Edison International (EIX) Q3 2025 earnings summary

Executive summary

• Q3 2025 core EPS was $2.34, up from $1.51 year-over-year, driven by the 2025 GRC final decision, higher authorized revenue, and lower interest expense, partially offset by higher O&M and depreciation.

• Net income for Q3 2025 was $832 million, up from $516 million in Q3 2024; for the nine months ended September 30, 2025, net income was $2.6 billion, up $1.7 billion year-over-year, reflecting wildfire cost recoveries and higher core earnings.

• 2025 core EPS guidance narrowed to $5.95–$6.20, with a reaffirmed 5–7% core EPS CAGR target through 2028 and no new equity needs anticipated.

• Significant regulatory and legislative progress, including SB 254 passage, GRC approval, and wildfire settlements, strengthened financial stability.

• Continued focus on safety, reliability, and affordability, with major investments in wildfire mitigation and grid modernization.

Financial highlights

• Q3 2025 GAAP EPS was $2.16; core EPS was $2.34, up from $1.51 in Q3 2024; Q3 net income was $832 million, up from $516 million.

• Operating revenue for Q3 2025 was $5.75 billion, up from $5.20 billion in Q3 2024; nine-month revenue reached $14.1 billion, up from $13.6 billion.

• 2028 core EPS projected at $6.74–$7.14, with a 2025 baseline of $5.84 unchanged.

• Rate base growth projected at 7%–8% CAGR through 2028.

• Total assets as of September 30, 2025, were $90.5 billion, with total equity of $19.3 billion.

Outlook and guidance

• Reaffirmed 5%–7% core EPS CAGR through 2028, supported by regulatory clarity and capital plan.

• 2025 guidance excludes potential earnings from the pending Woolsey settlement.

• Four-year capital plan set at $28–$29.3 billion, supporting 7%–8% rate base CAGR.

• System average rate CAGR projected at 2%–3% for 2025–2028.

• Near-term load growth CAGR expected up to 3%, with long-term electricity sales projected to nearly double over two decades.