TTM
23.3%
YoY change
−0.38pp
Trough year (2008)
5.6%
Peak year (1985)
100.0%
Latest annual
23.3%
Operating Margin history chart for Black Hills (BKH) from 1985 to 2025
Latest: 23.3%
Operating Margin change chart for Black Hills (BKH) from 1985 to 2025
Latest: −0.38pp
Operating Margin history table for Black Hills (BKH) from 1985 to 2025
| 2025 | 23.3% | -0.38pp | ||
| 2024 | 23.6% | +3.37pp | ||
| 2023 | 20.3% | +2.44pp | ||
| 2022 | 17.8% | -3.17pp | ||
| 2021 | 21.0% | -4.24pp | ||
| 2020 | 25.2% | +1.84pp | ||
| 2019 | 23.4% | +0.77pp | ||
| 2018 | 22.6% | -2.17pp | ||
| 2017 | 24.8% | +2.96pp | ||
| 2016 | 21.8% | -1.97pp | ||
| 2015 | 23.8% | +4.88pp | ||
| 2014 | 18.9% | -1.40pp | ||
| 2013 | 20.3% | -3.21pp | ||
| 2012 | 23.5% | +8.91pp | ||
| 2011 | 14.6% | -0.40pp | ||
| 2010 | 15.0% | +5.05pp | ||
| 2009 | 10.0% | +4.43pp | ||
| 2008 | 5.6% | -16.31pp | ||
| 2007 | 21.9% | +3.05pp | ||
| 2006 | 18.8% | +5.48pp | ||
| 2005 | 13.3% | -15.54pp | ||
| 2004 | 28.9% | +18.39pp | ||
| 2003 | 10.5% | -1.91pp | ||
| 2002 | 12.4% | -6.71pp | ||
| 2001 | 19.1% | +12.05pp | ||
| 2000 | 7.1% | -0.74pp | ||
| 1999 | 7.8% | +0.53pp | ||
| 1998 | 7.3% | -11.54pp | ||
| 1997 | 18.8% | -14.59pp | ||
| 1996 | 33.4% | +5.24pp | ||
| 1995 | 28.2% | +1.49pp | ||
| 1994 | 26.7% | -73.33pp | ||
| 1993 | 100.0% | 0.00pp | ||
| 1992 | 100.0% | 0.00pp | ||
| 1991 | 100.0% | 0.00pp | ||
| 1990 | 100.0% | 0.00pp | ||
| 1989 | 100.0% | 0.00pp | ||
| 1988 | 100.0% | 0.00pp | ||
| 1987 | 100.0% | 0.00pp | ||
| 1986 | 100.0% | 0.00pp | ||
| 1985 | 100.0% | — |
- 202523.3%-0.38pp
- 202423.6%+3.37pp
- 202320.3%+2.44pp
- 202217.8%-3.17pp
- 202121.0%-4.24pp
- 202025.2%+1.84pp
- 201923.4%+0.77pp
- 201822.6%-2.17pp
- 201724.8%+2.96pp
- 201621.8%-1.97pp
- 201523.8%+4.88pp
- 201418.9%-1.40pp
- 201320.3%-3.21pp
- 201223.5%+8.91pp
- 201114.6%-0.40pp
- 201015.0%+5.05pp
- 200910.0%+4.43pp
- 20085.6%-16.31pp
- 200721.9%+3.05pp
- 200618.8%+5.48pp
- 200513.3%-15.54pp
- 200428.9%+18.39pp
- 200310.5%-1.91pp
- 200212.4%-6.71pp
- 200119.1%+12.05pp
- 20007.1%-0.74pp
- 19997.8%+0.53pp
- 19987.3%-11.54pp
- 199718.8%-14.59pp
- 199633.4%+5.24pp
- 199528.2%+1.49pp
- 199426.7%-73.33pp
- 1993100.0%0.00pp
- 1992100.0%0.00pp
- 1991100.0%0.00pp
- 1990100.0%0.00pp
- 1989100.0%0.00pp
- 1988100.0%0.00pp
- 1987100.0%0.00pp
- 1986100.0%0.00pp
- 1985100.0%—
Operating Margin values are taken from Black Hills's reported income 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 Operating Margin at Black Hills (BKH)
According to Black Hills's latest reported financial statements, the company's latest reported operating margin is 23.3%. Operating margin is operating income divided by revenue — the share of each sales dollar left after cost of goods sold and operating expenses (SG&A, R&D), but before interest and taxes. It isolates how profitable the core business is before financing and tax decisions, so it is comparable across companies with different capital structures.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
In 2025, Black Hills (BKH) operating margin totalled 23.27% – contracted 0.4 percentage points year-over-year.
The record annual operating margin stands at 100.00%, reached in 1985; the historical low of 5.56% was recorded in 2008.
Black Hills Operating Margin by Year
Black Hills Operating Margin 2025: 23.3%
Black Hills operating margin in 2025 was 23.27%, contracted 0.4 percentage points from 2024.
Black Hills Operating Margin 2024: 23.6%
2024's operating margin for Black Hills came in at 23.65%, expanded 3.4 percentage points from 2023.
Black Hills Operating Margin 2023: 20.3%
Black Hills posted operating margin of 20.28% in 2023, expanded 2.4 percentage points from 2022.
Black Hills Operating Margin 2022: 17.8%
In 2022, Black Hills reported operating margin of 17.84%, contracted 3.2 percentage points from 2021.
Black Hills Operating Margin 2021: 21.0%
Black Hills operating margin in 2021 was 21.00%.
See more financial history for Black Hills (BKH).
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