Hawaiian Electric Industries, Inc. (HE) Income Statement
HE 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsHE revenue and net income
Where HE's revenue goes
2025Each bar shows an amount and its share of revenue. HE kept 4.1% of revenue as net income.
HE profit margins
HE growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −4.1% | −3.4% | +3.7% | +1.7% |
| Gross profit | — | −27.9% | −16.2% | −3.1% |
| Operating income | — | −5.6% | −5.5% | −3.1% |
| Net income | — | −19.4% | −8.6% | −2.4% |
| EPS (diluted) | −47.3% | −29.2% | −15.4% | −7.2% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
HE quarterly EPS vs estimates
Hawaiian Electric Industries beat the analyst EPS estimate in 2 of the last 8 quarters. Next report: November 6, 2026.
HE income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.09B | $3.22B | $3.29B | $3.42B | $2.85B | $2.58B | $2.87B | $2.86B | $2.56B | $2.38B |
| Cost of revenue | $2.85B | $4.93B | $2.66B | $2.79B | $2.17B | $2.01B | $2.25B | $2.53B | $2.22B | $2.03B |
| Gross profit | $235.3M | −$1.71B | $627.1M | $628.7M | $676.9M | $568.7M | $626.8M | $333.4M | $338.3M | $348.2M |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | — | — | $8.8M | $8.4M | $18.6M | $3.2M | $2.8M | $6.0M | $7.9M | $7.7M |
| Total operating expenses | $2.85B | $2.28B | $352.1M | $349.1M | $290.8M | $257.2M | $278.8M | −$4.9M | −$12.5M | −$8.3M |
| Operating income | $235.3M | −$1.71B | $275.0M | $279.6M | $386.1M | $311.5M | $348.0M | $333.4M | $338.3M | $348.2M |
| Interest income | $36.9M | $19.4M | $9.1M | $81.3M | $81.1M | $67.7M | $74.5M | $72.9M | $61.7M | $64.3M |
| Interest expense | $112.5M | $121.7M | $120.3M | $100.0M | $91.1M | $85.7M | $86.4M | $83.8M | $74.2M | $72.7M |
| Income before taxes | $166.9M | −$1.79B | $180.4M | $200.1M | $309.0M | $238.7M | $269.5M | $254.5M | $276.6M | $373.8M |
| Income taxes | $40.6M | −$471.0M | $34.5M | $38.9M | $62.8M | $40.9M | $51.6M | $50.8M | $109.4M | $123.7M |
| Net income | $126.3M | −$1.42B | $199.2M | $241.1M | $246.2M | $197.8M | $217.9M | $203.7M | $167.2M | $250.1M |
| EBITDA | $539.4M | −$1.39B | $561.3M | $553.6M | $670.6M | $599.1M | $623.3M | $560.6M | $551.9M | $640.7M |
| EPS (diluted) | $0.78 | $1.48 | $2.04 | $2.20 | $2.25 | $1.80 | $2.00 | $1.84 | $1.65 | $1.73 |
| Gross margin | 7.6% | −53.0% | 19.1% | 18.4% | 23.7% | 22.0% | 21.8% | 11.7% | 13.2% | 14.6% |
| Operating margin | 7.6% | −53.0% | 8.4% | 8.2% | 13.5% | 12.1% | 12.1% | 11.7% | 13.2% | 14.6% |
| Net margin | 4.1% | −44.2% | 6.1% | 7.0% | 8.6% | 7.7% | 7.6% | 7.1% | 6.5% | 10.5% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $939.7M | $746.4M | $805.8M | $790.6M | $746.4M | $744.1M | $486.9M | $938.4M | $795.4M | $792.0M | $561.7M | $901.9M |
| Cost of revenue | $735.5M | $693.1M | $738.7M | $738.6M | $692.6M | $681.6M | $424.6M | $1.06B | $2.46B | $650.8M | $478.1M | $731.2M |
| Gross profit | $204.2M | $53.4M | $67.1M | $52.0M | $53.7M | $62.4M | $62.3M | −$126.5M | −$1.66B | $141.2M | $83.6M | $170.7M |
| Sales, general & admin | — | — | — | — | — | — | $3.8M | $4.5M | $4.7M | $4.6M | $3.6M | $4.9M |
| Total operating expenses | $735.5M | $693.1M | $738.7M | $88.4M | $692.6M | $681.6M | $4.6M | −$1.06B | $4.7M | $90.3M | $70.2M | $95.6M |
