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HE

Hawaiian Electric Industries, Inc.

HE

Hawaiian Electric Industries, Inc. • NYSE
$11.76 ▼ -0.25% (-0.03)
Market Cap $2.03 B
52w High $13.41
52w Low $8.14
Dividend Yield 0%
P/E 5.42
Volume 836.38K
Outstanding Shares 172.62M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $790.61M ▲ $0 $31.218M ▲ 3.949% ▲ $0.18 ▲ $139.892M ▲
Q2-2025 $746.392M ▲ $0 $26.558M ▼ 3.558% ▼ $0.15 $136.391M ▼
Q1-2025 $744.07M ▲ $0 $27.144M ▲ 3.648% ▲ $0.15 ▼ $142.896M ▼
Q4-2024 $486.949M ▼ $0 $-67.772M ▲ -13.918% ▼ $0.28 ▲ $147.088M ▲
Q3-2024 $938.383M $0 $-103.931M -11.076% $-0.91 $-47.932M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $548.242M ▲ $8.814B ▲ $7.216B ▲ $1.564B ▼
Q2-2025 $154.285M ▼ $8.325B ▼ $6.756B ▼ $1.569B ▲
Q1-2025 $629.338M ▼ $8.766B ▼ $7.226B ▼ $1.54B ▲
Q4-2024 $750.535M ▼ $8.931B ▼ $7.418B ▼ $1.513B ▼
Q3-2024 $2.244B $17.731B $16.154B $1.577B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $30.747M ▲ $100.252M ▼ $-84.863M ▼ $374.933M ▲ $390.322M ▲ $6.295M ▼
Q2-2025 $26.558M ▼ $134.751M ▲ $-73.997M ▲ $-535.684M ▼ $-474.93M ▼ $59.796M ▲
Q1-2025 $27.144M ▼ $49.665M ▼ $-78.493M ▼ $-102.206M ▼ $-131.034M ▼ $-36.873M ▼
Q4-2024 $29.639M ▲ $136.57M ▼ $282.378M ▲ $2.85M ▼ $69.572M ▼ $50.964M ▼
Q3-2024 $-122.709M $157.464M $-57.583M $506.569M $606.45M $79.47M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Electric Energy Sales Commercial
Electric Energy Sales Commercial
 $250.00M ▲$240.00M ▼$240.00M ▲$250.00M ▲
Electric Energy Sales Large Light And Power
Electric Energy Sales Large Light And Power
 $280.00M ▲$260.00M ▼$260.00M ▲$280.00M ▲
Electric Energy Sales Other
Electric Energy Sales Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Electric Energy Sales Residential
Electric Energy Sales Residential
 $250.00M ▲$240.00M ▼$230.00M ▼$260.00M ▲
Other Sales
Other Sales
 $0 ▲$0 ▲$0 ▲$0 ▲
Product and Service Other
Product and Service Other
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Regulatory Revenue
Regulatory Revenue
 $0 ▲$-10.00M ▼$0 ▲$-20.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Hawaiian Electric’s revenue has been fairly steady over the past few years, with a bump during the middle of the period and a slight pullback more recently. Until very recently, the company produced modest but consistent profits typical of a regulated utility. The latest year, however, shows a very large loss, with negative results at the operating and net income level. This suggests significant one‑time charges or unusual costs rather than a simple drop in day‑to‑day business. The key question going forward is whether earnings can return to their earlier, more stable pattern or if these recent pressures prove longer‑lasting.

Balance Sheet

Balance Sheet The balance sheet shows a sharp drop in total assets in the most recent year, which likely reflects write‑downs, asset sales, or restructuring tied to recent challenges. Debt has stayed fairly high, and because the asset base and equity have both shrunk, the company now has a thinner financial cushion than in prior years. Cash on hand has actually ticked up, offering some near‑term breathing room, but overall financial flexibility appears weaker than before. The picture is of a utility that used to have a more robust balance sheet and is now operating with less room for error.

Cash Flow

Cash Flow Despite the accounting loss, the core business is still generating cash from operations, and that cash flow has been relatively stable over time. The company continues to spend heavily on capital projects, as is typical for a utility that must maintain and upgrade infrastructure. After these investments, free cash flow is positive but slim, leaving only a modest buffer for dividends, interest, or debt reduction. This suggests the underlying utility operations remain functional, but there is limited excess cash if new stresses or large additional investments arise.

Competitive Edge

Competitive Edge Hawaiian Electric holds a strong position as the primary electricity provider for nearly all of Hawaii, operating as a regulated monopoly with significant barriers to entry. Its long history and deep experience running isolated island grids give it capabilities that are not easily copied, especially in managing fuel logistics, weather risks, and a very high share of rooftop solar. At the same time, growth in customer‑owned solar and batteries, along with policy pressure for cleaner and cheaper energy, push the company to adapt rather than simply rely on its monopoly status. Regulatory decisions and public sentiment in Hawaii are therefore central to its competitive standing, both as a support and as a source of risk.

Innovation and R&D

Innovation and R&D The company is investing heavily in modernizing its grid to handle more solar, wind, and batteries, aiming to keep the system reliable as Hawaii moves toward 100% renewable energy. It is rolling out smart meters, advanced grid controls, and demand‑response programs that reward customers for shifting or reducing usage at key times. Hawaiian Electric is also exploring newer areas such as large‑scale battery storage, community solar, vehicle charging networks, and longer‑term options like green hydrogen and offshore wind. These efforts could strengthen its role as the central coordinator of a more complex, decentralized energy system, but they also require careful execution and supportive regulation.

Summary

Overall, Hawaiian Electric looks like a traditionally steady utility that has been hit by a severe recent setback. The core business still brings in recurring cash and benefits from a protected market position, yet the latest year shows a major earnings hit and a noticeably weaker balance sheet. The company is in the middle of an ambitious transition toward cleaner, more distributed energy, which creates both meaningful opportunities and substantial execution and regulatory risks. How effectively it stabilizes its financials and delivers on its modernization and renewable plans will likely drive its longer‑term trajectory.

NEWS

November 7, 2025 · 4:05 PM UTC

HEI Reports Third Quarter 2025 Results

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October 24, 2025 · 12:29 PM UTC

Halper Sadeh LLC Encourages Hawaiian Electric Industries, Inc. Shareholders to Contact the Firm to Discuss Their Rights

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October 15, 2025 · 4:30 PM UTC

Hawaiian Electric Industries to Announce Third Quarter 2025 Results November 7

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September 15, 2025 · 4:32 PM UTC

Convey and Hawaiian Electric Deliver Industry-Leading Emergency Communication at Scale

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September 11, 2025 · 4:55 PM UTC

HEI Announces Pricing of Private Offering of Hawaiian Electric Senior Notes

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