Hawaiian Electric Industries, Inc. (HE)

HE Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Operating Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	228.72	123.12	-1,426	199.24	241.14	246.17
Depreciation & Amortization	298.14	298.92	293.53	282.31	270.41	278.7
Loss (Gain) on Sale of Assets	54.45	12.38	39.64	0.64	-	-9.31
Loss (Gain) on Sale of Investments	-64.15	-	-	-	-8.12	-0.53
Stock-Based Compensation	7.85	3.43	3.59	6.78	7.45	9.14
Change in Accounts Receivable	-95.93	-51.35	96.7	-71.64	-147.33	-73.81
Change in Inventory	-66	-30.04	45.18	8.5	-95.53	-50.42
Change in Accounts Payable	116.37	7.03	6.86	34.29	23.08	9.93
Change in Income Taxes	7.99	-4.56	-25.53	-9.86	120.74	41.33
Change in Other Net Operating Assets	-646.15	60.99	1,803	53.39	49	-53.46
Other Operating Activities	34.1	-28.84	-408.39	-60.27	-127.15	-20.1
Net Cash from Discontinued Operations	-	-	494.83	264.25	120.79	-
Operating Cash Flow	-124.61	391.07	922.94	707.62	454.48	375.67
Operating Cash Flow Growth	-	-57.63%	30.43%	55.70%	20.98%	-12.51%

Investing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Capital Expenditures	-485.2	-341.2	-344.25	-442.73	-339.33	-314.52
Cash Acquisitions	-	-	-	-	-25.71	-
Divestitures	-	13.78	-	-	-	-
Investment in Securities	-	-	-	-	-	-996.11
Other Investing Activities	3.22	5.25	602.57	185.33	-763.64	-1.29
Investing Cash Flow	-448.09	-322.18	258.32	-257.4	-1,129	-1,180

Financing Activities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Short-Term Debt Issued	-	-	50	65	118.65	-
Long-Term Debt Issued	-	510	5.48	625	227.31	285.89
Total Debt Issued	10	510	55.48	690	345.96	285.89
Short-Term Debt Repaid	-	-50	-	-237.65	-	-76.86
Long-Term Debt Repaid	-	-733.56	-97.7	-167.08	-221.91	-82.26
Total Debt Repaid	-189.85	-783.56	-97.7	-404.73	-221.91	-159.12
Net Debt Issued (Repaid)	-179.85	-273.56	-42.22	285.27	124.05	126.77
Issuance of Common Stock	-	-	556.61	1.22	-	-
Repurchase of Common Stock	-0.13	-0.18	-1.07	-2.37	-3.17	-2.01
Common Dividends Paid	-	-	-	-73.96	-111.23	-148.64
Other Financing Activities	-50.11	-57.26	-358.61	-14.59	558.01	780.29
Financing Cash Flow	-230.09	-331	154.71	195.58	567.67	756.4

Net Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Cash Flow	-802.78	-262.11	1,336	645.8	-106.54	-47.52

Free Cash Flow

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Free Cash Flow	-609.8	49.87	578.69	264.89	115.14	61.15
Free Cash Flow Growth	-	-91.38%	118.46%	130.06%	88.30%	34.36%
Free Cash Flow Margin	-17.42%	1.62%	17.97%	8.06%	3.37%	2.15%
Free Cash Flow Per Share	-3.52	0.29	4.56	2.41	1.05	0.56
Levered Free Cash Flow	368.89	142.93	534.01	908.06	-982.92	702.49
Unlevered Free Cash Flow	468.04	218.24	614.69	987.7	-917.11	762.64

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash Interest Paid	98	102	131	109	94	98
Cash Income Tax Paid	9	37	32	23	30	34
Change in Working Capital	-683.72	-17.93	1,926	14.68	-50.04	-126.43

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Sep 30, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 9, 2026

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