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Hawaiian Electric Industries (HE) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Hawaiian Electric Industries (HE) Q3 2026 earnings results →
Q3 2026 Revenue up 28% year over year to $1.0B · 4¢ of every $1 of revenue kept as net profit · operating margin 4.1%
Hawaiian Electric Industries made $1.0B in Q3 2026 (+28% Y/Y): Electric energy sales - large light and power $360M, Electric energy sales - residential $327M, Electric energy sales - commercial $313M. Operating margin 4.1%, net earnings $35.5M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.0B in Q3 2026, up 28% year over year and up 7% from the previous quarter. Electric energy sales - large light and power was the largest line at 36% of revenue. Electric energy sales - large light and power added $0.08B year over year (up 29%), 37% of the total change.
Operating profit was $0.04B, a 4.1% margin (down 2.5 points year over year). Operating profit fell $0.01B even though revenue rose $0.22B versus Q3 2025, so costs grew faster than sales. Total costs grew 31% against revenue growth of 28%. Net earnings were $0.04B, up 14% year over year. The effective tax rate was -82.0%.
Operating cash flow was $0.12B (up 19% year over year), 337% of net earnings. Non-cash charges added back $0.08B of depreciation and amortization and $3.5M of share-based compensation. Capital expenditures of $0.16B exceeded it, leaving free cash flow of −$0.04B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $1.0B | +28% | 4.1% | $35.5M | $119M |
| 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 |
| Q4 2025 | 10-K | Feb 27, 2026 | $806M | +0.8% | 8.3% | $41.4M | $106M |
| 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 |
| Q4 2024 | 10-K | Feb 24, 2025 | $799M | -6% | 6.7% | −$67.8M | $137M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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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 Industries
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 Industries against its Electric Services peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +28% against the peers' median +14%. Operating margin: 4.1% against the peers' median 26.9%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| HE Hawaiian Electric Industries | Q3 2026 | $1.0B | +28% | 4.1% |
| 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 Industries 10-Q on SEC EDGAR · CIK 354707 · Electric Services
Guidance and outlook
13F: who owns HE and who is buying
More on HE
- How Hawaiian Electric Industries makes money: revenue by segment
- Hawaiian Electric Industries stock forecast, price target and fair value
- Who owns Hawaiian Electric Industries stock: holders, funds and Congress trades
- Hawaiian Electric Industries guidance and outlook
- Is Hawaiian Electric Industries a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q4 2024 results
- Hawaiian Electric Industries operating margin by quarter
- Hawaiian Electric Industries net income by quarter
- Hawaiian Electric Industries free cash flow by quarter
- Hawaiian Electric Industries capital expenditures by quarter
- Hawaiian Electric Industries Electric energy sales - large light and power revenue by quarter
- Hawaiian Electric Industries Electric energy sales - residential revenue by quarter
- Hawaiian Electric Industries Electric energy sales - commercial revenue by quarter
Compare HE with
- Hawaiian Electric Industries vs Wisconsin Electric Power (HE vs WELPP)
- Hawaiian Electric Industries vs Talen Energy (HE vs TLN)
- Hawaiian Electric Industries vs OGE Energy (HE vs OGE)
- Hawaiian Electric Industries vs Portland General Electric (HE vs POR)
- Hawaiian Electric Industries vs Txnm Energy (HE vs TXNM)