Edison International: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 28 October 2025: press release, prepared remarks. Guidance figures: 2 lowered, 1 new, 3 kept. The quarter’s numbers.

Key takeaways

Core EPS up on GRC true-up: Core EPS was $2.34 against $1.51 a year earlier. Management said the comparison is not meaningful because SCE recorded a true-up for the 2025 GRC final decision, retroactive to January 1. Source
GRC authorized base revenue: The final decision authorized 2025 base revenue of $9.7 billion and supports wildfire mitigation, safety, reliability and load-growth investments, with affordability considered. Source
Woolsey settlement seeks $2 billion: The Woolsey settlement would authorize about $2 billion of the $5.6 billion requested, subject to CPUC approval. Source
SB 254 creates continuation account: SB 254 passed with near-unanimous support. It creates an account of up to $18 billion funded by IOUs and customers, and bases the liability cap on the year of ignition. Source
Second phase on disaster cost sharing: Management said the second phase would evaluate reforms to socialize climate-driven disaster risks and costs, and that continued customer and shareholder burden is unsustainable. Source
Wildfire hardening nearly complete: SCE has deployed more than 6,800 miles of covered conductor and expects to have hardened nearly 90% of distribution lines in high fire risk areas by year-end. Source
Parent preferred refinancing under review: At the parent company, management is working on how to address preferred equity issuances with upcoming rate resets, and is weighing early refinancing options. Source

“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,”
Pedro J. Pizarro, president and CEO of Edison International

Guidance

Area	Period	Figure	Against last quarter
EIX basic EPS, 2025 Source	2025	$8.05 to $8.30	Lowered from $8.22 to $8.62
EIX core EPS, 2025 Source	2025	$5.95 to $6.20
Non-core items, 2025 Source	2025	$2.10 per share	Lowered from $2.28 per share
Refinancing costs in 2025 guidance Source	2025	10 cents per share	New
Core EPS growth target Source	2025-2028	5-7%	Kept
2028 core EPS Source	2028	$6.74 to $7.14	Kept
Four-year capital plan Source	2025-2028	$28 to $29 billion
Rate base growth Source	projection through 2028	7 to 8%
System average rate CAGR Source	through 2028	2 to 3%	Kept
Load growth Source	near term	up to 3% CAGR
TKM securitization proceeds Source	by year-end 2025	approximately $1.6 billion
Average revenue increase, GRC Source	2026-2028	about $500 million per year

What changed from last quarter

Guidance lowered: Management narrowed the 2025 core EPS range to $5.95 to $6.20, lowering the high end from $6.34. Source
New: Legislature passed SB 254, which management described as a key action supporting investor-owned utility financial stability. Source
New: The Wildfire Fund administrator confirmed that the Eaton Fire is a covered wildfire for purposes of accessing the fund. Source
New: SCE reached a settlement with intervenors in the Woolsey Fire proceeding, subject to CPUC approval. Source
New: The 2025 General Rate Case final decision was received in September; the previous quarter cited a proposed decision. Source
New: S&P downgraded EIX and SCE by one notch; management said it believes this view does not fully recognize the legislative intent. Source
Ended: Fitch removed the Rating Watch Negative from EIX and SCE, citing SB 254. Source

Third-quarter results and drivers

Core EPS up on GRC true-up: Core EPS was $2.34 against $1.51 a year earlier. Management said the comparison is not meaningful because SCE recorded a true-up for the 2025 GRC final decision, retroactive to January 1. Source
Basic EPS and net income rose: Net income available to common shareholders was $832 million, or $2.16 per share, against $516 million, or $1.33 per share, in the prior-year quarter. Source
Nine-month results include TKM: Nine-month basic EPS was $6.78 against $2.45, and core EPS $4.68 against $3.88. Nine-month non-core items include net earnings from the TKM settlement. Source

