BKH Free cash flow | Black Hills Corporation

Black Hills Corporation (BKH) Free cash flow

Free cash flow · 12 months (USD): Value $-305.20M; Formula and calculation Operating cash flow minus capital spending; distinct from the saved levered FCF quote figure. Period ending 2026-06-30..
Price / free cash flow · 12 months: Value (m); Formula and calculation Market cap / trailing-year free cash flow; inverse of FCF yield before percent scaling. Period ending 2026-06-30..
Free cash flow yield · 12 months: Value (m); Formula and calculation (Operating cash flow − capital spending) / current market cap. Period ending 2026-06-30..
Free cash flow margin · 12 months: Value -13.56%; Formula and calculation (Operating cash flow − capital spending) / revenue. Period ending 2026-06-30..

Free cash flow

Financial period ending 2026-06-30; current quote (m). Amounts retain their stated periods and units.

Metric	Value	Formula and calculation
Free cash flow · 12 months (USD)	$-305.20M	Operating cash flow minus capital spending; distinct from the saved levered FCF quote figure. Period ending 2026-06-30. $628.30M − $933.50M ≈ $-305.20M
Price / free cash flow · 12 months	(m)	Market cap / trailing-year free cash flow; inverse of FCF yield before percent scaling. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m).
Free cash flow yield · 12 months	(m)	(Operating cash flow − capital spending) / current market cap. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m).
Free cash flow margin · 12 months	-13.56%	(Operating cash flow − capital spending) / revenue. Period ending 2026-06-30. $-305.20M ÷ $2.25B × 100 ≈ -13.56%
Free cash flow per share · 12 months	(m)	(Trailing-year operating cash flow − capital spending) / reported quarter-end common shares. Period ending 2026-06-30. Calculation unavailable: missing inputs remain (m).
Operating cash flow · 12 months	$628.30M	Cash generated by operating activities. Period ending 2026-06-30.
Operating cash flow / net income · 12 months	2.10×	Operating cash flow / net income. Period ending 2026-06-30. $628.30M ÷ $299.10M ≈ 2.10×

Calculation inputs

Input	Amount with unit	Raw financial data
Operating cash flow	628.30M USD	Net Cash Provided by (Used in) Operating Activities · Net Cash Provided by (Used in) Operating Activities, Continuing Operations
Capital spending	933.50M USD	Payments to Acquire Property, Plant, and Equipment
Market cap	(m)
Free cash flow	-305.20M USD	Net Cash Provided by (Used in) Operating Activities · Net Cash Provided by (Used in) Operating Activities, Continuing Operations · Payments to Acquire Property, Plant, and Equipment
Revenue	2.25B USD	Revenue from Contract with Customer, Excluding Assessed Tax
Quarter-end shares	(m)	Common Stock, Shares, Outstanding
Net income	299.10M USD	Net Income (Loss) Attributable to Parent

Calculated history

Changes compare with the next older row (previous quarter), unless explicitly labeled otherwise. Rolling 12-month growth compares two successive quarter-end rolling totals; it is not year-over-year growth.

