Filings/HE/10-Q

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KPIsSections15

Income flow

Headline metrics
Revenue — GREEN$1.68B
Net income — GREEN$173.2M
Net margin — GREEN10.3%
Operating margin — GREEN16.7%
Red flags1 red1 orange
Liquidity2
ORANGE
Current ratio 0.99current_ratio_low
Current assets are below current liabilities — short-term liquidity pressure.
RED
Cash runway ~1.6 yearscash_runway_low
At current burn rate, cash covers less than 2 years — may require near-term financing.
Income Statement
Income Statement
MetricValueFlag
EPS (diluted)$0.89GREEN
Net Income$173.2MGREEN
Net Margin10.3%GREEN
Operating Margin16.7%GREEN
Revenue$1.68BGREEN
Revenue (quarter)$939.7MGREEN
Balance Sheet
Balance Sheet
MetricValueFlag
Broad Liquidity$238.7MGREEN
Cash$238.7MGREEN
Current Ratio0.99GREEN
Debt/Equity1.17GREEN
Total Assets$8.40BGREEN
Total Equity$1.76BGREEN
Cash Flow
Cash Flow
MetricValueFlag
Cash Conversion (CFO/Rev)0.05GREEN
Free Cash Flow-$150.6MGREEN
Operating CF$91.5MGREEN
SBC % Revenue0.2%GREEN

Sections in this filing

MD&A

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion updates “Management’s Discussion and Analysis of Financial Condition and Results of Operations” included in HEI’s and Hawaiian Electric’s 2025 Form 10-K and should be read in conjunction with such discussion and the 2025 annual consolidated financial statements of HEI and Hawaiian Electric and notes thereto included in HEI’s and Hawaiian Electric’s 2025 Form 10-K, as well as the quarterly condensed consolidated financial statements and notes thereto included in Item 1 of this Form 10-Q. HEI consolidated Recent developments. For discussion of the impacts of inflation and other macro-economic factors impacting the Utilities, s ee also “Recent developments” in Hawaiian Electric’s MD&A. See also “Economic conditions” below for further discussion of the economic impact of recent events, and Note 2 of the Condensed Consolidated Financial Statements for recent updates and disclosures relating to the Maui windstorm and wildfires. RESULTS OF OPERATIONS Three months ended June 30 % (in thousands) 2026 2025 change Primary reason(s) 1 Revenues $ 939,703 $ 746,392 26 Increase in the electric utility segment, partly offset by a decrease in the all other segment. Operating income 204,214 53,747 280 Increase in the electric utility segment (primarily due to the adjustment related to remeasuring the remaining settlement liability (see Note 2 of the Condensed Consolidated Financial Statements)), partly offset by a decrease in the all other segment. Net income for common stock 123,200 26,085 372 Higher net income related to higher operating income, partially offset by higher interest expense due to the accretion related to the remeasuring of the remaining settlement liability (see Note 2 of the Condensed Consolidated Financial Statements) and higher average debt balances and lower interest income due to the first installment payment of the tort-related settlement in April 2026. Six months ended June 30 % (in thousands) 2026 2025 change Primary reason(s) 1 Revenues $ 1,686,150 $ 1,490,462 13 Increase in the electric utility segment, partly offset by a decrease in the all other segment. Operating income 257,591 116,167 122 Increase in the electric utility segment (primarily due to the adjustment related to remeasuring the remaining settlement liability (see Note