Edison International (EIX) Q3 2025 earnings summary

Executive summary

• Q3 2025 core EPS rose to $2.34, up from $1.51 year-over-year, driven by the 2025 GRC final decision, higher authorized revenue, and lower interest expense, partially offset by higher O&M and depreciation.

• Net income for Q3 2025 was $832 million, up from $516 million in Q3 2024, with year-to-date net income reaching $2.6 billion, reflecting wildfire cost recoveries and higher core earnings.

• 2025 core EPS guidance narrowed to $5.95–$6.20, with a reaffirmed 5–7% core EPS CAGR target through 2028 and no new equity needs anticipated.

• Significant regulatory and legislative progress included GRC approval, wildfire settlements, and the passage of SB 254, enhancing financial stability and risk mitigation.

• Continued focus on wildfire mitigation, safety, reliability, and affordability for customers.

Financial highlights

• Q3 2025 GAAP EPS was $2.16; core EPS was $2.34, up from $1.51 in Q3 2024; operating revenue for Q3 2025 was $5.75 billion, up from $5.20 billion.

• Year-to-date 2025 core EPS reached $4.68, up from $3.88 in 2024; nine-month revenue was $14.1 billion, up from $13.6 billion.

• 2028 core EPS guidance reaffirmed at $6.74–$7.14, representing a 5–7% CAGR from 2025.

• Four-year capital plan of $28–$29.3 billion, focused on infrastructure, electrification, and system resiliency.

• Total assets as of September 30, 2025, were $90.5 billion, with total equity of $19.3 billion.

Outlook and guidance

• Reaffirmed 5–7% core EPS CAGR through 2028, supported by regulatory clarity and capital investments.

• 2025 GRC sets a base rate revenue requirement of $9.7 billion, with post-test year adjustments projected for 2026–2028.

• Capital expenditure forecast for 2025–2028 is $29.3 billion, with major investments in wildfire mitigation and grid readiness.

• No equity issuance required in the current financing plan, supported by securitization proceeds from wildfire settlements.

• System average rate CAGR projected at 2–3% for 2025–2028, remaining the lowest among major California IOUs.