HAWAIIAN ELECTRIC CO INC
For the period ended Jun 30, 2025. Filed Aug 7, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 7, 2025
HE$9.08+0.1%Stored close · as of Nov 10, 2026
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Item 1. Financial Statements
Condensed Consolidated Statements of Income (unaudited)
| Three months ended June 30 | Six months ended June 30 | |||
|---|---|---|---|---|
| (in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 |
| Revenues | ||||
| Electric utility | $742,482 | $792,331 | $1,480,848 | $1,580,909 |
| Other | 3,910 | 3,086 | 9,614 | 6,522 |
| Total revenues | 746,392 | 795,417 | 1,490,462 | 1,587,431 |
| Expenses | ||||
| Electric utility (includes $1,712 million of Wildfire tort-related claims in 2024) (Note 2) | 677,938 | 2,436,771 | 1,340,367 | 3,161,994 |
| Other | 14,707 | 20,235 | 33,928 | 36,139 |
| Total expenses | 692,645 | 2,457,006 | 1,374,295 | 3,198,133 |
| Operating income (loss) | ||||
| Electric utility | 64,544 | (1,644,440) | 140,481 | (1,581,085) |
| Other | (10,797) | (17,149) | (24,314) | (29,617) |
| Total operating income (loss) | 53,747 | (1,661,589) | 116,167 | (1,610,702) |
| Retirement defined benefits credit—other than service costs | 919 | 1,001 | 1,836 | 2,002 |
| Interest expense, net | (27,256) | (32,400) | (61,468) | (63,991) |
| Allowance for borrowed funds used during construction | 1,462 | 1,344 | 2,879 | 2,730 |
| Allowance for equity funds used during construction | 3,702 | 3,336 | 7,287 | 6,976 |
| Interest income | 7,579 | 3,134 | 20,202 | 6,267 |
| Loss on sale of a subsidiary and impairment loss on assets held for sale | (178) | — | (13,389) | — |
| Income (loss) from continuing operations before income taxes | 39,975 | (1,685,174) | 73,514 | (1,656,718) |
| Income tax expense (benefit) | 13,417 | (435,950) | 19,812 | (429,155) |
| Income (loss) from continuing operations | 26,558 | (1,249,224) | 53,702 | (1,227,563) |
| Preferred stock dividends of subsidiaries | 473 | 473 | 946 | 946 |
| Income (loss) from continuing operations for common stock | 26,085 | (1,249,697) | 52,756 | (1,228,509) |
| Loss from discontinued operations | — | (45,787) | — | (24,853) |
| Net income (loss) for common stock | $26,085 | $(1,295,484) | $52,756 | $(1,253,362) |
| Continuing operations - Basic earnings (loss) per common share | $0.15 | $(11.33) | $0.31 | $(11.14) |
| Discontinued operations - Basic loss per common share | — | (0.42) | — | (0.23) |
| Basic earnings (loss) per common share | $0.15 | $(11.74) | $0.31 | $(11.37) |
| Continuing operations - Diluted earnings (loss) per common share | $0.15 | $(11.33) | $0.31 | $(11.14) |
| Discontinued operations - Diluted loss per common share | — | (0.42) | — | (0.23) |
| Diluted earnings (loss) per common share | $0.15 | $(11.74) | $0.31 | $(11.37) |
| Weighted-average number of common shares outstanding: | ||||
| Basic | 172,496 | 110,303 | 172,487 | 110,260 |
| Diluted | 172,655 | 110,303 | 172,832 | 110,260 |
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