BRK-B · 10-Q · 2026Q3 · Full report

BHE Segment Performance and Tax Credits

BERKSHIRE HATHAWAY INC · 2026-11-09 · Importance 39 · Surprise 32

BHE net earnings attributable to Berkshire shareholders increased 8.3% to $1.612 billion in Q3 2026 and 10.0% to $3.617 billion in the first nine months. U.S. utilities earnings rose 22.8% in Q3 and 16.8% year to date, supported by higher electric margins, customer volumes and production tax credits; nine-month electric utility margin increased 8.2% to $7.1 billion. Natural gas pipeline earnings increased $209 million year to date, reflecting higher transportation and storage revenue and variable LNG revenue. Other energy businesses’ nine-month earnings declined $109 million, while real estate brokerage earnings declined $34 million, partly due to lower revenues and a Q2 litigation-settlement charge.

Key facts

• BHE’s U.S. utilities’ first-nine-month 2026 net earnings increased $288 million (16.8%), reflecting higher electric utility margin and other income, increased production tax credit benefits, and the comparison with $100 million of PacifiCorp wildfire loss accruals in the third quarter of 2025. source
• Berkshire Hathaway Energy’s after-tax earnings increased 8.3% in the third quarter and 10.0% in the first nine months of 2026 compared with 2025, reflecting higher U.S. utilities and natural gas pipelines earnings, partly offset by lower earnings from other energy and real estate brokerage businesses. source
• BHE natural gas pipelines net earnings increased $32 million in the third quarter and $209 million in the first nine months of 2026, reflecting higher transportation and storage revenues from a general rate case and higher variable LNG revenues. source