Hawaiian Electric (HE) Q3 2026 Earnings
Core EPS excludes $64.1 million pre-tax gain on sale and unrealized gain on ASB investment, $50.7 million pre-tax Pacific Current impairment, and $18.0 million pre-tax wildfire settlement accretion expense; both GAAP and Core include $14 million of incremental pre-tax storm costs. GAAP diluted EPS was $0.20.
How Did HE Stock React to Q3 2026 Earnings?
Did HE Beat Earnings? Q3 2026 Results
Yes. Hawaiian Electric reported Q3 2026 earnings of $0.13 a share on Nov 6, 2026, beating the $0.06 consensus estimate by 109.7%. Revenue was $1.0B.
Hawaiian Electric Industries posted a complicated third quarter for fiscal 2026, with an adjusted EPS of $0.13 and revenue of $1.01 billion, as storm damage costs and wildfire-related charges weighed heavily on core results even as non-cash gains from its American Savings Bank investment lifted headline figures. The most consequential drag was roughly $14 million in incremental pre-tax storm costs absorbed in August and September, which contributed to a sharp decline in utility net income to $13.49 million from $36.99 million a year earlier; rising interest expense, including $18 million of non-cash accretion tied to the wildfire settlement liability, compounded the pressure. Meanwhile, sharply higher fuel oil costs, averaging $155 per barrel compared to $98.20 a year ago, inflated revenues without meaningfully benefiting earnings. Looking ahead, the company has a pending rate rebasing request proposing a 5.3% base rate increase phased in over two years, and is seeking approval for up to $500 million in wildfire safety investments through a legislatively backed structure designed to manage customer costs.
- $14 million of incremental pre-tax storm costs from August and September severe weather
- $64.1 million pre-tax realized and unrealized gains on ASB investment following ASB IPO
- $50.7 million pre-tax impairment at Pacific Current related to exiting the Mahipapa biomass plant
- $23 million higher utility interest expense, including $18 million non-cash accretion on wildfire settlement liability
- $8 million higher utility revenues (net of fuel and purchased power), primarily from the annual revenue adjustment mechanism
- $3 million higher AFUDC
- Approximately $6 million of former holding company expenses now recorded at the utility after integration (not in customer rates)
- Lower transmission and distribution costs and deferral of certain Wildfire Mitigation Program expenses
- Average fuel oil cost per barrel of $154.87 vs. $98.20 a year earlier
- Discrete tax benefits from valuation allowance release on ASB gains and R&D tax credit claims
“Our company continued to execute well on strategic priorities during the third quarter, working to deliver safe, affordable, reliable and resilient power to our customers. Our resilience investments under the Wildfire Mitigation Plan proved beneficial during the severe weather in August and September, which caused damage statewide. Our crews restored power quickly and safely to affected customers,”
Hawaiian Electric CEO, on the earnings call
What Is Hawaiian Electric's Outlook?
Hawaiian Electric has a pending rate rebasing request proposing a 5.3% base rate increase, phased in over two years and aligned with inflation, to support continued grid investment. It recently sought approval for up to $500 million in wildfire safety and resilience investments through a legislatively approved structure designed to lower customer costs. The utility will request recovery of storm costs once final incremental costs are known. HEI will continue to evaluate early payments of the wildfire settlement liability and is in the final stages of its strategic exit from Pacific Current.
HE YoY Financials
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Figures from SEC filings and company reports. Not investment advice.