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Hawaiian Electric Industries, Inc. (HE) Financial History

20 years of revenue, earnings, cash-flow and balance-sheet history from public filings.

NYSE · DATA UPDATED 2026-09-12

Hawaiian Electric Industries, Inc. (HE) operates in the NYSE industry and is headquartered in Honolulu, United States with about 2,659 employees. Its market capitalization is roughly $2 billion. In the fiscal year ended 2025-12-31, HE reported $3.1B in revenue and $126M in net income.

Hawaiian Electric Industries, Inc. together with its subsidiaries, engages in the electric utility business.

Interactive charts & full statements → Open the HE valuation workbench →

HE Revenue & Earnings History — Annual Income Statement

Income statement	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Revenue	$3.3B	$3.1B	$3.2B	$3.3B	$3.4B	$2.9B	$2.6B	$2.9B	$2.9B	$2.6B	$2.4B	$2.6B	$3.2B	$3.2B	$3.4B	$3.2B	$2.7B	$2.3B	$3.2B	$2.5B	$2.5B
Gross Profit	$377M	$235M	($1.7B)	$627M	$629M	$677M	$569M	$627M	$333M	$338M	$348M	$323M	$329M	$315M	$284M	$290M	$256M	$444M	$550M	$561M	$573M
Gross Margin %	11.5%	7.6%	-53.0%	19.1%	18.4%	23.8%	22.0%	21.8%	11.7%	13.2%	14.6%	12.4%	10.2%	9.7%	8.4%	8.9%	9.6%	19.2%	17.1%	22.1%	23.3%
Operating Income (EBIT)	$377M	$235M	($1.7B)	$275M	$280M	$386M	$311M	$348M	$333M	$338M	$348M	$323M	$329M	$315M	$284M	$290M	$256M	$188M	$204M	$204M	$239M
Operating Margin %	11.5%	7.6%	-53.0%	8.4%	8.2%	13.5%	12.1%	12.1%	11.7%	13.2%	14.6%	12.4%	10.2%	9.7%	8.4%	8.9%	9.6%	8.1%	6.3%	8.0%	9.7%
Net Income	$226M	$126M	($1.4B)	$199M	$241M	$246M	$198M	$218M	$204M	$167M	$250M	$162M	$170M	$163M	$141M	$140M	$115M	$83M	$90M	$85M	$108M
Net Margin %	6.9%	4.1%	-44.2%	6.1%	7.0%	8.6%	7.7%	7.6%	7.1%	6.5%	10.5%	6.2%	5.2%	5.1%	4.2%	4.3%	4.3%	3.6%	2.8%	3.3%	4.4%
EBITDA	$1.0B	$539M	($1.4B)	$561M	$554M	$671M	$599M	$623M	$561M	$552M	$641M	$525M	$517M	$486M	$450M	$444M	$415M	$344M	$347M	$352M	$239M
Earnings Per Share (EPS)	$1.31	$0.73	$-11.22	$1.81	$2.20	$2.25	$1.81	$1.99	$1.87	$1.53	$2.31	$1.52	$1.65	$1.64	$1.44	$1.46	$1.23	$0.91	$1.07	$1.03	$1.33
Shares Outstanding (M)	173M	173M	127M	110M	110M	110M	109M	109M	109M	109M	108M	107M	103M	100M	97M	96M	94M	92M	85M	82M	81M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HE Quarterly Revenue & Earnings — Last 8 Quarters

Quarterly income statement	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Total Revenue	$940M	$746M	$806M	$791M	$746M	$744M	$487M	$938M
Gross Profit	$204M	$53M	$67M	$52M	$54M	$62M	$62M	($127M)
Gross Margin %	21.7%	7.1%	8.3%	6.6%	7.2%	8.4%	12.8%	-13.5%
Operating Income (EBIT)	$204M	$53M	$67M	$52M	$54M	$62M	$62M	($127M)
Operating Margin %	21.7%	7.1%	8.3%	6.6%	7.2%	8.4%	12.8%	-13.5%
Net Income	$123M	$30M	$41M	$31M	$27M	$27M	($68M)	($104M)
Net Margin %	13.1%	4.1%	5.1%	4.0%	3.6%	3.6%	-13.9%	-11.1%
EBITDA	$587M	$135M	$146M	$140M	$136M	$143M	$147M	($48M)
Earnings Per Share (EPS)	$0.71	$0.18	$0.24	$0.18	$0.15	$0.16	$-0.56	$-0.91
Shares Outstanding (M)	173M	173M	173M	173M	173M	173M	121M	114M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HE Free Cash Flow History

