---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-25-203783"
form_type: "8-K"
ticker: "BKH"
cik: "0001130464"
company_name: "BLACK HILLS CORP /SD/"
filed_at: "2025-09-15T23:59:59+00:00"
generated_at: "2026-05-17T06:36:12.353779+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.6
calibrated_materiality_score: 0.6
confidence: "high"
source: SEC EDGAR
---

# Black Hills files NWE audited and Q2 2025 financials for pending all-stock merger

## Summary
- NWE H1 2025 net income $98.168M ($1.60 diluted EPS) vs $96.740M ($1.58) in 2024.
- NWE Q2 2025 net income $21.228M ($0.35 EPS) down from $31.654M ($0.52) in Q2 2024.
- NWE H1 2025 revenue $809.343M (+1.8% YoY); electric $614.951M, gas $194.392M.
- Black Hills files unaudited pro forma combined financials (Ex 99.3) for the pending merger.
- Supplementary risk factors (Ex 99.4) filed regarding the merger with NorthWestern.

## SEC filing metadata
- accession: 0001193125-25-203783
- form_type: 8-K
- ticker: BKH
- cik: 0001130464
- company_name: BLACK HILLS CORP /SD/
- filed_at: 2025-09-15T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.6
- calibrated_materiality_score: 0.6
- confidence: high
- sec_items: 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1130464/000119312525203783/0001193125-25-203783-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1130464/000119312525203783/bkh-20250915.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-25-203783
- JSON: https://secwatch.observer/filing/0001193125-25-203783.json
- Plain text: https://secwatch.observer/filing/0001193125-25-203783.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.