Segment results: SCE and parent

SCE core earnings rose: SCE core earnings were $994 million against $667 million, and core EPS was $2.58 against $1.74. The company attributes the increase mainly to higher GRC revenue. Source
Parent loss widened on interest: Parent and Other core loss was $93 million against $85 million. The company said the increase was primarily due to higher interest expense. Source
Nine-month core EPS by segment: Nine-month core EPS was $5.42 for SCE against $4.52, and the Parent and Other core loss was $0.74 per share against $0.64. Source

“With a GRC final decision in hand, we now have increased certainty and visibility into the work SCE will do to meet customers’ needs and have refreshed our projections through 2028.”
Maria Rigatti, Executive Vice President and Chief Financial Officer, Edison International

Regulatory decisions and settlements

GRC authorized base revenue: The final decision authorized 2025 base revenue of $9.7 billion and supports wildfire mitigation, safety, reliability and load-growth investments, with affordability considered. Source
GRC approved 91% of capital: The final decision authorized 91% of SCE's capital investment request. Source
Woolsey settlement seeks $2 billion: The Woolsey settlement would authorize about $2 billion of the $5.6 billion requested, subject to CPUC approval. Source
Woolsey settlement benefits credit: Management said the settlement reduces excess financing costs, with up to a 90-basis point FFO-to-debt benefit and about 18 cents per share of annualized interest benefit. Source
TKM and Woolsey cover 43%: With the TKM settlement, recovery would be 43%, about $3.6 billion, of total costs above insurance and FERC recoveries, if the Woolsey settlement is approved. Source

Wildfire liability and SB 254

SB 254 creates continuation account: SB 254 passed with near-unanimous support. It creates an account of up to $18 billion funded by IOUs and customers, and bases the liability cap on the year of ignition. Source
Second phase on disaster cost sharing: Management said the second phase would evaluate reforms to socialize climate-driven disaster risks and costs, and that continued customer and shareholder burden is unsustainable. Source
Eaton settlement at 52 cents: SCE settled with an insurance claimant at 52 cents for each dollar paid to its policyholders. Management called this a single data point. Source

“Based on the information we have reviewed thus far, we remain confident that SCE would make a good faith showing that its conduct with respect to its transmission facilities in the Eaton Canyon area was consistent with actions of a reasonable utility.”
Pedro Pizarro, President and Chief Executive Officer, Edison International

Capital plan and infrastructure

Wildfire hardening nearly complete: SCE has deployed more than 6,800 miles of covered conductor and expects to have hardened nearly 90% of distribution lines in high fire risk areas by year-end. Source
GRC adds conductor and undergrounding: The GRC authorizes another 1,650 miles of covered conductor for wildfire mitigation and 212 miles of targeted undergrounding. Source
Fast-curve settings on most circuits: Fast-curve settings are enabled on about 93% of SCE's 1,100 distribution circuits in high fire risk areas. PSPS criteria and boundaries were also revised this year. Source
Grid investment needed beyond 2028: Management said it continues to see the need for substantial grid investments beyond the forecast period, with two examples highlighted. Source

Demand, customers and rates

Demand spread across sectors: Management said its demand forecast is not reliant on a single sector, and expects growth in new housing and rising commercial and industrial consumption. Source
EV adoption drives demand: The state reported that a record 29% of new cars bought in Q3 2025 were zero-emission vehicles, and SCE is at the heart of California's EV adoption. Source
Rates lowest among major IOUs: Management said SCE's system average rate remains the lowest among the state's major IOUs and is expected to grow at an inflation-like level through 2028. Source

Costs and margins

O&M and purchased power fell: Operation and maintenance was $1,175 million against $1,393 million, and purchased power and fuel was $1,701 million against $1,898 million, in the third quarter. Source
Impairment on disallowed capital: The company recorded $76 million of net charges, mainly impairment of plant tied to historical capital expenditures disallowed in the 2025 GRC decision. Source
Depreciation rose to $862 million: Depreciation and amortization was $862 million in the third quarter against $710 million, and property and other taxes were $161 million against $168 million. Source
Wildfire claims expense rose: Wildfire-related claims, net, were $295 million in the third quarter against $1 million a year earlier. Nine-month claims were a $1,010 million net recovery. Source

