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Hawaiian Electric Industries (HE) investor relations material
Hawaiian Electric Industries Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary7 Nov, 2025
Executive summary
Achieved Q3 2025 net income of $30.7 million ($0.18 per share), a recovery from prior year losses, with core income of $32.8 million ($0.19 per share), reflecting progress on wildfire safety, resilience, and litigation settlement initiatives.
Finalized a $1.99 billion Maui wildfire tort settlement, with the first $479 million payment funded and due no sooner than early 2026, supported by legislative actions and capital market access.
Streamlined operations by divesting Pacific Current assets and selling 90.1% of ASB, focusing on the electric utility segment.
Enhanced liquidity and financial flexibility through a $500 million unsecured debt offering, expanded credit facilities, and a $557.7 million equity raise.
Advanced performance-based regulation and rate rebasing, with new rates targeted for 2027 and significant capital investments planned for grid modernization and wildfire mitigation.
Financial highlights
Q3 2025 net income was $30.7 million, compared to a $104.4 million loss in Q3 2024; core net income was $32.8 million ($0.19 per share), down from $0.29 per share in Q3 2024, mainly due to higher O&M and tax expenses.
Revenues for Q3 2025 were $790.6 million, down from $833.2 million in Q3 2024, primarily due to lower fuel oil prices and purchased power costs.
Utility segment core net income was $39.6 million, down from $43.7 million in Q3 2024, due to lower tax benefits and higher wildfire mitigation expenses.
Holding company and other segments reported a Q3 2025 net loss of $6.8 million, improved from $10.9 million in Q3 2024, driven by lower interest expense and higher interest income.
Operating income for Q3 2025 was $52.0 million, compared to a loss of $149.7 million in Q3 2024.
Outlook and guidance
CapEx is projected to rise, with $400 million in 2025, $550–$800 million in 2026, and $1.8–$2.4 billion over 2026–2028, focused on wildfire mitigation, reliability, and grid modernization.
First wildfire settlement payment is expected no sooner than early 2026, with $479 million set aside as restricted cash.
Management expects sufficient liquidity for the next 12 months, supported by cash, restricted cash, and expanded credit facilities.
Too early to reinstitute earnings guidance; will reconsider after final settlement approval and rate rebasing.
Wildfire settlement payment timing
Impact of recent debt issuance on liquidity
Reason for core EPS decline despite flat income?
Act 25: What is the status of securitization?
Timeline for American Savings Bank stake sale?
Goals for the PBR rate rebasing process?
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Next Hawaiian Electric Industries earnings date
Q4 202520 Feb, 2026
Next Hawaiian Electric Industries earnings date
Q4 202520 Feb, 2026
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Frequently asked questions
Hawaiian Electric Industries Inc is a holding company with operations in electric utility services and banking. Through its utility subsidiaries, it generates, transmits, and distributes electricity to customers on the Hawaiian Islands. Its financial services segment offers banking products through a wholly owned bank serving individuals and businesses. Hawaiian Electric Industries Inc is headquartered in Honolulu, Hawaii, and its shares are listed on the NYSE.
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