Edison International: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 30 July 2026: press release, prepared remarks. Guidance figures: 1 lowered, 1 new, 2 kept. The quarter’s numbers.

Key takeaways

Core EPS rose to $1.54: Second-quarter core EPS was $1.54 against $0.97 a year earlier. Core earnings were $592 million against $374 million. GAAP EPS was $1.39 against $0.89. Source
GRC decision timing lifted SCE: SCE core EPS increased year over year, mainly because the 2025 GRC final decision was adopted in the third quarter of 2025. Source
About 90% of HFRA lines hardened: About 90% of SCE’s roughly 16,800 HFRA distribution line miles are hardened, including nearly 7,200 miles of covered conductor. Source
Mitigation directed to specific locations: SCE uses an enhanced wildfire risk model, better data and climate-informed analysis to direct mitigation to areas with the greatest safety benefit. Source
WRCP offers extended to community members: SCE has extended more than 2,200 offers totaling over $775 million to over 12,300 community members affected by the Eaton Fire under the voluntary program. Source
Woolsey securitization proceeds about $2 billion: Proceeds will recover claims and other costs, including retiring related debt, which management said will further strengthen the balance sheet. Source
Wildfire legislation outcome uncertain: Management said it is engaged with Sacramento leadership on wildfire reform and affordability, while the outcome remains uncertain and the company will weigh what the Legislature enacts. Source

“The quarter reflects continued stability in our core operations.”
Aaron Moss, Executive Vice President and Chief Financial Officer, Edison International

Guidance

Area	Period	Figure	Against last quarter
2026 core EPS Source	full year 2026	$5.90-$6.20	Kept
2026 basic EPS Source	full year 2026	$5.70-$6.00	Lowered from $5.86-$6.16
Long-term core EPS growth Source	2025-2030	5-7%	Kept
Rate base growth Source	long term	about 7%
Covered conductor and targeted undergrounding Source	2029 through 2032	about 450 miles of covered conductor and approximately 190 miles of targeted undergrounding	New

What changed from last quarter

Guidance kept: 2026 core EPS guidance kept at $5.90-$6.20 in the company's reaffirmation. Source
Guidance lowered: Basic EPS guidance range lowered to $5.70-$6.00 from $5.86-$6.16. Source
New: Aaron Moss speaks as Executive Vice President and Chief Financial Officer, stepping into the role. Source
New: SCE filed its RAMP application in May 2026, the first step in the next GRC process. Source
New: SCE completed a Woolsey Fire cost recovery securitization generating about $2 billion of proceeds. Source

Results and growth drivers

Core EPS rose to $1.54: Second-quarter core EPS was $1.54 against $0.97 a year earlier. Core earnings were $592 million against $374 million. GAAP EPS was $1.39 against $0.89. Source
Year-to-date core EPS reached $2.97: First-half core EPS was $2.97. Basic EPS was $2.77 against $4.62, a year that included non-core items tied to the TKM Settlement Agreement. Source
GRC decision timing lifted SCE: SCE core EPS increased year over year, mainly because the 2025 GRC final decision was adopted in the third quarter of 2025. Source
Woolsey interest reduction cited: Management cited the ongoing reduction in interest expense tied to Woolsey cost recovery as a result benefit, alongside last year's regulatory decisions. Source
Interest expense rose year over year: Interest expense was $514 million in the quarter against $504 million, and $1,038 million for six months against $805 million. Source

Segments: SCE and Parent

Parent core loss per share fell: Parent and Other core loss was $0.20 per share against $0.26, which the company attributed mainly to lower preferred stock dividends, partly offset by higher interest expense. Source
Preferred redemptions gave financing benefit: Management said the net financing benefit of preferred stock redemptions, begun at end-2025 and completed in the first quarter, favored the Parent core loss by six cents. Source

“SCE is continuing to sharpen how it prioritizes wildfire mitigation.”
Pedro J. Pizarro, president and CEO of Edison International

