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- **EPS Growth**: 2025 core EPS $6.55 exceeded guidance, 2026-2030 EPS CAGR 5%-7%. 2026 muted growth ($5.90-$6.20) due to one-time variances, 2027+ high-end growth resumes.
- **Wildfire Mitigation**: $7 billion 2026 capex ($1.5 billion AMI 2.0), 7,000+ miles of covered conductor, 93% fast-curve settings. Eaton Fire legal exposure with $1.1 billion losses, 2,300+ claims.
- **Regulatory Clarity**: 2026-2030 capital plan, 2026 GRC decision, no equity issuance. SB 254 seeks economy-wide wildfire risk sharing, reducing utility sole liability.
- **Customer Focus**: 2.3% rate decrease, $2 million Pasadena donation, tenant wildfire compensation.

**【CEO Summary Section】**
- **Revenue Growth**: Core EPS of $6.55 for 2025 exceeded guidance, marking 20 years of meeting or exceeding annual EPS targets. 2025 EPS growth of 15% YoY driven by operational excellence and cost management.
- **Customer Commitment**: SCE's wildfire mitigation efforts include 7,000+ miles of covered conductor installation, 93% fast-curve settings, and a 2.3% rate decrease for residential customers. SCE ranked highest in customer trust among California utilities.
- **Regulatory Clarity**: 2026-2030 capital plan of $38-$41 billion focuses on grid resilience, AMI 2.0 program ($3 billion+ investment), and wildfire risk reduction. 2026 EPS guidance $5.90-$6.20, 2027 $6.25-$6.65, with 5%-7% CAGR to 2030.
- **Wildfire Risk**: Eaton Fire investigation ongoing; SCE equipment likely associated with ignition. $1.1 billion losses recorded, 2,300+ claims submitted under WRCP. Legal fees increased to 20% of net damages, retroactive tenant support added.

**【CFO Financial Commentary】**
- **Financial Performance**: 2025 core EPS $6.55 vs. $6.30-$6.50 guidance. 2026 EPS muted growth ($0.25 drag from regulatory variances, asset mix, financing) but 2027+ growth at high end of 5%-7% range. No equity issuance through 2030; $15 billion FFO/debt framework maintained.
- **Capital Allocation**: $7 billion 2026 capex ($1.5 billion for AMI 2.0, $1.5 billion post-2030). Woolsey securitization $2 billion to close mid-2026. 2026-2030 rate base growth 7%, supporting EPS trajectory.
- **Wildfire Claims**: $1.1 billion losses, 2,300+ claims; 590 offers issued. Subrogation settlements averaging 55% recovery. GAAP loss estimation pending claim volume.

**【Q&A Highlights】**
- **Wildfire Claims Visibility**: 18,000+ eligible properties, 2,300+ claims submitted. SCE expects low-end loss estimate when 50%+ claims processed. Subrogation recoveries offset 55% of losses.
- **AMI 2020 Timing**: Filing Q1 2026, decision by Q3 2027. $3 billion capex 2026-2030, $1.5 billion post-2030.
- **Regulatory Environment**: SB 254 natural catastrophe study seeks economy-wide wildfire risk mitigation. CPUC report emphasizes utilities cannot bear sole wildfire risk.
- **Legal Risks**: Eaton Fire investigation ongoing; SCE grounded idle transmission line, but no industry standard for grounding idle lines. Potential 2026 General Rate Case decision impacts 2027 EPS.
- **Wildfire Program Tweaks**: Tenant support for below-market rent, 20% legal fee reimbursement retroactive. No further changes expected to maintain program stability.

Edison International (EIX) Q4 2025 Earnings Call Transcript

- **EPS guidance tightening**: 2025核心EPS $5.95-$6.20，含$0.10 refinancing成本。
- **Wildfire risk mitigation**: SB 254创建$18B backstop， Eaton Fire索赔证券化能力提升。
- **Capital allocation clarity**: 2025-2028年无股权发行，Fitch确认评级稳定。
- **Load growth visibility**: 1%-3% CAGR driven by EV adoption and residential electrification。
- **Regulatory risk management**: 2025年GRC批准的$9.7B基础营收和$500M/年营收增长。

