Edison International reports Q2 2026 core EPS of $1.54, reaffirms full-year guidance

Edison International disclosed second quarter 2026 financial results for itself and its subsidiary Southern California Edison Company through a press release. The filing does not provide specific financial figures in the body text; detailed results are contained in the attached exhibits.

Edison International's management held an investor teleconference on July 30, 2026 to discuss the quarterly results. Prepared remarks and presentation materials were provided as exhibits to the filing.

Edison International reported second-quarter 2026 net income of $534 million ($1.39 per share), up from $343 million ($0.89 per share) in Q2 2025. Core earnings were $592 million ($1.54 per share), compared to $374 million ($0.97 per share) in the prior-year quarter. The increase was primarily driven by Southern California Edison's adoption of the 2025 General Rate Case final decision in Q3 2025, partially offset by higher interest expense.

Edison International reaffirmed its 2026 core EPS guidance range of $5.90 to $6.20, unchanged from the April 28, 2026 guidance. The company adjusted its basic EPS guidance range to $5.70-$6.00 (from $5.86-$6.16) to reflect $0.20 per share of non-core items recorded in the first half of 2026, but the core guidance remains intact.

Southern California Edison is refining its wildfire mitigation strategy to be more location-specific and consequence-informed, using advanced wildfire modeling and climate-informed analysis. The utility is directing mitigation efforts to areas where they can provide the greatest safety benefit while maintaining affordability for customers. This operational update reflects ongoing execution of the company's Wildfire Mitigation Plan.

Edison International repurchased $538 million of preferred stock during the six months ended June 30, 2026. The balance sheet shows preferred stock declined from $497 million at December 31, 2025 to $83 million at June 30, 2026, with Series A shares reduced from 414,342 to zero and Series B shares reduced from 87,937 to 83,503. This capital structure action contributed to the year-over-year decrease in preferred stock dividends noted in the earnings commentary.

Edison International issued $4.5 billion in long-term debt during the first half of 2026 and repaid $1.7 billion, resulting in net debt issuance of approximately $2.9 billion. This compares to $3.5 billion issued and $726 million repaid in the first half of 2025. The financing activity supports the company's ongoing capital investment program and refinancing needs.

Southern California Edison completed a securitization related to Woolsey Fire cost recovery, generating approximately $2 billion in proceeds. The funds will be used to recover claims and other costs, including retiring related debt, which strengthens the company's balance sheet and reduces interest expense going forward.

SCE filed its Risk Assessment Mitigation Phase (RAMP) application in May 2026, outlining risk mitigations for wildfire, reliability, cybersecurity, and other safety measures. The filing includes preliminary estimates for 2029-2032 of approximately 450 miles of covered conductor and 190 miles of targeted undergrounding. To date, SCE has deployed about 800 miles of covered conductor and 90 miles of undergrounding since January 2025, hardening roughly 90% of its 16,800 distribution line miles in high fire risk areas.

Edison is actively engaged with California state officials on wildfire reform and affordability legislation. Management noted that discussions center on aligning risk, supporting affordability, and maintaining access to capital at reasonable cost. The company acknowledged that while encouraged by legislative focus, the outcome remains uncertain and will influence future capital deployment decisions and cost of capital. Management emphasized that the clarity and quality of any legislative framework will affect financing costs and how the company prioritizes future investments.

Edison International reported second-quarter 2026 GAAP earnings per share of $1.39 and Core EPS of $1.54, representing a $0.57 increase in Core EPS year-over-year. The increase was primarily driven by Southern California Edison's adoption of the 2025 General Rate Case final decision in the third quarter of 2025, which increased revenue, and lower operations and maintenance expenses.

Edison disclosed progress on the Wildfire Recovery Compensation Program for the Eaton Fire, with over 4,000 claims submitted and more than $375 million paid to over 2,400 claimants as of July 24, 2026. The company stated it has clear funding sources for claims resolution, including customer-funded self-insurance for the first $1 billion, reimbursement from the Wildfire Fund for amounts up to its remaining capacity, and the ability to securitize costs above the fund's capacity under SB 254.

Edison disclosed a five-year capital expenditure plan of approximately $38 to $41 billion for 2026 through 2030, focused on strengthening grid reliability, resilience, and readiness to meet customer needs.

Southern California Edison reported completing approximately 14,760 miles of grid hardening in high fire risk areas as of June 30, 2026, representing about 90% of the distribution system in those areas. The hardening includes approximately 7,590 miles of undergrounding and 7,170+ miles of covered conductor, with up to 970 miles of additional work planned through 2028 under the approved General Rate Case.