Every material Form 8-K Hawaiian Electric Industries has filed with the SEC since September 24, 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Hawaiian Electric Industries reported third quarter 2026 GAAP net income of $35 million, or $0.20 per diluted share, up from $31 million, or $0.18, a year earlier. Non-GAAP Core net income fell to $23 million, or $0.13 per share, from $33 million, or $0.19, as the company absorbed $14 million of storm costs and a $51 million Pacific Current impairment, offset in GAAP results by gains tied to its American Savings Bank stake.
Total third quarter revenues were $1.01 billion, compared with $791 million in the third quarter of 2025.
GAAP diluted EPS was $0.20 versus $0.18; Core diluted EPS was $0.13 versus $0.19.
The quarter included $64 million of pre-tax gains related to HEI's American Savings Bank investment and a non-cash $51 million pre-tax asset impairment at Pacific Current.
Hawaiian Electric recorded $14 million of incremental pre-tax storm costs for August and September, and its Core net income was $28 million versus $40 million a year earlier.
HEI reported second-quarter 2026 GAAP net income of $123 million, or $0.71 per diluted share, up from $26 million, or $0.15, a year earlier. The result includes a $101 million after-tax non-cash gain from remeasuring the remaining Maui wildfire settlement liability to present value, while Core net income, which excludes wildfire and Pacific Current review items, fell to $22 million, or $0.13 per share, from $35 million, or $0.20.
Total revenues were $939.7 million, compared with $746.4 million in the second quarter of 2025.
Core net income was $22 million, or $0.13 per diluted share, versus $35 million, or $0.20, in the second quarter of 2025; Hawaiian Electric cited higher interest expense and higher O&M.
The remaining settlement liability was reduced from $1.44 billion to $1.30 billion, producing a $154 million pre-tax benefit.
On July 17, HEI submitted an IGP Request for Proposals to the PUC seeking about 1,650 gigawatt-hours of variable renewable energy, 465 megawatts of grid forming resources and 111 megawatts of firm generating capacity.
On July 27, 2026, Hawaiian Electric Company and Kalaeloa Partners entered a new power purchase agreement for 208 megawatts of firm capacity over a 30-year term after commercial operation, replacing the October 2021 agreement that is expected to end in early 2033. The fixed capacity charge falls to $93 per kilowatt per year from $100, and the deal lets Kalaeloa repower the plant to burn other fuels and produce renewable-qualifying energy. The agreement takes effect only after the Hawaii Public Utilities Commission approves it.
New PPA signed July 27, 2026, for 208 MW of firm capacity over a 30-year term after commercial operation
Fixed capacity charge reduced to $93/kW per year from $100/kW per year under the Amended and Restated PPA
Effectiveness depends on PUC approval; either party may void the agreement if approval is not received within 12 months of the application, subject to conditions
HEI reported first-quarter 2026 net income of $30 million, or $0.18 per diluted share, up from $27 million, or $0.15, a year earlier. Excluding Maui wildfire-related costs and Pacific Current strategic review expenses, core net income fell to $31 million, or $0.18, from $40 million, or $0.23. The company also said leadership will be consolidated effective June 1, with Scott Seu becoming CEO of both HEI and Hawaiian Electric, and it expects higher utility operations and maintenance expenses for 2026.
GAAP net income was $30 million ($0.18 per diluted share) versus $27 million ($0.15) in Q1 2025; revenue was $746.4 million versus $744.1 million.
Core net income was $31 million ($0.18 per diluted share) versus $40 million ($0.23) in Q1 2025.
Hawaiian Electric expects 2026 O&M expense, excluding pension, to significantly outpace inflation, and the first of four $479 million settlement payments was issued in April.
Effective June 1, Scott Seu becomes CEO of HEI and Hawaiian Electric, and Shelee Kimura becomes President of both companies.
Scott T. DeGhetto's term as Executive Vice President and Chief Financial Officer ended April 1, 2026. On April 6, the company signed a one-year consulting agreement with him through his company, Emberstone, LLC, covering debt and equity financing, corporate dispositions and other market-related projects, and the filing shows Paul K. Ito signing as Chief Financial Officer. The agreement adds monthly fees and a special projects fee on top of a previously reported $800,000 consulting payment, which shareholders may track as a cost.
CFO term ended April 1, 2026 for Scott T. DeGhetto
Consulting agreement dated April 6, 2026, running to April 5, 2027
Monthly fee of $200,000 plus applicable taxes, and a $1,350,000 special projects fee at the end of the term
Separate $800,000 for consulting through March 1, 2027, previously reported from November 2024 compensation package
HEI reported full-year 2025 net income of $123 million, or $0.71 per diluted share, compared with a net loss of $1,426 million, or $11.23 per share, in 2024, when a $1,875 million Maui wildfire tort-related provision was recorded. Excluding wildfire and strategic review costs, core income from continuing operations rose to $149 million, but core diluted EPS fell to $0.86 from $0.98, and full-year total revenues declined to $3,086.9 million from $3,219.9 million.
