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Segment financial information | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Segment financial information | Segment financial information Reportable segments are strategic business units of the Company that offer different products and services and operate in different regulatory environments. Prior to December 31, 2024, the Company operated and reported on two reportable segments: Electric utility and bank. On December 31, 2024, the Company sold 90.1% of ASB (previously, the bank reportable segment) and presented its results as discontinued operations for all periods presented. Accordingly, the bank reportable segment has been eliminated and the segment information presented herein excludes the results of ASB for all periods presented. All comparable information for the historical periods has been recast to reflect the impact of these changes. The Company now operates and reports on one reportable segment: Electric utility. HEI and its other subsidiaries (ASB Hawaii, GLST1, and Pacific Current and its subsidiaries) which are not reportable segments are grouped and reported as an “All Other” non-reportable segment.
(in thousands) |  | Electric utility |  | All Other |  | Total
Three months ended September 30, 2025 |  |  |  |  |  |
Revenues |  | $ | 787,428 |  |  | $ | 3,182 |  |  | $ | 790,610 |
Depreciation and amortization |  | $ | 73,735 |  |  | $ | 221 |  |  | $ | 73,956 |
Interest income |  | $ | 1,461 |  |  | $ | 5,499 |  |  | $ | 6,960 |
Interest expense, net |  | $ | 22,114 |  |  | $ | 4,097 |  |  | $ | 26,211 |
Income (loss) from continuing operations before income taxes |  | $ | 48,459 |  |  | $ | (8,513) |  |  | $ | 39,946 |
Income tax expense (benefit) |  | 10,973 |  |  | (2,245) |  |  | 8,728 |
Net income (loss) from continuing operations |  | 37,486 |  |  | (6,268) |  |  | 31,218 |
Preferred stock dividends of subsidiaries |  | 498 |  |  | (27) |  |  | 471 |
Net income (loss) from continuing operations for common stock |  | $ | 36,988 |  |  | $ | (6,241) |  |  | $ | 30,747 |
Nine months ended September 30, 2025 |  |  |  |  |  |
Revenues |  | $ | 2,268,276 |  |  | $ | 12,796 |  |  | $ | 2,281,072 |
Depreciation and amortization |  | $ | 220,919 |  |  | $ | 5,704 |  |  | $ | 226,623 |
Interest income |  | $ | 4,657 |  |  | $ | 22,505 |  |  | $ | 27,162 |
Interest expense, net |  | $ | 66,272 |  |  | $ | 21,407 |  |  | $ | 87,679 |
Income (loss) from continuing operations before income taxes |  | $ | 160,247 |  |  | $ | (46,787) |  |  | $ | 113,460 |
Income tax expense (benefit) |  | 34,797 |  |  | (6,257) |  |  | 28,540 |
Net income (loss) from continuing operations |  | 125,450 |  |  | (40,530) |  |  | 84,920 |
Preferred stock dividends of subsidiaries |  | 1,496 |  |  | (79) |  |  | 1,417 |
Net income (loss) from continuing operations for common stock |  | $ | 123,954 |  |  | $ | (40,451) |  |  | $ | 83,503 |
Capital expenditures |  | $ | 253,927 |  |  | $ | 1,523 |  |  | $ | 255,450 |
Total assets (at September 30, 2025) |  | $ | 8,390,959 |  |  | $ | 422,677 |  |  | $ | 8,813,636 |
Three months ended September 30, 2024 |  |  |  |  |  |
Revenues |  | $ | 829,617 |  |  | $ | 3,622 |  |  | $ | 833,239 |
Depreciation and amortization |  | $ | 70,548 |  |  | $ | 2,764 |  |  | $ | 73,312 |
Interest income |  | $ | 1,671 |  |  | $ | 1,991 |  |  | $ | 3,662 |
Interest expense, net |  | $ | 20,223 |  |  | $ | 11,862 |  |  | $ | 32,085 |
Loss from continuing operations before income taxes |  | $ | (117,526) |  |  | $ | (55,137) |  |  | $ | (172,663) |
Income tax benefit |  | (35,439) |  |  | (14,515) |  |  | (49,954) |
Net loss from continuing operations |  | (82,087) |  |  | (40,622) |  |  | (122,709) |
Preferred stock dividends of subsidiaries |  | 498 |  |  | (27) |  |  | 471 |
Net loss from continuing operations for common stock |  | $ | (82,585) |  |  | $ | (40,595) |  |  | $ | (123,180) |
Nine months ended September 30, 2024 |  |  |  |  |  |
Revenues |  | $ | 2,410,526 |  |  | $ | 10,144 |  |  | $ | 2,420,670 |
Depreciation and amortization |  | $ | 211,254 |  |  | $ | 8,891 |  |  | $ | 220,145 |
Interest income |  | $ | 4,555 |  |  | $ | 5,374 |  |  | $ | 9,929 |
Interest expense, net |  | $ | 61,625 |  |  | $ | 34,451 |  |  | $ | 96,076 |
