Multiple sources report that Hawaiian Electric Industries posted a $123 million second-quarter profit for 2026, largely due to a noncash accounting adjustment tied to the Maui wildfire settlement. The boost stemmed from remeasuring the company’s remaining settlement obligations to present value after the $4 billion settlement received final court approval, reducing the recorded liability by $154 million. Underlying ‘core’ operations were weaker, with adjusted net income declining year over year.
- HEI reported Q2 2026 net income of $123.2 million, up from $26.1 million in Q2 2025, matching the company’s full-year 2025 profit
- The profit surge was driven by a noncash accounting change: once the Maui wildfire settlement received final court approval, remaining payments were remeasured to a ‘present value’ of $1.30 billion, creating a $154 million reduction in recorded liability
- Hawaiian Electric’s total contribution to the global $4 billion Maui tort settlement is approximately $2 billion; the first installment of $479 million was paid in April 2026
- HEI’s ‘core’ net income — excluding wildfire-related items — was $22 million in Q2, down from $35 million in the year-earlier period (Honolulu Star-Advertiser)
- Q2 revenue rose to $939.7 million from $746.4 million a year earlier, and diluted EPS improved to $0.71 from $0.15 (Stocktitan)
- Operating cash flow for the first half of 2026 was -$350.4 million, driven primarily by the $479 million settlement payment (Stocktitan)
- Remaining settlement payments are scheduled through April 2029, and a separate property-insurance dispute remains unresolved with mediation ongoing (Stocktitan)
- HEI CEO Scott Seu described 2026 as ‘a year of transition,’ citing improved financial strength and reduced wildfire risks (Honolulu Star-Advertiser)
Sources
- Honolulu Star-Advertiser: Accounting twist for Maui wildfire expense helps HEI profit soar
- Stocktitan: Wildfire settlement boosts Q2 profit at Hawaiian Electric (HAWEL)
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