Edison International Reports Third Quarter 2025 Results
ROSEMEAD, Calif.--( BUSINESS WIRE)--Edison International (NYSE: EIX) today reported third-quarter net income of $832 million, or $2.16 per share, compared to net income of $516 million, or $1.33 per share, in the third quarter of last year. As adjusted, third-quarter core earnings were $901 million, or $2.34 per share, compared to core earnings of $582 million, or $1.51 per share, in the third quarter of last year.
Southern California Edison’s third-quarter 2025 core earnings per share (EPS) increased year over year, primarily due to higher revenue from the 2025 GRC final decision.
Edison International Parent and Other’s third-quarter 2025 core loss per share increased year over year, primarily due to higher interest expense.
“We have made significant progress on the regulatory front this year, further de-risking our financial outlook and bolstering our ability to deliver for customers and investors,” said Pedro J. Pizarro, president and CEO of Edison International. “The CPUC’s decision on SCE’s 2025 General Rate Case approved 91% of SCE’s proposed capital investments and highlighted the important investments in the grid that provide long-lasting value to customers.”
Pizarro added, “We are encouraged by the recent passage of Senate Bill 254 and the next phase, which will evaluate reforms to equitably socialize the risks and costs of climate-driven natural disasters. We look forward to continuing to work with legislators and stakeholders and are confident that we will see meaningful legislative action next year.”
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.
2025 Earnings Guidance
The company narrowed its earnings guidance range for 2025, as summarized in the following chart. See the presentation accompanying the company’s conference call for further information and assumptions.
2025 Earnings Guidance
2025 Earnings Guidance
as of July 31, 2025
as of Oct. 28, 2025
Low
High
Low
High
EIX Basic EPS
$
8.22
$
8.62
$
8.05
$
8.30
Less: Non-core Items*
2.28
2.28
2.10
2.10
EIX Core EPS
$
5.94
$
6.34
$
5.95
$
6.20
*There were $808 million, or $2.10 per share, of non-core items recorded for the nine months ending Sept. 30, 2025. Basic EPS guidance only incorporates non-core items until Sept. 30, 2025.
Third-Quarter 2025 Earnings Conference Call and Webcast Details
When:
Tuesday, Oct. 28, 1:30-2:30 p.m. (PDT)
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: 2185
Telephone replay available through Nov. 11 at 6 p.m. (PST)
Webcast:
www.edisoninvestor.com
Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation, and Form 10-Q on the company’s investor relations website. These materials are available at www.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: www.edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this release.
Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share
Three Months Ended
Nine Months Ended
September 30,
September 30,
2025
2024
Change
2025
2024
Change
Earnings (loss) per share available to Edison International
SCE
$
2.40
$
1.56
$
0.84
$
7.62
$
3.09
$
4.53
Edison International Parent and Other
(0.24
)
(0.23
)
(0.01
)
(0.84
)
(0.64
)
(0.20
)
Edison International
2.16
1.33
0.83
6.78
2.45
4.33
Less: Non-core items
SCE
(0.18
)
(0.18
)
—
2.20
(1.43
)
3.63
Edison International Parent and Other
—
—
—
(0.10
)
—
(0.10
)
Total non-core items
(0.18
)
(0.18
)
—
2.10
(1.43
)
3.53
Core earnings (loss) per share
SCE
2.58
1.74
0.84
5.42
4.52
0.90
Edison International Parent and Other
(0.24
)
(0.23
)
(0.01
)
(0.74
)
(0.64
)
(0.10
)
Edison International
$
2.34
$
1.51
$
0.83
$
4.68
$
3.88
$
0.80
Note: Diluted earnings were $2.16 and $1.32 per share for the three months ended September 30, 2025 and 2024, respectively. Diluted earnings were $6.76 and $2.44 per share for the nine months ended September 30, 2025 and 2024, respectively.
