Edison International (EIX) Q4 2024 earnings summary

Executive summary

• Core EPS for 2024 reached $4.93, exceeding guidance and continuing a strong record of meeting or surpassing annual EPS targets.

• TKM settlement approved, authorizing $1.6 billion in cost recovery for pre-AB 1054 wildfire claims.

• SCE responded to major Southern California wildfires, prioritizing safety, grid resiliency, and community recovery, with over 800 miles of covered conductor installed in 2024.

• Dividend increased for the 21st consecutive year, up 6.1%, with a Q1 2025 dividend of $0.8275 per share declared.

• Former U.S. Secretary of Energy Jennifer Granholm joined the board, bringing expertise in energy policy and sustainability.

Financial highlights

• Q4 2024 core EPS was $1.05; full-year 2024 core EPS was $4.93, up from $4.76 in 2023; GAAP EPS for 2024 was $3.33.

• Operating revenue for 2024 was $17.6 billion, up from $16.3 billion in 2023.

• Operating income for 2024 was $2.93 billion, up from $2.63 billion in 2023.

• Cash flow from operations reached $5.0 billion in 2024, up from $3.4 billion in 2023.

• Dividend increased by 6.1% in December, marking the 21st consecutive annual increase.

Outlook and guidance

• Revised 2025 core EPS guidance is $5.94–$6.34, reflecting the TKM settlement.

• Targeting 5%-7% core EPS CAGR through 2028, with 2028 EPS targeted at $6.74–$7.14.

• Capital expenditures forecasted at $38–43 billion from 2023–2028, supporting grid reliability and wildfire mitigation.

• Awaiting CPUC decision on 2025 GRC, which will drive updates to capital and financing plans.

• SCE expects regulatory decisions on the 2025 GRC, WMCE filing, and Cost of Capital application for 2026–2028 this year.