Southern California Edison Q3 core EPS falls to $2.14
The parent reaffirmed 2026 core EPS guidance of $5.90 to $6.20 and outlined approximately $38 billion to $41 billion in capital expenditures through 2030.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
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.
1 point · 0 major0 major · 2 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month operating cash flow increased to $5.393 billion from $4.228 billion.
Negative
- Moderate pointThird-quarter revenue declined to $4.886 billion from $5.750 billion.
- Moderate pointQuarterly core EPS: Edison International $1.92 versus $2.34; SCE $2.14 versus $2.58.
Filing Explained
SCE cannot yet estimate Eaton Fire losses despite settlements entered and recorded recovery sources; ignition findings do not settle liability or reimbursement.
The county fire-investigation reports concluded that SCE equipment caused the Eaton Fire ignition; SCE says it is still analyzing them, and the ignition finding does not determine liability, prudence, or Wildfire Fund reimbursement.
SCE says it cannot reasonably estimate the range of Eaton Fire losses.
The California legislative session ended without wildfire reform, leaving the liability framework unchanged; the presentation identifies the CPUC report on
Edison’s financing plan forecasts no common-equity issuance through
8-K Event Classification
3 items: 2.02, 7.01, 9.01
3 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Operating revenue, Edison International: $4.886 billion
Core EPS, Edison International: $1.92 per share
Core EPS, SCE: $2.14 per share
+4 more
7 metrics
Operating revenue, Edison International
$4.886 billion
Three months ended September 30, 2026, compared with $5.750 billion for the same period in 2025
Core EPS, Edison International
$1.92 per share
Third quarter 2026, compared with $2.34 per share in third-quarter 2025
Core EPS, SCE
$2.14 per share
Third quarter 2026, compared with $2.58 per share in third-quarter 2025
GAAP EPS, Edison International
$1.88 per share
Third quarter 2026, compared with $2.16 per share in third-quarter 2025
Operating cash flow, Edison International
$5.393 billion
Nine months ended September 30, 2026, compared with $4.228 billion for the same period in 2025
2026 core EPS guidance, Edison International
$5.90 to $6.20 per share
Reaffirmed 2026 guidance
Capital expenditure plan, SCE
Approximately $38 billion to $41 billion
2026 through 2030
Key Terms
core earnings, General Rate Case, rate base, FFO-to-debt ratio, +1 more
5 terms
core earnings financial
"Core earnings and core EPS are non-GAAP financial measures"
Core earnings are the profit a business generates from its normal, ongoing operations after removing one-time gains or losses and unusual accounting adjustments; think of it as the recurring paycheck a household can expect each month rather than a one-off inheritance or sale. Investors care because it highlights the company’s sustainable cash-making ability and makes performance easier to compare across periods and with other firms.
General Rate Case regulatory
"SCE will file its 2029 General Rate Case"
A general rate case is a formal regulatory proceeding where a public utility asks a government agency for permission to change the prices charged to customers. It matters to investors because the outcome determines the company’s allowed revenue and profit margin—similar to a landlord getting approval to raise rent—which directly affects future cash flow, dividend capacity and the valuation of the utility’s stock or bonds.
rate base financial
"projected rate base growth of approximately 7%"
Rate base is the dollar value of the physical assets and capital a regulated utility uses to deliver its service — things like power plants, pipes, or equipment. Regulators use that value as the starting point to set prices the utility can charge by allowing a specific percentage return on that base, so a larger or higher-valued rate base usually means higher permitted revenues and therefore directly affects investor earnings and the company's ability to raise capital.
FFO-to-debt ratio financial
"target a long-term FFO-to-debt ratio of 15% to 17%"
covered conductor technical
"more than 7,200 miles of covered conductor"
Earnings Snapshot
Operating revenue, Edison International: $4.886 billion · Guidance included
Third quarter 2026
Operating revenue, Edison International
$4.886 billion
Compared with $5.750 billion in third-quarter 2025
Core EPS, Edison International
$1.92 per share
Compared with $2.34 per share in third-quarter 2025
Core EPS, SCE
$2.14 per share
Compared with $2.58 per share in third-quarter 2025
GAAP EPS, Edison International
$1.88 per share
Compared with $2.16 per share in third-quarter 2025
Net income available to Edison International common shareholders
$724 million
Compared with $832 million in third-quarter 2025
Guidance
Edison International reaffirmed 2026 core EPS guidance of $5.90 to $6.20 per share.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were SCE and Edison International's third-quarter 2026 core EPS?
