Income Taxes

6 Months Ended

Jun. 30, 2026

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

The Company's provision for income taxes has been computed on a stand-alone basis. Berkshire Hathaway includes the Company in its consolidated U.S. federal and Iowa state income tax returns and the majority of the Company's U.S. federal income tax is remitted to or received from Berkshire Hathaway, pursuant to a tax allocation agreement. The Company had a current income tax receivable from Berkshire Hathaway of $9 million and $282 million for federal income tax as of June 30, 2026 and December 31, 2025, respectively. The Company received net cash payments for federal income taxes from Berkshire Hathaway for the six-month periods ended June 30, 2026 and 2025 totaling $1,393 million and $803 million, respectively.

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):


	Three-Month Periods								Six-Month Periods
	Ended June 30,								Ended June 30,
	2026				2025				2026				2025
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent

U.S. federal statutory income tax rate	$	163	21.0	%	$	115	21.0	%	$	347	21.0	%	$	315	21.0	%
State and local income taxes, net of federal income tax	11		1.4		18		3.3		29		1.7		32		2.2
Foreign tax effects:
United Kingdom

Other	(5)		(0.6)		(30)		(5.5)		(7)		(0.4)		(15)		(1.0)
Canada
Foreign regulated flow-thru	(11)		(1.4)		(11)		(2.0)		(22)		(1.3)		(21)		(1.4)
Other	1		0.1		—		—		2		0.1		1		0.1

Effects of changes in tax laws or rates enacted in the current period	—		—		1		0.1		—		—		1		0.1
Effect of cross-border tax laws	—		—		—		—		—		—		(1)		(0.1)
Energy-related tax credits	(415)		(53.5)		(390)		(71.5)		(979)		(59.2)		(950)		(63.4)

Nontaxable or nondeductible items:
Equity earnings	(37)		(4.7)		(34)		(6.2)		(65)		(3.9)		(59)		(4.0)
Noncontrolling interest	(10)		(1.2)		(8)		(1.5)		(22)		(1.3)		(17)		(1.2)
Other, net	(5)		(0.7)		(2)		(0.3)		(3)		(0.2)		—		—
Changes in unrecognized tax benefits	—		—		—		—		1		0.1		1		0.1
Other adjustments:
Effects of ratemaking(1)	(30)		(3.7)		(20)		(3.7)		(49)		(2.9)		(45)		(3.0)
Other	5		0.4		4		0.7		5		0.2		2		0.1
Effective income tax rate	$	(333)	(42.9)	%	$	(357)	(65.6)	%	$	(763)	(46.1)	%	$	(756)	(50.5)	%

(1)Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.

Energy-related tax credits relate primarily to production tax credits ("PTCs") from wind- and solar-powered generating facilities owned by MidAmerican Energy, PacifiCorp, NV Energy and BHE Renewables. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service.

PAC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Berkshire Hathaway includes BHE and its subsidiaries in its U.S. federal income tax return and BHE includes its subsidiaries in certain state income tax returns. Consistent with established regulatory practice, PacifiCorp's provision for federal and state income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE pursuant to a tax allocation agreement. As of June 30, 2026, federal income taxes payable to BHE were $27 million and state income taxes receivable from BHE were $16 million. As of December 31, 2025, federal income taxes receivable from BHE were $94 million and state income taxes payable to BHE were $16 million. PacifiCorp received net cash payments for federal and state income taxes from BHE totaling $289 million and $62 million for the six-month periods ended June 30, 2026 and 2025, respectively.

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):


	Three-Month Periods								Six-Month Periods
	Ended June 30,								Ended June 30,
	2026				2025				2026				2025
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent

U.S. federal statutory income tax rate	$	30	21.0	%	$	15	21.0	%	$	40	21.0	%	$	48	21.0	%
State and local income taxes, net of federal income tax	7		4.8		4		5.5		11		5.7		12		5.1
Energy-related tax credits	(76)		(53.6)		(40)		(55.9)		(106)		(55.3)		(87)		(38.0)

Effects of ratemaking(1)	(14)		(9.6)		(12)		(16.4)		(19)		(10.1)		(25)		(10.7)
Effective income tax rate	$	(53)	(37.4)	%	$	(33)	(45.8)	%	$	(74)	(38.7)	%	$	(52)	(22.6)	%

(1)Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.

Energy-related tax credits relate primarily to production tax credits ("PTC") earned by PacifiCorp's wind-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Wind-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service.

MEC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Berkshire Hathaway includes BHE and subsidiaries in its U.S. federal income tax return and BHE includes its subsidiaries in certain state income tax returns. Consistent with established regulatory practice, MidAmerican Energy's provision for income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE pursuant to a tax allocation agreement. For current federal and state income taxes, MidAmerican Energy had a net payable to BHE of $37 million and a net receivable from BHE of $79 million as of June 30, 2026 and December 31, 2025, respectively. MidAmerican Energy received net cash payments for income tax from BHE totaling $557 million and $472 million for the six-month periods ended June 30, 2026 and 2025, respectively.

