Black Hills Corporation Q3 2026 Earnings Recap

Black Hills reported higher adjusted EPS and remains on track for 2026 earnings guidance; the stock was roughly flat, up 0.5% after earnings. The quarter’s gains were partly driven by new rates, rider recovery and favorable weather, while higher financing and depreciation costs continued to weigh.

Key Takeaways

• Q3 GAAP EPS was $0.54, including $0.03 per share of merger-related costs; adjusted EPS was $0.57, versus $0.45 a year earlier.
• Q3 increased margins contributed $0.28 per share, primarily from new rates, rider recovery and weather favorability, more than offsetting higher O&M, financing and depreciation costs.
• Year-to-date adjusted EPS was $2.89 through September, versus $2.68 in the same period last year; the company said it remains on track to achieve 2026 earnings guidance.
• Black Hills executed definitive agreements to serve Google’s planned Wyoming data center, with service planned to begin by late 2027 and peak load expected in 2030; the project’s total resource mix is 2.7 gigawatts.
• The company is negotiating an additional 600 megawatts of large-load opportunities and cited other emerging prospects of 2.5 gigawatts or more; Montana approval remains the final required approval for the NorthWestern merger.