Edison International reported core EPS of $1.92 per share, compared with $2.34 a year earlier; SCE's core EPS was $2.14 per share, compared with $2.58.
What 2026 core EPS guidance did Edison International reaffirm in SCE's Q3 results?
Edison International reaffirmed 2026 core EPS guidance of $5.90 to $6.20 per share. The company also reaffirmed its target of 5% to 7% core EPS growth from 2025 through 2030.
How could higher credit spreads affect costs for SCE customers?
Management estimated that currently elevated credit spreads could add $300 million in customer costs over the life of bonds SCE expects to issue in 2027 alone.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2026
Commission File Number | Exact Name of Registrant as specified in its charter | State or Other Jurisdiction of Incorporation or Organization | IRS Employer Identification Number | |||||||||||||||||
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| R | R | ||||||||||||||||
| (Address of principal executive offices) | (Address of principal executive offices) | ||||||||||||||||
| (Registrant's telephone number, including area code) | (Registrant's telephone number, including area code) | ||||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | ||||||||||||||
[ | ||||||||||||||
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Securities registered pursuant to Section 12(b) of the Act: | |||||||||||
| Edison International: | |||||||||||
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | |||||||||
| LLC | |||||||||||
Southern California Edison Company: None | ||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). | ||||||||
| Emerging growth company | Edison International | |||||||
| Emerging growth company | Southern California Edison Company | |||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | |||||
| Edison International | ☐ | ||||
| Southern California Edison Company | ☐ | ||||
This current report and its exhibits include forward-looking statements. Edison International and Southern California Edison Company ("SCE") based these forward-looking statements on their current expectations and projections about future events in light of their knowledge of facts as of the date of this current report and their assumptions about future circumstances. These forward-looking statements are subject to various risks and uncertainties that may be outside the control of Edison International and SCE. Edison International and SCE have no obligation to publicly update or revise any forward-looking statements, whether due to new information, future events, or otherwise. This current report should be read with Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent quarterly Reports on Form 10-Q. Additionally, Edison International and SCE provide direct links to Edison International and SCE presentations, documents and other information at edisoninvestor.com (Presentations and Updates) in order to publicly disseminate such information.
Item 2.02 Results of Operations and Financial Condition
On October 29, 2026, Edison International issued a press release reporting its financial results and the financial results for its subsidiary, Southern California Edison Company, for the quarter ended September 30, 2026. A copy of the press release is attached as Exhibit 99.1. On the same day, members of Edison International's management will speak to investors via a financial teleconference. Senior management's prepared remarks and accompanying presentation are attached as Exhibit 99.2 and Exhibit 99.3 to this report. The information furnished in this Item 2.02 and Exhibits 99.1, 99.2, and 99.3 shall not be deemed to be “filed” for purposes of the Securities Exchange Act of 1934, nor shall it be deemed to be incorporated by reference in any filing under the Securities Act of 1933.
Item 7.01 Regulation FD Disclosure
Members of Edison International management will use the information in the presentation furnished as Exhibit 99.3 to this report in meetings with institutional investors and analysts and at investor conferences. The attached presentation will also be posted on edisoninvestor.com.
