The Q1 miss is significant and likely to weigh on BKH in the near term, but the reaffirmed full-year guidance and progress on the NorthWestern merger could limit downside. Monitor upcoming regulatory decisions and weather normalization for Q2.
Price Chart
Executive Summary
Black Hills Corp. reported Q1 2026 GAAP EPS of $1.73, missing consensus of $1.84 by 6%, and revenue of $780.7M, missing estimates of $903.9M by 14%, driven by mild winter weather and higher financing costs. The company reaffirmed its full-year 2026 adjusted EPS guidance of $4.25-$4.45, which may provide some support, but the earnings miss will likely pressure the stock near term.
Key Financial Metrics
Key Facts
- Q1 2026 GAAP EPS $1.73 vs consensus $1.84 (miss of 6%)
- Q1 2026 revenue $780.7M vs consensus $903.9M (miss of 14%)
- YoY GAAP EPS declined from $1.87 to $1.73 (-7.5%)
- YoY revenue declined from $805.2M to $780.7M (-3.0%)
- Weather impact of $0.18 per share from mild winter temperatures
- Reaffirmed 2026 adjusted EPS guidance range $4.25-$4.45
- Shareholder approval obtained for NorthWestern Energy merger; expected close H2 2026
Financial Impact
Q1 2026 GAAP EPS $1.73 vs consensus $1.84 (miss of $0.11); revenue $780.7M vs consensus $903.9M (miss of $123.2M)
Risk Factors
- Higher interest rates and financing costs pressuring earnings
- Regulatory delays in rate reviews or merger approvals
- Continued unfavorable weather patterns impacting utility margins
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-209210 |
| Document: bkh-20260506.htm | 0001193125-26-209210 |
| Document: 0001193125-26-209210-index-headers.html | 0001193125-26-209210 |
| Document: 0001193125-26-209210-index.html | 0001193125-26-209210 |
| Document: 0001193125-26-209210.txt | 0001193125-26-209210 |
| 8-K Data (Synthetic) | 0001193125-26-209210 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $79.41 | awaiting T+20 | — | $80.20 (+0.99%) |
Oct 22, 2026 4d ago | Press Release | $79.41 | awaiting T+20 | — | $80.20 (+0.99%) |
Oct 6, 2026 20d ago | 8-K | $75.84 | awaiting T+20 | — | $80.20 (+5.75%) |
Aug 15, 2026 10w ago | Institutional Cluster | $73.39 $69.96 | ▼ −4.67% | ▼ −2.70% | $80.20 (+9.28%) |
May 19, 2026 22w ago | 424B5 | $73.29 $72.04 | ▲ +1.71% | ▲ +2.69% | $80.20 (−9.43%) |
May 19, 2026 22w ago | S-3ASR | $73.29 $72.04 | ▼ −1.71% | ▼ −2.69% | $80.20 (+9.43%) |
May 6, 2026 24w ago | 8-K | $75.22 $71.47 | ▲ +4.99% | ▲ +8.12% | $80.20 (−6.62%) |
Apr 28, 2026 25w ago | Press Release | $73.61 $73.09 | ▼ −0.70% | ▼ −6.75% | $80.20 (+8.96%) |
Apr 2, 2026 29w ago | Press Release | $70.83 $75.29 | ▲ +6.30% | ▼ −3.58% | $80.20 (+13.23%) |
US Market Status
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