Black Hills Reaffirms 2026 Earnings Guidance as Utility Income Rises
The company reported second-quarter revenue of $452.8 million, up from $439.0 million in the prior-year period.
Black Hills (BKH), the regulated energy utility, reported second-quarter adjusted earnings per share of $0.54, up from $0.38 in the same period in 2024.
The results reflect a period of growth in utility operating income, though the company faced headwinds from merger-related costs and rising interest expenses. Year-to-date adjusted EPS rose to $2.33, compared to $2.24 for the same period in 2024. GAAP EPS for the second quarter increased to $0.50 from $0.38 a year earlier.
Revenue for the quarter rose to $452.8 million from $439.0 million in the prior-year quarter. The Electric Utilities segment saw operating income increase by $12.1 million year-over-year, due to new rates and rider recovery from the Ready Wyoming project. Gas Utilities operating income rose by $7.6 million, driven by rate reviews for Nebraska Gas and Kansas Gas, though higher operating expenses partially offset those gains.
These utility gains were tempered by a $5.2 million increase in operating loss within the Corporate and Other segment, primarily due to costs associated with the NorthWestern merger. Additionally, net interest expense rose by $2.7 million as the company faced higher rates on increased debt.
Demand for power reached a new milestone in Wyoming, where the company served an all-time peak load of 439 MW on July 20, 2026. This represented a 16% increase over the June 2025 peak of 379 MW.
Black Hills reaffirmed its 2026 adjusted earnings guidance in the range of $4.25 to $4.45 a share.
The company continued to raise capital through equity issuance, selling 0.1 million shares of new common stock for $9 million in the second quarter. This brought year-to-date issuance to 0.7 million shares for a total of $50 million. Refundable advances from a prospective 1.8 GW data center customer in Wyoming also grew, rising from $285 million as of June 30, 2026, to $377 million in July 2026.