HAWAIIAN ELECTRIC INDUSTRIES INC (HE) FY2025 10-K Annual Report
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 27, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
HAWAIIAN ELECTRIC INDUSTRIES INC FY2025 10-K Analysis
Business Overview
- • Core business model: Electric utility providing electricity and related services across Hawaii
- • New $95 million federal grant awarded in 2024 for Climate Adaption Transmission and Distribution Resilience Program
- • Strategic focus on grid modernization and resilience including wildfire risk mitigation via undergrounding lines post-Maui wildfires
- • Liquidity enhanced by $558 million stock offering in September 2024 and $500 million senior notes issued in September 2025
- • Credit ratings upgraded to BB-/Ba2/B+ (Fitch/Moody’s/S&P) in mid-2025 with positive outlooks reflecting improved financial position
Management Discussion & Analysis
- • No revenue or YoY change figures disclosed in provided MD&A excerpt
- • No profitability or margin % figures disclosed in provided MD&A excerpt
- • No segment performance data included in provided excerpt
- • No cash flow, buybacks, dividends or capex figures provided
- • Key risks: wildfire liabilities, insurance cost increases, capital raising challenges, extreme weather impacts, regulatory delays, supply chain issues, fuel price volatility, and cybersecurity threats
Risk Factors
- • Regulatory risk from PUC and PBR Framework affecting $1,444M liabilities and $308M assets, with potential material impact if regulatory accounting criteria change
- • Macroeconomic inflation affecting asset retirement obligations valued at $13.0M using inflation-dependent discounted cash flow models
- • Operational risk from unrecorded asset retirement obligations on utility-owned generating facilities and certain transmission assets with indefinite service lives
- • No specific competitive or market disruption risk disclosed in the section
- • No financial leverage or key-person concentration risk detailed in the section
HAWAIIAN ELECTRIC INDUSTRIES INC FY2025 Key Financial MetricsXBRL
Revenue
$3.1B
▼ -4.1% YoY
Net Income
$126M
▲ +108.9% YoY
Operating Margin
7.6%
▲ +6063bp YoY
Net Margin
4.1%
▲ +4832bp YoY
ROE
7.9%
▲ +10415bp YoY
Total Assets
$8.9B
▼ -0.1% YoY
EPS (Diluted)
$0.71
▲ +106.3% YoY
Operating Cash Flow
$391M
▼ -19.8% YoY
Source: XBRL data from HAWAIIAN ELECTRIC INDUSTRIES INC FY2025 10-K filing on SEC EDGAR. All figures in USD.
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