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EarningsQ2 2026 Earnings Report
BKH Q2 2026 EPS Results
Actual EPS$0.54
Consensus EPS$0.41
Beat/MissBeat by +$0.13
One Year Ago EPS$0.38
BKH Q2 2026 Revenue Results
Actual Revenue$452.80M
Expected Revenue$490.89M
Beat/MissMissed by -$38.09M
YoY Revenue Growth+3.14%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
BKH Upcoming Earnings
Black Hills's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
BKH Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveys a broadly positive operational and financial story: strong quarter and YTD adjusted EPS growth, a compelling >3 GW large-load pipeline (600 MW in-plan and >2.5 GW in advanced talks), solid capital execution (Lange II on schedule; Ready Wyoming transmission in service), healthy liquidity and credit discipline, and substantial merger progress (6 of 7 approvals). Offsetting items include higher financing and depreciation costs, weather headwinds, one remaining merger approval (Montana) that carries timing risk, near-term refinancing needs ($400M in Jan 2027), and execution/contract risk on very large projects (including refundable customer advances). On balance, the positives (earnings beat, pipeline, merger momentum, strong liquidity and operational execution) outweigh the lowlights.Company Guidance
Strong Quarter and Year-to-Date EPS Performance
Q2 GAAP EPS of $0.50 (included $0.04 of merger costs); adjusted Q2 EPS of $0.54 versus $0.38 in Q2 2025, a ~42% YoY increase. Year-to-date GAAP EPS $2.23 (included $0.10 merger costs); adjusted YTD EPS $2.33 versus $2.24 prior year (~4.0% YTD increase). Reaffirmed 2026 adjusted EPS guidance of $4.25–$4.45 (midpoint implies ~6% growth YoY).
Very Large Data Center / Large-Load Pipeline
Identified pipeline exceeds 3 GW of potential data center load; ~600 MW included in current financial plan through 2030 (primarily Microsoft and Meta). Actively negotiating >2.5 GW additional opportunities including an advanced-stage 1.8 GW project. Executed a generation reservation agreement with up to $377 million of refundable customer advances (agreement extended through Aug 31).
Exceptional Wyoming Load Growth
Wyoming electric peak reached 439 MW in July, a 16% increase vs. last year's peak and representing 20 consecutive years of increasing peak loads — a 183% increase since acquisition in 2005.
Merger Progress with Northwestern Energy
Received FERC approval and unanimous settlements in Nebraska and South Dakota (6 of 7 approvals secured). Montana decision pending with briefs filed July 13 and a 90-day review window (plus possible 30-day extension); company remains on track to close in the second half of the year subject to Montana timing.
On-Time Capital Execution and Strong Liquidity
Nearly $1 billion capital plan executing: 99 MW Lange II generation project on schedule for Q4 in South Dakota; $350M Ready Wyoming transmission project placed in service at end of 2025. Maintains strong liquidity with >$650 million available under revolving credit facility and $50 million equity issued under ATM to support capex.
Regulatory Progress and Cost-Recovery Mechanisms
Active cadence of rate reviews (3–4 per year). Kansas abbreviated review approved (rates effective July 1); interim South Dakota rates effective Aug 18; Arkansas gas rate review in final rebuttal stage with hearing set Aug 20. Filed Colorado Electric rate request seeking $26.7 million of new annual revenue (10.5% ROE). Filed LCT-CAM in Wyoming to recover transmission investments from large customers; expected effective Jan 2027.
Balance Sheet / Credit Discipline and Dividend Track Record
Maintaining stated credit metric targets: targeting 14%–15% FFO-to-debt (~100 bps above 13% downgrade threshold) and net debt-to-capitalization reported as better than 55%. Industry-leading dividend track record extended to 56 consecutive years in 2026; continuing to target a 55%–65% payout ratio.
Operational Expense Management
O&M held flat for the quarter after adjusting for merger costs; employee cost reductions contributed ~$0.04 per share improvement YoY. YTD O&M was $0.11 favorable (adjusted for merger costs).
BKH Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed