FIRST HAWAIIAN, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data FIRST HAWAIIAN, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue			745	766	733	715	793	837	809	881
Selling and marketing	6.13	6.19	4.81	6.91	5.7	6.11	8	7.62	7.72	8.57
Interest expense	26.8	42	79.7	105	47	18.8	49.7	287
Pre-tax income	372	368	358	382	244	349	351	309	293	354
Income tax	142	185	93.8	97.3	58	83.3	85.5	74.2	62.5	78
Income from continuing operations					186	266	266	235	230	276
Net income	230	184	264	284	186	266	266	235	230	276
EPS, basic	1.65	1.32	1.93	2.14	1.43	2.06	2.08	1.84	1.80	2.21
EPS, diluted	1.65	1.32	1.93	2.13	1.43	2.05	2.08	1.84	1.79	2.20
Shares, basic (weighted)	139	140	137	133	130	129	127	128	128	125
Shares, diluted (weighted)	139	140	137	133	130	130	128	128	128	126
Dividend per share	0.62	0.88	0.96	1.04	1.04	1.04	1.04	1.04	1.04	1.04

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	1,052	1,035	1,004	694	1,041	1,258	527	1,740	1,170	1,478
Property, plant and equipment	301	289	305	317	322	318	280	281	289	303
Lease right-of-use assets				44.3	40.2	64.2	62.8	61.3	60.1	57.7
Goodwill	995	995	995	995	995	995	995	995	995	995
Intangible assets		13.2	16.2	12.7	10.7	8.3	6.56
Total assets	19,662	20,549	20,696	20,167	22,663	24,992	24,577	24,926	23,828	23,955
Short-term debt	9.15			400	0		75	500	250	0
Total liabilities	17,185	18,017	18,171	17,526	19,919	22,335	22,308	22,440	21,211	21,186
Total debt							0
Paid-in capital	2,484	2,489	2,496	2,504	2,514	2,528	2,538	2,548	2,560	2,577
Retained earnings	78.9	139	292	437	474	605	737	838	934	1,079
Treasury stock		-0.28	-132	-270	-277	-355	-368	-371	-414	-519
Other comprehensive income	-88	-96.4	-132	-31.7	31.6	-122	-639	-530	-464	-368
Shareholders' equity	2,476	2,533	2,525	2,640	2,744	2,657	2,269	2,486	2,617	2,769
Total equity	2,476	2,533	2,525	2,640	2,744	2,657	2,269	2,486	2,617	2,769
Total liabilities and equity	19,662	20,549	20,696	20,167	22,663	24,992	24,577	24,926	23,828	23,955
Shares outstanding	140	140	135	130	130	128	127	128	126	123

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	230	184	264	284	186	266	266	235	230	276
Depreciation and amortization	14.8	15.3	15.3	14.5	16	15.8	15.3	13.6	13.8	16.1
Stock-based compensation	4.51	5.29	6.19	7.83	10	13.1	10.3	9.61	11.9	15.9
Deferred income tax	3.32	58.9	-3.6	17.1	-19.4	14.1	22.1	-13.7	-11.3	-0.34
Cash from operations	220	270	351	297	210	417	431	255	318	335
Capital expenditures	-15.5	-10.1	-35.9	-29.4	-33.4	-20.5	-13.3	-16	-28.8	-31.8
Purchases of investments	-3,109	-1,088	-130	-1,301	-4,046	-4,429	-938		-292	-419
Sales and maturities of investments	1,188	889	810	1,000	543	2.5	0	552	264	0
Cash from investing	-1,897	-971	-258	375	-2,104	-2,376	-965	1,025	549	264
Debt issued			600
Debt repaid			-0.01	-0.01	-0.01	-200
Share buybacks			-132	-136	-5	-75	-9.48		-40	-100
Dividends paid	-85.8	-123	-131	-138	-135	-134	-133	-133	-133	-131
Cash from financing	78.5	684	-125	-981	2,241	2,177	-197	-66.9	-1,436	-292
Net change in cash	-1,598	-17.4	-31	-310	347	218	-732	1,213	-570	308
Free cash flow	205	260	316	267	176	397	417	239	289	303
Interest paid	25.9	36.6	80.4	102	52.9	23	44.3	262	363	293
Income taxes paid	190	145	43	70.5	53.3	55.4	24.7	54	36.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $25.25 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	41.1%	Pre-tax income / revenue.
Net margin	31.5%	Net income / revenue.
FCF margin	34.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	37.0%	Cash from operations / revenue.
Effective tax rate	23.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	10.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.2%	Net income / average total assets.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.5%	Capital expenditures / revenue.
D&A / revenue	3.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	20.0%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	1.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	8.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	22.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	1.9%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	9.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	5.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-8.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.8%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.0%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-10.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	11.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	0.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	0.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	1.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.6%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	88.0%	Total liabilities / total assets.
Goodwill and intangibles / assets	4.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.83B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.04x	Revenue / average total assets.
Fixed asset turnover	2.97x	Revenue / average property, plant and equipment.
FCF conversion	109.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.33	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$7.39	Revenue / diluted weighted shares.
FCF per share	$2.56	Free cash flow / diluted weighted shares.
Operating cash flow per share	$2.74	Cash from operations / diluted weighted shares.
Book value per share	$23.23	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$15.04	Tangible book value / shares outstanding.
Cash per share	$8.32	(Cash + short-term investments) / shares outstanding.
Payout ratio	45.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	41.3%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	26.2%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$3.07B	Share price x shares outstanding.
Enterprise value	$2.06B	Market cap + total debt - cash - short-term investments.
P/E	10.8x	Market cap / net income. Only when net income is positive.
P/S	3.40x	Market cap / revenue.
P/B	1.09x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.68x	Market cap / tangible book value, when positive.
P/FCF	9.83x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.17x	Market cap / cash from operations, when positive.
EV/Sales	2.28x	Enterprise value / revenue.
EV/FCF	6.59x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.2%	Free cash flow / market cap.
Earnings yield	9.3%	Net income / market cap (the inverse of P/E).
Dividend yield	4.2%	Dividends paid over the period / market cap.
Shareholder yield	6.9%	(Dividends paid + share buybacks) / market cap.
PEG	5.71x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was FIRST HAWAIIAN, INC.'s revenue in fiscal 2025?

FIRST HAWAIIAN, INC. reported revenue of $880.8M for fiscal 2025, 8.9% higher than the year before.

Was FIRST HAWAIIAN, INC. profitable in fiscal 2025?

Yes. Net income was $276.3M, a net margin of 31.4%.

How much free cash flow did FIRST HAWAIIAN, INC. generate in fiscal 2025?

Cash from operations of $335.1M minus capital expenditures of $31.8M left free cash flow of $303.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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