Loss from continuing operations before income taxes |  | $ | (1,725,279) |  |  | $ | (104,102) |  |  | $ | (1,829,381) |
Income tax benefit |  | (454,017) |  |  | (25,092) |  |  | (479,109) |
Net loss from continuing operations |  | (1,271,262) |  |  | (79,010) |  |  | (1,350,272) |
Preferred stock dividends of subsidiaries |  | 1,496 |  |  | (79) |  |  | 1,417 |
Net loss from continuing operations for common stock |  | $ | (1,272,758) |  |  | $ | (78,931) |  |  | $ | (1,351,689) |
Capital expenditures |  | $ | 244,300 |  |  | $ | 12,620 |  |  | $ | 256,920 |
Total assets (at December 31, 2024) |  | $ | 7,613,604 |  |  | $ | 1,317,812 |  |  | $ | 8,931,416 |
Sales from Hamakua Energy, LLC (Hamakua Energy) to Hawaii Electric Light (a regulated affiliate), up until the close of its sale on March 10, 2025, are eliminated in consolidation. Sale of ASB. As a result of a comprehensive review of strategic options of ASB, on December 30, 2024, HEI, ASB, and ASB Hawaii, a wholly owned subsidiary of HEI and ASB’s parent holding company, entered into investment agreements to sell 90.1% of the common stock of ASB, amounting to $405.5 million, to various investors including certain ASB officers and directors of ASB, while retaining a 9.9% noncontrolling investment in ASB amounting to $44.6 million. The sale transaction closed on December 31, 2024 and no investor acquired more than 9.9% of the common stock of ASB. The proceeds from the sale were used to pay down HEI’s long-term debt in April 2025 (see “Changes in long-term debt” in Note 5). The Company’s 9.9% noncontrolling ownership interest in ASB is included in “Other noncurrent assets” on the Company’s Condensed Consolidated Balance Sheets. The sale of ASB met the accounting requirements to be disclosed as discontinued operations. Accordingly, the results of ASB are presented as discontinued operations in the 2024 consolidated statements of income and cash flows, and have been excluded from both continuing operations and segment results for the 2024 period presented. The following table summarizes the income from discontinued operations included in the Company’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2024:
(in thousands) |  | Three months ended September 30, 2024 |  | Nine months ended September 30, 2024
Interest and dividend income |  |  |  |
Interest and fees on loans |  | $ | 73,654 |  |  | $ | 219,585 |
Interest and dividends on investment securities |  | 14,001 |  |  | 42,183 |
Total interest and dividend income |  | 87,655 |  |  | 261,768 |
Interest expense |  |  |  |
Interest on deposit liabilities |  | 19,018 |  |  | 54,465 |
Interest on other borrowings |  | 6,403 |  |  | 21,036 |
Total interest expense |  | 25,421 |  |  | 75,501 |
Net interest income |  | 62,234 |  |  | 186,267 |
Provision for credit losses |  | 248 |  |  | (3,821) |
Net interest income after provision for credit losses |  | 61,986 |  |  | 190,088 |
Noninterest income |  |  |  |
Fees from other financial services |  | 5,188 |  |  | 15,195 |
Fee income on deposit liabilities |  | 5,156 |  |  | 14,684 |
Fee income on other financial products |  | 3,131 |  |  | 8,834 |
Bank-owned life insurance |  | 2,993 |  |  | 8,832 |
Mortgage banking income |  | 363 |  |  | 1,151 |
Other income, net |  | 658 |  |  | 1,767 |
Total noninterest income |  | 17,489 |  |  | 50,463 |
Noninterest expense |  |  |  |
Compensation and employee benefits |  | 31,485 |  |  | 93,746 |
Occupancy |  | 5,630 |  |  | 15,913 |
Data processing |  | 4,974 |  |  | 14,780 |
Services |  | 3,816 |  |  | 12,217 |
Equipment |  | 2,436 |  |  | 7,562 |
Office supplies, printing and postage |  | 1,014 |  |  | 3,038 |
Marketing |  | 885 |  |  | 2,408 |
Goodwill impairment |  | — |  |  | 82,190 |
Other expense |  | 5,806 |  |  | 16,561 |
Total noninterest expense |  | 56,046 |  |  | 248,415 |
Income (loss) before income taxes from discontinued operations |  | 23,429 |  |  | (7,864) |
Income tax expense (benefit) |  | 4,651 |  |  | (1,789) |
Income (loss) from discontinued operations |  | $ | 18,778 |  |  | $ | (6,075) |
