v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information by Segment The Company's reportable segments with foreign operations include Northern Powergrid, whose business is principally in the United Kingdom, and BHE Transmission, whose business includes operations in Canada. Intersegment eliminations and adjustments, including the allocation of goodwill, have been made. Information related to the Company's reportable segments is shown below (in millions):
For the Three-Month Period Ended March 31, 2026
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE Transmission
BHE Renewables(2)
HomeServices
BHE and
Other(1)
Total
Operating revenue
$1,808 $1,140 $766 $336 $1,385 $189 $245 $862 $(59)$6,672 
Cost of sales
755 484 371 27 51 5 35 605 (58)2,275 
Operations and maintenance
463 220 160 69 233 39 97 263 17 1,561 
Depreciation and amortization
310 277 148 98 165 52 76 9 — 1,135 
Interest expense
227 109 85 48 73 37 31 — 136 746 
Interest and dividend income27 6 8 1 11 — 2 4 (5)54 
Income tax expense (benefit)
(21)(218)4 15 182 4 (319)(4)(73)(430)
Equity income (loss)— — 1 — 28 22 (185)— — (134)
Other segment items
(30)(29)36 (17)(114)(10)(14)(5)(8)(191)
Earnings on common shares
$71 $245 $43 $63 $606 $64 $128 $(12)$(94)$1,114 
Capital expenditures
$717 $418 $631 $171 $215 $108 $169 $3 $(14)$2,418 
For the Three-Month Period Ended March 31, 2025
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE Transmission
BHE Renewables(2)
HomeServices
BHE and
Other(1)
Total
Operating revenue
$1,768 $1,014 $718 $426 $1,185 $186 $257 $860 $(48)$6,366 
Cost of sales
718 369 357 29 54 6 45 605 (47)2,136 
Operations and maintenance
424 227 137 55 224 35 134 254 13 1,503 
Depreciation and amortization
299 307 138 87 152 55 68 10 — 1,116 
Interest expense
187 105 79 33 70 36 31 1 144 686 
Interest and dividend income28 6 6 3 23 — 4 4 (12)62 
Income tax expense (benefit)
(19)(236)3 57 144 4 (336)(6)(10)(399)
Equity income (loss)— — 1 — 27 23 (172)1 — (120)
Other segment items
(9)(20)11 (23)(103)(11)(7)(16)96 (82)
Earnings on common shares
$178 $228 $22 $145 $488 $62 $140 $(15)$(64)$1,184 
Capital expenditures
$688 $405 $456 $157 $188 $81 $112 $1 $40 $2,128 
(1)The differences between the reportable segment amounts and the consolidated amounts, described as BHE and Other, relate principally to other corporate entities, corporate functions and intersegment eliminations.
(2)Income tax expense (benefit) includes the tax attributes of disregarded entities that are not required to pay income taxes and the earnings of which are taxable directly to BHE.
The following table summarizes the other segment items category by the Company's reportable segments:
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE TransmissionBHE RenewablesHomeServices
Property and other taxes
X
X
X
X
X
X
X
X
Capitalized interest
X
X
X
X
X
X
Allowance for equity funds
X
X
X
X
X
Gains (losses) on marketable securities, net
X
X
X
X
X
X
X
Other income (expense), net
X
X
X
X
X
X
X
X
Net income attributable to noncontrolling interests
X
X
X
X
X
The following table summarizes the Company's total assets by reportable segment (in millions):
 As of
 March 31,December 31,
20262025
Assets:
PacifiCorp$40,776 $38,323 
MidAmerican Funding29,877 29,712 
NV Energy22,336 21,118 
Northern Powergrid10,630 10,819 
BHE Pipeline Group23,172 22,977 
BHE Transmission9,683 9,762 
BHE Renewables11,711 11,644 
HomeServices3,422 3,449 
BHE and Other(1)
422 523 
Total assets$152,029 $148,327 

