Edison International Reports Third Quarter 2026 Results
EDISON INTERNATIONAL (EIX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 NEWS Investor Relations: Sam Ramraj, 626-302- 2540 Media Relations : 626-302- 2255 news@sce.com Edison International Reports Third Quarter 2026 Results • Third-quarter 2026 GAAP EPS of $1.88; core EPS of $1.92 • SCE has hardened approximately 90% of its distribution
How this was made
The 30-second read
Why it matters
The Q3 earnings miss and unchanged guidance may prompt short‑term price pressure, but long‑term outlook depends on regulatory reforms.
Market read
EIX's earnings release is a primary corporate event with material financial data, relevant for utility and broader equity traders.
What to watch
Potential upside from upcoming wildfire reform legislation could mitigate cost pressures.
Edison International Reports Third Quarter 2026 Results
Third-quarter GAAP and core EPS were lower than the prior-year quarter, while the company reaffirmed its 2026 core EPS guidance of $5.90 to $6.20 and reported strong operating cash flow for the nine months ended September 30, 2026.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Operating revenue, three months ended September 30, 2026GAAP | $4.89B | – | – |
| Purchased power and fuel, three months ended September 30, 2026GAAP | $1.69B | – | – |
| Operation and maintenance, three months ended September 30, 2026GAAP | $1.14B | – | – |
| Wildfire-related claims, net of recoveries, three months ended September 30, 2026GAAP | $8M | – | – |
| Wildfire Fund expense, three months ended September 30, 2026GAAP | $36M | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | $853M | – | – |
| Property and other taxes, three months ended September 30, 2026GAAP | $178M | – | – |
| Asset impairment and other, three months ended September 30, 2026GAAP | $2M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $3.91B | – | – |
| Operating income, three months ended September 30, 2026GAAP | $980M | – | – |
| Interest expense, three months ended September 30, 2026GAAP | −$545M | – | – |
| Other income, net, three months ended September 30, 2026GAAP | $113M | – | – |
| Income before income taxes, three months ended September 30, 2026GAAP | $548M | – | – |
| Income tax benefit, three months ended September 30, 2026GAAP | −$203M | – | – |
| Net income, three months ended September 30, 2026GAAP | $751M | – | – |
| Net income available to Edison International common shareholders, three months ended September 30, 2026GAAP | $724M | – | $(108) million |
| Basic earnings per common share available to Edison International common shareholders, three months ended September 30, 2026GAAP | $1.88 | – | $(0.28) |
| Diluted earnings per common share available to Edison International common shareholders, three months ended September 30, 2026GAAP | $1.87 | – | – |
| Core earnings, three months ended September 30, 2026non-GAAP | $738M | – | $(163) million |
| Core earnings per share, three months ended September 30, 2026non-GAAP | $1.92 | – | $(0.42) |
| SCE core earnings per share, three months ended September 30, 2026non-GAAP | $2.14 | – | $(0.44) |
| Edison International Parent and Other core loss per share, three months ended September 30, 2026non-GAAP | $(0.22) | – | $0.02 |
| Total non-core items, three months ended September 30, 2026non-GAAP | −$14M | – | $55 million |
| Operating revenue, nine months ended September 30, 2026GAAP | $13.35B | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $10.2B | – | – |
| Operating income, nine months ended September 30, 2026GAAP | $3.15B | – | – |
| Net income available to Edison International common shareholders, nine months ended September 30, 2026GAAP | $1.79B | – | $(822) million |
| Basic earnings per common share available to Edison International common shareholders, nine months ended September 30, 2026GAAP | $4.65 | – | $(2.13) |
| Diluted earnings per common share available to Edison International common shareholders, nine months ended September 30, 2026GAAP | $4.62 | – | – |
| Core earnings, nine months ended September 30, 2026non-GAAP | $1.88B | – | $77 million |
| Core earnings per share, nine months ended September 30, 2026non-GAAP | $4.89 | – | $0.21 |
| SCE core earnings per share, nine months ended September 30, 2026non-GAAP | $5.53 | – | $0.11 |
| Edison International Parent and Other core loss per share, nine months ended September 30, 2026non-GAAP | $(0.64) | – | $0.10 |
| Total non-core items, nine months ended September 30, 2026non-GAAP | −$91M | – | $(899) million |
| Net cash provided by operating activities, nine months ended September 30, 2026GAAP | $5.39B | – | – |
| Capital expenditures, nine months ended September 30, 2026GAAP | −$5.21B | – | – |
| Cash and cash equivalents, September 30, 2026GAAP | $171M | – | – |
| Short-term debt, September 30, 2026GAAP | $790M | – | – |
| Current portion of long-term debt, September 30, 2026GAAP | $1.80B | – | – |
| Long-term debt, September 30, 2026GAAP | $39.00B | – | – |
| Total assets, September 30, 2026GAAP | $96.89B | – | – |
| Total liabilities, September 30, 2026GAAP | $77.44B | – | – |
| Total Edison International shareholders' equity, September 30, 2026GAAP | $17.89B | – | – |
2026 Earnings Guidance as of Oct. 29, 2026 outlook
- NoteEIX Basic EPS: $5.66 to $5.96
- NoteLess: Non-core Items: $(0.24) to $(0.24)
- NoteEIX Core EPS: $5.90 to $6.20
Capital returns
- Common stock repurchased: $(42) million for the nine months ended September 30, 2026; $(32) million for the nine months ended September 30, 2025.
