HAWAIIAN ELECTRIC CO INC
For the period ended Sep 30, 2026. Filed Nov 6, 2026.
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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, 2026 · Filed Nov 6, 2026
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) | 2026 | 2025 | 2026 | 2025 |
| Revenues | ||||
| Electric utility | $1,007,104 | $787,428 | $2,688,008 | $2,268,276 |
| Other | 1,606 | 3,182 | 6,852 | 12,796 |
| Total revenues | 1,008,710 | 790,610 | 2,694,860 | 2,281,072 |
| Expenses | ||||
| Electric utility (includes $154 million benefit for the tort settlement remeasurement recorded in nine months ended September 30, 2026) (Note 2) | 958,931 | 724,635 | 2,358,738 | 2,065,002 |
| Other | 8,562 | 13,929 | 37,314 | 47,857 |
| Total expenses | 967,493 | 738,564 | 2,396,052 | 2,112,859 |
| Operating income (loss) | ||||
| Electric utility | 48,173 | 62,793 | 329,270 | 203,274 |
| Other | (6,956) | (10,747) | (30,462) | (35,061) |
| Total operating income | 41,217 | 52,046 | 298,808 | 168,213 |
| Retirement defined benefits credit—other than service costs | 711 | 817 | 2,469 | 2,653 |
| Interest expense, net (Note 2) | (47,726) | (26,211) | (127,237) | (87,679) |
| Allowance for borrowed funds used during construction | 2,493 | 1,500 | 6,195 | 4,379 |
| Allowance for equity funds used during construction | 5,564 | 3,821 | 13,715 | 11,108 |
| Interest and dividend income | 3,804 | 6,960 | 19,083 | 27,162 |
| Gain on sale of investment and net unrealized gain on investment measured at fair value | 64,146 | — | 64,146 | — |
| Gain (loss) on sale of subsidiaries and impairment losses on subsidiary assets sold and assets formerly classified as held for sale | (50,736) | 1,013 | (54,452) | (12,376) |
| Income before income taxes | 19,473 | 39,946 | 222,727 | 113,460 |
| Income taxes | (15,977) | 8,728 | 33,627 | 28,540 |
| Net income | 35,450 | 31,218 | 189,100 | 84,920 |
| Preferred stock dividends of subsidiaries | — | 471 | — | 1,417 |
| Net income for common stock | $35,450 | $30,747 | $189,100 | $83,503 |
| Basic earnings per common share | $0.21 | $0.18 | $1.10 | $0.48 |
| Diluted earnings per common share | $0.20 | $0.18 | $1.09 | $0.48 |
| Weighted-average number of common shares outstanding | 172,728 | 172,617 | 172,664 | 172,531 |
| Net effect of potentially dilutive shares (share-based compensation programs) | 780 | 299 | 914 | 408 |
| Weighted-average shares assuming dilution | 173,508 | 172,916 | 173,578 | 172,939 |
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