v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Line Items]  
Segment Information Segment Information
The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer. Earnings on common shares for each reportable segment are considered by the CODM in allocating resources and capital. The CODM generally considers actual results versus historical results, budgets or forecasts, as well as unique risks and opportunities, when making decisions about the allocation of resources and capital to each reportable 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 June 30, 2026
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE Transmission
BHE Renewables(2)
HomeServices
BHE and
Other(1)
Total
Operating revenue
$1,801 $872 $977 $325 $992 $185 $298 $1,273 $(37)$6,686 
Cost of sales
640 196 462 26 79 7 2 933 (36)2,309 
Operations and maintenance
474 231 164 69 290 44 110 306 30 1,718 
Depreciation and amortization
315 282 151 93 164 50 76 9 — 1,140 
Interest expense
270 111 91 48 74 38 30 — 129 791 
Interest and dividend income43 6 6 — 15 1 2 3 (9)67 
Income tax expense (benefit)
(53)(193)13 8 72 1 (309)7 121 (333)
Equity income (loss)— — — 1 5 21 (202)3 — (172)
Other segment items
(3)9 40 (27)(91)(12)(8)(4)31 (65)
Earnings on common shares
$195 $260 $142 $55 $242 $55 $181 $20 $(259)$891 
Capital expenditures
$726 $470 $764 $176 $264 $65 $80 $6 $(20)$2,531 
For the Six-Month Period Ended June 30, 2026
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE Transmission
BHE Renewables(2)
HomeServices
BHE and
Other(1)
Total
Operating revenue
$3,609 $2,012 $1,743 $661 $2,377 $374 $543 $2,135 $(96)$13,358 
Cost of sales
1,395 680 833 53 130 12 37 1,538 (94)4,584 
Operations and maintenance
937 451 324 138 523 83 207 569 47 3,279 
Depreciation and amortization
625 559 299 191 329 102 152 18 — 2,275 
Interest expense
497 220 176 96 147 75 61 — 265 1,537 
Interest and dividend income70 12 14 1 26 1 4 7 (14)121 
Income tax expense (benefit)
(74)(411)17 23 254 5 (628)3 48 (763)
Equity income (loss)— — 1 1 33 43 (387)3 — (306)
Other segment items
(33)(20)76 (44)(205)(22)(22)(9)23 (256)
Earnings on common shares
$266 $505 $185 $118 $848 $119 $309 $8 $(353)$2,005 
Capital expenditures
$1,443 $888 $1,395 $347 $479 $173 $249 $9 $(34)$4,949 
For the Three-Month Period Ended June 30, 2025
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE Transmission
BHE Renewables(2)
HomeServices
BHE and
Other(1)
Total
Operating revenue
$1,810 $860 $857 $303 $864 $181 $286 $1,264 $(31)$6,394 
Cost of sales
723 211 417 33 67 3 9 924 (29)2,358 
Operations and maintenance
479 236 149 58 278 39 128 274 25 1,666 
Depreciation and amortization
372 255 138 89 153 49 73 10 — 1,139 
Interest expense
202 105 79 39 72 37 34 2 139 709 
Interest and dividend income33 8 5 1 14 1 3 4 (6)63 
Income tax expense (benefit)
(33)(181)9 (16)51 3 (318)15 113 (357)
Equity income (loss)— — — 1 10 20 (194)3 — (160)
Other segment items
4 1 17 (21)(84)(10)(8)(1)22 (80)
Earnings on common shares
$104 $243 $87 $81 $183 $61 $161 $45 $(263)$702 
Capital expenditures
$718 $335 $690 $171 $266 $101 $108 $2 $54 $2,445 
For the Six-Month Period Ended June 30, 2025
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE Transmission
BHE Renewables(2)
HomeServices
BHE and
Other(1)
Total
Operating revenue
$3,578 $1,874 $1,575 $729 $2,049 $366 $543 $2,124 $(78)$12,760 
Cost of sales
1,441 580 774 62 121 9 54 1,529 (76)4,494 
Operations and maintenance
903 463 286 113 502 74 262 528 38 3,169 
Depreciation and amortization
671 562 276 176 305 104 141 20 — 2,255 
Interest expense
389 210 158 72 142 73 65 3 283 1,395 
Interest and dividend income61 14 11 4 37 1 7 8 (18)125 
Income tax expense (benefit)
(52)(417)12 41 195 7 (654)9 103 (756)
Equity income (loss)— — 1 1 37 43 (366)4 — (280)
Other segment items
(5)(19)28 (44)(187)(20)(15)(17)117 (162)
Earnings on common shares
$282 $471 $109 $226 $671 $123 $301 $30 $(327)$1,886 
Capital expenditures
$1,406 $740 $1,146 $328 $454 $182 $220 $3 $94 $4,573 
(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
June 30,December 31,
20262025
Assets:
PacifiCorp$42,405 $38,323 
MidAmerican Funding30,173 29,712 
NV Energy22,687 21,118 
Northern Powergrid10,827 10,819 
BHE Pipeline Group23,233 22,977 
BHE Transmission9,633 9,762 
BHE Renewables11,249 11,644 
HomeServices3,606 3,449 
BHE and Other(1)
216 523 
Total assets$154,029 $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.

