Hawaiian Electric Industries (HE) FY2025 results: revenue $3.1 billion, down 4.1% on the year
Hawaiian Electric Industries Inc. (HE) reported revenue of $3.1 billion for fiscal 2025, the year ended 31 December 2025, down 4.1% on the year before. Net income was $126 million, and diluted earnings per share $0.71. The figures are the company's own, from the 10-K it filed with the SEC on 27 February 2026.
Revenue
$3.1 billion
-4.1% on the year
FY2018FY2025
Operating margin
7.6%
-53.0% a year earlier
FY2018FY2025
Net income
$126 million
FY2018FY2025
Diluted EPS
$0.71
FY2018FY2025
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Full-year net income was $123 million: Full-year 2025 net income was $123 million, or $0.71 diluted EPS, compared with a 2024 net loss of $1,426 million, or $11.23 per share.
Core full-year diluted EPS was $0.86: Core diluted EPS from continuing operations was $0.86 for 2025, against $0.98 in 2024. Core excludes Maui wildfire-related costs and Pacific Current strategic review expenses.
Utility full-year net income was $168 million: Hawaiian Electric's full-year net income was $168 million, against a 2024 net loss of $1,226 million that included a $1,875 million wildfire tort accrual.
Electricity sales rose to 8,423 million kWh: Total kilowatthour sales were 8,423 million in 2025 against 8,219 million in 2024. Hawaiian Electric sales were 6,258 million against 6,134 million; fourth-quarter total was 2,192 million against 2,151 million.
Fuel oil cost per barrel fell: Average fuel oil cost per barrel was $100.40 in 2025 against $115.00 in 2024, and $98.84 in the fourth quarter against $104.38.
$ million except per share. 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.
Cash flow
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Operating cash flow
391
487
551
-19.8%
Capital expenditure
341
344
443
-0.9%
Free cash flow
49.9
143
109
-65.2%
Free cash flow margin
1.6%
4.4%
3.3%
Cash from investing
-322
258
-257
Cash from financing
-331
155
196
Depreciation and amortisation
299
294
282
+1.8%
Share-based compensation
3.4
3.6
6.8
-4.6%
Dividends paid
0.0
0.0
74.0
Dividend per share
n/a
n/a
$1.08
Diluted shares, weighted
173m
127m
110m
+36.3%
Shares outstanding at period end
173m
172m
110m
+0.1%
Balance sheet
$ million
FY2025
FY2024
FY2023
On the year
Last 8 years
Shareholders' equity
1,606
1,479
2,345
+8.6%
Redeemable equity
0.0
34.3
34.3
Deposits
n/a
n/a
8,146
Debt
2,410
2,848
2,842
-15.4%
Operating lease liabilities
43.3
56.5
70.0
-23.4%
Finance lease liabilities
506
427
331
+18.5%
Other liabilities
4,358
4,087
n/a
+6.6%
Total liabilities and equity
8,923
8,931
7,677
-0.1%
Fixed assets
6,188
6,134
5,963
+0.9%
Goodwill
n/a
n/a
82.2
Securities held for sale or to maturity
n/a
n/a
2,338
Loans
n/a
n/a
6,106
Cash and equivalents
502
751
244
-33.1%
Receivables
492
457
547
+7.5%
Other assets
1,741
1,589
n/a
+9.6%
Total assets
8,923
8,931
7,677
-0.1%
10-K for the year ended 31 December 2025, filed 27 February 2026: the filing.