Black Hills' third quarter adjusted EPS beat estimates amid major Google data center progress

Black Hills Corporation reported third quarter revenue that trailed expectations, while adjusted EPS significantly outperformed analyst estimates. The company reaffirmed its full-year guidance and signaled a massive expansion in long-term earnings potential through a major data center agreement and expanded transmission investment in Wyoming.

Key Highlights

• Executed definitive agreements with Google to serve a Cheyenne data center project contracted for 2.7 GW of resources through 2048.
• Planned $2.5 billion in generation and transmission investments for large-load data centers are expected to add $150 million to annual net income by 2030.
• Received approval for a South Dakota Electric rate settlement providing $27.4 million in new annual revenue, with new rates effective December 2026.
• Reaffirmed full-year 2026 adjusted EPS guidance of $4.25 to $4.45 and expects its merger with NorthWestern Energy to close by year-end.