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Electric utility segment (Tables)
 12 Months Ended
Dec. 31, 2025
Electric Utility Subsidiary [Abstract]  
Schedule of Regulatory Assets
Regulatory assets were as follows:
December 3120252024
(in thousands)  
Income taxes (8-34 years)
$80,923 $81,102 
Maui windstorm and wildfire related costs (to be determined by the PUC)
80,478 52,652 
Retirement of generating units (9 years)
36,168 40,953 
Right-Of-Use (ROU) assets (25 years remaining)
32,586 19,105 
ECRC/PPAC (1 year)
20,677 17,418 
Vacation earned, but not yet taken (1 year)
14,174 13,950 
Wildfire Mitigation Plan (WMP) (to be determined by the PUC)
9,561 — 
Performance Incentive Mechanisms (PIMs) (1 year)
8,875 6,783 
COVID-19 related costs (2 years)
3,597 6,715 
Retirement benefit plans (balance primarily varies with plans’ funded statuses)2,355 13,755 
Decoupling revenue balancing account and RAM (1 year)
— 9,829 
Other (1-34 years remaining)
18,721 19,057 
Total regulatory assets$308,115 $281,319 
Included in:  
Current assets$50,039 $53,895 
Long-term assets258,076 227,424 
Total regulatory assets$308,115 $281,319 
Schedule of Regulatory Liabilities
Regulatory liabilities were as follows:
December 3120252024
(in thousands)  
Cost of removal in excess of salvage value (1-79 years)
$611,729 $601,741 
Retirement benefit plans (balance primarily varies with plans’ funded statuses)
444,271 279,553 
Income taxes (8-34 years)
281,735 292,036 
Solar tax credits (1-16 years)
43,814 46,661 
Decoupling revenue balancing account and RAM (1 year)
29,370 5,498 
Enterprise Resource Planning (ERP) Benefits (to be determined by the PUC)
11,635 12,549 
Restoration/remediation (to be determined)
11,083 — 
ECRC/PPAC (1 year)
4,668 4,296 
Other (1 year remaining)
5,839 1,749 
Total regulatory liabilities$1,444,144 $1,244,083 
Included in:
Current liabilities$51,997 $26,568 
Long-term liabilities1,392,147 1,217,515 
Total regulatory liabilities$1,444,144 $1,244,083 
Schedule of Voluntary Liquidation and Redemption Prices of Cumulative Preferred Stock
October 15, 2025Voluntary
liquidation price		Redemption
price
Series  
C, D, E, H, J and K (Hawaiian Electric)$20 $21 
I (Hawaiian Electric)20 20 
G (Hawaii Electric Light)100 100 
H (Maui Electric)100 100 
Schedule of Purchase Commitments As of December 31, 2025, the Utilities’ estimated future minimum payments pursuant to purchase obligations related to material contracts for the following five years and thereafter are as follows:
Payments Due
(in millions)
2026
2027
2028
2029
2030
Thereafter
Total
Firm capacity PPAs
$75 $75 $70 $70 $70 $156 $516 
Renewable dispatchable generation plus energy storage and energy storage PPAs101 102 101 101 101 1,518 2,024 
Other renewable PPA
1 4 4 4 4 65 82 
Fuel transportation
7 2 — — — — 9 
Total
$184 $183 $175 $175 $175 $1,739 $2,631 
Schedule of Purchases From All IPPs
Purchases from all IPPs were as follows: 
Years ended December 31202520242023
(in millions)
Kalaeloa$274 $291 $298 
HPOWER71 74 70 
Hamakua Energy
37 35 71 
Puna Geothermal Venture41 56 38 
Kapolei Energy Storage
24 24 — 
Wind IPPs116 130 125 
Solar IPPs110 84 72 
Other IPPs1
5 9 (2)
Total IPPs$678 $703 $672 
1 Includes hydro power and other PPAs.
Schedule of Changes in Asset Retirement Obligation
Changes to the ARO liability included in “Other liabilities” on Hawaiian Electric’s balance sheet were as follows:
(in thousands)20252024
Balance, January 1$12,492 $12,009 
Accretion expense506 484 
Liabilities incurred— — 
Liabilities settled(3)(1)
Balance, December 31$12,995 $12,492 
Schedule of PIM Rewards The following PIMs and SSMs were approved by the PUC and are applicable to the 2024 and 2025 evaluation periods. PIMs and SSMs are determined at the end of their respective evaluation periods. Unless otherwise specified, the evaluation period is the 12‑month calendar year period ending December 31 over which measured performance is determined.
