EDISON INTERNATIONAL (EIX) Company Report

Edison International has commenced cash tender offers to purchase any and all outstanding Series B 5.00% and Series A 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock.
Series B: $503,454,000 aggregate liquidation preference outstanding, offer price $995 per $1,000; Series A: $1,159,317,000 outstanding, offer price $1,000 per $1,000.
Offers expire December 19, 2025 at 5 p.m. New York City time; Settlement Date expected promptly thereafter, payable in cash on hand.
Offers are subject to the terms and conditions set forth in the Offer to Purchase; holders may withdraw tendered securities before the expiration date.

Nov 20, 2025, 1:24 PM

8-K

Edison International reports Q3 2025 earnings results

EIX

Earnings

Guidance Update

New Projects/Investments

Edison International delivered Q3 core EPS of $2.34 vs. $1.51 a year ago, narrowed 2025 core EPS guidance to $5.95–$6.20, and reaffirmed a 5%–7% core EPS CAGR through 2028.
The CPUC approved SCE’s 2025 General Rate Case, authorizing $9.7 billion of base revenue and roughly $500 million of annual revenue increases for 2026–2028, with 91% of requested capex approved.
SCE secured recovery of $1.6 billion via the TKM settlement and $2 billion in the Woolsey Fire proceeding (totaling $3.6 billion, or 43% of costs), with securitization proceeds expected mid-2026 upon final CPUC approval.
California enacted SB 254, establishing up to an $18 billion wildfire continuation account, capping liability by ignition year and permitting securitization for 2025 wildfires ignited Jan 1–Sep 19, with phase 2 reforms due in April 2026.
Edison forecasts $28–29 billion of capex through 2028 with 7%–8% rate-base growth, expects no equity issuance, and plans to finance via $1.6 billion (TKM) and $2 billion (Woolsey) securitizations while maintaining a 15%–17% FFO/debt ratio.

Oct 28, 2025, 8:30 PM

Transcript

Edison International reports Q3 2025 financial results

EIX

Earnings

Guidance Update

Debt Issuance

Edison delivered Q3 core EPS of $2.34 (vs $1.51 a year ago) and narrowed 2025 core EPS guidance to $5.95–$6.20, reaffirming a 5%–7% EPS CAGR through 2028.
CPUC approved the TKM wildfire cost recovery of $1.6 billion and SCE settled Woolsey for $2 billion (pending final approval); the 2025 GRC grants $9.7 billion in base revenue and 91% of requested capex.
SCE’s four-year capital plan totals $28–$29 billion (vs $27–$32 billion prior), driving 7%–8% rate-base growth and backed by $1.6 billion (TKM) and $2 billion (Woolsey) securitizations without equity issuance.
Near-term load growth is forecast at 1%–3% annually, supported by 29% of Q3 new vehicle sales being zero-emission, with long-term electricity demand expected to nearly double over 20 years.

Oct 28, 2025, 8:30 PM

Transcript

Edison International reports Q3 2025 results

EIX

Earnings

Guidance Update

Dividends

EIX reaffirms 2028 Core EPS guidance of $6.74–7.14, reflecting a 5–7% CAGR from 2025 and underscoring its track record of delivering on guidance.
SCE’s 2025–2028 capital expenditures plan totals $28–29 billion, with over 85% directed to distribution grid investments, driving a 7–8% CAGR in rate base to $56.5 billion by 2028.
The CPUC’s 2025 GRC decision approved ~92% of SCE’s $9.7 billion base revenue request and 91% of its capital budget, enhancing visibility for planned grid upgrades.
EIX targets a 45–55% dividend payout ratio on SCE core earnings, marking 21 consecutive years of dividend growth and delivering a ~6% current yield.
SCE allocates 16% of its capital plan to wildfire mitigation and pursues a net-zero GHG strategy, aiming for carbon neutrality by 2045.

Oct 28, 2025, 8:30 PM

Presentation

Edison International reports Q3 2025 earnings

EIX

Earnings

Guidance Update

Legal Proceedings

Q3 core EPS of $2.34, up from $1.51 a year ago, and narrowed 2025 core EPS guidance to $5.95–6.20; reaffirmed 5–7% EPS CAGR through 2028
California passed SB 254, creating up to $18 billion wildfire backstop and allowing securitization for 2025 wildfires to enhance cost-recovery certainty
SCE secured settlements to recover $1.6 billion (TKM) and $2 billion (Woolsey) of wildfire costs—totaling 43% of losses—and expects securitization proceeds mid-2026
2025 General Rate Case approves $9.7 billion base revenue and 91% of requested CapEx; 2025–28 capital plan set at $28–29 billion, driving 7–8% rate-base growth with no equity issuance

