Edison International【EIX】株式ニュース

Edison International Reports First Quarter 2026 ResultsApril 28, 2026 4:05 PM
Business Wire

First-quarter 2026 GAAP EPS of $1.38; core EPS of $1.42

First-quarter performance reflects continued disciplined execution, steady operational progress, and a clear focus on affordability and other priorities that matter most to our customers, communities, and capital providers

Affirmed 2026 core EPS guidance of $5.90-$6.20

Continued confidence in delivering 5-7% core EPS growth from 2025-2030

Edison International (NYSE: EIX) today reported first-quarter net income of $531 million, or $1.38 per share, compared to net income of $1,436 million, or $3.73 per share, in the first quarter of last year. As adjusted, first-quarter core earnings were $546 million, or $1.42 per share, compared to core earnings of $528 million, or $1.37 per share, in the first quarter of last year.

Southern California Edison’s first-quarter 2026 core earnings per share (EPS) increased year over year, primarily due to the adoption of the 2025 GRC final decision in the third quarter of 2025, partially offset by the absence of a benefit to interest expense related to cost recoveries authorized under the TKM Settlement Agreement in 2025.

Edison International Parent and Other’s first-quarter 2026 core loss per share decreased year over year, primarily due to lower preferred stock dividends, partially offset by higher interest expense.

“We are pleased with our start to the year and the momentum across our business,” said Pedro J. Pizarro, president and CEO of Edison International. “Our continued performance reflects disciplined execution and steady operational progress to make communities safer and more resilient, including wildfire mitigation and rebuilding efforts.”

Pizarro added, “At the same time, we remain focused on supporting communities impacted by wildfires, including through the Wildfire Recovery Compensation Program. SCE remains committed to administering the program in a transparent way that is responsive to community needs with fast and fair payments.”

Edison International uses core earnings internally for financial planning and analysis of performance. Core earnings are also used when communicating with investors and analysts regarding Edison International’s earnings results to facilitate comparisons of the company’s performance from period to period. Please see the attached tables to reconcile core earnings to basic GAAP earnings.

2026 Earnings Guidance

The company affirmed its earnings guidance range for 2026, as summarized in the following table. See the presentation accompanying the company’s conference call for further information and assumptions.

2026 Earnings Guidance

2026 Earnings Guidance

as of Feb. 18, 2026

as of Apr. 28, 2026

Low

High

Low

High

EIX Basic EPS

$

5.90

$

6.20

$

5.86

$

6.16

Less: Non-core Items*

-

-

(0.04)

(0.04)

EIX Core EPS

$

5.90

$

6.20

$

5.90

$

6.20

*There were ($15) million, or ($0.04) per share, of non-core items recorded for the three months ending Mar. 31, 2026. Basic EPS guidance only incorporates non-core items until Mar. 31, 2026.

First Quarter 2026 Earnings Conference Call and Webcast Details

When:

Tuesday, Apr. 28, 1:30-2:30 p.m. (PDT)

Telephone Numbers:

1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) — Passcode: Edison

Telephone Replay:

1-800-685-6667 (U.S.) and 1-203-369-3864 (Int’l) — Passcode: 1838

Telephone replay available through May 12 at 6 p.m. (PDT)

Webcast:

edisoninvestor.com

Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-Q on the company’s investor relations website. These materials are available at edisoninvestor.com.

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, focused on providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison Company, a utility delivering electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Trio (formerly Edison Energy), a portfolio of nonregulated competitive businesses providing integrated sustainability and energy advisory services to large commercial, industrial and institutional organizations in North America and Europe.

Appendix

Use of Non-GAAP Financial Measures

Edison International’s earnings and basic earnings per share (EPS) are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core EPS internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.

Safe Harbor Statement

Statements contained in this release about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:

ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire Fund), and costs incurred for wildfire restoration efforts and to mitigate the risk of utility equipment causing future wildfires;

the cybersecurity of Edison International's and SCE's critical information technology systems for grid control and business, employee and customer data, and the physical security of Edison International's and SCE's critical assets and personnel;

risks associated with the construction, operation, and maintenance of electrical facilities, including worker, contractor, and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;

impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of lower-than-expected load growth and higher operating and capital costs (due to factors such as supply chain constraints, tariffs, inflation, and rising interest rates), which could affect SCE’s ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses and proposed capital investment projects, as well as influence legislative actions;

ability of SCE to update its grid infrastructure to maintain system integrity and reliability, and meet electrification needs;

ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan, its target energization times and capital investment program, including challenges related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator's (“CAISO”) transmission plans, and governmental approvals;

risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;

ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS“);

risk that the California Wildfire Legislation or anticipated new California legislation does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial or contributing cause, including the longevity of the Wildfire Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under the California Wildfire Legislation, including its interpretation of the clarified prudency standard;

ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;

decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission, the California legislature and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, reforming wildfire-related liability protections available to California investor-owned utilities, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;

governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the North American Electric Reliability Corporation, CAISO, Western Electricity Coordinating Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance placed on greenhouse gas reduction and other climate related priorities;

potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to customer notifications and to wildfires where SCE's equipment is alleged to be associated with ignition;

extreme weather-related incidents (including events caused, or exacerbated, by climate change), such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events and other natural disasters (such as earthquakes), which could cause, among other things, worker and public safety issues, property damage, outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;

risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;

risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);

actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook.

Other important factors are discussed under the headings “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s Form 10-K and other reports filed with the Securities and Exchange Commission, which are available on our website: edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this release.

First Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share

Three Months Ended March 31,

2026

2025

Change

Earnings (loss) per share available to Edison International

SCE

$

1.61

$

4.07

$

(2.46

)

Edison International Parent and Other

(0.23

)

(0.34

)

0.11

Edison International

1.38

3.73

(2.35

)

Less: Non-core items

SCE

(0.04

)

2.46

(2.50

)

Edison International Parent and Other

—

(0.10

)

0.10

Total non-core items

(0.04

)

2.36

(2.40

)

Core earnings (loss) per share

SCE

1.65

1.61

0.04

Edison International Parent and Other

(0.23

)

(0.24

)

0.01

Edison International

$

1.42

$

1.37

$

0.05

Note: Diluted earnings were $1.37 and $3.72 per share for the three months ended March 31, 2026 and 2025, respectively.

First Quarter Reconciliation of Basic Earnings to Core Earnings (in millions)

Three Months Ended March 31,

(in millions)

2026

2025

Change

Net income (loss) available to Edison International

SCE

$

619

$

1,567

$

(948

)

Edison International Parent and Other

(88

)

(131

)

43

Edison International

531

1,436

(905

)

Less: Non-core items

SCE 1,2

(16

)

947

(963

)

Edison International Parent and Other3

1

(39

)

40

Total non-core items

(15

)

908

(923

)

Core earnings (losses)

SCE

635

620

15

Edison International Parent and Other

(89

)

(92

)

3

Edison International

$

546

$

528

$

18

1 Includes net earnings of $13 million ($9 million after-tax) recorded in 2026 primarily due to expected recoveries, partially offset by claims and legal expenses associated with Other Wildfire Events, and net earnings of $1,351 million ($973 million after-tax) in 2025 primarily related to the TKM Settlement Agreement and insurance reimbursements related to Other Wildfire Events.

2 Includes amortization of SCE's Wildfire Fund expenses of $35 million ($25 million after-tax) and $36 million ($26 million after-tax) for the three months ended March 31, 2026 and 2025, respectively.

3 Includes net earnings of $1 million ($1 million after-tax) recorded in 2026 primarily due to updated estimates of claims accruals, net of legal expenses, and charges of $50 million ($39 million after-tax) recorded in 2025, both related to wildfire claims insured by EIS.

Condensed Consolidated Statements of Income

Edison International

Three months ended March 31,

(in millions, except per-share amounts, unaudited)

2026

2025

Operating revenue

$

4,103

$

3,811

Purchased power and fuel

970

1,047

Operation and maintenance

1,017

983

Wildfire-related claims, net of (recoveries)

(5

)

(1,305

)

Wildfire Fund expense

35

36

Depreciation and amortization

834

742

Property and other taxes

179

166

Asset impairment and other

(1

)

8

Total operating expenses

3,029

1,677

Operating income

1,074

2,134

Interest expense

(524

)

(301

)

Other income, net

121

107

Income before income taxes

671

1,940

Income tax expense

101

448

Net income

570

1,492

Less: Preference stock dividend requirements of SCE

29

34

Preferred stock dividend requirements of Edison International

10

22

Net income available to Edison International common shareholders

$

531

$

1,436

Basic earnings per share:

