Hawaiian Electric Industries, Inc. (HEI) reported significant financial performance improvements in its latest 10-Q filing for the quarter ending June 30, 2026. The company generated total revenues of $939.7 million for the quarter, a 26% increase from $746.4 million in the same period last year. For the first half of 2026, revenues reached $1.686 billion, up 13% from $1.490 billion in the first half of 2025. The increase in revenue was primarily driven by higher electric utility segment sales, attributed to rising fuel oil prices and increased kilowatt-hour (kWh) generation.
Operating income for the second quarter surged to $204.2 million, a 280% increase compared to $53.7 million in the prior year. This growth was largely due to a $154 million benefit from the remeasurement of the remaining wildfire tort-related settlement liability. Net income for common stock also saw a substantial rise, reaching $123.2 million, compared to $26.1 million in the same quarter of 2025, reflecting a 372% increase. The company’s basic earnings per share rose to $0.71 from $0.15 year-over-year.
In terms of operational metrics, Hawaiian Electric reported a slight decrease in kWh sales volume of 0.8% compared to the same quarter in 2025, attributed to cooler weather conditions. The company served approximately 475,892 customers as of June 30, 2026, marking a stable customer base. The average fuel oil cost per barrel increased significantly to $145.67 from $100.40, impacting operational costs but allowing for pass-through mechanisms to customers.
Strategically, Hawaiian Electric has been focused on addressing the aftermath of the Maui windstorm and wildfires, which have had a profound impact on its operations and financials. The company has committed to a total of $1.99 billion in settlement payments related to the wildfires, with the first installment of $479 million paid in April 2026. The company is also actively pursuing regulatory approvals for various projects aimed at enhancing grid resilience and transitioning to renewable energy sources, including a Wildfire Mitigation Plan approved by the Public Utilities Commission.
Looking ahead, Hawaiian Electric anticipates continued challenges related to the remaining wildfire settlement payments and the impact of rising fuel prices on operational costs. The company is exploring various financing options to support its ongoing capital needs and maintain liquidity. Despite these challenges, management remains optimistic about achieving its long-term goals of decarbonization and enhancing the reliability of its energy services.
About HAWAIIAN ELECTRIC CO INC
Hawaiian Electric Industries, Inc. is a holding company primarily engaged in electric utility operations in Hawaii. Its subsidiaries provide electricity to most of the state's population through regulated utilities on multiple islands. The company focuses on renewable energy, grid modernization, and sustainability, serving residential, commercial, and industrial customers. It emphasizes safety, employee development, and environmental compliance within its integrated energy and infrastructure business model.
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