- Preferred stock repurchased: $(538) million for the nine months ended September 30, 2026; $— for the nine months ended September 30, 2025.
- Common stock dividends paid: $(1,013) million for the nine months ended September 30, 2026; $(955) million for the nine months ended September 30, 2025.
- Preferred stock dividends paid: $(15) million for the nine months ended September 30, 2026; $(87) million for the nine months ended September 30, 2025.
- Dividends and distribution to noncontrolling interests: $(77) million for the nine months ended September 30, 2026; $(101) million for the nine months ended September 30, 2025.
What drove it
- Southern California Edison third-quarter 2026 core EPS decreased year over year primarily because earnings were recognized in the third quarter of 2025 upon implementation of the 2025 GRC final decision, which was retroactive to Jan. 1, 2025.
- Higher revenue resulting from the escalation mechanism authorized in the 2025 GRC final decision partially offset the Southern California Edison core EPS decline.
- Edison International Parent and Other third-quarter 2026 core loss per share decreased year over year primarily due to lower preferred stock dividends, partially offset by higher interest expense.
- SCE has hardened approximately 90% of its distribution system in high fire risk areas.
- Third-quarter 2026 wildfire-related claims, net of recoveries, were $8 million, compared with $295 million in the third quarter of 2025.
Concerns
- Third-quarter GAAP EPS declined to $1.88 from $2.16 and core EPS declined to $1.92 from $2.34.
- Interest expense was $(545) million in the third quarter of 2026, compared with $(488) million in the third quarter of 2025.
- The company identified durable wildfire reform, including a clear liquidity source and a true shareholder liability cap not connected to the Wildfire Fund, as a priority.
- The release identifies potential uninsured wildfire-related costs, recoverability of costs through regulated rates, customer affordability, regulatory actions and access to capital markets as risks.
What to watch
- Progress toward durable wildfire reform that includes a clear liquidity source and a true shareholder liability cap not connected to the Wildfire Fund.
- Delivery against reaffirmed 2026 core EPS guidance of $5.90 to $6.20.
- The remaining targeted investment needed to reduce wildfire risk after hardening approximately 90% of the distribution system in high fire risk areas.
- Revenue contribution from the escalation mechanism authorized in the 2025 GRC final decision and the effect of higher interest expense.
- Capital expenditures of $(5,206) million and related financing activity.
Balance sheet and cash flow
- Cash and cash equivalents: $171 million at September 30, 2026; $158 million at December 31, 2025.
- Cash and cash equivalents and restricted cash and cash equivalents: $392 million at the end of the nine months ended September 30, 2026; $897 million at the end of the nine months ended September 30, 2025.
- Long-term debt issued, net of premium, discount and issuance costs: $6,485 million for the nine months ended September 30, 2026; $3,502 million for the nine months ended September 30, 2025.
- Long-term debt repaid: $(3,705) million for the nine months ended September 30, 2026; $(2,027) million for the nine months ended September 30, 2025.
