• SCE has hardened approximately 90% of its distribution system in high fire
• SCE has hardened approximately 90% of its distribution system in high fire risk areas and continues targeted investment to reduce remaining risk
• Durable wildfire reform that includes a clear liquidity source and a true shareholder liability cap not connected to the Wildfire Fund remains a priority
ROSEMEAD, Calif., Oct. 29, 2026 — Edison International (NYSE: EIX) today reported third-quarter net income of $724 million, or $1.88 per share, compared to net income of $832 million, or $2.16 per share, in the third quarter of last year. As adjusted, third-quarter core earnings were $738 million, or $1.92 per share, compared to core earnings of $901 million, or $2.34 per share, in the third quarter of last year.
Southern California Edison’s third-quarter 2026 core earnings per share (EPS) decreased year over year, primarily due to earnings recognized in the third quarter of 2025 upon implementation of the 2025 GRC final decision, which was retroactive to Jan. 1, 2025, partially offset by higher revenue resulting from the escalation mechanism authorized in the 2025 GRC final decision.
Edison International Parent and Other’s third-quarter 2026 core loss per share decreased year over year, primarily due to lower preferred stock dividends, partially offset by higher interest expense.
“Edison International posted another quarter of strong operational performance, with a focus on community safety and customer affordability,” said Pedro J. Pizarro, president and CEO of Edison International. “We continue advancing our efforts toward outcomes that serve customers, communities, and capital providers.”
Pizarro added, “California needs lasting wildfire reform to help protect customer affordability and support investment in a safer, more reliable grid. We are working with stakeholders toward a long-term solution that will enable the needed investments at a reasonable cost of capital.”
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.
The company reaffirmed 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.
*There were ($91) million, or ($0.24) per share, of non-core items recorded for the nine months ended Sept. 30, 2026. Basic EPS guidance incorporates only non- core items recorded through Sept. 30, 2026.
When: Thursday, Oct. 29,1:30-2:30p.m.PDT Telephone Numbers: 1-888-673-9780 (U.S.) and 1-312-470-0178 (international) — Passcode: Edison Telephone Replay: 1-800-685-6667 (U.S.) and 1-203-369-3864 (international) — Passcode: 1847 TelephonereplayavailablethroughNov. 12at6p.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-Q on the company’s investor relations website. These materials are available at edisoninvestor.com .
Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, focused on providing clean, reliable energy and energy services. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison, a utility delivering electricity to 15 million people across Southern, Central and Coastal California.
Edison International’s earnings 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 earnings per share ("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.
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, proposed capital investment projects, and authorized returns on equity, 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, together with any future 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, prudency determinations for wildfire-related costs, the availability and sufficiency of the Wildfire Fund and related cost recovery mechanisms, 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, restrictions on the issuance of dividends, 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, accelerated coastal erosion, 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, including downgrades that may be made if the California legislature does not timely adopt legislation that effectively mitigates the significant wildfire- related risk faced by California investor-owned utilities;
• ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;
• changes in tax laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could affect recorded deferred tax assets and liabilities, effective tax rates and cash flows;
• changes in rates of inflation (including whether inflation-related adjustments to SCE's authorized revenues allowed by the public utility regulators are commensurate with inflation rates), and changes in interest rates and potential future adjustments to SCE's ROE based on changes in Moody's utility bond rate index;
• availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability of counterparties to pay amounts owed in excess of collateral provided in support of their obligations; and
• cost of fuel for generating facilities and related transportation, which could be impacted by, among other things, disruption of natural gas storage facilities, to the extent not recovered, timely or at all, through regulated rate cost escalation provisions or balancing accounts.
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.
Note: Diluted earnings were $1.87 and $2.16 per share for the three months ended September 30, 2026 and 2025, respectively. Diluted earnings were $4.62 and $6.76 per share for the nine months ended September 30, 2026 and 2025, respectively.