Operating costs and efficiency

Operation and maintenance expense fell: Operation and maintenance expense was $1,071 million in the quarter against $1,580 million a year earlier. The documents do not give the reason for the difference. Source
O&M spending optimized across the year: Management said it continues to optimize O&M spending over the year, prioritizing operational needs as they arise while keeping overall cost control. Source
AI tools to speed design work: Tools that automate initial design generation and validate final designs, applied to about 100,000 project designs a year, are expected to shorten design cycle times by 20% to 30%. Source
Permit processing to be streamlined: About 40,000 permits are processed each year across multiple agencies. Management described streamlining that would cut cycle times by about 20% and improve throughput. Source

Wildfire mitigation and recovery

About 90% of HFRA lines hardened: About 90% of SCE’s roughly 16,800 HFRA distribution line miles are hardened, including nearly 7,200 miles of covered conductor. Source
No covered conductor failure reported: SCE reports no covered conductor failure linked to the risks the technology is designed to mitigate. About 800 miles of covered conductor were deployed since January 2025. Source
Mitigation directed to specific locations: SCE uses an enhanced wildfire risk model, better data and climate-informed analysis to direct mitigation to areas with the greatest safety benefit. Source
WRCP offers extended to community members: SCE has extended more than 2,200 offers totaling over $775 million to over 12,300 community members affected by the Eaton Fire under the voluntary program. Source

“Let me conclude by saying that we are pleased with our results.”
Aaron Moss, Executive Vice President and Chief Financial Officer, Edison International

Capital plan and rate base

Capital plan centered on three priorities: Management cites infrastructure replacement, wildfire mitigation and electrification demand as the basis of the capital plan, balanced against customer affordability. Source
Capital expenditures rose in first half: Capital expenditures were $3,385 million for the first six months, against $3,120 million a year earlier. Source
Wildfire investment share of GRC: Management said investments identified in past RAMP filings accounted for about a third of the total capital requested in the GRC. Source

Cash, financing and balance sheet

Woolsey securitization proceeds about $2 billion: Proceeds will recover claims and other costs, including retiring related debt, which management said will further strengthen the balance sheet. Source
Operating cash flow increased: Net cash provided by operating activities was $2,697 million for the first six months, against $2,106 million a year earlier. Source
Long-term debt issued and repaid: Long-term debt issued was $4,545 million net of costs in the first six months. Long-term debt repaid was $1,677 million, and common dividends paid were $675 million. Source

Legislation and affordability

Wildfire legislation outcome uncertain: Management said it is engaged with Sacramento leadership on wildfire reform and affordability, while the outcome remains uncertain and the company will weigh what the Legislature enacts. Source
Financing cost tied to framework: Management said a durable framework would help keep capital costs lower, while a framework without predictability would raise financing costs for SCE's investments. Source
Affordability pressure on customers: Management said the current framework places increasing pressure on customers, communities and the cost of financing the investments utilities make for California's climate goals. Source
Broader finance concern cited: Moody's and S&P were cited as noting that wildfire-related costs can affect electricity rates, affordability and California's broader economic competitiveness. Source
Current GRC covers plan through 2028: Management said SCE's current GRC authorization supports its plan through 2028, with future investments evaluated on a benefit-cost basis. Source

Strategy, clean energy and AI

AI seen as key utility tool: Management said AI-enabled capabilities are being combined with operating data to improve risk identification, grid planning and wildfire mitigation. Source
Clean power share reported: SCE reports at least 60% carbon-free power delivered to customers, over 70% cleaner than the national average. Source
Storage portfolio expanded: About 900 megawatts of energy storage were contracted, bringing the total at year-end to about 9,200 megawatts owned or under contract. Source

Figures management reported

Figure	Reported
Rate base growth Source	about 7% long-term
EPS growth target Source	5-7% core EPS growth, 2025-2030
Rate case Source	2025 GRC authorization covers plan through 2028
Capital plan Source	$3,385 million capital expenditures, first six months
Customers served Source	15 million people

Risks management discussed

Regulatory: Management said the wildfire legislative outcome remains uncertain and could change the cost of capital for future investment. Source
Regulatory: Management cited increasing pressure from the current framework on customers, communities and the cost of financing utility investment. Source
Operational: Management said execution and prioritization of wildfire mitigation are becoming more important as the strategy develops. Source
External: Management cited S&P's observation that wildfire-related financial risk extends beyond investor-owned utilities to other public bodies and communities. Source