| Operating income | $204.2M | $53.4M | $67.1M | $52.0M | $53.7M | $62.4M | $62.3M | −$126.5M | −$1.66B | $50.9M | $13.4M | $75.1M |
| Interest income | $5.3M | $10.0M | $9.8M | $7.0M | $7.6M | $12.6M | $9.4M | $3.7M | $3.1M | $3.1M | — | $0 |
| Interest expense | $48.4M | $29.5M | $28.2M | $26.2M | $25.8M | $32.8M | $29.7M | $30.8M | $31.1M | $30.2M | $32.9M | $31.3M |
| Income before taxes | $164.7M | $38.6M | $53.5M | $39.9M | $40.0M | $33.5M | $45.6M | −$149.2M | −$1.69B | $28.0M | $51.2M | $48.6M |
| Income taxes | $41.5M | $8.1M | $12.1M | $8.7M | $13.4M | $6.4M | $9.9M | −$45.3M | −$435.9M | $6.8M | $2.4M | $7.5M |
| Net income | $123.2M | $30.4M | $41.4M | $31.2M | $26.6M | $27.1M | −$67.8M | −$103.9M | −$1.30B | $42.1M | $48.8M | $41.1M |
| EBITDA | $288.4M | $134.6M | $145.8M | $140.1M | $136.4M | $142.9M | $147.1M | −$47.9M | −$1.59B | $125.5M | $62.7M | $155.0M |
| EPS (diluted) | $0.13 | $0.18 | $0.24 | $0.19 | $0.20 | $0.15 | $0.20 | $0.46 | $0.44 | $0.38 | $0.48 | $0.56 |
| Gross margin | 21.7% | 7.2% | 8.3% | 6.6% | 7.2% | 8.4% | 12.8% | −13.5% | −208.9% | 17.8% | 14.9% | 18.9% |
| Operating margin | 21.7% | 7.2% | 8.3% | 6.6% | 7.2% | 8.4% | 12.8% | −13.5% | −208.9% | 6.4% | 2.4% | 8.3% |
| Net margin | 13.1% | 4.1% | 5.1% | 3.9% | 3.6% | 3.6% | −13.9% | −11.1% | −162.8% | 5.3% | 8.7% | 4.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in HE's financial statements (latest annual report filed February 27, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
HE financial results
In fiscal year 2025 (ended December 31, 2025), Hawaiian Electric Industries reported revenue of $3.1 billion, down 4.1% from the year before. It had net income of $126.3 million, a net profit margin of 4.1%. Diluted earnings per share came to $0.78. Over five years revenue grew at an average rate of 3.7% a year.
See the HE stock overview for the latest quote and news, or the HE chart for price history and technical indicators.
HE income statement FAQ
What is Hawaiian Electric Industries's annual revenue?
Hawaiian Electric Industries reported total revenue of $3.1 billion for fiscal year 2025, which ended on December 31, 2025. That was down 4.1% from $3.2 billion the previous year.
Is Hawaiian Electric Industries profitable?
Yes. Hawaiian Electric Industries reported net income of $126.3 million in fiscal 2025, a net profit margin of 4.1%; its operating margin was 7.6%.
What is Hawaiian Electric Industries's gross margin?
Hawaiian Electric Industries's gross margin was 7.6% in fiscal 2025: for every $100 of revenue, Hawaiian Electric Industries kept $8 after the direct cost of its products and services.
How fast is Hawaiian Electric Industries growing?
Revenue grew 3.7% a year on average over the last five fiscal years, from $2.6 billion to $3.1 billion.
What are Hawaiian Electric Industries's earnings per share?
Hawaiian Electric Industries earned $0.78 per diluted share in fiscal 2025, compared with $1.48 a year earlier.
When will Hawaiian Electric Industries report its next earnings?
Hawaiian Electric Industries is expected to report results for the quarter ending September 30, 2026 on November 6, 2026.
When does Hawaiian Electric Industries's fiscal year end?
Hawaiian Electric Industries's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 27, 2026.
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