Southern California Edison Company (SCE) reported operating revenue of $13.331 billion and net income available to common stock of $2.071 billion for the nine months ended September 30, 2026, compared with $14.074 billion and $2.935 billion, respectively, in 2025. Lower earnings reflected a $58 million non-core loss in 2026 versus an $847 million non-core benefit in 2025, partly offset by core earnings of $2.129 billion, up from $2.088 billion.
Net cash provided by operating activities increased to $5.604 billion from $4.455 billion. Capital expenditures, including accruals, were $5.0 billion for the nine months. In July, SCE Recovery Funding LLC issued approximately $2.0 billion of securitized recovery bonds. SCE used the proceeds to repay a $1.5 billion term loan and retire existing long-term debt that had financed wildfire costs. As of September 30, 2026, SCE had $119 million in cash and approximately $3.2 billion available on its $3.4 billion revolving credit facility.
SCE's AMI 2.0 application seeks CPUC approval for a metering-system program, with a proposed decision expected in 2027. As of October 22, 2026, SCE's ratings were Baa1 from Moody's, BBB from Fitch and BBB- from S&P; Moody's outlook was stable, while Fitch's and S&P's outlooks were negative.
Southern California Edison Company (SCE) and its parent, Edison International, reported third-quarter 2026 results. Edison International's operating revenue was $4.886 billion, compared with $5.750 billion a year earlier. Its core EPS was $1.92 versus $2.34, while SCE's core EPS was $2.14 versus $2.58. Edison International's GAAP EPS was $1.88 versus $2.16, and net income available to its common shareholders was $724 million versus $832 million. Management attributed SCE's lower core EPS primarily to earnings recognized in third-quarter 2025 upon implementation of the 2025 General Rate Case decision, partly offset by higher revenue under its escalation mechanism.
Edison International reaffirmed 2026 core EPS guidance of $5.90 to $6.20 and its target of 5% to 7% core EPS growth from 2025 through 2030. SCE's 2026–2030 capital expenditure plan is approximately $38 billion to $41 billion. SCE reported that it had hardened approximately 90% of its distribution system in high fire risk areas and completed more than 7,200 miles of covered conductor.
Edison International, parent of Southern California Edison, reported Q2 2026 net income available to common shareholders of $534 million, up from $343 million a year earlier, with core earnings of $592 million versus $374 million, driven mainly by higher authorized revenue from SCE’s 2025 general rate case.
For the first half of 2026, net income was $1.07 billion compared with $1.78 billion, as 2025 included large non-core wildfire-related recoveries under the TKM Settlement Agreement and insurance. SCE has recorded $1.6 billion of Eaton Fire settlement losses, largely offset by $917 million of customer-funded self-insurance recoveries, $645 million from the Wildfire Fund and $70 million through FERC rates, for a net after-tax charge of $9 million, while additional material losses are considered probable. The company continues a sizable capital program, with $3.1 billion of capital expenditures in the first half and a 2026–2030 forecast of $37.5–$40.6 billion, supported by available liquidity and compliance with leverage covenants.
Edison International reported strong second‑quarter 2026 results, with net income of $534 million and GAAP EPS of $1.39, up from $343 million and $0.89 a year earlier. Core earnings were $592 million, or $1.54 per share, versus $374 million, or $0.97 per share, reflecting prior regulatory decisions and lower preferred dividends.
For the first half of 2026, core EPS reached $2.97 compared with $2.34 in 2025. The company reaffirmed 2026 core EPS guidance of $5.90–$6.20 and long‑term core EPS growth of 5–7% from 2025–2030, supported by a $38–$41 billion 2026–2030 capital plan and projected ~7% rate‑base growth. SCE has hardened about 90% of its high fire risk area distribution system, including nearly 7,200 miles of covered conductor, and continues wildfire recovery, having offered more than $775 million to Eaton Fire community members through its Wildfire Recovery Compensation Program. Management also highlights legislative and regulatory uncertainty around wildfire liability and affordability, which could affect future financing costs and how capital is prioritized.
