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Hawaiian Electric earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 7, 2026
Q2 2026 Revenue up 26% year over year to $940M · 13¢ of every $1 of revenue kept as net profit · operating margin 21.7%
Hawaiian Electric made $940M in Q2 2026 (+26% Y/Y): Electric energy sales - large light and power $342M, Electric energy sales - commercial $289M, Electric energy sales - residential $287M. Operating margin 21.7%, net earnings $123M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 7, 2026.
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What changed this quarter
Revenue was $939.7M in Q2 2026, up 26% year over year. Electric energy sales - large light and power was the largest line at 36% of revenue. Electric energy sales - large light and power added $81.3M year over year (up 31%), 42% of the total change.
Operating profit was $204.2M, a 21.7% margin (up 14.5 points year over year). Of the extra revenue versus Q2 2025, 78% reached operating profit, above the 7% margin then. Total costs grew 6% against revenue growth of 26%. Net earnings were $123.2M, up 364% year over year. The effective tax rate was 25.2%.
Operating cash flow was −$411.4M. Non-cash charges added back $75.4M of depreciation and amortization and $2.6M of share-based compensation. Working capital and other items used $612.6M. Capital expenditures of $138.6M exceeded it, leaving free cash flow of −$550.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 7, 2026 | $940M | +26% | 21.7% | $123M | −$411M |
| Q1 2026 | 10-Q | May 8, 2026 | $746M | +0.3% | 7.2% | $30.4M | $61.0M |
| Q3 2025 | 10-Q | Nov 7, 2025 | $791M | -5% | 6.6% | $31.2M | $100M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $746M | -6% | 7.2% | $26.6M | $135M |
| Q1 2025 | 10-Q | May 9, 2025 | $744M | -6% | 8.4% | $27.1M | $49.7M |
| Q4 2024 | 10-K | Feb 24, 2025 | $799M | -6% | 6.7% | −$68.2M | — |
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Customers and suppliers named in filings
Sells to
- U.S. government — 11% of its revenue · Stated in 10-K (sentence) · source
About Hawaiian Electric
HEI and subsidiaries and lines of business. HEI is a holding company with its subsidiaries principally engaged in electric utility and non-regulated renewable/sustainable infrastructure businesses operating in the State of Hawaii. As a holding company, HEI’s sources of funds are primarily dividends from its Electric utility operating subsidiaries, borrowings, and sales of equity. The rights of HEI and its creditors and shareholders to participate in any distribution of the assets of any of HEI’s subsidiaries are subject to the prior claims of the creditors of such subsidiary, except to the extent that claims of HEI in its capacity as a creditor are recognized as primary. The abilities of certain of HEI’s subsidiaries to pay dividends or make other distributions to HEI are subject to contractual and regulatory restrictions (see Note 15 of the Consolidated Financial Statements).
In its own words, from its 10-K, filed Feb 27, 2026.
Hawaiian Electric against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +26% against the peers' median +14%. Operating margin: 21.7% against the peers' median 26.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| Hawaiian Electric | Q2 2026 | $940M | +26% | 21.7% |
| Southern Power | Q3 2026 | $8.8B | +13% | 33.9% |
| NEE NextEra Energy | Q3 2026 | $8.1B | +2% | 32.4% |
| Florida Power & Light | Q2 2026 | $7.5B | +12% | 29.7% |
| CEG Constellation Energy | Q2 2026 | $7.5B | +23% | 7.7% |
| NRG NRG Energy | Q2 2026 | $7.5B | +11% | 13.0% |
| AEP Texas | Q3 2026 | $6.8B | +14% | 26.5% |
| VST Vistra | Q3 2026 | $6.3B | +28% | 26.9% |
| D Dominion Energy | Q3 2026 | $5.6B | +24% | 32.8% |
Source: Hawaiian Electric 10-Q on SEC EDGAR · CIK 46207 · Electric Services