Edison International (EIX) Q1 2026 earnings summary

Executive summary

• Q1 2026 core EPS was $1.42, up from $1.37 in Q1 2025, reflecting disciplined execution, operational progress, and affordability focus.

• Net income for Q1 2026 was $531 million, down from $1,436 million in Q1 2025, mainly due to lower non-core wildfire recoveries despite higher core earnings.

• 2026 core EPS guidance of $5.90–$6.20 and long-term 5%-7% EPS growth targets reaffirmed, with no new equity needs through 2030.

• Major regulatory decisions resolved, providing clear earnings visibility through 2028.

• Leadership transition announced: Maria Rigatti retiring, Aaron Moss to become CFO.

Financial highlights

• Operating revenue for Q1 2026 was $4,103 million, up from $3,811 million year-over-year, driven by the 2025 GRC decision and higher pass-through expenses.

• Core earnings increased by $0.05 year-over-year, mainly due to GRC adoption, partially offset by absence of prior year cost recovery.

• Net income available to common shareholders was $531 million, with basic EPS of $1.38, compared to $3.73 in the prior year.

• Operating cash flow increased to $1,502 million, mainly due to higher authorized rates and lower wildfire claim payments.

• SCE's net income was $619 million, down from $1,567 million, reflecting the absence of significant wildfire-related recoveries recognized in 2025.

Outlook and guidance

• 2026 core EPS guidance affirmed at $5.90–$6.20; 2027 guidance at $6.25–6.65; 2028 at $6.74–7.14; 5%-7% growth expected through 2030.

• SCE forecasts capital expenditures of $37.5–$41 billion and a weighted average annual rate base of $50.8–$67.9 billion for 2026–2030.

• No new common equity issuance planned through 2030; financing plan relies on operating cash flow and debt.

• SCE rate base expected to grow at a 7% CAGR from 2025 to 2030.

• SCE's customer-funded wildfire self-insurance program authorized to collect up to $1.0 billion per policy year through 2028.