Weighted average shares of common stock outstanding

385

385

Basic earnings per common share available to Edison International

common shareholders

$

1.38

$

3.73

Diluted earnings per share:

Weighted average shares of common stock outstanding, including effect of

dilutive securities

387

386

Diluted earnings per common share available to Edison International common shareholders

$

1.37

$

3.72

Condensed Consolidated Balance Sheets

Edison International

(in millions, unaudited)

March 31,

2026

December 31,

2025

ASSETS

Cash and cash equivalents

$

168

$

158

Receivables, net of allowances for uncollectible accounts of $348 and $356 at

respective dates

1,577

1,463

Accrued unbilled revenue

1,022

1,238

Inventory

542

535

Prepaid expenses

280

119

Regulatory assets

2,660

3,290

Wildfire Fund contributions

138

138

Other current assets

789

745

Total current assets

7,176

7,686

Nuclear decommissioning trusts

4,457

4,535

Other investments

63

51

Total investments

4,520

4,586

Utility property, plant and equipment, net of accumulated depreciation and

amortization of $15,196 and $15,060 at respective dates

64,020

63,131

Nonutility property, plant and equipment, net of accumulated depreciation of $117

and $132 at respective dates

194

197

Total property, plant and equipment

64,214

63,328

Receivables, net of allowances for uncollectible accounts of $39 and $49 at respective dates

36

38

Regulatory assets (include $3,072 and $3,092 related to a Variable Interest Entity

("VIE") at respective dates)

13,011

12,960

Wildfire Fund contributions

1,705

1,740

Operating lease right-of-use assets

1,148

1,161

Long-term insurance receivables

456

359

Other long-term assets

2,209

2,168

Total other assets

18,565

18,426

Total assets

$

94,475

$

94,026

Condensed Consolidated Balance Sheets

Edison International

(in millions, except share amounts, unaudited)

March 31,

2026

December 31,

2025

LIABILITIES AND EQUITY

Short-term debt

$

1,242

$

2,390

Current portion of long-term debt

2,996

1,928

Accounts payable

2,413

2,344

Wildfire-related claims

556

585

Accrued interest

504

473

Regulatory liabilities

354

1,158

Current portion of operating lease liabilities

120

120

Other current liabilities

1,515

1,538

Total current liabilities

9,700

10,536

Long-term debt (includes $3,004 and $3,022 related to a VIE at respective dates)

37,311

36,070

Deferred income taxes and credits

9,275

9,114

Pensions and benefits

365

370

Asset retirement obligations

2,598

2,583

Regulatory liabilities

10,870

10,627

Operating lease liabilities

1,028

1,041

Wildfire-related claims

837

721

Other deferred credits and other long-term liabilities

3,607

3,705

Total deferred credits and other liabilities

28,580

28,161

Total liabilities

75,591

74,767

Preferred stock (50,000,000 shares authorized; zero and 414,342 shares of Series A and 83,503 and 87,937 shares of Series B issued and outstanding at respective dates)

83

497

Common stock, no par value (800,000,000 shares authorized; 384,793,941 and

384,787,056 shares issued and outstanding at respective dates)

6,332

6,362

Accumulated other comprehensive income

6

6

Retained earnings

10,899

10,714

Total Edison International's shareholders' equity

17,320

17,579

Noncontrolling interests – preference stock of SCE

1,564

1,680

Total equity

18,884

19,259

Total liabilities and equity

$

94,475

$

94,026

Condensed Consolidated Statements of Cash Flows

Edison International

Three months ended March 31,

(in millions, unaudited)

2026

2025

Cash flows from operating activities:

Net income

$

570

$

1,492

Adjustments to reconcile to net cash provided by operating activities:

Depreciation and amortization

834

742

Equity allowance for funds used during construction

(56

)

(46

)

Asset impairment and other

(1

)

8

Deferred income taxes

46

421

Wildfire Fund amortization expense

35

36

Other

27

28

Nuclear decommissioning trusts

2

(34

)

Changes in operating assets and liabilities:

Receivables

(131

)

269

Inventory

(9

)

(1

)

Accounts payable

109

70

Other current assets and liabilities

(71

)

(221

)

Derivative assets and liabilities, net

23

33

Regulatory assets and liabilities, net

81

(1,443

)

Wildfire-related claims, net of insurance recoveries

(22

)

(131

)

