Black Hills outlines $150M Google-related net income in 2030 while reaffirming 2026 adjusted EPS of $4.25-$4.45 (NYSE:BKH)

Black Hills Corp (BKH) reported strong Q3 2026 results, advancing strategic initiatives. The company expects $150M net income from Google-related activities by 2030 and reaffirmed 2026 adjusted EPS guidance of $4.25-$4.45, according to CEO Linden Evans.

Original reporting

seekingalpha.com

Published Nov 5, 2026, 7:06 PM UTC

Analysis

AlphAI AI DeskAI-generated

Added to AlphAI Nov 5, 2026, 7:10 PM UTC. Informational, not investment advice.

How this was made

AlphAI summarizes source reporting and applies a structured AI analysis for relevance, timing, sentiment and ticker impact. Always verify material claims with the original publisher.

About AlphAI AI Desk Scoring methodology Report an issue

AlphAI market briefEarnings

Primary signal

$BKH

Bullish

high confidence

Mentioned

$BKH

Relevance

8/10

AlphAI data visualization · based on seekingalpha.com

Decision brief

The 30-second read

$BKHBullishMed

Why it matters

The reaffirmed guidance reduces earnings uncertainty, while the disclosed future partnership revenue adds a positive narrative for the stock.

Market read

The new guidance and partnership outlook provide fresh data for traders evaluating Black Hills' valuation and sector positioning.

What to watch

Potential regulatory or market risks to the Google partnership and the impact of broader energy price volatility on Black Hills' core business.

Relevance 8/10Novelty 8/10Timing: post‑earnings call today

Background

Black Hills Corporation (NYSE:BKH) delivered its Q3 2026 earnings call, reaffirming prior EPS guidance and outlining a long‑term revenue target tied to a Google partnership.

Company-level read

Ticker impact

AI estimates · verify against primary disclosures

$BKHBullishHigh confidence

Context

Black Hills reaffirmed its 2026 adjusted EPS guidance of $4.25‑$4.45 and disclosed a projected $150 M Google‑related net income by 2030, a fresh earnings‑guidance update.

Expected impact

modest upside as the market prices in stable earnings and the new $150 M partnership revenue stream

Evidence & confidence

The company provided new guidance numbers that were not previously public, indicating continued earnings stability and a sizable future revenue source.

Market effects

Sector

Utility and energy‑services sector may see modest uplift as Black Hills signals stable earnings and a new tech partnership.

Regional

U.S. utility investors could view the guidance as a positive data point for the broader sector.

Global

Limited; the Google‑related income is a company‑specific catalyst.

Counterpoint

What could challenge this read

Investors may question the feasibility of the $150 M Google partnership by 2030 and could view the reaffirmed guidance as a lack of growth.

Key entities

company
Black Hills Corporation
U.S. utility and energy services provider.
company
Google
Technology partner expected to generate $150 M net income for Black Hills by 2030.

Read at source ← All news

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Black Hills Corporation expects $150M in 2030 net income from Google data center deals, projecting $2.4B in unlevered free cash flow by 2048. The company reaffirmed 2026 EPS guidance of $4.25-$4.45 and aims for 4%-6% long-term EPS growth. Management highlighted strong Q3 operational and financial performance.

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Black Hills (BKH) reported $685M available under its revolving credit facility, issued $70M in equity, and is evaluating refinancing options. The company plans $1.8B investment in natural gas generation and expects $2.4B in unlevered free cash flow from a Google data center project by 2048. Additional investments include $700M in transmission by 2029. Regulatory approvals and merger updates were also discussed.

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Scotiabank raises Black Hills stock price target on data center growth

Scotiabank raised its price target on Black Hills Corp (BKH) to $95 from $84, citing data center growth opportunities. The company's stock trades at $84.63 with a $6.45B market cap. Black Hills reported Q3 2026 EPS of $0.57, beating estimates, and expects $150M net income from a Google contract by 2030. The company also plans additional data center opportunities beyond its current projects.

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Black Hills Corp (BKH) (Q3 2026) Earnings Call Highlights: Google Data Center Deal Anchors

Black Hills Corp (BKH) reported Q3 2026 adjusted EPS of $0.57, up from $0.45 in Q3 2025. The company signed a deal to serve Google's Wyoming data center, representing a significant growth opportunity. BKH has a strong pipeline of large load projects and maintains solid financial health with $685M in liquidity. However, it faces regulatory uncertainty, higher costs, and a $400M debt maturity in 2027. The company reaffirmed its 2026 guidance of $4.25-$4.45 adjusted EPS.

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Black Hills (BKH) Q3 2026 Earnings Call Transcript

Black Hills (BKH) reported Q3 2026 adjusted EPS of $0.57, up from $0.45 in 2025, driven by new utility rates and favorable weather. Total revenue was $466.1 million, up from $430.2 million. The company announced a $1.8 billion Google data center project, expected to generate $150 million in annual net income by 2030.

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Google to build first Wyoming data center in $17 billion investment

Alphabet's Google plans a $17B data center in Wyoming, partnering with AEP, Black Hills Energy, and others. The facility will use air cooling and natural gas with carbon capture. AEP will invest $4B in a fuel cell plant, while Black Hills will invest $1.8B in natural gas generation. Google expects the project to generate local tax revenue and jobs, with operations starting in late 2027.

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