Operating margins remain severely compromised, evidenced by a negative 13.5% margin in 2024Q3, as legal and remediation expenses continue to eclipse core utility earnings.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 3.09B | 3.09B | 3.22B | 3.29B | 3.42B | 2.85B | 2.58B | 2.87B | 2.86B | 2.56B | 2.38B | 2.6B | 3.24B | 3.24B | 3.37B | 3.24B | 2.66B | 2.31B | 3.22B | 2.54B | 2.46B | 2.22B | 1.92B | 1.78B | 1.65B | 1.28B | 1.72B | 1.52B | 1.49B | 1.46B | 1.41B |
| Revenue Growth % | 4.2% | -4.13% | -2.06% | -3.9% | 20.02% | 10.49% | -10.24% | 0.46% | 11.94% | 7.35% | -8.54% | -19.65% | 0.03% | -4.05% | 4.09% | 21.66% | 15.39% | -28.25% | 26.91% | 3.07% | 11.07% | 15.15% | 8.01% | 7.72% | 28.76% | -25.29% | 12.85% | 2.57% | 1.46% | 3.78% | 8.85% |
| Cost of Revenue | 2.86B | 2.85B | 4.93B | 2.66B | 2.79B | 2.17B | 2.01B | 2.25B | 2.53B | 2.22B | 2.03B | 2.28B | 2.91B | 2.92B | 3.09B | 2.95B | 2.41B | 1.87B | 2.67B | 1.98B | 1.89B | 1.64B | 1.38B | 1.22B | 1.06B | 684.57M | 1.56B | 1.29B | 1.26B | 1.26B | 1.22B |
| Gross Profit | 226.28M | 235.32M | -1.71B | 627.05M | 628.69M | 676.91M | 568.7M | 626.78M | 333.36M | 338.29M | 348.18M | 322.55M | 328.92M | 315.42M | 284.2M | 289.7M | 256.21M | 444.25M | 549.93M | 560.69M | 572.73M | 570.88M | 547.29M | 561.2M | 591.48M | 599.74M | 155.35M | 233.9M | 224.7M | 206.1M | 188.3M |
| Gross Margin % | 7.32% | 7.62% | -53.01% | 19.07% | 18.38% | 23.75% | 22.04% | 21.81% | 11.65% | 13.24% | 14.63% | 12.39% | 10.15% | 9.74% | 8.42% | 8.93% | 9.61% | 19.24% | 17.08% | 22.11% | 23.27% | 25.77% | 28.44% | 31.5% | 35.77% | 46.7% | 9.04% | 15.35% | 15.13% | 14.08% | 13.35% |
| Gross Profit Growth % | - | 113.79% | -372.19% | -0.26% | -7.12% | 19.03% | -9.27% | 88.02% | -1.46% | -2.84% | 7.94% | -1.94% | 4.28% | 10.99% | -1.9% | 13.07% | -42.33% | -19.22% | -1.92% | -2.1% | 0.32% | 4.31% | -2.48% | -5.12% | -1.38% | 286.06% | -33.58% | 4.09% | 9.02% | 9.45% | 0.37% |
| Operating Expenses | 0 | 0 | 0 | 352.06M | 349.14M | 290.85M | 257.2M | 278.76M | -4.92M | -12.48M | -8.32M | -6.93M | -6.77M | -5.56M | -7.01M | 0 | 0 | 256.59M | 345.77M | 356.96M | 333.34M | 299.46M | 276.33M | 297.63M | 325.05M | 411.04M | 120.94M | 123M | 112.8M | 105.3M | 94.8M |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 501.31M | 495.35M | -1.42B | 557.3M | 549.96M | 664.77M | 602.27M | 626.13M | 547.39M | 538.95M | 542.45M | 518.14M | 510.16M | 480.15M | 442.54M | 457.17M | 415.34M | 344.33M | 360.22M | 351.61M | 380.58M | 413.58M | 412.49M | 413.97M | 407.43M | 302.16M | 276.29M | 227.1M | 208.7M | 189M | 170.7M |
| EBITDA Margin % | 16.23% | 16.05% | -44.22% | 16.95% | 16.08% | 23.32% | 23.35% | 21.79% | 19.13% | 21.09% | 22.79% | 19.91% | 15.75% | 14.83% | 13.11% | 14.1% | 15.59% | 14.91% | 11.19% | 13.86% | 15.47% | 18.67% | 21.44% | 23.24% | 24.64% | 23.53% | 16.07% | 14.91% | 14.05% | 12.91% | 12.1% |