Financing, cash and shareholder payouts

Parent preferred refinancing under review: At the parent company, management is working on how to address preferred equity issuances with upcoming rate resets, and is weighing early refinancing options. Source
Moody's affirmed both ratings: Following SB 254's passage, Moody's affirmed the ratings of both EIX and SCE. Source
Operating cash flow rose: Net cash provided by operating activities was $4,228 million for the nine months against $3,844 million in the prior-year period. Source
Capital spending rose: Capital expenditures were $4,624 million for the nine months against $4,211 million in the prior-year period. Source
Common dividends rose: Common stock dividends paid were $955 million for the nine months against $896 million; preferred stock dividends paid were $87 million against $88 million. Source
Small common buyback this year: The company repurchased $32 million of common stock in the nine months ended September 30, 2025, with none in the prior-year period. Source

Coming up, as management said on 28 October 2025

Eaton compensation program launch: SCE will shortly launch the voluntary Wildfire Recovery Compensation Program for the Eaton Fire, offering direct payments to eligible individuals and businesses. Source
Woolsey decision and securitization timing: A CPUC decision on Woolsey is expected toward late 2025 or early 2026, with securitization proceeds expected mid-2026 if approved. Source
SB 254 second-phase report: A comprehensive report on long-term reforms to socialize climate-driven disaster costs is due in April 2026. Source
Legislative action expected next year: Management said it is confident of meaningful legislative action next year. Source
EEI Financial Conference in November: Management expects to continue its dialogue with investors at the EEI Financial Conference in November. Source

Figures management reported

Figure	Reported
Rate case Source	91% of requested capital approved
Rate case revenue increases Source	about $500 million per year, 2026-2028
Rate base growth Source	7 to 8%
Capital plan Source	$28 to $29 billion, four-year
Load growth Source	up to 3% near-term CAGR
System average rate growth Source	2 to 3% CAGR through 2028
Core EPS growth target Source	5-7%, 2025-2028

Risks management discussed

Financial: Management said SCE believes it is likely its equipment could be found associated with the Eaton Fire ignition, absent additional evidence. Source
Financial: Management said it cannot estimate probable Eaton Fire losses, citing a single settlement data point and ongoing investigations. Source
Financial: Management said it considered potential costs of optimizing parent financing in the narrowed 2025 guidance, weighing near-term costs against long-term benefits. Source

Earlier plans management reported on

Not stated: Management said it has said before that SCE is not aware of evidence pointing to another possible ignition source. Source
Not stated: Management said the $5.84 2025 baseline for measuring core EPS growth through 2028 is unchanged from prior disclosure. Source
Not stated: Management said its confidence in delivering on commitments rests on the clarity from the GRC and on managing operations for all stakeholders. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Edison International Reports Third Quarter 2025 Results

Third-quarter 2025 GAAP EPS of $2.16; core EPS of $2.34
Legislature passed SB 254, a key action supporting IOU financial stability
Continued strong regulatory progress: constructive GRC final decision; Woolsey settlement filed
Eaton Fire confirmed as a "covered wildfire" by Wildfire Fund administrator for purposes of accessing the fund
Narrowed 2025 core EPS guidance to $5.95-$6.20
Continued confidence in delivering 5-7% core EPS growth from 2025-28

ROSEMEAD, Calif., Oct. 28, 2025 - 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 as of July 31, 2025		2025 Earnings Guidance 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

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 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 earnings per share ("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:

ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related and debris flow-related costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire Insurance Fund), and costs incurred for wildfire restoration efforts and to mitigate the risk of utility equipment causing future wildfires;
the cybersecurity of Edison International's and SCE's critical information technology systems for grid control and business, employee and customer data, and the physical security of Edison International's and SCE's critical assets and personnel;
risks associated with the operation and maintenance of electrical facilities, including worker, contractor, and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;
impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on SCE’s ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses, proposed capital investment projects, and increased costs due to supply chain constraints, tariffs, inflation and rising interest rates and the impact of legislative actions on affordability;
ability of SCE to update its grid infrastructure to maintain system integrity and reliability, and meet electrification needs;
ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan, its target energization times and capital investment program, including challenges related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator's (“CAISO”) transmission plans, and governmental approvals;
risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;
ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS“);
risk that California Assembly Bill 1054 (“AB 1054“), California Senate Bill 254 ("SB 254") or other new California legislation does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial or contributing cause, including the longevity of the Wildfire Insurance Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under AB 1054 or SB 254, including its interpretation of the prudency standard clarified by AB 1054;
ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;
decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission, the California legislature and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, reforming wildfire-related liability protections available to California investor-owned utilities, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;
governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the North American Electric Reliability Corporation, CAISO, Western Electricity Coordinating Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance placed on greenhouse gas reduction and other climate related priorities;
potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to wildfires where SCE's equipment is alleged to be associated with ignition;
extreme weather-related incidents (including events caused, or exacerbated, by climate change), such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events and other natural disasters (such as earthquakes), which could cause, among other things, worker and public safety issues, property damage, outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;
risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);
actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook.

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 September 30,			Nine Months Ended 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 September 30,					Nine Months Ended 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	-		(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

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.

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 of 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.

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.

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.

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.

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.

	Three months ended September 30,				Nine months ended September 30,
Condensed Consolidated Statements of Income					Edison International
(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

	Nine months ended September 30,
Condensed Consolidated Statements of Cash Flows	Edison International
(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

Contacts
Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255 news@sce.com
When: Telephone Numbers: Telephone Replay: Webcast
Tuesday, Oct. 28, 1:30-2:30 p.m. (PDT) · 1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) - Passcode: Edison · 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) · www.edisoninvestor.com

Open the filing on EDGAR

Prepared Remarks of Edison International CEO and CFO

Third Quarter 2025 Earnings Teleconference

October 28, 2025, 1:30 p.m. (PT)

Pedro Pizarro, President and Chief Executive Officer, Edison International

Today, Edison International reported third-quarter core earnings per share of $2.34 compared to $1.51 a year ago. This comparison is not meaningful because during the quarter SCE recorded a true-up for the 2025 General Rate Case final decision, which is retroactive to January 1. Reflecting the year-to-date performance and our outlook for the remainder of the year, including the costs for potential early refinancing activities later this year, we are narrowing our 2025 core EPS guidance range to $5.95 to $6.20. We have also refreshed our projections through 2028 and are reaffirming our 5 to 7% core EPS growth target. Maria will discuss our guidance and financial performance in more detail.

California’s legislative session concluded with the passage of SB 254 - a constructive and important step to support IOU customers, address wildfire risk, and boost the financial stability of the state’s investor-owned utilities. The bill passed with near-unanimous support, a clear signal that policymakers understand the urgency of the issue and the need for durable solutions.

SB 254 creates an up to $18 billion Continuation Account, jointly funded by IOUs and customers, to provide a backstop for wildfires ignited after September 19, 2025. Importantly, it enhances the existing framework by basing the liability cap on the year of ignition rather than the year of disallowance, providing certainty for stakeholders. It also allows for the securitization of wildfire claims payments for 2025 wildfires ignited between January 1 and September 19 if the initial wildfire fund is exhausted, which would apply to the Eaton Fire if needed. These provisions are constructive for potential cost recovery and help utilities like SCE continue to invest in safety and reliability while maintaining affordability for customers. We have provided a summary of SB 254 on page 3.

