Short answer
HAWAIIAN ELECTRIC INDUSTRIES INC (HE) filed its fiscal 2025 10-K annual report with the SEC on Feb 27, 2026. It reported revenue of $3.1B (−4.1% year over year) and net income of $126M.
- Top risk flagged: Regulatory risk from PUC and PBR Framework affecting $1,444M liabilities and $308M assets, with potential material impact if regulatory accounting criteria change
FY2025 key financial metrics · XBRL
- Revenue
- $3.1B
- −4.1% YoY
- Net income
- $126M
- +108.9% YoY
- Operating margin
- 7.6%
- +60.6 pp YoY
- EPS (diluted)
- $0.71
- +106.3% YoY
- ROE
- 7.9%
- +104.1 pp YoY
- Operating cash flow
- $391M
- −19.8% YoY
Source: XBRL data from the HAWAIIAN ELECTRIC INDUSTRIES INC (HE) FY2025 10-K on SEC EDGAR. USD.
HAWAIIAN ELECTRIC INDUSTRIES INC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
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 profitability or margin % figures disclosed in provided MD&A excerpt
- 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 financial leverage or key-person concentration risk detailed in the section
Generated from the filing text; verify against the original. How to read a 10-K
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