Latest period
$934M
YoY change
+10.2%
5Y CAGR
+1.3%
Peak year (FY2025)
$820M
Cumulative CapEx
$11.6B
CapEx history chart for Black Hills (BKH) from 2016 to 2025
Latest: $820M
CapEx growth chart for Black Hills (BKH) from 2016 to 2025
Latest: +10.2%
CapEx history table for Black Hills (BKH) from 1994 to 2025
| FY2025 | $820M | +10.2% | +$75.6M | ||
| FY2024 | $744M | +33.9% | +$189M | ||
| FY2023 | $556M | -8.1% | -$48.8M | ||
| FY2022 | $604M | -10.8% | -$73.1M | ||
| FY2021 | $677M | -11.7% | -$89.9M | ||
| FY2020 | $767M | -6.2% | -$51M | ||
| FY2019 | $818M | +78.9% | +$361M | ||
| FY2018 | $458M | +40.3% | +$132M | ||
| FY2017 | $326M | -31.3% | -$149M | ||
| FY2016 | $475M | +4.2% | +$19.3M | ||
| FY2015 | $455M | +14.3% | +$57M | ||
| FY2014 | $398M | +12.3% | +$43.7M | ||
| FY2013 | $355M | +1.6% | +$5.62M | ||
| FY2012 | $349M | -20.8% | -$91.6M | ||
| FY2011 | $441M | -6.8% | -$32M | ||
| FY2010 | $473M | +36.3% | +$126M | ||
| FY2009 | $347M | +5.5% | +$18M | ||
| FY2008 | $329M | +25.8% | +$67.6M | ||
| FY2007 | $261M | -15.3% | -$47.1M | ||
| FY2006 | $308M | +122.5% | +$170M | ||
| FY2005 | $139M | +52.4% | +$47.7M | ||
| FY2004 | $91M | +0.7% | +$621K | ||
| FY2003 | $90.4M | -61.2% | -$143M | ||
| FY2002 | $233M | -38.4% | -$145M | ||
| FY2001 | $378M | +180.7% | +$244M | ||
| FY2000 | $135M | +29.4% | +$30.7M | ||
| FY1999 | $104M | +281.7% | +$76.9M | ||
| FY1998 | $27.3M | -3.5% | -$1M | ||
| FY1997 | $28.3M | +16.0% | +$3.9M | ||
| FY1996 | $24.4M | -49.4% | -$23.8M | ||
| FY1995 | $48.2M | -52.1% | -$52.5M | ||
| FY1994 | $101M | — | — |
- FY2025$820M+10.2%
- FY2024$744M+33.9%
- FY2023$556M-8.1%
- FY2022$604M-10.8%
- FY2021$677M-11.7%
- FY2020$767M-6.2%
- FY2019$818M+78.9%
- FY2018$458M+40.3%
- FY2017$326M-31.3%
- FY2016$475M+4.2%
- FY2015$455M+14.3%
- FY2014$398M+12.3%
- FY2013$355M+1.6%
- FY2012$349M-20.8%
- FY2011$441M-6.8%
- FY2010$473M+36.3%
- FY2009$347M+5.5%
- FY2008$329M+25.8%
- FY2007$261M-15.3%
- FY2006$308M+122.5%
- FY2005$139M+52.4%
- FY2004$91M+0.7%
- FY2003$90.4M-61.2%
- FY2002$233M-38.4%
- FY2001$378M+180.7%
- FY2000$135M+29.4%
- FY1999$104M+281.7%
- FY1998$27.3M-3.5%
- FY1997$28.3M+16.0%
- FY1996$24.4M-49.4%
- FY1995$48.2M-52.1%
- FY1994$101M—
CapEx values are taken from Black Hills's reported cash flow statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About CapEx at Black Hills (BKH)
According to Black Hills's latest reported financial statements, the company's current CapEx (TTM) is $934M. 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 .
In 2025, Black Hills (BKH) CapEx totalled $820M – grew 10.2% year-over-year.
Looking at the 2020–2025 (5 years) stretch, Black Hills CapEx compounded at +1.3% per year, sustaining 2 straight years of year-over-year growth.
$820M stands as the all-time-high annual CapEx, posted in 2025, against a low of $24.4M during 1996.
Black Hills Capital Expenditures by Year
Black Hills Capital Expenditures 2025: $820M
In 2025, Black Hills reported CapEx of $820M, grew 10.2% from 2024. This figure represents the highest annual value in the available history.
Black Hills Capital Expenditures 2024: $744M
Black Hills CapEx in 2024 was $744M, surged 33.9% from 2023.
Black Hills Capital Expenditures 2023: $556M
2023's CapEx for Black Hills came in at $556M, declined 8.1% below 2022.
Black Hills Capital Expenditures 2022: $604M
Black Hills posted CapEx of $604M in 2022, declined 10.8% below 2021.
Black Hills Capital Expenditures 2021: $677M
Black Hills CapEx in 2021 was $677M.
See more financial history for Black Hills (BKH).
Sector peers by CapEx
Utilities peers of Black Hills (BKH), ranked by their latest CapEx
| $14B | |
| $12.7B | |
| $12.6B | |
| $10.6B | |
| $9.27B | |
| $2.95B | |
| $1.28B | |
| $130M |
- $12.7B
- $12.6B
- $10.6B
- $9.27B
- $1.28B
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