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HAWAIIAN ELECTRIC INDUSTRIES INC

CIK:0000354707|SEC Filings

Condensed Consolidated Statements of Income (unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues
Revenues	$ 939,703	$ 746,392	$ 1,686,150	$ 1,490,462
Expenses
Total expenses	735,489	692,645	1,428,559	1,374,295
Operating income (loss)
Operating income (loss)	204,214	53,747	257,591	116,167
Retirement defined benefits credit—other than service costs	879	919	1,758	1,836
Interest expense, net (Note 2)	(48,383)	(27,256)	(79,511)	(61,468)
Allowance for borrowed funds used during construction	1,997	1,462	3,702	2,879
Interest income		7,579		20,202
Allowance for equity funds used during construction	4,387	3,702	8,151	7,287
Interest and dividend income	5,284	7,579	15,279	20,202
Loss on sale of a subsidiary and impairment loss on assets held for sale	(3,716)	(178)	(3,716)	(13,389)
Income before income taxes	164,662	39,975	203,254	73,514
Income tax expense	41,462	13,417	49,604	19,812
Net income	123,200	26,558	153,650	53,702
Preferred stock dividends of subsidiaries	0	473	0	946
Net income for common stock	$ 123,200	$ 26,085	$ 153,650	$ 52,756
Basic earnings per common share (in dollars per share)	$ 0.71	$ 0.15	$ 0.89	$ 0.31
Diluted earnings per common share (in dollars per share)	$ 0.71	$ 0.15	$ 0.89	$ 0.31
Weighted-average number of common shares outstanding:
Weighted-average number of common shares outstanding (in shares)	172,637	172,496	172,632	172,487
Net effect of potentially dilutive shares (share-based compensation programs) (in shares)	585	159	721	345
Weighted-average shares assuming dilution (in shares)	173,222	172,655	173,353	172,832
Electric utility
Revenues
Revenues	$ 936,864	$ 742,482	$ 1,680,904	$ 1,480,848
Expenses
Total expenses	718,300	677,938	1,399,807	1,340,367
Operating income (loss)
Operating income (loss)	218,564	64,544	281,097	140,481
Other
Revenues
Revenues	2,839	3,910	5,246	9,614
Expenses
Total expenses	17,189	14,707	28,752	33,928
Operating income (loss)
Operating income (loss)	$ (14,350)	$ (10,797)	$ (23,506)	$ (24,314)

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities
Net income	$ 153,650	$ 53,702
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation of property, plant and equipment	133,083	131,759
Other amortization	17,730	20,908
Loss on sale of a subsidiary and impairment loss on assets held for sale	3,716	13,389
Deferred income tax expense (benefit)	50,159	(3,869)
Share-based compensation expense	3,812	3,531
Allowance for equity funds used during construction	(8,151)	(7,287)
Other	(4,995)	(2,793)
Changes in assets and liabilities
Decrease (increase) in accounts receivable and unbilled revenues, net	(72,479)	13,892
Increase in fuel oil stock	(75,800)	(16,536)
Increase in materials and supplies	(7,926)	(12,890)
Increase in regulatory assets	(7,730)	(1,608)
Increase in regulatory liabilities	21,269	42,433
Increase in accounts, interest and dividends payable	84,246	13,354
Change in prepaid and accrued income taxes, tax credits and utility revenue taxes	(16,524)	(38,938)
Change in defined benefit pension and other postretirement benefit plans asset/liability	(4,195)	(3,710)
Settlement payment	(478,750)	0
Decrease in wildfire-related claims	(136,157)	0
Change in other assets and liabilities	(5,327)	(20,921)
Net cash provided by (used in) operating activities	(350,369)	184,416
Cash flows from investing activities
Proceeds from sale of subsidiaries	0	5,781
Capital expenditures	(242,090)	(161,493)
Other, net	2,023	3,222
Net cash used in investing activities	(240,067)	(152,490)
Cash flows from financing activities
Repayment of long-term debt	(145,085)	(630,808)
Withheld shares for employee taxes on vested share-based compensation	(128)	(178)
Preferred stock dividends of subsidiaries	0	(946)
Other	(6,147)	(5,958)
Net cash used in financing activities	(151,360)	(637,890)
Net decrease in cash, cash equivalents and restricted cash	(741,796)	(605,964)
Cash, cash equivalents and restricted cash, beginning of period	980,746	1,242,852
Cash, cash equivalents and restricted cash, end of period	238,950	636,888
Less: Restricted cash	(218)	(482,603)
Cash and cash equivalents, end of period	$ 238,732	$ 154,285

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets
Cash and cash equivalents	$ 238,732	$ 501,778
Restricted cash	218	478,968
Accounts receivable and unbilled revenues, net	520,390	491,526
Regulatory assets	51,669	50,039
Other	389,695	305,999
Assets held for sale	52,248	56,266
Total current assets	1,252,952	1,884,576
Noncurrent assets:
Property, plant and equipment, net of accumulated depreciation of $3,626,536 and $3,518,501 at June 30, 2026 and December 31, 2025, respectively	6,347,255	6,188,372
Operating lease right-of-use assets	48,172	56,604
Regulatory assets	274,578	258,076
Defined benefit pension and other postretirement benefit plans asset	221,553	219,211
Other	257,292	316,040
Total noncurrent assets	7,148,850	7,038,303
Total assets	8,401,802	8,922,879
Current liabilities:
Accounts payable	305,686	219,062
Interest and dividends payable	30,925	31,458
Current portion of long-term debt, net	0	124,959
Regulatory liabilities	31,265	51,997
Wildfire related claims	457,563	530,000
Other	383,699	410,458
Liabilities held for sale	60,998	59,803
Total current liabilities	1,270,136	1,427,737
Noncurrent liabilities:
Long-term debt, net	2,265,630	2,285,016
Operating lease liabilities	35,623	43,278
Finance lease liabilities	499,402	505,590
Regulatory liabilities	1,442,389	1,392,147
Defined benefit pension liability	23,570	23,656
Wildfire tort-related claims	890,280	1,436,250
Other	211,885	203,286
Total noncurrent liabilities	5,368,779	5,889,223
Total liabilities	6,638,915	7,316,960
Commitments and contingencies (Notes 2 and 4)
Shareholders’ equity
Preferred stock, no par value, authorized 10,000,000 shares; issued: none	0	0
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding: 172,728,004 shares and 172,620,476 shares at June 30, 2026 and December 31, 2025, respectively	2,271,654	2,268,187
Retained earnings (deficit)	(511,956)	(665,606)
Accumulated other comprehensive income, net of taxes	3,189	3,338
Total shareholders’ equity	1,762,887	1,605,919
Total liabilities and shareholders’ equity	$ 8,401,802	$ 8,922,879