Black Hills annual free cash flow
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2023
2024
2025
Black Hills Free Cash Flow (FCF) History (BKH)
Black Hills reported −$146.4M in free cash flow for fiscal 2025, a decrease of $121.5M from the previous fiscal year, with a free cash flow margin of −6.40%.
View full Black Hills company overviewBlack Hills free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | −$146.4M | −$121.5M | — | −6.40% |
| 2024 | 2024-12-31 | −$24.9M | −$413.7M | — | −1.19% |
| 2023 | 2023-12-31 | $388.8M | $408.4M | — | +16.89% |
| 2022 | 2022-12-31 | −$19.6M | $722.5M | — | −0.77% |
| 2021 | 2021-12-31 | −$742.1M | −$516.6M | — | −38.43% |
| 2020 | 2020-12-31 | −$225.5M | $87.3M | — | −13.42% |
| 2019 | 2019-12-31 | −$312.9M | −$344.1M | — | −18.12% |
| 2018 | 2018-12-31 | $31.3M | −$71.0M | −69.40% | +1.79% |
| 2017 | 2017-12-31 | $102.3M | $236.7M | — | +6.09% |
| 2016 | 2016-12-31 | −$134.5M | −$292.5M | — | −8.74% |
| 2015 | 2015-12-31 | $158.0M | $241.2M | — | +12.53% |
| 2014 | 2014-12-31 | −$83.2M | −$53.1M | — | −5.97% |
| 2013 | 2013-12-31 | −$30.1M | $2.0M | — | −2.36% |
| 2012 | 2012-12-31 | −$32.2M | $184.8M | — | −2.74% |
| 2011 | 2011-12-31 | −$217.0M | $107.5M | — | −17.06% |
| 2010 | 2010-12-31 | −$324.5M | −$248.4M | — | −24.83% |
| 2009 | 2009-12-31 | −$76.1M | $107.1M | — | −6.00% |
| 2008 | 2008-12-31 | −$183.3M | — | — | −18.22% |
Black Hills quarterly free cash flow
Q3.09
Q1.10
Q2.10
Q3.10
Q4.10
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Q3.11
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Q1.12
Q2.12
Q3.12
Q4.12
Q1.13
Q2.13
Q3.13
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Q1.14
Q2.14
Q3.14
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Q3.15
Q4.15
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Q2.16
Q3.16
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Q1.17
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Q3.18
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Q2.19
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Q2.20
Q3.20
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Q2.21
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Q1.22
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Q3.22
Q4.22
Q1.23
Q2.23
Q3.23
Q4.23
Q1.24
Q2.24
Q3.24
Q4.24
Q1.25
Q2.25
Q3.25
Q4.25
Q1.26
Q2.26
| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | −$23.0M | $7.3M | — | −5.22% |
| Q1 2026 | 2026-03-31 | −$91.2M | −$166.1M | — | −11.97% |
| Q4 2025 | 2025-12-31 | −$101.5M | −$41.0M | — | −16.30% |
| Q3 2025 | 2025-09-30 | −$89.5M | −$3.5M | — | −20.94% |
| Q2 2025 | 2025-06-30 | −$30.3M | −$94.7M | — | −6.95% |
| Q1 2025 | 2025-03-31 | $74.9M | $17.7M | +30.94% | +9.36% |
| Q4 2024 | 2024-12-31 | −$60.5M | −$115.1M | — | −10.34% |
| Q3 2024 | 2024-09-30 | −$86.0M | −$76.8M | — | −21.58% |
| Q2 2024 | 2024-06-30 | $64.4M | −$69.4M | −51.87% | +16.22% |
| Q1 2024 | 2024-03-31 | $57.2M | −$152.4M | −72.71% | +7.98% |
| Q4 2023 | 2023-12-31 | $54.6M | $102.2M | — | +9.34% |
| Q3 2023 | 2023-09-30 | −$9.2M | $111.0M | — | −2.30% |
| Q2 2023 | 2023-06-30 | $133.8M | $112.9M | +540.65% | +33.03% |
| Q1 2023 | 2023-03-31 | $209.6M | $82.3M | +64.60% | +22.98% |
| Q4 2022 | 2022-12-31 | −$47.6M | $51.9M | — | −6.02% |
| Q3 2022 | 2022-09-30 | −$120.2M | −$47.3M | — | −26.09% |
