Edison tops Q3 profit estimates but misses on revenue

Edison International (EIX) said on Oct. 29 that third-quarter core earnings were $738 million, or $1.92 per share, topping the $1.83 consensus estimate compiled by Finnhub.

Operating revenue of $4.89 billion fell short of the $5.41 billion estimate.

The company said in a regulatory filing that it reported the results in a news release for the quarter ended Sept. 30, 2026. Its utility, Southern California Edison, delivers electricity to 15 million people across Southern, Central and Coastal California.

Shares were little changed in after-hours trading as of 4:29 p.m. ET, from a regular-session close of $59.38.

Here's how the company did:

• Core EPS: $1.92, vs. $2.34 a year earlier and $1.83 expected, according to Finnhub
• GAAP EPS: $1.88, vs. $2.16 a year earlier
• Operating revenue: $4,886 million, vs. $5,750 million a year earlier and $5.41 billion expected, according to Finnhub
• Net income: $724 million, vs. $832 million a year earlier

Executive Vice President and Chief Financial Officer Aaron Moss said the 2025 results reflected a 55-cent true-up from the receipt of SCE's general rate case final decision. Looking through that item, he said the quarter reflected continued stability in the company's core operations.

“Edison International posted another quarter of strong operational performance, with a focus on community safety and customer affordability,” said Pedro J. Pizarro, president and CEO of Edison International.

2026 guidance

The company reaffirmed its 2026 core EPS guidance range of $5.90 to $6.20, the same range it gave on July 30. Moss said the company expects results toward the middle of that range.

Basic EPS guidance is $5.66 to $5.96, down from $5.70 to $6.00 in July, because non-core items rose to a $0.24 per-share cost from $0.20.

The company also reaffirmed its 2027 and 2028 core EPS guidance ranges and its long-term core EPS growth target of 5% to 7% through 2030. Its five-year plan calls for approximately $38 billion to $41 billion of capital expenditures from 2026 through 2030, and it expects rate base growth of approximately 7% from 2025 through 2030.

Moss said the company forecasts no common equity issuance through 2030 and continues to target a long-term FFO-to-debt ratio of 15% to 17%. Its dividend policy targets a payout ratio of 45% to 55% of SCE core earnings, subject to Board approval, and has enabled 22 consecutive years of dividend growth.

Wildfire reform and financing

Pizarro said California's legislative session ended without action on a long-term solution to wildfire liability. The state constitutional deadline to send a bill to the governor is Nov. 15.

Moss estimated that elevated credit spreads could cost customers an incremental $300 million over the life of the bonds the company expects SCE to issue in 2027.

Eaton Fire and wildfire claims

Pizarro said the Los Angeles County Fire Department published redacted reports concluding that the Eaton Fire ignition was caused by SCE equipment. He said SCE is continuing to analyze the reports and believes there is no basis for a finding of felony liability.

The company said more than 3,200 offers totaling about $1.1 billion have been extended through its Wildfire Recovery Compensation Program, ahead of a Nov. 30 deadline.