• Net earnings of $18 million ($13 million after-tax) recorded in the third quarter of 2026, primarily due to expected recoveries and reimbursements for costs incurred in prior years, net of claim costs and related legal expenses associated with Other Wildfire Events.
• Charges of $5 million ($4 million after-tax) recorded in the third quarter of 2025, primarily due to claim costs and related legal expenses, net of expected regulatory recoveries associated with 2017/2018 Wildfire/Mudslide Events and Other Wildfire Events.
• Net earnings of $27 million ($19 million after-tax) recorded in the nine months ended September 30, 2026, primarily due to expected recoveries and reimbursements for costs incurred in prior years, partially offset by claims and legal expenses associated with Other Wildfire Events.
• Net earnings of $1,338 million ($964 million after-tax) recorded in the nine months ended September 30, 2025, primarily due to the TKM Settlement Agreement and insurance reimbursements associated with Other Wildfire Events.
2 Includes amortization of SCE's Wildfire Insurance Fund expenses of $36 million ($26 million after-tax) for each of the three months ended September 30, 2026 and 2025, and $107 million ($77 million after-tax) and $108 million ($78 million after-tax) for the nine months ended September 30, 2026 and 2025, respectively.
3 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.
4 Includes losses of $1 million ($1 million after-tax) and $37 million ($34 million after-tax) for the three and nine months ended September 30, 2026, respectively, related to the disposition of Trio.
5 Includes net earnings of $1 million ($1 million after-tax) primarily due to updated estimates of claims accruals, net of legal expenses, for the nine months ended September 30, 2026, and charges of $50 million ($39 million after-tax) for the nine months ended September 30, 2025, both related to wildfire claims insured by EIS.
Condensed Consolidated Balance (in millions, Edison September 30, December 31, Sheets unaudited) International 2026 2025 ────────────────────────────────────────────────────────────────────────────── ASSETS Cash and cash $ 171 $ 158 equivalents Receivables, net of allowances for uncollectib… accounts of 2,258 1,463 $337 and $356 at respective dates Accrued unbilled 1,291 1,238 revenue Inventory 551 535 Prepaid 131 119 expenses Regulatory 2,129 3,290 assets Wildfire Fund 138 138 contributio… Other current 612 745 assets Total current 7,281 7,686 assets Nuclear decommissio… 4,657 4,535 trusts Other 82 51 investments Total 4,739 4,586 investments Utility property, plant and equipment, net of accumulated depreciation 66,111 63,131 and amortization of $15,796 and $15,060 at respective dates Nonutility property, plant and equipment, net of accumulated 180 197 depreciation of $103 and $132 at respective dates Total property, 66,291 63,328 plant and equipment Long-term receivables, net of allowances for uncollectib… 32 38 accounts of $42 and $49 at respective dates Regulatory assets (include $4,967 and $3,092 related to a 13,061 12,960 Variable Interest Entity ("VIE") at respective dates) Wildfire Fund 1,636 1,740 contributio… Operating lease 1,118 1,161 right-of-use assets Long-term insurance 483 359 receivables Other long-term 2,252 2,168 assets Total other 18,582 18,426 assets Total assets $ 96,893 $ 94,026
Condensed (in millions, Consolidated except share Balance amounts, Edison September 30, December 31, Sheets unaudited) International 2026 2025 ────────────────────────────────────────────────────────────────────────────── LIABILITIES… Short-term $ 790 $ 2,390 debt Current portion of 1,804 1,928 long-term debt Accounts 2,509 2,344 payable Wildfire-re… 261 585 claims Accrued 475 473 interest Regulatory 1,767 1,158 liabilities Current portion of operating 121 120 lease liabilities Other current 1,774 1,538 liabilities Total current 9,501 10,536 liabilities Long-term debt(includ… $4,885 and $3,022 39,002 36,070 related to a VIE at respective dates) Deferred income taxes 9,650 9,114 and credits Pensions and 359 370 benefits Asset retirement 2,615 2,583 obligations Regulatory 