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Berkshire Hathaway Energy cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.1B in Q1 2026 · −$3.2B over twelve months

Operating cash flow$1.4B
Capital spending−$2.4B
Free cash flow−$1.1B
Cash / net income1.2×
Cash conversion cycle-22 days

Analysis

In Q1 2026, Berkshire Hathaway Energy generated $1.4B of operating cash flow and spent $2.4B on capital projects, leaving free cash flow of −$1.1B. That is $948M less than in Q1 2025 (−$107M).

Over the twelve months to Mar 31, 2026, operating cash flow was $7.7B; the largest uses were capital spending ($10.9B), net borrowing (+) / repaid (−) ($934M), partners ($200M); besides operations, cash came from other financing ($5.7B), other investing ($25.0M); the cash balance rose by $1.4B.

Operating cash flow was $1.4B against net income of $1.2B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$1.1B, income taxes payable −$778M, deferred taxes +$333M.

Its cash conversion cycle was -22 days (receivables 35 + inventory 113 − payables 170): suppliers fund its working capital.

Free cash flow

Berkshire Hathaway Energy: free cash flow by quarterBerkshire Hathaway Energy: free cash flow by quarter$619MQ2 2024−$497MQ3 2024−$526MQ4 2024−$107MQ1 2025−$146MQ2 2025−$308MQ3 2025−$1.7BQ4 2025−$1.1BQ1 2026
Operating cash flow less capital spending.
Berkshire Hathaway Energy: operating cash flow against capital spendingBerkshire Hathaway Energy: operating cash flow against capital spendingOperating cash flowCapital spending$2.6B$2.0BQ2 2024$1.6B$2.1BQ3 2024$2.3B$2.8BQ4 2024$2.0B$2.1BQ1 2025$2.3B$2.4BQ2 2025$2.6B$3.0BQ3 2025$1.4B$3.1BQ4 2025$1.4B$2.4BQ1 2026
Latest (Q1 2026): Operating cash flow $1.4B, Capital spending $2.4B.

Capital allocation, year by year

Berkshire Hathaway Energy: where the cash came from (up) and went (down), by fiscal yearBerkshire Hathaway Energy: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $8.7BFY2021: Net borrowing −$754MFY2021: Capital spending −$6.6BFY2021: Acquisitions −$122M$8.7BFY2021FY2022: Operating cash flow $9.4BFY2022: Net borrowing $94.0MFY2022: Capital spending −$7.5BFY2022: Acquisitions −$314MFY2022: Buybacks −$870M$9.5BFY2022FY2023: Operating cash flow $7.1BFY2023: Net borrowing $2.1BFY2023: Capital spending −$9.1B$9.2BFY2023FY2024: Operating cash flow $8.4BFY2024: Net borrowing −$3.0BFY2024: Capital spending −$9.0BFY2024: Buybacks −$2.3B$8.4BFY2024FY2025: Operating cash flow $8.4BFY2025: Net borrowing −$821MFY2025: Capital spending −$10.6B$8.4BFY2025
Over these 5 years operating cash flow totalled $42.0B; the largest uses were capital spending ($42.9B) and net borrowing ($4.6B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$4.2B
Debt$1.0B
Net cash$3.2B
Due within a year$1.5B

Berkshire Hathaway Energy's operations bring cash in ($7.7B over twelve months), and it spends more than that on capital projects: a gap of $3.2B funded from its $4.2B of cash and investments and from borrowing ($1.0B of debt, $1.5B due within a year). That is a choice to invest, not a cash runway running down.

Berkshire Hathaway Energy: debt maturities by year (FY2025)Berkshire Hathaway Energy: debt maturities by year (FY2025)$1.5BYear 1$884MYear 2$1.3BYear 3$3.3BYear 4$2.3BYear 5$48.3BAfter year 5
Principal due in each year as disclosed in the annual report, against $4.2B of cash and investments now.

Where the cash came from and went

Berkshire Hathaway Energy: sources (+) and uses (−) of cash, Q1 2026Berkshire Hathaway Energy: sources (+) and uses (−) of cash, Q1 2026Other financing$4.5BCash drawn (+) / kept (−)−$2.5BCapital spending−$2.4BOperating cash flow$1.4BNet borrowing (+) / repaid (−)−$989MPartners−$68.0MOther investing$60.0MExchange rates−$7.0M
Berkshire Hathaway Energy: sources (+) and uses (−) of cash, TTM to Q1 2026Berkshire Hathaway Energy: sources (+) and uses (−) of cash, TTM to Q1 2026Capital spending−$10.9BOperating cash flow$7.7BOther financing$5.7BCash drawn (+) / kept (−)−$1.4BNet borrowing (+) / repaid (−)−$934MPartners−$200MOther investing$25.0MExchange rates$5.0M

From profit to cash

Berkshire Hathaway Energy: net income to operating cash flow, Q1 2026Berkshire Hathaway Energy: net income to operating cash flow, Q1 2026Net income$1.2BDepreciation & amortization$1.1BDeferred taxes$333MGains on investments$5.0MOther non-cash$41.0MReceivables−$113MPayables−$128MIncome taxes payable−$778MOperating cash flow$1.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 202635113170-22
Q4 202540128208-40
Q3 202534101156-20
Q2 202536128179-14
Q1 202535116165-14
Q4 202439117175-19
Q3 20243588137-14
Q2 202437100162-25

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 2026$1.4B−$2.4B−$989M−$2.5B−$1.1B
Q4 2025$1.4B−$3.1B$277M$508M−$1.7B
Q3 2025$2.6B−$3.0B$36.0M$34.0M−$308M
Q2 2025$2.3B−$2.4B−$258M$543M−$146M
Q1 2025$2.0B−$2.1B−$841M−$1.4B−$107M
Q4 2024$2.3B−$2.8B$363M$1.3B−$526M
Q3 2024$1.6B−$2.1B−$218M$658M−$497M
Q2 2024$2.6B−$2.0B−$544M$407M$619M

Berkshire Hathaway Energy: income statement and cash flow

Berkshire Hathaway Energy, Q2 2026: revenue $6.7B (+5% year over year), operating margin 19.1%. The chart follows the revenue to costs, profit and cash.

Berkshire Hathaway Energy: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.