Equity Profile

BKH

Black Hills Corporation

UtilitiesMulti-Utilities$5.5B

Jul29Wed

Pre-Earnings Brief

UpcomingQ2-2026After Close5:00 PM EDT

Company Snapshot

Black Hills Corporation (BKH) is a utility company that provides electricity and natural gas to customers across several states in the U.S. As a player in the multi-utilities sector, it plays a crucial role in energy distribution, which is essential for both residential and commercial consumers....

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue Growth

Revenue growth will indicate how well the company is expanding its customer base and managing operational costs.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

BKH Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

13%

Avg EPS Surprise

-3.75%

Avg Stock Reaction

+0.71%

Last Quarter Recap

In Q1-2026, Black Hills Corporation reported an EPS of $1.79, missing estimates by 4.79%. The stock saw a slight increase of 0.11% the following day, indicating a muted market reaction.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, expectations for Black Hills Corporation are cautious, especially following the recent EPS miss. Investors are looking for signs of recovery in earnings and revenue growth.

Bull Case

If Black Hills can demonstrate strong revenue growth and improved customer acquisition, it could signal a positive turnaround, boosting investor confidence.

Bear Case

Conversely, if the company continues to miss earnings expectations or shows stagnant customer growth, it could lead to further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for this quarter?

Given the recent EPS miss, the market is keen to see if the company can rebound and meet or exceed expectations.

How many new customers has Black Hills acquired?

Customer growth is vital for revenue expansion, and any significant changes could impact future earnings.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the potential for recovery in customer growth, which could be driven by recent investments in infrastructure.

Supporting Evidence

The options market is pricing a 1.07% move, suggesting limited expectations for volatility.

Black Hills has historically shown resilience in customer retention, which may not be fully reflected in current estimates.

Key Risk

If customer growth exceeds expectations, it could significantly alter the market's perception of the company's future.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis revolves around whether Black Hills can overcome recent earnings challenges and show growth in customer acquisition.

Bull Confirmed If

An EPS of $1.90 or higher would confirm a strong recovery and positive outlook.

Bear Confirmed If

An EPS below $1.70 would indicate ongoing struggles and could lead to a negative market reaction.

Pre-Earnings Positioning

Options Market

Implied Move

±1.07%

Historical Avg

±0.8%

Pricing rich

The options market is pricing in a relatively modest move, suggesting that investors are uncertain about significant changes in stock price post-earnings.

Options are pricing ±1.1% while BKH has averaged ±0.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

21.0%

Calls (200)P/C Ratio: 2.00Puts (3K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Black Hills beats expectations, history suggests the stock could see a modest increase, confirming a positive trend.

In-Line / Cautious

If results are in line but cautious, the stock may remain stable as investors await further guidance.

Miss

A miss could lead to a decline, with history suggesting an average drop of around 1.05% following such outcomes.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on customer acquisition strategies and their effectiveness.
2Details on operational efficiencies that could impact profitability.
3Insights into regulatory changes affecting the utility sector.
4Management's outlook on energy demand trends.
5Any commentary on capital expenditures and future investments.

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Company Snapshot

Key Metrics to Watch

Earnings Per Share (EPS)

EPS is a key indicator of the company's profitability and financial health, which investors closely monitor.

N/A

Revenue Growth

Revenue growth will indicate how well the company is expanding its customer base and managing operational costs.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

BKH Q2-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

13%

Avg EPS Surprise

-3.75%

Avg Stock Reaction

+0.71%

Last Quarter Recap

In Q1-2026, Black Hills Corporation reported an EPS of $1.79, missing estimates by 4.79%. The stock saw a slight increase of 0.11% the following day, indicating a muted market reaction.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, expectations for Black Hills Corporation are cautious, especially following the recent EPS miss. Investors are looking for signs of recovery in earnings and revenue growth.

Bull Case

If Black Hills can demonstrate strong revenue growth and improved customer acquisition, it could signal a positive turnaround, boosting investor confidence.

Bear Case

Conversely, if the company continues to miss earnings expectations or shows stagnant customer growth, it could lead to further declines in stock price.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for this quarter?

Given the recent EPS miss, the market is keen to see if the company can rebound and meet or exceed expectations.

How many new customers has Black Hills acquired?

Customer growth is vital for revenue expansion, and any significant changes could impact future earnings.

Edge

What the Street Is Missing

Why consensus could be wrong

The consensus may underestimate the potential for recovery in customer growth, which could be driven by recent investments in infrastructure.

Supporting Evidence

The options market is pricing a 1.07% move, suggesting limited expectations for volatility.

Black Hills has historically shown resilience in customer retention, which may not be fully reflected in current estimates.

Key Risk

If customer growth exceeds expectations, it could significantly alter the market's perception of the company's future.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

The core thesis revolves around whether Black Hills can overcome recent earnings challenges and show growth in customer acquisition.

Bull Confirmed If

An EPS of $1.90 or higher would confirm a strong recovery and positive outlook.

Bear Confirmed If

An EPS below $1.70 would indicate ongoing struggles and could lead to a negative market reaction.

Pre-Earnings Positioning

Options Market

Implied Move

±1.07%

Historical Avg

±0.8%

Pricing rich

The options market is pricing in a relatively modest move, suggesting that investors are uncertain about significant changes in stock price post-earnings.

Options are pricing ±1.1% while BKH has averaged ±0.8% over the last 8 prints — setup is pricing rich.

Detail

ATM IV

0.3%

30d HV

21.0%

Calls (200)P/C Ratio: 2.00Puts (3K)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Black Hills beats expectations, history suggests the stock could see a modest increase, confirming a positive trend.

In-Line / Cautious

If results are in line but cautious, the stock may remain stable as investors await further guidance.

Miss

A miss could lead to a decline, with history suggesting an average drop of around 1.05% following such outcomes.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on customer acquisition strategies and their effectiveness.
2Details on operational efficiencies that could impact profitability.
3Insights into regulatory changes affecting the utility sector.
4Management's outlook on energy demand trends.
5Any commentary on capital expenditures and future investments.