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Dec 31, 2025
Black Hills Q4 2025 Earnings Report
Black Hills Corp. reported its fourth-quarter and full-year results for 2025, with GAAP EPS of $1.39 and adjusted EPS of $1.41 for the quarter.
Key Takeaways
Black Hills Corp. delivered a solid performance in the fourth quarter of 2025, with GAAP EPS of $1.39 and adjusted EPS of $1.41. The company achieved the midpoint of its earnings guidance range for the full year and initiated 2026 adjusted EPS guidance reflecting 6% year-over-year growth. Strategic investments in electric transmission and gas infrastructure, along with favorable rate reviews, contributed to the positive results.
Delivered 2025 GAAP EPS of $3.98 and adjusted EPS of $4.10, at the midpoint of the earnings guidance range.
Initiated 2026 adjusted EPS guidance in the range of $4.25 to $4.45, reflecting 6% growth over 2025.
Advanced plans to serve a data center pipeline of more than 3 GW, with 600 MW in the five-year plan.
Extended track record of dividend increases to 56 consecutive years and energized the Ready Wyoming 260-mile electric transmission expansion project on schedule.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Black Hills initiates its 2026 adjusted EPS guidance in the range of $4.25 to $4.45, reflecting 6% year-over-year growth, and plans to invest $4.7 billion of capital from 2026 through 2030. The company anticipates significant opportunities from its data center pipeline.
Positive Outlook
- Initiates 2026 adjusted EPS guidance in the range of $4.25 to $4.45, reflecting 6% growth over 2025.
- Targets upper half of 4% to 6% long-term adjusted EPS growth off 2023.
- Plans to invest $4.7 billion of capital in 2026 through 2030, focused on customer needs and growth.
- Data center pipeline offers significant opportunities for new margins and capital investment, with 600 MW in the five-year plan by 2030.
- Assumes constructive and timely outcomes of utility regulatory dockets.
Challenges Ahead
- Guidance excludes expected merger with NorthWestern Energy, which is anticipated to close in the second half of 2026.
- Guidance excludes merger-related costs.
- Guidance excludes mark-to-market adjustments.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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