Cash Flow Statement

Operating Cash Flow

+31%

-13%

10Y

Currency: USD

	Dec-2001	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025
Operating Cash Flow
Net Income	108	107	112	117	118	116	110	107	114	121	106	117	110	103	119	117	127	135	135	129	108	83	73	60	87	114	102	120	92	79	89	85	85	92	105	104	115	117	115	131	140	150	162	161	141	136	138	138	164	176	176	176	170	156	150	153	162	162	171	248	250	252	247	179	167	173	181	187	204	209	206	203	220	208	214	216	200	231	246	244	248	253	242	240	243	229	231	210	201	189	(1 162)	(1 307)	(1 424)	(1 440)	(118)	17
Depreciation & Amortization	110	112	113	115	116	117	118	120	121	122	123	124	126	128	130	132	134	136	138	139	141	143	145	146	148	149	150	150	151	152	152	152	151	153	154	155	155	152	150	149	148	148	149	150	150	152	155	158	160	164	167	169	173	176	178	181	184	187	189	192	194	196	197	199	201	204	207	210	214	218	223	227	230	232	234	236	238	240	242	244	246	248	249	252	256	260	263	267	268	270	271	272	262	259	257	253
Change in Deffered Taxes	0	1	(1)	33	35	34	33	(3)	3	5	5	23	12	9	17	17	0	(1)	(10)	(29)	(13)	(16)	(18)	(22)	(35)	(35)	(23)	(4)	5	9	10	(4)	13	15	6	86	98	115	139	83	79	84	82	101	91	90	90	69	80	67	69	70	104	102	71	57	41	51	68	69	47	44	42	38	38	25	11	27	(9)	(10)	(6)	(20)	(15)	(17)	(30)	(30)	(2)	1	13	(1)	(5)	(9)	(13)	(14)	(33)	(28)	(19)	(17)	5	8	(449)	(503)	(486)	(488)	(35)	14
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4	1	1	1	2	1	1	1	1	1	1	1	1	1	1	0	1	1	1	2	3	3	3	3	4	4	6	6	7	7	7	8	8	8	10	9	9	9	8	7	7	6	5	5	5	5	6	6	5	6	7	7	8	8	9	10	10	10	8	7	6	7	7	7	9	9	9	8	10	10	11	11	7	0	(2)	(2)	4	2	0	0
Other Non-Cash Items	90	93	64	59	35	32	34	34	25	24	9	1	(7)	(16)	(13)	(8)	(3)	9	6	8	12	18	28	24	8	(2)	14	3	11	35	36	63	100	84	83	64	51	52	37	29	41	29	25	40	54	79	69	67	34	11	18	26	20	17	24	27	32	36	37	30	11	15	16	22	35	35	37	44	52	49	51	39	62	71	51	89	72	59	74	28	13	7	12	23	32	45	37	45	56	57	139	165	210	218	139	147
Cash Taxes Paid	30	19	50	61	60	54	34	23	53	58	43	45	42	52	59	58	45	35	30	54	69	70	68	44	39	74	127	127	91	54	12	12	24	32	49	54	(7)	(45)	(71)	(70)	(23)	7	0	(4)	(3)	0	0	(1)	6	(34)	(28)	(22)	6	8	5	1	20	(18)	0	0	(10)	(6)	11	22	54	53	69	72	38	43	52	47	56	48	6	(3)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Cash Interest Paid	293	271	253	235	222	219	210	207	196	193	185	182	185	185	189	195	192	194	199	209	214	231	229	237	233	227	227	203	48	23	(4)	(14)	44	43	20	38	56	55	57	61	58	57	0	67	57	78	87	58	59	51	60	41	61	61	60	60	83	90	0	0	84	103	130	146	83	83	82	88	102	104	110	110	107	86	54	32	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Change in Working Capital	(1)	(14)	(14)	(46)	(46)	(34)	13	35	(25)	(19)	34	(12)	0	(6)	(122)	(101)	(42)	(32)	33	25	45	39	(9)	44	11	(32)	(86)	(145)	0	75	136	116	(81)	(181)	(182)	(190)	(78)	(119)	(124)	(126)	(159)	(164)	(225)	(181)	(157)	(114)	(38)	(27)	(76)	(60)	(153)	(129)	(141)	(30)	25	(68)	(63)	(46)	(51)	6	(7)	(135)	(58)	(32)	(20)	(28)	(81)	(110)	39	75	52	135	16	3	108	(28)	(79)	(121)	(224)	(130)	(126)	(72)	(157)	(180)	(44)	38	240	212	21	(29)	1 574	1 801	1 926	1 863	236	(10)