Performance Incentive MechanismsMaximum rewards/penalties $2025 rewards (penalties) accrued2024 rewards (penalties) earned2023 rewards (penalties) earned
(in millions)
Transmission and Distribution-caused SAIDI/SAIFI PIMs
Maximum penalties of $3.6 million for 2024/2025
$(3.0)$(1.0)$(3.7)
Phase 1 RFP PIMVaries0.3 0.2 0.1 
Renewable portfolio standard (RPS) PIM
$10/MWh for above interpolated statutory RPS goal
$20/MWh for failing to meet RPS targets in 2030, 2040 and 2045
1.9 1.9 0.4 
Interconnection Approval PIM1
Maximum reward of $3.0 million or a total annual maximum penalty of $0.9 million
NA
2.4 3.0 
Interconnection Requirements Study PIMVaries3.8 — 
NA
Generation-caused SAIDI/SAIFI PIMs
Maximum penalties of approximately $1.0 million
— (0.1)
NA
Collective Shared Savings Mechanism
20% share of savings when non-ARA costs in a performance year lower than target year non-ARA costs
4.3 2.8 
NA
Interim Grid Services
Maximum reward of 1.5 million
NA
NA
1.1 
Total PIM rewards, net$7.5 $6.2 $0.9 
1 The Interconnection Approval PIM expired as of December 31, 2024.
NA - Not applicable
Note: Columns may not foot due to rounding.
Schedule of Net Annual Incremental Amounts Proposed to be Collected (Refunded) The filing reflected ARA revenues for 2026 to be collected from January 1 through December 31, 2026, as follows:
(in millions)Hawaiian ElectricHawaii Electric LightMaui ElectricTotal
2026 ARA revenues
$20.4 $5.0 $4.9 $30.3 
Management Audit savings commitment(4.6)(1.0)(1.0)(6.6)
Net 2026 ARA revenues
$15.8 $4.0 $3.9 $23.7 
The net incremental amounts between the 2025 spring and fall revenue reports are shown in the following table. The amounts are to be collected (refunded) from January 1, 2026 through December 31, 2026 under the RBA rate tariffs, which were included in the 2025 fall revenue report filing.
(in millions)Hawaiian ElectricHawaii Electric LightMaui ElectricTotal
2026 ARA revenues
$20.4 $5.0 $4.9 $30.3 
Annual change in accrued RBA balance through September 30, 2025 (and associated revenue taxes)
(18.6)(1.3)(10.7)(30.6)
Incremental Performance Incentive Mechanisms (net)
— (0.1)0.3 0.2 
Net incremental amount to be collected under the RBA rate tariffs$1.8 $3.6 $(5.5)$(0.1)
Note: Columns may not foot due to rounding.
Schedule of Consolidating Statements of Income
Consolidating statement of income
Year ended December 31, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustments
Hawaiian Electric
Consolidated
Revenues$2,177,043 458,524 438,098 11,943 (14,426)[1]$3,071,182 
Expenses
Fuel oil687,314 102,395 157,736 — — 947,445 
Purchased power500,250 123,090 54,314 — — 677,654 
Other operation and maintenance406,295 105,549 119,069 3,955 (14,426)[1]620,442 
Depreciation170,255 44,971 40,813 — — 256,039 
Taxes, other than income taxes206,127 42,763 40,926 — — 289,816 
   Total expenses1,970,241 418,768 412,858 3,955 (14,426)2,791,396 
Operating income
206,802 39,756 25,240 7,988 — 279,786 
Allowance for equity funds used during construction11,140 1,551 2,322 — — 15,013 
Equity in earnings of subsidiaries40,794 — — — (40,794)[2]— 
Retirement defined benefits credit (expense)—other than service costs3,570 663 (98)— — 4,135 
Interest expense and other charges, net(71,933)(11,186)(15,639)— 5,056 [1](93,702)
Allowance for borrowed funds used during construction4,654 424 815 — — 5,893 
Interest income
12,973 1,340 206 — (5,056)[1]9,463 
Income before income taxes
208,000 32,548 12,846 7,988 (40,794)220,588 
Income tax expense
37,360 7,284 2,332 2,057 — 49,033 
Net income
170,640 25,264 10,514 5,931 (40,794)171,555 
Dividends on and loss on redemption of preferred stock of subsidiaries
— 523 392 — — 915 
Net income attributable to Hawaiian Electric
170,640 24,741 10,122 5,931 (40,794)170,640 
Dividends on and loss on redemption of preferred stock of Hawaiian Electric
2,425 — — — — 2,425 
Net income for common stock
$168,215 24,741 10,122 5,931 (40,794)$168,215 
Consolidating statement of income
Year ended December 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating adjustments
Hawaiian Electric
Consolidated
Revenues$2,283,148 483,715 440,432 5,570 (6,165)[1]$3,206,700 
Expenses
Fuel oil790,004 121,719 166,322 — — 1,078,045 
