Edison Reaffirms 2026 Core EPS After GRC True-Up

The Tip Desk · October 29, 2026 · 3 min read

Core earnings were $1.92 a share, down from $2.34 a year earlier, as the company kept its $5.90 to $6.20 2026 core EPS range for a third update.

Edison International (EIX) reported third-quarter 2026 net income of $724 million, or $1.88 a share, compared with $832 million, or $2.16 a share, a year earlier. Core earnings were $738 million, or $1.92 a share, versus $901 million, or $2.34 a share.

The electric utility holding company said Southern California Edison’s core earnings per share decreased year over year primarily because of earnings recognized in the third quarter of 2025 upon implementation of the 2025 GRC final decision, which was retroactive to Jan. 1, 2025, partially offset by higher revenue from the escalation mechanism authorized in that decision. Chief Financial Officer Aaron Moss said the 2025 results reflected a 55-cent true-up from receipt of the general rate case final decision and that, looking through that item, the quarter showed continued stability in core operations.

Sequential core EPS had risen to $1.92 from $1.54 in the second quarter, after second-quarter core EPS had risen from $1.42 in the first quarter. GAAP EPS moved from $1.38 in the first quarter to $1.39 in the second quarter and then to $1.88 in the third quarter.

Operating revenue for the three months ended Sept. 30, 2026 was $4,886 million, down from $5,750 million a year earlier. Operating income was $980 million, down from $1,432 million, as wildfire-related claims net of recoveries fell to $8 million from $295 million and asset impairment and other charges were $2 million versus $88 million. Interest expense was $545 million, up from $488 million.

The company reaffirmed 2026 core EPS guidance of $5.90 to $6.20 for a third consecutive quarterly update. Basic EPS guidance narrowed to $5.66 to $5.96 from $5.70 to $6.00 as non-core items through Sept. 30, 2026 were ($91) million, or ($0.24) a share, versus ($77) million, or ($0.20) a share, through June 30. Moss said the company is taking the opportunity to invest in the business to de-risk future periods and drive ongoing efficiency, with a bias toward the middle of the core range. The company continued to express confidence in delivering 5% to 7% core EPS growth from 2025 to 2030.

President and Chief Executive Officer Pedro J. Pizarro said California’s legislative session ended without action on durable wildfire reform and that the company is seeking a special session to achieve a clear liquidity source and a true shareholder liability cap not connected to the Wildfire Fund by the Nov. 15 constitutional deadline. He said SCE will file its 2029 General Rate Case in about six months and that, without durable wildfire reform, SCE would request less capital than it otherwise would for electrification, clean-energy and growth projects.

SCE disclosed it has hardened approximately 90% of its distribution system in high fire risk areas and completed more than 7,200 miles of covered conductor. The Office of Energy Infrastructure Safety described SCE’s transmission high fire risk-informed inspection program as the most comprehensive among large IOUs, covering about 77% of transmission assets in high fire risk areas.

During the quarter, Los Angeles County Fire Department redacted reports concluded the Eaton Fire ignition was caused by SCE equipment. SCE said it remains confident it can make a good-faith showing its conduct was consistent with a reasonable utility and that there is no basis for felony liability or conscious or willful disregard.

SCE has extended more than 3,200 Wildfire Recovery Compensation Program offers totaling about $1.1 billion. October already had the most claims submitted of any month this year ahead of the Nov. 30 deadline.