Operating Income for Black Hills (BKH)
According to Black Hills's latest reported financial statements, the company's current operating income (TTM) is $537.60M USD. Operating income is profit from core operations: revenue minus cost of goods sold and operating expenses (SG&A, R&D). It excludes interest, taxes, and non-operating items, so it isolates how profitable the business itself is before financing and tax decisions. Compare with EBITDA and net income.
Headline TTM above sums the four reported quarters through (reported ). Chart and table below cover the full reported history back to .
BKH
Currently viewingRevenueSwitch metric
TTM (last 4 quarters)
$537.60M
YoY change
+6.8%
5Y CAGR
+4.6%
Peak year (2025)
$537.50M
Cumulative operating income
$8.55B
Operating Income history chart for Black Hills (BKH) from 1985 to 2025
Operating Income history table for Black Hills (BKH) from 1985 to 2025
| Fiscal year | Period ended | Reported | Operating Income | YoY |
|---|---|---|---|---|
| 2025 | $537.50M | +6.8% | ||
| 2024 | $503.10M | +6.4% | ||
| 2023 | $472.70M | +3.8% | ||
| 2022 | $455.20M | +11.2% | ||
| 2021 | $409.40M | -4.4% | ||
| 2020 | $428.30M | +5.5% | ||
| 2019 | $406.04M | +2.3% | ||
| 2018 | $397.04M | -4.7% | ||
| 2017 | $416.74M | +24.0% | ||
| 2016 | $336.18M | +11.9% | ||
| 2015 | $300.42M | +13.9% | ||
| 2014 | $263.87M | +1.7% | ||
| 2013 | $259.44M | -6.1% | ||
| 2012 | $276.44M | +48.4% | ||
| 2011 | $186.24M | +1.5% | ||
| 2010 | $183.42M | +44.6% | ||
| 2009 | $126.83M | +127.0% | ||
| 2008 | $55.88M | -55.6% | ||
| 2007 | $125.72M | +23.1% | ||
| 2006 | $102.14M | +24.8% | ||
| 2005 | $81.85M | -36.4% | ||
| 2004 | $128.67M | -1.9% | ||
| 2003 | $131.17M | +16.4% | ||
| 2002 | $112.72M | -20.1% | ||
| 2001 | $141.03M | +22.9% | ||
| 2000 | $114.75M | +85.7% | ||
| 1999 | $61.80M | +25.1% | ||
| 1998 | $49.40M | -16.3% | ||
| 1997 | $59.00M | +8.7% | ||
| 1996 | $54.30M | +28.7% | ||
| 1995 | $42.20M | +8.8% | ||
| 1994 | $38.80M | -72.2% | ||
| 1993 | $139.40M | +3.0% | ||
| 1992 | $135.30M | +1.4% | ||
| 1991 | $133.40M | +4.6% | ||
| 1990 | $127.50M | +6.3% | ||
| 1989 | $120.00M | -57.7% | ||
| 1988 | $283.90M | +131.9% | ||
| 1987 | $122.40M | +9.4% | ||
| 1986 | $111.90M | -1.8% | ||
| 1985 | $113.90M | — |
Operating Income values are taken from Black Hills's reported income 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) operating income totalled $537.50M – grew 6.8% year-over-year.
Over 2020–2025 (5 years), Black Hills operating income expanded at a +4.6% compound annual rate, sustaining 4 straight years of year-over-year growth.
Across the available history, operating income reached its high of $537.50M in 2025 and its low of $38.80M in 1994.
Within Utilities, Black Hills (BKH) ranks 9th among 8 peers we track. The peer median for operating income is $4.86B.
Black Hills Operating Income by Year
Black Hills Operating Income 2025: $537.50M
Black Hills operating income in 2025 was $537.50M, grew 6.8% from 2024. This figure represents the highest annual value in the available history.
Black Hills Operating Income 2024: $503.10M
Black Hills operating income in 2024 was $503.10M, grew 6.4% from 2023.
Black Hills Operating Income 2023: $472.70M
Black Hills operating income in 2023 was $472.70M, edged up 3.8% from 2022.
Black Hills Operating Income 2022: $455.20M
Black Hills operating income in 2022 was $455.20M, grew 11.2% from 2021.
Black Hills Operating Income 2021: $409.40M
Black Hills operating income in 2021 was $409.40M.
See more financial history for Black Hills (BKH).
Sector peers — Operating Income
Companies in the same sector as Black Hills, ranked by their latest operating income.
| Company | Operating Income | Sector |
|---|---|---|
| Duke Energy Corporation (DUK) | $8.58B | Utilities |
| NextEra Energy, Inc. (NEE) | $8.28B | Utilities |
| The Southern Company (SO) | $7.27B | Utilities |
| American Electric Power Company, Inc. (AEP) | $5.30B | Utilities |
| Dominion Energy, Inc. (D) | $4.41B | Utilities |
| Sempra (SRE) | $3.25B | Utilities |
| Constellation Energy Corporation (CEG) | $3.09B | Utilities |
| GE Vernova Inc. (GEV) | $1.39B | Utilities |
Frequently asked questions
What is Black Hills's operating income?
- Latest reported operating income for Black Hills (BKH) is $537.60M (period ending December 31, 2025).
How has Black Hills operating income changed year-over-year?
- Black Hills (BKH) operating income changed +6.8% year-over-year on the latest annual filing.
What is the long-term growth rate of Black Hills operating income?
- Black Hills (BKH) operating income compound annual growth rate is +4.6% over the most recent 5 years available.
When did Black Hills operating income hit its highest annual value?
- Black Hills operating income reached its highest annual value of $537.50M in 2025.
What was Black Hills operating income in 2024?
- Black Hills (BKH) operating income in 2024 was $503.10M.
What was Black Hills operating income in 2025?
- Black Hills (BKH) operating income in 2025 was $537.50M.
Metrics overview
Pick a metric for charts, filings, and peers — each row shows the latest TTM or annual value with year-over-year change.
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