**【CEO Summary Section】**
- Reported Q3 2025 core EPS of $2.34, up from $1.51 YoY, driven by regulatory true-ups and cost management.
- Narrowed 2025 core EPS guidance to $5.95-$6.20 (from $5.80-$6.20), reflecting $0.10 per share costs for potential preferred equity refinancings.
- SB 254立法进展：创建$18B wildfire continuation account，基于 ignition year liability cap，允许2025年火灾索赔的证券化。
- Eaton Fire索赔处理：与保险商达成52%分摊协议，启动自愿补偿计划以减少Wildfire Fund消耗。
- 调整后2028年核心EPS目标维持5%-7%增长，基于GRC批准的$9.7B 2025年基础营收和$500M/年的2026-2028年营收增长。

**【CFO Financial Commentary】**
- 2025年资本支出计划为$28B-$29B，包括$1.6B TKM结算证券化资金和$2B Woolsey索赔回收。
- 2025-2028年无股权发行计划，通过混合证券和债务证券化管理资本结构。
- 2025年预计从TKM结算获得$1.6B证券化资金，Woolsey索赔待CPUC批准。
- FFO to debt ratio维持15%-17%目标范围，信用评级机构认可的财务纪律。

**【Q&A Highlights】**
- 2026-2027年可转换债券再融资成本将影响2025年EPS $0.10，权衡长期融资效率。
- Eaton Fire索赔不确定性：Wildfire Fund覆盖确认，但参与率和损失规模待观察。
- 阶段性资本分配策略：优先 wildfire mitigation和grid modernization投资。
- 2026年潜在立法风险：SB 254第二阶段报告可能影响 wildfire liability framework。

Edison International (EIX) Q3 2025 Earnings Call Transcript

- **Wildfire Risk Management**: SCE commits $6.2B to 2026-2028 wildfire mitigation, including 1,800+ miles of grid hardening. Launches compensation program to resolve Eaton Fire claims quickly, minimizing costs.
- **Regulatory Outlook**: 2025 GRC proposed decision aligns with SCE's range case, supporting 5%+ EPS growth. SCE challenges PD reductions in critical wildfire mitigation programs.
- **Financial Resilience**: Core EPS guidance reaffirmed at $5.94-$6.34 for 2025; Wildfire Fund has $22B claims-paying capacity. Recovering $1B+ historical costs via regulatory proceedings.
- **Policy Advocacy**: Opposes securitization and upfront shareholder contributions; advocates for balanced wildfire solutions addressing climate-driven risks.

**【CEO Summary Section】**
- **Eaton Fire Update**: Ongoing investigation with no new ignition evidence; SCE likely associated with ignition. Launching wildfire recovery compensation program to resolve claims quickly, mitigate costs, and support community recovery.
- **Legislative Progress**: Encouraged by discussions to enhance AB 1054 framework; advocating for balanced solutions addressing wildfire risks across sectors.
- **Regulatory Updates**: 2025 GRC proposed decision aligns with range case, authorizing $9.8B base revenue in 2025, but SCE seeks revisions to better address wildfire risks and infrastructure needs. SCE's 2026-2028 wildfire mitigation plan includes $6.2B investment in covered conductors, undergrounding, and aerial firefighting.

**【CFO Financial Commentary】**
- **Q2 2025 Results**: Core EPS of $0.97 vs. $1.23 YoY, driven by unresolved GRC. O&M expenses up due to regulatory decisions; parent company impacted by higher interest costs.
- **Wildfire Fund Management**: Efficient claims resolution avoids long-term debt issuance; Wildfire Fund has $22B claims-paying capacity post-Dixie/Kincaid fires.
- **GRC Implications**: If adopted, PD supports 5%+ EPS growth through 2028; SCE expects final decision in August with 6-week guidance refresh.
- **Regulatory Wins**: Recovering $300M+ O&M and $700M+ capital costs in WMCE/WM/VM proceedings; securitization of $1.6B TKM costs to reduce customer financing costs.

**【Q&A Highlights】**
- **Legislative Risk Sharing**: SCE opposes upfront shareholder contributions; advocates for IOU framework with full cost recovery. Fund replenishment needs balance of risk sharing and affordability.
- **GRC PD Revisions**: SCE challenges PD reductions in targeted undergrounding and infrastructure replacement, emphasizing wildfire risk urgency.
- **Securitization Risks**: Warns securitization could raise cost of capital, harming customers. SCE's operational excellence keeps rates lowest among CA IOUs.
- **Eaton Fire Liability**: Probable loss exists, but exact costs unknown; claims resolution via program avoids prolonged litigation.
- **Affordability Solutions**: Focus on O&M efficiency, public purpose program rightsizing, and grid modernization to reduce costs without policy distortions.

