Every material Form 8-K Black Hills has filed with the SEC since August 12, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Black Hills reported third-quarter 2026 GAAP net income available for common stock of $41.0 million, or $0.54 per diluted share, up from $24.9 million, or $0.34, a year earlier. Adjusted EPS was $0.57, up from $0.45, and the company reaffirmed its 2026 adjusted EPS guidance of $4.25 to $4.45, excluding merger-related costs. The pending merger with NorthWestern Energy still requires a final approval from the Montana Public Service Commission.
Q3 2026 revenue was $466.1 million, compared with $430.2 million in Q3 2025.
GAAP EPS was $0.54 versus $0.34; adjusted EPS was $0.57 versus $0.45.
2026 adjusted EPS guidance of $4.25 to $4.45 was reaffirmed, excluding merger-related costs.
The NorthWestern Energy merger is expected to close by year-end 2026, subject to Montana approval.
Black Hills Corp. announced the planned name and ticker for the combined company if its merger with NorthWestern Energy receives final Montana regulatory approval and closes. Shareholders need take no action, and BKH shares continue trading under their current symbol while the merger is pending.
Black Hills would be renamed Bright Horizon Energy Corporation and trade on the NYSE as HZN after the merger completes.
NorthWestern Energy would become a wholly owned subsidiary of Bright Horizon Energy.
The Montana Public Service Commission is expected to consider the merger before November 12, 2026.
Shareholders of both companies, the Nebraska and South Dakota commissions, FERC and Hart-Scott-Rodino clearance have already approved or cleared the merger.
Black Hills reported second-quarter 2026 GAAP net income available for common stock of $38.2 million, or $0.50 per diluted share, up from $27.5 million, or $0.38, a year earlier. Excluding $0.04 per share of merger-related costs, adjusted EPS was $0.54. The company reaffirmed its 2026 adjusted EPS guidance of $4.25 to $4.45 per share, and the pending NorthWestern Energy merger now needs only Montana Public Service Commission approval to close.
Q2 2026 GAAP diluted EPS was $0.50 versus $0.38 in Q2 2025; adjusted EPS was $0.54 versus $0.38
Q2 2026 revenue was $452.8 million versus $439.0 million in Q2 2025
2026 adjusted EPS guidance of $4.25 to $4.45 per share was reaffirmed, excluding merger-related costs
The NorthWestern Energy merger is expected to close by year-end 2026, pending Montana Public Service Commission approval
Black Hills Corp. reported first-quarter 2026 GAAP diluted EPS of $1.73, down from $1.87 a year earlier, and adjusted EPS of $1.79, excluding $0.05 of merger-related costs. Revenue fell to $780.7 million from $805.2 million, with unfavorable weather cited as a key factor. The company reaffirmed its 2026 adjusted EPS guidance of $4.25 to $4.45, which excludes the pending NorthWestern Energy merger.
Q1 2026 GAAP net income available for common stock was $131.0 million, versus $134.3 million in Q1 2025.
Q1 2026 revenue was $780.7 million, versus $805.2 million; weather reduced results by $0.18 per share.
2026 adjusted EPS guidance of $4.25 to $4.45 was reaffirmed, assuming normal weather and excluding merger-related costs.
The NorthWestern Energy merger is expected to close in the second half of 2026.
Black Hills Corp. reported fourth-quarter 2025 GAAP EPS of $1.39 and adjusted EPS of $1.41, up from $1.37 in the year-earlier quarter, and full-year 2025 adjusted EPS of $4.10, up from $3.91. The company initiated 2026 adjusted EPS guidance of $4.25 to $4.45, which excludes the pending merger with NorthWestern Energy expected to close in the second half of 2026.
Q4 2025 revenue was $635.5 million, up from $597.1 million; full-year revenue was $2.31 billion, up from $2.13 billion.
Full-year 2025 GAAP EPS was $3.98 and adjusted EPS was $4.10, which excludes $0.12 of merger-related costs.
2026 adjusted EPS guidance of $4.25 to $4.45 reflects 6% growth over 2025, assuming normal weather and excluding merger-related costs.
Shareholders vote on the NorthWestern merger at special meetings scheduled for April 2, 2026.
