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

Reports
Earnings & Results·Regulation FD·Exhibits & Filings
Filing Date
Filed April 28, 2026
Period End
April 28, 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 April 28, 2026. Cited figures are marked; the original filing is the authoritative source.

Edison International (EIX) reported first-quarter 2026 GAAP EPS of $1.38a (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 $0.30b 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 $5.90c-$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.

02—Key points

Key Highlights

  1. Q1 2026 GAAP EPS was $1.38 versus $3.73 in Q1 2025, a sharp decline driven by last year's $1.35 billion pre-tax wildfire-related recoveries that did not recur.
  2. Q1 2026 core EPS was $1.42, up $0.05 year over year, mainly on the adoption of the 2025 GRC final decision, partly offset by the absence of TKM-related interest benefits.
  3. 2026 core EPS guidance of $5.90-$6.20 was affirmed; the Q1 non-core charge of $0.04 per share was added to the basic EPS guidance range.
  4. Management reiterated 5-7% core EPS CAGR from 2025 to 2030 and reaffirmed 2027 ($6.25-$6.65) and 2028 ($6.74-$7.14) core EPS guidance.
  5. The 2026-2030 capital plan of $38-41 billion supports roughly 7% SCE rate base CAGR, with no new common equity planned through 2030.
  6. Eaton Fire exposure is still unquantified: SCE cannot estimate potential losses, but has identified funding sources including the Wildfire Fund and customer-funded self-insurance.
  7. CFO Maria Rigatti will retire September 1, 2026, with Aaron Moss succeeding her as EIX CFO effective July 3, 2026.

03—Questions

Frequently Asked Questions

  1. Why did EIX's GAAP earnings fall so sharply year over year?

    Q1 2025 GAAP results included about $1.35 billion in pre-tax net wildfire-related recoveries, mainly from the TKM Settlement Agreement and insurance reimbursements. Q1 2026 included only a $13 million net recovery, so GAAP EPS dropped to $1.38 from $3.73. Core EPS, which excludes these items, rose to $1.42 from $1.37.

  2. Is the 2026 guidance still on track?

    Management affirmed 2026 core EPS guidance of $5.90-$6.20. The Q1 non-core charge of about $0.04 per share is now included in the basic EPS guidance of $5.86-$6.16. Core guidance itself was unchanged.

  3. What is the outlook for SCE's growth and financing?

    Management expects SCE rate base to grow about 7% CAGR from 2025 to 2030, supported by a $38-41 billion capital plan. The company plans no new common equity through 2030 and expects to stay within its 15-17% FFO-to-debt framework.

  4. What are the main wildfire-related risks?

    The Eaton Fire is the key risk. SCE says it is likely its equipment was associated with the ignition, and it cannot yet estimate potential losses. It points to funding sources including the Wildfire Fund, customer-funded self-insurance, and a potential securitization under SB 254. The Wildfire Recovery Compensation Program has extended about 1,500 offers totaling over $500 million.

  5. What leadership changes were announced?

    Maria Rigatti will retire September 1, 2026. Aaron Moss, currently SCE's CFO, will become EIX CFO on July 3, 2026. Susan Hardwick was also welcomed to the board.

04—Continue

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