Earlier plans management reported on

On track: Management said the capital plan remains on track and the business is performing as expected. Source
Met: Management said preferred stock redemptions begun at the end of 2025 were completed in the first quarter. 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 Second Quarter 2026 Results

Second-quarter 2026 GAAP EPS of $1.39; core EPS of $1.54
Strong start to the first half of 2026 reinforces confidence in the full-year outlook
Continued wildfire mitigation execution and progress on Wildfire Recovery Compensation Program
Reaffirmed 2026 core EPS guidance of $5.90-$6.20
Continued confidence in delivering 5-7% core EPS growth from 2025-2030

ROSEMEAD, Calif., July 30, 2026 - Edison International (NYSE: EIX) today reported second-quarter net income of $534 million, or $1.39 per share, compared to net income of $343 million, or $0.89 per share, in the second quarter of last year. As adjusted, second-quarter core earnings were $592 million, or $1.54 per share, compared to core earnings of $374 million, or $0.97 per share, in the second quarter of last year.

Southern California Edison’s second-quarter 2026 core earnings per share (EPS) increased year over year, primarily due to the adoption of the 2025 GRC final decision in the third quarter of 2025.

Edison International Parent and Other’s second-quarter 2026 core loss per share decreased year over year, primarily due to lower preferred stock dividends, partially offset by higher interest expense.

“Edison International’s strong start to the first half of 2026 reinforces our confidence in our full-year outlook,” said Pedro J. Pizarro, president and CEO of Edison International. “We remain focused on making communities safer and more resilient through wildfire mitigation and on supporting a reliable, affordable and clean energy future.”

Pizarro added, “SCE is continuing to sharpen how it prioritizes wildfire mitigation. The utility’s approach is increasingly location-specific, consequence-informed and adaptive. Using better data, advanced wildfire modeling and climate-informed analysis, we are directing mitigation to areas where it can provide the greatest safety benefit while maintaining a focus on affordability for customers.”

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 Earnings Guidance

The company reaffirmed its earnings guidance range for 2026, as summarized in the following table. See the presentation accompanying the company’s conference call for further information and assumptions.

	2026 Earnings Guidance as of April 28, 2026		2026 Earnings Guidance as of July 30, 2026
	Low	High	Low	High
EIX Basic EPS	$5.86	$6.16	$5.70	$6.00
Less: Non-core Items*	(0.04)	(0.04)	(0.20)	(0.20)
EIX Core EPS	$5.90	$6.20	$5.90	$6.20

*There were ($77) million, or ($0.20) per share, of non-core items recorded for the six months ended June 30, 2026. Basic EPS guidance only incorporates non-core items until June 30, 2026.

Second Quarter 2026 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 edisoninvestor.com.

About Edison International

Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, focused on providing clean, reliable energy and energy services. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison, a utility delivering electricity to 15 million people across Southern, Central and Coastal California.

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 costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire 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 construction, 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 lower‑than‑expected load growth and higher operating and capital costs (due to factors such as supply chain constraints, tariffs, inflation, and rising interest rates), which could affect SCE’s ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses, proposed capital investment projects, and authorized returns on equity, as well as influence legislative actions;
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 the California Wildfire Legislation or anticipated 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 Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under the California Wildfire Legislation, including its interpretation of the clarified prudency standard;
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, prudency determinations for wildfire-related costs, the availability and sufficiency of the Wildfire Fund and related cost recovery mechanisms, 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, restrictions on the issuance of dividends 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 customer notifications and 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, including downgrades that may be made if the California legislature does not timely adopt legislation that effectively mitigates the significant wildfire-related risk faced by California investor-owned utilities;
ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;
changes in tax laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could affect recorded deferred tax assets and liabilities, effective tax rates and cash flows;
changes in rates of inflation (including whether inflation-related adjustments to SCE's authorized revenues allowed by the public utility regulators are commensurate with inflation rates), and changes in interest rates and potential future adjustments to SCE's ROE based on changes in Moody's utility bond rate index;
availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability of counterparties to pay amounts owed in excess of collateral provided in support of their obligations; and
cost of fuel for generating facilities and related transportation, which could be impacted by, among other things, disruption of natural gas storage facilities, to the extent not recovered, timely or at all, through regulated rate cost escalation provisions or balancing accounts.

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.

Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share

	Three Months Ended June 30,			Six Months Ended June 30,
	2026	2025	Change	2026	2025	Change
Earnings (loss) per share available to Edison International
SCE	$1.67	$1.15	$0.52	$3.28	$5.22	$(1.94)
Edison International Parent and Other	(0.28)	(0.26)	(0.02)	(0.51)	(0.60)	0.09
Edison International	1.39	0.89	0.50	2.77	4.62	(1.85)
Less: Non-core items
SCE	(0.07)	(0.08)	0.01	(0.12)	2.38	(2.50)
Edison International Parent and Other	(0.08)	-	(0.08)	(0.08)	(0.10)	0.02
Total non-core items	(0.15)	(0.08)	(0.07)	(0.20)	2.28	(2.48)
Core earnings (loss) per share
SCE	1.74	1.23	0.51	3.40	2.84	0.56
Edison International Parent and Other	(0.20)	(0.26)	0.06	(0.43)	(0.50)	0.07
Edison International	$1.54	$0.97	$0.57	$2.97	$2.34	$0.63

Note: Diluted earnings were $1.38 and $0.89 per share for the three months ended June 30, 2026 and 2025, respectively. Diluted earnings were $2.75 and $4.61 per share for the six months ended June 30, 2026 and 2025, respectively.

Second Quarter Reconciliation of Basic Earnings to Core Earnings (in millions)

	Three Months Ended June 30,					Six Months Ended June 30,
(in millions)		2026		2025	Change		2026		2025	Change
Net income (loss) available to Edison International
SCE	$643		$443		$200	$1,262		$2,010		$(748)
Edison International Parent and Other	(109)		(100)		(9)	(197)		(231)		34
Edison International	534		343		191	1,065		1,779		(714)
Less: Non-core items
SCE	(29)		(31)		2	(45)		916		(961)
Edison International Parent and Other	(29)		-		(29)	(32)		(39)		7
Total non-core items	(58)		(31)		(27)	(77)		877		(954)
Core earnings (losses)
SCE	672		474		198	1,307		1,094		213
Edison International Parent and Other	(80)		(100)		20	(165)		(192)		27
Edison International	$592		$374		$218	$1,142		$902		$240

Includes wildfire-related claims and expenses, net of recoveries:

Charges of $4 million ($3 million after-tax) recorded in the second quarter of 2026, related to claim costs and related legal expenses, net of expected regulatory recoveries.
Charges of $8 million ($5 million after-tax) recorded in the second quarter of 2025, related to claim costs and related legal expenses, net of expected regulatory recoveries.
Net earning of $9 million ($6 million after-tax) recorded in the six months ended June 30, 2026, primarily due to expected recoveries, partially offset by claims and legal expenses associated with Other Wildfire Events.
Net earnings of $1,343 million ($968 million after-tax) six months ended June 30, 2025, primarily related to the TKM Settlement Agreement and insurance reimbursements related to Other Wildfire Events.

Includes amortization of SCE's Wildfire Insurance Fund expenses of $36 million ($26 million after-tax) for each of the three months ended June 30, 2026 and 2025, and $71 million ($51 million after-tax) and $72 million ($52 million after-tax) for the six months ended June 30, 2026 and 2025, respectively.

Includes losses of $30 million ($29 million after-tax) and $36 million ($33 million after-tax) for three and six months ended June 30, 2026, respectively, related to the disposition of Trio.

Includes net earnings of $1 million ($1 million after-tax) primarily due to updated estimates of claims accruals, net of legal expenses, for the six months ended June 30, 2026, and charges of $50 million ($39 million after-tax) for the six months ended June 30, 2025, both related to wildfire claims insured by EIS.