Full-year 2025 net income was $123 million, or $0.71 per diluted share, versus a net loss of $1,426 million, or $11.23 per share, in 2024.
Full-year 2025 core income from continuing operations was $149 million, or $0.86 per share, compared with $124 million, or $0.98 per share, in 2024.
Fourth quarter 2025 net income was $40 million, or $0.23 per share, compared with a net loss of $68 million, or $0.40 per share, in the fourth quarter of 2024.
Full-year 2025 total revenues were $3,086.9 million, compared with $3,219.9 million in 2024.
Hawaiian Electric Industries reported third quarter 2025 net income of $31 million, or $0.18 per diluted share, compared with a loss from continuing operations of $123 million, or $1.08 per share, in the same quarter of 2024. Total revenues fell to $790.6 million from $833.2 million, and core earnings per share declined to $0.19 from $0.29, so shareholders see a mixed picture of higher reported profit but lower revenue and core results.
Third quarter net income was $31 million, or $0.18 per diluted share, versus a loss from continuing operations of $123 million, or $1.08 per share, a year earlier.
Core income from continuing operations was $33 million, or $0.19 per share, compared with $33 million, or $0.29 per share, in the third quarter of 2024.
Total revenues were $790.6 million, down from $833.2 million a year earlier.
In September, the credit facility was expanded to $600 million from $375 million, and about $500 million of Hawaiian Electric debt was issued.
Hawaiian Electric Company, the subsidiary of Hawaiian Electric Industries, issued $500 million of 6.000% senior notes maturing October 1, 2033, under an indenture dated September 18, 2025. The company said net proceeds will go to capital expenditures and to repay or refinance short-term and long-term debt, including its revolving credit facility and term loan.
$500 million aggregate principal of 6.000% senior notes due October 1, 2033
Interest paid semi-annually on April 1 and October 1, starting April 1, 2026
Notes redeemable before October 1, 2028 at par plus a make-whole amount; repurchase at 101% upon a change of control triggering event
Indenture with U.S. Bank Trust Company, National Association, as trustee, filed as Exhibit 4.1
HEI and Hawaiian Electric entered into amended revolving credit facilities on September 5, 2025, raising HEI's commitments to $300 million from $175 million and Hawaiian Electric's to $300 million from $200 million. Separately, the utilities plan to redeem all of their outstanding cumulative preferred stock on October 15, 2025, using cash on hand.
HEI revolver commitments increased to $300 million from $175 million, with term extended to September 5, 2030
Hawaiian Electric revolver commitments increased to $300 million from $200 million, with term extended to September 4, 2026, subject to automatic extension
Hawaiian Electric, Maui Electric and Hawaii Electric Light plan to redeem all outstanding cumulative preferred stock on October 15, 2025 at $20.00 to $21.00 per share plus accrued dividends
Approximately $25 million in loans remain outstanding under Hawaiian Electric's amended facility
Hawaiian Electric Industries reported second-quarter 2025 net income for common stock of $26 million, or $0.15 per diluted share, compared with a net loss of $1,295 million in the same quarter of 2024, which included a $1,712 million wildfire-related charge at the utility. Excluding Maui wildfire costs and Pacific Current strategic review expenses, core income was $35 million, or $0.20 per share, down from $0.26 per share a year earlier, and total revenues fell to $746 million from $795 million.
Q2 2025 net income for common stock $26 million, or $0.15 per diluted share, versus a net loss of $1,295 million, or $11.74 per share, in Q2 2024
Core income from continuing operations $35 million, or $0.20 per share, versus $28 million, or $0.26 per share, in Q2 2024
Total revenues $746 million versus $795 million in Q2 2024
Hawaiian Electric board declared a $10 million cash dividend payable to HEI for Q2 2025
Hawaiian Electric Industries reported first-quarter 2025 net income for common stock of $27 million, or $0.15 per share, versus $42 million, or $0.38, a year earlier; the 2024 figure included $21 million from discontinued operations. Core diluted EPS, which excludes Maui wildfire costs and the Hamakua Energy sale loss, was $0.23 versus $0.26, while core net income rose to $40 million from $28 million. The company also said it cut holding company debt by $384 million in April and that Hawaii legislation affecting wildfire liability and the Maui settlement has passed and awaits the governor's signature.