Item 9.01 Financial Statements and Exhibits
| (d) | Exhibits | ||||
EXHIBIT INDEX
| Exhibit No. | Description | ||||
| 99.1 | Edison International Press Release dated October 29, 2026 | ||||
| 99.2 | Edison International Q3 2026 Financial Results Conference Call Prepared Remarks dated October 29, 2026 | ||||
| 99.3 | Edison International Q3 2026 Financial Results Conference Call Presentation dated October 29, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrants have duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| EDISON INTERNATIONAL | |||||
| (Registrant) | |||||
| /s/ Kara G. Ryan | |||||
| Kara G. Ryan | |||||
| Vice President, Chief Accounting Officer and Controller | |||||
Date: October 29, 2026
| SOUTHERN CALIFORNIA EDISON COMPANY | |||||
| (Registrant) | |||||
| /s/ Kara G. Ryan | |||||
| Kara G. Ryan | |||||
| Vice President, Chief Accounting Officer and Controller | |||||
Date: October 29, 2026
Exhibit 99.1
 | NEWS | |||||||
Investor Relations: Sam Ramraj, 626-302-2540
Media Relations: 626-302-2255
news@sce.com
Edison International Reports Third Quarter 2026 Results
•Third-quarter 2026 GAAP EPS of $1.88; core EPS of $1.92
•SCE has hardened approximately 90% of its distribution system in high fire risk areas and continues targeted investment to reduce remaining risk
•Durable wildfire reform that includes a clear liquidity source and a true shareholder liability cap not connected to the Wildfire Fund remains a priority
•Reaffirmed 2026 core EPS guidance of $5.90 to $6.20
•Continued confidence in delivering 5% to 7% core EPS growth from 2025-2030
ROSEMEAD, Calif., Oct. 29, 2026 — Edison International (NYSE: EIX) today reported third-quarter net income of $724 million, or $1.88 per share, compared to net income of $832 million, or $2.16 per share, in the third quarter of last year. As adjusted, third-quarter core earnings were $738 million, or $1.92 per share, compared to core earnings of $901 million, or $2.34 per share, in the third quarter of last year.
Southern California Edison’s third-quarter 2026 core earnings per share (EPS) decreased year over year, primarily due to earnings recognized in the third quarter of 2025 upon implementation of the 2025 GRC final decision, which was retroactive to Jan. 1, 2025, partially offset by higher revenue resulting from the escalation mechanism authorized in the 2025 GRC final decision.
Edison International Parent and Other’s third-quarter 2026 core loss per share decreased year over year, primarily due to lower preferred stock dividends, partially offset by higher interest expense.
“Edison International posted another quarter of strong operational performance, with a focus on community safety and customer affordability,” said Pedro J. Pizarro, president and CEO of Edison International. “We continue advancing our efforts toward outcomes that serve customers, communities, and capital providers.”
Pizarro added, “California needs lasting wildfire reform to help protect customer affordability and support investment in a safer, more reliable grid. We are working with stakeholders toward a long-term solution that will enable the needed investments at a reasonable cost of capital.”
Edison International uses core earnings internally for financial planning and analysis of performance. Core earnings are also used when communicating with investors and analysts regarding Edison International’s earnings results to facilitate comparisons of the company’s performance from period to period. Please see the attached tables to reconcile core earnings to basic GAAP earnings.
2026 Earnings Guidance
The company reaffirmed its earnings guidance range for 2026, as summarized in the following table. See the presentation accompanying the company’s conference call for further information and assumptions.
2026 Earnings Guidance as of July 30, 2026 | 2026 Earnings Guidance as of Oct. 29, 2026 | |||||||||||||||||||
Low | High | Low | High | |||||||||||||||||
EIX Basic EPS | $ | 5.70 | $ | 6.00 | $ | 5.66 | $ | 5.96 | ||||||||||||
Less: Non-core Items* | (0.20) | (0.20) | (0.24) | (0.24) | ||||||||||||||||
EIX Core EPS | $ | 5.90 | $ | 6.20 | $ | 5.90 | $ | 6.20 | ||||||||||||
*There were ($91) million, or ($0.24) per share, of non-core items recorded for the nine months ended Sept. 30, 2026. Basic EPS guidance incorporates only non-core items recorded through Sept. 30, 2026.
Third-Quarter 2026 Earnings Conference Call and Webcast Details
When: | Thursday, Oct. 29, 1:30-2:30 p.m. PDT | ||||
Telephone Numbers: | 1-888-673-9780 (U.S.) and 1-312-470-0178 (international) — Passcode: Edison | ||||
Telephone Replay: | 1-800-685-6667 (U.S.) and 1-203-369-3864 (international) — Passcode: 1847 | ||||
Telephone replay available through Nov. 12 at 6 p.m. PST | |||||
Webcast | edisoninvestor.com | ||||
Edison International has posted its earnings conference call prepared remarks by the CEO and CFO, the teleconference presentation and Form 10-Q on the company’s investor relations website. These materials are available at edisoninvestor.com.