SB 254 calls for an important second phase - a comprehensive report due in April 2026 - that will evaluate long-term reforms to equitably socialize the risks and costs of climate-driven natural disasters. The law recognizes that customers and shareholders continuing to bear the burden of these events is unsustainable. This second phase is important to evaluate the broad scope of potential reforms that are necessary for a sustainable model. As you will see on page 4, the ten points outlined in SB 254 can be grouped into three categories. First, reducing the risk of ignitions and harm from wildfires. Second, affording fair compensation for people affected by wildfires, including avoiding disparate treatment of communities. Third, allocating the risk and costs of natural catastrophes across stakeholders equitably. We are encouraged by this direction and by the executive order that Governor Newsom signed on September 30 to expedite the State’s all-in response. We look forward to continuing to work with legislators and stakeholders to shape a more sustainable and equitable framework. We are confident that we will see meaningful legislative action next year.

Turning to the Eaton Fire, the investigations remain ongoing. As we have said before, SCE is not aware of evidence pointing to another possible source of ignition. Absent additional evidence, SCE believes that it is likely that its equipment could be found to have been associated with the ignition. During the third quarter, SCE entered into a settlement with an insurance claimant, agreeing to pay 52 cents for each dollar paid to its policy holders. Note that this is a single data point and doesn’t provide sufficient information to develop an estimate of the total potential losses associated with the Eaton Fire. The wildfire fund administrator has confirmed that Eaton is a “covered wildfire” for the purposes of accessing the fund. Based on the information we have reviewed thus far, we remain confident that SCE would make a good faith showing that its conduct with respect to its transmission facilities in the Eaton Canyon area was consistent with actions of a reasonable utility.

That said, we continue to take proactive steps to support community members. Shortly, SCE will launch the Wildfire Recovery Compensation Program for the Eaton Fire. This voluntary program is designed to provide eligible individuals and businesses impacted by the fire direct payments to resolve claims quickly. This allows communities to focus on recovery earlier while minimizing the overall cost and outflows from the wildfire fund by reducing escalation, interest expense, and legal fees.

Moving to the regulatory front, the key message is that we’ve made significant progress across multiple proceedings this year, further de-risking our financial outlook and bolstering our ability to deliver for customers and investors.

Earlier this year, the CPUC approved the TKM settlement, authorizing recovery of approximately $1.6 billion in wildfire-related costs. More recently, SCE reached a settlement agreement with intervenors in the Woolsey Fire proceeding, as highlighted on page 5. This marks a significant milestone and puts the company one step closer toward fully resolving the 2017 and 2018 legacy events. The agreement would authorize recovery of approximately $2 billion of the $5.6 billion requested, subject to CPUC approval. This structure supports long-term affordability for customers by reducing excess financing costs and improving credit metrics - specifically, up to a 90-basis point benefit to FFO-to-debt and an annualized interest expense benefit of approximately 18 cents per share. Combined with the TKM settlement, this would result in recovery of 43% - or about $3.6 billion - of the total costs above insurance and FERC recoveries. We anticipate a final decision from the CPUC toward the end of this year or early next year and, assuming CPUC approval, we expect to receive proceeds from securitization mid-2026. Details of both proceedings can be found on page 6.

SCE also received a final decision on its 2025 General Rate Case in September, as highlighted on page 7. The decision authorizes 2025 base revenue of $9.7 billion and supports significant investments in wildfire mitigation, safety and reliability, and upgrades for increased load growth - while incorporating affordability considerations for customers. It also authorizes average revenue increases of about $500 million per year for 2026 through 2028, subject to adjustment based on inflation. On capital expenditures, the final decision authorizes 91% of SCE’s request. Importantly, the Commissioners highlighted that these investments in the grid provide long-lasting value to customers, especially given the need to protect against wildfires, advance electrification, and ensure a ready, reliable grid for the clean energy future.