	Three months ended June 30,				Six months ended June 30,
Condensed Consolidated Statements of Income	Edison International
(in millions, except per-share amounts, unaudited)		2026		2025		2026		2025
Operating revenue	$4,357		$4,543		$8,460		$8,354
Purchased power and fuel	1,137		1,157		2,107		2,204
Operation and maintenance	1,071		1,580		2,088		2,563
Wildfire-related claims, net of (recoveries)	18		-		13		(1,305)
Wildfire Fund expense	36		36		71		72
Depreciation and amortization	834		826		1,668		1,568
Property and other taxes	171		168		350		334
Other	(2)		1		(3)		9
Total operating expenses	3,265		3,768		6,294		5,445
Operating income	1,092		775		2,166		2,909
Interest expense	(514)		(504)		(1,038)		(805)
Other income, net	97		113		218		220
Income before income taxes	675		384		1,346		2,324
Income tax expense (benefit)	114		(14)		215		434
Net income	561		398		1,131		1,890
Less: Preference stock dividend requirements of SCE	26		33		55		67
Preferred stock dividend requirements of Edison International	1		22		11		44
Net income available to Edison International common shareholders	$534		$343		$1,065		$1,779
Basic earnings per share:
Weighted average shares of common stock outstanding		385		385		385		385
Basic earnings per common share available to Edison International common shareholders	$1.39		$0.89		$2.77		$4.62
Diluted earnings per share:
Weighted average shares of common stock outstanding, including effect of dilutive securities		387		386		387		386
Diluted earnings per common share available to Edison International common shareholders	$1.38		$0.89		$2.75		$4.61

Condensed Consolidated Balance Sheets	Edison International
(in millions, unaudited)	June 30, 2026	December 31, 2025
ASSETS
Cash and cash equivalents	$242	$158
Receivables, net of allowances for uncollectible accounts of $338 and $356 at respective dates	1,819	1,463
Accrued unbilled revenue	1,042	1,238
Inventory	567	535
Prepaid expenses	112	119
Regulatory assets	2,855	3,290
Wildfire Fund contributions	138	138
Other current assets	570	745
Total current assets	7,345	7,686
Nuclear decommissioning trusts	4,784	4,535
Other investments	71	51
Total investments	4,855	4,586
Utility property, plant and equipment, net of accumulated depreciation and amortization of $15,408 and $15,060 at respective dates	64,923	63,131
Nonutility property, plant and equipment, net of accumulated depreciation of $101 and $132 at respective dates	183	197
Total property, plant and equipment	65,106	63,328
Long-term receivables, net of allowances for uncollectible accounts of $39 and $49 at respective dates	32	38
Regulatory assets (include $3,051 and $3,092 related to a Variable Interest Entity ("VIE") at respective dates)	12,966	12,960
Wildfire Fund contributions	1,671	1,740
Operating lease right-of-use assets	1,137	1,161
Long-term insurance receivables	805	359
Other long-term assets	2,254	2,168
Total other assets	18,865	18,426
Total assets	$96,171	$94,026

Condensed Consolidated Balance Sheets	Edison International
(in millions, except share amounts, unaudited)	June 30, 2026	December 31, 2025
LIABILITIES AND EQUITY
Short-term debt	$1,521	$2,390
Current portion of long-term debt	3,797	1,928
Accounts payable	2,159	2,344
Wildfire-related claims	808	585
Accrued interest	558	473
Regulatory liabilities	727	1,158
Current portion of operating lease liabilities	121	120
Other current liabilities	1,401	1,538
Total current liabilities	11,092	10,536
Long-term debt (includes $2,979 and $3,022 related to a VIE at respective dates)	37,085	36,070
Deferred income taxes and credits	9,484	9,114
Pensions and benefits	364	370
Asset retirement obligations	2,607	2,583
Regulatory liabilities	11,244	10,627
Operating lease liabilities	1,016	1,041
Wildfire-related claims	626	721
Other deferred credits and other long-term liabilities	3,560	3,705
Total deferred credits and other liabilities	28,901	28,161
Total liabilities	77,078	74,767
Preferred stock (50,000,000 shares authorized; zero and 414,342 shares of Series A and 83,503 and 87,937 shares of Series B issued and outstanding at respective dates)	83	497
Common stock, no par value (800,000,000 shares authorized; 384,787,767 and 384,787,056 shares issued and outstanding at respective dates)	6,347	6,362
Accumulated other comprehensive income	3	6
Retained earnings	11,096	10,714
Total Edison International's shareholders' equity	17,529	17,579
Noncontrolling interests - preference stock of SCE	1,564	1,680
Total equity	19,093	19,259
Total liabilities and equity	$96,171	$94,026