Edison International (EIX) Q2 2025 Earnings Call Transcript

- **EPS Growth Confirmed**: 2025 core EPS guidance ($5.94-$6.34) reaffirmed, supported by 5%-7% CAGR through 2028.
- **Wildfire Risk Update**: Eaton Fire material loss deemed probable; Edison expects to access $21B wildfire fund after exhausting $1B self-insurance.
- **Capital Allocation**: $6.5B annual capex (2025-2028) prioritizes grid hardening, with $1.4B/year for wildfire mitigation.
- **Regulatory Momentum**: TKM settlement approved, 2025 GRC decision expected Q2, and 2026 ROE request at 11.75%.
- **Tariff Mitigation**: <5% of capex exposed to tariffs; impacts will be smoothed over asset lifecycles.

**【CEO Opening Remarks】**
- Core EPS for Q1 2025: $1.37, up 12.4% YoY, driven by higher base revenue requirements and regulatory true-ups.
- Eaton Fire Investigation: Edison equipment could have been associated with ignition; material loss is now deemed probable. Litigation and recovery from the $21B wildfire fund remain uncertain.
- Wildfire Mitigation: SCE plans to underground 1,800 miles of distribution lines by 2025, with $1.4B annual capex allocated to wildfire safety.
- Regulatory Progress: TKM settlement approved, 2025 GRC decision expected Q2, and 2026 cost of capital application filed with 11.75% ROE request.

**【CFO Financial Highlights】**
- GAAP Net Income: $420M; Non-GAAP EPS: $1.37 (vs. $1.13 YoY), excluding one-time items.
- 2025 Core EPS Guidance: $5.94-$6.34, reaffirmed with 5%-7% CAGR through 2028.
- Capital Plan: $6.5B annual capex (2025-2028), including $1.1B for next-gen ERP and $700M for AMI upgrades.
- Financing: $550M parent debt issuance and $1.5B utility bonds issued Q1, with strong investor demand.

**【Q&A Key Takeaways】**
1. **Wildfire Fund Access**: Edison will first use $1B of customer-funded self-insurance, then tap the wildfire fund. No immediate cash impact expected.
2. **Legislative Outlook**: Gov. Newsom and legislature engaged in AB 1054 framework expansion; potential reforms could stabilize wildfire liability framework.
3. **Tariff Risk Mitigation**: <5% of capex sourced from foreign materials; tariff impacts will be amortized over asset lifecycles.
4. **GRC Execution**: SCE maintains flexibility to adjust 2025-2028 capex based on GRC outcome, with 100% of 2025 request embedded in current guidance.
5. **Litigation Strategy**: No timeline for settlements; wildfire investigations typically take 12-18 months to complete.


Edison International (EIX)-29 Apr 25-2025 Q1 Earnings call transcript

- **Wildfire Mitigation Leadership**: SCE leads with 6,400+ miles of covered conductor, hardening 90% of high-risk lines, and AI-enabled wildfire detection.
- **Financial Resilience**: 2024 EPS of $4.93 beats guidance; 2025 EPS guidance of $5.50-$5.90 includes $0.44 boost from TKM settlement.
- **AB 1054 Framework Integrity**: Wildfire fund utilization avoids balance sheet impact; liability capped at $1.6B, with prudence judged by "reasonable operator" standard.
- **Dividend Growth**: 21st consecutive annual dividend increase (6.1% in 2024), balancing customer affordability with infrastructure reinvestment.
- **Regulatory Progress**: TKM settlement approved, enabling 60% wildfire claim recovery; Woolsey proceeding on track with intervenor testimony due mid-2025.


**【CEO Opening Remarks】**
- **Wildfire Response & Safety Focus**: CEO Pedro Pizarro emphasized Edison's commitment to safety and recovery efforts post-Eaton and Palisades fires. SCE has installed over 6,400 miles of covered conductor, hardening 90% of high-risk distribution lines.
- **AB 1054 Framework Strength**: Highlighted the regulatory framework's ability to balance wildfire cost recovery with utility accountability. The wildfire fund has $21B capacity, with SCE's equipment prudence judged by a "reasonable operator" standard.
- **Financial Performance**: 2024 core EPS of $4.93 exceeded guidance, with 2025 EPS guidance of $5.50-$5.90, including a $0.44 boost from the TKM settlement.
- **Dividend Policy**: Maintained competitive dividend policy, with a 6.1% dividend increase in 2024.

