Edison International (EIX) Q1 2025 earnings summary

Executive summary

• Reported Q1 2025 GAAP EPS of $3.73 and core EPS of $1.37, up from a net loss of $0.03 and core EPS of $1.13 in Q1 2024, reflecting strong regulatory progress and wildfire cost settlements.

• Net income attributable to shareholders was $1,436 million, compared to a net loss of $11 million year-over-year, driven by SCE's higher earnings and wildfire-related cost recoveries.

• SCE's core earnings rose by $107 million year-over-year, primarily due to interest expense benefits from the TKM Settlement Agreement.

• Ongoing Eaton Fire investigation, with probable material losses disclosed but liability not yet estimable; active engagement with communities to rebuild wildfire-impacted areas.

• Continued engagement with stakeholders to enhance wildfire mitigation and regulatory frameworks.

Financial highlights

• Q1 2025 core EPS includes $0.30 from TKM settlement approval, partially offset by higher parent interest expense.

• Operating revenue for Q1 2025 was $3,811 million, down from $4,078 million in Q1 2024, mainly due to lower pass-through expenses.

• Net income for Q1 2025 was $1,492 million, up from $52 million in Q1 2024.

• SCE's net income was $1,567 million, up from $65 million year-over-year.

• Total capital expenditures for SCE were $1.5 billion, up from $1.2 billion in Q1 2024.

Outlook and guidance

• Affirmed 2025 core EPS guidance of $5.94–$6.34 and long-term EPS growth target of 5%–7% CAGR through 2028, targeting $6.74–$7.14.

• SCE forecasts total capital expenditures of $26.6–$31.5 billion and weighted average annual rate base of $48.1–$60.6 billion for 2025–2028.

• Will refresh guidance six weeks after GRC final decision, including updated capital/rate base projections and financing plan.

• Dividend payout targeted at 45%–55% of SCE core earnings, with 21 consecutive years of dividend growth.

• Substantial additional capital opportunities identified, including over $2B in FERC transmission spending.