	Six months ended June 30,
Condensed Consolidated Statements of Cash Flows	Edison International
(in millions, unaudited)		2026		2025
Cash flows from operating activities:
Net income	$1,131		$1,890
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	1,668		1,568
Equity allowance for funds used during construction	(113)		(93)
Deferred income taxes	146		420
Wildfire Fund amortization expense	71		72
Other	103		77
Nuclear decommissioning trusts	11		(102)
Changes in operating assets and liabilities:
Receivables	(392)		248
Inventory	(39)		12
Accounts payable	56		50
Other current assets and liabilities	(9)		(247)
Derivative assets and liabilities, net	12		44
Regulatory assets and liabilities, net	460		(1,600)
Wildfire-related claims, net of insurance recoveries	(357)		(211)
Other noncurrent assets and liabilities	(51)		(22)
Net cash provided by operating activities	2,697		2,106
Cash flows from financing activities:
Long-term debt issued, net of premium, discount and issuance costs of $(5) and $(49) for the respective periods	4,545		3,501
Long-term debt repaid	(1,677)		(726)
Short-term debt issued	3		18
Short-term debt repaid	(437)		-
Common stock repurchased	(30)		(29)
Preferred stock repurchased	(538)		-
Commercial paper repayments, net of borrowing	(426)		(1,012)
Dividends and distribution to noncontrolling interests	(52)		(67)
Common stock dividends paid	(675)		(637)
Preferred stock dividends paid	(13)		(44)
Other	2		(13)
Net cash provided by financing activities	702		991
Cash flows from investing activities:
Capital expenditures	(3,385)		(3,120)
Proceeds from sale of nuclear decommissioning trust investments	3,666		2,680
Purchases of nuclear decommissioning trust investments	(3,684)		(2,580)
Proceeds from sale of a subsidiary, net of cash transferred	15		-
Other	(7)		18
Net cash used in investing activities	(3,395)		(3,002)
Net increase in cash and cash equivalents and restricted cash and cash equivalents	4		95
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	720		684
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$724		$779

Contacts
Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255 news@sce.com
When: Telephone Numbers: Telephone Replay: Webcast
Thursday, July 30, 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: 1844 · Telephone replay available through Aug. 13 at 6 p.m. PDT · edisoninvestor.com

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Prepared Remarks of Edison International CEO and CFO

Second Quarter 2026 Earnings Teleconference

July 30, 2026, 1:30 p.m. (PT)

Pedro Pizarro, President and Chief Executive Officer, Edison International

My comments today focus on three areas: a legislation update; our continued work to make communities safer and more resilient, including wildfire mitigation and recovery efforts; and our broader progress in supporting a reliable, affordable, and clean energy future.

Starting with a brief comment on earnings, Edison International’s second-quarter 2026 core EPS was $1.54, bringing year-to-date core EPS to $2.97. With this strong start to the first half of the year, we are confident in reaffirming our 2026 core EPS guidance and other financial targets, including our 5 to 7% core EPS growth over the long term. Aaron will discuss our financial performance in his remarks.

On the legislative front, we’re actively engaged with the Governor’s office, legislators, and key stakeholders on both wildfire reform and affordability. There is continued recognition that the current framework is placing increasing pressure on customers, communities, and the cost of financing the investments utilities are making to support California’s climate goals. Consistent with the themes we have highlighted, discussions center on aligning risk, supporting affordability, and maintaining access to capital at a reasonable cost. But this is about more than utility finance. Moody’s recently highlighted that the implications extend beyond utilities. They note that wildfire-related costs can affect electricity rates, affordability, and California’s broader economic competitiveness. S&P has also observed that wildfire-related financial risks increasingly extend beyond investor-owned utilities to public utilities, local governments, insurers, and the communities they serve. That is why establishing a durable long-term solution matters not only for utilities, but for customers, businesses, and the state's economy as a whole.

While we are encouraged by Sacramento leadership’s focus on this important topic, we also recognize that the outcome remains uncertain so we will be thoughtful about the implications of what the Legislature ultimately enacts. SCE's current GRC authorization supports the utility's plan through 2028, and future investments will continue to be evaluated through a disciplined benefit-cost lens. SCE will continue to safely serve customers and maintain its unwavering focus on safety. At the same time, the clarity and quality of the legislative outcome will influence the cost of capital available to support future investment. A durable and financeable framework will help maintain access to lower-cost capital, supporting affordability for customers and continued infrastructure investment. Conversely, a framework without sufficient predictability will increase Edison’s financing costs, making SCE’s investments for customers’ benefit more expensive. It will also influence how we prioritize and deploy future capital.