The following table shows the change in the carrying amount of goodwill by reportable segment for the six-month period ended June 30, 2026 (in millions):
PacifiCorpMidAmerican FundingNV EnergyNorthern PowergridBHE Pipeline GroupBHE TransmissionBHE RenewablesHomeServicesTotal
December 31, 2025$1,129 $2,102 $2,369 $990 $1,814 $1,439 $95 $1,583 $11,521 
Foreign currency translation— — — (11)— (47)— — (58)
Dispositions
(89)— — — — — — — (89)
June 30, 2026$1,040 $2,102 $2,369 $979 $1,814 $1,392 $95 $1,583 $11,374 
MEC  
Segment Reporting [Line Items]  
Segment Information Segment Information
MidAmerican Energy's chief operating decision maker ("CODM") is its President and Chief Executive Officer. Net income for each reportable segment is considered by the CODM in allocating resources and capital. When making decisions about the allocation of resources and capital to each reportable segment, the CODM generally considers actual results versus historical results, budgets or forecasts, as well as unique risks and opportunities.

MidAmerican Energy has identified two reportable operating segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and regulated natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance. Common operating costs are allocated to each segment based on certain factors, which primarily relate to the nature of the cost.

The following tables provide information on a reportable segment basis (in millions):
For the Three-Month Period Ended June 30, 2026
ElectricNatural Gas
Other(1)
Total
Operating revenue$760 $111 $1 $872 
Cost of sales146 50 — 196 
Operations and maintenance185 46 — 231 
Depreciation and amortization264 18 — 282 
Property and other taxes38 4 — 42 
Operating income (loss)127 (7)1 121 
Interest expense(98)(8)— (106)
Interest and dividend income6 — — 6 
Income tax expense (benefit)(190)(3)— (193)
Other segment items(2)
42 8 (1)49 
Net income (loss)
$267 $(4)$— $263 
Capital expenditures$441 $29 $— $470 

