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Hawaiian Electric Industries cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$38.0M in Q3 2026 · −$610M over twelve months

Operating cash flow$119M
Capital spending−$157M
Free cash flow−$38.0M
Cash / net income3.4×

Analysis

In Q3 2026, Hawaiian Electric Industries generated $119M of operating cash flow and spent $157M on capital projects, leaving free cash flow of −$38.0M. That is $44.3M less than in Q3 2025 ($6.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$125M; the largest uses were capital spending ($485M), net borrowing (+) / repaid (−) ($180M), operating cash flow ($125M); besides operations, cash came from other investing ($37.1M); the cash balance fell by $803M.

Operating cash flow was $119M against net income of $35.5M — 3.4× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$75.0M, gains on investments −$64.1M, receivables −$26.1M.

Free cash flow

Hawaiian Electric Industries: free cash flow by quarterHawaiian Electric Industries: free cash flow by quarter$49.2MQ4 2024−$36.9MQ1 2025$59.8MQ2 2025$6.3MQ3 2025$20.7MQ4 2025−$42.5MQ1 2026−$550MQ2 2026−$38.0MQ3 2026
Operating cash flow less capital spending.
Hawaiian Electric Industries: operating cash flow against capital spendingHawaiian Electric Industries: operating cash flow against capital spendingOperating cash flowCapital spending$137M$87.3MQ4 2024$49.7M$86.5MQ1 2025$135M$75.0MQ2 2025$100M$94.0MQ3 2025$106M$85.8MQ4 2025$61.0M$104MQ1 2026−$411M$139MQ2 2026$119M$157MQ3 2026
Latest (Q3 2026): Operating cash flow $119M, Capital spending $157M.

Capital allocation, year by year

Hawaiian Electric Industries: where the cash came from (up) and went (down), by fiscal yearHawaiian Electric Industries: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $376MFY2021: Net borrowing $128MFY2021: Capital spending −$315MFY2021: Dividends −$149M$504MFY2021FY2022: Operating cash flow $454MFY2022: Net borrowing $123MFY2022: Asset sales $3.8MFY2022: Capital spending −$339MFY2022: Acquisitions −$25.7MFY2022: Dividends −$111M$581MFY2022FY2023: Operating cash flow $551MFY2023: Net borrowing $282MFY2023: Shares issued $1.2MFY2023: Asset sales $595KFY2023: Capital spending −$443MFY2023: Dividends −$74.0M$835MFY2023FY2024: Operating cash flow $487MFY2024: Net borrowing −$46.9MFY2024: Shares issued $557MFY2024: Capital spending −$344M$1.0BFY2024FY2025: Operating cash flow $391MFY2025: Net borrowing −$284MFY2025: Capital spending −$341M$391MFY2025
Over these 5 years operating cash flow totalled $2.3B; the largest uses were capital spending ($1.8B) and dividends ($334M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$224M
Debt$2.3B
Net debt$2.1B
Due within a year$125M
Cash runway4 months

Hawaiian Electric Industries is burning cash: its operations consume cash, a free cash flow of −$610M a year at the current rate against $224M of cash and investments: a runway of about 4 months; $125M of debt also comes due within a year, which would need refinancing or new money before any new financing.

Hawaiian Electric Industries: debt maturities by year (FY2025)Hawaiian Electric Industries: debt maturities by year (FY2025)$125MYear 1$100MYear 2$139MYear 3$35.0MYear 4$189MYear 5
Principal due in each year as disclosed in the annual report, against $224M of cash and investments now.

Where the cash came from and went

Hawaiian Electric Industries: sources (+) and uses (−) of cash, Q3 2026Hawaiian Electric Industries: sources (+) and uses (−) of cash, Q3 2026Capital spending−$157MOperating cash flow$119MOther investing$34.2MCash drawn (+) / kept (−)$14.5MNet borrowing (+) / repaid (−)−$5.7MOther financing−$5.0M
Hawaiian Electric Industries: sources (+) and uses (−) of cash, TTM to Q3 2026Hawaiian Electric Industries: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$803MCapital spending−$485MNet borrowing (+) / repaid (−)−$180MOperating cash flow−$125MOther financing−$49.6MOther investing$37.1MPartners−$473KTaxes on employees’ shares−$128K

From profit to cash

Hawaiian Electric Industries: net income to operating cash flow, Q3 2026Hawaiian Electric Industries: net income to operating cash flow, Q3 2026Net income$35.5MDepreciation & amortization$75.0MStock-based pay$3.5MDeferred taxes$6.3MGains on investments−$64.1MReceivables−$26.1MOther operating capital$11.7MOperating cash flow$119M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$119M−$157M−$5.7M—$14.5M−$38.0M
Q2 2026−$411M−$139M−$140M—$693M−$550M
Q1 2026$61.0M−$104M−$5.0M—$48.9M−$42.5M
Q4 2025$106M−$85.8M−$29.1M—$46.5M$20.7M
Q3 2025$100M−$94.0M$436M—−$390M$6.3M
Q2 2025$135M−$75.0M−$533M—$475M$59.8M
Q1 2025$49.7M−$86.5M−$98.1M—$131M−$36.9M
Q4 2024$137M−$87.3M−$34.6M−$112K−$422M$49.2M

Hawaiian Electric Industries: income statement and cash flow

Hawaiian Electric Industries, Q3 2026: revenue $1.0B (+28% year over year), operating margin 4.1%. The chart follows the revenue to costs, profit and cash.

Hawaiian Electric Industries: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.