Cash from Operating Activities	307 N/A	299 -3%	274 -8%	278 +1%	258 -7%	265 +3%	309 +16%	294 -5%	238 -19%	253 +6%	277 +10%	252 -9%	241 -5%	217 -10%	131 -40%	157 +19%	216 +38%	247 +14%	302 +22%	272 -10%	294 +8%	266 -9%	219 -18%	253 +16%	219 -13%	194 -11%	157 -19%	125 -21%	260 +108%	350 +35%	423 +21%	411 -3%	269 -35%	163 -39%	167 +2%	219 +31%	341 +56%	318 -7%	318 +0%	265 -17%	250 -5%	248 -1%	192 -23%	271 +41%	279 +3%	343 +23%	413 +21%	404 -2%	362 -10%	357 -1%	277 -22%	312 +13%	325 +4%	420 +29%	448 +6%	349 -22%	357 +2%	389 +9%	414 +6%	545 +32%	496 -9%	372 -25%	444 +19%	407 -8%	420 +3%	408 -3%	355 -13%	358 +1%	499 +39%	542 +9%	524 -3%	583 +11%	513 -12%	497 -3%	577 +16%	483 -16%	429 -11%	410 -5%	350 -15%	384 +10%	376 -2%	427 +14%	333 -22%	322 -3%	455 +41%	543 +19%	752 +38%	717 -5%	551 -23%	495 -10%	373 -25%	427 +14%	487 +14%	413 -15%	478 +16%	421 -12%
Investing Cash Flow
Capital Expenditures	(126)	(121)	(125)	(126)	(128)	(133)	(136)	(141)	(163)	(177)	(189)	(209)	(215)	(214)	(214)	(220)	(224)	(230)	(235)	(224)	(211)	(201)	(193)	(203)	(218)	(232)	(240)	(252)	(282)	(314)	(355)	(349)	(289)	(243)	(191)	(174)	(182)	(186)	(195)	(205)	(235)	(262)	(291)	(313)	(371)	(376)	(384)	(392)	(389)	(409)	(380)	(403)	(365)	(398)	(422)	(380)	(364)	(368)	(361)	(347)	(330)	(293)	(337)	(414)	(495)	(533)	(531)	(532)	(537)	(529)	(520)	(489)	(458)	(463)	(426)	(421)	(384)	(332)	(335)	(307)	(315)	(320)	(314)	(332)	(344)	(389)	(432)	(450)	(448)	(424)	(392)	(365)	(344)	(331)	(326)	(341)
Other Items	154	(89)	(417)	(362)	(488)	(269)	(303)	(282)	(162)	(93)	(150)	(147)	(320)	(251)	(143)	(213)	22	(73)	(81)	168	70	64	100	(10)	(4)	75	1 257	1 316	1 359	1 578	504	494	746	430	274	343	(97)	(76)	(118)	(176)	(92)	(49)	(10)	(141)	(101)	(127)	(139)	(145)	(209)	(175)	(250)	(233)	(228)	(248)	(190)	(314)	(342)	(401)	(438)	(392)	(406)	(412)	(402)	(256)	(320)	(329)	(288)	(355)	(255)	(115)	(155)	(135)	(84)	(257)	(470)	(892)	(1 030)	(1 339)	(1 221)	(947)	(865)	(570)	(591)	(658)	(785)	(649)	(482)	(253)	191	298	451	453	603	517	398	386
Cash from Investing Activities	28 N/A	(210) N/A	(542) -158%	(488) +10%	(616) -26%	(401) +35%	(439) -9%	(423) +4%	(325) +23%	(270) +17%	(339) -26%	(357) -5%	(534) -50%	(465) +13%	(357) +23%	(433) -21%	(202) +53%	(303) -50%	(316) -4%	(56) +82%	(141) -153%	(137) +3%	(93) +32%	(212) -128%	(222) -5%	(157) +30%	1 017 N/A	1 064 +5%	1 077 +1%	1 264 +17%	149 -88%	146 -2%	458 +214%	187 -59%	84 -55%	168 +101%	(279) N/A	(261) +6%	(313) -20%	(382) -22%	(327) +14%	(311) +5%	(301) +3%	