HAWAIIAN ELECTRIC CO INC
For the period ended Sep 30, 2025. Filed Nov 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.
Sep 30, 2025 · Filed Nov 7, 2025
HE$9.08+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements
Condensed Consolidated Statements of Income (unaudited)
| Three months ended September 30 | Nine months ended September 30 | |||
|---|---|---|---|---|
| (in thousands, except per share amounts) | 2025 | 2024 | 2025 | 2024 |
| Revenues | ||||
| Electric utility | $787,428 | $829,617 | $2,268,276 | $2,410,526 |
| Other | 3,182 | 3,622 | 12,796 | 10,144 |
| Total revenues | 790,610 | 833,239 | 2,281,072 | 2,420,670 |
| Expenses | ||||
| Electric utility (includes $163 million and $1,875 million of provision for Wildfire tort-related claims recorded in quarter and nine months ended September 30, 2024) (Note 2) | 724,635 | 934,181 | 2,065,002 | 4,096,175 |
| Other (includes $35 million of impairment recorded in third quarter of 2024) | 13,929 | 48,778 | 47,857 | 84,917 |
| Total expenses | 738,564 | 982,959 | 2,112,859 | 4,181,092 |
| Operating income (loss) | ||||
| Electric utility | 62,793 | (104,564) | 203,274 | (1,685,649) |
| Other | (10,747) | (45,156) | (35,061) | (74,773) |
| Total operating income (loss) | 52,046 | (149,720) | 168,213 | (1,760,422) |
| Retirement defined benefits credit—other than service costs | 817 | 849 | 2,653 | 2,851 |
| Interest expense, net | (26,211) | (32,085) | (87,679) | (96,076) |
| Allowance for borrowed funds used during construction | 1,500 | 1,331 | 4,379 | 4,061 |
| Allowance for equity funds used during construction | 3,821 | 3,300 | 11,108 | 10,276 |
| Interest income | 6,960 | 3,662 | 27,162 | 9,929 |
| Gain (loss) on sale of subsidiaries and impairment loss on assets sold and held for sale | 1,013 | — | (12,376) | — |
| Income (loss) from continuing operations before income taxes | 39,946 | (172,663) | 113,460 | (1,829,381) |
| Income tax expense (benefit) | 8,728 | (49,954) | 28,540 | (479,109) |
| Income (loss) from continuing operations | 31,218 | (122,709) | 84,920 | (1,350,272) |
| Preferred stock dividends of subsidiaries | 471 | 471 | 1,417 | 1,417 |
| Income (loss) from continuing operations for common stock | 30,747 | (123,180) | 83,503 | (1,351,689) |
| Income (loss) from discontinued operations | — | 18,778 | — | (6,075) |
| Net income (loss) for common stock | $30,747 | $(104,402) | $83,503 | $(1,357,764) |
| Continuing operations - Basic earnings (loss) per common share | $0.18 | $(1.08) | $0.48 | $(12.11) |
| Discontinued operations - Basic earnings (loss) per common share | — | 0.16 | — | (0.05) |
| Basic earnings (loss) per common share | $0.18 | $(0.91) | $0.48 | $(12.16) |
| Continuing operations - Diluted earnings (loss) per common share | $0.18 | $(1.08) | $0.48 | $(12.11) |
| Discontinued operations - Diluted earnings (loss) per common share | — | 0.16 | — | (0.05) |
| Diluted earnings (loss) per common share | $0.18 | $(0.91) | $0.48 | $(12.16) |
| Weighted-average number of common shares outstanding: | ||||
| Basic | 172,617 | 114,358 | 172,531 | 111,636 |
| Diluted | 172,916 | 114,358 | 172,939 | 111,636 |
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