Second quarter 2026
Filed Jul 30, 2026Edison International Reports Second Quarter 2026 Results
Second-quarter GAAP EPS and core EPS increased from the second quarter of last year, and the company reaffirmed 2026 core EPS guidance of $5.90-$6.20.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net incomeGAAP | $534 million | – | – |
| Basic EPSGAAP | $1.39 per share | – | – |
| Core earningsnon-GAAP | $592 million | – | – |
| Core EPSnon-GAAP | $1.54 per share | – | – |
| Non-core itemsnon-GAAP | ($77) million, or ($0.20) per share | – | – |
2026 outlook
- NoteEIX Basic EPS: $5.70-$6.00
- NoteLess: Non-core Items*: (0.20)-(0.20)
- NoteEIX Core EPS: $5.90-$6.20
- Note*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.
What drove it
- Southern California Edison’s second-quarter 2026 core earnings per share 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.
- The company cited continued wildfire mitigation execution and progress on the Wildfire Recovery Compensation Program.
- The company reaffirmed continued confidence in delivering 5-7% core EPS growth from 2025-2030.
Concerns
- SCE’s ability to recover costs through regulated rates, including uninsured wildfire-related costs, wildfire restoration costs, and future wildfire-risk mitigation costs.
- Customer-rate affordability, including the potential effects of lower-than-expected load growth and higher operating and capital costs.
- Wildfire liability exposure, the longevity of the Wildfire Fund, and regulatory interpretation and actions under California wildfire legislation.
- Potential regulatory, legislative, construction, permitting, contractor-performance, cybersecurity, weather-related, and grid-reliability risks.
- Higher interest expense partially offset the benefit from lower preferred stock dividends at Edison International Parent and Other.
What to watch
- Execution of wildfire mitigation using a location-specific, consequence-informed and adaptive approach.
- Progress on the Wildfire Recovery Compensation Program.
- Whether SCE can recover costs through regulated rates and obtain required regulatory approvals.
- Delivery against 2026 EIX core EPS guidance of $5.90-$6.20.
- Delivery of the stated 5-7% core EPS growth objective from 2025-2030.
Analysis
Edison International reported second-quarter GAAP net income of $534 million, or $1.39 per share, compared with $343 million, or $0.89 per share, in the second quarter of last year. Core earnings were $592 million, or $1.54 per share, compared with $374 million, or $0.97 per share, in the prior-year quarter. The reported comparisons show improved earnings on both the GAAP and non-GAAP measures used by management.
Southern California Edison’s year-over-year core EPS increase was primarily attributed to adoption of the 2025 GRC final decision in the third quarter of 2025. Edison International Parent and Other also improved year over year, with its core loss per share declining primarily because of lower preferred stock dividends, partly offset by higher interest expense. The release does not provide revenue, expense, margin, or operating-income line items to further assess the earnings mix.
Management emphasized continued execution of wildfire mitigation and progress on the Wildfire Recovery Compensation Program. Its stated mitigation approach is increasingly location-specific, consequence-informed and adaptive, using better data, advanced wildfire modeling, and climate-informed analysis. The filing also identifies cost recovery, customer affordability, wildfire liability, the Wildfire Fund, and regulatory actions as material areas of risk.
The company reaffirmed 2026 EIX core EPS guidance of $5.90-$6.20. The accompanying table shows 2026 basic EPS guidance of $5.70-$6.00 and non-core items of (0.20)-(0.20), with basic EPS guidance incorporating non-core items only through June 30, 2026. Management also reiterated confidence in delivering 5-7% core EPS growth from 2025-2030. The primary reported watchpoints are wildfire-mitigation execution, cost recovery through regulated rates, affordability, and performance against the reaffirmed core EPS range.
Management, verbatim
Edison International’s strong start to the first half of 2026 reinforces our confidence in our full-year outlook. We remain focused on making communities safer and more resilient through wildfire mitigation and on supporting a reliable, affordable and clean energy future.
Pedro J. Pizarro, president and CEO of Edison International
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.
Pedro J. Pizarro, president and CEO of Edison International
Not in the filing
stated, not guessed- Second-quarter 2026 period-end date
- Total revenue
- Revenue by segment
- Segment revenue growth rates
- Gross profit and gross margin
- Operating income
- Operating expenses
- Income tax expense and tax rate
- Diluted EPS
- Cash flow from operations
- Free cash flow
- Capital expenditures
- Dividends
- Share repurchases
- Cash and cash equivalents
- Debt
- Detailed core-earnings reconciliation tables
- Prior-quarter comparisons for reported earnings metrics
- Percentage year-over-year and quarter-over-quarter changes for reported earnings metrics
- Revenue, gross-margin, operating-expense, and tax-rate guidance
- A separately provided previous earnings release outlook for vs_prior_guidance comparison
AlphaAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.