Purchased power517,583 132,086 53,702 — — 703,371 
Other operation and maintenance390,111 102,883 121,693 1,150 (6,165)[1]609,672 
Wildfire tort-related claims
1,500,000 187,500 187,500 — — 1,875,000 
Depreciation167,909 43,855 39,378 — — 251,142 
Taxes, other than income taxes215,137 45,025 41,166 — — 301,328 
   Total expenses3,580,744 633,068 609,761 1,150 (6,165)4,818,558 
Operating income (loss)
(1,297,596)(149,353)(169,329)4,420 — (1,611,858)
Allowance for equity funds used during construction
10,853 1,189 1,744 — — 13,786 
Equity in earnings of subsidiaries(248,004)— — — 248,004 [2]— 
Retirement defined benefits credit (expense)—other than service costs3,574 665 (102)— — 4,137 
Interest expense and other charges, net(59,906)(11,422)(16,688)— 5,934 [1](82,082)
Allowance for borrowed funds used during construction4,300 355 815 — — 5,470 
Interest income
11,136 1,062 369 (5,934)[1]6,633 
Income (loss) before income taxes(1,575,643)(157,504)(183,191)4,420 248,004 (1,663,914)
Income tax expense (benefit)(350,361)(41,624)(48,700)1,138 — (439,547)
Net income (loss)
(1,225,282)(115,880)(134,491)3,282 248,004 (1,224,367)
Preferred stock dividends of subsidiaries— 534 381 — — 915 
Net income (loss) attributable to Hawaiian Electric(1,225,282)(116,414)(134,872)3,282 248,004 (1,225,282)
Preferred stock dividends of Hawaiian Electric1,080 — — — — 1,080 
Net income (loss) for common stock$(1,226,362)(116,414)(134,872)3,282 248,004 $(1,226,362)
Consolidating statement of income
Year ended December 31, 2023
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricConsolidating adjustments
Hawaiian Electric
Consolidated
Revenues$2,356,478 464,161 448,882 — $3,269,521 
Expenses
Fuel oil913,801 105,009 192,610 — 1,211,420 
Purchased power486,067 142,837 42,865 — 671,769 
Other operation and maintenance343,462 85,261 104,834 — 533,557 
Depreciation164,150 42,541 37,014 — 243,705 
Taxes, other than income taxes221,664 43,095 42,153 — 306,912 
   Total expenses2,129,144 418,743 419,476 — 2,967,363 
Operating income 227,334 45,418 29,406 — 302,158 
Allowance for equity funds used during construction
11,721 1,411 2,032 — 15,164 
Equity in earnings of subsidiaries44,809 — — (44,809)[2]— 
Retirement defined benefits credit (expense)—other than service costs3,735 667 (99)— 4,303 
Interest expense and other charges, net(62,362)(11,650)(12,933)805 [1](86,140)
Allowance for borrowed funds used during construction
4,081 451 669 — 5,201 
Interest income
5,113 1,071 1,075 (805)[1]6,454 
Income before income taxes234,431 37,368 20,150 (44,809)247,140 
Income taxes39,399 8,327 3,467 — 51,193 
Net income195,032 29,041 16,683 (44,809)195,947 
Preferred stock dividends of subsidiaries— 534 381 — 915 
Net income attributable to Hawaiian Electric
195,032 28,507 16,302 (44,809)195,032 
Preferred stock dividends of Hawaiian Electric1,080 — — — 1,080 
Net income for common stock$193,952 28,507 16,302 (44,809)$193,952 
Schedule of Consolidating Statements of Comprehensive Income
Consolidating statement of comprehensive income
Year ended December 31, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating
adjustments		Hawaiian Electric
Consolidated
Net income for common stock
$168,215 24,741 10,122 5,931 (40,794)$168,215 
Other comprehensive loss, net of taxes:
Retirement benefit plans:     
Net gains arising during the period, net of taxes76,455 10,593 10,338 — (20,931)[1]76,455 
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes
(2,182)(114)(251)— 365 [1](2,182)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes(74,419)(10,486)(10,097)— 20,583 [1](74,419)
Other comprehensive loss, net of taxes
(146)(7)(10)— 17 (146)
Comprehensive income attributable to common shareholder
$168,069 24,734 10,112 5,931 (40,777)$168,069 
Consolidating statement of comprehensive income
Year ended December 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating adjustmentsHawaiian Electric
Consolidated
Net income (loss) for common stock
$(1,226,362)(116,414)(134,872)3,282 248,004 $(1,226,362)
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:       
Net gains arising during the period, net of taxes
65,680 8,108 7,342 — (15,450)[1]65,680 