Other noncurrent assets and liabilities

(10

)

1

Net cash provided by operating activities

1,427

1,224

Cash flows from financing activities:

Long-term debt issued, net of premium (discount) and issuance costs of $2 and $(49) for the

3,552

3,501

respective periods

Long-term debt repaid

(1,251

)

(1

)

Short-term debt repaid

(432

)

—

Common stock repurchased

(26

)

(29

)

Preferred stock repurchased

(538

)

—

Commercial paper repayments, net of borrowing

(711

)

(1,687

)

Dividends and distribution to noncontrolling interests

(27

)

(34

)

Common stock dividends paid

(338

)

(319

)

Preferred stock dividends paid

(13

)

(44

)

Other

(4

)

(13

)

Net cash provided by financing activities

212

1,374

Cash flows from investing activities:

Capital expenditures

(1,539

)

(1,408

)

Proceeds from sale of nuclear decommissioning trust investments

1,991

1,406

Purchases of nuclear decommissioning trust investments

(1,993

)

(1,372

)

Other

(47

)

—

Net cash used in investing activities

(1,588

)

(1,374

)

Net increase in cash and cash equivalents and restricted cash and cash equivalents

51

1,224

Cash and cash equivalents and restricted cash and cash equivalents at beginning of period

720

684

Cash and cash equivalents and restricted cash and cash equivalents at end of period

$

771

$

1,908

View source version on businesswire.com: https://www.businesswire.com/news/home/20260428414818/en/
Investor Relations: Sam Ramraj, (626) 302-2540

Media Relations: (626) 302-2255

news@sce.com

Original: Edison International Reports First Quarter 2026 Results

Edison International Reports Fourth Quarter and Full-Year 2025 ResultsFebruary 18, 2026 4:05 PM
Business Wire

Fourth-quarter 2025 GAAP EPS of $4.80; core EPS of $1.86

Full-year 2025 GAAP EPS of $11.58; core EPS of $6.55

Introduced 2026 core EPS guidance of $5.90-6.20 and 2027 core EPS guidance of $6.25-6.65

Recent regulatory decisions provide strong visibility into achieving multi-year targets

Continued confidence in delivering 5-7% core EPS growth from 2025-2028 and extending to 2030

Edison International (NYSE: EIX) today reported fourth-quarter net income of $1,848 million, or $4.80 per share, compared to net income of $340 million, or $0.88 per share, in the fourth quarter of last year. As adjusted, fourth-quarter core earnings were $717 million, or $1.86 per share, compared to core earnings of $405 million, or $1.05 per share, in the fourth quarter of last year.

Southern California Edison’s fourth-quarter 2025 core earnings per share (EPS) increased year over year, primarily due to a benefit to interest expense related to cost recoveries authorized under the Woolsey Settlement Agreement and revenue recognition from the 2025 GRC final decision.

Edison International Parent and Other’s fourth-quarter 2025 core loss per share increased year over year, primarily due to a loss on preferred stock redemption driven by the recognition of the original issuance costs.

“This year’s results reflect the progress we’re making to deliver a safer, more resilient, and more affordable energy system for customers,” said Pedro J. Pizarro, president and CEO of Edison International. “SCE’s extensive wildfire mitigation approach has resulted in the installation of more than 7,000 miles of covered conductor in high fire risk areas—over 90% of the utility’s planned grid hardening effort. This work continues to play a critical role in reducing ignition risk and strengthening reliability for the communities we serve. We’re also continuing to support communities recovering from recent wildfires through SCE’s Wildfire Recovery Compensation Program, where we are actively processing claims and making payments to help customers rebuild.”

Pizarro added, “Safety and affordability remain at the core of our commitment to customers. Earlier this year, SCE announced a 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized businesses. This is starting from a place of having the lowest system average rate among California’s major investor-owned utilities.”

Full-Year Earnings

For 2025, Edison International reported net income of $4,459 million, or $11.58 per share, compared to $1,284 million, or $3.33 per share, for 2024. As adjusted, Edison International’s core earnings were $2,520 million, or $6.55 per share, compared to $1,900 million, or $4.93 per share, in 2024.

SCE’s full-year core EPS was higher, primarily due to revenue recognition from the 2025 GRC final decision and a benefit to interest expense related to cost recoveries authorized under the TKM and Woolsey Settlement Agreements.

