Berkshire Hathaway Energy (BHE) Q1 2026 earnings summary

Executive summary

• Consolidated operating revenue for the quarter ended March 31, 2026, was $6.67 billion, up 5% year-over-year, with net income attributable to shareholders of $1.11 billion, down 6% from the prior year.

• Adjusted earnings on common shares increased 2% year-over-year, excluding a $110 million pre-tax gain in Q1 2025 from an investment sale.

• Segment performance was mixed, with notable declines in PacifiCorp and Northern Powergrid earnings, offset by gains in BHE Pipeline Group and NV Energy.

Financial highlights

• Operating revenue rose $306 million year-over-year, driven by higher revenues at MidAmerican Funding, NV Energy, and BHE Pipeline Group.

• Net income attributable to shareholders was $1.11 billion, down from $1.18 billion in Q1 2025.

• Operating cash flow was $1.36 billion, down from $2.02 billion in the prior year, mainly due to higher wildfire settlement payments and working capital changes.

• Capital expenditures increased to $2.42 billion from $2.13 billion, with a full-year forecast of $11.87 billion.

Outlook and guidance

• Management expects continued investment in transmission, distribution, renewable generation, and wildfire prevention, with $11.87 billion in capital expenditures forecast for 2026.

• Ongoing regulatory proceedings and rate cases may impact future revenues and cost recovery.

• The company anticipates continued pressure from wildfire-related legal matters and regulatory challenges.