Southern California Edison Company agreed on May 4, 2026 to sell $500,000,000 principal amount of its 4.95% First and Refunding Mortgage Bonds, Series 2026B, due 2031. These bonds are long-term secured debt of the utility. Further details are provided in the attached underwriting agreement, supplemental indenture, officer certificate, and legal opinion exhibits.
Edison International and Southern California Edison reported sharply lower GAAP earnings for the quarter ended March 31, 2026, mainly because last year’s results included unusually large wildfire-related settlements. Net income available to Edison International common shareholders was $531 million, down from $1,436 million a year earlier, while core earnings rose modestly to $546 million from $528 million as underlying utility performance improved.
SCE’s core earnings increased to $635 million, helped by higher authorized revenue from the 2025 general rate case, partly offset by higher depreciation, interest and operating costs. Total capital spending was $1.5 billion in the quarter, and SCE continues to plan $37.5 billion to $40.6 billion of capital expenditures from 2026–2030 to modernize and harden the grid.
Wildfire-related items remain a major theme. In connection with the Eaton Fire, SCE had recorded $1.3 billion of losses by March 31, 2026 and recognized expected recoveries from customer-funded self‑insurance, the Wildfire Fund and rates, resulting in a relatively small net after‑tax charge. The company highlights ongoing exposure to California wildfire risk, reliance on the state Wildfire Fund, and the importance of maintaining investment‑grade credit ratings to finance its large capital program.
Edison International reported first‑quarter 2026 net income of $531 million, or $1.38 per share, compared with $1,436 million, or $3.73 per share, a year earlier, mainly because 2025 included large wildfire‑related recoveries classified as non‑core.
Core earnings rose to $546 million, or $1.42 per share, from $528 million, or $1.37, reflecting the 2025 general rate case decision and lower preferred dividends, partially offset by higher interest expense. Revenue increased to $4.1 billion from $3.8 billion.
The company affirmed its 2026 core EPS guidance of $5.90–$6.20 and reiterated an expected 5–7% core EPS growth rate from 2025–2030, supported by a planned $38–$41 billion capital program and about 7% annual rate base growth, with no new common equity issuance anticipated through 2030.
Southern California Edison notified the New York Stock Exchange of the voluntary removal of the class Guarantor of the 5.45% Fixed-to-Floating Rate Trust Preference Securities from listing and registration. The Exchange and the issuer certified compliance with the applicable withdrawal rules under 17 CFR 240.12d2-2.
Southern California Edison Company agreed to sell $600,000,000 principal amount of 5.15% First and Refunding Mortgage Bonds, Series 2024D, due 2029, and $600,000,000 principal amount of 4.80% First and Refunding Mortgage Bonds, Series 2026A, due 2033. These long-term bonds lock in fixed interest costs at 5.15% and 4.80% for the respective maturities. Additional details, including final terms and conditions, are contained in the related underwriting agreement, supplemental indentures, officer certificate and legal opinion listed in the exhibit index.
Southern California Edison Company is offering $600,000,000 of 5.15% First and Refunding Mortgage Bonds, Series 2024D (reopened), due June 1, 2029, and $600,000,000 of 4.80% First and Refunding Mortgage Bonds, Series 2026A, due March 15, 2033.
The Reopened Series 2024D Bonds bear interest from December 1, 2025 and pay semi-annually on June 1 and December 1; the Series 2026A Bonds bear interest from March 2, 2026 and pay semi-annually on March 15 and September 15. Public offering prices are 102.745% ($616,470,000) for the Reopened Series 2024D Bonds and 99.850% ($599,100,000) for the Series 2026A Bonds, with underwriting discounts of 0.350% and 0.625%, respectively.
Proceeds before expenses are $614,370,000 for the Reopened Series 2024D Bonds and $595,350,000 for the Series 2026A Bonds. Net proceeds will be used to repay commercial paper and for general corporate purposes; the current weighted average interest rate on commercial paper is 4.26%. Delivery is expected through DTC on or about March 2, 2026.