HE Earnings Preview

HE swings to profit as wildfire settlement path clears

The earnings recovery and litigation removal are table stakes — the real story is cash flow management. HE must deploy $479 million in H2 2026 while funding $550–700 million in utility capex that year, which tests the company's $502 million combined liquidity position (holding company: $16 million, utility: $486 million). The settlement path is no longer blocked, but the cash crunch is real.

Watch: Watch H2 2026 for the actual $479 million payment — if it triggers a capital raise or debt issuance, equity investors face dilution. Track quarterly cash positions and any updates on remaining settlement negotiations; the litigation floor has been cleared, but total liability and payment timing remain material risks.