| Q2 2022 | 2022-06-30 | $20.9M | $58.1M | — | +4.44% |
| Q1 2022 | 2022-03-31 | $127.3M | $659.7M | — | +15.50% |
| Q4 2021 | 2021-12-31 | −$99.5M | $9.5M | — | −17.97% |
| Q3 2021 | 2021-09-30 | −$73.0M | $4.3M | — | −19.27% |
| Q2 2021 | 2021-06-30 | −$37.3M | $22.1M | — | −10.11% |
| Q1 2021 | 2021-03-31 | −$532.4M | −$552.5M | — | −84.48% |
| Q4 2020 | 2020-12-31 | −$109.0M | −$2.6M | — | −22.61% |
| Q3 2020 | 2020-09-30 | −$77.2M | $101.3M | — | −22.43% |
| Q2 2020 | 2020-06-30 | −$59.4M | $280,000 | — | −18.32% |
| Q1 2020 | 2020-03-31 | $20.1M | −$11.7M | −36.77% | +3.79% |
| Q4 2019 | 2019-12-31 | −$106.4M | −$37.1M | — | −22.40% |
| Q3 2019 | 2019-09-30 | −$178.6M | −$125.2M | — | −55.15% |
| Q2 2019 | 2019-06-30 | −$59.7M | −$113.7M | — | −18.10% |
| Q1 2019 | 2019-03-31 | $31.8M | −$68.1M | −68.20% | +5.31% |
| Q4 2018 | 2018-12-31 | −$69.3M | −$91.0M | — | −13.79% |
| Q3 2018 | 2018-09-30 | −$53.4M | −$25.4M | — | −16.67% |
| Q2 2018 | 2018-06-30 | $54.0M | $25.8M | +91.56% | +15.34% |
| Q1 2018 | 2018-03-31 | $99.9M | $19.5M | +24.32% | +17.42% |
| Q4 2017 | 2017-12-31 | $21.7M | $31.2M | — | +4.76% |
| Q3 2017 | 2017-09-30 | −$28.0M | $80.6M | — | −8.34% |
| Q2 2017 | 2017-06-30 | $28.2M | $93.8M | — | +8.25% |
| Q1 2017 | 2017-03-31 | $80.4M | $31.2M | +63.34% | +14.68% |
| Q4 2016 | 2016-12-31 | −$9.6M | $15.0M | — | −2.23% |
| Q3 2016 | 2016-09-30 | −$108.5M | −$77.0M | — | −32.52% |
| Q2 2016 | 2016-06-30 | −$65.5M | −$79.5M | — | −20.14% |
| Q1 2016 | 2016-03-31 | $49.2M | $15.2M | +44.85% | +10.93% |
| Q4 2015 | 2015-12-31 | −$24.6M | $7.4M | — | −8.94% |
| Q3 2015 | 2015-09-30 | −$31.5M | $16.1M | — | −11.59% |
| Q2 2015 | 2015-06-30 | $14.0M | $31.9M | — | +5.13% |
| Q1 2015 | 2015-03-31 | $34.0M | $19.5M | +134.41% | +7.68% |
| Q4 2014 | 2014-12-31 | −$32.0M | $10.4M | — | −8.47% |
| Q3 2014 | 2014-09-30 | −$47.7M | −$9.8M | — | −17.52% |
| Q2 2014 | 2014-06-30 | −$18.0M | −$22.8M | — | −6.34% |
| Q1 2014 | 2014-03-31 | $14.5M | −$30.8M | −68.01% | +3.15% |
| Q4 2013 | 2013-12-31 | −$42.4M | −$2.0M | — | −11.93% |
| Q3 2013 | 2013-09-30 | −$37.9M | −$18.2M | — | −14.57% |
| Q2 2013 | 2013-06-30 | $4.9M | $5.4M | — | +1.74% |
| Q1 2013 | 2013-03-31 | $45.3M | $16.9M | +59.41% | +11.90% |
| Q4 2012 | 2012-12-31 | −$40.4M | $54.2M | — | −12.67% |
| Q3 2012 | 2012-09-30 | −$19.6M | $58.9M | — | −7.96% |
| Q2 2012 | 2012-06-30 | −$521,000 | $33.0M | — | −0.21% |
| Q1 2012 | 2012-03-31 | $28.4M | $38.8M | — | +7.77% |
| Q4 2011 | 2011-12-31 | −$94.6M | $31.8M | — | −26.18% |
| Q3 2011 | 2011-09-30 | −$78.6M | $92.4M | — | −31.49% |
| Q2 2011 | 2011-06-30 | −$33.5M | $1.3M | — | −12.85% |
| Q1 2011 | 2011-03-31 | −$10.3M | −$18.0M | — | −2.58% |
| Q4 2010 | 2010-12-31 | −$126.4M | −$69.6M | — | −36.63% |
| Q3 2010 | 2010-09-30 | −$171.0M | — | — | −64.68% |
| Q2 2010 | 2010-06-30 | −$34.8M | — | — | −12.81% |
| Q1 2010 | 2010-03-31 | $7.6M | — | — | +1.79% |
| Q3 2009 | 2009-09-30 | −$56.8M | — | — | −25.16% |
Black Hills free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from −$225.5M to −$146.4M, a net increase of $79.1M. Black Hills's latest reported quarter, Q2 2026, generated −$23.0M in free cash flow, an increase of $7.3M year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Black Hills filings at SEC.gov ↗