11,053 10,627 liabilities Operating lease 997 1,041 liabilities Wildfire-re… 626 721 claims Other deferred credits and 3,637 3,705 other long-term liabilities Total deferred credits and 28,937 28,161 other liabilities Total 77,440 74,767 liabilities Preferred stock (50,000,000 shares authorized; zero and 414,342 shares of Series A and 83 497 83,503 and 87,937 shares of Series B issued and outstanding at respective dates) Common stock, no par value (800,000,000 shares authorized; 384,787,221 and 6,346 6,362 384,787,056 shares issued and outstanding at respective dates) Accumulated other 3 6 comprehensi… income Retained 11,457 10,714 earnings Total Edison Internation… 17,889 17,579 shareholder… equity Noncontroll… interests – 1,564 1,680 preference stock of SCE Total equity 19,453 19,259 Total liabilities $ 96,893 $ 94,026 and equity
Condensed Consolidated Edison International Statements of Cash Flows Nine months ended (in millions, unaudited) September 30, Cashflowsfromoperatinga… 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 1,882 $ 2,778 Adjustments to reconcile to net cash provided by operating activities: Depreciation and 2,521 2,430 amortization Equity allowance for funds used during -171 -140 construction Asset impairment and -1 97 other Deferred income taxes -166 598 Wildfire Fund 107 108 amortization expense Other 150 123 Nuclear decommissioning -8 -106 trusts Changes in operating assets and liabilities: Receivables -853 -152 Inventory -23 10 Accounts payable 308 362 Other current assets and 13 -385 liabilities Derivative assets and 57 -37 liabilities, net Regulatory assets and 2,474 -1,373 liabilities, net Wildfire-related claims, net of -857 -336 recoveries Other noncurrent assets -40 251 and liabilities Net cash provided by operating 5,393 4,228 activities Cash flows from financing activities: Long-term debt issued, net of premium, discount and issuance 6,485 3,502 costs of $19 and $49 for the respective periods Long-term debt repaid -3,705 -2,027 Short-term debt issued 5 510 Short-term debt repaid -437 -20 Common stock repurchased -42 -32 Preferred stock -538 — repurchased Commercial paper repayments, net of -1,156 -314 borrowing Dividends and distribution to -77 -101 noncontrolling interests Common stock dividends -1,013 -955 paid Preferred stock -15 -87 dividends paid Other 8 2 Net cash (used in) provided by financing -485 478 activities Cash flows from investing activities: Capital expenditures -5,206 -4,624 Proceeds from sale of nuclear 5,339 4,502 decommissioning trust investments Purchases of nuclear decommissioning -5,338 -4,398 trust investments Proceeds from sale of a subsidiary, net 15 — of cash transferred Other -46 27 Net cash used in -5,236 -4,493 investing activities Net (decrease) increase in cash and cash equivalents and -328 213 restricted cash and cash equivalents Cash and cash equivalents and restricted 720 684 cash and cash equivalents at beginning of period Cash and cash equivalents and restricted $ 392 $ 897 cash and cash equivalents at end of period
Full text with the tables
Exhibit
99.1
NEWS
Investor Relations: Sam Ramraj, 626-302- 2540
Media Relations : 626-302- 2255
news@sce.com
Edison
International
Reports
Third Quarter
2026
Results
• Third-quarter 2026 GAAP EPS of $1.88; core EPS of $1.92
• SCE has hardened approximately 90% of its distribution system in high fire
risk areas and continues targeted investment to reduce remaining risk
• Durable wildfire reform that includes a clear liquidity source and a true
shareholder liability cap not connected to the Wildfire Fund remains a priority
• Reaffirmed 2026 core EPS guidance of $5.90 to $6.20
• Continued confidence in delivering 5% to 7% core EPS growth from 2025-2030
ROSEMEAD, Calif., Oct. 29, 2026 — Edison International (NYSE: EIX) today
reported third-quarter net income of $724 million, or $1.88 per share, compared
to net income of $832 million, or $2.16 per share, in the third quarter of last
year. As adjusted, third-quarter core earnings were $738 million, or $1.92 per
share, compared to core earnings of $901 million, or $2.34 per share, in the
third quarter of last year.
