Hawaiian Electric Industries Inc (HE) · Nov 6, 2026 · Earnings

Hawaiian Electric earnings beat, but core utility profit fell

Beat — Core diluted EPS $0.13 vs ~$0.09 consensus

Hawaiian Electric’s Q3 earnings beat the published EPS estimate, but core utility profit declined as storm costs and wildfire-liability accretion increased.

Hawaiian Electric is a regulated utility rebuilding and hardening Hawaii’s grid while financing a multibillion-dollar Maui wildfire settlement and pursuing rate relief for higher operating and resilience costs. Its prior-quarter story already included a fixed settlement schedule, a pending rate-rebasing request, and pressure from elevated financing costs.

The quarter beat the published earnings bar, but the quality of the beat is mixed. Core diluted EPS was $0.13 versus a published consensus near $0.09, while reported diluted EPS was $0.20. The headline result benefited from $64 million of American Savings Bank gains, so the cleaner operating measure is the core figure rather than GAAP earnings. The filing says, “Excluding these impacts, and excluding Maui wildfire-related items, Core net income for the quarter was $23 million, or $0.13 per share”.

FigureQ3 2026Q3 2025Consensus
Core diluted EPS (Core EPS table)$0.13$0.19~$0.09
GAAP diluted EPS (Income Statement)$0.20$0.18
Hawaiian Electric common income (Utility results)$13.5M$37.0M
HEI Core net income (Core EPS table)$23.0M$32.8M

The underlying utility business weakened year over year. Hawaiian Electric’s common income dropped to $13 million from $37 million, and utility Core earnings fell to $28 million from $40 million. Higher storm-related operating costs, integration costs, and financing expense outweighed lower wildfire-mitigation spending. The filing specifically states that “Hawaiian Electric’s Core net income... was $28 million for the quarter compared to $40 million in the third quarter of 2025”.

Wildfire liabilities remain a drag even after the settlement became more predictable. The company recorded $18 million of non-cash accretion expense as the next settlement payments approach, and it has prepaid $80 million toward the next $479 million installment, reducing the amount due by $82 million after the discount. That improves funding discipline but does not remove the long-term cash burden; the remaining installments are scheduled for April 2027, April 2028, and April 2029. The filing says, “$80 million of second settlement payment prepaid to date”.

The strategic cleanup continues, but it is not yet earnings-positive on an operating basis. The ASB stake generated gains, while Pacific Current recorded a $51 million impairment as HEI exits its final asset there. That simplifies the portfolio, but it also shows why reported earnings are a poor proxy for recurring utility performance this quarter.

Bottom line: Hawaiian Electric beat a low earnings bar, but the core utility business deteriorated and remains burdened by storm costs, financing expense, and wildfire payments. The filing is modestly better than expected, not a clean improvement in the operating story.

What to watch next

Second wildfire settlement payment due April 2027

Original filing on SEC EDGAR

More Hawaiian Electric Industries Inc news

Hawaiian Electric earnings beat, but core utility profit fell | HE Stock News
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