First Hawaiian, Inc. (FHB) Balance Sheet
FHB balance sheet, 2025
December 31, 2025 · U.S. dollars$23.96B assets = $21.19B liabilities + $2.77B equity
Both columns are drawn to the same scale: what FHB owns equals what it owes plus shareholders’ equity. Hover a block for its value.
FHB financial health
Goodwill & intangibles4.2%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
FHB balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $19.66B2016 | $23.96B2025 | +2.2%/yr | |
| Total liabilities | $17.19B2016 | $21.19B2025 | +2.4%/yr | |
| Shareholders’ equity | $2.48B2016 | $2.77B2025 | +1.2%/yr | |
| Cash & short-term investments | $6.13B2016 | $228.7M2025 | −30.6%/yr | |
| Total debt | $9.2M2016 | $250.0M2024 | +51.1%/yr | |
| Net cash (debt) | $6.12B2016 | $928.3M2024 | −$5.2B | |
| Working capital | −$10.77B2016 | −$10.53B2025 | +$234.8M | |
| Book value per share | $17.752016 | $22.072025 | +2.4%/yr | |
| Debt / equity | 0.002016 | 0.102024 | +0.09 | |
| Shares outstanding | 139.5M2016 | 125.5M2025 | −1.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
FHB assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
FHB liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
FHB debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
FHB balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $228.7M | $1.18B | $4.00B | $3.68B | $9.69B | $1.04B | $4.77B | $5.50B | $6.27B | $6.13B |
| Cash & equivalents | $228.7M | $1.17B | $1.74B | $526.6M | $1.26B | $1.04B | $694.0M | $1.00B | $1.03B | $1.05B |
| Short-term investments | $1.87B | $8.1M | $2.26B | $3.15B | $8.43B | $6.07B | $4.08B | $4.50B | $5.23B | $5.08B |
| Receivables | $77.6M | $512.4M | $462.5M | $376.3M | $294.6M | $315.0M | $45.2M | $48.9M | $48.0M | $42.0M |
| Inventory | $0 | $0 | −$277.5M | −$604.9M | −$1.32B | −$1.11B | −$739.6M | $751,000 | $329,000 | $329,000 |
| Other current assets | $0 | $0 | $277.5M | $603.4M | $1.32B | $1.11B | $739.6M | $0 | $0 | $0 |
| Total current assets | $306.4M | $1.69B | $4.46B | $4.05B | $9.98B | $1.36B | $4.81B | $5.55B | $6.32B | $6.17B |
| Property, plant & equipment (net) | $303.5M | $288.5M | $281.5M | $280.4M | $318.4M | $322.4M | $316.9M | $305.0M | $289.2M | $300.8M |
| Goodwill & intangible assets | $1.00B | $1.00B | $1.00B | $1.00B | $1.00B | $1.01B | $1.01B | $1.01B | $1.01B | $1.01B |
| Long-term investments | $5.61B | $5.72B | $6.30B | $7.47B | $8.43B | $19.15B | $4.08B | $4.50B | $5.23B | $5.08B |
| Other non-current assets | $16.74B | $15.13B | $12.89B | $11.77B | $5.26B | $824.6M | $9.95B | $9.33B | $7.70B | $7.10B |
| Total assets | $23.96B | $23.83B | $24.93B | $24.58B | $24.99B | $22.66B | $20.17B | $20.70B | $20.55B | $19.66B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | $21.69B | $21.82B | $19.23B | $16.44B | $17.15B | $17.61B | $16.79B |
| Short-term debt | — | $250.0M | $500.0M | $75.0M | $7.8M | $8.9M | $800.0M | $8,000 | $0 | $9.2M |
| Total current liabilities | $10.84B | $20.67B | $21.83B | $21.87B | $21.82B | $19.23B | $17.38B | $17.28B | $17.75B | $16.94B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $200.0M | $19,000 | $26,000 | $34,000 | $41,000 |
| Lease obligations | — | — | — | — | — | $10,000 | $19,000 | $26,000 | $34,000 | $41,000 |
| Other long-term liabilities | $10.35B | $541.3M | $607.8M | $441.6M | $519.4M | $491.0M | $143.2M | $892.8M | $270.5M | $248.7M |
| Total liabilities | $21.19B | $21.21B | $22.44B | $22.31B | $22.34B | $19.92B | $17.53B | $18.17B | $18.02B | $17.19B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M |