- Net cash used in investing activities: $(5,236) million for the nine months ended September 30, 2026; $(4,493) million for the nine months ended September 30, 2025.
- Net cash used in financing activities: $(485) million for the nine months ended September 30, 2026; $478 million for the nine months ended September 30, 2025.
- Net decrease in cash and cash equivalents and restricted cash and cash equivalents: $(328) million for the nine months ended September 30, 2026; net increase of $213 million for the nine months ended September 30, 2025.
Analysis
Edison International reported third-quarter net income available to common shareholders of $724 million, or $1.88 per basic share, compared with $832 million, or $2.16 per basic share, in the third quarter of 2025. Core earnings were $738 million, or $1.92 per share, compared with $901 million, or $2.34 per share. Operating revenue was $4,886 million versus $5,750 million, while operating income was $980 million versus $1,432 million.
The company attributed SCE's year-over-year core EPS decline primarily to earnings recognized in the third quarter of 2025 when the 2025 GRC final decision was implemented retroactive to Jan. 1, 2025. Higher revenue from the escalation mechanism authorized in that decision partially offset the effect. The Parent and Other core loss per share improved to $(0.22) from $(0.24), primarily due to lower preferred stock dividends, partly offset by higher interest expense.
Wildfire-related claims, net of recoveries, were $8 million in the third quarter, compared with $295 million a year earlier. Total non-core items were $(14) million, compared with $(69) million. For the nine-month period, core earnings increased to $1,880 million from $1,803 million, whereas GAAP net income available to common shareholders was $1,789 million compared with $2,611 million. The nine-month comparison includes prior-year wildfire-related net earnings associated primarily with the TKM Settlement Agreement and insurance reimbursements.
Cash generation and investment remained substantial. Net cash provided by operating activities was $5,393 million for the nine months ended September 30, 2026, and capital expenditures were $(5,206) million. The company issued $6,485 million of long-term debt and repaid $(3,705) million, while long-term debt stood at $39,002 million at September 30, 2026. It also paid $(1,013) million in common stock dividends and repurchased $(42) million of common stock.
Management reaffirmed 2026 core EPS guidance of $5.90 to $6.20. Basic EPS guidance was revised to $5.66 to $5.96 from $5.70 to $6.00 as of July 30, 2026, while the release states that basic EPS guidance incorporates only non-core items recorded through Sept. 30, 2026. The operating and policy focus remains wildfire mitigation and durable wildfire reform, with SCE reporting that it has hardened approximately 90% of its distribution system in high fire risk areas.
Management, verbatim
Edison International posted another quarter of strong operational performance, with a focus on community safety and customer affordability. We continue advancing our efforts toward outcomes that serve customers, communities, and capital providers.
Pedro J. Pizarro, president and CEO of Edison International
California needs lasting wildfire reform to help protect customer affordability and support investment in a safer, more reliable grid. We are working with stakeholders toward a long-term solution that will enable the needed investments at a reasonable cost of capital.
Pedro J. Pizarro, president and CEO of Edison International
Not in the filing
stated, not guessed- Gross margin was not reported.
- Free cash flow was not reported.
- Quarterly operating cash flow was not reported.
- Quarterly capital expenditures were not reported.
- Segment revenue was not reported.
- Revenue, gross margin, operating expenses and tax-rate guidance were not reported.
- A prior earnings release outlook was not provided, so no comparison of actual results with prior guidance is included.
- A reported effective tax rate was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Edison International (NYSE:EIX) is a large US‑listed electric utility holding company.
Ticker impact
Edison International reported Q3 2026 GAAP EPS of $1.88 and reaffirmed 2026 core EPS guidance of $5.90‑$6.20.
modest downside as investors price in the earnings miss and unchanged guidance
The earnings decline and lack of guidance upgrade provide little catalyst for price appreciation; market may react negatively.
Market effects
Utility sector may see slight pressure as earnings miss highlights fire‑risk cost headwinds.
California utility investors could reassess exposure to wildfire liability.
Limited; impact confined to US utility and energy equities.
Counterpoint
If investors view the reaffirmed guidance as a floor, the stock could hold steady despite the earnings miss.
Key entities
- CompanyEdison International
Parent of Southern California Edison, utility serving 15 million customers.
