Hawaiian Electric Industries Reports $746.4M Revenue in Q2 2025, Operating Income Recovery

Hawaiian Electric Industries, Inc. (HEI) reported a total revenue of $746.4 million for the second quarter of 2025, a decrease of 6% from $795.4 million in the same period last year. The electric utility segment generated $742.5 million, down from $792.3 million, primarily due to lower fuel oil prices and reduced kilowatt-hour (kWh) generation. The company recorded an operating income of $53.7 million, a significant recovery from an operating loss of $1.66 billion in the prior year, which was heavily impacted by $1.71 billion in wildfire tort-related claims. Net income for common stock was $26.1 million, compared to a net loss of $1.3 billion in the previous year.

For the first half of 2025, HEI's total revenue was $1.49 billion, down from $1.59 billion in the same period of 2024. The decrease was attributed to similar factors affecting the second quarter results. However, the company reported an operating income of $116.2 million, a notable improvement from an operating loss of $1.61 billion in the prior year. The net income for common stock for the first half of 2025 was $52.8 million, compared to a net loss of $1.23 billion in the same period last year.

Strategically, HEI has made significant organizational changes, including the sale of its subsidiary, American Savings Bank, in December 2024, which has been classified as discontinued operations. The company is also in the process of selling its remaining Pacific Current operating subsidiaries, which were classified as held for sale as of June 30, 2025. This strategic shift aims to streamline operations and focus on its core electric utility business. Additionally, HEI has entered into two definitive settlement agreements to resolve tort-related claims arising from the Maui windstorm and wildfires, with a total obligation of $1.99 billion, to be paid in four equal annual installments.

Operationally, Hawaiian Electric serves approximately 95% of Hawaii's population, with a total of 473,293 customer accounts as of June 30, 2025. The company reported a 3.1% 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 by 19.7% year-over-year, contributing to lower operational costs. The company continues to focus on enhancing its renewable energy portfolio, with ongoing projects aimed at achieving Hawaii's ambitious renewable portfolio standards.

Looking ahead, HEI anticipates ongoing challenges related to the financial impacts of the Maui windstorm and wildfires, including the need for additional capital to fund the remaining settlement obligations. The company is exploring various financing options, including an at-the-market offering program to raise up to $250 million. Despite these challenges, HEI remains committed to its long-term goals of providing reliable, affordable, and clean energy to its customers while navigating the complexities of regulatory and market conditions.