BLACK HILLS CORP /SD/ (BKH) Form 8-K — Aug 5, 2026

$BKHForm 8-KItems 2.02, 9.01Filed Aug 5, 2026, 4:29 PM ET0001193125-26-335259Original filing

Black Hills Corp. reported second-quarter 2026 adjusted EPS of $0.54, up 42% from $0.38 a year earlier, with GAAP diluted EPS of $0.50 on revenue of $452.8 million, and reaffirmed full-year 2026 adjusted EPS guidance of $4.25 to $4.45 excluding merger-related costs. Results benefited from new rates and rider recovery that more than offset higher financing and depreciation costs and $0.18 per share of mild-weather impacts year to date. Growth is accelerating around data center demand in Wyoming, where the utility set a new all-time peak load of 439 MW on July 20, 2026 and is negotiating definitive agreements to serve a 1.8 GW data center project in Cheyenne.

Key figures

Eps: $0.50 GAAP diluted (Q2 2026) vs $0.38 (Q2 2025); $0.54 adjusted vs $0.38
Revenue: $452.8 million (Q2 2026) vs $439.0 million (Q2 2025)
Guidance: 2026 adjusted EPS of $4.25 to $4.45 reaffirmed (excludes merger-related costs); long-term EPS growth target of 4% to 6% with confidence in the upper half
Net Income: $38.2 million Q2 2026 net income available for common stock vs $27.5 million (Q2 2025); adjusted earnings $41.5 million
Revenue Yoy: +3.1% (Q2 2026 vs Q2 2025); six-month revenue $1,233.5 million vs $1,244.2 million
Equity issuance: 0.1 million shares for $9 million net proceeds in Q2; 0.7 million shares for $50 million year to date
Q2 adjusted eps: $0.54 vs $0.38 (+42% YoY)
Lange ii project: 99 MW, $320 million gas-fired facility expected in service Q4 2026
Six month revenue: $1,233.5 million vs $1,244.2 million
Wyoming peak load: 439 MW on July 20, 2026 vs 379 MW on June 20, 2025 (+16%)
Quarterly dividend: $0.703 per share payable Sept. 1, 2026; 56 consecutive years of increases
Six month gaap eps: $2.23 vs $2.24
Large load pipeline: more than 3 GW in Wyoming; 600 MW included in plan by 2030; 1.8 GW Cheyenne project in definitive-agreement negotiations
Merger related costs: $4.1 million pre-tax in Q2 ($0.04 per share after tax); $8.6 million year to date
Rate review requests: Colorado Electric $27 million, South Dakota Electric $51 million (SDPUC) and $5 million (WPSC), Arkansas Gas $29 million of new annual revenue requested; Kansas Gas $2.4 million approved
Six month adjusted eps: $2.33 vs $2.24
Weighted diluted shares: 76.1 million (Q2 2026) vs 72.4 million (Q2 2025)
Customer refundable advances: $285 million through June 30, 2026, increased to $377 million in July with maturity of Aug. 31, 2026

Price after filing

1 day: 0.0%7 days: +1.3%30 days: +1.5%

Close on the filing date to close N calendar days later (from $72.24). Historical, not a forecast.

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