Berkshire Hathaway Energy (BHE) Q4 2025 earnings summary

Executive summary

• The company and its subsidiaries operate regulated electric and natural gas utilities, pipelines, and storage, with significant operations in the U.S., U.K., and Canada.

• 2025 consolidated operating revenue was $26.2 billion, up 1% year-over-year, with earnings on common shares of $4.07 billion, down 5%.

• Utilities' earnings rose $136 million due to higher electric utility margin and lower wildfire loss accruals, offset by increased O&M and depreciation.

• Major segments include PacifiCorp, MidAmerican Funding, NV Energy, Northern Powergrid, BHE Pipeline Group, BHE Transmission, BHE Renewables, and HomeServices.

Financial highlights

• PacifiCorp: Operating revenue up $893 million (14%) to $7.5 billion; earnings up $116 million (22%) to $642 million, driven by higher retail rates/volumes and lower wildfire accruals.

• MidAmerican Funding: Revenue up $656 million (20%) to $3.9 billion; earnings up $57 million (6%) to $1.05 billion, with strong electric and gas utility margins.

• NV Energy: Revenue down $689 million (17%) to $3.5 billion; earnings down $37 million (8%) to $407 million, mainly due to lower retail volumes and regulatory accruals.

• Northern Powergrid: Revenue down $254 million (16%) to $1.37 billion; earnings down $204 million (37%) to $343 million, reflecting lower tariffs and higher interest expense.

• BHE Pipeline Group: Revenue up $133 million (3%) to $3.94 billion; earnings down $81 million (7%) to $1.15 billion, with higher O&M and interest expense.

• BHE Renewables: Revenue down $362 million (25%) to $1.11 billion; earnings up $138 million (31%) to $585 million, driven by wind tax equity investments and higher solar/geothermal earnings.

• HomeServices: Revenue down $27 million (1%) to $4.33 billion; earnings up $131 million due to lower litigation charges and improved mortgage results.

Outlook and guidance

• Capital expenditures are forecast to rise, with $10.6 billion planned for 2026 and $12.1 billion for 2027, focused on transmission, renewables, wildfire prevention, and storage.

• The company expects continued investment in wind, solar, and storage, with $4.9 billion in renewables and $197 million in battery storage through 2028.

• PacifiCorp faces ongoing wildfire litigation risk, which may impact liquidity, credit ratings, and access to capital.