A reconciliation of the federal statutory income tax rate to MidAmerican Energy's effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):


	Three-Month Periods								Six-Month Periods
	Ended June 30,								Ended June 30,
	2026				2025				2026				2025
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent

U.S. federal statutory income tax rate	$	14	21.0	%	$	14	21.0	%	$	21	21.0	%	$	13	21.0	%
State income tax, net of federal income tax	(1)		(2.9)		(1)		(1.5)		(2)		(2.0)		(1)		(1.6)
Energy-related tax credits	(205)		(292.9)		(191)		(285.1)		(427)		(418.6)		(427)		(677.8)


Other adjustments:
Effects of ratemaking	(1)		(1.4)		—		—		(1)		(1.0)		1		1.6

Effective income tax rate	$	(193)	(276.2)	%	$	(178)	(265.6)	%	$	(409)	(400.6)	%	$	(414)	(656.8)	%

Energy-related tax credits relate primarily to production tax credits ("PTC") earned by MidAmerican Energy's wind- and solar-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. MidAmerican Energy recognizes its renewable electricity PTCs throughout the year based on when the credits are earned and excludes them from the annual effective tax rate that is the basis for the interim recognition of the remaining income tax expense. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service.

MidAmerican Funding, LLC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Berkshire Hathaway includes BHE and subsidiaries in its U.S. federal income tax return and BHE includes its subsidiaries in certain state income tax returns. Consistent with established regulatory practice, MidAmerican Funding's provisions for income tax has been computed on a stand-alone basis and substantially all of its currently payable or receivable income tax is remitted to or received from BHE pursuant to a tax allocation agreement. For current federal and state income taxes, MidAmerican Funding had a net payable to BHE of $37 million and a net receivable from BHE of $79 million as of June 30, 2026 and December 31, 2025, respectively. MidAmerican Funding received net cash payments for income tax from BHE totaling $559 million and $475 million for each of the six-month periods ended June 30, 2026 and 2025, respectively.

A reconciliation of the federal statutory income tax rate to MidAmerican Funding's effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):


	Three-Month Periods								Six-Month Periods
	Ended June 30,								Ended June 30,
	2026				2025				2026				2025
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent

U.S federal statutory income tax rate	$	14	21.0	%	$	13	21.0	%	$	20	21.0	%	$	11	21.0	%
State income tax, net of federal income tax	(2)		(3.0)		(1)		(1.6)		(3)		(3.2)		(1)		(1.9)
Energy-related tax credits	(205)		(305.9)		(191)		(309.7)		(427)		(454.1)		(427)		(790.7)


Other adjustments:
Effects of ratemaking	(1)		(0.5)		—		—		(1)		(1.1)		1		0.9
Other, net	1		0.5		(2)		(1.2)		—		—		(1)		(0.9)
Effective income tax rate	$	(193)	(287.9)	%	$	(181)	(291.5)	%	$	(411)	(437.4)	%	$	(417)	(771.6)	%

Energy-related tax credits relate primarily to production tax credits ("PTC") earned by MidAmerican Energy's wind- and solar-powered generating facilities. Federal renewable electricity PTCs are earned as energy from qualifying wind- and solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. MidAmerican Funding recognizes its renewable electricity PTCs throughout the year based on when the credits are earned and excludes them from the annual effective tax rate that is the basis for the interim recognition of the remaining income tax expense. Wind- and solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service.

NPC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Berkshire Hathaway includes BHE and its subsidiaries in its U.S. federal income tax return. Consistent with established regulatory practice, Nevada Power's provision for federal income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE pursuant to a tax allocation agreement. For current federal and state income taxes, Nevada Power had a net payable to BHE of $7 million and a net receivable of $3 million as of June 30, 2026 and December 31, 2025, respectively. Nevada Power made net cash payments for federal income taxes to BHE of $18 million and received cash refunds for federal income taxes from BHE of $93 million for the six-month periods ended June 30, 2026 and 2025, respectively.

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):


	Three-Month Periods								Six-Month Periods
	Ended June 30,								Ended June 30,
	2026				2025				2026				2025
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent

U.S. Federal statutory income tax rate	$	25	21.0	%	$	13	21.0	%	$	28	21.0	%	$	11	21.0	%
Energy-related tax credits	(7)		(5.9)		(4)		(6.7)		(8)		(5.9)		(4)		(7.3)
Effects of ratemaking(1)	(4)		(3.3)		(3)		(5.3)		(4)		(3.2)		(2)		(4.5)



Effective income tax rate	$	14	11.8	%	$	6	9.0	%	$	16	11.9	%	$	5	9.2	%

(1)Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.

Energy-related tax credits relate to production tax credits ("PTCs") and investment tax credits ("ITCs") from Nevada Power's solar-powered generating facilities and energy storage properties. Federal renewable electricity PTCs are earned as energy from qualifying solar-powered generating facilities is produced and sold and are based on a per-kilowatt hour rate pursuant to the applicable federal income tax law. Solar-powered generating facilities are eligible for the credits for 10 years from the date the qualifying generating facilities are placed in-service. Federal renewable electricity ITCs are tax credits that reduce the income tax liability by a percentage of the cost from certain qualifying solar-powered generating facilities or energy storage properties over their useful lives. The percentage of the credit varies depending on attributes of the project up to a maximum of 50 percent.

