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Edison International (EIX) FY2025 results: revenue $19.3 billion, up 9.8% on the year

Edison International (EIX) reported revenue of $19.3 billion for fiscal 2025, the year ended 31 December 2025, up 9.8% on the year before. Net income was $4.5 billion, up 247.3%, and diluted earnings per share $11.55. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2026.

Revenue
$19.3 billion
+9.8% on the year
FY2018FY2025
Operating margin
36.7%
16.6% a year earlier
FY2018FY2025
Net income
$4.5 billion
+247.3% on the year
FY2018FY2025
Diluted EPS
$11.55
+248.9% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 9 new, 1 kept.

  • Fourth-quarter core EPS was $1.87: Core earnings were $717 million, or $1.87 per share, against $405 million, or $1.05, a year earlier. GAAP net income was $1,848 million, or $4.80 per share.
  • Full-year 2025 core EPS of $6.55: Full-year core EPS was $6.55 against $4.93 in 2024, above the high end of the guidance range. GAAP EPS was $11.58.
  • 2026 core EPS guided to $5.90-6.20: 2026 core EPS guidance is $5.90 to $6.20 and 2027 is $6.25 to $6.65. Management describes 2026 growth as about 3.5% at the midpoint.
  • 2027 growth expected at high end: Management expects 2027 EPS growth at the high end of the 5% to 7% range, citing SCE's 7% rate base growth and no large discrete variances expected.
  • Three items cut 2026 by 25 cents: Management said the muted 2026 growth comes from three items totalling 25 cents, which are built into 2026 and are not expected to create negative variances in later periods.
Read the Q4 FY2025 earnings call summary

From this 10-K

Edison International is the ultimate parent holding company of Southern California Edison and of Edison Energy, LLC, which does business as Trio. Southern California Edison is an investor-owned public utility primarily engaged in supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central and Coastal California. Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers, and the filing says its business activities are currently not material to report as a separate business segment.

Edison International, the 10-K for 2025

Edison International is the ultimate parent holding company of Southern California Edison and of Edison Energy, LLC, which does business as Trio. Southern California Edison is an investor-owned public utility primarily engaged in supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central and Coastal California. Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers, and the filing says its business activities are currently not material to report as a separate business segment.

How the utility is paid, and what it is building

Southern California Edison's capital spending authorised by the California utilities regulator is determined through the general rate case and other regulatory proceedings, while its federal energy regulator spending is determined on actual capital expenditures. Total capital expenditures were $6.7 billion in 2025 and $5.7 billion in 2024.

The filing forecasts $40.6 billion for 2026 to 2030, of which $30.2 billion is distribution, $4.7 billion transmission, $1.1 billion generation and $4.6 billion wildfire mitigation-related. The filing says a lower range case was also prepared, at $37.5 billion, reflecting management's judgment of potential spending variability from historical precedent of previously authorised amounts, permitting delays and other operational considerations.

The filing states that three transmission and substation construction projects are its most significant. Riverside Transmission Reliability is in construction with a scheduled in-service date of 2029, the Alberhill System project is in licensing for 2029, and the Eldorado-Lugo-Mohave Upgrade was in construction for a 2025 in-service date.

Wildfire

The filing states that weather conditions in California and greater concentrations of residents in high-fire risk areas have contributed to wildfires, including those where the utility's equipment has been alleged to be associated with the ignition, that caused loss of life and substantial damage in its service area.

The utility runs a Wildfire Mitigation Plan to reduce the risk of its equipment contributing to an ignition, and separately a Public Safety Power Shutoff programme under which it proactively de-energises power lines as a last resort during extreme weather events. It implemented a customer-funded wildfire self-insurance program in July 2023. The state's Wildfire Fund, whose Initial Account was established in 2019, gained a Continuation Account in 2025 under SB 254, and that bill requires the fund's administrator to report to the California legislature and the governor by 1 April 2026 with recommendations on new models that would complement or replace it.

In January 2025 several wind-driven wildfires reached the utility's service area, causing loss of life, damage to residential and business properties, and service outages. One of the largest, the Eaton Fire, ignited in Los Angeles County under conditions the filing describes as an extreme Santa Ana windstorm. The filing says the Los Angeles County Fire Department is leading the investigation into its origin and cause with assistance from CAL FIRE and has identified a preliminary area of origin, where the utility has transmission facilities. The state regulator's safety division is investigating, and the filing says the Los Angeles District Attorney's Office has an ongoing investigation into whether any criminal violations occurred. Settlements are in place for the earlier 2017 and 2018 wildfire and mudslide events, under agreements the filing calls the TKM Settlement Agreement and the Woolsey Settlement Agreement.

San Onofre

The utility is the operating agent of San Onofre, and has engaged a contractor to undertake decommissioning of the three nuclear reactor installations there, Units 1, 2 and 3. The filing says the decommissioning is expected to take many years, and that the work has three parts: radiological decommissioning, non-radiological decommissioning, and the management of spent nuclear fuel. Two independent spent fuel storage installations hold the fuel on site, because under federal law the Department of Energy is responsible for a permanent disposal facility and the filing states it has not met its contractual obligation to accept the fuel.

What the company expects of demand

The filing says the electric power industry is changing in how energy infrastructure is planned and built, driven by new sources of demand including electric vehicles, data centres and building electrification, by distributed generation and energy storage, and by government action on emissions. Southern California Edison projects electricity demand to nearly double between 2025 and 2045, driven by transportation electrification, new residential housing, and increases in commercial and industrial consumption.

From Edison International's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 18 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue19,31717,59916,338+9.8%
Operating income7,0932,9302,627+142.1%
Operating margin36.7%16.6%16.1%
Interest expense1,5391,8691,612-17.7%
Pre-tax income5,9921,5631,515+283.4%
Income tax1,29117.0108+7,494.1%
Effective tax rate21.5%1.1%7.1%
Net income4,4591,2841,197+247.3%
Net margin23.1%7.3%7.3%
Diluted EPS$11.55$3.31$3.11+248.9%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5,8005,0143,401+15.7%
Capital expenditure6,5155,7075,448+14.2%
Free cash flow-715-693-2,047
Free cash flow margin-3.7%-3.9%-12.5%
Cash from investing-6,335-5,536-5,233
Cash from financing5716741,447-15.3%
Depreciation and amortisation3,2372,8662,635+12.9%
Share-based compensation57.057.046.00.0%
Buybacks32.02000.0-84.0%
Dividends paid1,2741,1981,112+6.3%
Dividend per share$3.36$3.17$2.99+6.1%
Diluted shares, weighted386m388m385m-0.5%
Shares outstanding at period end385m385m384m+0.0%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity17,57915,56515,501+12.9%
Non-controlling interest1,6802,1752,443-22.8%
Debt40,38836,58134,090+10.4%
Operating lease liabilities1,0411,0561,101-1.4%
Other liabilities33,33830,20228,623+10.4%
Total liabilities and equity94,02685,57981,758+9.9%
Fixed assets63,32859,25456,084+6.9%
Investments4,5864,3434,227+5.6%
Cash and equivalents158193345-18.1%
Receivables1,4632,1692,016-32.5%
Inventory535538527-0.6%
Other assets23,95619,08218,559+25.5%
Total assets94,02685,57981,758+9.9%

10-K for the year ended 31 December 2025, filed 18 February 2026: the filing.