Gas Utilities was Black Hills’s largest segment in fiscal 2025, bringing in $1.38B of $2.31B (60%).
| Segment | FY 2011 | FY 2012 | FY 2013 | FY 2014 | FY 2015 | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gas Utilities | $1.67B | $1.48B | $1.27B | $1.38B | |||||||||||
| Electric Utilities | $900.20M | $865.00M | $876.10M | $942.80M | |||||||||||
| Corporate, Non-Segment | -$17.50M | -$17.90M | -$17.80M | -$15.60M | |||||||||||
| Power Generation | — | — | — | — | |||||||||||
| Oil & Gas | — | — | — | — | |||||||||||
| Coal Mining | — | — | — | — | |||||||||||
| Mining | — | — | — | — | |||||||||||
| Intercompany Eliminations | — | — | — | — | |||||||||||
| Total | $2.55B | $2.33B | $2.13B | $2.31B |
Black Hills brought in $2.31B from its three segments in fiscal 2025, the year ended December 31, 2025. That was up 8.6% from $2.13B in fiscal 2024. Gas Utilities was the largest at $1.38B (59.9%), ahead of Electric Utilities at $942.80M (40.8%).
Compared with fiscal 2024, Gas Utilities grew 8.9% to $1.38B and Electric Utilities grew 7.6% to $942.80M. From fiscal 2022 to 2025, combined revenue from these segments fell from $2.55B to $2.31B, a compound annual decline of 3.3%. Gas Utilities' share of the total fell from 65.4% to 59.9%.
The total is net of Corporate, Non-Segment, which took $15.60M off revenue in fiscal 2025.
External Customers was Black Hills’s largest revenue line in fiscal 2025, bringing in $2.31B of $2.31B (100%).
| Customer | FY 2016 | FY 2017 | FY 2018 | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| External Customers | $2.55B | $2.33B | $2.13B | $2.31B | ||||||
| Inter-Segment | $17.50M | $17.90M | $17.80M | $15.60M | ||||||
| Intercompany Customers | — | — | — | — | ||||||
| Corporate, Non-Segment | -$17.50M | -$17.90M | -$17.80M | -$15.60M | ||||||
| Total | $2.55B | $2.33B | $2.13B | $2.31B |
Black Hills brought in $2.31B from its three revenue lines in fiscal 2025, the year ended December 31, 2025. That was up 8.6% from $2.13B in fiscal 2024. External Customers was the largest at $2.31B (100.0%), ahead of Inter-Segment at $15.60M (0.7%).
From fiscal 2022 to 2025, combined revenue from these revenue lines fell from $2.55B to $2.31B, a compound annual decline of 3.3%. External Customers' share held steady at about 100.0%.
The total is net of Corporate, Non-Segment, which took $15.60M off revenue in fiscal 2025.
Utilities Group was Black Hills’s largest segment in fiscal 2013, bringing in $1.19B of $1.28B (93%).
| Business Group (grouping of segments) | FY 2011 | FY 2012 | FY 2013 |
|---|---|---|---|
| Utilities Group | $1.16B | $1.06B | $1.19B |
| Non Regulated Energy Group | $116.67M | $109.07M | $84.72M |
| Total | $1.27B | $1.17B | $1.28B |
Black Hills brought in $1.28B from its two segments in fiscal 2013, the year ended December 31, 2013. That was up 8.7% from $1.17B in fiscal 2012. Utilities Group was the largest at $1.19B (93.4%), ahead of Non Regulated Energy Group at $84.72M (6.6%).
Compared with fiscal 2012, Utilities Group grew 11.9% to $1.19B, while Non Regulated Energy Group fell 22.3% to $84.72M. From fiscal 2011 to 2013, combined revenue from these segments grew from $1.27B to $1.28B, a compound annual growth rate of 0.1%. Utilities Group's share of the total rose from 90.8% to 93.4%.
Black Hills (BKH) reports its revenue by segment, by customer and by business group (grouping of segments). In fiscal 2025, Gas Utilities was its largest segment, bringing in $1.38B (59.9% of the total), followed by Electric Utilities at $942.80M (40.8%).
Gas Utilities was Black Hills' largest segment in fiscal 2025, bringing in $1.38B, or 59.9% of the $2.31B total across its three segments.
External Customers was Black Hills' largest revenue line in fiscal 2025, bringing in $2.31B, or 100.0% of the $2.31B total across its three revenue lines.
Gas Utilities grew faster than Electric Utilities in fiscal 2025, up 8.9% from $1.27B to $1.38B. Electric Utilities grew 7.6% to $942.80M.
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 2011, 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.