What is the revenue and EPS growth rate for Edison International year over year?

What is Edison International's gross profit margin?

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What were the key takeaways from Edison International's earnings call?

What guidance did Edison International's management provide for the next earnings period?

- **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

Supplying and Delivering Electricity

EIX

EIX fundamentals

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