MARKETS / NYSE / HE

NYSE · ELECTRIC SERVICES · LARGE CAP

Hawaiian Electric Industries Inc. HE

18 fiscal years on record · USD · FY2025 reported · SEC filings only

Revenue

$3.1B

▼ 3.3% YoY

Net income

$126.3M

Free cash flow

$49.9M

▼ 65.2% YoY

In brief

What this company does

HEI's subsidiaries are principally engaged in electric utility and non-regulated renewable/sustainable infrastructure businesses operating in the State of Hawaii. For 2025, HEI corporate had 39 employees, compared with 44 in 2024 and 45 in 2023. HEI is headquartered in Honolulu, Hawaii, and has one reportable segment, Electric utility; its other subsidiaries, which are not reportable segments, are grouped and reported as an "All Other" non-reportable segment. Hawaiian Electric and its operating utility subsidiaries, Hawaii Electric Light Company, Inc. and Maui Electric Company, Limited, are regulated electric public utilities that provide essential electric service to approximately 95% of Hawaii's population through the operation of five separate grids that serve communities on the islands of Oahu, Hawaii, Maui, Lanai and Molokai. The All Other non-reportable segment is composed of HEI's corporate-level operating, general and administrative expenses and the results of Pacific Current, LLC. Pacific Current was formed in September 2017 to invest in non-regulated clean energy and sustainable infrastructure in the State of Hawaii.

Written from the business description in HAWAIIAN ELECTRIC INDUSTRIES, INC.'s annual report to the U.S. Securities and Exchange Commission, filed 27 February 2026. Every sentence was checked against that document before publication.

Growth

USD 3.1B

Revenue, FY2025 · full 18-year series below

Revenue $B Net income $B

FY2025 · Revenue 3.1 · Net income 0.1

Compound annual growth

Revenue

−3.5%

+3.6%

+1.7%

+1.0%

Net income

−19.6%

−8.8%

Dividend / share

−6.5%

−2.7%

−1.4%

−0.9%

3 yrs

5 yrs

10 yrs

15 yrs

Revenue compounded at +3.6% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

4 cents

of every revenue dollar became profit

Operating margin Net margin

FY2025 · Operating 7.7% · Net 4.1%

ROE

FY2025 · ROE 8.2%

Gross margin—

Operating margin7.7%

Net margin4.1%

Return on assets1.4%

EBITDAUSD 534.2M

Each USD of equity produced 8 cents of profit this year.

Cash & shareholders

—

returned in FY2025 · dividends + net buybacks

Free cash flow $M

FY2025 · FCF 49.9

Net buybacks $M Dividends $M

FY2025 · Dividends 0.0 · Net buybacks —

Dividends paid—

Net buybacks—

Share of profit0.0%

Consecutive raises—

Total assetsUSD 8.9B

EquityUSD 1.6B

CashUSD 501.8M

Gross debtUSD 2.4B

Net debtUSD 1.9B

Current ratio1.32×

Net debt stands at 119% of equity.

The 18-year record

18 fiscal years

Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative

Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue $B	3.1	3.2	3.2	3.4	2.9	2.6	2.9	2.9	2.6	2.4	2.6	3.2	3.2	3.4	3.2	2.7	2.3	3.2
Operating income $B	0.2	−1.7	0.3	0.3	0.4	0.3	0.3	0.3	0.3	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.2	0.2
EBITDA $B	0.5	−1.4	0.6	0.5	0.7	0.6	0.6	0.6	0.6	0.6	0.5	0.5	0.5	0.4	0.5	0.4	0.3	0.4
Income tax $B	0.0	−0.5	0.0	0.0	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0
Net income $B	0.1	−1.4	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2	0.1	0.1	0.1	0.1	0.1
Free cash flow $B	0.0	0.1	0.1	0.1	0.1	0.0	0.1	−0.0	−0.1	0.2	−0.0	−0.0	−0.0	−0.1	0.0	0.2	−0.0	−0.0
EPS, diluted $	0.71	−11.23	1.81	2.20	2.25	1.81	1.99	1.85	1.52	2.29	1.50	1.63	1.62	1.42	1.44	1.21	0.91	1.07
Dividend / sh $	·	·	1.08	1.40	1.36	1.32	1.28	1.24	1.24	1.24	1.24	1.24	1.24	1.24	1.24	1.24	1.24	1.24
Payout %	0	−0	37	46	60	72	63	66	81	47	81	74	60	68	76	82	117	93
ROE %	8.2	−74.5	8.8	10.6	10.5	8.6	9.9	9.6	8.0	12.5	8.7	9.7	9.9	9.0	9.3	7.8	5.9	6.5
Shares out B	0.17	0.17	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.11	0.10	0.10	0.10	0.10	0.09	0.09	·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance

Company facts, as filed

How we verify · 0 failures in 55 reconciliationsAUDITED

Reconciled in 18 of 19 fiscal years. 21 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures

ActivityElectric Services

Listed onNYSE

Incorporated inHawaii

Fiscal year endsDecember 31

Data on record since2008