| EBITDA Growth % | 136.39% | 134.79% | -355.48% | 1.33% | -17.27% | 10.38% | -3.81% | 14.38% | 1.57% | -0.65% | 4.69% | 1.56% | 6.25% | 8.5% | -3.2% | 10.07% | 20.62% | -4.41% | 2.45% | -7.61% | -7.98% | 0.27% | -0.36% | 1.61% | 34.84% | 9.36% | 21.66% | 8.82% | 10.42% | 10.72% | -0.93% |
| Depreciation & Amortization | 275.03M | 260.02M | 282.97M | 282.31M | 270.4M | 278.7M | 290.78M | 278.11M | 214.04M | 200.66M | 194.27M | 195.59M | 181.24M | 164.73M | 158.35M | 167.47M | 159.13M | 156.67M | 156.06M | 147.88M | 141.18M | 142.16M | 141.53M | 150.4M | 140.99M | 113.45M | 120.94M | -6.8M | -16M | -17.1M | -17.6M |
| D&A / Revenue % | 8.9% | 8.42% | 8.79% | 8.59% | 7.9% | 9.78% | 11.27% | 9.68% | 7.48% | 7.85% | 8.16% | 7.51% | 5.59% | 5.09% | 4.69% | 5.17% | 5.97% | 6.78% | 4.85% | 5.83% | 5.74% | 6.42% | 7.36% | 8.44% | 8.53% | 8.83% | 7.04% | -0.45% | -1.08% | -1.17% | -1.25% |
| Operating Income (EBIT) | 226.28M | 235.32M | -1.71B | 274.99M | 279.56M | 386.07M | 311.49M | 348.02M | 333.36M | 338.29M | 348.18M | 322.55M | 328.92M | 315.42M | 284.2M | 289.7M | 256.21M | 187.66M | 204.16M | 203.73M | 239.4M | 271.42M | 270.96M | 263.57M | 266.43M | 188.7M | 155.35M | 233.9M | 224.7M | 206.1M | 188.3M |
| Operating Margin % | 7.32% | 7.62% | -53.01% | 8.36% | 8.17% | 13.54% | 12.07% | 12.11% | 11.65% | 13.24% | 14.63% | 12.39% | 10.15% | 9.74% | 8.42% | 8.93% | 9.61% | 8.13% | 6.34% | 8.03% | 9.73% | 12.25% | 14.08% | 14.8% | 16.11% | 14.69% | 9.04% | 15.35% | 15.13% | 14.08% | 13.35% |
| Operating Income Growth % | - | 113.79% | -720.66% | -1.63% | -27.59% | 23.94% | -10.5% | 4.4% | -1.46% | -2.84% | 7.94% | -1.94% | 4.28% | 10.99% | -1.9% | 13.07% | 36.53% | -8.08% | 0.21% | -14.9% | -11.8% | 0.17% | 2.8% | -1.08% | 41.19% | 21.47% | -33.58% | 4.09% | 9.02% | 9.45% | 0.37% |
| Interest Expense | 4M | 112.47M | 121.74M | 120.33M | 99.99M | 91.11M | 85.7M | 86.45M | 83.81M | 74.19M | 72.66M | 74.69M | 73.77M | 73.23M | 73.8M | 82.11M | 81.54M | 76.33M | 76.14M | 0 | 0 | 0 | 0 | 33.99M | 37.58M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.48x | -13.72x | 2.32x | 2.83x | 4.30x | 3.60x | 3.99x | 4.14x | 4.73x | 6.14x | 4.41x | 4.60x | 4.41x | 3.95x | 3.60x | 3.22x | 2.69x | 2.85x | - | - | - | - | 7.75x | 7.09x | - | - | - | - | - | - |
| Interest / Revenue % | 0.13% | 3.64% | 3.78% | 3.66% | 2.92% | 3.2% | 3.32% | 3.01% | 2.93% | 2.9% | 3.05% | 2.87% | 2.28% | 2.26% | 2.19% | 2.53% | 3.06% | 3.3% | 2.37% | 0% | 0% | 0% | 0% | 1.91% | 2.27% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 171.98M | 166.93M | -1.79B | 180.41M | 200.06M | 308.97M | 238.73M | 269.52M | 254.46M | 276.58M | 373.84M | 254.79M | 261.92M | 247.75M | 217.41M | 216.05M | 183.25M | 128.82M | 139.26M | 131.06M | 171.06M | 201.34M | 200.22M | 182.41M | 181.91M | 144.81M | 66.98M | 149.9M | 151.6M | 141.7M | 133.5M |
| Pretax Margin % | 5.57% | 5.41% | -55.64% | 5.49% | 5.85% | 10.84% | 9.25% | 9.38% | 8.89% | 10.82% | 15.7% | 9.79% | 8.09% | 7.65% | 6.44% | 6.66% | 6.88% | 5.58% | 4.33% | 5.17% | 6.95% | 9.09% | 10.41% | 10.24% | 11% | 11.28% | 3.9% | 9.84% | 10.21% | 9.68% | 9.46% |
