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Hawaiian Electric Industries Inc. (HE)

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Hawaiian Electric Industries Inc. (HE) reported revenue of $940 million for Q2 FY2026, the quarter ended 30 June 2026, up 25.9% on the same quarter a year earlier. Net income was $123 million, up 372.3% on the year, and diluted earnings per share $0.71. The figures are the company's own, from the 10-Q it filed with the SEC on 7 August 2026.

Revenue$940 millionup 25.9%
Net income$123 millionup 372.3%
Diluted EPS$0.71
QuarterQ2 FY2026ended 30 June 2026

Hawaiian Electric Industries (HE) in brief

Hawaiian Electric Industries (HE) reported revenue of $3.1 billion for fiscal 2025, the year ended 31 December 2025, down 4.1% on the year before.
Read moreNet income was $126 million and diluted earnings per share $0.71. Revenue was $3.2 billion in fiscal 2024, $3.3 billion in fiscal 2023, $3.4 billion in fiscal 2022 and $2.9 billion in fiscal 2021. Net income in the same years was a loss of $1.4 billion, $201 million, $243 million and $248 million. Over the twelve months to 30 June 2026, Hawaiian Electric Industries reported revenue of $3.3 billion and net income of $227 million. Revenue grew 3.7% a year, compounded, over the five years to fiscal 2025. Hawaiian Electric Industries declared $1.08 a share in dividends over the last four quarters and had 173 million shares outstanding at the latest filed count. At the close of 9 October 2026 the market cap of Hawaiian Electric Industries was $1.5 billion, 6.7 times its earnings over the last twelve months.

Ratios

From the filings

ROE12.9%
ROCE9.4%
Operating margin11.5%
Net margin6.9%
FCF margin-17.2%
Interest cover2.78
Debt to equity1.29
Cash conversion-0.63
Share count, 1 year0.1%
Sales CAGR, 3 years-3.4%
Profit CAGR, 3 years-19.6%
EPS, TTM$1.30

At the close of 9 October 2026

Price$8.77
Market cap$1.5 billion
Stock P/E6.74
Price to book0.86
EV / EBITDA5.25
Dividend yield12.3%
Market cap / sales0.46
52-week high$17.08
52-week low$8.77
Price, 1 year-20.5%
Price CAGR, 3 years-11.2%
Price CAGR, 5 years-26.4%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on long-term debt as Hawaiian Electric Industries Inc. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
HEgreeksoup.ai
Daily prices to 9 October 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on HE

Filings21 in twelve months: 13 current reports (8-K), about 4 other events; 4 results of operations; 2 regulation FD disclosure; 1 material agreement; 1 shareholder vote
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 0.43 by open interest at the 9 October 2026 close; the straddle prices a 14.6% move to 16 October 2026
13F holders6 of the followed funds hold it; largest Geode Capital Management; 12 Schedule 13D or 13G filings in twelve months
Insider trading0 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest18.3 million shares short, 5.71 days to cover at 30 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023 †Q4 FY2023Q1 FY2024 †Q2 FY2024 †Q3 FY2024 †Q4 FY2024 †Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue801853792795833799744746791806746940
Operating income62.674.350.9-1,662-15053.762.453.752.067.153.4204
Operating margin8%9%6%-209%-18%7%8%7%7%8%7%22%
Interest expensen/an/a31.632.432.131.134.227.326.229.731.148.4
Pre-tax income49.156.928.5-1,685-17337.833.540.039.953.538.6165
Tax rate15%13%24%n/an/a22%19%34%22%23%21%25%
Net income41.648.842.6-1,295-104-68.227.126.130.742.330.4123
Net margin5%6%5%-163%-12%-9%4%3%4%5%4%13%
Diluted EPS$0.37$0.44$0.38-$11.74-$0.91-$0.40$0.15$0.15$0.18$0.23$0.18$0.71
Operating cash flow10476.312568.815713749.713510010661.0-411
Capital expenditure10610698.980.378.885.686.575.094.085.8104139
Free cash flow-3.0-29.625.7-11.578.751.0-36.959.86.320.7-42.5-550
Dividends paid34.10.00.00.00.00.0n/an/an/an/an/an/a
Shares outstanding110m110m110m110m172m172m172m173m173m173m173m173m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022 †FY2023 †FY2024FY2025TTM
Revenue3,2402,6032,3812,5562,8612,8752,5802,8503,4213,2883,2203,0873,283
Operating income333323356346333349311386280275-1,707235377
Operating margin10.3%12.4%14.9%13.5%11.7%12.1%12.1%13.5%8.2%8.4%-53.0%7.6%11.5%
Interest expense87.288.588.691.110410999.899.4117208127117135
Pre-tax income266255374277254271241311202182-1,792167297
Income tax95.693.012410950.851.640.962.838.934.5-47140.670.4
Effective tax rate36.0%36.5%33.1%39.6%20.0%19.0%17.0%20.2%19.3%18.9%n/a24.4%23.7%
Net income168160248165202218200248243201-1,424126227
Net margin5.2%6.1%10.4%6.5%7.1%7.6%7.7%8.7%7.1%6.1%-44.2%4.1%6.9%
Diluted EPS$1.64$1.50$2.29$1.52$1.85$1.99$1.81$2.25$2.20$1.81-$11.23$0.71$1.30
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment

FY2023FY2024FY2025Share
latest year
Electric utility3,2703,2073,07199.5%
Other18.013.215.70.5%
Electric utilityOther
3,288FY20233,220FY20243,087FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Electric energy sales - large light and power1,1411,1241,08035.1%
Electric energy sales - residential1,0261,01399232.3%
Electric energy sales - commercial1,0441,01397231.6%
Electric energy sales - other19.518.718.00.6%
Other sales17.511.913.70.4%
Electric energy sales - large light and powerElectric energy sales - residentialElectric energy sales - commercialElectric energy sales - otherOther sales
3,249FY20233,180FY20243,075FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022 †FY2023 †FY2024FY2025TTM
Operating cash flown/a357496420499512429376454551487391-144
Capital expenditure365364330495537458384315339443344341422
Free cash flown/a-6.9166-74.7-38.155.045.561.111510914349.9-566
Free cash flow marginn/a-0.3%7.0%-2.9%-1.3%1.9%1.8%2.1%3.4%3.3%4.4%1.6%-17.2%
Cash from investingn/a-706-736-815-792-542-1,414-1,180-1,129-257258-322-410
Cash from financingn/a47421937820087.71,116756568196155-331156
Depreciation and amortisation183196205222256278291279270282294299297
Share-based compensation9.36.54.85.47.810.05.89.17.56.83.63.43.7
Dividends paid12613211713513513914414911174.00.00.0n/a
Dividend per share$1.24$1.24$1.24$1.24$1.24$1.28$1.32$1.36$1.40$1.08n/an/an/a
Diluted shares, weighted103m107m108m109m109m109m109m110m110m110m127m173m173m
Shares outstanding at period end103m107m109m109m109m109m109m109m109m110m172m173m173m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015 †FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022 †FY2023 †FY2024FY2025TTM
Funded by
Shareholders' equity1,7911,9282,0672,0972,1622,2802,3382,3912,2022,3451,4791,6061,763
Redeemable equity34.334.334.334.334.334.334.334.334.334.334.30.0n/a
Deposits4,6235,0255,5495,8916,1596,2727,3878,1728,1708,146n/an/an/a
Short-term borrowingsn/an/an/an/an/an/an/an/an/a0.048.60.0n/a
Debt1,5071,5781,6191,6841,8801,9642,1192,3222,3852,8262,6902,2852,266
Operating lease liabilitiesn/an/an/an/an/an/an/an/an/a70.056.543.335.6
Finance lease liabilitiesn/an/an/an/an/an/an/an/an/a331427506499
Other liabilities3,2283,2252,6132,8282,8693,1943,1262,9033,493n/a4,1964,4833,838
Total liabilities and equity11,18411,79011,88212,53413,10413,74515,00415,82316,2847,6778,9318,9238,402
Owned
Fixed assets4,1494,3784,6034,4604,8305,1105,2665,3925,6875,9636,1346,1886,347
Goodwill82.282.282.282.282.282.282.282.282.282.2n/an/an/a
Securities held for sale or to maturity1202132081,4461,5301,3722,1973,0972,6812,338n/an/an/a
Loans4,3894,5664,6834,6174,7915,0685,2335,1405,9076,106n/an/an/a
Trading assetsn/an/an/a1,4011,3891,2331,970n/an/an/an/an/an/a
Cash and equivalentsn/a30027826216919734130643.7244751502239
Receivablesn/an/an/an/an/an/an/an/an/a547457492n/a
Other assets2,4452,2512,027266313684n/a1,8061,883n/a1,5891,7411,816
Total assets11,18411,79011,88212,53413,10413,74515,00415,82316,2847,6778,9318,9238,402
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded1.7%3.7%-3.4%5.1%
Profit growth, compounded-2.3%-8.8%-19.6%n/a
Return on equity, average-1.1%-11.7%-26.6%7.9%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Hawaiian Electric Industries' revenue in fiscal 2025?

Hawaiian Electric Industries (HE) reported revenue of $3.1 billion for fiscal 2025, the year ended 31 December 2025, down 4.1% on the year before.

How much did Hawaiian Electric Industries earn in fiscal 2025?

Net income was $126 million for fiscal 2025, and diluted earnings per share $0.71.

What is Hawaiian Electric Industries' P/E ratio?