On wildfire mitigation, SCE has now deployed more than 6,800 miles of covered conductor. I’m pleased to share that by the end of the year, SCE will have hardened nearly 90%, or more than 14,000 miles, of its total distribution lines in high fire risk areas. The GRC authorizes installing another 1,650 miles of covered conductor for wildfire mitigation, as well as 212 miles of targeted undergrounding. Similar to covered conductor, which continues to be an important risk mitigation tool, SCE believes that its targeted undergrounding program will also provide substantial benefits to further safeguard its customers and communities.

Public Safety Power Shutoffs remain a critical tool in wildfire prevention. This year’s updates include revised criteria and windspeed thresholds, expanded circuit coverage, and broader boundaries around high fire risk areas. Additionally, SCE has now enabled fast-curve settings on approximately 93% of its 1,100 distribution circuits in high fire risk areas, further reducing ignition risk and improving system safety.

As we’ve shared before, SCE’s system average rate continues to be the lowest among the major IOUs in the state. Importantly, the utility expects this will grow at an inflation-like level, on average, through 2028. Incorporating the GRC approval, TKM settlement, and pending Woolsey settlement, we continue to expect that CAGR to be in the range of 2 to 3%.

In closing, I want to thank our team members for their continued dedication and resilience. I also want to thank our investors for your support and our customers for the opportunity to serve them. This has been a year of meaningful progress - on the legislative front, in the regulatory arena, and in our operational execution. We’ve taken important steps to resolve legacy wildfire liabilities, strengthen our financial position, and advance the utility’s mission to safely deliver reliable, affordable and clean energy. We also recognize that this has been a challenging time for many of the communities we serve, particularly those impacted by wildfires. We remain deeply committed to learning from our experiences and supporting recovery and resilience to rebuild stronger. We are grateful for the opportunity to partner with customers, local leaders, and other stakeholders to build a safer and more sustainable energy future.

We look forward to continuing our dialogue with many of you at the EEI Financial Conference in November.

Maria Rigatti, Executive Vice President and Chief Financial Officer, Edison International

I will echo your comments that we have made significant progress across multiple proceedings this year, further de-risking our financial outlook and bolstering our ability to deliver for customers and investors. With a GRC final decision in hand, we now have increased certainty and visibility into the work SCE will do to meet customers’ needs and have refreshed our projections through 2028. Consequently, we are reaffirming our 5 to 7% core EPS growth target, which I will discuss in detail.

Starting with third-quarter 2025 results, EIX delivered core EPS of $2.34, up from $1.51 a year ago. The year-over-year variance analysis is on page 8. As Pedro noted, this comparison is not meaningful because SCE recorded a true-up of approximately 55 cents for the 2025 GRC final decision, which is retroactive to January 1.

Based on strong year-to-date performance and our outlook for the rest of the year, we are narrowing our 2025 core EPS guidance to $5.95 to $6.20, as you will see on page 9. This range now includes the potential for 10 cents per share of costs associated with refinancings tied to the TKM and Woolsey cost recoveries. As previously mentioned, our 2025 guidance does not include the potential earnings associated with the Woolsey settlement. SCE is awaiting a proposed decision on the settlement, and a final decision could be issued later this year or early next. We want to be clear that for measuring our core EPS growth through 2028, the 2025 baseline of $5.84 is unchanged from our prior disclosure.

Now I would like to discuss our refreshed projections, which we have summarized on page 10. Additionally, on pages 14 through 17, we put together a comprehensive list of frequently asked questions on guidance-related topics for background and easy reference, which we hope you will find helpful.

Please turn to page 11, which lays out our four-year capital plan of $28 to $29 billion. This compares to our previous forecast for the same period of $27 to $32 billion. The plan incorporates substantial investments in infrastructure replacement, electrification, and system resiliency approved in SCE’s GRC. Additionally, the plan now incorporates the utility’s NextGen ERP project and other updates across the business, including wildfire mitigation capital that SCE will securitize under SB 254. We also continue to see the need for substantial grid investments beyond our forecast period. We’ve highlighted on the right side of the page two examples of this, with much of that spending occurring beyond 2028. Driven by the capital plan, we project rate base growth of 7 to 8%, as shown on page 12. This growth is after incorporating the expected wildfire mitigation capital expenditures that will not earn an equity return under SB 254.