Cash flow	TTM → 2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Cash from Operations (CFO)	($144M)	$391M	$466M	$551M	$454M	$376M	$429M	$512M	$499M	$420M	$495M	$356M	$301M	$327M	$235M	$250M	$341M	$284M	$258M	$217M	$294M
Capital Expenditures (CapEx)	$422M	$341M	$329M	$443M	$344M	$315M	$384M	$458M	$537M	$495M	$330M	$364M	$340M	$354M	$325M	$235M	$182M	$603M	$282M	$218M	$211M
Free Cash Flow (FCF)	($566M)	$50M	$136M	$109M	$110M	$61M	$46M	$55M	($38M)	($75M)	$165M	($8M)	($38M)	($27M)	($91M)	$15M	$159M	($318M)	($24M)	($1M)	$83M
FCF Margin %	-17.2%	1.6%	4.2%	3.3%	3.2%	2.1%	1.8%	1.9%	-1.3%	-2.9%	6.9%	-0.3%	-1.2%	-0.8%	-2.7%	0.5%	5.9%	-13.8%	-0.8%	-0.0%	3.4%
Dividends Paid	$32M	$2M	$28M	$76M	$155M	$151M	$146M	$141M	$137M	$137M	$117M	$134M	$128M	$98M	$98M	$109M	$95M	$99M	$84M	$81M	$101M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HE Quarterly Free Cash Flow — Last 8 Quarters

Quarterly cash flow	2026-06-30	2026-03-31	2025-12-31	2025-09-30	2025-06-30	2025-03-31	2024-12-31	2024-09-30
Cash from Operations (CFO)	($411M)	$61M	$106M	$100M	$135M	$50M	$137M	$157M
Capital Expenditures (CapEx)	$139M	$104M	$86M	$94M	$75M	$87M	$86M	$78M
Free Cash Flow (FCF)	($550M)	($43M)	$21M	$6M	$60M	($37M)	$51M	$79M
FCF Margin %	-58.5%	-5.7%	2.6%	0.8%	8.0%	-5.0%	10.5%	8.5%
Dividends Paid	$21M	$10M	$0M	$0M	$0M	$0M	$0M	$0M

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

HE Balance Sheet History

Balance sheet	2026-06-30	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31	2020-12-31	2019-12-31	2018-12-31	2017-12-31	2016-12-31	2015-12-31	2014-12-31	2013-12-31	2012-12-31	2011-12-31	2010-12-31	2009-12-31	2008-12-31	2007-12-31	2006-12-31
Total Assets	$8.4B	$8.9B	$8.9B	$17.2B	$16.7B	$16.1B	$15.2B	$13.7B	$13.3B	$12.7B	$12.5B	$11.8B	$11.2B	$10.4B	$10.2B	$9.6B	$9.3B	$9.2B	$9.6B	$10.5B	$10.2B
Cash & Cash Equivalents	$239M	$981M	$1.2B	$259M	$205M	$311M	$359M	$228M	$169M	$262M	$278M	$300M	$176M	$220M	$220M	$270M	$331M	$502M	$183M	$146M	$178M
Total Liabilities	$6.6B	$7.3B	$7.4B	$14.9B	$14.4B	$13.6B	$12.9B	$11.4B	$11.1B	$10.5B	$10.4B	$9.9B	$9.4B	$8.6B	$8.6B	$8.1B	$7.8B	$7.7B	$8.1B	$9.2B	$9.0B
Total Debt (Short + Long-Term)	$2.3B	$2.4B	$2.8B	$3.6B	$3.3B	$2.4B	$2.2B	$2.1B	$2.0B	$1.8B	$1.7B	$1.7B	$1.6B	$1.8B	$1.7B	$1.6B	$1.9B	$2.0B	$2.0B	$3.1B	$4.4B
Total Shareholders' Equity	$1.8B	$1.6B	$1.5B	$2.4B	$2.2B	$2.4B	$2.4B	$2.3B	$2.2B	$2.1B	$2.1B	$2.0B	$1.8B	$1.8B	$1.6B	$1.6B	$1.5B	$1.4B	$1.4B	$1.3B	$1.1B

USD; $M / $B as marked. Newest period first. Source: public company filings (via Yahoo Finance aggregation).

Quarterly statements, profitability ratios, price history, insider activity and institutional holders are in the interactive HE viewer.

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