
264.9 |
13.1 |
||||||
|
Total earnings |
$ |
469.1 |
$ |
447.5 |
$ |
21.6 |
|||
|
Changes in certain operating assets and liabilities: |
|||||||||
|
Materials, supplies and fuel, Accounts receivable and other current assets |
71.8 |
134.8 |
(63.0 |
) |
|||||
|
Accounts payable and other current liabilities |
(70.4 |
) |
(61.8 |
) |
(8.6 |
) |
|||
|
Regulatory assets |
47.1 |
61.6 |
(14.5 |
) |
|||||
|
Net inflow (outflow) from changes in certain operating assets and liabilities |
$ |
48.5 |
$ |
134.6 |
$ |
(86.1 |
) |
||
|
Other operating activities |
(12.3 |
) |
(16.0 |
) |
3.7 |
||||
|
Net cash provided by operating activities |
$ |
505.3 |
$ |
566.1 |
$ |
(60.8 |
) |
||
Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024
•
Total earnings (net income plus non-cash adjustments) were $21.6 million higher for the nine months ended September 30, 2025, compared to the same period in the prior year primarily as a result of increased Electric and Gas Utility margins due to new rates and rider recovery partially offset by higher operating expenses, NorthWestern merger-related costs and higher financing costs.
•
Net inflows from changes in certain operating assets and liabilities were $86.1 million lower, primarily attributable to:
o
Cash inflows decreased by approximately $63.0 million as a result of changes in accounts receivable and other current assets primarily driven by fluctuations in commodity prices;
o
Cash outflows increased by approximately $8.6 million as a result of increases in accounts payable and other current liabilities primarily driven by fluctuations in commodity prices, remediation costs for our manufactured gas plant site in Iowa and changes in other working capital requirements; and
o
Cash inflows decreased by approximately $14.5 million as a result of changes in our regulatory assets and liabilities primarily due to lower recoveries of our Winter Storm Uri regulatory asset as recovery is now complete in several of our jurisdictions.
•
Cash outflows decreased $3.7 million from other operating activities primarily due to lower costs from cloud computing arrangements.
Investing Activities:
|
Nine Months Ended September 30, |
|||||||||
|
2025 |
2024 |
2025 vs 2024 Variance |
|||||||
|
(in millions) |
|||||||||
|
Capital expenditures |
$ |
(550.2 |
) |
$ |
(530.5 |
) |
$ |
(19.7 |
) |
|
Other investing activities |
(6.2 |
) |
(1.5 |
) |
(4.7 |
) |
|||
|
Net cash (used in) investing activities |
$ |
(556.4 |
) |
$ |
(532.0 |
) |
$ |
(24.4 |
) |
Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024
•
Cash outflows from capital expenditures (which are net of contributions in aid of construction) increased $19.7 million primarily as a result of the Ready Wyoming and Lange II projects and prior year receipts related to contributions in aid of construction for data center projects in Wyoming partially offset by prior year expenditures from Black Hills Energy Renewable Resources' acquisition of an RNG production facility at a landfill in Dubuque, Iowa; and
•
Cash outflows increased by $4.7 million for other investing activities primarily due to higher AFUDC debt driven construction work-in-progress balances related to the Lange II and Ready Wyoming projects.