About Edison International
Edison International (NYSE: EIX) is one of the nation’s largest electric utility holding companies, focused on providing clean, reliable energy and energy services. Headquartered in Rosemead, California, Edison International is the parent company of Southern California Edison, a utility delivering electricity to 15 million people across Southern, Central and Coastal California.
Appendix
Use of Non-GAAP Financial Measures
Edison International’s earnings are prepared in accordance with generally accepted accounting principles used in the United States and represent the company’s earnings as reported to the Securities and Exchange Commission. Our management uses core earnings and core earnings per share ("EPS") internally for financial planning and for analysis of performance of Edison International and Southern California Edison. We also use core earnings and core EPS when communicating with analysts and investors regarding our earnings results to facilitate comparisons of the Company’s performance from period to period. Financial measures referred to as net income, basic EPS, core earnings, or core EPS also apply to the description of earnings or earnings per share.
Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS excluding income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings. Basic earnings and losses refer to net income or losses attributable to Edison International shareholders. Core earnings are reconciled to basic earnings in the attached tables. The impact of participating securities (vested awards that earn dividend equivalents that may participate in undistributed earnings with common stock) for the principal operating subsidiary is not material to the principal operating subsidiary’s EPS and is therefore reflected in the results of the Edison International holding company, which is included in Edison International Parent and Other.
Safe Harbor Statement
Statements contained in this release about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this release, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the:
•ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire Fund), and costs incurred for wildfire restoration efforts and to mitigate the risk of utility equipment causing future wildfires;
•the cybersecurity of Edison International's and SCE's critical information technology systems for grid control and business, employee and customer data, and the physical security of Edison International's and SCE's critical assets and personnel;
•risks associated with the construction, operation, and maintenance of electrical facilities, including worker, contractor, and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;
•impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of lower‑than‑expected load growth and higher operating and capital costs (due to factors such as supply chain constraints, tariffs, inflation, and rising interest rates), which could affect SCE’s ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses, proposed capital investment projects, and authorized returns on equity, as well as influence legislative actions;
•ability of SCE to update its grid infrastructure to maintain system integrity and reliability, and meet electrification needs;
•ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan, its target energization times and capital investment program, including challenges related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator's (“CAISO”) transmission plans, and governmental approvals;
•risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;
•ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS“);
•risk that the California Wildfire Legislation, together with any future legislation, does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial or contributing cause, including the longevity of the Wildfire Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under the California Wildfire Legislation, including its interpretation of the clarified prudency standard;
•ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;
•decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission, the California legislature and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, prudency determinations for wildfire-related costs, the availability and sufficiency of the Wildfire Fund and related cost recovery mechanisms, issuance of SCE's wildfire safety certification, reforming wildfire-related liability protections available to California investor-owned utilities, wildfire mitigation efforts, approval and implementation of electrification programs, restrictions on the issuance of dividends, and delays in executive, regulatory and legislative actions;
•governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the North American Electric Reliability Corporation, CAISO, Western Electricity Coordinating Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance placed on greenhouse gas reduction and other climate related priorities;
•potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to customer notifications and to wildfires where SCE's equipment is alleged to be associated with ignition;
•extreme weather-related incidents (including events caused, or exacerbated, by climate change), such as wildfires, debris flows, flooding, accelerated coastal erosion, droughts, high wind events and extreme heat events and other natural disasters (such as earthquakes), which could cause, among other things, worker and public safety issues, property damage, outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;
•risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;
•risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs);
•actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook, including downgrades that may be made if the California legislature does not timely adopt legislation that effectively mitigates the significant wildfire-related risk faced by California investor-owned utilities;
•ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;
•changes in tax laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could affect recorded deferred tax assets and liabilities, effective tax rates and cash flows;
•changes in rates of inflation (including whether inflation-related adjustments to SCE's authorized revenues allowed by the public utility regulators are commensurate with inflation rates), and changes in interest rates and potential future adjustments to SCE's ROE based on changes in Moody's utility bond rate index;
•availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability of counterparties to pay amounts owed in excess of collateral provided in support of their obligations; and
•cost of fuel for generating facilities and related transportation, which could be impacted by, among other things, disruption of natural gas storage facilities, to the extent not recovered, timely or at all, through regulated rate cost escalation provisions or balancing accounts.