Oct 28, 2025, 8:30 PM

Transcript

Edison International reports Q3 2025 results

EIX

Earnings

Guidance Update

Debt Issuance

Narrowed 2025 Core EPS guidance to $5.95–6.20 and reaffirmed 5–7% Core EPS CAGR to $6.74–7.14 by 2028.
CPUC approved ~92% of SCE’s 2025 base revenue request (~$9.7 billion) and 91% of capex, underpinning a $28–29 billion capital plan and 7–8% rate base CAGR through 2028.
TKM wildfire settlement of ~$1.6 billion approved with securitization expected by year-end 2025; Woolsey settlement of ~$2.0 billion proposed, pending CPUC approval for mid-2026 financing.
California SB 254 establishes an $18 billion wildfire fund (50/50 customers/IOUs), excludes $6 billion of wildfire capex from rate base, enhancing financial stability and customer affordability.

Oct 28, 2025, 8:30 PM

Presentation

Edison International reports Q3 2025 results

EIX

Earnings

Guidance Update

Edison International reported GAAP EPS of $2.16 on net income of $832 million, versus $1.33 on $516 million in Q3 2024.
Q3 2025 core EPS was $2.34, up from $1.51 in the year-ago quarter, driven by higher revenue from the 2025 GRC final decision.
The company narrowed 2025 core EPS guidance to $5.95–$6.20 and reiterated confidence in delivering 5–7% core EPS growth from 2025–2028.
Key regulatory milestones included CPUC approval of 91% of SCE’s 2025 capital investments and passage of SB 254 to support utility financial stability.

Oct 28, 2025, 8:05 PM

Press Release

Edison International summarizes SB 254 wildfire fund reforms

EIX

On September 13, 2025, California’s Legislature approved SB 254, which establishes an $18 billion Continuation Account for wildfire liabilities with no upfront contributions and 50/50 funding by customers and IOUs (IOUs: $300 million/year for 2029–2045 plus up to $3.9 billion; customers: $900 million/year for 2036–2045) – SCE’s share is 47.85% (~$145 million/year) starting 2029.
Any remaining value in the original Wildfire Fund rolls over to the new fund; SB 254 shifts the liability cap to the year of ignition, improving certainty, and grants IOUs the right to securitize $6 billion of wildfire mitigation capital (SCE share: ~$2.9 billion) subject to CPUC approval.
If the Wildfire Fund is exhausted, IOUs may issue securitized bonds to cover claims from wildfires ignited between January 1, 2025, and SB 254’s effective date, and IOUs have a right of first refusal on subrogation claim sales for future wildfires.
SB 254 mandates the California Energy Commission to evaluate broad reform options—such as insurance accessibility, risk-sharing models, enhanced mitigation technologies, and streamlined compensation mechanisms—with a report due to the Legislature and Governor by April 1, 2026.

Sep 15, 2025, 10:02 AM

8-K

Edison International reports Q2 2025 results

EIX

Earnings

Guidance Update

Legal Proceedings

Edison International delivered Q2 core EPS of $0.97, down from $1.23 a year ago, and reaffirmed 2025 EPS guidance of $5.94–$6.34 with a 5–7% core EPS CAGR through 2028.
The CPUC’s proposed decision in SCE’s 2025 General Rate Case would authorize $9.8 billion of base revenue (93% of the request) and support $6.2 billion of wildfire mitigation investments from 2026–2028; oral argument is set for August 11 and a Commission vote could occur August 28.
Edison launched a wildfire recovery compensation program to expedite Eaton fire claims this fall; costs will be covered first by $1 billion of customer-funded self-insurance and then by California’s wildfire fund, with the independent investigations expected to take 12–18 months.
Other regulatory developments include CPUC final decisions in WMCE/WMVM authorizing $300 million of O&M and $700 million of capital recovery, and a proposed decision to securitize $1.6 billion of TKM costs to lower financing expenses.

Aug 1, 2025, 1:25 AM

Edison International Reports Q1 2025 Results

EIX

Earnings

Guidance Update

Legal Proceedings

Debt Issuance

Edison International reported Q1 2025 GAAP EPS of $3.73 and Core EPS of $1.37, reflecting key operational drivers .
The company reaffirmed its 2025 Core EPS guidance of $5.94–$6.34 with an expected 5–7% Core EPS growth from 2025 to 2028 .
Significant capital plan initiatives were highlighted, including grid hardening and wildfire mitigation efforts amid ongoing regulatory proceedings and exposure related to the Eaton fire .
Progress in regulatory matters was noted with the 2026 cost of capital application and steps toward finalizing wildfire settlement matters to bolster grid reliability .
Financing activities supported infrastructure investments through the issuance of $550 million in senior notes and $1.5 billion in long-term debt .

Apr 29, 2025, 8:30 PM

Transcript Presentation

Earnings Transcripts

Quarterly earnings call transcripts for EDISON INTERNATIONAL.

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