Adjustment for amortization of net gains recognized during the period in net periodic benefit cost, net of taxes
(2,035)(159)(243)— 402 [1](2,035)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes
(63,708)(7,895)(7,076)— 14,971 [1](63,708)
Other comprehensive income (loss), net of taxes
(63)54 23 — (77)(63)
Comprehensive income (loss) attributable to common shareholder
$(1,226,425)(116,360)(134,849)3,282 247,927 $(1,226,425)
Consolidating statement of comprehensive income
Year ended December 31, 2023
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricConsolidating adjustmentsHawaiian Electric
Consolidated
Net income for common stock$193,952 28,507 16,302 (44,809)$193,952 
Other comprehensive income (loss), net of taxes:
Retirement benefit plans:      
Net gains arising during the period, net of taxes
10,175 961 1,275 (2,236)[1]10,175 
Adjustment for amortization of prior service credit and net gains recognized during the period in net periodic benefit cost, net of taxes
(1,983)(221)(266)487 [1](1,983)
Reclassification adjustment for impact of D&Os of the PUC included in regulatory assets, net of taxes
(8,204)(752)(978)1,730 [1](8,204)
Other comprehensive income (loss), net of taxes
(12)(12)31 (19)(12)
Comprehensive income attributable to common shareholder
$193,940 28,495 16,333 (44,828)$193,940 
Schedule of Consolidating Balance Sheets
Consolidating balance sheet
December 31, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating
adjustments		Hawaiian Electric
Consolidated
Assets      
Property, plant and equipment
Utility property, plant and equipment      
Land$42,860 5,644 3,603 — — $52,107 
Plant and equipment5,667,936 1,564,628 1,487,053 — — 8,719,617 
Right-of-use assets - finance lease411,545 77,183 50,757 — — 539,485 
Less accumulated depreciation(2,165,110)(716,715)(626,767)— — (3,508,592)
Construction in progress283,687 34,021 64,439 — — 382,147 
Utility property, plant and equipment, net4,240,918 964,761 979,085 — — 6,184,764 
Nonutility property, plant and equipment, less accumulated depreciation 1,146 115 1,444 — — 2,705 
Total property, plant and equipment, net4,242,064 964,876 980,529 — — 6,187,469 
Investment in wholly owned subsidiaries, at equity
734,296 — — — (734,296)[2]— 
Current assets       
Cash and cash equivalents396,215 56,563 8,572 24,870 —  486,220 
Customer accounts receivable, net7,278 2,987 3,942 158,687 —  172,894 
Accrued unbilled revenues, net24,826 7,462 600 159,145 —  192,033 
Other accounts receivable, net196,783 55,970 50,838 — (227,245)[1]76,346 
Fuel oil stock, at average cost84,938 11,997 16,647 — — 113,582 
Materials and supplies, at average cost75,754 19,184 37,865 — — 132,803 
Prepayments and other38,321 9,657 12,451 — (2,449)[1]57,980 
Regulatory assets32,461 10,279 7,299 — — 50,039 
Total current assets856,576 174,099 138,214 342,702 (229,694)1,281,897 
Other long-term assets      
Operating lease right-of-use assets34,743 16,219 4,901 — — 55,863 
Regulatory assets177,678 28,245 52,153 — — 258,076 
Defined benefit pension and other postretirement benefit plans asset134,785 45,794 38,898 — — 219,477 
Investment in unconsolidated affiliate
287,250 — — — — 287,250 
Other344,052 18,374 28,976 — (150,914)[1]240,488 
Total other long-term assets978,508 108,632 124,928 — (150,914)1,061,154 
Total assets$6,811,444 1,247,607 1,243,671 342,702 (1,114,904)$8,530,520 
(continued)
Consolidating balance sheet (continued)
December 31, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui ElectricOther subsidiariesConsolidating
adjustments		Hawaiian Electric
Consolidated
Capitalization and liabilities      
Capitalization      
Common stock equity$1,583,399 276,332 298,459 159,505 (734,296)[2]$1,583,399 
Long-term debt, net1,619,482 261,614 291,778 — (115,000)[1]2,057,874 
Total capitalization3,202,881 537,946 590,237 159,505 (849,296)3,641,273 
Current liabilities       
Current portion of operating lease liabilities5,716 8,570 3,279 — — 17,565 
Current portion of long-term debt, net61,980 7,997 54,982 — —  124,959 
Accounts payable150,843 34,072 32,288 — —  217,203 
Interest and preferred dividends payable22,582 3,440 3,114 — (1,112)[1]28,024 