Other important factors are discussed under the headings “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s Form 10-K and other reports filed with the Securities and Exchange Commission, which are available on our website: edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this release.
Third Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||||||||||||||||||
Earnings (loss) per share available to Edison International | |||||||||||||||||||||||||||||||||||
SCE | $ | 2.10 | $ | 2.40 | $ | (0.30) | $ | 5.38 | $ | 7.62 | $ | (2.24) | |||||||||||||||||||||||
Edison International Parent and Other | (0.22) | (0.24) | 0.02 | (0.73) | (0.84) | 0.11 | |||||||||||||||||||||||||||||
Edison International | 1.88 | 2.16 | (0.28) | 4.65 | 6.78 | (2.13) | |||||||||||||||||||||||||||||
Less: Non-core items | |||||||||||||||||||||||||||||||||||
SCE | (0.04) | (0.18) | 0.14 | (0.15) | 2.20 | (2.35) | |||||||||||||||||||||||||||||
Edison International Parent and Other | — | — | — | (0.09) | (0.10) | 0.01 | |||||||||||||||||||||||||||||
Total non-core items | (0.04) | (0.18) | 0.14 | (0.24) | 2.10 | (2.34) | |||||||||||||||||||||||||||||
Core earnings (loss) per share | |||||||||||||||||||||||||||||||||||
SCE | 2.14 | 2.58 | (0.44) | 5.53 | 5.42 | 0.11 | |||||||||||||||||||||||||||||
Edison International Parent and Other | (0.22) | (0.24) | 0.02 | (0.64) | (0.74) | 0.10 | |||||||||||||||||||||||||||||
Edison International | $ | 1.92 | $ | 2.34 | $ | (0.42) | $ | 4.89 | $ | 4.68 | $ | 0.21 | |||||||||||||||||||||||
Note: Diluted earnings were $1.87 and $2.16 per share for the three months ended September 30, 2026 and 2025, respectively. Diluted earnings were $4.62 and $6.76 per share for the nine months ended September 30, 2026 and 2025, respectively.
Third Quarter Reconciliation of Basic Earnings to Core Earnings (in millions)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||||||||||||
Net income (loss) available to Edison International | |||||||||||||||||||||||||||||||||||
SCE | $ | 809 | $ | 925 | $ | (116) | $ | 2,071 | $ | 2,935 | $ | (864) | |||||||||||||||||||||||
Edison International Parent and Other | (85) | (93) | 8 | (282) | (324) | 42 | |||||||||||||||||||||||||||||
Edison International | 724 | 832 | (108) | 1,789 | 2,611 | (822) | |||||||||||||||||||||||||||||
| Less: Non-core items | |||||||||||||||||||||||||||||||||||
SCE 1,2,3 | (13) | (69) | 56 | (58) | 847 | (905) | |||||||||||||||||||||||||||||
Edison International Parent and Other 4,5 | (1) | — | (1) | (33) | (39) | 6 | |||||||||||||||||||||||||||||
Total non-core items | (14) | (69) | 55 | (91) | 808 | (899) | |||||||||||||||||||||||||||||
Core earnings (losses) | |||||||||||||||||||||||||||||||||||
SCE | 822 | 994 | (172) | 2,129 | 2,088 | 41 | |||||||||||||||||||||||||||||
Edison International Parent and Other | (84) | (93) | 9 | (249) | (285) | 36 | |||||||||||||||||||||||||||||
Edison International | $ | 738 | $ | 901 | $ | (163) | $ | 1,880 | $ | 1,803 | $ | 77 | |||||||||||||||||||||||
1Includes wildfire-related claims and expenses, net of recoveries:
•Net earnings of $18 million ($13 million after-tax) recorded in the third quarter of 2026, primarily due to expected recoveries and reimbursements for costs incurred in prior years, net of claim costs and related legal expenses associated with Other Wildfire Events.
•Charges of $5 million ($4 million after-tax) recorded in the third quarter of 2025, primarily due to claim costs and related legal expenses, net of expected regulatory recoveries associated with 2017/2018 Wildfire/Mudslide Events and Other Wildfire Events.
•Net earnings of $27 million ($19 million after-tax) recorded in the nine months ended September 30, 2026, primarily due to expected recoveries and reimbursements for costs incurred in prior years, partially offset by claims and legal expenses associated with Other Wildfire Events.
•Net earnings of $1,338 million ($964 million after-tax) recorded in the nine months ended September 30, 2025, primarily due to the TKM Settlement Agreement and insurance reimbursements associated with Other Wildfire Events.
2Includes amortization of SCE's Wildfire Insurance Fund expenses of $36 million ($26 million after-tax) for each of the three months ended September 30, 2026 and 2025, and $107 million ($77 million after-tax) and $108 million ($78 million after-tax) for the nine months ended September 30, 2026 and 2025, respectively.
3Includes net charges of $76 million ($39 million after-tax) recorded in the third quarter of 2025, primarily related to impairment of utility property, plant and equipment associated with historical capital expenditures disallowed in SCE's 2025 GRC final decision.
4Includes losses of $1 million ($1 million after-tax) and $37 million ($34 million after-tax) for the three and nine months ended September 30, 2026, respectively, related to the disposition of Trio.
5Includes net earnings of $1 million ($1 million after-tax) primarily due to updated estimates of claims accruals, net of legal expenses, for the nine months ended September 30, 2026, and charges of $50 million ($39 million after-tax) for the nine months ended September 30, 2025, both related to wildfire claims insured by EIS.
| Condensed Consolidated Statements of Income | Edison International | ||||||||||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
| (in millions, except per-share amounts, unaudited) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Operating revenue | $ | 4,886 | $ | 5,750 | $ | 13,346 | $ | 14,104 | |||||||||||||||
| Purchased power and fuel | 1,687 | 1,701 | 3,794 | 3,905 | |||||||||||||||||||
| Operation and maintenance | 1,142 | 1,175 | 3,230 | 3,738 | |||||||||||||||||||
| Wildfire-related claims, net of (recoveries) | 8 | 295 | 21 | (1,010) | |||||||||||||||||||
| Wildfire Fund expense | 36 | 36 | 107 | 108 | |||||||||||||||||||
| Depreciation and amortization | 853 | 862 | 2,521 | 2,430 | |||||||||||||||||||
| Property and other taxes | 178 | 161 | 528 | 495 | |||||||||||||||||||
Asset impairment and other | 2 | 88 | (1) | 97 | |||||||||||||||||||
| Total operating expenses | 3,906 | 4,318 | 10,200 | 9,763 | |||||||||||||||||||
| Operating income | 980 | 1,432 | 3,146 | 4,341 | |||||||||||||||||||
| Interest expense | (545) | (488) | (1,583) | (1,293) | |||||||||||||||||||
| Other income, net | 113 | 119 | 331 | 339 | |||||||||||||||||||
| Income before income taxes | 548 | 1,063 | 1,894 | 3,387 | |||||||||||||||||||
Income tax (benefit) expense | (203) | 175 | 12 | 609 | |||||||||||||||||||
| Net income | 751 | 888 | 1,882 | 2,778 | |||||||||||||||||||
| Less: Preference stock dividend requirements of SCE | 25 | 34 | 80 | 101 | |||||||||||||||||||
| Preferred stock dividend requirements of Edison International | 2 | 22 | 13 | 66 | |||||||||||||||||||
| Net income available to Edison International common shareholders | $ | 724 | $ | 832 | $ | 1,789 | $ | 2,611 | |||||||||||||||
| Basic earnings per share: | |||||||||||||||||||||||
| Weighted average shares of common stock outstanding | 385 | 385 | 385 | 385 | |||||||||||||||||||
| Basic earnings per common share available to Edison International common shareholders | $ | 1.88 | $ | 2.16 | $ | 4.65 | $ | 6.78 | |||||||||||||||
| Diluted earnings per share: | |||||||||||||||||||||||
| Weighted average shares of common stock outstanding, including effect of dilutive securities | 387 | 386 | 387 | 386 | |||||||||||||||||||
| Diluted earnings per common share available to Edison International common shareholders | $ | 1.87 | $ | 2.16 | $ | 4.62 | $ | 6.76 | |||||||||||||||
| Condensed Consolidated Balance Sheets | Edison International | ||||||||||