Black Hills Corp. reported third-quarter 2025 revenue of $430.2 million, up from $401.6 million a year earlier, and adjusted EPS of $0.45 versus $0.35. GAAP EPS was $0.34 versus $0.35, reflecting $0.10 per share of merger-related costs tied to the proposed NorthWestern Energy merger. The company reaffirmed its 2025 adjusted EPS guidance of $4.00 to $4.20 per share.
Q3 2025 revenue was $430.2 million versus $401.6 million in Q3 2024.
Q3 adjusted EPS was $0.45 versus $0.35; GAAP EPS was $0.34 versus $0.35.
Merger-related costs were $0.10 per share in Q3 and $0.11 per share year to date.
2025 adjusted EPS guidance of $4.00 to $4.20 was reaffirmed, the same as the prior GAAP guidance.
Black Hills Corporation issued $450 million of 4.550% unsecured senior notes due January 31, 2031 on October 2, 2025. The company plans to use the net proceeds to repay or retire $300 million of 3.950% notes maturing January 15, 2026, with any remainder for general corporate purposes. The deal is a debt refinancing that extends the maturity profile, and the filing does not report any change to earnings or guidance.
Notes: $450 million aggregate principal, 4.550% coupon, stated maturity January 31, 2031
Interest paid semi-annually on January 31 and July 31, starting January 31, 2026
Proceeds intended to retire the $300 million of 3.950% notes due January 15, 2026
Notes issued under a Registration Statement on Form S-3 and a Fourteenth Supplemental Indenture dated October 2, 2025
Black Hills Corporation agreed on September 25, 2025 to sell $450 million of 4.550% Notes due 2031 through an underwriting agreement, with gross proceeds of about $447.0 million after original issue discount and underwriting discounts. The notes are scheduled to settle on October 2, 2025, subject to customary closing conditions, and add to the company's debt.
Principal amount: $450 million of 4.550% Notes due 2031
Approximate gross consideration to the company: $447.0 million, after original issue discount and underwriting discounts
Underwriting agreement dated September 25, 2025; settlement scheduled for October 2, 2025
Notes offered under Form S-3 Registration No. 333-272739 and a prospectus supplement dated September 25, 2025
Black Hills and NorthWestern Energy signed a merger agreement on August 18, 2025, under which NorthWestern would become a wholly owned subsidiary of Black Hills and the combined company would be named NewCo. Black Hills shareholders would own about 56% of the combined company on a fully diluted basis, and the companies expect the deal to close in 12 to 15 months, subject to shareholder and regulatory approvals.
Each NorthWestern share would convert into 0.98 Black Hills shares; the companies cite an implied premium of about 4%.
Pro forma market capitalization is about $7.8 billion and combined enterprise value is $15.4 billion, based on August 18, 2025 closing prices.
Linn Evans will retire as Black Hills CEO at closing; Brian B. Bird, NorthWestern's CEO, will lead the combined company.
Either party would owe a $100 million termination fee in certain circumstances; the agreement can be terminated if closing has not occurred by August 18, 2026, subject to extensions.
Black Hills reported second-quarter 2025 diluted earnings of $0.38 per share, up from $0.33 a year earlier, with revenue of $439.0 million versus $402.6 million. The company reaffirmed its 2025 earnings guidance of $4.00 to $4.20 per share, which the company says is on track.
Q2 2025 net income available for common stock was $27.5 million, compared with $22.8 million in Q2 2024.
Q2 2025 operating income was $82.5 million, compared with $70.6 million in Q2 2024.
Full-year 2025 diluted EPS guidance of $4.00 to $4.20 was reaffirmed, based on assumptions issued Feb. 5, 2025.
The board approved a quarterly dividend of $0.676 per share, payable Sept. 2, 2025, to holders of record on Aug. 18, 2025.
Black Hills Corporation entered into a First Amendment to its equity distribution sales agreement on May 8, 2025. The amendment continues the at-the-market share program and resets its size to up to $400 million in aggregate gross sales price, superseding the prior limit under the June 16, 2023 agreement. The filing describes a financing mechanism that allows the company to sell common stock over time, which could dilute existing shareholders depending on how much is sold.
