Hawaiian Electric Industries (HE) financial statements
Hawaiian Electric Industries reported revenue of $3.1B in fiscal 2025, up 2.9% a year over 9 years.
Net income was $126M and the operating margin 7.6%, against 14.9% in 2016.
Free cash flow was $50M.
The diluted share count rose 60% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Hawaiian Electric Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.4B | $2.6B | $2.9B | $2.9B | $2.6B | $2.9B | $3.4B | $3.3B | $3.2B | $3.1B |
| Operating income | $356M | $346M | $333M | $348M | $311M | $386M | $280M | $275M | -$1.7B | $235M |
| Interest expense | $89M | $91M | $104M | $109M | $100M | $99M | $103M | $126M | $127M | $117M |
| Pre-tax income | $374M | $277M | $254M | $271M | $241M | $311M | $202M | $182M | -$1.8B | $167M |
| Income tax | $124M | $109M | $51M | $52M | $41M | $63M | $39M | $35M | -$471M | $41M |
| Net income | $248M | $165M | $202M | $218M | $200M | $248M | $243M | $201M | -$1.4B | $126M |
| EPS (diluted) | $2.29 | $1.52 | $1.85 | $1.99 | $1.81 | $2.25 | $2.20 | $1.81 | -$11.23 | $0.71 |
| Diluted shares | 108M | 109M | 109M | 109M | 109M | 110M | 110M | 110M | 127M | 173M |
| Operating margin | 14.9% | 13.5% | 11.7% | 12.1% | 12.1% | 13.5% | 8.2% | 8.4% | -53.0% | 7.6% |
| Net margin | 10.4% | 6.5% | 7.1% | 7.6% | 7.7% | 8.7% | 7.1% | 6.1% | -44.2% | 4.1% |
Balance sheet
Fiscal years, from Hawaiian Electric Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $278M | $262M | $169M | $197M | $341M | $306M | $44M | $244M | $751M | $502M |
| Receivables | — | — | — | — | — | — | — | $547M | $457M | $492M |
| Total current assets | — | — | — | — | — | — | — | — | $2.1B | $1.9B |
| Property, plant and equipment | $4.6B | $4.5B | $4.8B | $5.1B | $5.3B | $5.4B | $5.7B | $6.0B | $6.1B | $6.2B |
| Goodwill | $82M | $82M | $82M | $82M | $82M | $82M | $82M | $82M | — | — |
| Total assets | $11.9B | $12.5B | $13.1B | $13.7B | $15.0B | $15.8B | $16.3B | $7.7B | $8.9B | $8.9B |
| Total current liabilities | — | — | — | — | — | — | — | — | $1.3B | $1.4B |
| Total liabilities | $10.3B | $10.4B | $10.9B | $11.4B | $12.6B | $13.4B | $14.0B | $14.9B | $7.4B | $7.3B |
| Shareholders' equity | $2.1B | $2.1B | $2.2B | $2.3B | $2.3B | $2.4B | $2.2B | $2.3B | $1.5B | $1.6B |
| Net debt | -$278M | -$262M | -$169M | -$197M | -$341M | -$306M | -$44M | -$228M | -$641M | -$377M |
Cash flow
Fiscal years, from Hawaiian Electric Industries's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $496M | $420M | $499M | $512M | $429M | $376M | $454M | $551M | $487M | $391M |
| Capital spending | $330M | $495M | $537M | $458M | $384M | $315M | $339M | $443M | $344M | $341M |
| Free cash flow | $166M | -$75M | -$38M | $55M | $46M | $61M | $115M | $109M | $143M | $50M |
| Stock-based compensation | $5M | $5M | $8M | $10M | $6M | $9M | $7M | $7M | $4M | $3M |
| Dividends paid | $117M | $135M | $135M | $139M | $144M | $149M | $111M | $74M | $0 | $0 |
| Net borrowing | $40M | $67M | $196M | $2M | $237M | $204M | $5M | $458M | -$92M | -$224M |
| Free cash flow margin | 7.0% | -2.9% | -1.3% | 1.9% | 1.8% | 2.1% | 3.4% | 3.3% | 4.4% | 1.6% |
| Dividends per share | $1.08 | $1.24 | $1.24 | $1.27 | $1.32 | $1.36 | $1.01 | $0.67 | — | — |
Questions
What was Hawaiian Electric Industries's revenue in 2025?
$3.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does Hawaiian Electric Industries generate?
$50M in fiscal 2025 (operating cash flow minus capital spending).
From Hawaiian Electric Industries's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.