| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 427.40 | 1.9% | 7.2% |
| Total Income | 427.40 | 1.9% | 7.2% |
| Expenditure | 348.70 | 1.3% | 8.0% |
| PBT | 29.90 | 9.9% | 2.0% |
| Net Profit | 24.90 | 9.4% | 2.0% |
| OPM | 18.41% | 0.52pp | 0.60pp |
| NPM | 5.83% | 0.49pp | 0.30pp |
| EPS | 0.34 | 10.5% | 2.9% |
Black Hills Corp. Reports Q3 2025 Results; Reaffirms 2025 Adjusted EPS Guidance
04 May 2026 · 4 May, 7:57 am
Summary
Black Hills Corp. announced its financial results for the third quarter ended Sept. 30, 2025. The company reported a GAAP EPS of $0.34 compared to $0.35 in the same quarter of 2024, and an adjusted EPS of $0.45, excluding merger-related costs. The company reaffirmed its 2025 adjusted earnings guidance in the range of $4.00 to $4.20 per share. Black Hills is advancing its proposed merger with NorthWestern Energy to create a premier Midwest utility presence.
Key Highlights
- 1
Black Hills Corp. reaffirms its 2025 adjusted earnings guidance in the range of $4.00 to $4.20 per share.
- 2
The company completed planned equity and debt financing activities for 2025.
- 3
A settlement agreement was filed for new customer rates at Nebraska natural gas utility.
- 4
Construction of the Ready Wyoming 260-mile transmission expansion project is nearing completion and expected to be in service by year-end.
- 5
Construction commenced on the Lange II 99 MW generation facility in South Dakota, slated for service during the second half of 2026.
- 6
Third quarter GAAP EPS was $0.34 compared to $0.35 in 2024.
- 7
Third quarter adjusted EPS was $0.45, excluding $0.10 of merger-related costs, compared to $0.35 in the same period in 2024.
Management Comments
Linn Evans
“Our team delivered strong financial and operational results while successfully advancing key regulatory and growth initiatives,” said Linn Evans, president and CEO of Black Hills Corp. “We completed our planned debt and equity financings for the year, maintaining strong credit quality and liquidity. In Nebraska, we secured a settlement for our natural gas rate review and are preparing to file a new Arkansas gas rate review by year-end. We also plan to file an electric rate review in South Dakota during the first quarter of 2026 – our first in more than a decade. “Our $4.7 billion five-year capital plan prioritizes core customer needs for safety, reliability, and growth. By year-end, our 260-mile Ready Wyoming transmission expansion project will be complete, enabling a more reliable, interconnected grid to serve our customers. In 2026, our 99 MW Lange II generation project in South Dakota will replace aging infrastructure with advanced generation technology. “Our five-year plan includes 500 MW of data center demand by 2029, driven by continued Microsoft expansion and Meta’s new AI data center, which will transition from construction power to permanent service later this year. We are also actively negotiating with high-quality partners, expanding our data center load pipeline to more than 3 GW from our previously disclosed pipeline of more than 1 GW. This would drive significant earnings growth incremental to our current plan through our innovative data center tariff and strategic investments in new transmission and generation.” “We are advancing our proposed merger with NorthWestern Energy to create a premier Midwest utility presence with enhanced scale, resilience, and opportunities for growth as a combined company,” said Linn Evans, president and CEO of Black Hills Corp. “Our joint regulatory filings underscore the transaction’s substantial benefits for our customers and stakeholders.”
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