v3.26.1
Segment financial information
 6 Months Ended
Jun. 30, 2026
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. The Company operates and reports on one reportable segment: Electric utility. HEI and its other subsidiaries (ASB Hawaii, GLST1 up until its termination on June 3, 2026, 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 June 30, 2026
Revenues$936,864 $2,839 $939,703 
Depreciation and amortization$75,178 $188 $75,366 
Interest and dividend income$2,713 $2,571 $5,284 
Interest expense, net$45,351 $3,032 $48,383 
Income (loss) before income taxes
$183,359 $(18,697)$164,662 
Income tax expense (benefit)
45,501 (4,039)41,462 
Net income (loss) for common stock
$137,858 $(14,658)$123,200 
Six months ended June 30, 2026
Revenues$1,680,904 $5,246 $1,686,150 
Depreciation and amortization$150,440 $373 $150,813 
Interest and dividend income
$6,581 $8,698 $15,279 
Interest expense, net$73,227 $6,284 $79,511 
Income (loss) before income taxes
$228,403 $(25,149)$203,254 
Income tax expense (benefit)
55,202 (5,598)49,604 
Net income (loss) for common stock
$173,201 $(19,551)$153,650 
Capital expenditures$241,810 $280 $242,090 
Total assets (at June 30, 2026)
$8,169,890 $231,912 $8,401,802 
Three months ended June 30, 2025
Revenues$742,482 $3,910 $746,392 
Depreciation and amortization$73,631 $2,474 $76,105 
Interest income$1,215 $6,364 $7,579 
Interest expense, net$21,706 $5,550 $27,256 
Income (loss) before income taxes
$50,269 $(10,294)$39,975 
Income taxes
10,620 2,797 13,417 
Net income (loss)
39,649 (13,091)26,558 
Preferred stock dividends of subsidiaries499 (26)473 
Net income (loss) for common stock
$39,150 $(13,065)$26,085 
Six months ended June 30, 2025
Revenues$1,480,848 $9,614 $1,490,462 
Depreciation and amortization$147,184 $5,483 $152,667 
Interest income$3,196 $17,006 $20,202 
Interest expense, net$44,158 $17,310 $61,468 
Income (loss) before income taxes
$111,788 $(38,274)$73,514 
Income tax expense (benefit)
23,824 (4,012)19,812 
Net income (loss)
87,964 (34,262)53,702 
Preferred stock dividends of subsidiaries998 (52)946 
Net income (loss) for common stock
$86,966 $(34,210)$52,756 
Capital expenditures
$159,950 $1,543 $161,493 
Total assets (at December 31, 2025)
$8,530,520 $392,359 $8,922,879 
 
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.
ASB Hawaii. ASB Hawaii was formed in 1988 and served as the holding company for ASB prior to its sale on December 31, 2024. ASB Hawaii still retains a 9.9% noncontrolling investment in ASB.
GLST1. GLST1 was formed in November 2024 for the purpose of holding the first installment payment pursuant to the settlement of the Maui windstorm and wildfire tort-related legal claims. HEI transferred the amount of the first settlement payment, $479 million, into GLST1, which was restricted from disbursing such funds except in connection with the initial payment to the settlement funds and was classified as “Restricted cash” on the HEI’s Condensed Consolidated Balance Sheet as of December 31, 2025. Effective March 31, 2025, HEI assigned 60% of the membership interests of GLST1 to Hawaiian Electric. As of December 31, 2025, the assigned equity interests totaled $287.3 million, which was reported on “Investment in unconsolidated affiliate” on the Utilities’ Condensed Consolidated Balance Sheet. On April 10, 2026, HEI and Hawaiian Electric paid the first of four equal annual $479 million installments, and effective June 3, 2026, GLST1 was dissolved and terminated.
Pacific Current. Pacific Current was formed in 2017 to focus on investing in non-regulated renewable energy and sustainable infrastructure in the State of Hawaii to help achieve the state’s sustainability goals. As part of HEI’s comprehensive review of strategic options for Pacific Current, significant investments of Pacific Current that were made through its subsidiaries, Hamakua Energy, Mauo and Kaʻieʻie Waho were sold in 2025. Mahipapa is Pacific Current’s remaining operating subsidiary, which owns a 7.5-MW renewable, firm dispatchable closed-loop biomass-to-energy facility on Kauai that provides electricity to Kauai Island Utility Cooperative under a PPA that expires in January 2036.
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. An evaluation of the carrying value of the net assets of Mahipapa resulted in a $3.7 million pretax impairment charge recorded as of June 30, 2026. The pretax impairment charge is included in “Loss on sale of a subsidiary and impairment loss on assets held for sale” in the Company’s Condensed Consolidated Statements of Income. The net assets and liabilities of Mahipapa are classified as held for sale in the Company’s Condensed Consolidated Balance Sheets as of June 30, 2026 and December 31, 2025. The net assets and liabilities were classified as current, and are summarized as follows:
(in thousands)June 30, 2026December 31, 2025
Property, plant and equipment, net of accumulated depreciation$42,423 $46,286 
Other assets9,825 9,980 
Assets held for sale-current$52,248 $56,266 
Long-term debt, net$52,472 $51,568 
Other liabilities8,526 8,235 
Liabilities held for sale-current$60,998 $59,803