Moving on to our long-term core EPS growth target, as shown on page 13, we continue to expect 2028 core EPS of $6.74 to $7.14. You will find additional information on this topic on pages 14 and 15. Our confidence in delivering on our commitments is underpinned by the clarity we have from the GRC and our ability to manage our operations for the benefit of all stakeholders.

Let me now turn to our financing strategy and balance sheet strength. Over the last several years, we have executed efficient financings to support our target 15 to 17% FFO-to-debt framework. We have used hybrid securities to generate equity content when needed, avoiding substantial common equity issuance to pre-fund our capital plans. By year-end, SCE expects to receive approximately $1.6 billion in securitization proceeds from the TKM settlement. Following Woolsey settlement approval, the utility plans to request a financing order to securitize an additional $2 billion. These actions further strengthen our credit metrics and financing flexibility for funding future rate base and dividend growth.

Altogether, this leaves us very well placed among our peers on two key credit metrics. EIX has one of the strongest consolidated FFO-to-debt ratios projected by S&P. Also, we have one of the lowest levels of parent company debt as a percentage of total debt. Page 13 details our 2025 through 2028 financing plan. Let me highlight that this plan does not require any equity issuance. This expectation is supported by the TKM and Woolsey recoveries. Further, as you know, the wildfire fund provides reimbursement for claims paid above an IOU’s $1 billion of insurance. Additionally, for fires between January 1 and September 19, 2025, the recently passed SB 254 allows a utility to issue securitized bonds prior to a reasonableness review to fund claims payments should the initial fund be exhausted. While we currently cannot estimate the probable losses associated with the Eaton Fire, the constructive California liquidity and prudency framework means neither equity nor debt would need to be issued in connection with that event.

Following the passage of SB 254, the rating agencies issued updates on the company. Moody’s affirmed its ratings for both EIX and SCE with a stable outlook. Fitch removed its Rating Watch Negative from both companies, citing SB 254 as a meaningful policy shift. While S&P downgraded EIX and SCE by one notch, we believe this view does not fully recognize the legislative intent or commentary from the Governor’s Office. Importantly, S&P still expects our credit metrics to remain within our target, with upside potential from a constructive Woolsey outcome.

At the parent company, we are working on how to best address the preferred equity issuances that have upcoming rate resets. We are looking at cost-efficient options for early refinancing, which will bring forward both the costs and benefits of the transaction. The core benefit is the optimization and clarity of financing costs before the rate-reset, which further de-risks our financial outlook. We have considered the potential costs of this optimization in our narrowed 2025 core EPS guidance and see the long-term benefits outweighing the near-term costs.

I would like to update you on another positive trend we are seeing - load growth. As we have laid out on page 18, SCE remains well-positioned to meet the diverse and accelerating demand across its service area. Our team continues to anticipate significant investments in infrastructure upgrades to meet this growing demand, many of which were included in SCE’s recent GRC approval. Importantly, our demand forecast is not reliant on a single sector. For one, SCE is at the heart of California’s EV adoption, helping the state maintain its national leadership in transportation electrification. In fact, the state recently announced a record 29% of new cars purchased in Q3 2025 were zero-emission vehicles. We’re also expecting growth in new housing developments and increases in commercial and industrial consumption. To sum up, we are expecting a near-term load growth CAGR of up to 3%. In the long term, we project electricity sales will nearly double over the next two decades.

I will conclude by saying that the company has made significant progress achieving certainty across numerous regulatory proceedings this year, allowing us to confidently reaffirm our long-term guidance. It underscores our ability to execute on our commitments and deliver for the customers and communities SCE serves, and for our investors.