(454) -51%	(471) -4%	(503) -7%	(523) -4%	(538) -3%	(598) -11%	(584) +2%	(630) -8%	(636) -1%	(592) +7%	(646) -9%	(612) +5%	(695) -13%	(706) -2%	(769) -9%	(799) -4%	(738) +8%	(737) +0%	(706) +4%	(739) -5%	(670) +9%	(815) -22%	(862) -6%	(819) +5%	(888) -8%	(792) +11%	(644) +19%	(676) -5%	(624) +8%	(542) +13%	(719) -33%	(896) -25%	(1 313) -47%	(1 414) -8%	(1 671) -18%	(1 556) +7%	(1 254) +19%	(1 180) +6%	(889) +25%	(905) -2%	(990) -9%	(1 129) -14%	(1 039) +8%	(915) +12%	(704) +23%	(257) +63%	(125) +51%	59 N/A	88 +49%	258 +193%	185 -28%	72 -61%	45 -38%
Financing Cash Flow
Net Issuance of Common Stock	79	84	86	86	33	24	27	29	30	131	120	115	110	4	7	5	4	4	3	4	6	8	11	18	21	25	28	27	136	138	130	126	15	14	17	21	23	23	24	21	16	16	16	18	24	22	24	25	55	54	46	64	27	128	128	104	104	3	8	11	13	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1	0	0	558	557	0	0	0
Net Issuance of Debt	(264)	(102)	(105)	(97)	114	47	(81)	(65)	(201)	(64)	(114)	(116)	(73)	(93)	113	117	(12)	32	34	(123)	(91)	(82)	(537)	143	174	171	(1 001)	(2 668)	(1 211)	(1 481)	(157)	1 357	(194)	70	339	(57)	(17)	15	20	(1)	4	(16)	70	105	96	117	23	92	142	123	204	139	83	(37)	(6)	51	64	127	33	(144)	(155)	(140)	(103)	(49)	122	254	308	327	147	44	68	95	119	245	106	181	155	108	171	108	127	92	257	486	731	729	670	784	438	220	(11)	(340)	(42)	20	(438)	(49)
Cash Paid for Dividends	(67)	(69)	(70)	(72)	(73)	(74)	(74)	(75)	(75)	(76)	(82)	(88)	(94)	(100)	(100)	(100)	(100)	(100)	(100)	(101)	(101)	(96)	(91)	(86)	(83)	(84)	(85)	(86)	(86)	(86)	(93)	(95)	(99)	(99)	(94)	(94)	(95)	(96)	(96)	(102)	(109)	(109)	(109)	(104)	(98)	(99)	(99)	(100)	(100)	(107)	(114)	(121)	(128)	(129)	(131)	(132)	(134)	(130)	(124)	(119)	(119)	(125)	(131)	(137)	(137)	(137)	(137)	(137)	(137)	(138)	(139)	(140)	(141)	(143)	(144)	(145)	(146)	(147)	(148)	(149)	(151)	(152)	(153)	(154)	(155)	(156)	(157)	(153)	(115)	(75)	(36)	(2)	(2)	(2)	(2)	(2)
Other	156	12	107	106	78	245	229	223	369	82	137	206	245	303	220	239	130	121	76	(39)	82	41	492	(80)	(156)	(183)	(185)	1 515	(204)	(230)	(344)	(1 888)	(128)	(153)	(501)	(128)	(146)	(24)	36	95	105	93	74	50	120	146	109	163	140	165	252	220	241	286	286	358	439	422	425	502	480	489	477	365	393	348	338	310	190	138	167	91	110	170	762	831	1 106	1 356	838	933	780	538	376	278	(8)	(65)	(195)	(141)	(129)	(332)	(139)	(240)	(358)	(212)	(245)	(209)
Cash from Financing Activities	(97) N/A	(74) +23%	17 N/A	24 +40%	151 +528%	241 +60%	101 -58%	112 +11%	123 +10%	74 -40%	61 -17%	118 +93%	187 +59%	114 -39%	240 +111%	261 +9%	22 -92%	57 +163%	14 -76%	(258) N/A	(105) +59%	(129) -23%	(124) +4%	(6) +95%	(45) -606%	(72) -61%	(1 243) -1 639%	(1 213) +2%	(1 363) -12%	(1 659) -22%	(464) +72%	(500) -8%	(406) +19%	(169) +58%	(238) -41%	(258) -9%	(235) +9%	(82) +65%	(17) +80%	13 N/A	16 +26%	(17) N/A	50 N/A	