Taxes accrued, including revenue taxes184,339 40,720 37,374 3,195 (2,449)[1]263,179 
Regulatory liabilities23,127 12,410 16,460 — — 51,997 
Wildfire tort-related claims
386,500 47,875 47,875 — — 482,250 
Other93,475 37,759 34,175 180,002 (226,133)[1]119,278 
Total current liabilities928,562 192,843 229,547 183,197 (229,694)1,304,455 
Deferred credits and other liabilities      
Operating lease liabilities32,974 7,932 1,847 — — 42,753 
Finance lease liabilities382,227 74,087 49,276 — — 505,590 
Deferred income taxes— 12,089 23,825 — (35,914)[1]— 
Regulatory liabilities980,131 248,885 163,131 — — 1,392,147 
Unamortized tax credits47,973 9,794 10,151 — —  67,918 
Defined benefit pension plan liability6,788 121 — — — 6,909 
Wildfire tort-related claims
1,149,000 143,625 143,625 — — 1,436,250 
Other80,908 20,285 32,032 — — 133,225 
Total deferred credits and other liabilities2,680,001 516,818 423,887 — (35,914) 3,584,792 
Total capitalization and liabilities$6,811,444 1,247,607 1,243,671 342,702 (1,114,904)$8,530,520 
Consolidating balance sheet
December 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating
adjustments		Hawaiian Electric
Consolidated
Assets       
Property, plant and equipment
Utility property, plant and equipment       
Land$42,860 5,645 3,514 — — $52,019 
Plant and equipment5,502,198 1,501,947 1,417,356 — — 8,421,501 
Right-of-use assets - finance lease
360,270 36,074 50,757 — — 447,101 
Less accumulated depreciation(2,029,719)(691,161)(605,744)— — (3,326,624)
Construction in progress282,150 31,341 52,218 — — 365,709 
Utility property, plant and equipment, net4,157,759 883,846 918,101 — — 5,959,706 
Nonutility property, plant and equipment, less accumulated depreciation
1,145 115 1,532 — — 2,792 
Total property, plant and equipment, net4,158,904 883,961 919,633 — — 5,962,498 
Investment in wholly owned subsidiaries, at equity
680,414 — — — (680,414)[2]— 
Current assets 
Cash and cash equivalents118,367 31,534 16,456 17,791 —  184,148 
Advances to affiliates62,200 — — — (62,200)[1]— 
Customer accounts receivable, net
19,050 7,245 8,941 164,662 —  199,898 
Accrued unbilled revenues, net12,738 4,046 1,890 160,047 —  178,721 
Other accounts receivable, net209,752 58,366 51,465 — (249,946)[1]69,637 
Fuel oil stock, at average cost70,800 13,764 14,339 — — 98,903 
Materials and supplies, at average cost
69,602 15,506 33,358 — — 118,466 
Prepayments and other110,516 16,662 30,747 — (6,705)[1]151,220 
Regulatory assets36,520 8,211 9,164 — — 53,895 
Total current assets709,545 155,334 166,360 342,500 (318,851)1,054,888 
Other long-term assets
Operating lease right-of-use assets29,868 22,672 6,741 — — 59,281 
Regulatory assets172,257 18,875 36,292 — — 227,424 
Defined benefit pension and other postretirement benefit plans asset66,292 30,397 24,128 — (11,998)[1]108,819 
Other194,006 18,612 21,702 — (33,626)[1]200,694 
Total other long-term assets462,423 90,556 88,863 — (45,624)596,218 
Total assets
$6,011,286 1,129,851 1,174,856 342,500 (1,044,889)$7,613,604 
(continued)
Consolidating balance sheet (continued)
December 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating
adjustments		Hawaiian Electric
Consolidated
Capitalization and liabilities      
Capitalization      
Common stock equity$1,156,955 243,964 282,876 153,574 (680,414)[2]$1,156,955 
Cumulative preferred stock–not subject to mandatory redemption
22,293 7,000 5,000 — —  34,293 
Long-term debt, net1,353,173 244,466 256,575 — —  1,854,214 
Total capitalization2,532,421 495,430 544,451 153,574 (680,414)3,045,462 
Current liabilities       
Current portion of operating lease liabilities4,430 7,802 2,970 — — 15,202 
Current portion of long-term debt, net40,000 5,000 2,000 — — 47,000 
Short-term borrowings-non-affiliate48,623 — — — — 48,623 
Short-term borrowings-affiliate— — 62,200 — (62,200)[1]— 
Accounts payable137,837 27,077 32,066 — —  196,980 
Interest and preferred dividends payable
15,994 3,191 2,701 — (350)[1]21,536 
Taxes accrued, including revenue taxes197,768 42,692 37,108 1,138 (6,705)[1]272,001 
Regulatory liabilities11,701 10,039 4,828 — — 26,568 
Wildfire tort-related claims
383,000 47,875 47,875 — — 478,750 
Other103,415 35,492 43,913 187,788 (249,597)[1]121,011 