Edison International Parent and Other’s full-year core loss per share increased primarily due to higher interest expense and a loss on preferred stock redemption driven by the recognition of the original issuance costs.

Edison International uses core earnings internally for financial planning and analysis of performance. Core earnings are also used when communicating with investors and analysts regarding Edison International’s earnings results to facilitate comparisons of the company’s performance from period to period. Please see the attached tables to reconcile core earnings to basic GAAP earnings.

2026 and 2027 Earnings Guidance

The company introduced its earnings guidance ranges for 2026 and 2027, as summarized in the following table. See the presentation accompanying the company’s conference call for further information and assumptions.

2026 Earnings Guidance

2027 Earnings Guidance

as of Feb. 18, 2026

as of Feb. 18, 2026

Low

High

Low

High

EIX Basic EPS

$

5.90

$

6.20

$

6.25

$

6.65

Less: Non-core Items*

-

-

-

-

EIX Core EPS

$

5.90

$

6.20

$

6.25

$

6.65

*Non-core items are presented as they are recorded.

Edison International and Southern California Edison Declare Dividends

Today, the board of directors of Edison International declared a quarterly common stock dividend of $0.8775 per share, payable on April 30, 2026, to shareholders of record on April 7, 2026. It also declared dividends on preferred stock.

Additionally, the board of directors of Southern California Edison Company today declared dividends on preference stock. For more information, please see the related news release at edisoninvestor.com.

Fourth Quarter and Full-Year 2025 Earnings Conference Call and Webcast Details

When:

Wednesday, Feb. 18, 1:30-2:30 p.m. (PST)

Telephone Numbers:

1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) — Passcode: Edison

Telephone Replay:

1-800-685-6667 (U.S.) and 1-203-369-3864 (Int’l) — Passcode: 1834

Telephone replay available through Mar. 4 at 6 p.m. (PST)

Webcast:

edisoninvestor.com

Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-K on the company’s investor relations website. These materials are available at edisoninvestor.com.

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, focused on providing clean and reliable energy and energy services through its independent companies. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison Company, a utility delivering electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Trio (formerly Edison Energy), a portfolio of nonregulated competitive businesses providing integrated sustainability and energy advisory services to large commercial, industrial and institutional organizations in North America and Europe.

Appendix

Use of Non-GAAP Financial Measures

Edison International’s earnings and basic earnings per share (EPS) are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core EPS internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.

Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.

Safe Harbor Statement

Statements contained in this release about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:

ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire Fund), and costs incurred for wildfire restoration efforts and to mitigate the risk of utility equipment causing future wildfires;

the cybersecurity of Edison International's and SCE's critical information technology systems for grid control and business, employee and customer data, and the physical security of Edison International's and SCE's critical assets and personnel;

risks associated with the construction, operation, and maintenance of electrical facilities, including worker, contractor, and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;

impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on SCE’s ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses, proposed capital investment projects, forecasted load growth does not occur, and increased costs due to supply chain constraints, tariffs, inflation and rising interest rates and the impact of legislative actions on affordability;

ability of SCE to update its grid infrastructure to maintain system integrity and reliability, and meet electrification needs;

ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan, its target energization times and capital investment program, including challenges related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator's (“CAISO”) transmission plans, and governmental approvals;

risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;

ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS“);

risk that California Assembly Bill 1054 (“AB 1054“), California Senate Bill 254 (“SB 254”) or other new California legislation does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial or contributing cause, including the longevity of the Wildfire Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under AB 1054 or SB 254, including its interpretation of the prudency standard clarified by AB 1054;

ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;

decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission, the California legislature and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, reforming wildfire-related liability protections available to California investor-owned utilities, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;

governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the North American Electric Reliability Corporation, CAISO, Western Electricity Coordinating Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance placed on greenhouse gas reduction and other climate related priorities;

potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to customer notifications and to wildfires where SCE's equipment is alleged to be associated with ignition;

extreme weather-related incidents (including events caused, or exacerbated, by climate change), such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events and other natural disasters (such as earthquakes), which could cause, among other things, worker and public safety issues, property damage, outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;

risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;

risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);

actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook.

Other important factors are discussed under the headings “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s Form 10-K and other reports filed with the Securities and Exchange Commission, which are available on our website: edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this release.

