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Sep 30
Black Hills Q3 2025 Earnings Report
Black Hills Corp. reported its third-quarter 2025 financial results, reaffirming its adjusted earnings guidance for the year.
Key Takeaways
Black Hills Corp. delivered strong financial and operational results in the third quarter of 2025, with adjusted EPS increasing to $0.45 from $0.35 in the prior year, primarily driven by new rates and rider recovery. The company also made significant progress on key regulatory and growth initiatives, including the Ready Wyoming transmission expansion project and the Lange II generation facility, while reaffirming its 2025 adjusted earnings guidance.
Third quarter GAAP EPS was $0.34, while adjusted EPS, excluding merger-related costs, increased to $0.45, up from $0.35 in Q3 2024.
Revenue for the quarter reached $430.2 million, an increase from $401.6 million in the same period last year.
The company reaffirmed its 2025 adjusted earnings guidance in the range of $4.00 to $4.20 per share.
Significant progress was made on the Ready Wyoming transmission expansion project, expected to be in service by year-end 2025, and construction commenced on the Lange II 99 MW generation facility.
Black Hills
Black Hills
Black Hills Revenue by Segment
Black Hills Revenue by Geographic Location
Revenue by Segment
Electric Utilities Revenue
CapyFin.comGas Utilities Revenue
CapyFin.comCorporate and Other Revenue
CapyFin.comRevenue by Geographic Location
Colorado Electric Revenue
CapyFin.comSouth Dakota Electric Revenue
CapyFin.comWyoming Electric Revenue
CapyFin.comIntegrated Generation Revenue
CapyFin.comArkansas Gas Revenue
CapyFin.comColorado Gas Revenue
CapyFin.comIowa Gas Revenue
CapyFin.comKansas Gas Revenue
CapyFin.comNebraska Gas Revenue
CapyFin.comWyoming Gas Revenue
CapyFin.com Forward Guidance
Black Hills Corp. reaffirmed its 2025 adjusted earnings per share guidance in the range of $4.00 to $4.20, based on assumptions including normal weather, constructive regulatory outcomes, and no unplanned generation outages.
Positive Outlook
- Reaffirmed 2025 adjusted earnings guidance of $4.00 to $4.20 per share.
- Completion of the Ready Wyoming 260-mile transmission expansion project by year-end 2025.
- Commencement of construction for the Lange II 99 MW generation facility, expected in service during the second half of 2026.
- Anticipated significant earnings growth from a data center load pipeline expanding to more than 3 GW.
- Planned filing of new Arkansas gas rate review by year-end and South Dakota electric rate review in Q1 2026.
Challenges Ahead
- Guidance excludes merger-related costs, which impacted Q3 2025 EPS by $0.10.
- Potential for unplanned outages at generation facilities could impact results.
- Reliance on constructive and timely outcomes of utility regulatory dockets.
- Exposure to changing interest rates and inflation.
- Uncertainties related to the timing, receipt, and terms of governmental and regulatory approvals for the NorthWestern Energy merger.