Filing Flows › Hawaiian Electric Industries (HE) › Q1 2026
Hawaiian Electric Industries (HE) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 8, 2026
Hawaiian Electric Industries (HE) reported revenue of $746M for the first quarter 2026 (Q1 2026), +0.3% from a year earlier and -7% from the quarter before. Operating margin was 7.2%, net earnings $30.4M (4.1% of revenue).
Hawaiian Electric Industries, Q1 2026: revenue $746M (+0.3% year over year), operating margin 7.2%, net earnings $30.4M, operating cash flow $61.0M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $746M | -7% | +0.3% |
| Operating profit | $53.4M | -20% | -14% |
| Net earnings | $30.4M | -26% | +12% |
| Operating cash flow | $61.0M | -43% | +23% |
What changed
Revenue was $746.4M in Q1 2026, roughly flat year over year and down 7% from the previous quarter. Electric energy sales - large light and power was the largest line at 34% of revenue. Electric energy sales - other added $309K year over year (up 7%), 13% of the total change. Electric energy sales - commercial declined 6%.
Operating profit was $53.4M, a 7.2% margin (down 1.2 points year over year). Operating profit fell $9.0M even though revenue rose $2.4M versus a year earlier, so costs grew faster than sales. Total costs grew 2% against flat revenue. Net earnings were $30.4M, up 12% year over year. The effective tax rate was 21.1%.
Operating cash flow was $61.0M (up 23% year over year), 200% of net earnings. Non-cash charges added back $75.4M of depreciation and amortization and $1.2M of share-based compensation. Working capital and other items used $46.1M. Capital expenditures of $103.5M exceeded it, leaving free cash flow of −$42.5M.
Questions
What was Hawaiian Electric Industries' revenue in the first quarter 2026?
Hawaiian Electric Industries (HE) reported revenue of $746M for the first quarter 2026 (Q1 2026), +0.3% from a year earlier and -7% from the quarter before.
Was Hawaiian Electric Industries profitable in the first quarter 2026?
Operating profit was $53.4M (7.2% of revenue) and net earnings $30.4M.