Edison International (EIX) Q4 2025 earnings summary

Executive summary

• 2025 Core EPS reached $6.55, surpassing guidance and reflecting strong operational and regulatory outcomes, with GAAP EPS at $11.58 due to significant wildfire-related recoveries.

• Regulatory clarity improved with major proceedings and settlements concluded, supporting long-term planning.

• Wildfire mitigation advanced, with over 7,000 miles of covered conductor installed and no ignitions from covered conductor failures.

• Rate decreases for residential and business customers maintained the lowest system average rate among major California IOUs.

Financial highlights

• Q4 2025 core EPS was $1.86–$1.87, up from $1.05 in Q4 2024; full-year 2025 core EPS was $6.55, up from $4.93.

• Full-year 2025 GAAP EPS was $11.58, up from $3.33 in 2024; net income was $4,459 million, up from $1,284 million.

• Operating revenue for 2025 was $19,317 million, up from $17,599 million in 2024.

• Operating income for 2025 was $7,093 million, a significant increase from $2,930 million in 2024.

• Cash flow from operations was $5,800 million in 2025, up from $5,014 million in 2024.

Outlook and guidance

• 2026 core EPS guidance is $5.90–$6.20; 2027 is $6.25–$6.65; 2028 guidance reaffirmed at $6.74–$7.14, supporting a 5–7% EPS CAGR through 2030.

• 2026 core EPS growth (~3.5%) is muted by one-time regulatory and tax items not expected to recur.

• No equity needs projected through 2030; growth is supported by rate base expansion and efficient debt financing.

• Dividend yield is approximately 5%, supporting total shareholder return targets of 10–12%.