Black Hills (BKH) Operating Expenses (2009 - 2026)

Black Hills' Operating Expenses history runs 18 years deep, the most recent figure standing at $578.8 million for 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 was $578.8 million for Q1 2026 at Black Hills, up from $464.1 million in the prior quarter.
• In the past five years, Operating Expenses ranged from a high of $746.3 million in Q1 2023 to a low of $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.
• The sharpest annual moves came in 2022 and 2023: Operating Expenses surged 47.46% in 2022, then sank 31.18% in 2023.
• A 5-year view of Operating Expenses shows it stood at $661.4 million in 2022, then slumped by 31.18% to $455.2 million in 2023, then slipped by 4.7% to $433.8 million in 2024, then grew by 6.98% to $464.1 million in 2025, then advanced by 24.71% to $578.8 million in 2026.
• The last three Operating Expenses figures came in at $578.8 million (Q1 2026), $464.1 million (Q4 2025), and $351.5 million (Q3 2025), per Business Quant data.