- Black Hills reported third quarter 2026 revenue of US$466.1 million and net income of US$41 million, with both basic and diluted EPS from continuing operations at US$0.54. For the first nine months of 2026, the company recorded US$1.7 billion in sales and US$210.2 million in net income.
- The new agreements to serve Google’s planned Wyoming data center add a long-term, contracted demand source that aligns directly with Black Hills’ regulated utility focus and its existing data center pipeline.
- We will now look at how Black Hills’ investment narrative could be influenced by its earnings results and the Google data center contracts.
Compare Black Hills’ latest earnings and data center exposure with a curated group of regulated utilities and infrastructure plays screened for 40 power grid technology and infrastructure stocks in the current power-hungry AI era.
Black Hills Investment Narrative Recap
To own Black Hills, you need to believe the utility can keep turning its regulated capital plan and data center pipeline into steady earnings while working within what regulators allow it to earn. The latest quarter, with US$466.1 million in sales and US$0.54 in EPS from continuing operations, supports a thesis built on execution rather than big surprises.
The near term swing factor remains how quickly large load data center projects, including Google’s Wyoming build, convert into assets in rate base. The biggest risk still sits with approvals and cost recovery on projects like Ready Wyoming and the Colorado battery facility, along with weather that can easily distort any single year’s results.
The most directly relevant update is Black Hills reaffirming its expectation for full year 2026 earnings of US$4.25 to US$4.45 per share alongside these third quarter numbers. That signal, paired with nine month net income of US$210.2 million, keeps attention on execution against the current year plan rather than a reset of expectations.
For you as a shareholder, that earnings range frames the data center agreements, the 5 year US$4.7b capital plan, and the pending NorthWestern Energy merger as medium term levers rather than immediate inflection points. The risk side is that interest coverage and free cash flow already look tight, so delivery on that guidance leaves limited room for operational missteps.
Black Hills' analyst narrative points to US$4.9b in revenue and US$821.4 million in earnings by 2029, built on an assumed 28.6% yearly revenue growth rate and an earnings increase of about US$522.3 million from US$299.1 million today.
Uncover why Black Hills' fair value is essentially in line with its current price.
Exploring Other Perspectives
Two fair value estimates from the Simply Wall St Community cluster between about US$66 and US$87 per share, which already shows how far opinions on Black Hills can stretch. Those retail perspectives now meet fresh catalysts such as the Google data center contracts, earnings reaffirmation, and the pending NorthWestern merger. Use that combination to compare several competing views before deciding how you see the stock.
Explore another Black Hills fair value estimate, including one that suggests as much as 21% downside from the current price.
The Verdict Is Yours
Disagree with existing narratives? Extraordinary investment returns rarely come from following the herd, so go with your instincts.
- A great starting point for your Black Hills research is our analysis highlighting 3 key rewards and 2 important warning signs that could impact your investment decision.
- See our latest analysis for Black Hills. The report includes a comprehensive fundamental analysis summarized in a single visual, the Snowflake, making it easy to evaluate Black Hills' overall financial health at a glance.
Looking for more investment ideas beyond Black Hills?
Once you have formed a view on Black Hills, it often helps to line it up against a broader watchlist built from clear, rules based screens. The Simply Wall St Screener can help you quickly spot other stocks that fit the type of portfolio you want to build.
- If you want potential bargains with solid fundamentals, start with a curated pool of 42 high quality undervalued stocks that may merit a closer look alongside Black Hills.
- If resilience matters more than excitement for your next pick, filter for 32 resilient stocks with low risk scores that might complement a regulated utility holding.
- If you prefer balance sheets that can better absorb shocks, build a shortlist from the list of solid balance sheet and fundamentals (24 results) to compare with Black Hills' financial profile.
Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team@simplywallst.com