External Customers was Black Hills’s largest segment in fiscal 2025, bringing in $4.62B of $4.68B (99%).
| Segment | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| External Customers | $5.10B | $4.66B | $4.26B | $4.62B | ||||||
| Retail - Electric , Natural Gas & Coal | — | — | — | — | ||||||
| Transportation | — | — | — | — | ||||||
| Intercompany Customers | — | — | — | — | ||||||
| Transmission/Other | — | — | — | — | ||||||
| Market - Off-System Sales | — | — | — | — | ||||||
| Wholesale | — | — | — | — | ||||||
| Inter-Segment | $35.00M | $48.80M | $47.80M | $62.40M | ||||||
| Total | $5.14B | $4.71B | $4.30B | $4.68B |
Black Hills brought in $4.68B from its two segments in fiscal 2025, the year ended December 31, 2025. That was up 8.8% from $4.30B in fiscal 2024. External Customers was the largest at $4.62B (98.7%), ahead of Inter-Segment at $62.40M (1.3%).
From fiscal 2022 to 2025, combined revenue from these segments fell from $5.14B to $4.68B, a compound annual decline of 3.1%. External Customers' share of the total fell from 99.3% to 98.7%.
Gas Utilities was Black Hills’s largest segment in fiscal 2025, bringing in $2.25B of $3.89B (58%).
| Statement Business Segments | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gas Utilities | $2.91B | $2.50B | $356.40M | $2.25B | ||||||||||
| Electric Utilities | $1.52B | $1.44B | $1.85B | $1.64B | ||||||||||
| Mining | — | — | — | — | ||||||||||
| Coal Mining | — | — | — | — | ||||||||||
| Power Generation | — | — | — | — | ||||||||||
| Total | $4.43B | $3.94B | $2.20B | $3.89B |
Black Hills brought in $3.89B from its two segments in fiscal 2025, the year ended December 31, 2025. That is less than the $4.68B it reports by segment, so these segments do not cover all of its revenue. Gas Utilities was the largest at $2.25B (57.8%), ahead of Electric Utilities at $1.64B (42.2%).
Compared with fiscal 2024, Gas Utilities grew 531.3% to $2.25B, while Electric Utilities fell 11.2% to $1.64B.
Services Transferred Over Time was Black Hills’s largest revenue line in fiscal 2025, bringing in $4.53B of $4.60B (98%).
| Timing of Transfer of Good or Service | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|
| Services Transferred Over Time | $5.03B | $4.54B | $4.13B | $4.53B | ||||
| Services Transferred At A Point In Time | $60.80M | $63.00M | $69.40M | $69.80M | ||||
| Total | $5.09B | $4.60B | $4.20B | $4.60B |
Black Hills brought in $4.60B from its two revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 9.7% from $4.20B in fiscal 2024. Services Transferred Over Time was the largest at $4.53B (98.5%), ahead of Services Transferred At A Point In Time at $69.80M (1.5%).
From fiscal 2022 to 2025, combined revenue from these revenue lines fell from $5.09B to $4.60B, a compound annual decline of 3.3%. Services Transferred Over Time's share held steady at about 98.5%.
Black Hills (BKH) reports its revenue by segment, by statement business segments and by timing of transfer of good or service. In fiscal 2025, External Customers was its largest segment, bringing in $4.62B (98.7% of the total), followed by Inter-Segment at $62.40M (1.3%).
External Customers was Black Hills' largest segment in fiscal 2025, bringing in $4.62B, or 98.7% of the $4.68B total across its two segments.
Services Transferred Over Time was Black Hills' largest revenue line in fiscal 2025, bringing in $4.53B, or 98.5% of the $4.60B total across its two revenue lines.
Gas Utilities grew faster than Electric Utilities in fiscal 2025, up 531.3% from $356.40M to $2.25B. Electric Utilities fell 11.2% to $1.64B.
Every figure comes from Black Hills' annual financial filings, as reported. Each line keeps the name Black Hills gives it, and years follow its fiscal calendar.
Black Hills' revenue by segment goes back to fiscal 2016, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.