Hawaiian Electric Industries Inc (NYSE: HE) is a Hawaii-based utility holding company whose principal subsidiary, Hawaiian Electric Company Inc, generates and distributes electricity across the Hawaiian Islands. Revenue is earned through regulated electric utility operations, with rates set by state regulators and recovered through customer billings. As of December 31, 2024, HEI divested American Savings Bank, F.S.B., its banking subsidiary, leaving the company focused on its electric utility operations. Hawaiian Electric operates as a regulated monopoly serving residential, commercial, and industrial customers across its service territories in Hawaii. The company also holds Pacific Current, LLC and its subsidiaries as indirect subsidiaries. Common stock of Hawaiian Electric Industries Inc had an aggregate market value held by non-affiliates of approximately $172.6 million as of June 30, 2025, with 17,854,278 shares outstanding as of February 17, 2026. The 10-K was filed February 27, 2026, covering the fiscal year ended in 2025.

Revenue model

Regulated electric utility revenue from electricity sales to residential, commercial, and industrial customers at rates approved by Hawaii state regulators, with rate recovery mechanisms including annual revenue adjustments (ARA) and allowance for funds used during construction (AFUDC).

Products and services

Electric generation, transmission, and distribution services across Hawaii; battery energy storage systems (BESS); community-based renewable energy (CBRE) programs.

Customers and end markets

Residential, commercial, and industrial electricity customers across the Hawaiian Islands served by Hawaiian Electric Company Inc.

Value-chain role

Vertically integrated regulated electric utility: generation, transmission, and distribution of electricity to end customers in Hawaii.

Geographic exposure

Hawaii, United States. Operations limited to the Hawaiian Islands through Hawaiian Electric Company Inc.

Source: SEC 10-K, filed 2026-02-27

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