Black Hills (BKH) Operating Expenses (2009 - 2026)
Black Hills (BKH) posted quarterly Operating Expenses of $578.8 million for Q1 2026, down 3.57% year-over-year from $600.2 million in Q1 2025, and up 24.71% quarter-over-quarter from $464.1 million in Q4 2025.
Black Hills (BKH) Operating Expenses (2009 - 2026) Analysis & Trends
Black Hills (BKH) has reported Operating Expenses for 18 consecutive years, with $578.8 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Expenses fell 3.57% year-over-year to $578.8 million; the TTM figure through Mar 2026 stood at $1.8 billion (up 3.49% YoY), while the FY2025 annual figure was $1.8 billion, up 9.1% from the prior year.
- Operating Expenses rose to $578.8 million in Q1 2026 per BKH's latest filing, from $464.1 million in the prior quarter.
- Across five years, Operating Expenses topped out at $746.3 million in Q1 2023 and bottomed at $309.3 million in Q3 2023.
- Historically, Operating Expenses has averaged $466.5 million across 5 years, with a median of $433.8 million in 2024.
- Annual changes were most pronounced in 2022 — Operating Expenses jumped 47.46% — and 2023, when it plunged 31.18%.
- Black Hills' Operating Expenses stood at $661.4 million in 2022, then sank by 31.18% to $455.2 million in 2023, then decreased by 4.7% to $433.8 million in 2024, then climbed by 6.98% to $464.1 million in 2025, then gained by 24.71% to $578.8 million in 2026.
- Business Quant data shows BKH's Operating Expenses at $578.8 million in Q1 2026, $464.1 million in Q4 2025, and $351.5 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Atmos Energy | 29.11 Bn | 28.59 Bn | - | - |
| 2 | Nisource | 20.23 Bn | 20.16 Bn | 867.50 Mn | 1.11 Bn |
| 3 | Ugi | 8.24 Bn | 7.77 Bn | 573.00 Mn | 1.38 Bn |
| 4 | Black Hills | 5.62 Bn | 5.54 Bn | - | 355.80 Mn |
| 5 | New Jersey Resources | 5.60 Bn | 5.56 Bn | 243.61 Mn | 317.29 Mn |
| 6 | ONE Gas | 5.18 Bn | 5.15 Bn | 272.01 Mn | 238.68 Mn |
| 7 | Mdu Resources | 4.32 Bn | 4.27 Bn | - | 327.36 Mn |
| 8 | Chesapeake Utilities | 3.32 Bn | 3.30 Bn | 150.20 Mn | 149.00 Mn |
| 9 | Brookfield Infrastructure | 2.20 Bn | 1.44 Bn | 572.00 Mn | 22.00 Mn |
| 10 | Centuri Holdings | 2.20 Bn | 2.16 Bn | 69.14 Mn | 37.24 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 355.80 Mn |
| Mar 31, 2026 | 578.80 Mn |
| Dec 31, 2025 | 464.10 Mn |
| Sep 30, 2025 | 351.50 Mn |
| Jun 30, 2025 | 356.50 Mn |
| Mar 31, 2025 | 600.20 Mn |
| Dec 31, 2024 | 433.80 Mn |
| Sep 30, 2024 | 325.80 Mn |
| Jun 30, 2024 | 332.00 Mn |
| Mar 31, 2024 | 533.10 Mn |
| Dec 31, 2023 | 455.20 Mn |
| Sep 30, 2023 | 309.30 Mn |
| Jun 30, 2023 | 347.80 Mn |
| Mar 31, 2023 | 746.30 Mn |
| Dec 31, 2022 | 661.44 Mn |
| Sep 30, 2022 | 383.13 Mn |
| Jun 30, 2022 | 401.81 Mn |
| Mar 31, 2022 | 650.22 Mn |
| Dec 31, 2021 | 448.56 Mn |
| Sep 30, 2021 | 290.72 Mn |