(1)The differences between the reportable segment amounts and the consolidated amounts, described as BHE and Other, relate principally to other corporate entities, corporate functions and intersegment eliminations.
Disaggregation of Revenue
The following table summarizes the Company's energy products and services revenue from contracts with customers ("Customer Revenue") by regulated and nonregulated, with further disaggregation of regulated by line of business, including a reconciliation to the Company's reportable segment information included in Note 13 (in millions):
For the Three-Month Period Ended March 31, 2026
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE TransmissionBHE Renewables
BHE and
Other(1)
Total
Customer Revenue:
Regulated:
Retail electric$1,686 $589 $694 $— $— $— $— $(1)$2,968 
Retail gas— 332 37 — — — — — 369 
Wholesale21 186 15 — 2 — — (1)223 
Transmission and distribution
35 13 16 288 — 164 — — 516 
Interstate pipeline— — — — 993 — — (57)936 
Other42 — — — 3 — — 1 46 
Total Regulated1,784 1,120 762 288 998 164 — (58)5,058 
Nonregulated— 3 4 18 383 23 188 (1)618 
Total Customer Revenue1,784 1,123 766 306 1,381 187 188 (59)5,676 
Other revenue24 17 — 30 4 2 57 — 134 
Total$1,808 $1,140 $766 $336 $1,385 $189 $245 $(59)$5,810 
For the Three-Month Period Ended March 31, 2025
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE TransmissionBHE Renewables
BHE and
Other(1)
Total
Customer Revenue:
Regulated:
Retail electric$1,647 $545 $633 $— $— $— $— $(1)$2,824 
Retail gas— 309 49 — — — — — 358 
Wholesale13 116 16 — 1 — — — 146 
Transmission and distribution
48 14 17 372 — 155 — — 606 
Interstate pipeline— — — — 859 — — (46)813 
Other27 — — — — — — — 27 
Total Regulated1,735 984 715 372 860 155 — (47)4,774 
Nonregulated— 2 2 25 315 29 211 — 584 
Total Customer Revenue1,735 986 717 397 1,175 184 211 (47)5,358 
Other revenue33 28 1 29 10 1 46 — 148 
Total$1,768 $1,014 $718 $426 $1,185 $185 $257 $(47)$5,506 
(1)The BHE and Other reportable segment represents amounts related principally to other corporate entities, corporate functions and intersegment eliminations.
Real Estate Services

The following table summarizes the Company's real estate services Customer Revenue by line of business (in millions):
HomeServices
Three-Month Periods
Ended March 31,
20262025
Customer Revenue:
Brokerage$778 $781 
Franchise13 10 
Total Customer Revenue791 791 
Mortgage and other revenue71 69 
Total$862 $860 
Schedule of Goodwill
The following table shows the change in the carrying amount of goodwill by reportable segment for the three-month period ended March 31, 2026 (in millions):
 PacifiCorp MidAmerican FundingNV Energy Northern Powergrid BHE Pipeline GroupBHE Transmission BHE Renewables HomeServices Total
       
December 31, 2025$1,129 $2,102 $2,369 $990 $1,814 $1,439 $95 $1,583 $11,521 
Foreign currency translation— — — (13)— (19)— — (32)
Dispositions
(89)— — — — — — — (89)
March 31, 2026$1,040 $2,102 $2,369 $977 $1,814 $1,420 $95 $1,583 $11,400 
MEC  
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information by Segment
The following tables provide information on a reportable segment basis (in millions):
For the Three-Month Period Ended March 31, 2026
ElectricNatural Gas
Other(1)
Total
Operating revenue$747 $390 $3 $1,140 
Cost of sales194 290 — 484 
Operations and maintenance181 39 — 220 
Depreciation and amortization259 18 — 277 
Property and other taxes43 5 — 48 
Operating income70 38 3 111 
Interest expense(96)(9)— (105)
Interest and dividend income5 1 — 6 
Income tax expense (benefit)(224)7 1 (216)
Other segment items(2)
23 (3)— 20 
Net income (loss)
$226 $20 $2 $248 
Capital expenditures$394 $24 $— $418 

For the Three-Month Period Ended March 31, 2025
ElectricNatural Gas
Other(1)
Total
Operating revenue$667 $345 $2 $1,014 
Cost of sales124 245 — 369 
Operations and maintenance193 33 1 227 
Depreciation and amortization290 17 — 307 
Property and other taxes40 4 — 44 
Operating income20 46 1 67 
Interest expense(93)(8)— (101)
Interest and dividend income6 1 — 7 
Income tax expense (benefit)(246)10 — (236)
Other segment items(2)
23 1 (1)23 
Net income
$202 $30 $— $232 
Capital expenditures
$374 $31 $— $405 
As of
March 31,December 31,

