Edison International Reports Fourth Quarter and Full-Year 2025 Results
ROSEMEAD, Calif.--( BUSINESS WIRE)--Edison International (NYSE: EIX) today reported fourth-quarter net income of $1,848 million, or $4.80 per share, compared to net income of $340 million, or $0.88 per share, in the fourth quarter of last year. As adjusted, fourth-quarter core earnings were $717 million, or $1.86 per share, compared to core earnings of $405 million, or $1.05 per share, in the fourth quarter of last year.
Southern California Edison’s fourth-quarter 2025 core earnings per share (EPS) increased year over year, primarily due to a benefit to interest expense related to cost recoveries authorized under the Woolsey Settlement Agreement and revenue recognition from the 2025 GRC final decision.
Edison International Parent and Other’s fourth-quarter 2025 core loss per share increased year over year, primarily due to a loss on preferred stock redemption driven by the recognition of the original issuance costs.
“This year’s results reflect the progress we’re making to deliver a safer, more resilient, and more affordable energy system for customers,” said Pedro J. Pizarro, president and CEO of Edison International. “SCE’s extensive wildfire mitigation approach has resulted in the installation of more than 7,000 miles of covered conductor in high fire risk areas—over 90% of the utility’s planned grid hardening effort. This work continues to play a critical role in reducing ignition risk and strengthening reliability for the communities we serve. We’re also continuing to support communities recovering from recent wildfires through SCE’s Wildfire Recovery Compensation Program, where we are actively processing claims and making payments to help customers rebuild.”
Pizarro added, “Safety and affordability remain at the core of our commitment to customers. Earlier this year, SCE announced a 2.3% rate decrease for residential customers and a 5.3% decrease for small and medium-sized businesses. This is starting from a place of having the lowest system average rate among California’s major investor-owned utilities.”
Full-Year Earnings
For 2025, Edison International reported net income of $4,459 million, or $11.58 per share, compared to $1,284 million, or $3.33 per share, for 2024. As adjusted, Edison International’s core earnings were $2,520 million, or $6.55 per share, compared to $1,900 million, or $4.93 per share, in 2024.
SCE’s full-year core EPS was higher, primarily due to revenue recognition from the 2025 GRC final decision and a benefit to interest expense related to cost recoveries authorized under the TKM and Woolsey Settlement Agreements.
Edison International Parent and Other’s full-year core loss per share increased primarily due to higher interest expense and a loss on preferred stock redemption driven by the recognition of the original issuance costs.
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 and 2027 Earnings Guidance
The company introduced its earnings guidance ranges for 2026 and 2027, as summarized in the following table. See the presentation accompanying the company’s conference call for further information and assumptions.
2026 Earnings Guidance
2027 Earnings Guidance
as of Feb. 18, 2026
as of Feb. 18, 2026
Low
High
Low
High
EIX Basic EPS
$
5.90
$
6.20
$
6.25
$
6.65
Less: Non-core Items*
-
-
-
-
EIX Core EPS
$
5.90
$
6.20
$
6.25
$
6.65
*Non-core items are presented as they are recorded.
Edison International and Southern California Edison Declare Dividends
Today, the board of directors of Edison International declared a quarterly common stock dividend of $0.8775 per share, payable on April 30, 2026, to shareholders of record on April 7, 2026. It also declared dividends on preferred stock.
Additionally, the board of directors of Southern California Edison Company today declared dividends on preference stock. For more information, please see the related news release at edisoninvestor.com.
Fourth Quarter and Full-Year 2025 Earnings Conference Call and Webcast Details
When:
Wednesday, Feb. 18, 1:30-2:30 p.m. (PST)
Telephone Numbers:
1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) — Passcode: Edison
Telephone Replay:
1-800-685-6667 (U.S.) and 1-203-369-3864 (Int’l) — Passcode: 1834
Telephone replay available through Mar. 4 at 6 p.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-K 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 and reliable energy and energy services through its independent companies. Headquartered in Rosemead, Calif., Edison International is the parent company of Southern California Edison Company, a utility delivering electricity to 15 million people across Southern, Central and Coastal California. Edison International is also the parent company of Trio (formerly Edison Energy), a portfolio of nonregulated competitive businesses providing integrated sustainability and energy advisory services to large commercial, industrial and institutional organizations in North America and Europe.
Appendix
Use of Non-GAAP Financial Measures
Edison International’s earnings and basic earnings per share (EPS) 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 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:
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.
