Capital Expenditures for Black Hills (BKH)
According to Black Hills's latest reported financial statements, the company's current capital expenditures (TTM) is $819.80M USD. Capital expenditures (CapEx) are cash outlays for property, plant, and equipment and other long-lived productive assets — reported on the cash flow statement under investing activities. CapEx funds future capacity (factories, data centers, software, machinery), so rising spend can signal investment in growth, while heavy CapEx reduces free cash flow available to shareholders. We display CapEx as a positive amount (the absolute cash outflow); compare with revenue to gauge capital intensity and with total assets for the asset-base context.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
BKH
Currently viewingCapital ExpendituresSwitch metric
Latest period
$819.80M
YoY change
+10.2%
5Y CAGR
+1.3%
Peak year (2025)
$819.80M
Cumulative capital expenditures
$11.36B
CapEx history chart for Black Hills (BKH) from 1994 to 2025
CapEx history table for Black Hills (BKH) from 1994 to 2025
| Fiscal year | Period ended | Reported | Capital Expenditures | YoY |
|---|---|---|---|---|
| 2025 | $819.80M | +10.2% | ||
| 2024 | $744.20M | +33.9% | ||
| 2023 | $555.60M | -8.1% | ||
| 2022 | $604.40M | -10.8% | ||
| 2021 | $677.49M | -11.7% | ||
| 2020 | $767.40M | -6.2% | ||
| 2019 | $818.38M | +78.9% | ||
| 2018 | $457.52M | +40.3% | ||
| 2017 | $326.01M | -31.3% | ||
| 2016 | $474.78M | +4.2% | ||
| 2015 | $455.48M | +14.3% | ||
| 2014 | $398.49M | +12.3% | ||
| 2013 | $354.75M | +1.6% | ||
| 2012 | $349.13M | -20.8% | ||
| 2011 | $440.70M | -6.8% | ||
| 2010 | $472.68M | +36.3% | ||
| 2009 | $346.87M | +5.5% | ||
| 2008 | $328.92M | +25.8% | ||
| 2007 | $261.37M | -15.3% | ||
| 2006 | $308.45M | +122.5% | ||
| 2005 | $138.63M | +52.4% | ||
| 2004 | $90.97M | +0.7% | ||
| 2003 | $90.35M | -61.2% | ||
| 2002 | $233.07M | -38.4% | ||
| 2001 | $378.48M | +180.7% | ||
| 2000 | $134.85M | +29.4% | ||
| 1999 | $104.20M | +281.7% | ||
| 1998 | $27.30M | -3.5% | ||
| 1997 | $28.30M | +16.0% | ||
| 1996 | $24.40M | -49.4% | ||
| 1995 | $48.20M | -52.1% | ||
| 1994 | $100.70M | — |
CapEx values are taken from Black Hills's reported cash flow statements (10-Q quarterly and 10-K annual filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the date the filing was reported; YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
Analysis
In 2025, Black Hills (BKH) capital expenditures totalled $819.80M – grew 10.2% year-over-year.
Looking at the 2020–2025 (5 years) stretch, Black Hills capital expenditures compounded at +1.3% per year, sustaining 2 straight years of year-over-year growth.
$819.80M stands as the all-time-high annual capital expenditures, posted in 2025, against a low of $24.40M during 1996.
Black Hills (BKH) sits 8th of 8 Utilities peers we track on this metric, against a peer median of $9.94B.
Black Hills Capital Expenditures by Year
Black Hills Capital Expenditures 2025: $819.80M
Black Hills capital expenditures in 2025 was $819.80M, grew 10.2% from 2024. This figure represents the highest annual value in the available history.
Black Hills Capital Expenditures 2024: $744.20M
Black Hills capital expenditures in 2024 was $744.20M, surged 33.9% from 2023.
Black Hills Capital Expenditures 2023: $555.60M
Black Hills capital expenditures in 2023 was $555.60M, declined 8.1% below 2022.
Black Hills Capital Expenditures 2022: $604.40M
Black Hills capital expenditures in 2022 was $604.40M, declined 10.8% below 2021.
Black Hills Capital Expenditures 2021: $677.49M
Black Hills capital expenditures in 2021 was $677.49M.
See more financial history for Black Hills (BKH).
Sector peers — CapEx
Companies in the same sector as Black Hills, ranked by their latest capital expenditures.
| Company | Capital Expenditures | Sector |
|---|---|---|
| Duke Energy Corporation (DUK) | $14.02B | Utilities |
| The Southern Company (SO) | $13.39B | Utilities |
| Dominion Energy, Inc. (D) | $12.64B | Utilities |
| Sempra (SRE) | $10.61B | Utilities |
| NextEra Energy, Inc. (NEE) | $9.27B | Utilities |
| Constellation Energy Corporation (CEG) | $2.95B | Utilities |
| GE Vernova Inc. (GEV) | $1.28B | Utilities |
| American Electric Power Company, Inc. (AEP) | $130.00M | Utilities |
Frequently asked questions
What is Black Hills's capital expenditures?
- Latest reported capital expenditures for Black Hills (BKH) is $819.80M (period ending December 31, 2025).
How has Black Hills capital expenditures changed year-over-year?
- Black Hills (BKH) capital expenditures changed +10.2% year-over-year on the latest annual filing.
What is the long-term growth rate of Black Hills capital expenditures?
- Black Hills (BKH) capital expenditures compound annual growth rate is +1.3% over the most recent 5 years available.
When did Black Hills capital expenditures hit its highest annual value?
- Black Hills capital expenditures reached its highest annual value of $819.80M in 2025.
What was Black Hills capital expenditures in 2024?
- Black Hills (BKH) capital expenditures in 2024 was $744.20M.
What was Black Hills capital expenditures in 2025?
- Black Hills (BKH) capital expenditures in 2025 was $819.80M.
Metrics overview
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