What move does the options market price into Black Hills's report?

Implied ±6.7%, either direction.

How often does Black Hills move more than the options market prices?

2 of the last 8 reports moved at least as far as the implied move.

BKHNYSEElectric Services

Black Hills Corp (BKH) earnings date, market-implied expected move, and options open interest by expiry

81.99

−0.52 · −0.63%

post 82.18 +0.24%

Closed15:59 ET

Open82.99Volume1.4MMkt cap$6.3BP/E20.65EPS3.98Div yield3.39%

Day82.10 – 82.999%52-wk61.40 – 82.9596%

BKH

Black Hills Corp

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±6.7%implied · straddle

77.0188.01

spot 82.51exp Nov 20ATM strike 85ATM straddle 6.47IV 42%

Nov 2 close

Expected move

Inputs

Next report

Today

after close

est.Q3 FY26

Calendar

Next report

Last report

+1.44%

vs ±3.0% implied · ×0.49

shaded = implied · ▲▼ = realized

Aug 5 '26 · confirmed

Implied vs realized

Linked news

12hMETA · customerMeta seeks to raise up to $25 billion in debt sale as AI spending jumps
15hMSFT · customer5 questions to ask if your boss offers you a buyout, as Microsoft did with 60,000 employees

News

Largest filed tie

13F top-10 QoQ

+4.02%

shares held · 10 largest managers

13F · Jun 30 '26127d lag

475 managers

Top fund weight

0.18%

BKH weight · IWM

N-PORTJun 30 '26

5 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Black Hills (BKH) is expected to report on Nov 4 after close (estimated date).

Implied vs realized

8 reports

2 of 8≥ implied

avg implied: ±4.6%
avg realized: ±2.0%

Nov 6 '24Nov 6 '24confirmed±6.7%▼−1.31%×0.19

Feb 5 '25Feb 5 '25confirmed±3.5%▼−0.28%×0.08

May 7 '25May 7 '25confirmed±3.9%▼−4.66%×1.18

Jul 30 '25Jul 30 '25confirmed±4.2%▲+1.17%×0.28

Q3 FY25Nov 5 '25confirmed±4.6%▲+4.63%×1.02

Feb 4 '26Feb 4 '26confirmed±6.7%▲+0.95%×0.14

Q1 FY26May 6 '26confirmed±4.1%▲+1.76%×0.43

Q2 FY26Aug 5 '26confirmed±3.0%▲+1.44%×0.49

quarterimplied−10%0+10%realized×

Q2 FY26±3.0%▲+1.44%×0.49

Q1 FY26±4.1%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Nov 3 close

0.24OI · 3 expiries · Nov 3 closeP/C open interest · Nov 20 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

3110%Nov 2016d1,2730%

180%Dec 1844d0.121520%0.12

750%Feb 19107d0.145520%0.14

ExpiryPutsCallsP/C

Nov 2016d3110%1,2730%0.24

Dec 1844d180%1520%0.12

Feb 19107d750%5520%0.14

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±6.7%

Funds 4

IWM±0.0%

MDY±0.0%

UWM±0.0%

VTI±0.0%

Dashed = straddleMethod 1 more fund Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ2 FY26

8.92%as filednet margin · revenue −42.00% QoQ · +3.14% YoY

Revenue

$453M−42.00% QoQ

Gross profit

$339M−23.37% QoQ

74.93% margin

Operating income

$97M−51.96% QoQ

21.42% margin

Pre-tax income

$46M−69.74% QoQ

Net income

$40M−69.65% QoQ

8.92% margin

Cost of revenue

$114M−66.41% QoQ

Operating expenses

$242M+0.58% QoQ

Other operating $167M

Depreciation $75M

Other expense

$51M

Tax

$5M−70.45% QoQ

Revenue$453M−42.00%

Gross profit

$339M−23.37%

74.93% margin

Operating income

$97M−51.96%

21.42% margin

Pre-tax income

$46M−69.74%

Net income

$40M−69.65%

8.92% margin

Cost of revenue

$114M−66.41%

Operating expenses

$242M+0.58%

Other operating $167M

Depreciation $75M

Other expense

$51M

Tax$5M−70.45%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Jun 30 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 2 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 15:45 ET

Intraday

Event sensitivity

CPI ×1.47· ±1.5% vs ±1.0% · 10 releases

eventrelease day|move|up · n×base

CPIconsumer prices±1.5%4 of 10×1.47

PPIproducer prices±1.3%4 of 10×1.31

FOMCrate decision±1.2%11 of 24×1.18

NFPjobs report±0.9%6 of 10×0.93

PCEpersonal income & outlays±0.9%11 of 19×0.87

GDPgross domestic product±0.8%11 of 19×0.85

CPROFcorporate profits±0.7%6 of 12×0.66

Bar = avg |move| to ±2% · tick = ±1.0% avg day · ×base = |move| ÷ ±1.0% · min 6 releases

Earnings history

EPS 0.50 · consensus —

Quarter	Reported	EPS	Consensus
Q2 FY26	Aug 5 '26 · confirmed	0.50	—
Q1 FY26	May 6 '26 · confirmed	1.73	—
Q3 FY25	Nov 5 '25 · confirmed	0.34	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod