EIX 8-K Current Reports

Edison International 8-K Report, Regulation FD Disclosure (Oct 30, 2026)

Edison International (EIX) and Southern California Edison Company (SCE) filed a Form 8-K on October 30, 2026 furnishing an October 29, 2026 Business Update presentation (Exhibit 99.1) for use in meetings with institutional investors, analysts and investor conferences. The presentation reaffirms EIX's 2026–2028 Core EPS guidance: consolidated Core EPS of $5.90–6.20 for 2026, $6.25–6.65 for 2027 and $6.74–7.14 for 2028. It also projects 5–7% Core EPS CAGR for 2026–2030 from a 2025 midpoint of $5.84, a rate base CAGR of about 7% (2025–2030), and a $38–41 billion capital plan for 2026–2030 with no equity issuance forecast through 2030. The most material item for investors is the wildfire liability framework. Management states that durable wildfire reform remains necessary because the regular 2026 legislative session ended without reform, and it notes key upcoming dates of November 2 (a CPUC report on the statewide impact of lacking structural reform) and November 15 (the constitutional deadline to pass a bill). For the Eaton Fire, the presentation says SCE has entered into settlements totaling $1.8 billion and recorded expected recoveries of $917 million from self-insurance, $859 million from the Wildfire Fund and $70 million from FERC rates, with $207 million received from the Wildfire Fund to date. Management states it is currently unable to reasonably estimate a range of losses that may be incurred in connection with the Eaton Fire. Credit ratings remain investment grade, but the S&P and Fitch outlooks for both SCE and EIX are shown as Negative, while Moody's shows Baa1 (SCE) and Baa2 (EIX) with Stable outlooks. The presentation also notes that SCE expects to recover $11 billion or more of historical costs by the end of 2027, and that SB 254 allows securitization of $6 billion of wildfire mitigation spending (SCE share about $2.9 billion).

Oct 30, 2026 8-K

Edison International 8-K Report, Financial Results (Oct 29, 2026)

Edison International (EIX) filed an 8-K on October 29, 2026, primarily to furnish its third-quarter 2026 financial results and related information. The report highlights that Edison International reported third-quarter GAAP EPS of $1.88 and core EPS of $1.92. The company reaffirmed its full-year 2026 core EPS guidance of $5.90 to $6.20 and maintained its confidence in achieving 5% to 7% core EPS growth from 2025 to 2030. A significant focus of the filing is the ongoing need for durable wildfire reform. Management expressed disappointment that legislative action was not achieved during the regular session and emphasized the importance of a long-term solution that includes a clear liquidity source and a shareholder liability cap not tied to the Wildfire Fund. The company is actively engaging with stakeholders to advocate for a special legislative session. Southern California Edison (SCE) has made substantial progress in wildfire mitigation, hardening approximately 90% of its distribution system in high fire risk areas. The company also addressed the Eaton Fire, stating its belief that SCE's conduct was consistent with a reasonable utility and that there is no basis for felony liability or willful disregard. The financial statements show a decrease in net income and core earnings compared to the prior year's third quarter, largely due to the timing of regulatory decisions.

Oct 29, 2026 8-K

Edison International 8-K Report, Regulation FD Disclosure (Jul 31, 2026)

Edison International (EIX) filed an 8-K on July 31, 2026 furnishing a July 30, 2026 business update presentation (Exhibit 99.1) for use in investor meetings and conferences. The filing itself contains no new financial results; its value lies in reaffirmed guidance and updated multi-year outlook. Management reaffirmed 2026 Core EPS guidance of $5.90–6.20 and 2027 Core EPS guidance of $6.25–6.65, and introduced 2028 Core EPS guidance of $6.74–7.14, which implies 5–7% growth from the $5.84 original 2025 midpoint. The company projects roughly 7% SCE rate base CAGR from 2025 to 2030, supported by a $38–41 billion capital plan for 2026–2030, and reiterates no equity issuance in its 2026–2030 financing plan. The most important wildfire-related items concern the Eaton Fire and California's SB 254 framework. SCE states it believes its equipment was likely associated with the Eaton Fire ignition, but management is currently unable to estimate potential losses. The company points to clear funding sources: the Wildfire Fund's initial account (administrator estimates roughly $21 billion of claim-paying capacity), customer-funded self-insurance of the first $1 billion, and securitization authority under SB 254. Under SB 254, SCE's share of a $6 billion securitization of wildfire mitigation capex is about $2.9 billion, and the company expects to recover over $11 billion of historical costs by end-2027. Investors should note that the presentation's own risk factors flag that the CPUC's prudency determinations and fund administrator approvals remain pending, so the ultimate cost allocation for Eaton is not yet resolved. Credit ratings are investment grade but under some pressure: S&P has BBB- Negative outlooks at both SCE and EIX, while Moody's (Baa1/Baa2) and Fitch (BBB) are Stable. The company targets an EIX FFO-to-debt ratio of 15–17%. Dividend growth is ongoing, with 22 consecutive years of increases and a target payout of 45–55% of SCE core earnings. The presentation is a forward-looking management update rather than a material event disclosure, and its projections are subject to regulatory outcomes, wildfire liability developments, and the risk factors listed in the filing.

Jul 31, 2026 8-K

Edison International 8-K Report, Financial Results (Jul 30, 2026)

Edison International (EIX) reported second-quarter 2026 GAAP EPS of $1.39 (net income of $534 million) and core EPS of $1.54, up from $0.97 in the second quarter of 2025. The year-over-year improvement was driven mainly by SCE's 2025 GRC final decision, which was adopted in the third quarter of 2025, along with lower preferred stock dividends at the parent. Year-to-date core EPS is $2.97 versus $2.34 a year earlier. Management reaffirmed 2026 core EPS guidance of $5.90-$6.20 and its 5-7% core EPS CAGR outlook for 2025-2030, and it provided a 2027 core EPS guidance range of $6.25-$6.65. GAAP basic EPS guidance was lowered to $5.70-$6.00 from $5.86-$6.16, reflecting roughly $0.20 per share of non-core items recorded in the first half of 2026, mostly Trio disposition losses and wildfire-related items. The filing also highlights several balance sheet and financing developments. SCE completed a roughly $2 billion Woolsey Fire cost recovery securitization shortly before the report, with proceeds to be used to recover claims and retire related debt. Management says the company expects no equity issuance from 2026 through 2030. The Eaton Fire remains the key open risk: EIX said it cannot currently estimate potential losses, while noting that SCE has identified funding sources for claims resolution. Wildfire Recovery Compensation Program offers have reached more than $775 million, and SCE says it believes its equipment was likely associated with the ignition of the Eaton Fire, though causation has not been conclusively determined. The bigger near-term swing factor for investors is California wildfire legislation. Management said the outcome is uncertain and could affect SCE's cost of capital and future investment prioritization. SCE has also filed its RAMP application ahead of the next GRC, which covers 2029-2032 with preliminary estimates of about 450 miles of covered conductor and about 190 miles of targeted undergrounding. Management characterizes its wildfire mitigation approach as increasingly location-specific and consequence-informed. Rate base growth is projected at about 7% CAGR, and the five-year capital plan is roughly $38-$41 billion.

Jul 30, 2026 8-K

Edison International 8-K Report, Corporate Update (May 5, 2026)

Edison International (EIX) has announced a significant financing event through the sale of $500 million in 5.00% Senior Notes due in 2028. This offering represents a strategic move by the company to secure long-term debt financing. Investors should note that the details of these notes are further elaborated in the exhibits attached to this 8-K filing, which are crucial for a comprehensive understanding of the terms, covenants, and potential impact on the company's financial structure.

May 5, 2026 8-K

Edison International 8-K Report, Regulation FD Disclosure (Apr 29, 2026)

Edison International (EIX) filed an 8-K on April 29, 2026 furnishing an April 28, 2026 business update presentation (Exhibit 99.1) for use with institutional investors, analysts, and at investor conferences. The deck is primarily a reaffirmation and extension of guidance rather than a discrete material event: EIX affirmed 2026 Core EPS guidance of $5.90–6.20, introduced 2027 Core EPS guidance of $6.25–6.65, and reaffirmed 2028 Core EPS guidance of $6.74–7.14, all supporting a 5–7% long-term EPS growth framework off the 2025 base of $5.84, with the company now expecting to land at the high end of that range. The growth thesis rests on a $38–41 billion SCE capital plan for 2026–2030 and roughly 7% rate base CAGR (from ~$50.8 billion in 2026 to ~$58.4 billion by 2030 on a weighted basis), with the financing plan requiring no equity issuance through 2030. The most consequential disclosures for investors concern wildfire liability. The Eaton Fire remains unquantified: management states it is currently unable to estimate potential losses, while acknowledging SCE believes its equipment could have been associated with the ignition. The company points to identified funding sources, including the first $1 billion covered by customer-funded self-insurance, reimbursement from the state Wildfire Fund's initial account, and securitization authority under SB 254 for amounts above that. The deck also cites SB 254 (signed September 19, 2025) as credit-supportive, including a new $18 billion continuation fund, SCE's roughly 47.85% share of contributions, and about $2.9 billion of securitization for $6 billion of wildfire mitigation capex. Investors should note that credit ratings are mixed: S&P has a Negative outlook on both SCE and EIX at BBB-, while Moody's and Fitch are Stable. The presentation is a reaffirmation-focused investor update, not a report of new financial results or a change in guidance. Its forward-looking statements carry material risk, particularly around wildfire liability, cost recovery, regulatory decisions, and the affordability constraints that could affect SCE's ability to execute its plan.

Apr 29, 2026 8-K

Leadership ChangesCorporate ChangesRegulation FD+1

Edison International 8-K Report, Financial Results (Apr 28, 2026)

Edison International (EIX) reported first-quarter 2026 GAAP EPS of $1.38 (net income of $531 million) and core EPS of $1.42, up from $1.37 a year earlier. The year-over-year core improvement was modest and driven mainly by the adoption of SCE's 2025 General Rate Case (GRC) final decision in Q3 2025, which offset the absence of a roughly $0.30 benefit recorded in Q1 2025 from TKM cost recovery. GAAP results were far weaker than in Q1 2025, when net income was $1,436 million ($3.73 per share), because that period included large non-core wildfire-related recoveries tied to the TKM Settlement Agreement and insurance reimbursements. Q1 2026 also benefited from a $13 million wildfire recovery item, which is small relative to last year's $1.35 billion gain. Management affirmed 2026 core EPS guidance of $5.90-$6.20 and reiterated 5-7% core EPS growth from 2025 to 2030, with 2027 core EPS guidance of $6.25-$6.65 and 2028 guidance of $6.74-$7.14. The company expects roughly 7% SCE rate base CAGR, a $38-41 billion capital plan for 2026-2030, and no new common equity issuance through 2030, while maintaining a 15-17% FFO-to-debt target. Management also disclosed a CFO transition: Maria Rigatti retires September 1, with Aaron Moss taking the CFO role July 3. The key investor watch items remain wildfire exposure and policy. SCE's Wildfire Recovery Compensation Program has made over 500 million dollars in offers to Eaton Fire claimants, but the company says it cannot yet estimate potential Eaton Fire losses and believes its equipment is likely associated with the ignition. Pending California wildfire and affordability legislation, the SB 254 process, and the upcoming RAMP filing for the next GRC will shape the longer-term outlook.

Apr 28, 2026 8-K

Shareholder Matters

Edison International 8-K Report, Shareholder Vote Results (Apr 24, 2026)

This 8-K filing from Edison International (EIX) details the results of its Annual Meeting of Shareholders held on April 23, 2026. All four matters presented were voted on, with shareholders re-electing all eleven director nominees. Additionally, the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm was ratified, and the advisory vote to approve executive compensation was also adopted. A shareholder proposal regarding equity retention, however, did not pass. Following the meeting, the Board of Directors expanded to twelve members with the appointment of M. Susan Hardwick as an independent director.

Apr 24, 2026 8-K

Edison International 8-K Report, Executive Changes (Apr 23, 2026)

Edison International (EIX) filed an 8-K on April 23, 2026 reporting three governance and leadership developments. First, the Board expanded from 11 to 12 members and appointed M. Susan Hardwick, former CEO of American Water Works, as an independent director of EIX, effective immediately. She will sit on the Audit and Finance Committee and the Compensation and Executive Personnel Committee, and will be paid under the standard non-employee director compensation schedule. Her background in regulated utility finance, capital allocation, and operations adds depth to the board's financial and infrastructure expertise. Second, there is a planned CFO transition. Chief Financial Officer Maria Rigatti will resign as CFO effective July 3, 2026, and retire from EIX effective September 1, 2026, remaining an Executive Vice President until then. Aaron D. Moss, currently SCE's SVP and CFO, will become EIX's EVP and CFO at the close of business on July 3, 2026. Moss has held finance and controller roles at EIX and SCE since 2016, so the successor is an internal candidate with deep familiarity with the company. His compensation package includes a $730,000 base salary effective July 4, 2026, an EICP target of 85% of salary with a 2x maximum, and a supplemental 2026 long-term incentive grant of roughly $603,196 effective September 30, 2026. Third, the Board amended EIX's Bylaws to clarify officer designation and duties. The changes allow the Board to assign CFO-related duties to officers without formal titles, and realign the duties of the CFO, Controller, and Treasurer, including removing the Treasurer's default role of performing CFO duties during absence. These are largely housekeeping changes that support the orderly succession plan. Overall, the filing signals a planned, internally-led finance leadership handoff alongside a board refresh with utility-sector expertise.

Apr 23, 2026 8-K

Edison International 8-K Report, Corporate Update (Feb 26, 2026)

Edison International (EIX) announced on February 26, 2026, via an 8-K filing, the agreement to sell $550,000,000 in principal amount of its 4.80% Senior Notes due in 2031. This debt issuance represents a significant capital raising activity for the company. Investors should note the interest rate and maturity date as key parameters of this new debt. The filing does not provide extensive details beyond the principal amount, interest rate, and maturity, directing readers to attached exhibits for further information regarding the Notes.

Feb 26, 2026 8-K

Edison International 8-K Report, Regulation FD Disclosure (Feb 19, 2026)

Edison International (EIX) filed an 8-K on February 19, 2026 furnishing a February 18, 2026 Business Update presentation (Exhibit 99.1) for use with institutional investors, analysts, and at investor conferences. The filing contains no new financial statements; its substance is management's updated outlook. The headline items are new 2026 Core EPS guidance of $5.90–6.20 and 2027 guidance of $6.25–6.65, reaffirmed 2028 guidance of $6.74–7.14, and a 2026–2030 capital plan of roughly $38–41 billion. Management reiterates a 5–7% Core EPS CAGR through 2030, with a 2030 target of $7.45–8.20, and states that the plan requires no equity issuance. The main investor debate remains wildfire liability. The Eaton Fire, which SCE believes its equipment could have been associated with, is described as not yet estimable in terms of potential losses. Management points to identified funding sources: the Wildfire Fund (claim-paying capacity above $21 billion), SCE's roughly $4.3 billion liability cap for 2025, customer-funded self-insurance, and securitization authority under SB 254. SB 254 also creates a new $18 billion continuation account and allows securitization of about $6 billion of wildfire mitigation capex (SCE share about $2.9 billion). Management characterizes this as constructive for potential Eaton Fire losses. Credit ratings are a watch point: S&P has BBB- with a Negative outlook at both SCE and EIX, while Moody's and Fitch are Stable. For investors, the update combines a more defined near-term earnings path, a rate base CAGR of about 7% (2025–2030), and a dividend policy targeting 45–55% payout of SCE core earnings, with 22 consecutive years of dividend growth. Against this sit unresolved wildfire exposure, affordability pressure on rates, and the negative S&P outlook. The presentation is largely a forward-looking investor deck, so its projections are subject to the regulatory, legislative, and wildfire risks it lists.

Feb 19, 2026 8-K

Material AgreementsFinancial EventsExhibits & Filings

Edison International 8-K Report, Financial Results (Feb 18, 2026)

Edison International (EIX) reported fourth-quarter and full-year 2025 results on February 18, 2026. Fourth-quarter GAAP EPS was $4.80 (core EPS $1.87), and full-year GAAP EPS was $11.58 (core EPS $6.55). Full-year 2025 core EPS came in above the top of the original guidance range, extending EIX's two-decade record of meeting or beating annual EPS guidance and completing the 2021–2025 long-term core EPS growth target. The headline GAAP figure is inflated by roughly $1.9 billion of after-tax non-core items, mainly favorable Woolsey and TKM wildfire cost-recovery true-ups, so core EPS is the better gauge of run-rate performance. Looking forward, management introduced 2026 core EPS guidance of $5.90–$6.20 (about 3.5% growth at the midpoint from a $5.84 baseline) and 2027 guidance of $6.25–$6.65. It reaffirmed 2028 guidance of $6.74–$7.14 and extended the 5–7% core EPS CAGR target through 2030. The 2026 step-down in growth is attributed to timing items that management says will not recur, and 2027 growth is expected at the high end of the 5–7% range, supported by roughly 7% rate base growth. The company also projects no equity issuance through 2030 and plans a $38–41 billion capital program for 2026–2030. Key risks remain. The Eaton Fire investigation is ongoing, and management says SCE's equipment likely could have been associated with the ignition, but it cannot yet estimate potential losses. The Woolsey securitization (about $2.0 billion) awaits CPUC approval, with a targeted close in mid-2026. The SB 254 legislative process in 2026 will shape the long-term wildfire liability framework. Investors should weigh the strong regulatory visibility and guidance against these unresolved wildfire-liability exposures.

Feb 18, 2026 8-K

Edison International 8-K Report, Material Agreement (Dec 23, 2025)

Edison International (EIX) has entered into a $900 million Term Loan Credit Agreement with an maturity date of December 22, 2026. The proceeds from this loan are intended for general corporate and working capital purposes, which may include debt repayment. The loan carries an interest rate tied to adjusted term SOFR or a base rate, with associated margins. A key financial covenant requires Edison International to maintain a consolidated total recourse indebtedness to consolidated capital ratio not exceeding 0.70 to 1.0 at the end of each quarter. This new financing provides EIX with immediate liquidity and flexibility, particularly given the potential for using proceeds to manage existing debt obligations. Investors should note the short-term nature of this loan, maturing within a year, and monitor the company's ability to adhere to the specified leverage ratio covenant. The agreement also highlights existing and potential future relationships with the participating lenders, who are already involved in EIX's existing revolving credit facilities.

Dec 23, 2025 8-K

Edison International 8-K Report, Corporate Update (Dec 22, 2025)

Edison International (NYSE: EIX) filed an 8-K on December 22, 2025 (signed December 19, 2025) to report the results and expiration of its cash tender offers for its 5.00% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series B and 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A. The Offers expired December 19, 2025 at 5 p.m. New York time. Holders validly tendered $415.5 million aggregate liquidation preference of Series B preferred and $745.0 million of Series A preferred, and the company has accepted all such shares for purchase. Settlement is expected on December 23, 2025. The tender consideration is $995 per $1,000 liquidation preference for Series B and $1,000 per $1,000 for Series A, plus accrued dividends through the settlement date. The Series B price is set below par, while the Series A price is at par, so the economics differ between the two series. All offer conditions were satisfied or waived. Dealer managers were Barclays, J.P. Morgan, Mizuho and Santander, and Global Bondholder Services acted as tender and information agent. For investors, the filing is primarily a capital structure event. Edison is retiring roughly $1.16 billion of preferred equity in aggregate, which reduces the preferred stock layer and its fixed dividend obligations. The filing does not disclose how the repurchases will be funded, so the balance-sheet impact depends on financing terms that are not included here. The 8-K also contains no earnings, guidance, or wildfire-related updates.

Dec 22, 2025 8-K

Other Events

Edison International 8-K Report, Corporate Update (Dec 19, 2025)

Edison International (EIX) announced a significant regulatory development with the California Public Utilities Commission's (CPUC) final decision on Southern California Edison's (SCE) cost of capital for 2026. The decision maintains the existing cost of capital mechanism, establishing authorized capital structures and rates of return for 2025 and 2026. This regulatory clarity is crucial for EIX's future investment and operational planning. In conjunction with this decision, EIX reaffirmed its long-term financial guidance, projecting a 5-7% compound annual growth rate for Core EPS from 2025 to 2028, leading to a 2028 Core EPS of $6.74-$7.14. The company also anticipates a 7-8% annual rate base growth and plans to invest $28-29 billion in its capital plan over the same period. Importantly, EIX stated there will be no annual equity needs from 2025 to 2028. The company highlighted its attractive total shareholder return potential, a combination of its dividend yield and projected EPS growth.

Dec 19, 2025 8-K

Edison International 8-K Report, Corporate Update (Nov 20, 2025)

Edison International (EIX) has commenced cash tender offers to purchase any and all of its outstanding 5.00% Series B and 5.375% Series A Fixed-Rate Reset Cumulative Perpetual Preferred Stock. The Series B offer price is $995 per $1,000 liquidation preference, a 0.5% discount to par, while the Series A offer price is $1,000 per $1,000 liquidation preference, equal to par. Both prices are plus accrued dividends up to the settlement date. The offers expire December 19, 2025 at 5:00 p.m. New York time unless extended or terminated earlier, and holders may withdraw tendered securities until expiration. The aggregate liquidation preference outstanding is approximately $503.5 million for Series B and $1,159.3 million for Series A, about $1.66 billion in total. At the stated offer prices, the maximum cash consideration before accrued dividends is roughly $1.66 billion. Edison International expects to fund the purchases and related fees and expenses with cash on hand. The filing does not state the strategic rationale for the offers, and the 8-K does not disclose whether a specific purchase amount or minimum tender condition applies beyond the general conditions described in the Offer to Purchase. For investors, the key points are the scale of the potential cash outlay relative to the company's capital structure, the differing economics between the two series, and the fact that the Series B discount may make it less attractive for holders to tender, which could affect the amount actually repurchased. Barclays, J.P. Morgan, Mizuho and Santander are acting as dealer managers, and Global Bondholder Services is the tender and information agent. Investors seeking full terms, including conditions, the settlement timeline and proration mechanics, should review the Schedule TO and Offer to Purchase filed with the SEC.

Nov 20, 2025 8-K

Edison International 8-K Report, Regulation FD Disclosure (Oct 29, 2025)

Edison International (EIX) furnished a business update presentation (Exhibit 99.1, dated October 28, 2025) under Regulation FD, used in investor meetings and conferences. The deck is largely a reaffirmation and refinement of prior guidance, with the most investor-relevant developments concerning legacy wildfire cost recovery, the newly enacted SB 254 wildfire framework, and the 2026 cost of capital request. The filing contains no new financial statements; its substance is management commentary and forward-looking targets. The key earnings-related update is the narrowing of 2025 Core EPS guidance to $5.95–6.20 (from $5.94–6.34) and reaffirmation of 2028 Core EPS of $6.74–7.14, implying 5–7% CAGR off a $5.84 baseline. Rate base growth of 7–8% (2024–2028) and a $28–29 billion 2025–2028 capital plan were reaffirmed, with the rate base forecast trimmed to $56.5–57.5 billion for 2028. Management states the financing plan requires no new equity, supported by expected securitization proceeds from TKM (~$1.6 billion by year-end 2025) and Woolsey (~$2.0 billion pending approval). Note that the EPS guidance narrowing reflects roughly 10¢ of one-time costs tied to early refinancing of EIX preferred equity. The principal risk remains wildfire liability. The company highlighted SB 254 (signed September 19, 2025), which creates an $18 billion continuation fund and allows securitization of $6 billion in wildfire mitigation capex (SCE share ~$2.9 billion), as constructive for potential Eaton Fire losses. Investors should weigh this against unresolved uninsured wildfire exposure, the CPUC's interpretation of the prudency standard, and a credit outlook that remains negative at S&P (BBB-). The Woolsey settlement proposal (35% WEMA recovery) awaits a proposed decision, and the 2026–2028 ROE request of 11.75% awaits a proposed decision expected in November 2025.

Oct 29, 2025 8-K

Regulation FDOther EventsExhibits & Filings

Edison International 8-K Report, Financial Results (Oct 28, 2025)

Edison International (EIX) reported third-quarter 2025 GAAP EPS of $2.16 (net income of $832 million) and core EPS of $2.34, up from $1.51 a year earlier. The year-over-year core increase is largely a one-time true-up of roughly 55 cents tied to the 2025 General Rate Case (GRC) final decision, which is retroactive to January 1, 2025, so management described the comparison as not meaningful. Year-to-date core EPS is $4.68 versus $3.88 in 2024. Management narrowed 2025 core EPS guidance to $5.95-$6.20 (from $5.94-$6.34), with the midpoint lowered by about 10 cents to reflect potential costs of an early refinancing of parent-level preferred equity that resets in 2026 and 2027. The quarter's most important developments are regulatory and legislative. California passed SB 254, which creates an up-to-$18 billion Continuation Account for future wildfires (ignited after September 19, 2025), enhances the liability cap framework, and allows securitization of certain 2025 wildfire claims if the initial Wildfire Fund is exhausted. The Eaton Fire was confirmed as a "covered wildfire" eligible to access the fund, though the investigation is ongoing and management acknowledged that SCE's equipment could likely be found associated with the ignition. The 2025 GRC decision authorized 91% of requested capital and about $9.7 billion in 2025 base revenue. A Woolsey Fire settlement (about $2.0 billion of roughly $5.6 billion requested, subject to CPUC approval) would bring combined TKM and Woolsey recovery to about 43% of 2017/2018 event costs above insurance and FERC recoveries. Management reaffirmed its 2025-2028 core EPS CAGR target of 5-7% off a $5.84 baseline (implying $6.74-$7.14 for 2028), a 4-year capital plan of $28-29 billion, and 7-8% rate base growth. The financing plan shows no equity issuance requirement, which is a change from prior annual equity needs of about $100 million. Key risks remain the uncertain total cost of the Eaton Fire, the pending CPUC decisions on Woolsey and cost of capital, the S&P downgrade of EIX and SCE by one notch, and the April 2026 Phase 2 report under SB 254 on long-term wildfire liability reform.

Oct 28, 2025 8-K

Edison International 8-K Report, Regulation FD Disclosure (Sep 19, 2025)

On September 19, 2025, Edison International (EIX) and Southern California Edison (SCE) disclosed a proposed settlement of SCE's application to recover Woolsey Fire costs. If the California Public Utilities Commission (CPUC) approves it, SCE would recover 35% of its roughly $5.6 billion in Woolsey-related losses (WEMA costs), or about $2.0 billion, and 85% of about $84 million in restoration costs (CEMA), or about $71 million. The settlement is joined by the Public Advocates Office, EPUC and SBUA, but other parties may still oppose it or take no position. SCE would also waive recovery of about $157 million of pre-AB 1054 losses and will not seek $250 million of Woolsey-related costs under a prior administrative consent order. The settlement matters most for its earnings and balance-sheet effects. SCE expects a one-time EPS benefit of about 44 cents, recognized in the quarter of a final CPUC decision, plus ongoing interest expense savings of about 18 cents per share annualized. The company also estimates an FFO-to-debt improvement of about 90 basis points. If the CPUC approves the settlement, SCE would permanently exclude after-tax equity charges and associated debt tied to the disallowed costs from its CPUC regulatory capital structure. Combined with the previously approved TKM settlement, SCE would recover roughly 43% (about $3.6 billion) of 2017/2018 wildfire and mudslide costs above insurance and FERC recoveries. SCE expects a final CPUC decision within 3 to 6 months. Woolsey recovery would then be financed through securitized bonds, with proceeds expected by year-end 2026 if securitization is approved. If securitization is denied, the authorized amount would be recovered through rates over five years using long-term debt. Investors should watch the comment period, any ALJ action on its timing, and the CPUC's final decision, since these determine the timing and size of the one-time benefit.

Sep 19, 2025 8-K

Regulation FDOther EventsExhibits & Filings

Edison International 8-K Report, Regulation FD Disclosure (Sep 15, 2025)

Edison International (EIX) and Southern California Edison (SCE) filed an 8-K on September 15, 2025 disclosing two developments. First, the California Legislature approved Senate Bill (SB) 254 on September 13, 2025, and it was expected to be signed by the Governor. Per SCE's interpretation, SB 254 restructures California's wildfire liability framework: it creates an $18 billion Continuation Account funded 50/50 by customers and investor-owned utilities (IOUs), with no upfront contribution, excludes $6 billion of wildfire mitigation capex from rate base in favor of securitization (SCE share about $2.9 billion), and sets a liability cap based on the year of ignition. SCE estimates its share of the new fund at roughly 47.85%, or about $145 million per year starting in 2029. The company characterizes the bill as constructive for potential Eaton Fire losses, though the new fund only covers wildfires ignited after the bill's effective date. Second, on September 11, 2025, SCE settled with a subrogation insurance claimant in the 2025 Eaton Fire litigation. SCE agreed to pay $0.52 for each dollar the claimant paid or will pay to its policyholders, subject to an agreed cap. The claimant had paid roughly $500 million to policyholders as of July 31, 2025. The settlement includes a release of SCE and Edison International from related claims, with no admission of wrongdoing. SCE also told the Wildfire Insurance Fund administrator that it believes the Eaton Fire is a "covered wildfire" and expects future eligible claims to require reimbursement from the fund. For investors, the filing is significant because it signals a potential path to limit uninsured Eaton Fire exposure through the Wildfire Fund and a clearer liability framework. Investors should note that the settlement amount is capped, the SB 254 terms reflect SCE's own interpretation pending final enactment and CPUC approval, and the bill's effectiveness depends on all three large electric utilities electing to participate in the Continuation Account.

Sep 15, 2025 8-K

Edison International 8-K Report, Regulation FD Disclosure (Aug 1, 2025)

Edison International (EIX) furnished a July 31, 2025 Business Update presentation (Exhibit 99.1) under Regulation FD, to be used in meetings with institutional investors and analysts and posted to its investor website. The deck is largely a reaffirmation of the company's strategy rather than a discrete financial event: it reaffirms 2025 Core EPS guidance of $5.94–$6.34, reiterates a 2023–2028 capital plan of $38–43 billion, a ~6–8% rate base CAGR, and 5–7% Core EPS growth for 2025–2028, and targets a 45–55% dividend payout of SCE core earnings. The most investor-relevant developments are regulatory and financing. The CPUC issued a proposed decision on SCE's 2025 General Rate Case on July 28, 2025, which the company says cuts its requested revenue requirement (2025 increase of $1.2B under the PD versus $1.9B requested) and rate base growth (2028 rate base of $56.3B under the PD versus $60.6B in the company's plan). EIX says it will seek revisions in oral argument and comments. Separately, the Thomas, Koenigstein and Montecito (TKM) wildfire cost settlement was approved, with ~$1.6 billion in securitization pending and a ~30¢ one-time 2025 EPS true-up plus a ~14¢ annual interest expense benefit. The 2026 cost of capital application requests an 11.75% ROE, versus the 10.33% authorized for 2025. The presentation also details SCE's wildfire liability framework under AB 1054 (Wildfire Insurance Fund of $21+ billion, liability cap of ~$3.9B for 2024), wildfire mitigation progress (about 90% of planned distribution hardening in high fire risk areas completed), and a $6.2B 2026–2028 Wildfire Mitigation Plan. Credit ratings remain investment grade, with S&P at BBB Negative and Fitch and Moody's on watch or negative/stable outlooks as listed. Key risks include wildfire liability exposure, affordability pressure on rates, the GRC outcome, and the Woolsey cost recovery proceeding ($5.4B requested).

Aug 1, 2025 8-K

Edison International 8-K Report, Financial Results (Jul 31, 2025)

Edison International (EIX) reported second-quarter 2025 GAAP EPS of $0.89 and core EPS of $0.97, down from $1.23 core EPS a year earlier. Management attributes the year-over-year decline mainly to higher operations and maintenance expense at Southern California Edison (SCE) and higher interest expense at the parent. The comparison is distorted because SCE is recognizing revenue at 2024 authorized levels, adjusted for the 2025 ROE, until it receives a final 2025 General Rate Case (GRC) decision. EIX reaffirmed its 2025 core EPS guidance of $5.94-$6.34 and its 5-7% core EPS CAGR target for 2025-2028 ($6.74-$7.14 for 2028). The most important developments for investors are regulatory and legal. The CPUC issued a GRC proposed decision on July 28, 2025, authorizing base revenue of $9.8 billion (about 93% of SCE's request) and a 2025 revenue requirement increase of $1.2 billion versus $1.9 billion requested. SCE will seek revisions in its opening comments, which are due August 18. The Eaton Fire investigation is ongoing, and management said SCE equipment could have been associated with the ignition. SCE plans to launch a Wildfire Recovery Compensation Program this fall. Management also expects legislative action to strengthen California's AB 1054 wildfire framework during the current session, though this is not assured. Year-to-date results are dominated by the TKM settlement, which produced a $1.34 billion pre-tax recovery in the first half of 2025 and lifted six-month GAAP EPS to $4.62. Balance sheet items to note include total assets of $88.8 billion, long-term debt of $35.0 billion, and a $1.6 billion securitization of TKM costs expected to close by year-end 2025. Management said the 2025 GRC final decision and the subsequent guidance refresh are the key near-term catalysts.

Jul 31, 2025 8-K

Edison International 8-K Report, Regulation FD Disclosure (Apr 30, 2025)

Edison International (EIX) filed an 8-K on April 30, 2025 furnishing an April 29, 2025 business update presentation (Exhibit 99.1) for use in investor meetings and conferences. The deck is largely a reiteration and update of the company's wildfire-liability, rate base, and earnings framework rather than a new financial report, so the key takeaways concern regulatory outcomes and guidance. Management reaffirmed 2025 Core EPS guidance of $5.94–$6.34 and expects 5–7% Core EPS CAGR for 2025–2028, off a 2025 midpoint of $6.14 that includes a one-time ~30¢ true-up and ~14¢ run-rate interest benefit from the TKM legacy wildfire settlement. Rate base is projected to grow ~6–8% (2023–2028) on a $38–43 billion capital plan, with the company stating a target dividend payout of 45–55% of SCE core earnings. The main regulatory events are the pending 2025 General Rate Case (proposed decision awaited; requested annual revenue increases of roughly $1.9 billion in 2025, $670 million in 2026, $750 million in 2027, and $730 million in 2028), the 2026 cost of capital application requesting an 11.75% ROE versus 10.33% authorized for 2025, and resolution of legacy wildfire costs. The TKM settlement (~$1.6 billion, approved by the CPUC) will be securitized, with proceeds expected by year-end 2025. The Woolsey cost recovery application ($5.4 billion request) remains in litigation, with a proposed decision expected in Q1 2026. Management noted that a final GRC decision would trigger a refresh of capital, rate base, and EPS guidance. Investors should weigh the strength of California's AB 1054 wildfire framework and the constructive regulatory path against ongoing wildfire liability exposure, affordability pressure on rates, and the dependence of 2025–2028 earnings growth on timely CPUC decisions. Credit ratings are investment grade but S&P has a negative outlook on both SCE and EIX (BBB), a point that merits monitoring.

Apr 30, 2025 8-K

Edison International 8-K Report, Financial Results (Apr 29, 2025)

Edison International (EIX) reported first-quarter 2025 GAAP earnings per share of $3.73 (net income of $1,436 million) and core EPS of $1.37, up from $1.13 a year earlier. The GAAP figure is inflated by roughly $908 million ($2.36 per share) of non-core items, chiefly the net recognition of TKM settlement cost recoveries at Southern California Edison (SCE). The year-over-year core comparison is not especially meaningful, management says, because SCE has not yet received a final decision in its 2025 General Rate Case and is booking revenue at 2024 authorized levels, with a true-up to follow. Management reaffirmed 2025 core EPS guidance of $5.94-$6.34 and its 5-7% core EPS CAGR from 2025 to 2028 ($6.74-$7.14 in 2028). Key supports include about 30 cents of one-time TKM true-up, a 14-cent annual run-rate interest expense reduction from the TKM settlement, and a WMCE settlement that is awaiting CPUC approval. Management also said it expects to refresh guidance and its capital and rate base projections about six weeks after a GRC final decision. The most significant risk flagged is the Eaton Fire. Management stated that SCE has not conclusively determined its equipment caused the ignition, but absent other evidence it believes its equipment could have been associated with it, and it is therefore probable that EIX and SCE will incur material losses in connection with the fire. The filing does not quantify those losses. Investors should weigh this unquantified liability against the otherwise constructive regulatory progress and the reaffirmed growth outlook.

Apr 29, 2025 8-K

Shareholder Matters

Edison International 8-K Report, Shareholder Vote Results (Apr 25, 2025)

This 8-K filing reports the outcomes of Edison International's (EIX) Annual Meeting of Shareholders held on April 24, 2025. The meeting covered five key voting matters, including the election of directors, ratification of the independent auditor, an advisory vote on executive compensation, an amendment to the incentive plan, and a shareholder proposal on severance pay. All proposals, except for the shareholder proposal on severance pay, were approved by the shareholders. Investors will be particularly interested in the strong support for the Board of Directors and the ratification of PricewaterhouseCoopers LLP as the independent auditor. The advisory vote on executive compensation also passed, indicating shareholder confidence in the current compensation structure. The approval of the amended Performance Incentive Plan suggests continued alignment with long-term shareholder value. The rejection of the shareholder proposal on severance pay indicates that management's existing policies in this area are favored by the majority of shareholders.

Apr 25, 2025 8-K

Edison International 8-K Report, Corporate Update (Mar 14, 2025)

Edison International (EIX) has announced a significant financing event through the agreement to sell $550 million in aggregate principal amount of its 6.25% Senior Notes due in 2030. This transaction, disclosed via an 8-K filing on March 14, 2025, is a key development for the company's capital structure and financial strategy. Investors should note the specific coupon rate and maturity date of these notes, which will impact future interest expenses and debt obligations. The issuance of these senior notes suggests Edison International is actively managing its debt portfolio, potentially to fund ongoing operations, capital expenditures, or refinance existing debt. While the filing provides details on the principal amount and interest rate, further information regarding the use of proceeds or the specific terms and conditions of the notes would be beneficial for a comprehensive understanding of the transaction's implications.

Mar 14, 2025 8-K

Edison International 8-K Report, Regulation FD Disclosure (Feb 28, 2025)

Edison International (EIX) filed this Form 8-K on February 28, 2025 to furnish its February 27, 2025 Business Update presentation (Exhibit 99.1) for use in investor meetings and conferences. The deck reaffirms the company's wires-focused strategy, with a $38–43 billion 2023–2028 capital plan for its principal subsidiary Southern California Edison (SCE), a 6–8% rate base CAGR (roughly 8% CAGR per the presentation's chart), and a target dividend payout of 45–55% of SCE core earnings. Management also issued revised 2025 Core EPS guidance of $5.94–6.34, which incorporates a one-time benefit from the approved TKM wildfire settlement and reduced interest expense. The most important near-term development is the TKM (Thomas, Koenigstein, and Montecito/Debris Flow) settlement, which the CPUC has approved, authorizing recovery of 60% of WEMA costs and 85% of CEMA costs, or about $1.6 billion in settlement value versus an approximately $5.4 billion request for the Woolsey application. The settlement drives a roughly 44 cent 2025 EPS contribution (30 cents from a one-time interest true-up and 14 cents of run-rate interest savings), and SCE plans a securitization filing in March 2025 with proceeds of about $1.6 billion expected by year-end 2025. The Woolsey cost recovery application, which seeks $5.4 billion, remains pending, with intervenor testimony scheduled for June 2025. The presentation also highlights the company's 2025–2028 financing plan, which projects 5–7% Core EPS CAGR and minimal equity needs (about $0.4 billion, excluding the one-time TKM true-up). Pending items that could move results include the 2025 General Rate Case (GRC) proposed decision, which covers roughly $1.9 billion of 2025 revenue requirement increases, and the outcome of the Woolsey proceeding. Investors should note ongoing wildfire liability exposure under AB 1054, credit ratings that carry a negative outlook at S&P (BBB) and Moody's Baa1 (stable), and the forward-looking risk factors in the disclosure.

Feb 28, 2025 8-K

Leadership ChangesRegulation FDExhibits & Filings

Edison International 8-K Report, Financial Results (Feb 27, 2025)

Edison International (EIX) reported fourth-quarter 2024 GAAP EPS of $0.88 and core EPS of $1.05, down from $1.28 a year earlier, mainly due to higher operation and maintenance expense and higher interest expense. Full-year 2024 GAAP EPS was $3.33 and core EPS was $4.93, up from $4.76 in 2023 and above the midpoint of guidance. The results were overshadowed by the January 2025 Eaton and Palisades wildfires. The Eaton Fire cause remains under investigation, and management has not quantified any potential liability. Management argues that the AB 1054 framework, the wildfire fund's $21 billion of claim-paying capacity, the liability cap, and SCE's safety certification protect the utility's financial position. The key positive development was CPUC unanimous approval of the TKM settlement, which allows SCE to recover about $1.6 billion, or 60%, of wildfire claims and costs from a pre-AB 1054 wildfire. Management raised 2025 core EPS guidance to $5.94-$6.34 from $5.50-$5.90, adding $0.44 per share: a one-time $0.30 true-up for historical interest expense plus an ongoing $0.14 annual interest expense reduction. The company reaffirmed 5-7% core EPS growth from a $5.84 base in 2025 to $6.74-$7.14 in 2028. The 2025 General Rate Case (GRC) decision is still pending, so quarterly comparisons are not meaningful until it is issued, and revenue is being recorded at 2024 rates with a memo account to true up retroactively. Investors should weigh the upside from cost recovery and guidance against the unresolved Eaton Fire investigation, the pending GRC decision, the Woolsey cost recovery proceeding (a $5.4 billion request), and the stated need for policymakers to strengthen the AB 1054 framework. The board declared a quarterly dividend of $0.8275 per share, and management said there is no change to dividend policy.

Feb 27, 2025 8-K

Edison International 8-K Report, Executive Changes (Feb 20, 2025)

Edison International (NYSE: EIX) filed an 8-K on February 20, 2025 reporting a board change rather than a financial or operational event. The Board increased its size from 11 to 12 members and appointed Jennifer Granholm, former U.S. Secretary of Energy and former Governor of Michigan, as an independent director effective April 1, 2025. She has not yet been assigned to any board committee, and she will receive standard non-employee director compensation. The filing states she has no arrangement with any other person for her appointment and no related-party transactions requiring disclosure under Item 404(a) of Regulation S-K. For investors, the filing contains no earnings, guidance, financing, or litigation information. Its relevance lies in the governance and strategic signal: the appointment brings a director with extensive experience in grid cybersecurity, physical security, and clean energy policy, areas of direct importance to a California utility operating in a wildfire-exposed, heavily regulated environment. The press release notes her expected contributions to both Southern California Edison (SCE) and Trio, the company's nonregulated advisory business. The announcement is a positive but modest governance development. Investors should watch for her eventual committee assignments, which would indicate where the board intends to deploy her expertise, and for any subsequent disclosures about her role in oversight of wildfire mitigation, cybersecurity, or clean energy strategy.

Feb 20, 2025 8-K

Leadership ChangesOther Events

Edison International 8-K Report, Executive Changes (Feb 10, 2025)

Edison International (EIX) announced a significant leadership transition within its legal department. Adam S. Umanoff, the current Executive Vice President, General Counsel, and Corporate Secretary, has informed the company of his decision to retire effective July 4, 2025. This planned retirement allows for a smooth handover of responsibilities. Complementing this news, the Board of Directors has appointed Chonda J. Nwamu as the new Executive Vice President and General Counsel, effective April 9, 2025. Mr. Umanoff will remain with the company in an Executive Vice President role from April 9th until his retirement, ensuring continuity and knowledge transfer during this period. Investors should monitor how Ms. Nwamu's leadership impacts the company's legal and corporate governance strategies.

Feb 10, 2025 8-K

Edison International 8-K Report, Corporate Update (Nov 5, 2024)

Edison International (EIX) has announced the successful agreement to sell $550 million in aggregate principal amount of its 5.25% Senior Notes due in 2032. This debt issuance is a significant event that will impact the company's capital structure and future interest expenses. Investors should note that the company has provided further details regarding these Notes within the exhibits attached to this 8-K filing. This offering represents a strategic move for Edison International to manage its long-term financing needs and potentially fund ongoing operations or capital expenditures.

Nov 5, 2024 8-K

Edison International 8-K Report, Regulation FD Disclosure (Oct 30, 2024)

Edison International (EIX) furnished an October 29, 2024 Business Update presentation (Exhibit 99.1) under Regulation FD, for use in investor meetings and conferences. The filing itself contains no new financial statements; its substance is the slide deck, which reaffirms the company's strategy as a wires-focused utility with a $38–43 billion SCE capital plan for 2023–2028 and roughly 6–8% rate base CAGR, with rate base projected to grow from about $43 billion to roughly $55–61 billion over that period. The most investor-relevant news is earnings-related. EIX narrowed its 2024 Core EPS guidance to $4.80–5.00, and management provided preliminary 2025 Core EPS guidance of $5.50–5.90 and a 5–7% Core EPS growth target for 2021–2025 and 2025–2028. The company also outlined a 2025–2028 financing plan that needs only about $0.4 billion of equity. Dividend policy targets a 45–55% payout of SCE core earnings, and the presentation highlights 20 consecutive years of dividend growth. The largest near-term catalyst is legacy wildfire cost recovery. A proposed settlement for the 2017/2018 Thomas, Koenig (TKM) and Montecito Mudslide events would authorize about $1.6 billion of recovery (60% of WEMA costs) and about $55 million of CEMA recovery, with a CPUC decision expected in the first half of 2025. A separate $5.4 billion Woolsey cost recovery application was filed on October 8, 2024. Pending the 2025 GRC proposed decision, the presentation also notes that SCE's rate increases through 2028 are expected to track near inflation. Key risks remain wildfire liability under AB 1054, regulatory outcomes, and rising debt interest costs tied to wildfire claims payments.

Oct 30, 2024 8-K

Regulation FDOther EventsExhibits & Filings

Edison International 8-K Report, Financial Results (Oct 29, 2024)

Edison International (EIX) reported third-quarter 2024 GAAP EPS of $1.33 (net income of $516 million) and core EPS of $1.51, up from $1.38 a year earlier. Core earnings growth of 13 cents was driven mainly by higher CPUC revenue authorized in Track 4 of SCE's 2021 General Rate Case and a higher authorized rate of return from the cost of capital mechanism, partly offset by higher interest expense tied to wildfire claims debt. Year-to-date core EPS reached $3.88. The company narrowed its 2024 core EPS guidance to $4.80-$5.00 from $4.75-$5.05, and reiterated its 5%-7% core EPS CAGR targets for 2021-2025 and 2025-2028. The most important regulatory developments concern legacy wildfires. SCE reached a settlement with Cal Advocates on the Thomas/Montecito Mudslides (TKM) cost recovery application, which would authorize recovery of 60% of about $1.6 billion in costs, pending CPUC approval expected in the first half of 2025. SCE also filed a cost recovery application for the Woolsey Fire seeking about $5.4 billion. Management stressed that legacy-event recoveries are not included in its earnings targets, so a TKM approval and any Woolsey recovery would be additive. Management also said the 2025 General Rate Case (GRC) proposed decision is awaited, with a decision possibly in the first half of 2025, and that it will update its capital plan and 2025 guidance after that decision. Investors should note a negative development: a recent CPUC decision changed the cost of capital mechanism and lowered 2025 ROEs for California investor-owned utilities. Management called the decision unfortunate and the process disappointing, but reiterated confidence in its 2025 core EPS guidance of $5.50-$5.90. The company reiterated its 2025-2028 financing plan, which it says requires minimal equity, and its net-zero-by-2045 commitment.

Oct 29, 2024 8-K

Other Events

Edison International 8-K Report, Corporate Update (Oct 8, 2024)

This 8-K filing reports a significant development for Edison International (EIX) and its subsidiary, Southern California Edison Company (SCE). SCE has filed an application with the California Public Utilities Commission (CPUC) to recover approximately $5.4 billion in prudently incurred losses stemming from the Woolsey Fire. This amount includes $4.4 billion in uninsured claims paid as of August 31, 2024, and an additional $1.0 billion for associated costs, such as legal and financing expenses, with an estimated $84 million for restoration costs also requested. The filing indicates that SCE is seeking approval for rate recovery, meaning these costs would ultimately be passed on to customers through their utility bills. SCE anticipates a proposed decision from the CPUC on this application by February 2026. Investors should closely monitor the CPUC's proceedings as the outcome will have a material impact on SCE's financial performance and regulatory asset base.

Oct 8, 2024 8-K

Edison International 8-K Report, Regulation FD Disclosure (Aug 29, 2024)

Edison International (EIX) and Southern California Edison (SCE) disclosed in this August 29, 2024 8-K a proposed settlement with the California Public Advocates Office covering cost recovery for the Thomas, Koenigstein and Montecito Mudslide (TKM) events. If approved by the CPUC, SCE would recover 60% of roughly $2.7 billion in wildfire-related losses and costs (about $1.6 billion), with the remaining 40% (about $1.1 billion, including $10 million of CEMA-related disallowance and the WEMA portion) permanently disallowed. The settlement also provides 85% recovery (about $55 million of roughly $65 million) of restoration costs, and SCE agreed to $50 million of shareholder-funded wildfire and public safety system enhancements. For investors, the key positives are the removal of a significant uncertainty around 2017/2018 wildfire and debris flow costs, the permanent exclusion of after-tax equity charges and associated debt from SCE's regulatory capital structure, and management's modeling of roughly 40-50 bps of FFO-to-debt improvement and about $35 million of annual interest savings per $1 billion recovered. Recovery of the WEMA amounts is expected through securitized bonds, with proceeds potentially not received until the end of 2025, subject to a multi-step CPUC process (comment period, proposed decision in 3-6 months, then a separate securitization application taking roughly 6 months). The settlement is not yet final. Other parties may oppose or take no position, and the CPUC must approve it. The filing is primarily an informational disclosure furnished alongside an investor presentation, so investors should monitor the CPUC proceeding, the eventual decision, and the securitization timeline, while recognizing that the $1.1 billion of permanent disallowances represents a material earnings and equity hit that management has already accounted for in its framing.

Aug 29, 2024 8-K

Edison International 8-K Report, Regulation FD Disclosure (Jul 26, 2024)

Edison International (EIX) filed this 8-K on July 25–26, 2024 to furnish an investor business update presentation (Exhibit 99.1) for use in meetings with institutional investors, analysts, and at conferences. The filing contains no new financial results; its substance is management's reaffirmation of guidance and a detailed restatement of the company's strategy, regulatory posture, and wildfire-related exposures. The central message is that EIX expects 2024 Core EPS of $4.75–5.05, 5–7% Core EPS growth through 2025 and 2025–2028, and ~6–8% rate base growth from 2023–2028 on a $38–43 billion capital plan, with minimal new equity needs. The most important investor-relevant items are the regulatory and wildfire-liability developments. The 2025 General Rate Case (GRC) is on track, with partial settlements covering roughly 96% of requested amounts in the areas settled, a proposed decision to follow reply briefs due August 5, 2024, and an updated annual revenue requirement increase of about $1.9 billion in 2025. On the 2017/2018 wildfire and debris-flow events, roughly 13,000 individual plaintiff claims have been resolved, with a $5+ billion cost recovery application pending for the TKM events and a Woolsey application targeted for Q3 2024. Management's best estimate of total losses for those events is about $9.9 billion, and the presentation links successful cost recovery to meaningful reductions in financing costs. Wildfire claims debt interest remains a material drag on Core EPS, and management is framing AB 1054 and wildfire mitigation (covered conductor, grid hardening) as the drivers of lower wildfire risk and of a potential valuation re-rating. The presentation also cites a rising load-growth outlook (10-year forecast up about 35% since the 2022 Distribution System Plan, with roughly 80% electricity demand growth by 2045) and a 20-year record of dividend growth, with the dividend payout target at 45–55% of SCE core earnings. Investors should weigh these growth and recovery prospects against regulatory uncertainty, the pace of cost recovery, affordability pressures on customer rates, and continued wildfire tail-risk exposure. Figures are management projections and subject to the risks listed in the forward-looking statement.

Jul 26, 2024 8-K

Edison International 8-K Report, Financial Results (Jul 25, 2024)

Edison International (EIX) reported second-quarter 2024 GAAP earnings of $1.14 per share ($439 million net income available to common shareholders) and core earnings of $1.23 per share ($475 million), up from $1.01 core EPS a year earlier. The year-over-year improvement was driven primarily by higher revenue authorized in Track 4 of SCE's 2021 General Rate Case, a higher authorized return from the cost of capital mechanism, and recognition of previously unrecognized return on wildfire restoration rate base. These gains were partly offset by higher interest expense tied to debt used to fund wildfire claims payments. Year-to-date core EPS is $2.37, and management reaffirmed 2024 core EPS guidance of $4.75 to $5.05 and its 5% to 7% core EPS growth targets for both 2021-2025 and 2025-2028. The filing also announced a new share repurchase program of up to $200 million, effective July 29, 2024 and running through December 31, 2025. It is intended to offset dilution from long-term incentive compensation issuances, is funded from working capital, and carries no obligation to buy. Management also highlighted that SCE has completed 84% of its planned distribution-line hardening in high fire risk areas, that its 10-year load growth forecast is now 35% higher, and that the 2025 General Rate Case (GRC) is on track with partial settlements covering 12 areas. Investors should note that GAAP results were materially affected by about $485 million ($1.26 per share) of non-core wildfire-related and other charges in the first half, primarily 2017/2018 Wildfire/Mudslide Event claims. For investors, the key takeaways are a solid first half with guidance reaffirmed, continued progress on wildfire mitigation and legacy claim resolution, and a long-term growth story anchored by rate base growth of roughly 6% to 8% and capital spending of $38 to $43 billion over 2023-2028. Key uncertainties remain the outcome of the 2025 GRC, the pending TKM cost recovery application (about $2.4 billion), the Woolsey cost recovery filing expected in Q3 2024, and the affordability of customer rates as investment grows.

Jul 25, 2024 8-K

Edison International 8-K Report, Corporate Update (Jun 28, 2024)

Edison International (EIX) has announced a significant financing event through the agreement to sell $500 million in aggregate principal amount of its 5.45% Senior Notes due in 2029. This offering aims to bolster the company's capital structure and provide liquidity for its ongoing operations and strategic initiatives. The details of these notes are further elaborated in the exhibits accompanying the 8-K filing. This debt issuance represents a key step in managing Edison International's financial obligations and funding its capital expenditures. Investors should note the interest rate and maturity date of these senior notes, which provide insights into the cost of debt and the company's long-term financing strategy. The company's ability to secure this funding at the specified terms reflects market confidence in its financial stability.

Jun 28, 2024 8-K

Edison International 8-K Report, Regulation FD Disclosure (May 1, 2024)

Edison International (EIX) and Southern California Edison (SCE) furnished an April 30, 2024 business update presentation (Exhibit 99.1) under Regulation FD, to be used in investor and analyst meetings and posted to the company's investor website. The deck reaffirms 2024 core EPS guidance of $4.75–$5.05 and reiterates a 2023–2028 capital plan of $38–43 billion, implying roughly 6–8% rate base CAGR. It also reaffirms a 5–7% core EPS growth target for 2021–2025 (implying 2025 core EPS of $5.50–$5.90) and provides a 2025–2028 outlook of 5–7% EPS CAGR with minimal equity needs (about $0.4 billion). The most material investor items are wildfire-related. In Q1 2024, management raised its best estimate of total losses from the 2017/2018 Thomas Fire, Koenigstein Fire, Montecito Mudslides (TKM) and Woolsey events by $490 million. SCE has an application pending for about $2.4 billion of TKM costs (with $5+ billion total cost recovery sought including Woolsey), and plans to file the Woolsey application in Q3 2024. Management also cites an 85–88% estimated reduction in catastrophic wildfire loss probability and continued progress on covered conductor and undergrounding. The presentation highlights that cost recovery for these events would reduce interest costs and strengthen credit metrics, with potential avoided excess financing costs of up to $4.9 billion. The filing is a presentation-only disclosure and contains no new financial results or material definitive agreements. Its significance lies in the company's reaffirmed guidance and in the updated wildfire-claim estimates and cost recovery timeline, which investors should track against the forward-looking risks listed in the filing.

May 1, 2024 8-K

Edison International 8-K Report, Financial Results (Apr 30, 2024)

Edison International (EIX) reported a first-quarter 2024 GAAP net loss of $11 million, or $0.03 per share, compared with net income of $310 million, or $0.81 per share, a year earlier. Core earnings rose to $438 million, or $1.13 per share, from $416 million, or $1.09 per share. The improvement was driven mainly by higher revenue authorized in Track 4 of SCE's 2021 General Rate Case and a higher authorized rate of return from the cost of capital mechanism, partly offset by higher interest expense. The GAAP loss reflects a $490 million increase in estimated losses for the 2017/2018 Wildfire/Mudslide Events, which produced a net pre-tax charge of $463 million ($333 million after tax) after $27 million of expected FERC recoveries. Management attributed the increase to demands from Woolsey Fire mediation plaintiffs, who are seeking higher damages than expected and are less likely to drop litigation than TKM plaintiffs were, and to settlements that came in above prior estimates. Despite the charge, management affirmed 2024 core EPS guidance of $4.75 to $5.05 and reiterated its 5% to 7% core EPS growth targets for 2021 to 2025 and 2025 to 2028. Management said the increase will be included in the Woolsey cost recovery application, which is targeted for Q3 2024, and that SCE intends to seek full recovery of all eligible costs. The company expects about 2 cents per share of incremental interest expense in 2024 from the additional debt needed to fund claims payments. Other developments included a favorable CPUC proposed decision on the 2022 CEMA request, which would authorize $191 million of revenue and $312 million of capital, with a vote scheduled for May 30, 2024. S&P affirmed the company's ratings and stable outlook but lowered its FFO-to-debt downgrade threshold to 14% from 15%. For investors, the key questions are the size and timing of wildfire-related cost recovery and whether the 2025 GRC outcome supports the 6% to 8% rate base growth outlook. Management indicated that the 2025 GRC intervenor recommendations would imply rate base growth of about 6%. Management also emphasized that its 2024 guidance is affirmed even after the charge, and that the company has not reflected full cost recovery of the 2017/2018 events in its financial projections.

Apr 30, 2024 8-K

Shareholder Matters

Edison International 8-K Report, Shareholder Vote Results (Apr 25, 2024)

This 8-K filing reports the results of Edison International's (EIX) Annual Meeting of Shareholders held on April 25, 2024. The primary focus of the filing is the outcome of four shareholder proposals. Investors will note that all eleven director nominees were elected to the Board of Directors with substantial support. Additionally, shareholders ratified the appointment of PricewaterhouseCoopers LLP as the independent registered public accounting firm and approved the executive compensation plan on an advisory basis. However, a shareholder proposal concerning lobbying activities did not pass. This indicates that while the board and executive compensation received strong backing, a segment of shareholders expressed disapproval or concern regarding the company's lobbying efforts. The high affirmative votes for directors and auditor ratification suggest continued shareholder confidence in the company's governance and financial oversight.

Apr 25, 2024 8-K

Edison International 8-K Report, Regulation FD Disclosure (Feb 23, 2024)

Edison International (EIX) furnished a February 23, 2024 business update presentation (Exhibit 99.1) under Regulation FD, for use in investor meetings and conferences. The 8-K itself contains no new financial results. The substance is management's multi-year outlook, centered on a $38–43 billion SCE capital plan for 2023–2028, roughly 6–8% rate base growth, and 5–7% core EPS growth targets through 2025 and 2028. The company introduced 2024 core EPS guidance of $4.75–5.05, versus $4.76 recorded in 2023, and 2025 guidance of $5.50–5.90, which implies the step-up in earnings depends heavily on rate base growth. The presentation also quantifies wildfire risk and liability. Management estimates its wildfire mitigation and PSPS efforts have cut the probability of catastrophic losses by 85–88% versus pre-2018 levels, and it cites the AB 1054 framework, including a ~$21 billion Wildfire Insurance Fund and a 2024 SCE liability cap of about $3.9 billion. Legacy 2017/2018 wildfire and debris-flow exposure remains a key swing factor. SCE is seeking recovery of about $2.4 billion for the TKM events and plans to file a Woolsey cost recovery application in Q3 2024 covering more than $4 billion. Management raised its best estimate of total losses by $65 million, and a final TKM decision could come as early as Q1 2025. For investors, the key items are the capital growth runway, the dividend (20 consecutive years of growth, a 45–55% payout target of SCE core earnings, and roughly a 4% yield at the time), and the financing plan, which management says needs minimal new equity. The main risks are wildfire cost recovery outcomes, regulatory decisions on the 2025 GRC and wildfire applications, and interest expense on wildfire claims debt, which weighs on EPS growth.