For the Six-Month Period Ended June 30, 2026
ElectricNatural Gas
Other(1)
Total
Operating revenue$1,507 $501 $4 $2,012 
Cost of sales340 340 — 680 
Operations and maintenance366 85 — 451 
Depreciation and amortization523 36 — 559 
Property and other taxes81 9 — 90 
Operating income197 31 4 232 
Interest expense(194)(17)— (211)
Interest and dividend income11 1 — 12 
Income tax expense (benefit)(414)4 1 (409)
Other segment items(2)
65 5 (1)69 
Net income
$493 $16 $2 $511 
Capital expenditures
$835 $53 $— $888 
For the Three-Month Period Ended June 30, 2025
ElectricNatural Gas
Other(1)
Total
Operating revenue$743 $116 $1 $860 
Cost of sales153 57 1 211 
Operations and maintenance201 34 — 235 
Depreciation and amortization238 17 — 255 
Property and other taxes41 3 — 44 
Operating income110 5 — 115 
Interest expense(93)(7)— (100)
Interest and dividend income7 — — 7 
Income tax expense (benefit)(180)— 2 (178)
Other segment items(2)
41 5 (1)45 
Net income (loss)$245 $3 $(3)$245 
Capital expenditures
$309 $25 $1 $335 
For the Six-Month Period Ended June 30, 2025
ElectricNatural Gas
Other(1)
Total
Operating revenue$1,410 $461 $3 $1,874 
Cost of sales277 302 1 580 
Operations and maintenance394 67 1 462 
Depreciation and amortization528 34 — 562 
Property and other taxes81 7 — 88 
Operating income130 51 1 182 
Interest expense(186)(15)— (201)
Interest and dividend income13 1 — 14 
Income tax expense (benefit)(426)10 2 (414)
Other segment items(2)
64 6 (2)68 
Net income (loss)$447 $33 $(3)$477 
Capital expenditures
$683 $56 $1 $740 
As of
June 30,December 31,

20262025
Assets:
Regulated electric$25,980 $25,495 
Regulated natural gas2,102 2,145 
Other(1)
1 3 
Total assets$28,083 $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).
MidAmerican Funding, LLC  
Segment Reporting [Line Items]  
Segment Information Segment Information
MidAmerican Funding's chief operating decision maker ("CODM") is its President. Net income for each reportable segment is considered by the CODM in allocating resources and capital. When making decisions about the allocation of resources and capital to each reportable segment, the CODM generally considers actual results versus historical results, budgets or forecasts, as well as unique risks and opportunities.

MidAmerican Funding has identified two reportable operating segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and regulated natural gas sales are established separately by regulatory agencies; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance. Common operating costs are allocated to each segment based on certain factors, which primarily relate to the nature of the cost.
The following tables provide information on a reportable segment basis (in millions):
For the Three-Month Period Ended June 30, 2026
ElectricNatural Gas
Other(1)
Total
Operating revenue$760 $111 $1 $872 
Cost of sales146 50 — 196 
Operations and maintenance185 46 — 231 
Depreciation and amortization264 18 — 282 
Property and other taxes38 4 — 42 
Operating income (loss)
127 (7)1 121 
Interest expense(98)(8)(5)(111)
Interest and dividend income6 — — 6 
Income tax expense (benefit)(190)(3)— (193)
Other segment items(2)
42 8 1 51 
Net income (loss)
$267 $(4)$(3)$260 
Capital expenditures
$441 $29 $— $470 

For the Six-Month Period Ended June 30, 2026
ElectricNatural Gas
Other(1)
Total
Operating revenue$1,507 $501 $4 $2,012 
Cost of sales340 340 — 680 
Operations and maintenance366 85 — 451 
Depreciation and amortization523 36 — 559 
Property and other taxes81 9 — 90 
Operating income197 31 4 232 
Interest expense(194)(17)(9)(220)
Interest and dividend income11 1 — 12 
Income tax expense (benefit)(414)4 (1)(411)
Other segment items(2)
65 5 — 70 
Net income (loss)
$493 $16 $(4)$505 
Capital expenditures$835 $53 $— $888 
For the Three-Month Period Ended June 30, 2025
ElectricNatural Gas
Other(1)
Total
Operating revenue$743 $116 $1 $860 
Cost of sales153 57 1 211 
Operations and maintenance201 34 1 236 
Depreciation and amortization238 17 — 255 
Property and other taxes41 3 — 44 
Operating income (loss)110 5 (1)114 
Interest expense(93)(7)(5)(105)
Interest and dividend income7 — — 7 
Income tax expense (benefit)(180)— (1)(181)
Other segment items(2)
41 5 — 46 
Net income (loss)
$245 $3 $(5)$243 
Capital expenditures$309 $25 $1 $335 
For the Six-Month Period Ended June 30, 2025
ElectricNatural Gas
Other(1)
Total
Operating revenue$1,410 $461 $3 $1,874 
Cost of sales277 302 1 580 
Operations and maintenance394 67 2 463 
Depreciation and amortization528 34 — 562 
Property and other taxes81 7 — 88 
Operating income130 51 — 181 
Interest expense(186)(15)(9)(210)
Interest and dividend income13 1 — 14 
Income tax expense (benefit)(426)10 (1)(417)
Other segment items(2)
64 6 (1)69 
Net income (loss)
$447 $33 $(9)$471 
Capital expenditures$683 $56 $1 $740 
As of
June 30,December 31,

