Edison International (EIX) Q1 2025 earnings summary

Executive summary

• Reported Q1 2025 GAAP EPS of $3.73 and core EPS of $1.37, up from a net loss of $0.03 and core EPS of $1.13 in Q1 2024, reflecting strong regulatory progress and wildfire cost settlements.

• Net income attributable to shareholders was $1,436 million, compared to a net loss of $11 million year-over-year, driven by SCE's higher earnings and wildfire-related cost recoveries.

• Affirmed 2025 core EPS guidance of $5.94–$6.34 and long-term core EPS CAGR of 5%–7% through 2028, targeting $6.74–$7.14 by 2028.

• Significant focus on wildfire recovery and mitigation, including grid hardening, undergrounding, and ongoing Eaton Fire investigation with probable material losses disclosed but not yet estimable.

• Continued engagement with stakeholders and communities to enhance wildfire mitigation and regulatory frameworks.

Financial highlights

• Q1 2025 core EPS includes $0.30–$0.44 from TKM settlement approval, partially offset by higher parent interest expense.

• Operating revenue for Q1 2025 was $3,811 million, down from $4,078 million in Q1 2024, mainly due to lower pass-through expenses.

• Net income for Q1 2025 was $1,492 million, up from $52 million in Q1 2024.

• SCE's net income was $1,567 million, up from $65 million year-over-year.

• Total capital expenditures for SCE were $1.5 billion, up from $1.2 billion in Q1 2024.

Outlook and guidance

• Affirmed 2025 core EPS guidance of $5.94–$6.34, with 5%–7% core EPS CAGR expected through 2028 and minimal equity needs in the financing plan.

• SCE is recognizing revenue based on the 2024 authorized revenue requirement, adjusted for the 2025 CPUC-authorized ROE, pending a final 2025 GRC decision.

• SCE forecasts total capital expenditures of $26.6–$31.5 billion and weighted average annual rate base of $48.1–$60.6 billion for 2025–2028.

• Rate base growth projected at 6%–8% CAGR from 2023–2028, driven by wildfire mitigation and grid investments.

• Dividend payout targeted at 45%–55% of SCE core earnings, with 21 consecutive years of dividend growth.