Black Hills Corporation reported a decline in financial performance for the first quarter of 2026, with total revenue reaching $780.7 million, down from $805.2 million in the same period of 2025. The company's net income also decreased to $133.1 million, compared to $136.4 million a year earlier. This resulted in diluted earnings per share of $1.73, down from $1.87 in the previous year. The decrease in revenue and profitability was attributed to unfavorable weather conditions and lower customer usage, particularly in the Gas Utilities segment.
Operating expenses for the quarter were $578.8 million, a reduction from $600.2 million in the prior year, primarily due to lower costs associated with fuel, purchased power, and natural gas sold. The Electric Utilities segment saw an increase in operating income to $59.9 million, up from $54.3 million, driven by new rates and rider recovery from recent rate reviews. Conversely, the Gas Utilities segment experienced a decrease in operating income to $146.5 million from $151.5 million, largely due to adverse weather impacts.
In terms of strategic developments, Black Hills Corporation is progressing with its planned merger with NorthWestern Energy, which is expected to close in the second half of 2026, pending regulatory approvals. The company has also entered into a generation reservation agreement with a prospective customer for a 1.8 GW data center in Wyoming, which is anticipated to enhance its service offerings and customer base. Additionally, Black Hills continues to invest in renewable energy projects, including a recent power purchase agreement for solar energy to support its Clean Energy Plan.
Operationally, Black Hills Corporation serves over 1.37 million customers across eight states, with a focus on enhancing customer engagement and operational efficiency. The company reported a significant increase in capital expenditures, totaling $267.4 million for the quarter, compared to $152.9 million in the same period last year, reflecting ongoing investments in infrastructure and energy resources. The company’s total assets as of March 31, 2026, were $10.82 billion, slightly down from $10.87 billion at the end of 2025.
Looking ahead, Black Hills Corporation anticipates continued challenges from market conditions, including fluctuating energy prices and regulatory changes. The company remains committed to executing its strategic initiatives, including the merger with NorthWestern and expanding its renewable energy portfolio, while managing operational costs and enhancing service delivery to its customers.
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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