Fourth Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2025

2024

Change

2025

2024

Change

Earnings (loss) per share available to Edison International

SCE

$

5.08

$

1.11

$

3.97

$

12.70

$

4.20

$

8.50

Edison International Parent and Other

(0.28

)

(0.23

)

(0.05

)

(1.12

)

(0.87

)

(0.25

)

Edison International

4.80

0.88

3.92

11.58

3.33

8.25

Less: Non-core items

SCE

2.94

(0.17

)

3.11

5.13

(1.59

)

6.72

Edison International Parent and Other

—

—

—

(0.10

)

(0.01

)

(0.09

)

Total non-core items

2.94

(0.17

)

3.11

5.03

(1.60

)

6.63

Core earnings (loss) per share

SCE

2.14

1.28

0.86

7.57

5.79

1.78

Edison International Parent and Other

(0.28

)

(0.23

)

(0.05

)

(1.02

)

(0.86

)

(0.16

)

Edison International

$

1.86

$

1.05

$

0.81

$

6.55

$

4.93

$

1.62

Note: Diluted earnings were $4.79 and $0.87 per share for the three months ended December 31, 2025 and 2024, respectively. Diluted earnings were $11.55 and $3.31 per share for the twelve months ended December 31, 2025 and 2024, respectively.

Fourth Quarter Reconciliation of Basic Earnings to Core Earnings (in millions)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

(in millions)

2025

2024

Change

2025

2024

Change

Net income (loss) available to Edison International

SCE

$

1,954

$

429

$

1,525

$

4,889

$

1,619

$

3,270

Edison International Parent and Other

(106

)

(89

)

(17

)

(430

)

(335

)

(95

)

Edison International

1,848

340

1,508

4,459

1,284

3,175

Less: Non-core items

SCE1,2,3,4,5,6

1,131

(64

)

1,195

1,978

(613

)

2,591

Edison International Parent and Other7

—

(1

)

1

(39

)

(3

)

(36

)

Total non-core items

1,131

(65

)

1,196

1,939

(616

)

2,555

Core earnings (losses)

SCE

823

493

330

2,911

2,232

679

Edison International Parent and Other

(106

)

(88

)

(18

)

(391

)

(332

)

(59

)

Edison International

$

717

$

405

$

312

$

2,520

$

1,900

$

620

1

Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries:

Net earnings recorded for the twelve months ended December 31, 2025, related to the TKM Settlement Agreement, including ongoing legal expenses: $1,341 million ($966 million after-tax) of claim costs, and $55 million ($40 million after-tax) of legal expenses authorized for recovery, partially offset by shareholder-funded wildfire mitigation expenses of $50 million ($36 million after-tax) and impairment of incremental restoration-related assets of $8 million ($6 million after-tax); and charges of $3 million ($2 million after-tax) related to claim costs and related legal expenses, net of expected regulatory recoveries for the three months ended December 31, 2025.

Net earnings recorded in the fourth quarter of 2025, related to the Woolsey Settlement Agreement, including ongoing legal expenses: $1,603 million ($1,154 million after-tax) of claim costs and $35 million ($25 million after-tax) of legal expenses authorized for recovery, partially offset by impairment of incremental restoration-related assets of $10 million ($7 million after-tax).

Legal expenses authorized for recovery of $2 million ($2 million after-tax) and charges of $5 million ($3 million after tax) related to claim costs and related legal expenses, net of expected regulatory recoveries, for the three and twelve months ended December 31, 2025, respectively.

Charges of $8 million ($6 million after-tax) and $493 million ($355 million after-tax) related to claim costs and related legal expenses, net of expected regulatory recoveries, for the three and twelve months ended December 31, 2024, respectively.

2

Includes charges for Eaton Fire claims and expenses of $15 million ($11 million after tax) recorded in the fourth quarter of 2025, primarily from the shareholder contribution related to SCE's customer-funded self-insurance coverage and legal and other expenses.

3

Includes charges for Other Wildfire Events claims and expenses, net of recoveries:

Charges of $1 million ($1 million after-tax) for the twelve months ended December 31, 2025, consisted of $15 million of legal expenses, net of expected regulatory recoveries, partially offset by $14 million of insurance reimbursements for costs incurred in previous years.

Charges of $162 million ($117 million after-tax) for wildfire claims and related legal expenses, net of expected insurance and regulatory recoveries for the twelve months ended December 31, 2024.