20262025
Assets:
Regulated electric$27,171 $26,686 
Regulated natural gas2,181 2,224 
Other(1)
11 8 
Total assets$29,363 $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 [Line Items]  
Segment Information Segment Information
Sierra Pacific's chief operating decision maker ("CODM") is its President and Chief Executive Officer. Net income for each reportable segment is considered by the CODM in allocating resources and capital. When making decisions about the allocation of resources and capital to each reportable segment, the CODM generally considers actual results versus historical results, budgets or forecasts, and state regulatory ratemaking results as well as unique risks and opportunities.

Sierra Pacific has identified two reportable operating segments: regulated electric and regulated natural gas. The regulated electric segment derives most of its revenue from regulated retail sales of electricity to residential, commercial, and industrial customers and from wholesale sales. The regulated natural gas segment derives most of its revenue from regulated retail sales of natural gas to residential, commercial, and industrial customers and also obtains revenue by transporting natural gas owned by others through its distribution system. Pricing for regulated electric and regulated natural gas sales are established separately by the PUCN; therefore, management also reviews each segment separately to make decisions regarding allocation of resources and in evaluating performance.

The following tables provide information on a reportable segment basis (in millions):
For the Three-Month Period Ended June 30, 2026
Regulated ElectricRegulated Natural GasTotal
Operating revenue$262$18$280
Cost of sales1274131
Operations and maintenance63669
Depreciation and amortization44448
Interest expense
34236
Interest and dividend income
3—3
Income tax expense (benefit)
(4)1(3)
Other segment items(1)
34—34
Net income
$35$1$36
Capital expenditures
$433$31$464
For the Six-Month Period Ended June 30, 2026
Regulated ElectricRegulated Natural GasTotal
Operating revenue$497$55$552
Cost of sales24022262
Operations and maintenance13010140
Depreciation and amortization84993
Interest expense
62567
Interest and dividend income
7—7
Income tax expense (benefit)
(4)2(2)
Other segment items(1)
63164
Net income
$55$8$63
Capital expenditures
$668$47$715
For the Three-Month Period Ended June 30, 2025
Regulated ElectricRegulated Natural GasTotal
Operating revenue$235$23$258
Cost of sales1109119
Operations and maintenance54761
Depreciation and amortization35540
Interest expense
22224
Interest and dividend income
3—3
Income tax expense (benefit)
3—3
Other segment items(1)
8—8
Net income
$22$—$22
Capital expenditures
$315$26$341
For the Six-Month Period Ended June 30, 2025
Regulated ElectricRegulated Natural GasTotal
Operating revenue$471$72$543
Cost of sales22537262
Operations and maintenance10714121
Depreciation and amortization701080
Interest expense
44448
Interest and dividend income
6—6
Income tax expense (benefit)
6—6
Other segment items(1)
18(1)17
Net income
$43$6$49
Capital expenditures
$474$40$514
As of
June 30,December 31,
20262025
Assets:
Regulated electric$7,286 $6,541 
Regulated natural gas552 485 
Regulated common assets(2)
136 19 
Total assets$7,974 $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.