Hawaiian Electric Industries, Inc.

hei.com

What Do They Do?

Runs electric utilities that generate, purchase, transmit, distribute and sell electricity to residential, commercial and industrial customers in Hawaii.

How Do They Make Money?

Electricity customers pay as power is generated and delivered, with payment generally due within 30 days after the billing period ends. Pacific Current bills renewable-energy customers as power is generated at fixed contract prices, with payments generally due within 30 days after the billing period.

revenue

Segment	Share	How money arrives
Electric energy sales - residential Usage-based	32% FY2022: 31%	Usage-based
Electric energy sales - commercial Usage-based	32% FY2022: 31%	Usage-based
Electric energy sales - large light and power Usage-based	35% FY2022: 35%	Usage-based
Electric energy sales - other Usage-based	0.6% FY2022: 0.5%	Usage-based
Other sales Usage-based	0.4% FY2022: 0.3%	Usage-based

Who Are Their Customers?

The utilities sell electricity directly to residential, commercial and industrial customers across their island service areas, including federal government agencies.

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025 and turned 2 cents into free cash flow.

Operating income, FY2025

8% of revenue

▲ Now profitable vs FY2024 (−$1.7B, −53%)

Net income, FY2025

4% of revenue

▲ Now profitable vs FY2024 (−$1.4B, −44%)

Free cash flow, FY2025

2% of revenue

▼ −65% vs FY2024 ($143.2M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +26%; vs $746.4M in Q2 FY2025

Electric energy sales - large light and power share of revenue from contract with customer, including assessed tax vs 35.3% in Q2 FY2025

Jul 31, 2026 Hawaiian Electric signs a new power agreement with Kalaeloa The agreement would replace the current deal after 2033 and supports repowering the facility for fuel flexibility and renewable-qualified electricity, subject to PUC approval.
Apr 10, 2026 Scott DeGhetto's term as chief financial officer ends He entered a one-year consulting agreement to advise on financing and corporate dispositions.
Apr 10, 2026 Settlement conditions are met and the first payment is authorized HEI and Hawaiian Electric authorized the first of four annual $479 million installments; releases became effective.

Growing. Revenue grew 8% in 4 years, from $2.9B in FY2021 to $3.1B in FY2025, about 2% a year.

Banking leaves the portfolio The earlier report describes a banking segment serving Hawaii consumers and businesses; the latest report says ASB was sold and HEI's operations are primarily focused on electric utilities.

Renewables portfolio winds down Pacific Current was described as an active clean-energy and infrastructure investor; its investments have since been sold apart from Mahipapa, which is being sold.

Revenue over time

Electric energy sales - residential Electric energy sales - commercial Electric energy sales - large light and power Electric energy sales - other Other sales Bank fees

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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