| Income Tax | 42.39M | 40.65M | -470.96M | 34.53M | 38.91M | 62.81M | 40.91M | 51.64M | 50.8M | 109.39M | 123.69M | 93.02M | 91.71M | 84.34M | 76.86M | 75.93M | 67.82M | 43.92M | 48.98M | 46.28M | 63.05M | 73.9M | 92.48M | 64.37M | 63.69M | 55.43M | -21.24M | 57M | 57M | 55.3M | 54.8M |
| Effective Tax Rate % | 24.65% | 24.35% | 26.29% | 19.14% | 19.45% | 20.33% | 17.14% | 19.16% | 19.96% | 39.55% | 33.09% | 36.51% | 35.02% | 34.04% | 35.35% | 35.15% | 37.01% | 34.1% | 35.17% | 35.31% | 36.86% | 36.7% | 46.19% | 35.29% | 35.01% | 38.28% | -31.71% | 38.03% | 37.6% | 39.03% | 41.05% |
| Net Income | 129.59M | 126.28M | -1.42B | 199.24M | 241.14M | 246.17M | 197.82M | 217.88M | 203.66M | 167.19M | 250.15M | 161.77M | 170.21M | 163.41M | 140.55M | 140.12M | 115.42M | 83.01M | 90.28M | 84.78M | 108M | 126.69M | 109.65M | 114.18M | 118.22M | 89.38M | 45.74M | 96.9M | 84.8M | 86.4M | 78.7M |
| Net Margin % | 4.19% | 4.09% | -44.23% | 6.06% | 7.05% | 8.64% | 7.67% | 7.58% | 7.12% | 6.54% | 10.51% | 6.21% | 5.25% | 5.05% | 4.16% | 4.32% | 4.33% | 3.59% | 2.8% | 3.34% | 4.39% | 5.72% | 5.7% | 6.41% | 7.15% | 6.96% | 2.66% | 6.36% | 5.71% | 5.9% | 5.58% |
| Net Income Growth % | 109% | 108.87% | -814.78% | -17.38% | -2.04% | 24.44% | -9.21% | 6.98% | 21.82% | -33.16% | 54.63% | -4.96% | 4.16% | 16.26% | 0.31% | 21.39% | 39.05% | -8.05% | 6.49% | -21.5% | -14.75% | 15.54% | -3.96% | -3.42% | 32.26% | 95.39% | -52.79% | 14.27% | -1.85% | 9.78% | 1.55% |
| EPS (Diluted) | 0.75 | 0.71 | -11.23 | 1.81 | 2.20 | 2.25 | 1.81 | 1.99 | 1.87 | 1.52 | 2.29 | 1.50 | 1.64 | 1.62 | 1.42 | 1.44 | 1.21 | 0.91 | 1.07 | 1.03 | 1.33 | 1.56 | 1.38 | 0.76 | 0.81 | 0.64 | 0.70 | 1.50 | 1.32 | 0.69 | 0.65 |
| EPS Growth % | 105.67% | 106.32% | -720.44% | -17.73% | -2.22% | 24.31% | -9.05% | 6.42% | 23.03% | -33.62% | 52.67% | -8.54% | 1.23% | 14.08% | -1.39% | 19.01% | 32.97% | -14.95% | 3.88% | -22.56% | -14.74% | 13.04% | 81.58% | -6.17% | 26.56% | -8.57% | -53.33% | 13.64% | 91.3% | 6.15% | -51.13% |
| EPS (Basic) | - | 0.71 | -11.23 | 1.82 | 2.20 | 2.25 | 1.81 | 2.00 | 1.87 | 1.52 | 2.30 | 1.50 | 1.65 | 1.63 | 1.43 | 1.45 | 1.22 | 0.91 | 1.07 | 1.03 | 1.33 | 1.57 | 1.38 | 0.77 | 0.82 | 0.64 | 0.71 | 1.51 | 1.33 | 0.69 | 0.65 |
| Diluted Shares Outstanding | 173.33M | 173.02M | 126.93M | 110.04M | 109.78M | 109.58M | 109.36M | 109.41M | 109.15M | 108.93M | 108.31M | 106.72M | 102.94M | 99.62M | 97.34M | 95.82M | 93.69M | 91.52M | 84.72M | 82.42M | 81.37M | 81.2M | 79.72M | 74.73M | 72.7M | 140.66M | 65.37M | 64.58M | 64.26M | 63.47M | 61.71M |
Extreme litigation and regulatory uncertainty
As reported in recent financial statements, Hawaiian Electric's revenue trajectory remains highly erratic, with quarterly figures fluctuating between $486.9 million and $938.4 million over the last ten quarters, reflecting the profound impact of wildfire-related operational disruptions and the inherent instability of the current regulatory environment.