Total current liabilities942,768 179,168 235,661 188,926 (318,852)1,227,671 
Deferred credits and other liabilities      
Operating lease liabilities29,830 15,230 4,075 — — 49,135 
Finance lease liabilities341,364 34,370 49,891 — — 425,625 
Deferred income taxes— 5,368 28,257 — (33,625)[1]— 
Regulatory liabilities864,259 222,834 130,422 — — 1,217,515 
Unamortized tax credits54,950 10,757 10,969 — — 76,676 
Wildfire tort-related claims
1,149,000 143,625 143,625 — — 1,436,250 
Defined benefit pension plan liability18,301 125 — — (11,998)[1]6,428 
Other78,393 22,944 27,505 — — 128,842 
Total deferred credits and other liabilities
2,536,097 455,253 394,744 — (45,623)3,340,471 
Total capitalization and liabilities$6,011,286 1,129,851 1,174,856 342,500 (1,044,889)$7,613,604 
Schedule of Consolidating Statements of Changes in Common Stock Equity
Consolidating statements of changes in common stock equity
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating
adjustments		Hawaiian Electric
Consolidated
Balance, December 31, 2022$2,344,170 344,720 357,036 77 (701,833)$2,344,170 
Net income for common stock193,952 28,507 16,302 — (44,809)193,952 
Other comprehensive income (loss), net of taxes(12)(12)31 — (19)(12)
Common stock dividends(129,000)(13,425)(11,025)— 24,450 (129,000)
Balance, December 31, 20232,409,110 359,790 362,344 77 (722,211)2,409,110 
Net income (loss) for common stock(1,226,362)(116,414)(134,872)3,282 248,004 (1,226,362)
Other comprehensive income (loss), net of taxes
(63)54 23 — (77)(63)
Issuance of common stock, net of expenses
— — 55,000 150,215 (205,215)— 
Common stock dividends(26,000)— — — — (26,000)
Additional paid-in capital
270 534 381 — (915)270 
Balance, December 31, 20241,156,955 243,964 282,876 153,574 (680,414)1,156,955 
Net income for common stock
168,215 24,741 10,122 5,931 (40,794)168,215 
Other comprehensive loss, net of tax benefits
(146)(7)(10)— 17 (146)
Common stock dividends(30,000)— — — — (30,000)
Stock expense adjustment and other
585 100 90 — (190)585 
Additional paid-in capital
287,790 7,534 5,381 — (12,915)287,790 
Balance, December 31, 2025$1,583,399 276,332 298,459 159,505 (734,296)$1,583,399 
Schedule of Consolidating Statements of Cash Flows
Consolidating statement of cash flows
Year ended December 31, 2025
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating
adjustments		Hawaiian Electric
 Consolidated
Cash flows from operating activities       
Net income
$170,640 25,264 10,514 5,931 (40,794)[2]$171,555 
Adjustments to reconcile net income to net cash provided by operating activities       
Equity in earnings of subsidiaries(40,794)— — — 40,794 [2]— 
Depreciation of property, plant and equipment170,255 44,971 40,813 — —  256,039 
Other amortization 30,603 4,535 3,028 — —  38,166 
Deferred income tax expense (benefit)
(13,687)5,369 2,076 — — (6,242)
Gain/Loss on sale of receivables to affiliate
8,723 1,644 1,576 (11,943)— — 
State refundable credit(8,178)(1,925)(2,283)— — (12,386)
Bad debt expense1,513 455 1,573 — — 3,541 
Allowance for equity funds used during construction(11,140)(1,551)(2,322)— —  (15,013)
Other2,380 443 (171)— — 2,652 
Changes in assets and liabilities:   
Decrease in accounts receivable
11,333 2,239 683 17,922 (22,696)[1]9,481 
Decrease (increase) in accrued unbilled revenues
(12,001)(3,396)1,246 897 —  (13,254)
Decrease (increase) in fuel oil stock
(14,138)1,767 (2,308)— —  (14,679)
Increase in materials and supplies
(6,152)(3,678)(4,507)— —  (14,337)
Increase in regulatory assets
(12,652)(8,988)(8,822)— —  (30,462)
Increase in regulatory liabilities
57,612 8,935 29,496 — — 96,043 
Increase in accounts payable
4,942 3,598 179 — —  8,719 
Change in prepaid and accrued income taxes, tax credits and revenue taxes(8,530)(2,024)2,603 2,057 — (5,894)
Change in defined benefit pension and other postretirement benefit plans asset/liability
(6,835)(1,051)(891)— — (8,777)
Change in other assets and liabilities(25,885)(1,251)(15,841)(7,785)22,696 [1](28,066)
Net cash provided by operating activities
298,009 75,356 56,642 7,079 — 437,086 
Cash flows from investing activities       
Capital expenditures (171,844)(75,378)(92,351)— — (339,573)
