Hawaiian Electric Industries, Inc. (HE) Revenue History
Annual and quarterly revenue from 2013 to 2024
Compound Annual Growth Rate (CAGR)
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HE Revenue Growth
Revenue Breakdown (FY 2024)
HE's revenue distribution by segment and geography for fiscal year 2024
By Product/Segment
By Geography
HE Revenue Analysis (2013–2024)
As of May 8, 2026, Hawaiian Electric Industries, Inc. (HE) generated trailing twelve-month (TTM) revenue of $2.77 billion, reflecting significant decline in growth of -15.7% year-over-year. The most recent quarter (Q3 2025) recorded $790.6 million in revenue, up 5.9% sequentially.
Looking at the longer-term picture, HE's 5-year compound annual growth rate (CAGR) stands at +2.3%, indicating moderate growth over time. The company achieved its highest annual revenue of $3.42 billion in 2022.
Revenue diversification analysis shows HE's business is primarily driven by Electric Energy Sales, Large Light And Power (35%), Electric Energy Sales, Commercial (31%), and Electric Energy Sales, Residential (31%).
When compared to Utilities sector peers including OTTR (-0.5% YoY), AVA (-1.5% YoY), and NWE (+9.1% YoY), HE has underperformed the peer group in terms of revenue growth. Compare HE vs OTTR →
HE Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| HECurrent | $2.8B | -15.7% | +2.3% | -53.0% | |
 OTTR | $1.3B | -0.5% | +7.9% | 26.5% | |
 AVA | $2.0B | -1.5% | +8.2% | 18.0% | |
 NWE | $1.6B | +9.1% | +6.1% | 20.2% | |
 MGEE | $744M | +8.9% | +6.7% | 22.9% | |
 ED | $16.9B | +9.1% | +6.7% | 17.3% |
HE Historical Revenue Data (2013–2024)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2024 | $3.22B | -2.1% | $-1,706,760,000 | -53.0% | $-1,706,760,000 | -53.0% |
| 2023 | $3.29B | -3.9% | $627.1M | 19.1% | $275.0M | 8.4% |
| 2022 | $3.42B | +20.0% | $628.7M | 18.4% | $279.6M | 8.2% |
| 2021 | $2.85B | +10.5% | $676.9M | 23.7% | $386.1M | 13.5% |
| 2020 | $2.58B | -10.2% | $568.7M | 22.0% | $311.5M | 12.1% |
| 2019 | $2.87B | +0.5% | $626.8M | 21.8% | $348.0M | 12.1% |
| 2018 | $2.86B | +11.9% | $333.4M | 11.7% | $333.4M | 11.7% |
| 2017 | $2.56B | +7.3% | $338.3M | 13.2% | $338.3M | 13.2% |
| 2016 | $2.38B | -8.5% | $348.2M | 14.6% | $348.2M | 14.6% |
| 2015 | $2.60B | -19.6% | $322.6M | 12.4% | $322.6M | 12.4% |
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Start ComparisonHE — Frequently Asked Questions
Quick answers to the most common questions about buying HE stock.
Is HE's revenue growth accelerating or slowing?
HE revenue declined -15.7% year-over-year, contrasting with the 5-year CAGR of +2.3%. TTM revenue fell to $2.8B. This reverses the prior growth trend.
What is HE's long-term revenue growth rate?
Hawaiian Electric Industries, Inc.'s 5-year revenue CAGR of +2.3% reflects the variable expansion pattern. Current YoY growth of -15.7% is below this long-term average.
How is HE's revenue distributed by segment?
HE reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2013-2024 are available for download. Segment mix reveals concentration and diversification trends.