Edison International — Third Quarter 2026 Earnings Summary

Financial Performance

• Reported third-quarter 2026 net income of $724 million ($1.88 per share), a decrease from $832 million ($2.16 per share) in the same period last year.
• Reported third-quarter 2026 core earnings of $738 million ($1.92 per share), a decrease from $901 million ($2.34 per share) in the same period last year.
• Nine months ended September 30, 2026, net income was $1,789 million ($4.65 per share), down from $2,611 million ($6.78 per share) in the prior year period.
• Nine months ended September 30, 2026, core earnings were $1,880 million ($4.89 per share), up from $1,803 million ($4.68 per share) in the prior year period.
• Operating revenue for the three months ended September 30, 2026, was $4,886 million, compared to $5,750 million in the prior year period.
• Operating revenue for the nine months ended September 30, 2026, was $13,346 million, compared to $14,104 million in the prior year period.
• Total operating expenses for the three months ended September 30, 2026, were $3,906 million, compared to $4,318 million in the prior year period.
• Interest expense for the nine months ended September 30, 2026, was $1,583 million, compared to $1,293 million in the prior year period.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $5,393 million, compared to $4,228 million in the prior year period.
• Capital expenditures for the nine months ended September 30, 2026, were $5,206 million, compared to $4,624 million in the prior year period.
• Total assets as of September 30, 2026, were $96,893 million, compared to $94,026 million as of December 31, 2025.
• Total liabilities as of September 30, 2026, were $77,440 million, compared to $74,767 million as of December 31, 2025.
• Total equity as of September 30, 2026, was $19,453 million, compared to $19,259 million as of December 31, 2025.
• SCE core earnings per share decreased year-over-year, primarily due to earnings recognized in Q3 2025 upon implementation of the 2025 GRC final decision, partially offset by higher revenue from the escalation mechanism.
• Edison International Parent and Other core loss per share decreased year-over-year, primarily due to lower preferred stock dividends, partially offset by higher interest expense.

Guidance and Future Outlook

• Reaffirmed 2026 core EPS guidance range of $5.90 to $6.20.
• Reaffirmed 2026 basic EPS guidance range of $5.66 to $5.96.
• Expressed continued confidence in delivering 5% to 7% core EPS growth from 2025 to 2030.
• Non-core items recorded for the nine months ended September 30, 2026, totaled $91 million ($0.24 per share).

Business Segments and Product Lines

• SCE has hardened approximately 90% of its distribution system in high fire risk areas and continues targeted investment to reduce remaining risk.
• SCE serves 15 million people across Southern, Central, and Coastal California.

Market and Competitive Landscape

• Management highlighted the need for durable wildfire reform including a clear liquidity source and a true shareholder liability cap not connected to the Wildfire Fund.
• The company is working with stakeholders toward a long-term solution to enable needed investments at a reasonable cost of capital.

Risks and Challenges

• Risks include the ability to recover costs through regulated rates, including uninsured wildfire-related costs and costs not recoverable from the Wildfire Fund.
• Cybersecurity risks to critical information technology systems and physical security of critical assets.
• Risks associated with construction, operation, and maintenance of electrical facilities, including wildfire risks, equipment failure, and supply chain constraints.
• Impact of customer rate affordability on the ability to execute strategy, including lower-than-expected load growth and higher operating/capital costs.
• Risks related to regulatory or legislative restrictions on operational measures like Public Safety Power Shutoffs (PSPS).
• Risks that California Wildfire Legislation may not effectively mitigate liability exposure or that the Wildfire Fund may not be sufficient.
• Risks associated with the decommissioning of San Onofre, including cost overruns and permitting delays.
• Risks of credit rating downgrades if wildfire-related risk is not effectively mitigated by the California legislature.
• Risks related to inflation, interest rate changes, and the availability of capital markets funding.

Management Commentary and Tone

• Pedro J. Pizarro, President and CEO, stated the company posted another quarter of strong operational performance with a focus on community safety and customer affordability.
• Management emphasized advancing efforts toward outcomes serving customers, communities, and capital providers.
• Management reiterated the necessity of lasting wildfire reform to protect customer affordability and support grid investment.

Other Key Points

• Preferred stock repurchases totaled $538 million for the nine months ended September 30, 2026.
• Common stock repurchases totaled $42 million for the nine months ended September 30, 2026.
• Common stock dividends paid totaled $1,013 million for the nine months ended September 30, 2026.
• Long-term debt issued, net of costs, was $6,485 million for the nine months ended September 30, 2026.
• Long-term debt repaid was $3,705 million for the nine months ended September 30, 2026.
• Non-core items for the nine months ended September 30, 2026, included $15 million in losses related to the disposition of Trio and $37 million in charges related to wildfire claims insured by EIS.
• Non-core items for the nine months ended September 30, 2025, included $1,338 million in net earnings primarily due to the TKM Settlement Agreement and insurance reimbursements.
• Wildfire-related claims, net of recoveries, were $21 million for the nine months ended September 30, 2026, compared to a net benefit of $1,010 million in the prior year period.