20262025
Assets:
Regulated electric$25,692 $25,495 
Regulated natural gas2,092 2,145 
Other(1)
3 3 
Total assets$27,787 $27,643 
(1)The differences between the reportable segment amounts and the consolidated amounts, described as Other, relate to nonregulated activities of MidAmerican Energy.
(2)Other segment items include allowance for borrowed and equity funds, gains (losses) on marketable securities and other income (expense).
Disaggregation of Revenue
The following table summarizes MidAmerican Energy's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class, including a reconciliation to MidAmerican Energy's reportable segment information included in Note 10 (in millions):
For the Three-Month Period Ended March 31, 2026
ElectricNatural GasOtherTotal
Customer Revenue:
Retail:
Residential$181 $217 $— $398 
Commercial82 88 — 170 
Industrial293 9 — 302 
Natural gas transportation services— 16 — 16 
Other retail33 2 — 35 
Total retail589 332 — 921 
Wholesale128 58 — 186 
Multi-value transmission projects13 — — 13 
Other Customer Revenue— — 3 3 
Total Customer Revenue730 390 3 1,123 
Other revenue17 — — 17 
Total operating revenue$747 $390 $3 $1,140 
For the Three-Month Period Ended March 31, 2025
ElectricNatural GasOtherTotal
Customer Revenue:
Retail:
Residential$181 $202 $— $383 
Commercial80 80 — 160 
Industrial251 9 — 260 
Natural gas transportation services— 16 — 16 
Other retail33 2 — 35 
Total retail545 309 — 854 
Wholesale80 36 — 116 
Multi-value transmission projects14 — — 14 
Other Customer Revenue— — 2 2 
Total Customer Revenue639 345 2 986 
Other revenue28 — — 28 
Total operating revenue$667 $345 $2 $1,014 
MidAmerican Funding, LLC  
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information by Segment
The following tables provide information on a reportable segment basis (in millions):
For the Three-Month Period Ended March 31, 2026
ElectricNatural Gas
Other(1)
Total
Operating revenue$747 $390 $3 $1,140 
Cost of sales194 290 — 484 
Operations and maintenance181 39 — 220 
Depreciation and amortization259 18 — 277 
Property and other taxes43 5 — 48 
Operating income (loss)
70 38 3 111 
Interest expense(96)(9)(4)(109)
Interest and dividend income5 1 — 6 
Income tax expense (benefit)(224)7 (1)(218)
Other segment items(2)
23 (3)(1)19 
Net income (loss)
$226 $20 $(1)$245 
Capital expenditures
$394 $24 $— $418 

For the Three-Month Period Ended March 31, 2025
ElectricNatural Gas
Other(1)
Total
Operating revenue$667 $345 $2 $1,014 
Cost of sales124 245 — 369 
Operations and maintenance193 33 1 227 
Depreciation and amortization290 17 — 307 
Property and other taxes40 4 — 44 
Operating income20 46 1 67 
Interest expense(93)(8)(4)(105)
Interest and dividend income6 1 — 7 
Income tax expense (benefit)(246)10 — (236)
Other segment items(2)
23 1 (1)23 
Net income (loss)
$202 $30 $(4)$228 
Capital expenditures$374 $31 $— $405 
As of
March 31,December 31,

20262025
Assets:
Regulated electric$26,883 $26,686 
Regulated natural gas2,171 2,224 
Other(1)
12 8 
Total assets$29,066 $28,918 
Goodwill:
Regulated electric$1,191 $1,191 
Regulated natural gas79 79 
Total goodwill
$1,270 $1,270 
(1)The differences between the reportable segment amounts and the consolidated amounts, described as Other, consists of the nonregulated subsidiaries of MidAmerican Funding not engaged in the energy business.
(2)Other segment items include allowance for borrowed and equity funds, gains (losses) on marketable securities and other income (expense).
SPPC  
Segment Reporting Information [Line Items]  
Schedule of Segment Reporting Information by Segment
The following tables provide information on a reportable segment basis (in millions):
For the Three-Month Period Ended March 31, 2026
Regulated ElectricRegulated Natural GasTotal
Operating revenue$235$37$272
Cost of sales11318131
Operations and maintenance67471
Depreciation and amortization40545
Interest expense28331
Interest and dividend income4—4
Income tax expense (benefit)—11
Other segment items (1)
29130
Net income$20$7$27
Capital expenditures
$235$16$251
For the Three-Month Period Ended March 31, 2025
Regulated ElectricRegulated Natural GasTotal
Operating revenue$236$49$285
Cost of sales11528143
Operations and maintenance54660
Depreciation and amortization35540
Interest expense
22224
Interest and dividend income
3—3
Income tax expense (benefit)
213
Other segment items (1)
9—9
Net income
$20$7$27
Capital expenditures
$159$14$173
As of
March 31,December 31,
20262025
Assets:
Regulated electric$7,030 $6,541 
Regulated natural gas579 485 
Regulated common assets(2)
514 19 
Total assets$8,123 $7,045 

(1)    Consists principally of property and other taxes, allowance for borrowed and equity funds and other income (expenses).

(2)    Consists principally of cash and cash equivalents not included in either the regulated electric or regulated natural gas segments.
Disaggregation of Revenue
The following table summarizes Sierra Pacific's revenue from contracts with customers ("Customer Revenue") by line of business, with further disaggregation of retail by customer class, including a reconciliation to Sierra Pacific's reportable segment information included in Note 12 (in millions):
Three-Month Periods
Ended March 31,
20262025
ElectricNatural GasTotalElectricNatural GasTotal
Customer Revenue:
Retail:
Residential$89 $23 $112 $93 $32 $125 
Commercial72 9 81 73 13 86 
Industrial52 2 54 48 4 52 
Other1 — 1 2 — 2 
Total fully bundled214 34 248 216 49 265 
Distribution only service2 — 2 2 — 2 
Total retail216 34 250 218 49 267 
Wholesale, transmission and other19 3 22 18 — 18 
Total Customer Revenue235 37 272 236 49 285 
Other revenue— — — — — — 
Total operating revenue$235 $37 $272 $236 $49 $285