| Retained earnings (deficit) | $1.08B | $934.0M | $837.9M | $736.5M | $604.5M | $474.0M | $437.1M | $291.9M | $139.2M | $78.8M |
| Treasury stock | — | — | — | −$368.0M | −$355.0M | −$276.9M | −$270.1M | −$132.1M | −$282,000 | $0 |
| Accumulated other comprehensive income | −$368.1M | −$464.0M | −$530.2M | −$639.3M | −$121.7M | $31.6M | −$31.7M | −$132.2M | −$96.4M | −$88.0M |
| Minority interest | — | — | — | — | — | — | — | — | $0 | $0 |
| Total shareholders' equity | $2.77B | $2.62B | $2.49B | $2.27B | $2.66B | $2.74B | $2.64B | $2.52B | $2.53B | $2.48B |
| Key figures | ||||||||||
| Total debt | — | $250.0M | $500.0M | $75.0M | $65.8M | $200.0M | $1.00B | $600.0M | $34,000 | $9.2M |
| Net cash (debt) | — | $928.3M | $3.50B | $3.60B | $9.62B | $840.9M | $3.77B | $4.90B | $6.27B | $6.12B |
| Working capital | −$10.53B | −$18.98B | −$17.37B | −$17.81B | −$11.84B | −$17.87B | −$12.57B | −$11.73B | −$11.43B | −$10.77B |
| Tangible book value | $1.77B | $1.62B | $1.48B | $1.27B | $1.65B | $1.74B | $1.63B | $1.51B | $1.52B | $1.46B |
| Book value per share | $22.07 | $20.40 | $19.44 | $17.73 | $20.51 | $21.07 | $19.79 | $18.41 | $18.13 | $17.75 |
| Shares outstanding | 125.5M | 128.3M | 127.9M | 128.0M | 129.5M | 130.2M | 133.4M | 137.1M | 139.7M | 139.5M |
| Current ratio | 0.03 | 0.08 | 0.20 | 0.19 | 0.46 | 0.07 | 0.28 | 0.32 | 0.36 | 0.36 |
| Quick ratio | 0.03 | 0.08 | 0.20 | 0.19 | 0.46 | 0.07 | 0.28 | 0.32 | 0.36 | 0.36 |
| Debt / equity | — | 0.10 | 0.20 | 0.03 | 0.02 | 0.07 | 0.38 | 0.24 | 0.00 | 0.00 |
| Equity / assets | 11.6% | 11.0% | 10.0% | 9.2% | 10.6% | 12.1% | 13.1% | 12.2% | 12.3% | 12.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $263.8M | $225.7M | $228.7M | $3.62B | $1.48B | $1.31B | $1.18B | $3.13B | $3.18B | $3.43B | $4.00B | $3.94B |
| Cash & equivalents | $263.8M | $225.7M | $228.7M | $1.86B | $1.40B | $1.31B | $1.17B | $1.07B | $1.11B | $1.27B | $1.74B | $1.21B |
| Short-term investments | $1.79B | $1.86B | $1.87B | $1.77B | $81.3M | $0 | $8.1M | $2.06B | $2.07B | $2.16B | $2.26B | $2.72B |
| Receivables | $76.6M | $77.3M | $77.6M | $519.8M | $502.5M | $514.0M | $512.4M | $512.4M | $505.4M | $477.2M | $462.5M | $416.8M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | −$334.1M | $417.5M | −$287.8M | −$277.5M | −$1.30B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $334.1M | $0 | $287.8M | $277.5M | $1.30B |
| Total current assets | $340.4M | $303.0M | $306.4M | $4.14B | $1.98B | $1.83B | $1.69B | $3.64B | $3.69B | $3.91B | $4.46B | $4.35B |
| Property, plant & equipment (net) | $304.0M | $302.8M | $303.5M | $303.0M | $299.1M | $292.6M | $288.5M | $287.0M | $283.8M | $281.2M | $281.5M | $277.8M |
| Goodwill & intangible assets | $999.8M | $1000.0M | $1.00B | $1.00B | $1.00B | $1.00B | $1.00B | $1.00B | $1.00B | $1.00B | $1.00B | $1.00B |
| Long-term investments | $5.51B | $5.56B | $5.61B | $5.58B | $5.55B | $5.58B | $5.72B | $5.91B | $5.99B | $6.15B | $6.30B | $6.83B |
| Other non-current assets | $16.50B | $17.10B | $16.74B | $13.07B | $15.00B | $15.04B | $15.13B | $12.94B | $13.03B | $12.94B | $12.97B | $12.45B |
| Total assets | $23.65B | $24.26B | $23.96B | $24.10B | $23.84B | $23.74B | $23.83B | $23.78B | $23.99B | $24.28B | $25.00B | $24.91B |
| Liabilities | ||||||||||||
| Short-term debt | — | — | — | — | $250.0M | $250.0M | $250.0M | $250.0M | $500.0M | $500.0M | $500.0M | $1.00B |
