Hawaiian Electric Industries Inc (HE) · Nov 6, 2026 · Earnings
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”.
| Figure | Q3 2026 | Q3 2025 | Consensus |
|---|---|---|---|
| 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.
Second wildfire settlement payment due April 2027
A buy-side analyst on every ticker — it reads every public company's filing the instant it drops and decodes it into plain English.
A buy-side analyst on every ticker — the whole market decoded the second it moves, before it's a headline. Free gives you a taste. Pro takes the cap off and opens the full read on every company.
by Signing in NOW, claim your FREE 14-day Pro trial!