Revenue volatility appears driven less by organic load growth and more by the unpredictable nature of cost recovery mechanisms and potential decoupling adjustments. Investors should monitor whether the utility can maintain consistent rate recovery in the face of mounting political pressure regarding energy costs in Hawaii.
Based on the provided income statement data, the utility's operating margin has been severely compromised, reaching a negative 13.5% in 2024Q3, which suggests that the traditional fuel and purchased power pass-through mechanisms are currently insufficient to offset the massive legal and remediation expenses incurred recently.
The reliance on pass-through mechanisms for fuel costs appears to be failing as a protective buffer against non-fuel operational liabilities. This suggests that the utility's cost structure is no longer effectively shielded from the catastrophic risks associated with its aging infrastructure and wildfire exposure.
According to the company's quarterly filings, the reported net income has swung from a positive $48.8 million in 2023Q4 to a staggering loss of $1.3 billion in 2024Q2, indicating that core regulated earnings are currently entirely eclipsed by non-recurring legal and wildfire-related charges.
The extreme variance in EPS, including the negative $11.74 per share in 2024Q2, highlights that the current income statement is not reflective of sustainable utility operations. Analysts should treat recent earnings figures as distorted by extraordinary events rather than indicative of long-term regulated earnings power.
Analysis of the provided data suggests that the utility's reliance on regulatory assets may be masking the true extent of its financial distress, as the income statement fails to capture the full magnitude of future decommissioning and environmental remediation costs associated with the state's renewable transition.
The current P&L appears to defer significant costs that will eventually require ratepayer funding, potentially creating a future political backlash that could compress authorized ROE. Investors should be wary that the current earnings profile may be artificially supported by accounting treatments that delay the recognition of necessary infrastructure investments.
Quick answers to the most common questions about buying HE stock.
For fiscal year 2025, Hawaiian Electric Industries, Inc. (HE) reported total revenue of $3.09B. This represents a 118.8% increase compared to $1.41B in 1996.
Hawaiian Electric Industries, Inc. (HE) is profitable, generating $126.3M in net income for the fiscal year ending 2025 with a net profit margin of 4.1%.
Hawaiian Electric Industries, Inc. (HE) reported an operating income of $235.3M, resulting in an operating profit margin of 7.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Hawaiian Electric Industries, Inc. (HE) generated $235.3M in gross profit for the year, representing a gross profit margin of 7.6%. This demonstrates the company's core pricing power and production efficiency.