Southern California Edison’s third-quarter 2026 core earnings per share (EPS)
decreased year over year, primarily due to earnings recognized in the third
quarter of 2025 upon implementation of the 2025 GRC final decision, which was
retroactive to Jan. 1, 2025, partially offset by higher revenue resulting from
the escalation mechanism authorized in the 2025 GRC final decision.
Edison International Parent and Other’s third-quarter 2026 core loss per share
decreased year over year, primarily due to lower preferred stock dividends,
partially offset by higher interest expense.
“Edison International posted another quarter of strong operational performance,
with a focus on community safety and customer affordability,” said Pedro J.
Pizarro, president and CEO of Edison International. “We continue advancing our
efforts toward outcomes that serve customers, communities, and capital
providers.”
Pizarro added, “California needs lasting wildfire reform to help protect
customer affordability and support investment in a safer, more reliable grid. We
are working with stakeholders toward a long-term solution that will enable the
needed investments at a reasonable cost of capital.”
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 reaffirmed 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.
2026Ea…
2026Ear… as of
as of Oct.
July 30, 29,
2026 2026
──────────────────────────────────────────────────────────────────────────────
Low High Low High
EIXBas… $ 5.70 $ 6.00 $ 5.66 $ 5.96
Less:N… -0.20 -0.20 -0.24 -0.24
EIXCor… $ 5.90 $ 6.20 $ 5.90 $ 6.20
*There were ($91) million, or ($0.24) per share, of non-core items recorded for
the nine months ended Sept. 30, 2026. Basic EPS guidance incorporates only non-
core items recorded through Sept. 30, 2026.
Third-Quarter
2026
Earnings
Conference
Call
and
Webcast
Details
When: Thursday, Oct. 29,1:30-2:30p.m.PDT
Telephone Numbers: 1-888-673-9780 (U.S.) and 1-312-470-0178
(international) — Passcode: Edison
Telephone Replay: 1-800-685-6667 (U.S.) and 1-203-369-3864
(international) — Passcode: 1847
TelephonereplayavailablethroughNov. 12at6p.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-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, reliable energy and energy
services. Headquartered in Rosemead, California, Edison International is the
parent company of Southern California Edison, a utility delivering electricity
to 15 million people across Southern, Central and Coastal California.
Appendix
Use of Non-GAAP Financial Measures
Edison International’s earnings 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 earnings per share ("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, proposed capital investment projects, and authorized
returns on equity, 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, together with any future
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,
prudency determinations for wildfire-related costs, the availability and
sufficiency of the Wildfire Fund and related cost recovery mechanisms, 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,
restrictions on the issuance of dividends, 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, accelerated coastal
erosion, 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,
including downgrades that may be made if the California legislature does not
timely adopt legislation that effectively mitigates the significant wildfire-
related risk faced by California investor-owned utilities;
• ability of Edison International or SCE to borrow funds and access bank and
capital markets on reasonable terms;
• changes in tax laws and regulations, at both the state and federal levels, or
changes in the application of those laws, that could affect recorded deferred
tax assets and liabilities, effective tax rates and cash flows;
• changes in rates of inflation (including whether inflation-related adjustments
to SCE's authorized revenues allowed by the public utility regulators are
commensurate with inflation rates), and changes in interest rates and potential
future adjustments to SCE's ROE based on changes in Moody's utility bond rate
index;
• availability and creditworthiness of counterparties and the resulting effects
on liquidity in the power and fuel markets and/or the ability of counterparties
to pay amounts owed in excess of collateral provided in support of their
obligations; and
• cost of fuel for generating facilities and related transportation, which could
be impacted by, among other things, disruption of natural gas storage
facilities, to the extent not recovered, timely or at all, through regulated
rate cost escalation provisions or balancing accounts.
