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

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed February 18, 2026
Period End
February 18, 2026
Security
EIX
In the record · 2016–202610-K1110-Q348-K186

EIX filed 11 annual reports (10-K), 34 quarterly reports (10-Q) and 186 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Jan ’18Jan ’18
  2. Material agreement8-K · May ’20May ’20
  3. Leadership change8-K · Mar ’23Mar ’23
  4. Leadership change8-K · Feb ’25Feb ’25

01—Abstract

Summary

Summary of the 8-K filed February 18, 2026. Cited figures are marked; the original filing is the authoritative source.

Edison International (EIX) reported fourth-quarter and full-year 2025 results on February 18, 2026.

Fourth-quarter GAAP EPS was $4.80a (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 $5.90b–$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 $38c–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 billiond) 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.

02—Key points

Key Highlights

  1. FY2025 core EPS of $6.55 exceeded the top of the original guidance range; GAAP EPS was $11.58, inflated by roughly $1.94 billion of after-tax non-core items (largely Woolsey/TKM cost-recovery true-ups).
  2. Q4 2025 core EPS of $1.87 (GAAP $4.80) vs. $1.05 in Q4 2024, driven by a Woolsey interest-expense benefit and 2025 GRC revenue recognition.
  3. 2026 core EPS guidance of $5.90–$6.20 (~3.5% growth at midpoint); 2027 guidance of $6.25–$6.65, with 2027 growth expected at the high end of the 5–7% range.
  4. 2028 core EPS guidance of $6.74–$7.14 reaffirmed; 5–7% core EPS CAGR target extended through 2030 from a $5.84 baseline.
  5. Five-year (2026–2030) capital plan of ~$38–41 billion; projected ~7% SCE rate base CAGR from 2025 to 2030.
  6. No equity issuance forecast through 2030; financing within a 15–17% FFO-to-debt framework.
  7. Quarterly common dividend declared at $0.8775 per share (payable April 30, 2026), with the company citing 22 consecutive years of dividend growth.

03—Questions

Frequently Asked Questions

  1. Why is 2026 core EPS growth so muted at about 3.5%?

    Management attributes roughly 25 cents of headwinds to fewer SCE regulatory decisions in 2026 (about 11 cents lower recognition of prior-year earnings), asset-mix depreciation and property tax variances (about 7 cents), and financing, tax, and other items (about 7 cents). Management says these drivers are embedded in the 2026 base and should not produce negative variances in later periods.

  2. Is the GAAP EPS of $11.58 a sustainable earnings level?

    No. Full-year GAAP EPS was boosted by about $5.03 per share of non-core items, mainly favorable Woolsey and TKM wildfire cost-recovery true-ups. Core EPS of $6.55 is the better measure of ongoing earnings power, and the 2026–2027 guidance is given on a core basis.

  3. What is the status of the Eaton Fire exposure?

    SCE has not conclusively determined causation, but says a de-energized idle transmission facility in the preliminary area of origin may have been associated with the ignition and that it is not aware of another ignition source. Management says it is currently unable to reasonably estimate potential losses. Funding sources include customer-funded self-insurance, the Wildfire Fund (up to remaining capacity), and SB 254 securitization, subject to CPUC approval.

  4. Will EIX need to issue equity to fund its growth plan?

    Management projects no equity issuance from 2026 through 2030. Its consolidated financing plan relies on operating cash flow of $36–38 billion, incremental debt of $9–12 billion, and dividends of $7–9 billion, with the planned Woolsey securitization proceeds used to offset normal-course debt issuance.

04—Continue

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