Black Hills Corporation (BKH) Earnings Call Transcripts
Black Hills Corporation's Latest Earnings Call - Q1 FY2026
In Q1 2026, Black Hills Corporation reported GAAP EPS of $1.73, including $0.05 in merger-related costs, and adjusted EPS of $1.79, reflecting a decrease from $1.87 in Q1 2025. The company reaffirmed its full-year EPS guidance of $4.25 to $4.45, indicating a 6% growth at the midpoint over 2025. Despite unfavorable weather impacting demand, management expressed confidence in achieving guidance through operational efficiencies and ongoing large load customer growth.
Reported metrics
| Metric | Value |
|---|---|
| GAAP EPS | $1.73 (miss) |
| Adjusted EPS | $1.79 (miss) |
| Revenue | |
| O&M Expenses Reduction | $0.10 (positive) |
| Capital Plan | $4.7 billion (neutral) |
| Dividend Increase | 56 consecutive years (positive) |
Guidance from management
Black Hills reaffirmed its adjusted EPS guidance range of $4.25 to $4.45 for 2026, representing a 6% growth at the midpoint over 2025. Management expressed confidence in achieving this guidance despite the weather-related challenges faced in Q1.
What management said
That is correct. And just as a reminder, as we think about contracting these types of assets, and we talk about customer protections, through these negotiations, one thing we focus on is ensuring that we don't have stranded assets at the end of this -- the end of contracts, et cetera. So this is not something that would ultimately be on the customers of Wyoming. This is all contracted through that long-term contract ...
And the 201 -- this is Linn, Andrew. The $201 million that we received in the refundable [ kayak ], that's another way of protecting customers, helps us protect our balance sheet in the interim while we are working with these customers to serve their large load.
What analysts pressed on
Analysts raised concerns about the impact of warm weather on demand and the potential for future weather-related disruptions. There were also questions regarding the timeline for the merger with NorthWestern Energy and the specifics of the large load customer agreements.
Main topics on the call
- Merger Progress with NorthWestern Energy — Black Hills made significant strides in its merger with NorthWestern Energy, with favorable shareholder votes and regulatory settlements in Montana, Nebraska, and South Dakota. Management anticipates securing all necessa...
- Impact of Weather on Demand — The company faced challenges due to exceptionally warm weather, which negatively impacted demand by $0.18 per share compared to Q1 2025. Despite this, management maintained that they are on track to meet their earnings g...
- Large Load Customer Opportunities — Black Hills is pursuing significant growth opportunities from large load customers, particularly in data centers, with over 3 gigawatts of potential demand. Management noted, "We are negotiating with high-quality partner...
- Operational Efficiency and Cost Management — The company reported a reduction in O&M expenses, excluding merger costs, by $0.10 year-over-year. Kimberly Nooney stated, "We delivered favorable O&M for Q1," which helped offset some of the negative impacts from weathe...
Read the full Black Hills Corporation transcript (Q1 FY2026) → Summary generated from the call transcript; every figure above is stated by management on the record.
About Black Hills Corporation
Black Hills Corporation (BKH) is a publicly listed company in the Multi-Utilities industry, within the Utilities sector. It trades on NYSE and is based in US. EarningsCalls.dev maintains a free, full-text archive of its earnings call transcripts — 29 calls on record spanning February 7, 2020 to May 7, 2026. Every transcript is split into speaker-by-speaker segments with headline metrics, free to read or available through our REST API.
Earnings Call History
EarningsCalls.dev has 29 Black Hills Corporation earnings call transcripts on record, spanning February 7, 2020 to May 7, 2026. Based on this history, Black Hills Corporation reports quarterly. The most recent call on file is dated May 7, 2026. The full list is below — each row opens the complete, free-to-read transcript.
- Ticker
- BKH
- Exchange
- NYSE
- Country
- US
- Sector
- Utilities
- Industry
- Multi-Utilities
- Calls on record
- 29
- First call
- February 7, 2020
- Most recent
- May 7, 2026
- Reporting cadence
- quarterly