Filing Flows › Hawaiian Electric Industries (HE) › Q3 2025
Hawaiian Electric Industries (HE) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 7, 2025
Hawaiian Electric Industries (HE) reported revenue of $791M for the third quarter 2025 (Q3 2025), -5% from a year earlier and +6% from the quarter before. Operating margin was 6.6%, net earnings $31.2M (3.9% of revenue).
Hawaiian Electric Industries, Q3 2025: revenue $791M (-5% year over year), operating margin 6.6%, net earnings $31.2M, operating cash flow $100M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $791M | +6% | -5% |
| Operating profit | $52.0M | -3% | — |
| Net earnings | $31.2M | +18% | — |
| Operating cash flow | $100M | -26% | -36% |
| Free cash flow | $6.3M | -89% | -92% |
What changed
Revenue was $790.6M in Q3 2025, down 5% year over year and up 6% from the previous quarter. Electric energy sales - large light and power was the largest line at 35% of revenue. Electric energy sales - commercial lost $17.2M year over year (down 6%), 40% of the total change.
Operating profit was $52.0M, a 6.6% margin (up 24.6 points year over year). Total costs fell 25% while revenue fell 5%. Net earnings were $31.2M. The effective tax rate was 21.8%.
Operating cash flow was $100.3M (down 36% year over year), 321% of net earnings. Non-cash charges added back $74.0M of depreciation and amortization. Capital expenditures of $94.0M left free cash flow of $6.3M.
Questions
What was Hawaiian Electric Industries' revenue in the third quarter 2025?
Hawaiian Electric Industries (HE) reported revenue of $791M for the third quarter 2025 (Q3 2025), -5% from a year earlier and +6% from the quarter before.
Was Hawaiian Electric Industries profitable in the third quarter 2025?
Operating profit was $52.0M (6.6% of revenue) and net earnings $31.2M.