Filing Flows › Hawaiian Electric Industries (HE) › Q2 2025
Hawaiian Electric Industries (HE) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 7, 2025
Hawaiian Electric Industries (HE) reported revenue of $746M for the second quarter 2025 (Q2 2025), -6% from a year earlier and +0.3% from the quarter before. Operating margin was 7.2%, net earnings $26.6M (3.6% of revenue).
Hawaiian Electric Industries, Q2 2025: revenue $746M (-6% year over year), operating margin 7.2%, net earnings $26.6M, operating cash flow $135M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $746M | +0.3% | -6% |
| Operating profit | $53.7M | -14% | — |
| Net earnings | $26.6M | -2% | — |
| Operating cash flow | $135M | +171% | +96% |
| Free cash flow | $59.8M | — | — |
What changed
Revenue was $746.4M in Q2 2025, down 6% year over year and roughly flat from the previous quarter. Electric utility was the largest line at 99% of revenue. Electric utility lost $49.8M year over year (down 6%), 102% of the total change.
Operating profit was $53.7M, a 7.2% margin (up 216.1 points year over year). Total costs fell 72% while revenue fell 6%. Net earnings were $26.6M. The effective tax rate was 33.6%.
Operating cash flow was $134.8M (up 96% year over year), 507% of net earnings. Non-cash charges added back $76.1M of depreciation and amortization and $2.8M of share-based compensation. Working capital and other items added $29.3M. Capital expenditures of $75.0M left free cash flow of $59.8M.
Questions
What was Hawaiian Electric Industries' revenue in the second quarter 2025?
Hawaiian Electric Industries (HE) reported revenue of $746M for the second quarter 2025 (Q2 2025), -6% from a year earlier and +0.3% from the quarter before.
Was Hawaiian Electric Industries profitable in the second quarter 2025?
Operating profit was $53.7M (7.2% of revenue) and net earnings $26.6M.