Fourth Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share
Three Months Ended
December 31,
Twelve Months Ended
December 31,
2025
2024
Change
2025
2024
Change
Earnings (loss) per share available to Edison International
SCE
$
5.08
$
1.11
$
3.97
$
12.70
$
4.20
$
8.50
Edison International Parent and Other
(0.28
)
(0.23
)
(0.05
)
(1.12
)
(0.87
)
(0.25
)
Edison International
4.80
0.88
3.92
11.58
3.33
8.25
Less: Non-core items
SCE
2.94
(0.17
)
3.11
5.13
(1.59
)
6.72
Edison International Parent and Other
—
—
—
(0.10
)
(0.01
)
(0.09
)
Total non-core items
2.94
(0.17
)
3.11
5.03
(1.60
)
6.63
Core earnings (loss) per share
SCE
2.14
1.28
0.86
7.57
5.79
1.78
Edison International Parent and Other
(0.28
)
(0.23
)
(0.05
)
(1.02
)
(0.86
)
(0.16
)
Edison International
$
1.86
$
1.05
$
0.81
$
6.55
$
4.93
$
1.62
Note: Diluted earnings were $4.79 and $0.87 per share for the three months ended December 31, 2025 and 2024, respectively. Diluted earnings were $11.55 and $3.31 per share for the twelve months ended December 31, 2025 and 2024, respectively.
Fourth Quarter Reconciliation of Basic Earnings to Core Earnings (in millions)
Three Months Ended
December 31,
Twelve Months Ended
December 31,
(in millions)
2025
2024
Change
2025
2024
Change
Net income (loss) available to Edison International
SCE
$
1,954
$
429
$
1,525
$
4,889
$
1,619
$
3,270
Edison International Parent and Other
(106
)
(89
)
(17
)
(430
)
(335
)
(95
)
Edison International
1,848
340
1,508
4,459
1,284
3,175
Less: Non-core items
SCE 1,2,3,4,5,6
1,131
(64
)
1,195
1,978
(613
2,591
Edison International Parent and Other 7
—
(1
)
1
(39
)
(3
)
(36
)
Total non-core items
1,131
(65
)
1,196
1,939
(616
)
2,555
Core earnings (losses)
SCE
823
493
330
2,911
2,232
679
Edison International Parent and Other
(106
)
(88
)
(18
)
(391
)
(332
)
(59
)
Edison International
$
717
$
405
$
312
$
2,520
$
1,900
$
620
1
Includes charges for 2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries:
2
Includes charges for Eaton Fire claims and expenses of $15 million ($11 million after tax) recorded in the fourth quarter of 2025, primarily from the shareholder contribution related to SCE's customer-funded self-insurance coverage and legal and other expenses.
3
Includes charges for Other Wildfire Events claims and expenses, net of recoveries:
4
Includes amortization of SCE's Wildfire Insurance Fund expenses of $36 million ($26 million after tax) and $37 million ($27 million after-tax) for the three months ended December 31, 2025 and 2024, respectively, and $144 million ($104 million after-tax) and $146 million ($105 million after-tax) for the twelve months ended December 31, 2025 and 2024, respectively.
5
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.
6
Includes severance costs, net of expected FERC recovery, of $6 million ($4 million after-tax) and $50 million ($36 million after-tax), for the three and twelve months ended December 31, 2024.
7
Includes charges related to wildfire claims insured by EIS of $50 million ($39 million after-tax) recorded in the first quarter of 2025, and $2 million ($1 million after-tax) and $4 million ($3 million after-tax) for the three and twelve months ended December 31, 2024, respectively.
Consolidated Statements of Income
Edison International
Year ended December 31,
(in millions, except per-share amounts)
2025
2024
2023
Operating revenue
$
19,317
$
17,599
$
16,338
Purchased power and fuel
4,933
5,209
5,486
Operation and maintenance
5,098
5,172
4,138
Wildfire-related claims, net of (recoveries)
(1,959
)
652
667
Wildfire Fund expense
144
146
213
Depreciation and amortization
3,237
2,866
2,635
Property and other taxes
665
624
571
Asset impairment
106
—
1
Total operating expenses
12,224
14,669
13,711
Operating income
7,093
2,930
2,627
Interest expense
(1,539
)
(1,869
)
(1,612
)
Other income, net
438
502
500
Income before income taxes
5,992
1,563
1,515
Income tax expense
1,291
17
108
Net income
4,701
1,546
1,407
Less: Preference stock dividend requirements of SCE
144
175
123
Preferred stock dividend requirements of Edison International
98
87
87
Net income available to Edison International common shareholders
$
4,459
$
1,284
$
1,197
Basic earnings per share:
Weighted average shares of common stock outstanding
385
386
383
Basic earnings per common share available to Edison International common shareholders
$
11.58
$
3.33
$
3.12
Diluted earnings per share:
Weighted average shares of common stock outstanding, including effect of dilutive securities
386
388
385
Diluted earnings per common share available to Edison International common shareholders
$
11.55
$
3.31
$
3.11
Consolidated Balance Sheets
Edison International
December 31,
(in millions)
2025
2024
ASSETS
Cash and cash equivalents
$
158
$
193
Receivables, net of allowances for uncollectible accounts of $356 and $352 at respective dates
1,463
2,169
Accrued unbilled revenue
1,238
848
Inventory
535
538
Prepaid expenses
119
103
Regulatory assets