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.
Third
Quarter
Reconciliation
of
Basic
Earnings
Per
Share
to
Core
Earnings Per S
hare
Th… Ni…
Mo… Mo…
En… En…
Se… Se…
E… 30, 30,
I… 20… 20… Ch… 20… 2025 Cha…
──────────────────────────────────────────────────────────────────────────────
S… $ 2.… $ 2.… $ -0… $ 5.… $ 7.… $ -2…
E… -0… -0… 0.… -0… -0… 0.…
E… 1.… 2.… -0… 4.… 6.… -2…
L…
S… -0… -0… 0.… -0… 2.… -2…
E… — — — -0… -0… 0.…
T… -0… -0… 0.… -0… 2.… -2…
C…
S… 2.… 2.… -0… 5.… 5.… 0.…
E… -0… -0… 0.… -0… -0… 0.…
E… $ 1.… $ 2.… $ -0… $ 4.… $ 4.… $ 0.…
Note: Diluted earnings were $1.87 and $2.16 per share for the three months ended
September 30, 2026 and 2025, respectively. Diluted earnings were $4.62 and $6.76
per share for the nine months ended September 30, 2026 and 2025, respectively.
Third
Quarter
Reconciliation
of
Basic
Earnings
to
Core
Earnings
(in
millions)
Th… Ni…
Mo… Mo…
En… En…
Se… Se…
(… 30, 30,
N… 20… 20… Ch… 20… 2025 Cha…
──────────────────────────────────────────────────────────────────────────────
S… $ 809 $ 925 $ -1… $ 2,… $ 2,… $ -8…
E… -85 -93 8 -2… -3… 42
E… 724 832 -1… 1,… 2,… -8…
L…
N…
i…
S… -13 -69 56 -58 847 -9…
E… -1 — -1 -33 -39 6
T… -14 -69 55 -91 808 -8…
C…
S… 822 994 -1… 2,… 2,… 41
E… -84 -93 9 -2… -2… 36
E… $ 738 $ 901 $ -1… $ 1,… $ 1,… $ 77
1 Includes wildfire-related claims and expenses, net of recoveries:
• Net earnings of $18 million ($13 million after-tax) recorded in the third
quarter of 2026, primarily due to expected recoveries and reimbursements for
costs incurred in prior years, net of claim costs and related legal expenses
associated with Other Wildfire Events.
• Charges of $5 million ($4 million after-tax) recorded in the third quarter of
2025, primarily due to claim costs and related legal expenses, net of expected
regulatory recoveries associated with 2017/2018 Wildfire/Mudslide Events and
Other Wildfire Events.
• Net earnings of $27 million ($19 million after-tax) recorded in the nine
months ended September 30, 2026, primarily due to expected recoveries and
reimbursements for costs incurred in prior years, partially offset by claims and
legal expenses associated with Other Wildfire Events.
• Net earnings of $1,338 million ($964 million after-tax) recorded in the nine
months ended September 30, 2025, primarily due to the TKM Settlement Agreement
and insurance reimbursements associated with Other Wildfire Events.
2 Includes amortization of SCE's Wildfire Insurance Fund expenses of $36 million
($26 million after-tax) for each of the three months ended September 30, 2026
and 2025, and $107 million ($77 million after-tax) and $108 million ($78 million
after-tax) for the nine months ended September 30, 2026 and 2025, respectively.
3 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.
4 Includes losses of $1 million ($1 million after-tax) and $37 million ($34
million after-tax) for the three and nine months ended September 30, 2026,
respectively, related to the disposition of Trio.
5 Includes net earnings of $1 million ($1 million after-tax) primarily due to
updated estimates of claims accruals, net of legal expenses, for the nine months
ended September 30, 2026, and charges of $50 million ($39 million after-tax) for
the nine months ended September 30, 2025, both related to wildfire claims
insured by EIS.
