黑山 2025年季度报告

Form10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the quarterly period endedSeptember 30,2025OR☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from __________ to __________ Commission File Number001-31303 Black Hills Corporation Incorporated inSouth DakotaIRS Identification Number46-04588247001 Mount Rushmore RoadRapid City,South Dakota 57702Registrant’s telephone number (605)721-1700Former name, former address, and former fiscal year if changed since last reportNONE Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file suchreports), and (2) has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was requiredto submit such files).Yes☒No☐ Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. If an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.o Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).Yes☐No☒ Securities registered pursuant to Section 12(b) of the Act: Title of each classTrading Symbol(s)Name of each exchange on which registeredCommon stock of $1.00 par valueBKHNew York Stock Exchange Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date. ClassOutstanding at November 4, 2025Common stock, $1.00 par value75,473,390shares TABLE OF CONTENTS PageGlossary of Terms and Abbreviations3Forward-Looking Information7PART I. FINANCIAL INFORMATION8Item 1.Financial Statements - unaudited8Consolidated Statements of Income8Consolidated Statements of Comprehensive Income9Consolidated Balance Sheets10Consolidated Statements of Cash Flows12Consolidated Statements of Equity13Condensed Notes to Consolidated Financial Statements15Note 1. Management’s Statement15Note 2. Regulatory Matters16Note 3. Commitments, Contingencies and Guarantees17Note 4. Revenue18Note 5. Financing19Note 6. Earnings Per Share21Note 7. Risk Management and Derivatives21Note 8. Fair Value Measurements24Note 9. Other Comprehensive Income26Note 10. Employee Benefit Plans27Note 11. Income Taxes28Note 12. Business Segment Information28Note 13. Selected Balance Sheet Information31Note 14. Pending Business Combination32Note 15. Subsequent Events32Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations33Executive Summary33Recent Developments33Results of Operations34Consolidated Summary and Overview35Non-GAAP Financial Measure36Electric Utilities37Gas Utilities40Corporate and Other42Consolidated Interest Expense, Other Income and Income Tax Expense42Liquidity and Capital Resources43Cash Flow Activities44Capital Resources45Credit Ratings45Capital Requirements46Critical Accounting Estimates46New Accounting Pronouncements46Item 3.Quantitative and Qualitative Disclosures About Market Risk46Item 4.Controls and Procedures46PART II. OTHER INFORMATIONItem 1.Legal Proceedings47Item 1A.Risk Factors47Item 2.Unregistered Sales of Equity Securities and Use of Proceeds54Item 4.Mine Safety Disclosures54Item 5.Other Information54Item 6.Exhibits54Signatures55 GLOSSARY OF TERMS AND ABBREVIATIONS FORWARD-LOOKING INFORMATION This Quarterly Report on Form 10-Q includes “forward-looking statements” as defined by the SEC. Forward-looking statements areall statements other than statements of historical fact, including without limitation those statements that are identified by the words“anticipates,” “estimates,” “expects,” “intends,” “plans,” “predicts” and similar expressions, and include statements concerning plans,objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other thanstatements of historical facts. We make these forward-looking statements in reliance on the safe harbor protections provided underthe Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on assumptions which we believeare reasonable based on current expectations and projectio