Charges of $5 million ($4 million after-tax) and $38 million ($27 million after-tax) for wildfire claims and related legal expenses, net of expected insurance and regulatory recoveries, for the three months ended December 31, 2025 and 2024, respectively.

4

Includes amortization of SCE's Wildfire Insurance Fund expenses of $36 million ($26 million after tax) and $37 million ($27 million after-tax) for the three months ended December 31, 2025 and 2024, respectively, and $144 million ($104 million after-tax) and $146 million ($105 million after-tax) for the twelve months ended December 31, 2025 and 2024, respectively.

5

Includes net charges of $76 million ($39 million after-tax) recorded in the third quarter of 2025, primarily related to impairment of utility property, plant and equipment associated with historical capital expenditures disallowed in SCE's 2025 GRC final decision.

6

Includes severance costs, net of expected FERC recovery, of $6 million ($4 million after-tax) and $50 million ($36 million after-tax), for the three and twelve months ended December 31, 2024.

7

Includes charges related to wildfire claims insured by EIS of $50 million ($39 million after-tax) recorded in the first quarter of 2025, and $2 million ($1 million after-tax) and $4 million ($3 million after-tax) for the three and twelve months ended December 31, 2024, respectively.

Consolidated Statements of Income

Edison International

Year ended December 31,

(in millions, except per-share amounts)

2025

2024

2023

Operating revenue

$

19,317

$

17,599

$

16,338

Purchased power and fuel

4,933

5,209

5,486

Operation and maintenance

5,098

5,172

4,138

Wildfire-related claims, net of (recoveries)

(1,959

)

652

667

Wildfire Fund expense

144

146

213

Depreciation and amortization

3,237

2,866

2,635

Property and other taxes

665

624

571

Asset impairment

106

—

1

Total operating expenses

12,224

14,669

13,711

Operating income

7,093

2,930

2,627

Interest expense

(1,539

)

(1,869

)

(1,612

)

Other income, net

438

502

500

Income before income taxes

5,992

1,563

1,515

Income tax expense

1,291

17

108

Net income

4,701

1,546

1,407

Less: Preference stock dividend requirements of SCE

144

175

123

Preferred stock dividend requirements of Edison International

98

87

87

Net income available to Edison International common shareholders

$

4,459

$

1,284

$

1,197

Basic earnings per share:

Weighted average shares of common stock outstanding

385

386

383

Basic earnings per common share available to Edison International common shareholders

$

11.58

$

3.33

$

3.12

Diluted earnings per share:

Weighted average shares of common stock outstanding, including effect of dilutive securities

386

388

385

Diluted earnings per common share available to Edison International common shareholders

$

11.55

$

3.31

$

3.11

Consolidated Balance Sheets

Edison International

December 31,

(in millions)

2025

2024

ASSETS

Cash and cash equivalents

$

158

$

193

Receivables, net of allowances for uncollectible accounts of $356 and $352 at respective dates

1,463

2,169

Accrued unbilled revenue

1,238

848

Inventory

535

538

Prepaid expenses

119

103

Regulatory assets

3,290

2,748

Wildfire Fund contributions

138

138

Other current assets

745

418

Total current assets

7,686

7,155

Nuclear decommissioning trusts

4,535

4,286

Other investments

51

57

Total investments

4,586

4,343

Utility property, plant and equipment, net of accumulated depreciation and amortization of $15,060 and $14,207 at respective dates

63,131

59,047

Nonutility property, plant and equipment, net of accumulated depreciation of $132 and $124 at respective dates

197

207

Total property, plant and equipment

63,328

59,254

Receivables, net of allowances for uncollectible accounts of $49 and $43 for at respective dates

38

62

Regulatory assets (include $3,092 and $1,512 related to a Variable Interest Entity ("VIE") at respective dates)

12,960

8,886

Wildfire Fund contributions

1,740

1,878

Operating lease right-of-use assets

1,161

1,180

Long-term insurance receivables

359

418

Other long-term assets

2,168

2,403

Total other assets

18,426

14,827

Total assets

$

94,026

$

85,579

Consolidated Balance Sheets

Edison International

December 31,

(in millions, except share amounts)

2025

2024

LIABILITIES AND EQUITY

Short-term debt

$

2,390

$

998

Current portion of long-term debt

1,928

2,049

Accounts payable

2,344

2,000

Wildfire-related claims

585

60

Accrued interest

473

422

Regulatory liabilities

1,158

1,347

Current portion of operating lease liabilities

120

124

Other current liabilities

1,538

1,439

Total current liabilities

10,536

8,439

Long-term debt (include $3,022 and $1,468 related to a VIE at respective dates)

