Filing Flows › Hawaiian Electric Industries (HE) › Q4 2025
Hawaiian Electric Industries (HE) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 27, 2026
Hawaiian Electric Industries (HE) reported revenue of $806M for the fourth quarter 2025 (Q4 2025), +0.8% from a year earlier and +2% from the quarter before. Operating margin was 8.3%, net earnings $41.4M (5.1% of revenue).
Hawaiian Electric Industries, Q4 2025: revenue $806M (+0.8% year over year), operating margin 8.3%, net earnings $41.4M, operating cash flow $106M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $806M | +2% | +0.8% |
| Operating profit | $67.1M | +29% | +25% |
| Net earnings | $41.4M | +32% | — |
| Operating cash flow | $106M | +6% | -22% |
| Free cash flow | $20.7M | +228% | -58% |
What changed
Revenue was $805.8M in Q4 2025, up 1% year over year and up 2% from the previous quarter. Electric energy sales - large light and power was the largest line at 35% of revenue.
Operating profit was $67.1M, a 8.3% margin (up 1.6 points year over year). Of the extra revenue versus Q4 2024, 202% reached operating profit, above the 7% margin then. Total costs fell 1% while revenue rose 1%. Net earnings were $41.4M. The effective tax rate was 22.6%.
Operating cash flow was $106.4M (down 22% year over year), 257% of net earnings. Non-cash charges added back $72.3M of depreciation and amortization and $504K of share-based compensation. Working capital and other items used $7.8M. Capital expenditures of $85.8M left free cash flow of $20.7M.
Questions
What was Hawaiian Electric Industries' revenue in the fourth quarter 2025?
Hawaiian Electric Industries (HE) reported revenue of $806M for the fourth quarter 2025 (Q4 2025), +0.8% from a year earlier and +2% from the quarter before.
Was Hawaiian Electric Industries profitable in the fourth quarter 2025?
Operating profit was $67.1M (8.3% of revenue) and net earnings $41.4M.