Turning to operations, SCE took the first step in the next GRC process and filed its Risk Assessment Mitigation Phase, or RAMP, application in May. This outlines the risk mitigations that guide proposed investments across wildfire risk, transmission and distribution reliability, cybersecurity, climate adaptation, and other safety-related measures. For context, the investments identified in past RAMP filings accounted for about a third of the total capital requested in the GRC. As in prior cycles, this process provides a clear, safety- and risk-driven framework for evaluating capital needs and supports consistent engagement with regulators and stakeholders on safety and risk priorities.

A key topic in RAMP is wildfire mitigation. SCE’s strategy continues to be comprehensive as noted on page 3. What is increasingly important is execution and prioritization. SCE is using more advanced wildfire modeling, improved data, and climate-informed analysis to better identify where wildfire consequences could be greatest. SCE has developed an enhanced wildfire risk model that combines multiple data sources to improve how it identifies, prioritizes, and plans safety measures, while accounting for high-impact wildfire events that may not be reflected in historical data. The utility is also broadening the range of risks and failure scenarios it evaluates, reflecting both lessons learned and a more comprehensive understanding of how wildfire risk can develop. That includes looking beyond individual equipment incidents and assessing how multiple conditions and events can combine to influence safety consequences. All this will inform SCE’s mitigation investments in the next GRC, which will include continued grid hardening with additional covered conductor and targeted undergrounding during the 2029 through 2032 period. SCE’s preliminary estimates in the RAMP application for continued hardening are about 450 miles of covered conductor and approximately 190 miles of targeted undergrounding.

To summarize, SCE’s approach is increasingly location-specific, consequence-informed, and adaptive. This builds on the substantial progress SCE has already made hardening its system, including the deployment of about 800 miles of covered conductor and about 90 miles of undergrounding including all rebuild areas since January 2025. Importantly, SCE has not experienced a covered conductor failure associated with the risks that technology is designed to mitigate. Combined with millions of inspections and vegetation management activities, as well as expanded situational awareness capabilities, these efforts have materially strengthened the grid and reduced wildfire risk. As a result, SCE is continuing to sharpen how it prioritizes mitigation, not only by looking at where the likelihood of ignition is highest, but also by identifying where the potential consequences to communities could be greatest. The utility is directing mitigation to areas where it can provide the greatest safety benefit, using better data and ongoing learning to adjust as conditions change, all while focusing on affordability for customers.

I’d now like to highlight an initiative I’m personally excited about as we think about Edison’s future. We are increasingly combining operating experience with richer data, advanced analytics, and AI-enabled capabilities to improve how risks are identified, prioritized, and managed. Advances in AI will be among the most important tools available to utilities over the next decade. For SCE, the opportunity extends well beyond individual use cases. AI is an important enabler of the utility's long-term transformation - helping accelerate operational excellence, improve how the grid is planned and operated, and strengthen wildfire mitigation efforts. The focus is on delivering tangible outcomes: better decisions, faster execution, lower costs, and improved customer value. As these capabilities continue to mature, SCE expects them to become an increasingly important driver of safety, reliability, affordability, and overall business performance. Aaron will provide some examples of in-flight activities shortly.

Moving on to the Wildfire Recovery Compensation Program, or WRCP, there is continued community interest in the voluntary program. SCE has now extended more than 2,200 offers totaling over $775 million to over 12,300 community members impacted by the Eaton Fire. SCE remains committed to providing information to community members to make informed decisions about what is best for their situation.

Taking a broader view on sustainability, we remain committed to supporting the clean energy transition while maintaining the safety, reliability and affordability that our customers expect. Our 2025 Sustainability Report has details about our accomplishments, goals, and long-term commitments. A couple examples: SCE delivered at least 60% carbon-free power to customers, over 70% cleaner than the national average. SCE contracted approximately 900 megawatts of energy storage, bringing the total at year-end to about 9,200 megawatts owned or under contract - one of the largest portfolios in the nation.