| Total current liabilities | $20.15B | — | — | $20.73B | $20.48B | $20.47B | $20.57B | $20.48B | $20.82B | $21.17B | $21.83B | $22.51B |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other long-term liabilities | $665.8M | $21.50B | $21.19B | $635.2M | $661.2M | $630.3M | $638.5M | $654.5M | $622.6M | $595.9M | $607.8M | $50.0M |
| Total liabilities | $20.82B | $21.50B | $21.19B | $21.36B | $21.14B | $21.10B | $21.21B | $21.13B | $21.44B | $21.77B | $22.52B | $22.56B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M | $1.4M |
| Retained earnings (deficit) | $1.16B | $1.11B | $1.08B | $1.04B | $1.00B | $960.3M | $934.0M | $915.1M | $887.2M | $858.5M | $837.9M | $823.9M |
| Accumulated other comprehensive income | −$359.8M | −$372.7M | −$368.1M | −$388.1M | −$407.0M | −$433.8M | −$464.0M | −$452.7M | −$519.1M | −$523.8M | −$530.2M | −$648.7M |
| Total shareholders' equity | $2.83B | $2.77B | $2.77B | $2.73B | $2.69B | $2.65B | $2.62B | $2.65B | $2.55B | $2.51B | $2.49B | $2.35B |
| Key figures | ||||||||||||
| Total debt | — | — | — | — | $250.0M | $250.0M | $250.0M | $250.0M | $500.0M | $500.0M | $500.0M | $1.00B |
| Net cash (debt) | — | — | — | — | $1.23B | $1.06B | $928.3M | $2.88B | $2.68B | $2.93B | $3.50B | $2.94B |
| Working capital | −$19.81B | — | — | −$16.59B | −$18.50B | −$18.64B | −$18.88B | −$16.84B | −$17.13B | −$17.26B | −$17.37B | −$18.16B |
| Tangible book value | $1.83B | $1.77B | $1.77B | $1.73B | $1.69B | $1.65B | $1.62B | $1.65B | $1.55B | $1.51B | $1.48B | $1.35B |
| Book value per share | $23.01 | $22.44 | $22.31 | $21.88 | $21.41 | $20.83 | $20.42 | $20.61 | $19.88 | $19.61 | $19.42 | $18.38 |
| Shares outstanding | 122.8M | 123.3M | 124.2M | 125.0M | 125.8M | 127.2M | 128.2M | 128.5M | 128.3M | 128.2M | 128.0M | 127.9M |
| Current ratio | 0.02 | — | — | 0.20 | 0.10 | 0.09 | 0.08 | 0.18 | 0.18 | 0.18 | 0.20 | 0.19 |
| Quick ratio | 0.02 | — | — | 0.20 | 0.10 | 0.09 | 0.08 | 0.18 | 0.18 | 0.18 | 0.20 | 0.19 |
| Debt / equity | — | — | — | — | 0.09 | 0.09 | 0.10 | 0.09 | 0.20 | 0.20 | 0.20 | 0.43 |
| Equity / assets | 12.0% | 11.4% | 11.6% | 11.3% | 11.3% | 11.2% | 11.0% | 11.1% | 10.6% | 10.4% | 9.9% | 9.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 27, 2026); data from EODHD.
FHB financial position
At the end of fiscal 2025 (December 31, 2025), First Hawaiian had total assets of $24.0 billion (up 0.5% from a year earlier), total liabilities of $21.2 billion and shareholders' equity of $2.8 billion. Its current ratio was 0.03. In the latest quarter (ended June 30, 2026) total assets were $23.6 billion and equity $2.8 billion.
Related: FHB income statement, FHB cash flow statement, FHB key metrics. See the FHB stock overview for the latest quote and news.
FHB balance sheet FAQ
What are First Hawaiian's total assets?
First Hawaiian reported total assets of $24.0 billion at the end of fiscal 2025 (December 31, 2025), compared with $23.8 billion a year earlier.
How much cash does First Hawaiian have?
First Hawaiian held $228.7 million in cash and short-term investments at the end of fiscal 2025.
What is First Hawaiian's book value?
First Hawaiian's shareholders' equity (book value) was $2.8 billion at the end of fiscal 2025, or $22.07 per share.
What is First Hawaiian's current ratio?
First Hawaiian had current assets of $306.4 million and current liabilities of $10.8 billion, a current ratio of 0.03 (current liabilities exceed current assets).
How much goodwill does First Hawaiian have?
First Hawaiian carried $1.0 billion of goodwill and intangible assets, 4.2% of total assets, at the end of fiscal 2025.