Black Hills (BKH) Net Margin (2009 - 2026)
Black Hills (BKH) posted quarterly Net Margin of 17.05% for Q1 2026, up 11.0% year-over-year from 15.36% in Q1 2025, and down 23.59% quarter-over-quarter from 22.31% in Q4 2025.
Black Hills (BKH) Net Margin (2009 - 2026) Analysis & Trends
Black Hills (BKH) has reported Net Margin for 18 consecutive years, with 17.05% the latest figure, recorded in Q1 2026.
- In Q1 2026, Net Margin rose 11.0% year-over-year to 17.05%; the TTM figure through Mar 2026 stood at 14.42% (up 41.0% YoY), while the FY2025 annual figure was 14.41%, up 11.0% from the prior year.
- Net Margin slipped to 17.05% in Q1 2026 per BKH's latest filing, from 22.31% in the prior quarter.
- Across five years, Net Margin topped out at 22.31% in Q4 2025 and bottomed at 6.02% in Q3 2025.
- Historically, Net Margin has averaged 12.3% across 5 years, with a median of 11.99% in 2023.
- Annual changes were most pronounced in 2023 — Net Margin soared 936 bps — and 2024, when it tumbled 541 bps.
- Black Hills' Net Margin stood at 9.62% in 2022, then jumped by 97 bps to 18.98% in 2023, then grew by 7 bps to 20.38% in 2024, then increased by 9 bps to 22.31% in 2025, then dropped by 24 bps to 17.05% in 2026.
- Business Quant data shows BKH's Net Margin at 17.05% in Q1 2026, 22.31% in Q4 2025, and 6.02% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Atmos Energy | 29.11 Bn | 28.59 Bn | - | 27.61% |
| 2 | Nisource | 20.23 Bn | 20.16 Bn | 867.50 Mn | 3.39% |
| 3 | Ugi | 8.24 Bn | 7.77 Bn | 573.00 Mn | -9.99% |
| 4 | Black Hills | 5.62 Bn | 5.54 Bn | - | 8.92% |
| 5 | New Jersey Resources | 5.60 Bn | 5.56 Bn | 243.61 Mn | 2.32% |
| 6 | ONE Gas | 5.18 Bn | 5.15 Bn | 272.01 Mn | 11.37% |
| 7 | Mdu Resources | 4.32 Bn | 4.27 Bn | - | 5.66% |
| 8 | Chesapeake Utilities | 3.32 Bn | 3.30 Bn | 150.20 Mn | 12.58% |
| 9 | Brookfield Infrastructure | 2.20 Bn | 1.44 Bn | 572.00 Mn | -2.55% |
| 10 | Centuri Holdings | 2.20 Bn | 2.16 Bn | 69.14 Mn | 0.64% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 8.92% |
| Mar 31, 2026 | 17.05% |
| Dec 31, 2025 | 22.31% |
| Sep 30, 2025 | 6.02% |
| Jun 30, 2025 | 6.56% |
| Mar 31, 2025 | 16.94% |
| Dec 31, 2024 | 20.38% |
| Sep 30, 2024 | 6.57% |
| Jun 30, 2024 | 6.14% |
| Mar 31, 2024 | 18.12% |
| Dec 31, 2023 | 18.98% |
| Sep 30, 2023 | 11.99% |
| Jun 30, 2023 | 6.47% |
| Mar 31, 2023 | 12.74% |
| Dec 31, 2022 | 9.62% |
| Sep 30, 2022 | 7.56% |
| Jun 30, 2022 | 7.05% |
| Mar 31, 2022 | 14.69% |
| Dec 31, 2021 | 13.20% |
| Sep 30, 2021 | 11.59% |