Black Hills Corporation reported a revenue of $452.8 million for the second quarter of 2026, marking an increase of 3.5% from $439.0 million in the same period of 2025. The company's net income for the quarter was $40.4 million, up from $28.8 million a year earlier, resulting in earnings per share of $0.50, compared to $0.38 in the prior year. For the first half of 2026, total revenue reached $1.233 billion, slightly down from $1.244 billion in the first half of 2025, while net income increased to $173.5 million from $165.2 million.
The company experienced notable changes in operating expenses, which totaled $355.8 million for the second quarter, a marginal decrease from $356.5 million in the previous year. The reduction in fuel, purchased power, and cost of natural gas sold contributed to this decline, dropping from $124.0 million to $113.5 million. Operating income for the quarter rose to $97.0 million, compared to $82.5 million in the same quarter of 2025, driven by improved margins in both Electric and Gas Utilities segments.
Strategically, Black Hills Corporation is advancing its merger with NorthWestern Energy, which is expected to close by the end of 2026, pending regulatory approvals. The merger aims to enhance operational efficiencies and expand the company's market presence. Additionally, the company is actively pursuing capital projects, including the Lange II electric generation project in South Dakota, which is anticipated to be operational by late 2026. The company also entered into a generation reservation agreement with a prospective data center customer in Wyoming, securing $377 million in refundable advances to support long lead-time generation equipment.
Operationally, Black Hills Corporation serves over 1.37 million customers across eight states, with significant growth in customer counts and energy demand. The company reported a peak demand of 439 MW in July 2026, surpassing previous records. The Electric Utilities segment's operating income increased due to new rates and rider recovery, while the Gas Utilities segment also benefited from similar rate adjustments. The company continues to focus on enhancing its service offerings and expanding its renewable energy portfolio, aligning with its Clean Energy Plan.
Looking ahead, Black Hills Corporation anticipates continued growth driven by strategic investments and operational improvements. The company is committed to maintaining its financial health, with a focus on managing debt levels and capital expenditures. The outlook remains positive, supported by ongoing regulatory initiatives and the successful integration of the NorthWestern merger, which is expected to yield long-term benefits for shareholders and customers alike.
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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