First Amendment dated May 8, 2025 resets the at-the-market program to up to $400,000,000 in aggregate gross sales price
Existing agreement was entered into June 16, 2023; all other terms remain in effect except as modified
Affiliates of several agents are lenders under certain existing credit facilities and may receive proceeds used to repay borrowings
Black Hills Corp. reported first-quarter 2025 diluted earnings per share of $1.87, unchanged from a year earlier, while revenue rose to $805.2 million from $726.4 million and net income available for common stock rose to $134.3 million from $127.9 million. The company reaffirmed its 2025 earnings guidance of $4.00 to $4.20 per share, which matters to shareholders because it signals management expects to hold its earnings outlook for the year.
Diluted EPS was $1.87 in Q1 2025, the same as Q1 2024; net income available for common stock was $134.3 million versus $127.9 million.
Revenue was $805.2 million versus $726.4 million; operating income was $205.0 million versus $193.3 million.
The company reaffirmed 2025 EPS guidance of $4.00 to $4.20, based on assumptions issued Feb. 5, 2025.
The 260-mile Ready Wyoming transmission project is expected to be fully in service by year-end 2025.
Black Hills Corporation disclosed that Senior Vice President and Chief Information Officer Erik Keller intends to resign, effective February 28, 2025. The filing does not state a successor or any financial impact, so the change appears to be an executive departure with limited direct consequences for shareholders.
Erik Keller announced his intention to resign as Senior Vice President and Chief Information Officer on January 31, 2025.
Resignation is effective February 28, 2025.
The filing does not name a successor or describe any compensation arrangements.
Black Hills Corp. reported fourth-quarter 2024 diluted EPS of $1.37, up from $1.17 a year earlier, with net income available for common stock of $98.1 million versus $79.6 million. Full-year 2024 diluted EPS was $3.91, the same as in 2023, while full-year revenue fell to $2.13 billion from $2.33 billion. The company also initiated 2025 EPS guidance of $4.00 to $4.20 and raised its five-year capital forecast by 10% to $4.7 billion.
Q4 2024 diluted EPS $1.37 vs. $1.17 in Q4 2023; quarterly revenue $597.1 million vs. $591.7 million
Full-year 2024 diluted EPS $3.91, unchanged from 2023; full-year revenue $2,127.7 million vs. $2,331.3 million
2025 EPS guidance initiated at $4.00 to $4.20 per share, with an equity issuance of $215 million to $235 million assumed
Quarterly dividend raised 4.0% to $0.676 per share, payable March 1, 2025
Black Hills Corp. reported third-quarter 2024 net income available for common stock of $24.4 million, down from $45.4 million a year earlier, and diluted EPS of $0.35 versus $0.67. Revenue was $401.6 million compared with $407.1 million, and the company reaffirmed its 2024 EPS guidance of $3.80 to $4.00 per share, which it says it is on track to achieve.
Q3 2024 diluted EPS was $0.35, versus $0.67 in Q3 2023; net income available for common stock was $24.4 million versus $45.4 million.
Q3 2024 revenue was $401.6 million, versus $407.1 million; nine-month diluted EPS was $2.52, versus $2.74.
2024 EPS guidance of $3.80 to $4.00 was reaffirmed, with the company citing higher operating expenses, unplanned generation outages and higher interest expense as pressures on earnings.
Black Hills completed its planned 2024 equity issuance, raising $182 million year to date, and ended the quarter at its 55% debt long-term capitalization target.
Black Hills director Mark A. Schober told the Governance Committee on October 28, 2024 that he will retire at the 2025 Annual Meeting of Shareholders, scheduled for April 23, 2025, rather than seek re-election. The filing states his decision does not relate to any disagreement with the company, management, or the board on its operations, policies, or practices.
Retirement effective on the 2025 Annual Meeting date, April 23, 2025
Schober served 9 years on the Board and various committees
He served 5 years as Audit Committee Chair
Filing states no disagreements with the company, management, or board
Black Hills announced that Senior Vice President, General Counsel and Chief Compliance Officer Brian Iverson will depart on September 6, 2024, to accept a role outside the company. The company's search for a successor is ongoing, and the filing does not name a replacement.
Brian Iverson, SVP, General Counsel and Chief Compliance Officer, informed the company on August 9, 2024 of his intent to depart September 6, 2024
Iverson first disclosed his planned retirement on April 24, 2024, with departure no later than October 1, 2024 after a successor was appointed
The company's search for a successor is ongoing; no replacement is named in the filing
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