Black Hills (BKH) Operating Margin (2009 - 2026)
Black Hills (BKH) posted quarterly Operating Margin of 25.86% for Q1 2026, up 40.0% year-over-year from 18.47% in Q1 2025, and down 4.11% quarter-over-quarter from 26.97% in Q4 2025.
Black Hills (BKH) Operating Margin (2009 - 2026) Analysis & Trends
Black Hills (BKH) has reported Operating Margin for 18 consecutive years, with 25.86% the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Margin rose 40.0% year-over-year to 25.86%; the TTM figure through Mar 2026 stood at 23.39% (up 6.0% YoY), while the FY2025 annual figure was 23.27%, down 38.0% from the prior year.
- Operating Margin declined to 25.86% in Q1 2026 per BKH's latest filing, from 26.97% in the prior quarter.
- Across five years, Operating Margin topped out at 27.35% in Q4 2024 and bottomed at 15.27% in Q2 2022.
- Historically, Operating Margin has averaged 21.01% across 5 years, with a median of 18.99% in 2023.
- Annual changes were most pronounced in 2022 — Operating Margin slumped 643 bps — and 2024, when it surged 762 bps.
- Black Hills' Operating Margin stood at 16.42% in 2022, then soared by 40 bps to 23.07% in 2023, then rose by 19 bps to 27.35% in 2024, then slipped by 1 bps to 26.97% in 2025, then decreased by 4 bps to 25.86% in 2026.
- Business Quant data shows BKH's Operating Margin at 25.86% in Q1 2026, 26.97% in Q4 2025, and 18.29% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Atmos Energy | 29.11 Bn | 28.58 Bn | - | 36.45% |
| 2 | Nisource | 20.25 Bn | 20.18 Bn | 867.50 Mn | 16.99% |
| 3 | Ugi | 8.27 Bn | 7.79 Bn | 573.00 Mn | -3.31% |
| 4 | Black Hills | 5.62 Bn | 5.54 Bn | - | 21.42% |
| 5 | New Jersey Resources | 5.60 Bn | 5.56 Bn | 243.61 Mn | 9.13% |
| 6 | ONE Gas | 5.18 Bn | 5.15 Bn | 272.01 Mn | 20.08% |
| 7 | Mdu Resources | 4.32 Bn | 4.28 Bn | - | 12.78% |
| 8 | Chesapeake Utilities | 3.32 Bn | 3.30 Bn | 150.20 Mn | 26.20% |
| 9 | Brookfield Infrastructure | 2.21 Bn | 1.44 Bn | 572.00 Mn | 58.51% |
| 10 | Centuri Holdings | 2.20 Bn | 2.16 Bn | 69.14 Mn | 2.51% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jun 30, 2026 | 21.42% |
| Mar 31, 2026 | 25.86% |
| Dec 31, 2025 | 26.97% |
| Sep 30, 2025 | 18.29% |
| Jun 30, 2025 | 18.79% |
| Mar 31, 2025 | 25.46% |
| Dec 31, 2024 | 27.35% |
| Sep 30, 2024 | 18.87% |
| Jun 30, 2024 | 17.54% |
| Mar 31, 2024 | 26.61% |
| Dec 31, 2023 | 23.07% |
| Sep 30, 2023 | 24.02% |
| Jun 30, 2023 | 15.44% |
| Mar 31, 2023 | 18.99% |
| Dec 31, 2022 | 16.42% |
| Sep 30, 2022 | 17.18% |
| Jun 30, 2022 | 15.27% |
| Mar 31, 2022 | 21.05% |
| Dec 31, 2021 | 20.26% |
| Sep 30, 2021 | 23.61% |