**【CFO Financial Highlights】**
- **Q4 2024 Results**: Core EPS of $1.05, full-year EPS of $4.93 (above midpoint of $4.80-$4.95). TKM settlement added $0.44 to 2025 EPS, including $0.30 one-time interest true-up and $0.14 annual risk expense reduction.
- **Capital Plan**: 2025 GRC core driver with $1.6B wildfire cost recovery. SCE's 2025-2028 capital plan includes $1B+ for next-gen ERP, AMI upgrades, and FERC transmission projects.
- **Regulatory Progress**: CPUC approved TKM settlement, allowing 60% wildfire claim recovery. Woolsey cost recovery proceeding on track with ALJ schedule.

**【Q&A Key Themes】**
- **Wildfire Fund & Liability**: SCE expects to use customer-funded self-insurance first, then the wildfire fund, avoiding balance sheet impact. Liability capped at $1.6B under AB 1054.
- **Legislative Solutions**: Advocating for near-term enhancements to AB 1054, including fund scalability and liability cap clarity. Governor's office engaged with financial advisors to strengthen framework.
- **Cost of Capital**: SCE's 2026-2028 cost of capital filing will include impacts of recent wildfires. PUC's TKM approval signals support for utility financial stability.
- **Operational Adjustments**: SCE adopting more conservative PSPS protocols in extreme weather. Rebuilding efforts prioritize grid hardening (e.g., undergrounding, covered conductor).


Actual																0.63	1	1.67	1.19	0.79	0.94	1.69	1.16	1.07	0.94	1.48	1.15	1.09	1.01	1.38	1.28	1.13	1.23	1.51	1.05	1.37	0.97	2.34	1.86
Forecast																0.8292	1.1132	1.4667	1.1964	0.716	1.0124	1.7442	1.0511	0.8074	0.9153	1.4749	1.093	0.9776	0.9478	1.4438	1.1625	1.1079	1.0683	1.3979	1.0908	1.22	0.9095	2.1564	1.3675	1.5312
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-24.02%	-10.17%	+13.86%	-0.53%	+10.34%	-7.15%	-3.11%	+10.36%	+32.52%	+2.70%	+0.35%	+5.22%	+11.50%	+6.56%	-4.42%	+10.11%	+1.99%	+15.14%	+8.02%	-3.74%	+12.30%	+6.65%	+8.51%	+36.01%	0.00%

Actual	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	2.79B	2.99B	4.64B	3.16B	2.96B	3.31B	5.30B	3.33B	3.97B	4.01B	5.23B	4.02B	3.97B	3.96B	4.70B	3.71B	4.08B	4.34B	5.20B	3.98B	3.81B	4.54B	5.75B	5.21B	--
Forecast	--	--	--	--	--	--	--	--	--	--	--	--	--	--	--	3.08B	3.04B	3.83B	3.16B	3.20B	3.31B	4.81B	3.33B	3.29B	3.55B	5.07B	3.16B	4.25B	4.28B	5.71B	4.09B	4.16B	4.12B	5.01B	3.92B	4.26B	4.20B	5.75B	4.62B	4.07B
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-9.53%	-1.62%	+21.12%	-0.09%	-7.59%	+0.27%	+10.26%	-0.03%	+20.72%	+12.88%	+3.08%	+27.13%	-6.68%	-7.37%	-17.58%	-9.47%	-1.86%	+5.19%	+3.84%	+1.54%	-10.54%	+8.14%	+0.08%	+12.86%	0.00%

EIX

EIX fundamentals

EIX Q1 2026 Earnings Preview

Earnings Call

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EIX

EIX fundamentals

EIX Q1 2026 Earnings Preview

Earnings Call

EIX Earnings Call Summary for Q1/2026Upcoming4:30 PM on Apr 28, 2026

EIX Earnings Call Summary for Q4/20254:30 PM on Feb 18, 2026

EIX Earnings Call Summary for Q3/20254:30 PM on Oct 28, 2025

EIX Earnings Call Summary for Q2/20254:30 PM on Jul 31, 2025

EIX Earnings Call Summary for Q1/20254:30 PM on Apr 29, 2025

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