36,070

33,534

Deferred income taxes and credits

9,114

7,180

Pensions and benefits

370

384

Asset retirement obligations

2,583

2,580

Regulatory liabilities

10,627

10,159

Operating lease liabilities

1,041

1,056

Wildfire-related claims

721

941

Other deferred credits and other long-term liabilities

3,705

3,566

Total deferred credits and other liabilities

28,161

25,866

Total liabilities

74,767

67,839

Preferred stock (50,000,000 shares authorized; 414,342 and 1,159,317 shares of Series A and 87,937 and 503,454 shares of Series B issued and outstanding at respective dates)

497

1,645

Common stock, no par value (800,000,000 shares authorized; 384,787,056 and 384,784,719 shares issued and outstanding at respective dates)

6,362

6,353

Accumulated other comprehensive income

6

—

Retained earnings

10,714

7,567

Total Edison International's shareholders' equity

17,579

15,565

Noncontrolling interests – preference stock of SCE

1,680

2,175

Total equity

19,259

17,740

Total liabilities and equity

$

94,026

$

85,579

Consolidated Statements of Cash Flows

Edison International

Years ended December 31,

(in millions)

2025

2024

2023

Cash flows from operating activities:

Net income

$

4,701

$

1,546

$

1,407

Adjustments to reconcile to net cash provided by operating activities:

Depreciation and amortization

3,237

2,939

2,721

Equity allowance for funds used during construction

(189

)

(187

)

(157

)

Asset impairment

106

—

1

Deferred income taxes

1,208

9

108

Wildfire Fund amortization expense

144

146

213

Other

176

81

57

Nuclear decommissioning trusts

(123

)

(174

)

(180

)

Contributions to Wildfire Fund

(95

)

(95

)

(95

)

Changes in operating assets and liabilities:

Receivables

662

(278

)

(349

)

Inventory

(4

)

(14

)

(63

)

Accounts payable

78

53

(408

)

Other current assets and liabilities

(253

)

(85

)

194

Derivative assets and liabilities, net

(11

)

28

(174

)

Regulatory assets and liabilities, net

(3,445

)

1,219

576

Wildfire-related claims, net of insurance recoveries

(610

)

(314

)

(446

)

Other noncurrent assets and liabilities

218

140

(4

)

Net cash provided by operating activities

5,800

5,014

3,401

Cash flows from financing activities:

Long-term debt issued, net of discount and issuance costs of $60, $44, and $54 for the respective years

5,133

5,256

5,121

Long-term debt repaid

(2,052

)

(2,701

)

(2,498

)

Short-term debt issued

1,260

—

1,076

Short-term debt repaid

(230

)

(401

)

(2,407

)

Common stock repurchased

(32

)

(200

)

—

Preferred and preference stock issued, net of issuance cost

—

345

542

Preferred and preference stock repurchased and redeemed

(1,664

)

(656

)

(289

)

Commercial paper (repayments) borrowing, net

(346

)

308

1,102

Dividends and distribution to noncontrolling interests

(136

)

(168

)

(117

)

Common stock dividends paid

(1,274

)

(1,198

)

(1,112

)

Preferred stock dividends paid

(104

)

(88

)

(108

)

Other

16

177

137

Net cash provided by financing activities

571

674

1,447

Cash flows from investing activities:

Capital expenditures

(6,515

)

(5,707

)

(5,448

)

Proceeds from sale of nuclear decommissioning trust investments

6,219

5,019

4,597

Purchases of nuclear decommissioning trust investments

(6,098

)

(4,898

)

(4,417

)

Other

59

50

35

Net cash used in investing activities

(6,335

)

(5,536

)

(5,233

)

Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents

36

152

(385

)

Cash and cash equivalents and restricted cash and cash equivalents at beginning of year

684

532

917

Cash and cash equivalents and restricted cash and cash equivalents at end of year

$

720

$

684

$

532

View source version on businesswire.com: https://www.businesswire.com/news/home/20260218378299/en/
Investor Relations: Sam Ramraj, (626) 302-2540

Media Relations: (626) 302-2255

news@sce.com

Original: Edison International Reports Fourth Quarter and Full-Year 2025 Results