Hawaiian Electric Industries Reports $790.6M Revenue in Q3 2025, Operating Income Recovery

Hawaiian Electric Industries, Inc. (HEI) reported a total revenue of $790.6 million for the third quarter of 2025, a decrease of 5% from $833.2 million in the same period last year. The electric utility segment generated $787.4 million, down from $829.6 million, primarily due to lower fuel oil prices and reduced kilowatt-hour (kWh) generation. For the nine months ending September 30, 2025, total revenues were $2.281 billion, reflecting a 6% decline from $2.421 billion in the prior year. The company recorded an operating income of $52 million, a significant recovery from an operating loss of $149.7 million in the same quarter of 2024, largely attributed to the absence of substantial wildfire-related claims recorded in the previous year.

The financial performance of HEI has shown notable improvement compared to the previous fiscal period, particularly in operating income, which reached $168.2 million for the nine months ended September 30, 2025, compared to a loss of $1.76 billion in the same period of 2024. The net income for common stock was $30.7 million for the third quarter, a stark contrast to a loss of $123.2 million in the prior year. This turnaround is largely due to the absence of significant wildfire tort-related claims that impacted the previous year's results.

Strategically, HEI has made significant organizational changes, including the divestiture of its banking subsidiary, American Savings Bank, in December 2024, which has been classified as discontinued operations. The company has also focused on enhancing its electric utility operations, with ongoing efforts to settle liabilities related to the Maui windstorm and wildfires. As of September 30, 2025, HEI accrued approximately $1.92 billion in estimated wildfire liabilities, with the first installment of $479 million due in early 2026. The company has established a new subsidiary, GLST1, to manage these funds, which are restricted for use in connection with the settlement payments.

Operationally, Hawaiian Electric serves approximately 95% of Hawaii's population, with a customer base of around 474,000 accounts as of September 30, 2025. The company reported a 2% increase in kWh sales volume compared to the same quarter in 2024, driven by warmer weather and economic recovery post-wildfires. The average fuel oil cost per barrel decreased to $98.20 from $114.61 year-over-year, contributing to lower operational costs. The company has also been actively pursuing renewable energy projects, with a focus on achieving Hawaii's ambitious renewable portfolio standards.

Looking ahead, HEI's management remains cautious about the financial landscape, particularly due to the ongoing impacts of the Maui windstorm and wildfires, which have led to increased operational costs and legal liabilities. The company is working on a financing plan to raise additional capital necessary to fund the remaining settlement of wildfire tort claims. Despite these challenges, HEI is committed to its long-term strategy of transitioning to a decarbonized energy future, supported by recent legislative measures aimed at enhancing the financial stability of utilities in Hawaii.