69 +37%	142 +107%	187 +31%	56 -70%	180 +220%	237 +32%	234 -1%	388 +66%	301 -22%	223 -26%	249 +12%	277 +11%	381 +38%	474 +24%	422 -11%	341 -19%	250 -27%	219 -12%	234 +7%	248 +6%	181 -27%	378 +109%	464 +23%	509 +10%	500 -2%	200 -60%	44 -78%	95 +118%	46 -52%	88 +92%	273 +211%	725 +166%	868 +20%	1 116 +29%	1 317 +18%	860 -35%	892 +4%	756 -15%	479 -37%	480 +0%	610 +27%	568 -7%	508 -11%	317 -37%	490 +54%	196 -60%	(186) N/A	(185) +1%	(24) +87%	155 N/A	363 +135%	(128) N/A	(260) -102%
Change in Cash
Net Change in Cash	238 N/A	15 -94%	(250) N/A	(186) +26%	(206) -11%	105 N/A	(30) N/A	(17) +43%	36 N/A	57 +60%	(1) N/A	13 N/A	(106) N/A	(134) -26%	14 N/A	(15) N/A	35 N/A	1 -97%	(0) N/A	(41) -13 500%	48 N/A	0 -100%	1 +500%	34 +2 758%	(47) N/A	(34) +29%	(69) -105%	(24) +65%	(26) -9%	(46) -73%	108 N/A	57 -47%	321 +459%	181 -44%	12 -93%	129 +936%	(173) N/A	(26) +85%	(12) +55%	(104) -797%	(60) +42%	(80) -32%	(59) +26%	(115) -94%	(51) +56%	26 N/A	(54) N/A	47 N/A	0 -99%	7 +1 525%	35 +434%	(23) N/A	(45) -98%	23 N/A	112 +386%	36 -68%	125 +248%	43 -66%	(43) N/A	56 N/A	(22) N/A	(100) -356%	(47) +53%	(82) -76%	(17) +80%	11 N/A	44 +322%	(30) N/A	(93) -208%	(58) +37%	(56) +4%	5 N/A	59 +1 094%	50 -15%	405 +710%	38 -91%	131 +245%	55 -58%	(346) N/A	22 N/A	(48) N/A	16 N/A	(93) N/A	(58) +37%	(107) -83%	12 N/A	154 +1 197%	503 +226%	490 -3%	183 -63%	248 +35%	491 +98%	901 +83%	961 +7%	422 -56%	206 -51%
Free Cash Flow
Free Cash Flow	181 N/A	178 -2%	149 -16%	151 +1%	130 -14%	133 +2%	172 +30%	153 -11%	75 -51%	76 +1%	88 +16%	43 -51%	26 -40%	3 -87%	(83) N/A	(63) +24%	(8) +87%	17 N/A	67 +293%	48 -27%	83 +72%	66 -21%	26 -61%	50 +95%	1 -98%	(37) N/A	(83) -122%	(127) -53%	(22) +82%	36 N/A	68 +89%	63 -7%	(20) N/A	(80) -296%	(24) +70%	44 N/A	159 +260%	132 -17%	123 -7%	60 -52%	15 -74%	(14) N/A	(100) -612%	(42) +58%	(92) -118%	(34) +64%	29 N/A	12 -59%	(28) N/A	(52) -86%	(103) -99%	(90) +12%	(39) +56%	22 N/A	25 +13%	(31) N/A	(7) +78%	21 N/A	54 +153%	198 +269%	166 -16%	78 -53%	107 +37%	(8) N/A	(75) -871%	(125) -67%	(177) -41%	(174) +1%	(38) +78%	13 N/A	4 -69%	94 +2 248%	55 -41%	34 -38%	151 +344%	62 -59%	46 -27%	77 +70%	15 -80%	77 +412%	61 -21%	107 +75%	19 -82%	(10) N/A	111 N/A	154 +39%	319 +108%	267 -17%	103 -61%	72 -31%	(19) N/A	63 N/A	143 +128%	81 -43%	153 +88%	80 -47%

Income Statement Balance Sheet Cash Flow Statement

Hawaiian Electric Industries Inc
NYSE:HE

Cash Flow Statement

Cash Flow Statement
Hawaiian Electric Industries Inc

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Hawaiian Electric Industries Inc NYSE:HE

Cash Flow Statement

Cash Flow Statement Hawaiian Electric Industries Inc

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Hawaiian Electric Industries Inc
NYSE:HE

Cash Flow Statement
Hawaiian Electric Industries Inc