Black Hills annual operating margin
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2025
Black Hills Operating Margin Growth & History (BKH)
Black Hills's operating margin was 23.51% for fiscal 2025.
View full Black Hills company overviewBlack Hills annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-12-31 | 23.51% | −0.47 pp |
| 2024 | 2024-12-31 | 23.98% | +3.44 pp |
| 2023 | 2023-12-31 | 20.54% | +2.64 pp |
| 2022 | 2022-12-31 | 17.90% | −3.30 pp |
| 2021 | 2021-12-31 | 21.20% | −4.28 pp |
| 2020 | 2020-12-31 | 25.48% | +1.96 pp |
| 2019 | 2019-12-31 | 23.52% | +0.81 pp |
| 2018 | 2018-12-31 | 22.71% | −2.10 pp |
| 2017 | 2017-12-31 | 24.80% | +2.96 pp |
| 2016 | 2016-12-31 | 21.85% | −1.97 pp |
| 2015 | 2015-12-31 | 23.82% | +4.88 pp |
| 2014 | 2014-12-31 | 18.93% | −1.40 pp |
| 2013 | 2013-12-31 | 20.34% | −3.21 pp |
| 2012 | 2012-12-31 | 23.55% | +8.91 pp |
| 2011 | 2011-12-31 | 14.64% | +0.61 pp |
| 2010 | 2010-12-31 | 14.03% | +4.25 pp |
| 2009 | 2009-12-31 | 9.78% | +4.22 pp |
| 2008 | 2008-12-31 | 5.56% | — |
Black Hills quarterly operating margin
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Q1.26
Q2.26
| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-06-30 | 22.02% | +3.08 pp |
| Q1 2026 | 2026-03-31 | 26.50% | +0.88 pp |
| Q4 2025 | 2025-12-31 | 27.51% | −0.42 pp |
| Q3 2025 | 2025-09-30 | 18.41% | −0.60 pp |
| Q2 2025 | 2025-06-30 | 18.94% | +1.16 pp |
| Q1 2025 | 2025-03-31 | 25.61% | −1.34 pp |
| Q4 2024 | 2024-12-31 | 27.93% | +4.57 pp |
| Q3 2024 | 2024-09-30 | 19.02% | −5.43 pp |
| Q2 2024 | 2024-06-30 | 17.78% | +2.10 pp |
| Q1 2024 | 2024-03-31 | 26.95% | +7.78 pp |
| Q4 2023 | 2023-12-31 | 23.36% | +6.90 pp |
| Q3 2023 | 2023-09-30 | 24.44% | +7.20 pp |
| Q2 2023 | 2023-06-30 | 15.68% | +0.28 pp |
| Q1 2023 | 2023-03-31 | 19.18% | −1.92 pp |
| Q4 2022 | 2022-12-31 | 16.45% | −4.13 pp |
| Q3 2022 | 2022-09-30 | 17.25% | −6.49 pp |
| Q2 2022 | 2022-06-30 | 15.39% | −2.87 pp |
| Q1 2022 | 2022-03-31 | 21.10% | −0.85 pp |
| Q4 2021 | 2021-12-31 | 20.58% | −5.54 pp |
| Q3 2021 | 2021-09-30 | 23.73% | −0.15 pp |
| Q2 2021 | 2021-06-30 | 18.26% | −2.39 pp |
| Q1 2021 | 2021-03-31 | 21.95% | −6.94 pp |
| Q4 2020 | 2020-12-31 | 26.13% | +0.57 pp |
| Q3 2020 | 2020-09-30 | 23.88% | +2.09 pp |
| Q2 2020 | 2020-06-30 | 20.65% | +4.27 pp |
| Q1 2020 | 2020-03-31 | 28.89% | +2.11 pp |
| Q4 2019 | 2019-12-31 | 25.55% | +2.84 pp |
| Q3 2019 | 2019-09-30 | 21.79% | +1.46 pp |
| Q2 2019 | 2019-06-30 | 16.38% | −3.36 pp |
| Q1 2019 | 2019-03-31 | 26.78% | +0.92 pp |
| Q4 2018 | 2018-12-31 | 22.71% | −3.03 pp |
| Q3 2018 | 2018-09-30 | 20.33% | −3.38 pp |
| Q2 2018 | 2018-06-30 | 19.73% | −0.69 pp |
| Q1 2018 | 2018-03-31 | 25.86% | −1.57 pp |
| Q4 2017 | 2017-12-31 | 25.74% | −13.56 pp |
| Q3 2017 | 2017-09-30 | 23.71% | +6.21 pp |
| Q2 2017 | 2017-06-30 | 20.42% | +9.57 pp |
| Q1 2017 | 2017-03-31 | 27.43% | +11.08 pp |
| Q4 2016 | 2016-12-31 | 39.30% | −59.19 pp |
| Q3 2016 | 2016-09-30 | 17.50% | +18.25 pp |
| Q2 2016 | 2016-06-30 | 10.85% | +25.12 pp |
| Q1 2016 | 2016-03-31 | 16.35% | +0.40 pp |
| Q4 2015 | 2015-12-31 | 98.49% | +79.77 pp |
| Q3 2015 | 2015-09-30 | −0.75% | −21.05 pp |
| Q2 2015 | 2015-06-30 | −14.27% | −31.01 pp |
| Q1 2015 | 2015-03-31 | 15.95% | −3.70 pp |
| Q4 2014 | 2014-12-31 | 18.72% | −2.38 pp |
| Q3 2014 | 2014-09-30 | 20.30% | −1.08 pp |
| Q2 2014 | 2014-06-30 | 16.74% | −0.78 pp |
| Q1 2014 | 2014-03-31 | 19.65% | −1.32 pp |
| Q4 2013 | 2013-12-31 | 21.10% | −12.77 pp |
| Q3 2013 | 2013-09-30 | 21.38% | −10.15 pp |
| Q2 2013 | 2013-06-30 | 17.52% | +9.03 pp |
| Q1 2013 | 2013-03-31 | 20.98% | +1.83 pp |
| Q4 2012 | 2012-12-31 | 33.87% | +19.43 pp |
| Q3 2012 | 2012-09-30 | 31.53% | +15.67 pp |
| Q2 2012 | 2012-06-30 | 8.50% | −5.38 pp |
| Q1 2012 | 2012-03-31 | 19.15% | +4.59 pp |
| Q4 2011 | 2011-12-31 | 14.44% | +4.31 pp |
| Q3 2011 | 2011-09-30 | 15.86% | −2.28 pp |
| Q2 2011 | 2011-06-30 | 13.87% | +2.51 pp |
| Q1 2011 | 2011-03-31 | 14.56% | −1.78 pp |
| Q4 2010 | 2010-12-31 | 10.12% | +2.64 pp |
| Q3 2010 | 2010-09-30 | 18.14% | +8.10 pp |
| Q2 2010 | 2010-06-30 | 11.37% | — |
| Q1 2010 | 2010-03-31 | 16.34% | — |
| Q3 2009 | 2009-09-30 | 7.49% | — |
| Q2 2009 | 2009-06-30 | 10.03% | — |
Black Hills operating margin trends
Over the last five reported fiscal years, Black Hills's operating margin decreased from 25.48% to 23.51%, a change of −1.97 percentage points. The latest reported quarter, Q2 2026, shows 22.02%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Black Hills filings at SEC.gov ↗