Black Hills Corp. Reports 2026 Third-Quarter Results and Reaffirms 2026 Earnings Guidance
Key Highlights
- ➤Q3 adjusted EPS $0.57, up from $0.45 year over year
- ➤2026 adjusted EPS guidance reaffirmed at $4.25-$4.45, excluding merger costs
- ➤Google data-center agreements target mid-2027 earnings and approximately $150 million net income in 2030
- ➤$686 million of Wyoming transmission expansion requested for large-load opportunities
- ➤NorthWestern Energy merger awaits final Montana regulatory approval, expected by year-end 2026
Expert Statements
Linn Evans, President and CEO of Black Hills Corp.
“We reported excellent third-quarter results as our team achieved significant progress on our strategic initiatives”
Linn Evans, President and CEO of Black Hills Corp.
“We delivered strong earnings and maintained our solid investment-grade credit ratings.”
Linn Evans, President and CEO of Black Hills Corp.
“We are excited to have reached agreements to serve Google's planned data center in Wyoming, as previously announced. We expect earnings to begin mid-2027 and increase to approximately $150 million of net income in 2030, consisting of returns on investment of $1.8 billion in 564 MW of new generation, and microgrid management fees based on contracted customer load. Additionally, we have requested Certificates of Public Convenience and Necessity (CPCNs) for $686 million of electric transmission expansion investments in Wyoming to serve our large-load opportunities. In total, additional investment of $2.5 billion in generation and transmission investment to serve large-load data center demand in Wyoming represents significant upside to our current plan.”
Linn Evans, President and CEO of Black Hills Corp.
“Our 99-MW Lange II generation facility is on track to be in service in the fourth quarter, with construction in the final stages in South Dakota to replace aging infrastructure and support updated reserve margins. We continued to make regulatory progress during the quarter, obtaining approval for new rates for Arkansas Gas and South Dakota Electric.”
Linn Evans, President and CEO of Black Hills Corp.
“Given strong execution by our team in serving our customers and advancing our regulatory and growth initiatives, we expect to deliver in the upper half of our 4% to 6% long-term EPS growth target supported by our current plan for 2026 to 2030. With significant upside to serve large-load growth, we look forward to providing a comprehensive update for 2027 to 2031 as part of our year-end earnings release”
* Reaffirms 2026 adjusted earnings guidance in the range of $4.25 to $4.45 per share, excluding merger-related costs * Large-load opportunities driving significant upside to current five-year plan from earnings and cash flow * Executed definitive agreements to serve Google’s planned data center with earnings initiating during 2027 * Requested Certificates of Public Convenience and Necessity for nearly $700 million of transmission expansion investments to serve the company’s large-load opportunities
* Successfully completed three rate review requests for South Dakota Electric and Arkansas Gas utilities * Awaiting final decision from Montana to close merger with NorthWestern Energy RAPID CITY, S.D., Nov. 04, 2026 (GLOBE NEWSWIRE) -- Black Hills Corp. (NYSE: BKH) today announced financial results for the third quarter ended Sept. 30, 2026. Net income available for common stock and earnings per share, diluted (EPS) for the three and nine months ended Sept. 30, 2026, compared to the three and nine months ended Sept. 30, 2025, were:
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