Net income for common stock was $27 million, or $0.15 per share, versus $42 million, or $0.38, in Q1 2024
Core diluted EPS was $0.23 versus $0.26 a year earlier; core net income was $40 million versus $28 million
Pacific Current recorded a $13 million pre-tax loss on the sale of Hamakua Energy
In April, holding company debt was reduced by $384 million using proceeds from the American Savings Bank sale
HEI reported a 2024 net loss of $1,426 million, or $11.23 per share, compared with net income of $199 million, or $1.81 per share, in 2023. The result reflects a $1,875 million utility charge for estimated wildfire liabilities from tort-related claims as of December 31, 2024; excluding special items, core income from continuing operations was $124 million, or $0.98 per share, versus $152 million, or $1.38 per share, a year earlier. The filing also cites a February 10, 2025 Hawaii Supreme Court decision that the company says clarifies the path toward resolving the Maui wildfire tort litigation, and the utility dividend to HEI remains suspended.
Full-year 2024 net loss of $1,426 million ($11.23 per share) vs. net income of $199 million ($1.81 per share) in 2023
Core income from continuing operations of $124 million ($0.98 per share) vs. $152 million ($1.38 per share) in 2023
Fourth quarter 2024 net loss of $68 million ($0.40 per share) vs. net income of $49 million ($0.44 per share) in Q4 2023
Utility recorded a $1,875 million loss from accrual of estimated wildfire liabilities as of December 31, 2024, net of insurance recoveries
Hawaiian Electric Industries (HEI) closed the sale of 90.1% of American Savings Bank (ASB) to independent investors on December 31, 2024, for an aggregate cash price of $405.45 million, implying a $450 million valuation for the bank. HEI keeps a 9.9% stake and says it will use the proceeds to reduce holding company debt and fund wildfire settlement contributions and utility initiatives, while it expects to exit savings and loan holding company regulation.
HEI sold 90.1% of ASB common stock for an aggregate purchase price of $405,450,000, closed December 31, 2024
Transaction values the bank at $450 million; HEI retains a 9.9% stake
Investors include ASB's executive officers and independent directors; no investor holds more than 9.9%
Proceeds are intended to reduce holding company debt and support wildfire settlement contributions and utility initiatives
HEI reported a third-quarter 2024 net loss of $104.4 million, or $0.91 per share, compared with net income of $41.1 million, or $0.37 per share, a year earlier. The loss includes a $203.0 million accrual for estimated Maui wildfire liabilities and a $35.2 million asset impairment at Pacific Current, while revenue rose to $938.4 million from $901.9 million. HEI also said signed settlement agreements in the Maui wildfire tort litigation resolved the going concern matter disclosed in the prior quarter.
Net loss of $104.4 million, or $0.91 per share, versus net income of $41.1 million, or $0.37 per share, in 3Q23
Total revenues of $938.4 million, up from $901.9 million in 3Q23
Core net income of $52.2 million, or $0.46 per share, versus $61.5 million, or $0.56 per share, in 3Q23
Settlement agreements finalized November 4, 2024; HEI expects to pay a total $1.92 billion in four annual installments of about $478.8 million
HEI and Hawaiian Electric entered two settlement agreements, effective November 1, 2024, to resolve tort claims from the 2023 Maui windstorm and wildfires, without admission of liability. The Companies are obligated to contribute a total of $1.99 billion, payable in four annual installments, but payments depend on conditions including insurer claims, state legislation and court approval.
Total contribution of $1.99 billion, including $75 million previously contributed for the One 'Ohana Initiative
Four equal annual installments of $478.75 million, with the first expected no earlier than the fourth quarter of 2025
Settlement excludes securities and derivative actions and does not resolve insurer subrogation claims; $500 million reserved for defendants to address non-participating plaintiffs
Both agreements remain subject to court approval and other conditions, and defendants may terminate under certain circumstances
Hawaiian Electric Industries agreed on September 23, 2024 to sell 54,054,054 shares of common stock at $9.25 per share, with expected net proceeds of approximately $485 million. The company plans to use the proceeds to fund its contribution to the expected Maui wildfire tort litigation settlement and for general corporate purposes. Shareholders should note the new share count and the underwriters' option to buy up to 8,108,108 more shares.
Company agreed to sell 54,054,054 shares at $9.25 per share under an underwriting agreement dated September 23, 2024 with Wells Fargo Securities, Barclays Capital and Guggenheim Securities.
Expected net proceeds of approximately $485 million after underwriting discounts, commissions and estimated offering expenses.
Underwriters have an option to purchase up to 8,108,108 additional shares.
Proceeds will fund the company's contribution to the expected Maui wildfire tort litigation settlement and general corporate purposes; closing is expected on September 25, 2024.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Hawaiian Electric Industries filing is on SEC EDGAR ↗. 8-K briefs of other companies →