Co…
Co…
St…
of
In…
(in
mi… Thr… Ni…
ex… mon… mo…
pe… Edi… end… en…
am… Int… Sep… Se…
un… 2026 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Op… $ 4,8… $ 5,… $ 13… $ 14…
re…
Pu…
po… 1,6… 1,… 3,… 3,…
and
fu…
Op…
and 1,1… 1,… 3,… 3,…
ma…
Wi…
cl…
net 8 295 21 -1…
of
(r…
Wi…
Fu… 36 36 107 108
ex…
De…
and 853 862 2,… 2,…
am…
Pr…
and 178 161 528 495
ot…
ta…
As…
im… 2 88 -1 97
and
ot…
To…
op… 3,9… 4,… 10… 9,…
ex…
Op… 980 1,… 3,… 4,…
in…
In… -545 -4… -1… -1…
ex…
Ot…
in… 113 119 331 339
net
In…
be… 548 1,… 1,… 3,…
in…
ta…
In…
tax -203 175 12 609
(b…
ex…
Net 751 888 1,… 2,…
in…
Le…
Pr…
st…
di… 25 34 80 101
re…
of
SCE
Pr…
st…
di…
re… 2 22 13 66
of
Ed…
In…
Net
in…
av…
to $ 724 $ 832 $ 1,… $ 2,…
Ed…
In…
co…
sh…
Ba…
ea…
per
sh…
We…
av…
sh…
of 385 385 385 385
co…
st…
ou…
Ba…
ea…
per
co…
sh…
av… $ 1.88 $ 2.… $ 4.… $ 6.…
to
Ed…
In…
co…
sh…
Di…
ea…
per
sh…
We…
av…
sh…
of
co…
st… 387 386 387 386
ou…
in…
ef…
of
di…
se…
Di…
ea…
per
co…
sh…
av… $ 1.87 $ 2.… $ 4.… $ 6.…
to
Ed…
In…
co…
sh…
Condensed
Consolidated
Balance (in millions, Edison September 30, December 31,
Sheets unaudited) International 2026 2025
──────────────────────────────────────────────────────────────────────────────
ASSETS
Cash and
cash $ 171 $ 158
equivalents
Receivables,
net of
allowances
for
uncollectib…
accounts of 2,258 1,463
$337 and
$356
at
respective
dates
Accrued
unbilled 1,291 1,238
revenue
Inventory 551 535
Prepaid 131 119
expenses
Regulatory 2,129 3,290
assets
Wildfire
Fund 138 138
contributio…
Other
current 612 745
assets
Total
current 7,281 7,686
assets
Nuclear
decommissio… 4,657 4,535
trusts
Other 82 51
investments
Total 4,739 4,586
investments
Utility
property,
plant and
equipment,
net of
accumulated
depreciation 66,111 63,131
and
amortization
of $15,796
and $15,060
at
respective
dates
Nonutility
property,
plant and
equipment,
net of
accumulated 180 197
depreciation
of $103 and
$132 at
respective
dates
Total
property, 66,291 63,328
plant and
equipment
Long-term
receivables,
net of
allowances
for
uncollectib… 32 38
accounts of
$42 and
$49 at
respective
dates
Regulatory
assets
(include
$4,967 and
$3,092
related to a 13,061 12,960
Variable
Interest
Entity
("VIE") at
respective
dates)
Wildfire
Fund 1,636 1,740
contributio…
Operating
lease 1,118 1,161
right-of-use
assets
Long-term
insurance 483 359
receivables
Other
long-term 2,252 2,168
assets
Total other 18,582 18,426
assets
Total assets $ 96,893 $ 94,026
Condensed (in millions,
Consolidated except share
Balance amounts, Edison September 30, December 31,
Sheets unaudited) International 2026 2025
──────────────────────────────────────────────────────────────────────────────
LIABILITIES…
Short-term $ 790 $ 2,390
debt
Current
portion of 1,804 1,928
long-term
debt
Accounts 2,509 2,344
payable
Wildfire-re… 261 585
claims
Accrued 475 473
interest
Regulatory 1,767 1,158
liabilities
Current
portion of
operating 121 120
lease
liabilities
Other
current 1,774 1,538
liabilities
Total
current 9,501 10,536
liabilities
Long-term
debt(includ…
$4,885 and
$3,022 39,002 36,070
related to a
VIE at
respective
dates)
Deferred
income taxes 9,650 9,114
and credits