3,290
2,748
Wildfire Fund contributions
138
138
Other current assets
745
418
Total current assets
7,686
7,155
Nuclear decommissioning trusts
4,535
4,286
Other investments
51
57
Total investments
4,586
4,343
Utility property, plant and equipment, net of accumulated depreciation and amortization of $15,060 and $14,207 at respective dates
63,131
59,047
Nonutility property, plant and equipment, net of accumulated depreciation of $132 and $124 at respective dates
197
207
Total property, plant and equipment
63,328
59,254
Receivables, net of allowances for uncollectible accounts of $49 and $43 for at respective dates
38
62
Regulatory assets (include $3,092 and $1,512 related to a Variable Interest Entity ("VIE") at respective dates)
12,960
8,886
Wildfire Fund contributions
1,740
1,878
Operating lease right-of-use assets
1,161
1,180
Long-term insurance receivables
359
418
Other long-term assets
2,168
2,403
Total other assets
18,426
14,827
Total assets
$
94,026
$
85,579
Consolidated Balance Sheets
Edison International
December 31,
(in millions, except share amounts)
2025
2024
LIABILITIES AND EQUITY
Short-term debt
$
2,390
$
998
Current portion of long-term debt
1,928
2,049
Accounts payable
2,344
2,000
Wildfire-related claims
585
60
Accrued interest
473
422
Regulatory liabilities
1,158
1,347
Current portion of operating lease liabilities
120
124
Other current liabilities
1,538
1,439
Total current liabilities
10,536
8,439
Long-term debt (include $3,022 and $1,468 related to a VIE at respective dates)
36,070
33,534
Deferred income taxes and credits
9,114
7,180
Pensions and benefits
370
384
Asset retirement obligations
2,583
2,580
Regulatory liabilities
10,627
10,159
Operating lease liabilities
1,041
1,056
Wildfire-related claims
721
941
Other deferred credits and other long-term liabilities
3,705
3,566
Total deferred credits and other liabilities
28,161
25,866
Total liabilities
74,767
67,839
Preferred stock (50,000,000 shares authorized; 414,342 and 1,159,317 shares of Series A and 87,937 and 503,454 shares of Series B issued and outstanding at respective dates)
497
1,645
Common stock, no par value (800,000,000 shares authorized; 384,787,056 and 384,784,719 shares issued and outstanding at respective dates)
6,362
6,353
Accumulated other comprehensive income
6
—
Retained earnings
10,714
7,567
Total Edison International's shareholders' equity
17,579
15,565
Noncontrolling interests – preference stock of SCE
1,680
2,175
Total equity
19,259
17,740
Total liabilities and equity
$
94,026
$
85,579
Consolidated Statements of Cash Flows
Edison International
Years ended December 31,
(in millions)
2025
2024
2023
Cash flows from operating activities:
Net income
$
4,701
$
1,546
$
1,407
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization
3,237
2,939
2,721
Equity allowance for funds used during construction
(189
)
(187
)
(157
)
Asset impairment
106
—
1
Deferred income taxes
1,208
9
108
Wildfire Fund amortization expense
144
146
213
Other
176
81
57
Nuclear decommissioning trusts
(123
)
(174
)
(180
)
Contributions to Wildfire Fund
(95
)
(95
)
(95
)
Changes in operating assets and liabilities:
Receivables
662
(278
)
(349
)
Inventory
(4
)
(14
)
(63
)
Accounts payable
78
53
(408
)
Other current assets and liabilities
(253
)
(85
)
194
Derivative assets and liabilities, net
(11
)
28
(174
)
Regulatory assets and liabilities, net
(3,445
)
1,219
576
Wildfire-related claims, net of insurance recoveries
(610
)
(314
)
(446
)
Other noncurrent assets and liabilities
218
140
(4
)
Net cash provided by operating activities
5,800
5,014
3,401
Cash flows from financing activities:
Long-term debt issued, net of discount and issuance costs of $60, $44, and $54 for the respective years
5,133
5,256
5,121
Long-term debt repaid
(2,052
)
(2,701
)
(2,498
)
Short-term debt issued
1,260
—
1,076
Short-term debt repaid
(230
)
(401
)
(2,407
)
Common stock repurchased
(32
)
(200
)
—
Preferred and preference stock issued, net of issuance cost
—
345
542
Preferred and preference stock repurchased and redeemed
(1,664
)
(656
)
(289
)
Commercial paper (repayments) borrowing, net
(346
)
308
1,102
Dividends and distribution to noncontrolling interests
(136
)
(168
)
(117
)
Common stock dividends paid
(1,274
)
(1,198
)
(1,112
)
Preferred stock dividends paid
(104
)
(88
)
(108
)
Other
16
177
137
Net cash provided by financing activities
571
674
1,447
Cash flows from investing activities:
Capital expenditures
(6,515
)
(5,707
)
(5,448
)
Proceeds from sale of nuclear decommissioning trust investments
6,219
5,019
4,597
Purchases of nuclear decommissioning trust investments
(6,098
)
(4,898
)
(4,417
)
Other
59
50
35
Net cash used in investing activities
(6,335
)
(5,536
)
(5,233
)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents
36
152
(385
)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year
684
532
917
Cash and cash equivalents and restricted cash and cash equivalents at end of year
$
720
$
684
$
532