Edison International (EIX) Q3 2026 Earnings Report

The call was operationally and financially constructive, with stable core operations, reaffirmed earnings guidance, substantial wildfire-mitigation progress, a significant capital plan, and strong balance-sheet and dividend policies. However, the absence of enacted wildfire reform, higher financing costs, the estimated $300 million customer impact from elevated spreads, and unresolved Eaton Fire claims and litigation remain significant challenges. Highlights outweighed the lowlights, but the positive outlook is dependent on managing substantial regulatory and wildfire-related uncertainty.

Edison International reaffirmed its 2026 core EPS guidance range of $5.90 to $6.20, with a bias towards the middle of the range, reaffirmed its 2027 and 2028 core EPS guidance ranges, and reaffirmed its long term core EPS growth target of 5% to 7% through 2030. SCE’s 5 year plan calls for approximately $38 billion to $41 billion of capital expenditures from 2026 through 2030 and supports projected rate based growth of approximately 7% from 2025 through 2030; about 22% of capital through 2030 is load growth in interconnection costs. Edison forecasts no common equity issuance through 2030, targets a long term FFO-to-debt ratio of 15% to 17%, and targets a payout ratio of 45% to 55% of SCE core earnings, while elevated credit spreads could cost customers an incremental $300 million over the life of the bonds SCE expects to issue in 2027 alone.