Period ending	Free cash flow	FCF per share	Operating cash flow	Capital spending (USD)	Market cap (USD)	Revenue (USD)	Quarter-end shares (shares)	Net income (USD)	Price / FCF	FCF yield	FCF margin	Cash conversion
2026-06-30	$-305.20M	(m)	$628.30M	$933.50M	(m)	$2.25B	(m)	$299.10M	(m)	(m)	-13.56%	2.10×
2026-03-31	$-312.50M	(m)	$621.80M	$934.30M	(m)	$2.25B	(m)	$288.30M	(m)	(m)	-13.90%	2.16×
2025-12-31	$-146.40M	(m)	$673.40M	$819.80M	(m)	$2.29B	(m)	$291.60M	(m)	(m)	-6.40%	2.31×
2025-09-30	$-105.40M	(m)	$658.50M	$763.90M	(m)	$2.25B	(m)	$284.70M	(m)	(m)	-4.69%	2.31×
2025-06-30	$-101.90M	(m)	$671.70M	$773.60M	(m)	$2.22B	(m)	$284.20M	(m)	(m)	-4.59%	2.36×
2025-03-31	$-7.20M	(m)	$713.70M	$720.90M	(m)	$2.18B	(m)	$279.50M	(m)	(m)	-0.33%	2.55×
2024-12-31	$-24.90M	(m)	$719.30M	$744.20M	(m)	$2.10B	(m)	$273.10M	(m)	(m)	-1.19%	2.63×
2024-09-30	$90.20M	(m)	$754.50M	$664.30M	(m)	$2.10B	(m)	$254.70M	(m)	(m)	4.30%	2.96×
2024-06-30	$167.00M	(m)	$803.30M	$636.30M	(m)	$2.10B	(m)	$275.70M	(m)	(m)	7.96%	2.91×
2024-03-31	$236.40M	(m)	$849.10M	$612.70M	(m)	$2.11B	(m)	$276.00M	(m)	(m)	11.22%	3.08×
2023-12-31	$388.80M	(m)	$944.40M	$555.60M	(m)	$2.30B	(m)	$262.20M	(m)	(m)	16.89%	3.60×
2023-09-30	$286.73M	(m)	$846.57M	$559.83M	(m)	$2.51B	(m)	$254.99M	(m)	(m)	11.44%	3.32×
2023-06-30	$175.54M	(m)	$747.84M	$572.30M	(m)	$2.57B	(m)	$244.58M	(m)	(m)	6.84%	3.06×
2023-03-31	$62.73M	(m)	$649.42M	$586.69M	(m)	$2.63B	(m)	$254.94M	(m)	(m)	2.38%	2.55×
2022-12-31	$-19.56M	(m)	$584.80M	$604.37M	(m)	$2.54B	(m)	$258.39M	(m)	(m)	-0.77%	2.26×
2022-09-30	$-71.46M	(m)	$574.48M	$645.95M	(m)	$2.31B	(m)	(m)	(m)	(m)	-3.10%	(m)
2022-06-30	$-24.18M	(m)	$627.64M	$651.82M	(m)	$2.22B	(m)	(m)	(m)	(m)	-1.09%	(m)
2022-03-31	$-82.33M	(m)	$585.64M	$667.97M	(m)	$2.12B	(m)	$257.95M	(m)	(m)	-3.88%	2.27×
2021-12-31	$-742.06M	(m)	$-64.56M	$677.49M	(m)	$1.93B	(m)	$236.74M	(m)	(m)	-38.43%	-0.27×
2021-09-30	$-751.62M	(m)	$-22.36M	$729.26M	(m)	$1.86B	(m)	$242.77M	(m)	(m)	-40.42%	-0.09×
2021-06-30	$-755.88M	(m)	$-17.32M	$738.57M	(m)	$1.83B	(m)	$234.94M	(m)	(m)	-41.42%	-0.07×
2021-03-31	$-778.02M	(m)	$-36.19M	$741.82M	(m)	$1.78B	(m)	$230.75M	(m)	(m)	-43.69%	-0.16×
2020-12-31	$-225.54M	(m)	$541.86M	$767.40M	(m)	$1.68B	(m)	$227.61M	(m)	(m)	-13.42%	2.38×
2020-09-30	$-222.94M	(m)	$538.90M	$761.83M	(m)	$1.67B	(m)	$219.60M	(m)	(m)	-13.32%	2.45×
2020-06-30	$-324.26M	(m)	$524.74M	$849.00M	(m)	$1.65B	(m)	$195.06M	(m)	(m)	-19.62%	2.69×
2020-03-31	$-324.54M	(m)	$521.59M	$846.13M	(m)	$1.66B	(m)	$188.68M	(m)	(m)	-19.57%	2.76×
2019-12-31	$-312.86M	(m)	$505.51M	$818.38M	(m)	$1.73B	(m)	$199.31M	(m)	(m)	-18.12%	2.54×
2019-09-30	$-275.76M	(m)	$496.16M	$771.93M	(m)	$1.75B	(m)	$216.70M	(m)	(m)	-15.72%	2.29×
2019-06-30	$-150.57M	(m)	$467.89M	$618.46M	(m)	$1.75B	(m)	$221.91M	(m)	(m)	-8.60%	2.11×
2019-03-31	$-36.85M	(m)	$494.83M	$531.68M	(m)	$1.77B	(m)	(m)	(m)	(m)	-2.08%	(m)
2018-12-31	$31.29M	(m)	$488.81M	$457.52M	(m)	$1.75B	(m)	$258.44M	(m)	(m)	1.79%	1.89×
2018-09-30	$122.25M	(m)	$487.55M	$365.30M	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2018-06-30	$147.63M	(m)	$476.09M	$328.46M	(m)	$1.72B	(m)	(m)	(m)	(m)	8.60%	(m)
