Black Hills Corporation Earnings Recaps
Q1 2026
May 9, 2026
Black Hills Corporation’s shares rose modestly by 1.8% following Q1 2026 results that largely met expectations despite warm weather headwinds weighing on demand and adjusted EPS. Investors appear to view the reaffirmed guidance, rate recovery margin gains, and ongoing merger progress as offsetting the negative impact from weather and slightly lower earnings.
Key takeaways
- Reported GAAP EPS of $1.73, or $1.79 adjusted for merger-related transaction costs, down from $1.87 in Q1 2025.
- Warm winter weather lowered demand, pressuring earnings by approximately $0.18 per share compared to prior year, and $0.13 versus normal weather assumptions.
- Positive offset from 24¢ per share in new rates and rider recovery margin and 10¢ per share lower operating & maintenance expenses (excluding merger costs).
- Higher financing and depreciation costs increased expenses by 16¢ per share.
- Merger with Northwestern Energy is progressing well, with key regulatory approvals advancing toward a second-half 2026 closing.
Q3 2025
Nov 7, 2025
Black Hills Corp. reported strong Q3 2025 results, reaffirming its earnings guidance with a solid adjusted EPS of $0.45, reflecting strategic progress in regulatory and capital initiatives.
Key takeaways
- Adjusted EPS increased to $0.45 from $0.35 year-over-year, aided by new rates and rider recoveries.
- Concluded seven rate reviews since 2024, reinforcing regulatory strategy and customer growth.
- Advancing a $1 billion capital plan, including completion of the Ready Wyoming transmission expansion by year-end.
- Merger with NorthWestern Energy is progressing, expected to enhance competitiveness and unlock additional value for stakeholders.
- Confidently reaffirming 2025 earnings guidance of $4 to $4.20 per share, aiming for upper-range EPS growth through 2026.