At the close of 9 October 2026, Hawaiian Electric Industries traded at 6.7 times its earnings over the twelve months to 30 June 2026.

What is Hawaiian Electric Industries' market cap?

The market cap of Hawaiian Electric Industries was $1.5 billion at the close of 9 October 2026.

Does Hawaiian Electric Industries pay a dividend?

Yes. Hawaiian Electric Industries declared $1.08 a share in dividends over the four quarters to 30 June 2026.

Peers: Utilities

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
NextEra Energy Inc. NEE$161.4 billion17.3916.3%29.8%10.8%1.732.9%
Constellation Energy Corp. CEG$105.8 billion29.0610.8%14.7%26.0%0.600.1%
Southern Co. SO$97.1 billion20.7611.0%24.2%6.4%1.623.4%
American Electric Power Co. Inc. AEP$66.8 billion21.299.8%23.0%10.3%1.583.0%
Vistra Corp. VST$54.3 billion27.2440.5%18.5%3.8%3.570.6%
Dominion Energy, Inc. D$54.2 billion21.488.8%21.1%19.0%1.624.3%
Entergy Corp. ETR$47.1 billion26.369.9%22.9%9.5%1.812.4%
DTE Energy Co. DTE$26.4 billion20.0410.8%13.3%15.9%2.133.5%
Firstenergy Corp. FE$26.0 billion23.948.4%14.6%12.6%2.104.0%
PPL Corp. PPL$25.8 billion20.268.4%24.1%6.7%1.323.2%
Centerpoint Energy Inc. CNP$25.4 billion22.719.5%23.2%7.1%1.952.3%
Eversource Energy ES$24.8 billion17.038.9%21.5%7.8%1.634.6%
All 69 in Utilities
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
NextEra Energy Inc. NEE$161.4 billion17.3916.3%29.8%10.8%1.732.9%
Constellation Energy Corp. CEG$105.8 billion29.0610.8%14.7%26.0%0.600.1%
Southern Co. SO$97.1 billion20.7611.0%24.2%6.4%1.623.4%
Duke Energy Corp. DUK$91.0 billion17.549.6%27.8%6.3%1.503.6%
Williams Companies, Inc. WMB$88.9 billion28.9523.3%38.2%8.7%2.132.8%
National Grid plc NGG *$79.5 billion17.738.2%30.7%-3.8%1.192.7%
Kinder Morgan, Inc. KMI$72.3 billion20.8211.0%29.0%12.5%0.943.6%
American Electric Power Co. Inc. AEP$66.8 billion21.299.8%23.0%10.3%1.583.0%
TC Energy Corporation TRP *$62.5 billion26.1712.9%52.7%10.7%2.204.0%
Targa Resources Corp. TRGP$61.5 billion27.4062.0%22.9%-2.0%5.351.3%
ONEOK Inc. OKE$56.6 billion15.4815.9%15.5%40.8%1.374.7%
Vistra Corp. VST$54.3 billion27.2440.5%18.5%3.8%3.570.6%
Dominion Energy, Inc. D$54.2 billion21.488.8%21.1%19.0%1.624.3%
Sempra SRE$53.2 billion23.587.0%n/a1.6%0.953.2%
Entergy Corp. ETR$47.1 billion26.369.9%22.9%9.5%1.812.4%
Xcel Energy Inc. XEL$46.1 billion20.219.3%19.1%4.7%1.543.1%
Exelon Corp. EXC$43.1 billion15.269.4%20.8%6.6%1.693.8%
Consolidated Edison Inc. ED$39.1 billion17.458.6%18.0%9.5%1.083.1%
Public Service Enterprise Group Inc. PEG$36.0 billion17.9811.6%23.1%12.7%1.363.5%
WEC Energy Group, Inc. WEC$33.8 billion20.1111.6%22.8%8.9%1.323.4%
Pg&E Corp. PCG$28.9 billion9.519.0%20.0%5.7%1.82n/a
Ameren Corp. AEE$28.3 billion17.9911.4%24.9%3.8%1.392.8%
Atmos Energy Corp. ATO$27.3 billion19.299.2%37.0%6.5%0.642.2%
DTE Energy Co. DTE$26.4 billion20.0410.8%13.3%15.9%2.133.5%
Firstenergy Corp. FE$26.0 billion23.948.4%14.6%12.6%2.104.0%
PPL Corp. PPL$25.8 billion20.268.4%24.1%6.7%1.323.2%
American Water Works Company, Inc. AWK$25.6 billion22.349.7%36.9%6.9%1.202.6%
Centerpoint Energy Inc. CNP$25.4 billion22.719.5%23.2%7.1%1.952.3%
Eversource Energy ES$24.8 billion17.038.9%21.5%7.8%1.634.6%