Pacific Current. Sale of solar and Battery Energy Storage System (BESS) facilities. As a result of HEI’s comprehensive review of strategic options of Pacific Current, effective August 1, 2025, HEI closed on the sale of its solar and BESS assets to an unaffiliated third party for cash consideration (Solar Asset Disposition). The Solar Asset Disposition was completed through the sale of the membership interests in Pacific Current, Solar and Storage Operating Company, LLC (PC Opco), a then newly created indirect subsidiary of Pacific Current, which owned all of the membership interest of Pacific Current’s solar and BESS project companies: Mauo, LLC, Kaʻieʻie Waho Company, LLC, Upena, LLC and Alenuihaha Developments, LLC (Project Companies). As a result of the Solar Asset Disposition, effective as of August 1, 2025, Pacific Current no longer owns the Project Companies. The Company recorded an immaterial gain on the Solar Asset Disposition as of September 30, 2025, which is included in “Gain (loss) on sale of subsidiaries and impairment loss on assets sold and held for sale” in the Company’s Condensed Consolidated Statements of Income for the three and nine months ended September 30, 2025. In the second quarter of 2025, the Company evaluated the carrying value of the net assets of Pacific Current’s solar/BESS and biomass facilities and concluded the net assets were impaired as of June 30 2025. As a result, the Company recognized a pretax impairment charge of $0.2 million and tax expense and an expected investment tax credit recapture of $5.3 million. The pretax impairment charge is included in “Gain (loss) on sale of subsidiaries and impairment loss on assets sold and held for sale” and the taxes on the impairment and expected investment tax credit recapture is included in “Income tax expense (benefit)” in the Company’s Condensed Consolidated Statements of Income for the nine months ended September 30, 2025. Assets held for sale-Mahipapa. In addition, in connection with the Solar Asset Disposition and as part of the membership interest purchase agreement pursuant to which the Solar Asset Disposition was conducted (MIPA), but as a separate transaction, Pacific Current agreed to sell all of the membership interest in its biomass subsidiary, Mahipapa, LLC, to the same unaffiliated third party that is party to the MIPA (the Mahipapa Sale), with each of the parties’ obligations to complete the Mahipapa Sale subject to the conditions set forth in the MIPA. The net assets of Mahipapa are classified as held for sale in the Company’s Condensed Consolidated Balance Sheets as of September, 2025. The net assets were classified as current, and are summarized as follows:
(in thousands) |  | September 30, 2025
Property, plant and equipment, net of accumulated depreciation |  | $ | 46,051 |
Other assets |  | 9,827 |
Assets held for sale-current |  | $ | 55,878 |
Long-term debt, net |  | $ | 51,116 |
Other liabilities |  | 7,959 |
Liabilities held for sale-current |  | $ | 59,075 |
Sale of Hamakua Holdings, LLC. As part of HEI’s comprehensive review of strategic options for Pacific Current, on March 10, 2025, Pacific Current closed on the sale of Hamakua Holdings, LLC (Hamakua Holdings), a then wholly owned subsidiary of Pacific Current, to an unaffiliated third party for cash consideration (Hamakua Sale). Hamakua Holdings had two wholly owned subsidiaries: Hamakua Energy, which owned a 60-MW combined cycle power plant that sells power to Hawaii Electric Light under an existing power purchase agreement, and HAESP, LLC (created in connection with the current on-going Stage 3 RFP process). As a result and effective as of the closing of the Hamakua Sale, Pacific Current no longer owns either of Hamakua Energy or HAESP, LLC, as wholly owned subsidiaries of Hamakua Holdings. The Company recorded a loss on the sale amounting to $13.2 million as of March 31, 2025. GLST1. HEI transferred the amount of the first settlement payment, $479 million, into a new subsidiary, GLST1, which is restricted from disbursing such funds except in connection with the initial payment to the settlement funds. Effective March 31, 2025, HEI assigned 60% of the membership interests of GLST1 to Hawaiian Electric. As of September 30, 2025, the assigned equity interests total $287.3 million, which is reported on “Investment in unconsolidated affiliate” on the Utilities’ Condensed Consolidated Balance Sheets.

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- Definition The entire disclosure for reporting segments including data and tables. 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