Hawaiian Electric Industries
Runs regulated electric grids across five Hawaiian islands.
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Profile
Generates, buys, transmits and sells electricity through regulated utilities serving five Hawaiian islands. Revenue is almost entirely utility-derived, while separate island grids, fuel and purchased-power dependence, state regulation, renewable mandates and Maui wildfire settlement payments shape the business.
Owns regulated electric utilities that generate, purchase, transmit, distribute and sell power on Oahu, Hawaii Island, Maui, Lanai and Molokai. Hawaiian Electric Company, Hawaii Electric Light and Maui Electric operate five isolated grids serving most of Hawaii's population. The portfolio now centers on the utility after the sale of American Savings Bank and most nonutility assets, with a small remaining renewable-infrastructure holding.
Operations center on reliable electricity delivery, renewable and storage procurement, customer-sited energy integration, grid modernization and wildfire mitigation. Earnings and cash flow depend on Hawaii Public Utilities Commission rate treatment, access to fuel and purchased power, and financing for the Maui wildfire settlement. Separate island grids cannot import power from one another, while oil-fired generation and statutory renewable-energy targets shape investment needs.
Company facts
Key statistics
Year to date −9.6% · Average volume (30d) 1.9M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 11, 2026 | Barclays | Reiterate | Equal Weight | $13 | $12 | |
| Jul 6, 2026 | Jefferies | Reiterate | Underperform | $12.50 | $11.75 | |
| Jan 26, 2026 | Barclays | Reiterate | Equal Weight | $11 | $13 | |
| Jan 20, 2026 | Jefferies | Downgrade | Hold | Underperform | $12 | $12.50 |
| Jan 15, 2026 | Barclays | Reiterate | Equal Weight | $11 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 7, 2026Q2 FY26 | $0.21 | $0.13 | −38.1% | $939.7M | $939.7M | 0.0% | −5.81% |
| May 8, 2026Q1 FY26 | $0.27 | $0.18 | −33.3% | $746.4M | $744.0M | −0.3% | −6.07% |
| Feb 27, 2026Q4 FY25 | $0.24 | $0.24 | +1.1% | $805.8M | $805.8M | 0.0% | +3.23% |
| Nov 7, 2025Q3 FY25 | $0.24 | $0.19 | −20.8% | — | $790.6M | — | −3.20% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $744.1M | $746.4M | $790.6M | $805.8M | $746.4M | $939.7M | |
| Gross profit | $62.4M | $53.7M | $52.0M | $67.1M | $53.4M | $204.2M | |
| Operating income | $62.4M | $53.7M | $52.0M | $67.1M | $53.4M | $204.2M | |
| Net income | $27.1M | $26.6M | $31.2M | $41.4M | $30.5M | $123.2M | |
| Diluted EPS | $0.15 | $0.15 | $0.18 | $0.23 | $0.18 | $0.71 | |
| Gross margin | 8.4% | 7.2% | 6.6% | 8.3% | 7.2% | 21.7% | |
| Operating margin | 8.4% | 7.2% | 6.6% | 8.3% | 7.2% | 21.7% |
Fiscal years (4-quarter sums)FY21 $2.85B · FY22 $3.74B · FY23 $3.29B · FY24 $3.01B · FY25 $3.09B
Revenue by product · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $238.7M · Total debt $2.82B · Total assets $8.40B · Shareholders' equity $1.76B
Dividends
Raised for 36 straight years — most recently to $0.36 from $0.35 in Feb 2023.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 17, 2023 | Aug 18 | Sep 8 | $0.36 | |
| May 18, 2023 | May 19 | Jun 9 | $0.36 | |
| Feb 22, 2023 | Feb 23 | Mar 10 | $0.36 | raised from $0.35 |
| Nov 21, 2022 | Nov 22 | Dec 9 | $0.35 | |
| Aug 17, 2022 | Aug 18 | Sep 9 | $0.35 | |
| May 19, 2022 | May 20 | Jun 10 | $0.35 | |
| Feb 23, 2022 | Feb 24 | Mar 10 | $0.35 | raised from $0.34 |
| Nov 22, 2021 | Nov 23 | Dec 10 | $0.34 |
Ownership
Shares outstanding 172.64M · Float 172.00M · 99.6% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 26.48M | 15.34% | 13F | Aug 7, 2026 |
| Horizon Kinetics Asset Management LLC | 22.40M | 12.97% | 13F | Aug 11, 2026 |
| Vanguard Portfolio Management LLC | 10.37M | 6.01% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 7.48M | 4.33% | 13F | Aug 13, 2026 |
| State Street Corp | 7.18M | 4.16% | 13F | Aug 7, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- PG&E
Wildfire-risk utility peer for safety rebuild and rate recovery.
- Edison International
California wildfire and grid-hardening peer.
- AES
Utility-scale renewables and storage pressure island procurement.
- NextEra Energy
Scale benchmark for regulated utility renewables and storage.
- Sunrun
Customer-sited solar and storage substitute for grid purchases.
- Portland General Electric
Regulated utility peer for clean energy, storage, and reliability.
- IDACORP
Regional regulated utility peer for reliability and resource transition.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Hawaiian Electric Industries | $11.42 | +0.04% | $1.97B | 8.8 | 7.9 | 0.6 | +25.9% |
| PG&E | $16.64 | +0.15% | $44.49B | 12.1 | 9.6 | 1.7 | +0.1% |
| Edison International | $70.69 | +0.77% | $27.00B | 7.2 | 11.8 | 1.4 | −4.1% |
| AES | $14.72 | 0.00% | $10.50B | 5.6 | 7.6 | 0.8 | +19.9% |
| NextEra Energy | $81.84 | +0.02% | $170.72B | 18.3 | 19.9 | 5.9 | +12.5% |
| Sunrun | $8.80 | +0.27% | $2.09B | 5.9 | 13.7 | 0.6 | +52.8% |
| Portland General Electric | $49.60 | 0.00% | $5.74B | 21.8 | 13.4 | 1.7 | +0.9% |
| IDACORP | $135.78 | +0.04% | $7.85B | 22.5 | 20.5 | 4.4 | +10.9% |
| Median | 12.1 | 13.4 | 1.7 | +10.9% |