SPPC

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Berkshire Hathaway includes BHE and its subsidiaries in its U.S. federal income tax return and BHE includes its subsidiaries in certain state income tax returns. Consistent with established regulatory practice, Sierra Pacific's provision for federal income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE pursuant to a tax allocation agreement. For current federal and state income taxes, Sierra Pacific had a net receivable from BHE of $121 million and $— million as of June 30, 2026 and December 31, 2025, respectively. Sierra Pacific received net cash refunds for federal income taxes from BHE of $70 million and made net cash payments for federal income tax to BHE of $30 million for the six-month periods ended June 30, 2026 and 2025, respectively.

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):


	Three-Month Periods								Six-Month Periods
	Ended June 30,								Ended June 30,
	2026				2025				2026				2025
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent

U.S. federal statutory income tax rate	$	7	21.0	%	$	6	21.0	%	$	13	21.0	%	$	12	21.0	%
Energy-related tax credits	(2)		(7.0)		—		—		(2)		(3.8)		—		—
Effects of ratemaking(1)	(8)		(22.5)		(3)		(9.9)		(13)		(20.8)		(6)		(9.6)



Effective income tax rate	$	(3)	(8.5)	%	$	3	11.1	%	$	(2)	(3.6)	%	$	6	11.4	%

(1)Effects of ratemaking is primarily attributable to activity associated with excess deferred income taxes.

EEGH

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Berkshire Hathaway includes BHE and its subsidiaries in its U.S. federal income tax return and BHE includes its subsidiaries in certain state income tax returns. Consistent with established regulatory practice, Eastern Energy Gas' provision for federal and state income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE pursuant to a tax allocation agreement. For current federal and state income taxes, Eastern Energy Gas had a payable to BHE of $10 million and $39 million as of June 30, 2026 and December 31, 2025, respectively. Pursuant to a tax allocation agreement, BHE GT&S makes cash payments for income taxes, net of refunds, on behalf of Eastern Energy Gas for federal income taxes and certain state income taxes. Eastern Energy Gas received net non-cash equity contributions from BHE GT&S for federal income taxes and certain state income taxes totaling $73 million and $224 million for the six-month periods ended June 30, 2026 and 2025, respectively.

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):


	Three-Month Periods								Six-Month Periods
	Ended June 30,								Ended June 30,
	2026				2025				2026				2025
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent

U.S. federal statutory income tax rate	$	50	21.0	%	$	42	21.0	%	$	125	21.0	%	$	100	21.0	%
State and local income taxes, net of federal income tax	5		2.0		2		1.5		17		2.8		8		1.7


Nontaxable or nondeductible items:
Equity earnings	1		0.5		2		0.5		7		1.2		7		1.4
Non-controlling interest	(9)		(3.7)		(8)		(4.0)		(21)		(3.5)		(17)		(3.6)
Other, net	—		—		—		—		(1)		(0.1)		—		—






Other adjustments	(1)		(0.5)		—		—		(1)		(0.3)		(1)		(0.2)
Effective income tax rate	$	46	19.3	%	$	38	19.0	%	$	126	21.1	%	$	97	20.3	%

EGTS

Schedule of Effective Income Tax Rate Reconciliation [Line Items]

Income Taxes

Berkshire Hathaway includes BHE and its subsidiaries in its U.S. federal income tax return and BHE includes its subsidiaries in certain state income tax returns. Consistent with established regulatory practice, EGTS' provision for federal and state income tax has been computed on a stand-alone basis, and substantially all of its currently payable or receivable income tax is remitted to or received from BHE pursuant to a tax allocation agreement. For current federal and state income taxes, EGTS had a receivable from BHE of $8 million as of June 30, 2026 and a payable to BHE of $11 million as of December 31, 2025. Pursuant to a tax allocation agreement, BHE GT&S makes cash payments for income taxes, net of refunds, on behalf of EGTS for federal income taxes and certain state income taxes. EGTS received net non-cash equity contributions from Eastern Energy Gas for federal income taxes and certain state income taxes totaling $29 million and $24 million for the six-month periods ended June 30, 2026 and 2025, respectively.

A reconciliation of the federal statutory income tax rate to the effective income tax rate applicable to income before income tax expense (benefit) is as follows (amounts in millions):


	Three-Month Periods								Six-Month Periods
	Ended June 30,								Ended June 30,
	2026				2025				2026				2025
	Amount		Percent		Amount		Percent		Amount		Percent		Amount		Percent

U.S. federal statutory income tax rate	$	18	21.0	%	$	14	21.0	%	$	47	21.0	%	$	38	21.0	%
State and local income taxes, net of federal income tax	3		3.7		3		4.4		8		3.4		8		4.0













Effective income tax rate	$	21	24.7	%	$	17	25.4	%	$	55	24.4	%	$	46	25.0	%

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477617/942-740-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 740
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478822/944-740-50-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details