I am proud of our team and the progress we continue to make toward a clean energy future that benefits everyone. We have and will always put customers first - by strengthening the grid, mitigating wildfire risk and advancing clean energy to support affordability and community resilience for generations to come.

Aaron Moss, Executive Vice President and Chief Financial Officer, Edison International

During my prior roles at Edison, I’ve had the chance to get to know many of you over the years. As I step into this role, I’m looking forward to continuing those conversations and discussing how we are executing on our strategy, investing in the business and creating long-term value for all of our stakeholders. In my comments today, I will cover our second-quarter 2026 results, capital plans, and reaffirmed earnings guidance.

EIX reported second-quarter core EPS of $1.54 compared to 97 cents last year. Page 6 provides the year-over-year quarterly variance analysis. The quarter reflects continued stability in our core operations. Results benefited from regulatory decisions last year, including the GRC decision, as well as the ongoing reduction in interest expense associated with the Woolsey cost recovery. Let me reinforce what Pedro said - with this strong start to the first half of the year, we are confident in reaffirming our 2026 core EPS guidance. We are also reaffirming our long-term core EPS growth rate of 5 to 7%. This outlook is supported by our capital investment plan, constructive regulatory framework, and continued focus on operational excellence.

At SCE, results for the quarter were primarily driven by the timing of the GRC decision last year, along with continued focus on strong performance across our core operations. We continue to optimize how we approach O&M spending over the course of the year. This allows us to prioritize our work to address operational needs as they arise while maintaining overall cost control. This approach supports both near-term performance and long-term value creation for customers and capital providers. The Parent and Other core loss was favorable by six cents, primarily driven by the net financing benefits of the preferred stock redemptions we initiated at the end of 2025 and completed in the first quarter.

Turning to SCE’s capital plan, we continue to see strong investment opportunities across the business, driven by infrastructure replacement, wildfire mitigation, and growing demand for electrification. Our plan is centered around these priorities and supports long-term rate base growth of about 7%. We remain focused on optimizing these investments in a way that balances system needs with customer affordability. As part of that execution, we are pleased with SCE’s progress on its wildfire mitigation investments. Of SCE’s roughly 16,800 distribution line miles in HFRA, SCE has successfully hardened about 90%, including nearly 7,200 miles of covered conductor. These investments remain a central part of our capital plan and are key to reducing wildfire risk and improving system resilience over time.

Moving to financing activities, SCE successfully completed the Woolsey Fire cost recovery securitization earlier this week, generating approximately $2 billion in proceeds. We were pleased with the outcome and the strong demand we saw from capital providers. The proceeds will be used to recover claims and other costs, including retiring related debt, further strengthening our balance sheet.

Let me transition to operational excellence, which benefits customer affordability and long-term performance. This is an area where I spent significant time in my prior roles within the utility and will remain an ongoing focus as we look to enhance both efficiency and execution across the business. As part of that effort, we are continuing to simplify processes and expand the use of emerging technologies, including targeted AI applications, in areas where they can improve productivity and quality.

Our efforts are focused on high-volume, repeatable work where we see meaningful opportunities to drive productivity and quality. For example, our planning organizations produce on the order of 100,000 project designs each year, and we are deploying tools to help automate initial design generation and the validation of final designs against our standards. We expect these improvements to accelerate design cycle times by 20% to 30%. Similarly, we process approximately 40,000 permits annually across multiple agencies and systems. We see opportunities to streamline this process, reduce cycle times by approximately 20%, and improve throughput. Efforts like these are intended to create additional capacity in the system, support timely execution of our capital program, and improve cost performance over time. Our focus on operational excellence is one of the important ways we deliver consistent financial results.

Looking at our year-to-date performance reinforces our confidence in the outlook for the business. We see continued momentum in our capital program, strong regulatory visibility, and stable operational performance, all of which position us well for the rest of the year. Consequently, we are reaffirming our 2026 core EPS guidance range of $5.90 to $6.20. Our priorities remain consistent - delivering on our operational commitments, advancing our capital plan, and maintaining a strong cost framework, all while supporting a safe and reliable system for customers.

Let me conclude by saying that we are pleased with our results. The business is performing as expected, our capital plan remains on track, and we are well positioned to deliver on our financial commitments for 2026 and beyond.