Third Quarter Reconciliation of Basic Earnings to Core Earnings (in millions)
Three Months Ended
Nine Months Ended
September 30,
September 30,
(in millions)
2025
2024
Change
2025
2024
Change
Net income (loss) available to Edison International
SCE
$
925
$
602
$
323
$
2,935
$
1,190
$
1,745
Edison International Parent and Other
(93
)
(86
)
(7
)
(324
)
(246
)
(78
)
Edison International
832
516
316
2,611
944
1,667
Less: Non-core items
SCE 1,2,3,4,5
(69
)
(65
)
(4
)
847
(549
)
1,396
Edison International Parent and Other 6
—
(1
)
1
(39
)
(2
)
(37
)
Total non-core items
(69
)
(66
)
(3
)
808
(551
)
1,359
Core earnings (losses)
SCE
994
667
327
2,088
1,739
349
Edison International Parent and Other
(93
)
(85
)
(8
)
(285
)
(244
)
(41
)
Edison International
$
901
$
582
$
319
$
1,803
$
1,495
$
308
1
Includes net earnings recorded in the nine months ended September 30, 2025 related to TKM Settlement Agreement, including ongoing activities after the initial implementation: $1,341 million ($966 million after-tax) of claim costs and $58 million ($42 million after-tax) of legal expenses authorized for recovery, partially offset by shareholder-funded wildfire mitigation expenses of $50 million ($36 million after-tax) and impairment of incremental restoration-related assets of $8 million ($6 million after-tax). Charges of $3 million ($2 million after-tax) and $7 million ($5 million after-tax) recorded in the three and nine months ended September 30, 2025, respectively, and $7 million ($5 million after-tax) and $485 million ($349 million after-tax) recorded in the three and nine months ended September 30, 2024, respectively, related to 2017/2018 Wildfire/Mudslide Events claim costs and related legal expenses, net of expected regulatory recoveries.
2
Includes charges for Other Wildfires claims and related legal expenses, net of expected insurance and regulatory recoveries of $2 million ($2 million after-tax) and $3 million ($2 million after-tax), for the three months ended September 30, 2025 and 2024, respectively. Includes net earnings of $4 million ($3 million after-tax) recorded in the nine months ended September 30, 2025, which consisted of $14 million insurance reimbursements for costs incurred in previous years, partially offset by $10 million legal expenses, net of expected regulatory recoveries, and charges of $124 million ($90 million after-tax) recorded in the nine months ended September 30, 2024, for Other Wildfire Events claims and related legal expenses, net of expected insurance and regulatory recoveries.
3
Includes amortization of SCE's Wildfire Insurance Fund expenses of $36 million ($26 million after-tax) and $36 million ($26 million after-tax) for the three months ended September 30, 2025 and 2024, respectively, and $108 million ($78 million after-tax) and $109 million ($78 million after-tax) for the nine months ended September 30, 2025 and 2024, respectively.
4
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.
5
Includes severance costs of $44 million ($32 million after-tax), net of expected FERC recovery, recorded in the third quarter of 2024 due to reductions in workforce.
6
Includes wildfire claims of $1 million ($1 million after-tax) insured by EIS for the three months ended September 30, 2024, and $50 million ($39 million after-tax) and $2 million ($2 million after-tax) for the nine months ended September 30, 2025 and 2024, respectively.
Condensed Consolidated Statements of Income
Edison International
Three months ended
Nine months ended
September 30,
September 30,
(in millions, except per-share amounts, unaudited)
2025
2024
2025
2024
Operating revenue
$
5,750
$
5,201
$
14,104
$
13,615
Purchased power and fuel
1,701
1,898
3,905
4,140
Operation and maintenance
1,175
1,393
3,738
3,995
Wildfire-related claims, net of (recoveries)
295
1
(1,010
)
616
Wildfire Insurance Fund expense
36
36
108
109
Depreciation and amortization
862
710
2,430
2,138
Property and other taxes
161
168
495
477
Asset impairment and other
88
—
97
—
Total operating expenses
4,318
4,206
9,763
11,475
Operating income
1,432
995
4,341
2,140
Interest expense
(488
)
(477
)
(1,293
)
(1,401
)
Other income, net
119
127
339
413
Income before income taxes
1,063
645
3,387
1,152
Income tax expense
175
68
609
14
Net income
888
577
2,778
1,138
Less: Preference stock dividend requirements of SCE
34
39
101
129
Preferred stock dividend requirements of Edison International
22
22
66
65
Net income available to Edison International common shareholders
$
832
$
516
$
2,611
$
944
Basic earnings per share:
Weighted average shares of common stock outstanding
385
387
385
386
Basic earnings per common share available to Edison International common shareholders
$
2.16
$
1.33
$
6.78
$
2.45
Diluted earnings per share:
Weighted average shares of common stock outstanding, including effect of dilutive securities
386
390
386
388
Diluted earnings per common share available to Edison International common shareholders
$
2.16
$
1.32
$
6.76
$
2.44