NRG Energy, Inc. NRG$22.7 billion28.0517.5%6.1%12.8%4.821.6%
Edison International EIX$21.3 billion5.7121.4%32.7%10.7%2.336.1%
CMS Energy Corp. CMS$20.5 billion19.6710.5%18.9%9.9%1.863.3%
Nisource Inc. NI$19.5 billion21.699.5%27.0%12.3%1.632.7%
Evergy, Inc. EVRG$18.7 billion20.609.1%26.2%3.6%1.203.3%
Talen Energy Corp. TLN$18.1 billionn/a-11.4%2.6%60.8%5.92n/a
Alliant Energy Corp. LNT$17.1 billion20.8410.9%22.1%6.8%1.413.1%
DT Midstream, Inc. DTM$12.7 billion27.219.8%49.6%18.1%0.702.7%
Pinnacle West Capital Corp. PNW$12.0 billion18.959.1%20.5%5.7%1.393.6%
Essential Utilities, Inc. WTRG$11.1 billion19.897.9%35.1%9.9%1.204.8%
Antero Midstream Corp. AM$10.0 billion25.1020.5%52.8%6.9%1.83n/a
OGE Energy Corp. OGE$9.6 billion20.409.4%24.2%0.6%1.123.6%
UGI Corp. UGI$8.0 billion12.4112.9%16.2%-0.5%1.284.0%
National Fuel GAS Co. NFG$7.5 billion10.9317.2%40.3%15.1%0.912.7%
Idacorp Inc. IDA$7.4 billion22.429.0%22.8%-0.4%0.972.6%
Txnm Energy Inc. TXNM$6.5 billion32.675.5%22.2%10.0%1.462.8%
Clearway Energy, Inc. CWEN$6.2 billion39.221.7%13.4%9.9%1.551.0%
Southwest Gas Holdings, Inc. SWX$6.1 billionn/an/an/an/a0.832.9%
Black Hills Corp. BKH$5.8 billion19.217.6%23.9%2.5%1.013.6%
Ormat Technologies, Inc. ORA$5.5 billion43.754.9%16.6%31.1%0.600.5%
Kodiak Gas Services, Inc. KGS$5.4 billion63.583.7%27.4%8.2%1.263.6%
Archrock, Inc. AROC$5.3 billion16.2921.2%n/a11.5%1.512.8%
Portland General Electric Co. POR$5.3 billion19.986.2%14.1%1.3%1.204.6%
NEW Jersey Resources Corp. NJR$5.2 billion14.1413.9%24.8%6.4%1.213.6%
Spire Inc. SR$4.6 billion8.7415.3%19.7%4.1%1.614.0%
NorthWestern Energy Group, Inc. NWE$4.6 billion26.775.9%18.8%10.7%1.193.6%
One Gas, Inc. OGS$4.6 billion15.638.1%20.6%-0.8%0.743.7%
Kinetik Holdings Inc. KNTK$4.1 billion19.37n/a10.5%14.1%n/a2.8%
MDU Resources Group Inc. MDU$3.9 billion19.726.7%17.0%-1.1%0.882.9%
Otter Tail Corp. OTTR$3.7 billion18.8510.4%17.2%-0.2%0.602.4%
American States Water Co. AWR$3.3 billion22.5412.8%31.8%13.2%0.642.4%
Chesapeake Utilities Corp. CPK$3.1 billion20.399.0%27.3%14.6%0.902.1%
Avista Corp. AVA$3.0 billion12.818.0%18.8%-1.8%1.165.5%
California Water Service Group CWT$2.8 billion20.697.4%18.5%3.9%0.812.7%
MGE Energy Inc. MGEE$2.7 billion17.2510.4%22.0%7.1%0.612.6%
H2O America HTO$2.4 billion20.665.8%21.5%5.0%1.022.9%
Northwest Natural Holding Co. NWN$2.0 billion15.908.1%22.8%4.4%1.604.1%
Hawaiian Electric Industries Inc. HE$1.5 billion6.7412.9%11.5%5.1%1.2912.3%
Middlesex Water Co. MSEX$1.0 billion20.639.2%29.2%5.3%0.762.6%
Unitil Corp. UTL$953 million16.658.8%18.9%20.8%1.123.4%
24 companies share its SEC industry code (Electric Services); the rest are the names nearest in size in its wider industry, Utilities, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 20267 August 2026EDGAR
10-Q31 March 20268 May 2026EDGAR
10-K31 December 202527 February 2026EDGAR
10-Q30 September 20257 November 2025EDGAR
10-Q30 June 20257 August 2025EDGAR
10-Q31 March 20259 May 2025EDGAR
10-K31 December 202424 February 2025EDGAR
10-Q30 September 20248 November 2024EDGAR
10-Q30 June 20249 August 2024EDGAR
10-Q31 March 202410 May 2024EDGAR

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