2018-03-31	$121.79M	(m)	$451.30M	$329.50M	(m)	$1.71B	(m)	(m)	(m)	(m)	7.14%	(m)
2017-12-31	$102.25M	(m)	$428.26M	$326.01M	(m)	$1.68B	(m)	$177.03M	(m)	(m)	6.09%	2.42×
2017-09-30	$33.87M	(m)	$430.69M	$396.82M	(m)	$1.71B	(m)	(m)	(m)	(m)	1.98%	(m)
2017-06-30	$-38.87M	(m)	$399.83M	$438.70M	(m)	$1.70B	(m)	(m)	(m)	(m)	-2.29%	(m)
2017-03-31	$-125.99M	(m)	$334.22M	$460.21M	(m)	$1.68B	(m)	(m)	(m)	(m)	-7.51%	(m)
2016-12-31	$-154.32M	(m)	$320.46M	$474.78M	(m)	$1.57B	(m)	(m)	(m)	(m)	-9.81%	(m)
2016-09-30	$-153.30M	(m)	$286.81M	$440.11M	(m)	$1.43B	(m)	(m)	(m)	(m)	-10.74%	(m)
2016-06-30	$-52.49M	(m)	$396.37M	$448.86M	(m)	$1.37B	(m)	(m)	(m)	(m)	-3.84%	(m)
2016-03-31	$-6.99M	(m)	$414.85M	$421.84M	(m)	$1.31B	(m)	(m)	(m)	(m)	-0.53%	(m)
2015-12-31	$-27.48M	(m)	$428.00M	$455.48M	(m)	$1.30B	(m)	(m)	(m)	(m)	-2.11%	(m)
2015-09-30	$-7.49M	(m)	$450.17M	$457.67M	(m)	$1.36B	(m)	(m)	(m)	(m)	-0.55%	(m)
2015-06-30	$-23.63M	(m)	$404.03M	$427.66M	(m)	$1.36B	(m)	(m)	(m)	(m)	-1.73%	(m)
2015-03-31	$-55.56M	(m)	$376.85M	$432.41M	(m)	$1.38B	(m)	(m)	(m)	(m)	-4.04%	(m)
2014-12-31	$-75.04M	(m)	$323.46M	$398.49M	(m)	$1.39B	(m)	(m)	(m)	(m)	-5.38%	(m)
2014-09-30	$-93.54M	(m)	$312.02M	$405.56M	(m)	$1.37B	(m)	(m)	(m)	(m)	-6.82%	(m)
2014-06-30	$-83.74M	(m)	$301.08M	$384.82M	(m)	$1.36B	(m)	(m)	(m)	(m)	-6.16%	(m)
2014-03-31	$-60.92M	(m)	$313.50M	$374.42M	(m)	$1.36B	(m)	(m)	(m)	(m)	-4.50%	(m)
2013-12-31	$-30.12M	(m)	$324.63M	$354.75M	(m)	$1.28B	(m)	$114.96M	(m)	(m)	-2.36%	2.82×
2013-09-30	(m)	(m)	$299.07M	(m)	(m)	$1.24B	(m)	(m)	(m)	(m)	(m)	(m)
2013-06-30	(m)	(m)	$337.66M	(m)	(m)	$1.23B	(m)	(m)	(m)	(m)	(m)	(m)
2013-03-31	(m)	(m)	$330.14M	(m)	(m)	$1.19B	(m)	(m)	(m)	(m)	(m)	(m)
2012-12-31	(m)	(m)	$316.97M	(m)	(m)	$1.17B	(m)	$81.53M	(m)	(m)	(m)	3.89×
2012-09-30	(m)	(m)	(m)	(m)	(m)	$1.22B	(m)	$76.35M	(m)	(m)	(m)	(m)
2012-06-30	(m)	(m)	(m)	(m)	(m)	$1.22B	(m)	$31.37M	(m)	(m)	(m)	(m)
2012-03-31	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2011-12-31	(m)	(m)	$223.70M	(m)	(m)	$1.27B	(m)	$49.73M	(m)	(m)	(m)	4.50×
2011-09-30	(m)	(m)	$228.52M	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2011-06-30	(m)	(m)	$185.78M	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2011-03-31	(m)	(m)	$170.10M	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2010-12-31	(m)	(m)	$147.75M	(m)	(m)	$1.31B	(m)	(m)	(m)	(m)	(m)	(m)
2010-09-30	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2010-06-30	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2010-03-31	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2009-12-31	(m)	(m)	$270.50M	(m)	(m)	$1.27B	(m)	(m)	(m)	(m)	(m)	(m)
2009-09-30	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2009-06-30	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)	(m)
2008-12-31	(m)	(m)	$145.64M	(m)	(m)	$1.01B	(m)	(m)	(m)	(m)	(m)	(m)

(m) means missing inputs. Historical market-based ratios use the saved close on or immediately before period ending and that period’s reported shares; current quotes are not substituted. Five-year projections repeat historical CAGR, not analyst forecasts.

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