Berkshire Hathaway Energy (BHE) Q3 2025 earnings summary

Executive summary

• Net income for the third quarter of 2025 was $68 million, up $21 million from 2024, driven by higher allowance for borrowed and equity funds, lower depreciation and amortization, and higher utility margin, partially offset by higher interest expense.

• Net income for the first nine months of 2025 was $117 million, up $48 million from 2024, due to higher utility margin, higher allowance for borrowed and equity funds, and lower depreciation and amortization, partially offset by higher interest expense and operations and maintenance costs.

Financial highlights

• Third quarter operating revenue was $311 million, down from $338 million in 2024; nine-month revenue was $854 million, down from $980 million in 2024.

• Electric utility margin for Q3 was $173 million, up 2% year-over-year; nine-month margin was $419 million, up 5%.

• Natural gas utility margin for Q3 was $12 million, up 9% year-over-year; nine-month margin was $47 million, up 12%.

• Operations and maintenance expense for Q3 was flat at $66 million; nine-month expense increased $6 million to $187 million.

• Depreciation and amortization for Q3 decreased $6 million to $41 million; nine-month expense decreased $20 million to $121 million.

• Interest expense for Q3 increased $3 million to $25 million; nine-month expense increased $9 million to $73 million.

Outlook and guidance

• Management expects continued impact from regulatory rate reviews, capital expenditures, and ongoing customer growth.

• No material changes in cash requirements or critical accounting estimates since the last annual report.