Advances from affiliates
62,200 — — — (62,200)[1]— 
Other (7,960)1,093 1,009 — 12,000 [1][2]6,142 
Net cash used in investing activities(117,604)(74,285)(91,342)— (50,200)(333,431)
Cash flows from financing activities       
Common stock dividends(30,000)— — — — 

(30,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries(1,995)— — — —  (1,995)
Proceeds from issuance of common stock/capital contribution from parent
540 — — — — 540 
Proceeds from issuance of long-term debt
500,000 — — — —  500,000 
Repayment of long-term debt and funds transferred for repayment of long-term debt
(166,000)— — — — (166,000)
Net decrease in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less
— — (62,200)— 62,200 [1]— 
Payments of obligations under finance leases(8,423)(886)(596)— — (9,905)
Repayment of short-term debt(50,000)— — — — (50,000)
Issuance of note receivables to affiliates
(115,000)— — — 115,000 [1]— 
Proceeds from issuance of long-term debt from affiliate
— 25,000 90,000 — (115,000)[1]— 
Capital contribution
— 7,000 5,000 — (12,000)[2]— 
Redemption of preferred stock
(23,468)(7,000)(5,000)— — (35,468)
Other(8,211)(156)(388)— — (8,755)
Net cash provided by financing activities
97,443 23,958 26,816 — 50,200  198,417 
Net increase (decrease) in cash and cash equivalents
277,848 25,029 (7,884)7,079 —  302,072 
Cash and cash equivalents, January 1
118,367 31,534 16,456 17,791 —  184,148 
Cash and cash equivalents, December 31$396,215 56,563 8,572 24,870 — $486,220 
Consolidating statement of cash flows
Year ended December 31, 2024
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiaries
Consolidating
adjustments		Hawaiian Electric
Consolidated
Cash flows from operating activities       
Net income (loss)
$(1,225,282)(115,880)(134,491)3,282 248,004 [2]$(1,224,367)
Adjustments to reconcile net income (loss) to net cash provided by operating activities
       
Equity in earnings of subsidiaries
248,004 — — — (248,004)[2]— 
Depreciation of property, plant and equipment
167,909 43,855 39,378 — —  251,142 
Other amortization23,606 4,958 3,264 — — 31,828 
Deferred income tax benefit(393,025)(47,550)(41,049)— — (481,624)
State refundable credit
(7,914)(1,848)(2,152)— — (11,914)
Bad debt expense2,838 476 1,406 — — 4,720 
Allowance for equity funds used during construction
(10,853)(1,189)(1,744)— —  (13,786)
Gain/Loss on sale of receivables to affiliate
4,079 821 670 (5,570)— — 
Other
(6,270)(50)9 — — (6,311)
Changes in assets and liabilities:   
Decrease (increase) in accounts receivable22,897 (13,175)1,570 (95,382)172,466 [1]88,376 
Decrease (increase) in accrued unbilled revenues
57,281 20,989 22,633 (93,342)—  7,561 
Decrease in fuel oil stock
37,427 4,205 7,702 — —  49,334 
Decrease (increase) in materials and supplies(5,269)(1,109)2,345 — —  (4,033)
Increase in regulatory assets(4,608)(5,346)(12,789)— —  (22,743)
Increase in regulatory liabilities38,413 6,597 3,423 — — 48,433 
Increase (decrease) in accounts payable9,879 (1,687)1,452 — —  9,644 
Change in prepaid and accrued income taxes, tax credits and revenue taxes
(14,192)(2,325)(8,614)1,138 (2,549)[1](26,542)
Change in defined benefit pension and other postretirement benefit plans asset/liability
(6,334)(1,521)(1,363)— — (9,218)
Increase in wildfire tort-related claims
1,457,000 191,500 191,500 — — 1,840,000 
Change in other assets and liabilities
(52,774)(4,035)(23,280)187,788 (172,466)[1](64,767)
Net cash provided by (used in) operating activities
342,812 77,686 49,870 (2,086)(2,549) 465,733 
Cash flows from investing activities
       
Capital expenditures (197,142)(51,209)(81,128)— —  (329,479)
Advances to affiliates
(46,700)— — — 46,700 [1]— 
Other (10,169)679 (1,011)— 22,349 [1][2]11,848 
Net cash used in investing activities(254,011)(50,530)(82,139)— 69,049  (317,631)
Cash flows from financing activities       
Common stock dividends(26,000)— — — — (26,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries
(1,995)— — — —  (1,995)
Proceeds from issuance of common stock/capital contribution from parent270 — — 19,800 (19,800)
[2]
270 
Repayment of long-term debt and funds transferred for repayment of long-term debt
(74,000)(5,000)(2,000)— — (81,000)