Financing Activities:
|
Nine Months Ended September 30, |
|||||||||
|
2025 |
2024 |
2025 vs 2024 Variance |
|||||||
|
(in millions) |
|||||||||
|
Dividends paid on common stock |
$ |
(146.8 |
) |
$ |
(135.8 |
) |
$ |
(11.0 |
) |
|
Common stock issued |
219.2 |
181.6 |
37.6 |
||||||
|
Short-term and long-term debt borrowings (repayments), net |
(7.8 |
) |
(132.5 |
) |
124.7 |
||||
|
Distributions to non-controlling interests |
(5.2 |
) |
(12.5 |
) |
7.3 |
||||
|
Other financing activities |
(2.6 |
) |
(8.3 |
) |
5.7 |
||||
|
Net cash provided by (used in) financing activities |
$ |
56.8 |
$ |
(107.5 |
) |
$ |
164.3 |
||
Nine Months Ended September 30, 2025, Compared to the Nine Months Ended September 30, 2024
•
Dividends paid on common stock increased $11.0 million due to the increased dividend rate per share and increased number of common shares outstanding;
•
Cash inflows increased $37.6 million due to increased issuances of common stock;
•
Net cash outflows decreased $124.7 million primarily as a result of net repayment activity under our CP Program and the prior year repayment of $600 million, 1.04% senior unsecured notes on their August 2024 maturity date partially offset by prior year proceeds from the May 2024, debt offering of $450 million, 6.00% senior unsecured notes;
•
Distributions to non-controlling interests decreased $7.3 million due to lower net income from Black Hills Colorado IPP primarily driven by unplanned generation outages; and
•
Cash outflows decreased $5.7 million from other financing activities primarily due to prior year financing costs from the May 2024 debt offering.
CAPITAL RESOURCES
See Note 5of the Condensed Notes to Consolidated Financial Statements for recent financing updates and financial covenants information.
CREDIT RATINGS
The following table represents the credit ratings and outlook and risk profile of BHC as of the date of this report:
|
Rating Agency |
Senior Unsecured Rating |
Outlook |
|
S&P (a) |
BBB+ |
Stable |
|
Moody's (b) |
Baa2 |
Stable |
(a)
On August 19, 2025, S&P affirmed our BBB+ rating and maintained a Stable outlook.
(b)
On August 19, 2025, Moody's affirmed our Baa2 rating and maintained a Stable outlook.
The following table represents the credit rating of South Dakota Electric as of the date of this report:
|
Rating Agency |
Senior Secured Rating |
|
S&P |
A |
CAPITAL REQUIREMENTS
Capital Expenditures
|
Actual (a) |
Forecasted (b) |
||||||||||||||||
|
Capital Expenditures by Segment |
Nine Months Ended |
2025 (c) |
2026 |
2027 |
2028 |
2029 |
|||||||||||
|
(in millions) |
|||||||||||||||||
|
Electric Utilities |
$ |
$ |
550 |
$ |
432 |
$ |
383 |
$ |
615 |
$ |
435 |
||||||
|
Gas Utilities |
431 |
386 |
412 |
447 |
447 |
||||||||||||
|
Corporate and Other |
21 |
41 |
27 |
27 |
27 |
||||||||||||
|
$ |
$ |
1,002 |
$ |
859 |
$ |
822 |
$ |
1,089 |
$ |
909 |
|||||||
(a)
Includes accruals for property, plant and equipment as disclosed in supplemental cash flow information in the Consolidated Statements of Cash Flowsin the Consolidated Financial Statements. Capital expenditures are presented net of CIACs in the Consolidated Statements of Cash Flows.
(b)
Projects are being evaluated by our segments for timing, cost, and other factors.
(c)
Includes actual capital expenditures for the nine months ended September 30, 2025.
Common Stock Dividends
Dividends paid on our common stock totaled $146.8 million for the nine months ended September 30, 2025, or $0.676 per share. On October 28, 2025, our board of directors declared a quarterly dividend of $0.676 per share payable December 1, 2025, equivalent to an annual dividend of $2.704 per share. The amount of any future cash dividends to be declared and paid, if any, will depend upon, among other things, our financial condition, funds from operations, the level of our capital expenditures, restrictions under our Revolving Credit Facility, and our future business prospects.
Critical Accounting Estimates
A summary of our critical accounting estimates is included in our 2024 Annual Report on Form 10-K. There were no material changes made as of September 30, 2025.
New Accounting Pronouncements
See Note 1of the Condensed Notes to Consolidated Financial Statements for a description of recent accounting pronouncements, if any, and our expectation of their impact on our results of operations and financial condition.
Black Hills Corporation published this content on November 06, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on November 06, 2025 at 16:59 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]