Edison International (EIX) Q4 2025 earnings summary

Executive summary

• Core EPS for 2025 reached $6.55, exceeding guidance and continuing a strong track record of meeting or surpassing targets.

• GAAP EPS for 2025 was $11.58, reflecting significant non-core items, mainly wildfire-related recoveries.

• Achieved disciplined execution in cost management, operational performance, and capital efficiency.

• Regulatory progress in 2025 provided clarity for 2026 and beyond, with key settlements and approvals achieved.

• Wildfire mitigation advanced, with over 7,000 miles of covered conductor installed and no ignitions from covered conductor failures.

Financial highlights

• Q4 2025 core EPS was $1.86–$1.87, up from $1.05 in Q4 2024; full-year 2025 core EPS was $6.55, up from $4.93.

• Full-year 2025 GAAP EPS was $11.58, up from $3.33 in 2024.

• Operating revenue for 2025 was $19,317 million, up from $17,599 million in 2024.

• Operating income for 2025 was $7,093 million, a significant increase from $2,930 million in 2024.

• Cash flow from operations was $5,800 million in 2025, up from $5,014 million in 2024.

Outlook and guidance

• 2026 core EPS guidance set at $5.90–$6.20; 2027 guidance at $6.25–$6.65.

• 2028 core EPS guidance reaffirmed at $6.74–$7.14, supporting a 5–7% CAGR from 2025 to 2030.

• 2026 core EPS growth (~3.5%) is muted by one-time regulatory and tax items not expected to recur.

• No equity issuance is forecasted through 2030; growth is supported by rate base expansion and efficient debt financing.

• Dividend yield is approximately 5%, supporting total shareholder return targets of 10–12%.