Condensed Consolidated Balance Sheets
Edison International
(in millions, unaudited)
September 30,
2025
December 31,
2024
ASSETS
Cash and cash equivalents
$
364
$
193
Receivables, net of allowances for uncollectible accounts of $326 and $352 at respective dates
2,284
2,169
Accrued unbilled revenue
1,159
848
Inventory
524
538
Prepaid expenses
116
103
Regulatory assets
2,703
2,748
Wildfire Insurance Fund contributions
138
138
Other current assets
440
418
Total current assets
7,728
7,155
Nuclear decommissioning trusts
4,475
4,286
Other investments
70
57
Total investments
4,545
4,343
Utility property, plant and equipment, net of accumulated depreciation and amortization of $14,923 and $14,207 at respective dates
61,588
59,047
Nonutility property, plant and equipment, net of accumulated depreciation of $128 and $124 at respective dates
200
207
Total property, plant and equipment
61,788
59,254
Receivables, net of allowances for uncollectible accounts of $41 and $43 at respective dates
50
62
Regulatory assets (include $1,476 and $1,512 related to a Variable Interest Entity ("VIE") at respective dates)
10,686
8,886
Wildfire Insurance Fund contributions
1,774
1,878
Operating lease right-of-use assets
1,180
1,180
Long-term insurance receivables
307
418
Other long-term assets
2,431
2,403
Total other assets
16,428
14,827
Total assets
$
90,489
$
85,579
Condensed Consolidated Balance Sheets
Edison International
(in millions, except share amounts, unaudited)
September 30,
2025
December 31,
2024
LIABILITIES AND EQUITY
Short-term debt
$
1,879
$
998
Current portion of long-term debt
1,899
2,049
Accounts payable
2,346
2,000
Wildfire-related claims
98
60
Accrued interest
436
422
Regulatory liabilities
1,109
1,347
Current portion of operating lease liabilities
120
124
Other current liabilities
1,532
1,439
Total current liabilities
9,419
8,439
Long-term debt (includes $1,444 and $1,468 related to a VIE at respective dates)
34,479
33,534
Deferred income taxes and credits
8,433
7,180
Pensions and benefits
370
384
Asset retirement obligations
2,540
2,580
Regulatory liabilities
10,736
10,159
Operating lease liabilities
1,060
1,056
Wildfire-related claims
456
941
Other deferred credits and other long-term liabilities
3,666
3,566
Total deferred credits and other liabilities
27,261
25,866
Total liabilities
71,159
67,839
Preferred stock (50,000,000 shares authorized; 1,159,317 shares of Series A and 503,454 shares of Series B issued and outstanding at respective dates)
1,645
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)
6,343
6,353
Accumulated other comprehensive income
2
—
Retained earnings
9,165
7,567
Total Edison International's shareholders' equity
17,155
15,565
Noncontrolling interests – preference stock of SCE
2,175
2,175
Total equity
19,330
17,740
Total liabilities and equity
$
90,489
$
85,579
Condensed Consolidated Statements of Cash Flows
Edison International
Nine months ended
September 30,
(in millions, unaudited)
2025
2024
Cash flows from operating activities:
Net income
$
2,778
$
1,138
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization
2,430
2,183
Equity allowance for funds used during construction
(140
)
(143
)
Asset impairment and other
97
—
Deferred income taxes
598
(42
)
Wildfire Insurance Fund amortization expense
108
109
Other
123
43
Nuclear decommissioning trusts
(106
)
(118
)
Changes in operating assets and liabilities:
Receivables
(152
)
(847
)
Inventory
10
(9
)
Accounts payable
362
336
Tax receivables and payables
154
198
Other current assets and liabilities
(539
)
(492
)
Derivative assets and liabilities, net
(37
)
(2
)
Regulatory assets and liabilities, net
(1,373
)
1,557
Wildfire-related insurance receivable
111
115
Wildfire-related claims
(447
)
(304
)
Other noncurrent assets and liabilities
251
122
Net cash provided by operating activities
4,228
3,844
Cash flows from financing activities:
Long-term debt issued, net of discount and issuance costs of $49 and $37 for the respective periods
3,502
4,713
Long-term debt repaid
(2,027
)
(2,176
)
Short-term debt issued
510
—
Short-term debt repaid
(20
)
(401
)
Common stock repurchased
(32
)
—
Preference stock issued, net of issuance cost
—
345
Preferred stock repurchased
—
(378
)
Commercial paper repayments, net of borrowing
(314
)
(817
)
Dividends and distribution to noncontrolling interests
(101
)
(130
)
Common stock dividends paid
(955
)
(896
)
Preferred stock dividends paid
(87
)
(88
)
Other
2
192
Net cash provided by financing activities
478
364
Cash flows from investing activities:
Capital expenditures
(4,624
)
(4,211
)
Proceeds from sale of nuclear decommissioning trust investments
4,502
3,558
Purchases of nuclear decommissioning trust investments
(4,398
)
(3,488
)
Other
27
44
Net cash used in investing activities
(4,493
)
(4,097
)
Net increase in cash, cash equivalents and restricted cash
213
111
Cash, cash equivalents and restricted cash at beginning of period
684
532
Cash, cash equivalents and restricted cash at end of period
$
897
$
643