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BERKSHIRE HATHAWAY ENERGY CO

What Do They Do?

Supplies electricity and natural gas and operates pipelines and transmission networks for energy users and utilities; also provides residential real estate brokerage services to home buyers and sellers.

How Do They Make Money?

Energy customers pay regulator-set or contracted rates as energy is delivered or services are provided; billed amounts are generally due within 30 days. Brokerage fees are generally due when a home sale closes, while franchisees are generally billed within 30 days.

FY2025 revenue

Who Are Their Customers?

The utility businesses serve households and businesses with electricity and gas; wholesale power buyers include other utilities, energy marketing companies and financial institutions. HomeServices provides brokerage services to real estate customers and franchise services to franchisees.

Do Revenues Turn Into Profits?

Yes. It kept 16 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$2.2B.

Operating income, FY2025
18% of revenue
▲ +11% vs FY2024 ($4.3B, 17%)
Net income, FY2025
16% of revenue
▼ −5% vs FY2024 ($4.3B, 17%)
Free cash flow, FY2025
−9% of revenue
▲ +291% (Loss) vs FY2024 (−$571M, −2%)

How Are They Changing?

Since the FY2025 annual report
Latest quarter: Q2 FY2026, the three months to Jun 30, 2026
Revenue
▲ +5%
vs $6.4B in Q2 FY2025
Net income
▲ +27%
vs $702M in Q2 FY2025

Flat. Revenue was $26.2B in FY2025, about the same as the $25.2B of FY2021.

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