Black Hills Corporation reported a consolidated revenue of $2.31 billion for the fiscal year ending December 31, 2025, marking a 8.6% increase from $2.13 billion in 2024. The company's net income available for common stock rose to $291.6 million, up from $273.1 million in the previous year, resulting in diluted earnings per share of $3.98, compared to $3.91 in 2024. The increase in revenue was primarily driven by higher rates and rider recovery in both the Electric and Gas Utilities segments, despite challenges such as unplanned generation outages and unfavorable weather conditions.
In comparison to the previous fiscal year, Black Hills Corporation's Electric Utilities segment experienced a decrease in operating income, which fell by $10.5 million to $222.5 million, attributed to increased operating expenses and lower transmission services revenues. Conversely, the Gas Utilities segment saw a significant increase in operating income of $49.5 million, totaling $320.8 million, largely due to new rates and favorable weather conditions. The overall operating income for the company increased by $34.4 million to $537.5 million.
Strategically, Black Hills Corporation is in the process of merging with NorthWestern Energy, a transaction announced on August 18, 2025, which is expected to close in the second half of 2026, pending regulatory approvals. This merger aims to create a combined entity serving approximately 0.7 million electric utility customers and 1.5 million gas utility customers across eight states. The company has also made significant investments in infrastructure, including the completion of the Ready Wyoming project, which enhances transmission capabilities and supports future growth.
Operationally, Black Hills Corporation serves approximately 1.37 million customers across its Electric and Gas Utilities segments. As of December 31, 2025, the Electric Utilities segment had 227,100 retail customers, while the Gas Utilities segment served 1,138,152 customers. The company reported a total employee count of 2,795, a slight decrease from 2,841 in 2024. The company continues to focus on enhancing its operational efficiency and customer service while navigating the complexities of regulatory environments and market conditions.
Looking ahead, Black Hills Corporation anticipates continued growth driven by its strategic initiatives, including the merger with NorthWestern and ongoing investments in infrastructure. The company aims to maintain its commitment to providing reliable energy solutions while managing the impacts of regulatory changes and market fluctuations. The outlook remains positive, with expectations for further revenue growth and operational improvements in the coming years.
About BLACK HILLS CORP /SD/
Black Hills Corporation is a U.S.-based utility company operating electric and natural gas utilities across multiple states. Its Electric Utilities segment generates, transmits, and distributes electricity to retail customers in Colorado, Montana, South Dakota, and Wyoming, owning diverse generation assets including coal, natural gas, and wind. The Gas Utilities segment serves over a million customers in six states, managing extensive pipeline and storage infrastructure. The company integrates regulated utility services with non-regulated power generation and mining, emphasizing reliable energy delivery and regulatory compliance.
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