Pensions and 359 370
benefits
Asset
retirement 2,615 2,583
obligations
Regulatory 11,053 10,627
liabilities
Operating
lease 997 1,041
liabilities
Wildfire-re… 626 721
claims
Other
deferred
credits and 3,637 3,705
other
long-term
liabilities
Total
deferred
credits and 28,937 28,161
other
liabilities
Total 77,440 74,767
liabilities
Preferred
stock
(50,000,000
shares
authorized;
zero and
414,342
shares of
Series A and 83 497
83,503 and
87,937
shares of
Series B
issued and
outstanding
at
respective
dates)
Common
stock, no
par value
(800,000,000
shares
authorized;
384,787,221
and 6,346 6,362
384,787,056
shares
issued and
outstanding
at
respective
dates)
Accumulated
other 3 6
comprehensi…
income
Retained 11,457 10,714
earnings
Total Edison
Internation… 17,889 17,579
shareholder…
equity
Noncontroll…
interests – 1,564 1,680
preference
stock of SCE
Total equity 19,453 19,259
Total
liabilities $ 96,893 $ 94,026
and equity
Condensed Consolidated Edison International
Statements of Cash Flows Nine months ended
(in millions, unaudited) September 30,
Cashflowsfromoperatinga… 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 1,882 $ 2,778
Adjustments to reconcile
to net cash
provided by operating
activities:
Depreciation and 2,521 2,430
amortization
Equity allowance for
funds used during -171 -140
construction
Asset impairment and -1 97
other
Deferred income taxes -166 598
Wildfire Fund 107 108
amortization expense
Other 150 123
Nuclear decommissioning -8 -106
trusts
Changes in operating
assets and
liabilities:
Receivables -853 -152
Inventory -23 10
Accounts payable 308 362
Other current assets and 13 -385
liabilities
Derivative assets and 57 -37
liabilities, net
Regulatory assets and 2,474 -1,373
liabilities, net
Wildfire-related claims,
net of -857 -336
recoveries
Other noncurrent assets -40 251
and liabilities
Net cash provided by
operating 5,393 4,228
activities
Cash flows from
financing activities:
Long-term debt issued,
net of premium,
discount and issuance 6,485 3,502
costs of $19 and
$49 for the respective
periods
Long-term debt repaid -3,705 -2,027
Short-term debt issued 5 510
Short-term debt repaid -437 -20
Common stock repurchased -42 -32
Preferred stock -538 —
repurchased
Commercial paper
repayments, net of -1,156 -314
borrowing
Dividends and
distribution to -77 -101
noncontrolling interests
Common stock dividends -1,013 -955
paid
Preferred stock -15 -87
dividends paid
Other 8 2
Net cash (used in)
provided by financing -485 478
activities
Cash flows from
investing activities:
Capital expenditures -5,206 -4,624
Proceeds from sale of
nuclear 5,339 4,502
decommissioning trust
investments
Purchases of nuclear
decommissioning -5,338 -4,398
trust investments
Proceeds from sale of a
subsidiary, net 15 —
of cash transferred
Other -46 27
Net cash used in -5,236 -4,493
investing activities
Net (decrease) increase
in cash and cash
equivalents and -328 213
restricted cash and cash
equivalents
Cash and cash
equivalents and
restricted 720 684
cash and cash
equivalents at beginning
of period
Cash and cash
equivalents and
restricted $ 392 $ 897
cash and cash
equivalents at end of
period