BRK-B · 10-Q · 2026Q1 · Full report
BHE Performance and Tax Credits
BERKSHIRE HATHAWAY INC · 2026-05-04 · Importance 39 · Surprise 50 · No source text
After-tax earnings of Berkshire Hathaway Energy (BHE) were $1,114 million in Q1 2026 versus $1,097 million in Q1 2025, a 1.5% increase driven by higher natural gas pipeline results and federal income tax credits recognized on a consolidated basis. BHE’s total revenues were $6,661 million in Q1 2026, with energy operating revenues of $5,810 million and total costs/expenses of $5,917 million. U.S. utilities’ electric utility margin increased $47 million (2.4%) YoY to $2.0 billion driven by higher retail rates and lower thermal generation costs, while natural gas pipelines net earnings rose $118 million due to higher transportation/storage revenues and LNG variable revenues from cold weather. Corporate interest and other net earnings include BHE corporate interest expense and unallocated G&A and income taxes, including production tax credits recognized consolidated on a Q1 2026 basis.
Key facts
- BHE total revenues in Q1 2026 were $6,661 million versus $6,356 million in Q1 2025; energy operating revenues were $5,810 million in Q1 2026 and $5,506 million in Q1 2025. source
- BHE natural gas pipelines net earnings increased $118 million in Q1 2026 compared to 2025 due to higher transportation and storage revenues from a general rate case and higher variable LNG revenues from cold weather. source
- BHE U.S. utilities electric utility margin was $2.0 billion in Q1 2026, an increase of $47 million (2.4%) versus 2025; retail customer volumes increased 1.7% overall (MEC up 4.4%, NV Energy up 4.3%, PacifiCorp down 1.2%). source
- Berkshire Hathaway Energy (BHE) net earnings attributable to Berkshire shareholders in the First Quarter: $1,114 million in 2026 and $1,097 million in 2025. source
- BHE net earnings after income taxes in Q1 2026 were $1,174 million and net earnings attributable to BHE were $1,114 million in 2026 and $1,100 million in 2025 (1.3% change). source
- BHE effective income tax rate was (57.8)% in Q1 2026 and (58.4)% in Q1 2025, and the income tax benefit includes significant production tax credits primarily from wind-powered electricity generation. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | +0.5% | BHE total revenues in Q1 2026 were $6,661 million versus $6,356 million in Q1 2025; energy operating revenues were $5,810 million in Q1… |
| net_income | positive | realized | +0.2% | BHE natural gas pipelines net earnings increased $118 million in Q1 2026 compared to 2025 due to higher transportation and storage… |
| operating_income | positive | realized | +0.1% | BHE U.S. utilities electric utility margin was $2.0 billion in Q1 2026, an increase of $47 million (2.4%) versus 2025; retail customer… |
| net_income | positive | realized | +0.0% | BHE net earnings after income taxes in Q1 2026 were $1,174 million and net earnings attributable to BHE were $1,114 million in 2026 and… |
| net_income | positive | realized | — | BHE effective income tax rate was (57.8)% in Q1 2026 and (58.4)% in Q1 2025, and the income tax benefit includes significant production… |