Black Hills (BKH)
NYSE:BKH
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Earnings Data
Report Date
Aug 05, 2026After Close (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
0.4Last Year’s EPS
0.38Same Quarter Last Year
Strong Buy
Based on 5 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call conveyed a largely positive operational and strategic momentum: management reaffirmed full-year guidance, maintained strong liquidity and credit targets, advanced major projects (Lange II, Ready Wyoming placed in service) and merger progress, and highlighted a deep large-load pipeline with customer-funded reservations. Offsetting these positives were notable near-term headwinds — an unusually warm winter that reduced demand (18¢ per share impact), an adjusted EPS decline versus prior year, higher financing and depreciation costs, merger transaction expenses, and remaining uncertainty on definitive agreements and regulatory approvals tied to large-load projects. On balance, the company demonstrated financial resilience and a clear path for growth, though material execution and regulatory risks remain as the large-load opportunities and merger close over the remainder of the year.Company Guidance
Adjusted and GAAP EPS
GAAP EPS of $1.73 for Q1 2026 (included 5¢ of merger-related costs); adjusted EPS of $1.79 versus $1.87 in Q1 2025 (≈4.3% YoY decline after adjustments).
Reaffirmed Full-Year Guidance and Growth
Reaffirmed adjusted EPS guidance of $4.25–$4.45 for 2026, with midpoint representing ~6% growth versus 2025; company expects to deliver in the upper half of its 4%–6% long-term growth target.
Large Load / Data Center Pipeline
Pipeline of more than 3 GW of large load opportunities, including 600 MW already in the five-year financial plan by 2030 and >2.5 GW of additional opportunities; active negotiations on a 1.8 GW Cheyenne project.
Customer-Funded Reservation and Protections
Executed short-term generation reservation agreement for the 1.8 GW opportunity; customer has provided $201 million in refundable contributions in aid of construction to secure long‑lead generation equipment.
Capital Plan and Major Projects
Five-year capital plan of $4.7 billion; 99-MW Lange II generation project on schedule for Q4 in-service, $350 million Ready Wyoming transmission project placed in service end of 2025, and a 50-MW Colorado battery storage project under construction (in-service late 2027).
Rate Recovery and Margin Contribution
Delivered 24¢ per share of new rates and rider recovery margin in Q1 2026 contributing positively to EPS.
O&M Cost Control
Excluding merger-related costs, O&M reduced by 10¢ per share year-over-year in Q1 (driven by 4¢ lower employee costs and 6¢ of other O&M reductions).
Liquidity and Capital Markets Execution
Maintained strong liquidity with approximately $500 million available under revolving credit facility at quarter-end and issued $41 million of equity under ATM, positioning for minimal remaining equity need in 2026.
Lowered 2026 Equity Need
Management expects a significantly lower total equity need of $50–$70 million in 2026 driven by stronger forecasted cash flows and new capital projects placed in service.
Merger Progress with Northwestern Energy
Favorable shareholder votes received (April 2); Hart-Scott-Rodino waiting period expired (April 20); settlements with key intervenors in Montana, Nebraska and South Dakota; company expects state and FERC approvals in H2 2026.
Dividend Track Record
January dividend increase extends the company’s dividend increase streak to 56 consecutive years; targets a 55%–65% payout ratio.
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
BKH Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
May 06, 2026 | $73.22 | $74.51 | +1.76% |
Feb 04, 2026 | $72.35 | $73.04 | +0.95% |
Nov 05, 2025 | $62.91 | $65.83 | +4.63% |
Jul 30, 2025 | $54.88 | $55.53 | +1.17% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Black Hills (BKH) report earnings?
Black Hills (BKH) is schdueled to report earning on Aug 05, 2026, After Close (Confirmed).
What is Black Hills (BKH) earnings time?
Black Hills (BKH) earnings time is at Aug 05, 2026, After Close (Confirmed).
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is BKH EPS forecast?
BKH EPS forecast for the fiscal quarter 2026 (Q2) is 0.4.