Net increase in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less
— — 46,700 — (46,700)[1]— 
Proceeds from issuance of short-term debt50,000 — — — — 50,000 
Payments of obligations under finance leases(3,487)(632)— — — (4,119)
Other(6,977)(648)(1,562)— —  (9,187)
Net cash provided by (used in) financing activities
(62,189)(6,280)43,138 19,800 (66,500) (72,031)
Net increase in cash and cash equivalents26,612 20,876 10,869 17,714 —  76,071 
Cash, cash equivalents and restricted cash, January 1
91,755 10,658 5,587 77 —  108,077 
Cash and cash equivalents, December 31
$118,367 31,534 16,456 17,791 — $184,148 
Consolidating statement of cash flows
Year ended December 31, 2023
(in thousands)Hawaiian ElectricHawaii Electric LightMaui Electric
Other subsidiary
Consolidating
adjustments		Hawaiian Electric
Consolidated
Cash flows from operating activities       
Net income $195,032 29,041 16,683 — (44,809)[2]$195,947 
Adjustments to reconcile net income to net cash provided by operating activities
       
Equity in earnings of subsidiaries
(44,809)— — — 44,809 [2]— 
Common stock dividends received from subsidiaries
24,450 — — — (24,450)[2]— 
Depreciation of property, plant and equipment
164,150 42,541 37,014 — —  243,705 
Other amortization17,692 5,003 3,795 — —  26,490 
Deferred income tax expense (benefit)(851)(296)2,586 — — 1,439 
State refundable credit
(7,577)(1,782)(1,966)— — (11,325)
Bad debt expense5,565 1,353 1,243 — — 8,161 
Allowance for equity funds used during construction
(11,721)(1,411)(2,032)— —  (15,164)
Other
380 (46)126 — — 460 
Changes in assets and liabilities:    
Increase in accounts receivable(83,401)(7,398)(29,301)— 55,096 [1](65,004)
Decrease (increase) in accrued unbilled revenues8 (1,308)(1,748)— —  (3,048)
Decrease (increase) in fuel oil stock45,114 (1,004)(817)— —  43,293 
Increase in materials and supplies
(16,204)(4,614)(14,047)— —  (34,865)
Decrease (increase) in regulatory assets(6,616)5,501 (9,498)— —  (10,613)
Increase (decrease) in regulatory liabilities48,833 (1,176)6,813 — — 54,470 
Increase in accounts payable
13,988 5,998 468 — —  20,454 
Change in prepaid and accrued income taxes, tax credits and revenue taxes
4,314 2,407 (4,843)— — 1,878 
Change in defined benefit pension and other postretirement benefit plans asset/liability(5,653)(1,348)(1,185)— — (8,186)
Increase in wildfire tort-related claims75,000 — — — — 75,000 
Change in other assets and liabilities
(12,990)2,056 17,305 — (55,096)[1](48,725)
Net cash provided by operating activities
404,704 73,517 20,596 — (24,450) 474,367 
Cash flows from investing activities
       
Capital expenditures (276,600)(63,889)(98,286)— —  (438,775)
Advances from (to) affiliates
(70,500)4,500 21,700 — 44,300 [1]— 
Other 4,118 932 1,126 — — 6,176 
Net cash used in investing activities(342,982)(58,457)(75,460)— 44,300  (432,599)
Cash flows from financing activities       
Common stock dividends(129,000)(13,425)(11,025)— 24,450 [2](129,000)
Preferred stock dividends of Hawaiian Electric and subsidiaries
(1,080)(534)(381)— —  (1,995)
Proceeds from the issuance of long-term debt
300,000 25,000 25,000 — — 350,000 
Repayment of long-term debt
(50,000)(20,000)(30,000)— — (100,000)
Net increase (decrease) in short-term borrowings from non-affiliates and affiliate with original maturities of three months or less(114,167)— 70,500 — (44,300)[1](87,967)
Payments of obligations under finance leases
(2,728)(400)— — — (3,128)
Other(571)(135)(137)— — (843)
Net cash provided by (used in) financing activities2,454 (9,494)53,957 — (19,850) 27,067 
Net increase (decrease) in cash, cash equivalents and restricted cash64,176 5,566 (907)— —  68,835 
Cash, cash equivalents and restricted cash, January 127,579 5,092 6,494 77 —  39,242 
Cash, cash equivalents and restricted cash, December 3191,755 10,658 5,587 77 — 108,077 
Less: Restricted cash
(2,000)— — — — (2,000)
Cash and cash equivalents, December 31
$89,755 10,658 5,587 77 — $106,077 
Explanation of consolidating adjustments on consolidating schedules:
[1] Eliminations of intercompany receivables and payables and other intercompany transactions
[2] Elimination of investment in subsidiaries, carried at equity