Feb 23, 2024 8-K

Edison International 8-K Report, Financial Results (Feb 22, 2024)

Edison International (EIX) reported fourth-quarter 2023 GAAP EPS of $0.99 and core EPS of $1.28, versus $1.09 GAAP and $1.15 core a year earlier. Full-year 2023 GAAP EPS was $3.12 and core EPS was $4.76, above the midpoint of the initial $4.55–$4.85 guidance range, which management attributes to disciplined variability management and better-than-expected SCE operational variances. Net income attributable to EIX common shareholders was $1,197 million for 2023, up from $612 million in 2022, largely because 2022 included heavier wildfire-related charges. Core earnings were $1,825 million, up from $1,765 million. The company introduced 2024 core EPS guidance of $4.75–$5.05, which implies only modest growth. Management attributes this to about $0.16 higher interest on wildfire claims debt, a planned increase in O&M for reliability and operational excellence spending that lowers SCE operational variance, and higher parent interest expense after the absence of last year's preferred stock repurchase gain. It reiterated 5–7% core EPS CAGR targets for 2021–2025 and 2025–2028, with 2025 core EPS of $5.50–$5.90 implied. The board raised the annual dividend 5.8% (the 20th consecutive annual increase) and declared a quarterly dividend of $0.78 per share. The key wildfire-related items are the 2017/2018 wildfire and mudslide claims, with best estimated total losses revised upward by $65 million. SCE filed a $2.4 billion cost recovery application for the TKM events, with a final decision possible as early as Q1 2025, and plans to file a Woolsey cost recovery application in Q3 2024. Management notes that its 2025+ financial assumptions exclude these recoveries, which represent potential upside. Risks include regulatory outcomes, wildfire liability under AB 1054, and affordability pressures on rates.

Feb 22, 2024 8-K

Other Events

Edison International 8-K Report, Corporate Update (Dec 26, 2023)

Edison International (EIX) has announced a significant development concerning its subsidiary, Southern California Edison (SCE). On December 22, 2023, the California Public Utilities Commission (CPUC) approved SCE's advice letter to adjust its authorized cost of capital for 2024. This approval will impact SCE's capital structure and rate of return, with a notable increase in the authorized cost of equity. The approved changes indicate a higher authorized cost of capital for 2024 compared to 2023. Specifically, the authorized rate of return is set to increase from 7.44% in 2023 to 7.87% in 2024. This adjustment is primarily driven by an increase in the authorized cost of common equity, which will rise from 10.05% to 10.75%. Investors should monitor how these changes in the cost of capital affect SCE's future profitability and Edison International's consolidated earnings. Edison International plans to provide its 2024 Earnings Per Share (EPS) guidance during its fourth quarter 2023 earnings call.

Dec 26, 2023 8-K

Edison International 8-K Report, Corporate Update (Dec 7, 2023)

Edison International (EIX) announced on December 7, 2023, a significant financing event: the agreement to sell $450 million in principal amount of 7.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2054. This offering represents a strategic move to manage its capital structure and potentially fund ongoing operations or future investments. Investors should pay close attention to the terms of these notes, including their subordinated nature and fixed-to-fixed reset rate, as these factors will influence their risk and return profile. While the filing itself is brief, focusing solely on this debt issuance, it indicates proactive capital management by Edison International. The specific use of proceeds is not detailed in this Form 8-K, but such debt issuances are typically utilized for general corporate purposes, capital expenditures, or refinancing existing debt. Investors are encouraged to review the exhibits attached to the filing for more comprehensive details on the terms and conditions of these newly issued notes.

Dec 7, 2023 8-K

Edison International 8-K Report, Corporate Update (Nov 16, 2023)

On November 16, 2023, Edison International (NYSE: EIX) reported the final results of its cash tender offers for two series of its fixed-rate reset cumulative perpetual preferred stock: the 5.00% Series B and 5.375% Series A. The offers were capped at a maximum aggregate purchase price of $750 million, plus accrued dividends. Because the amount validly tendered fell well short of that cap, the company accepted for purchase all securities tendered by the November 16, 2023 expiration. Tendered amounts were approximately $84.2 million of Series B liquidation preference and $61.5 million of Series A liquidation preference, for total tendered liquidation preference of roughly $145.7 million. The tender prices were $895 per $1,000 of liquidation preference for Series B and $915 per $1,000 for Series A, plus accrued dividends. Series A was priced above Series B, and the Series A premium relative to its $1,000 liquidation preference is consistent with it being the higher-coupon-reset security at the time of the offer. The company expects settlement on November 21, 2023, and all offer conditions were deemed satisfied or waived. Dealer managers were Barclays, Citigroup, and Mizuho, with Global Bondholder Services as tender and information agent. For investors, the filing is a routine capital-structure action rather than a sign of operational stress. It indicates Edison International chose to retire a modest amount of preferred equity, reducing preferred dividend obligations and simplifying its capital stack, while the offer was far from fully subscribed relative to the $750 million ceiling. The filing does not disclose the funding source, the impact on leverage or earnings, or the reasons for the purchase beyond the press release's general description, so these details would need to come from other company disclosures.

Nov 16, 2023 8-K

Regulation FD

Edison International 8-K Report, Regulation FD Disclosure (Nov 13, 2023)

Edison International (EIX) has filed an 8-K report on November 13, 2023, primarily to disclose upcoming financing activities for the remainder of 2023. The company plans to issue junior subordinated notes to finance its ongoing preferred stock tender offer. This move is part of its strategy to manage its capital structure and obligations related to its equity offerings. Additionally, its subsidiary, Southern California Edison Company (SCE), intends to issue preferred equity for general corporate purposes. This issuance is expected to align with SCE's authorized capital structure as regulated by its governing bodies. Investors should note that this report does not constitute an offer to sell or solicit an offer to buy these securities, and any future sales will be conducted in accordance with registration requirements.

Nov 13, 2023 8-K

Edison International 8-K Report, Corporate Update (Nov 8, 2023)

Edison International (NYSE: EIX) filed an 8-K on November 8, 2023 to disclose that it has waived the $300 million Minimum Tender Condition for its previously announced cash tender offers for two series of its preferred stock, and extended the offer expiration date from November 8, 2023 to November 16, 2023 at 8:00 a.m. New York City time. The offers cover the 5.00% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series B and the 5.375% Fixed-Rate Reset Cumulative Perpetual Preferred Stock, Series A, for a maximum aggregate purchase price of up to $750 million, plus accrued dividends. The Offers are still subject to all other conditions. As of the original expiration, holders had validly tendered approximately $182.4 million of Series B liquidation preference and $85.4 million of Series A liquidation preference, about $267.8 million in total. Because the minimum tender threshold of $300 million was not reached, the company waived it, meaning it is no longer obligated to buy only if the $300 million floor is met. Holders who already tendered do not need to re-tender. The company expects settlement on November 21, 2023. For investors, the key takeaways are the offer prices of $895 per $1,000 liquidation preference for Series B and $915 per $1,000 for Series A, plus accrued dividends. These prices are below par for Series B, which suggests holders are being offered a price relative to the liquidation preference that may or may not be attractive depending on their cost basis and market price. The filing is a procedural update rather than a change in the company's underlying financial condition, and it does not include new financial results. Investors should consult the Offer to Purchase dated October 11, 2023, for full terms.

Nov 8, 2023 8-K

Edison International 8-K Report, Regulation FD Disclosure (Nov 2, 2023)

Edison International (EIX) filed this 8-K on November 2, 2023 under Regulation FD (Item 7.01) to furnish an investor business update presentation (Exhibit 99.1) for use in meetings with institutional investors and analysts and at investor conferences. The filing itself contains no new financial results; its substance is the slide deck, which reaffirms 2023 core EPS guidance of $4.55–$4.85 (midpoint implies roughly 5% growth versus 2022 core EPS of $4.58), reaffirms a 5–7% core EPS growth target for 2021–2025, and introduces a 2025–2028 outlook of 5–7% core EPS CAGR with 2028 achievable EPS of $6.60–$7.00. Rate base growth is the core driver, with SCE's 2023–2028 capital plan of $38–43 billion and a 6–8% rate base CAGR cited, and the company highlights a 70 bps upward ROE adjustment under the CPUC cost of capital mechanism for 2024–2025 (to a 10.75% ROE). The presentation's most important investor-relevant content concerns wildfire liability. SCE's 2017/2018 Thomas, Koenigstein, and Montecito Mudslide (TKM) events carry a best-estimate total loss of about $9.3 billion (after settlements through September 30, 2023), with an application seeking $2.4 billion of cost recovery (proposed for decision in early 2025). Management estimates its wildfire mitigation and PSPS efforts have reduced the probability of catastrophic-wildfire losses by about 85% versus pre-2018 levels, and it notes rising interest costs on wildfire-claims debt (about $6.2 billion outstanding) are a key drag on near-term EPS, with that interest expected to be recoverable through future cost recovery applications. Investors should note that the 2025–2028 EPS trajectory excludes any potential recovery of 2017/2018 event costs, and that management's ratings were upgraded by Moody's and Fitch during 2023. Because this is a presentation furnished under Regulation FD rather than a financial statement filing, the figures are management projections and non-GAAP core earnings measures, and the forward-looking statement caveats (including wildfire liability under AB 1054, regulatory outcomes, and PSPS risk) should be weighed accordingly.

Nov 2, 2023 8-K