| (in millions, unaudited) | September 30, 2026 | December 31, 2025 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 171 | $ | 158 | |||||||
Receivables, net of allowances for uncollectible accounts of $337 and $356 at respective dates | 2,258 | 1,463 | |||||||||
| Accrued unbilled revenue | 1,291 | 1,238 | |||||||||
| Inventory | 551 | 535 | |||||||||
| Prepaid expenses | 131 | 119 | |||||||||
| Regulatory assets | 2,129 | 3,290 | |||||||||
| Wildfire Fund contributions | 138 | 138 | |||||||||
| Other current assets | 612 | 745 | |||||||||
| Total current assets | 7,281 | 7,686 | |||||||||
| Nuclear decommissioning trusts | 4,657 | 4,535 | |||||||||
| Other investments | 82 | 51 | |||||||||
| Total investments | 4,739 | 4,586 | |||||||||
Utility property, plant and equipment, net of accumulated depreciation and amortization of $15,796 and $15,060 at respective dates | 66,111 | 63,131 | |||||||||
Nonutility property, plant and equipment, net of accumulated depreciation of $103 and $132 at respective dates | 180 | 197 | |||||||||
| Total property, plant and equipment | 66,291 | 63,328 | |||||||||
Long-term receivables, net of allowances for uncollectible accounts of $42 and $49 at respective dates | 32 | 38 | |||||||||
Regulatory assets (include $4,967 and $3,092 related to a Variable Interest Entity ("VIE") at respective dates) | 13,061 | 12,960 | |||||||||
| Wildfire Fund contributions | 1,636 | 1,740 | |||||||||
| Operating lease right-of-use assets | 1,118 | 1,161 | |||||||||
| Long-term insurance receivables | 483 | 359 | |||||||||
| Other long-term assets | 2,252 | 2,168 | |||||||||
| Total other assets | 18,582 | 18,426 | |||||||||
| Total assets | $ | 96,893 | $ | 94,026 | |||||||
| Condensed Consolidated Balance Sheets | Edison International | ||||||||||
| (in millions, except share amounts, unaudited) | September 30, 2026 | December 31, 2025 | |||||||||
LIABILITIES AND EQUITY | |||||||||||
| Short-term debt | $ | 790 | $ | 2,390 | |||||||
| Current portion of long-term debt | 1,804 | 1,928 | |||||||||
| Accounts payable | 2,509 | 2,344 | |||||||||
| Wildfire-related claims | 261 | 585 | |||||||||
| Accrued interest | 475 | 473 | |||||||||
| Regulatory liabilities | 1,767 | 1,158 | |||||||||
| Current portion of operating lease liabilities | 121 | 120 | |||||||||
| Other current liabilities | 1,774 | 1,538 | |||||||||
| Total current liabilities | 9,501 | 10,536 | |||||||||
Long-term debt (includes $4,885 and $3,022 related to a VIE at respective dates) | 39,002 | 36,070 | |||||||||
| Deferred income taxes and credits | 9,650 | 9,114 | |||||||||
| Pensions and benefits | 359 | 370 | |||||||||
| Asset retirement obligations | 2,615 | 2,583 | |||||||||
| Regulatory liabilities | 11,053 | 10,627 | |||||||||
| Operating lease liabilities | 997 | 1,041 | |||||||||
| Wildfire-related claims | 626 | 721 | |||||||||
| Other deferred credits and other long-term liabilities | 3,637 | 3,705 | |||||||||
| Total deferred credits and other liabilities | 28,937 | 28,161 | |||||||||
| Total liabilities | 77,440 | 74,767 | |||||||||
Preferred stock (50,000,000 shares authorized; zero and 414,342 shares of Series A and 83,503 and 87,937 shares of Series B issued and outstanding at respective dates) | 83 | 497 | |||||||||
Common stock, no par value (800,000,000 shares authorized; 384,787,221 and 384,787,056 shares issued and outstanding at respective dates) | 6,346 | 6,362 | |||||||||
| Accumulated other comprehensive income | 3 | 6 | |||||||||
| Retained earnings | 11,457 | 10,714 | |||||||||
| Total Edison International's shareholders' equity | 17,889 | 17,579 | |||||||||
| Noncontrolling interests – preference stock of SCE | 1,564 | 1,680 | |||||||||
| Total equity | 19,453 | 19,259 | |||||||||
| Total liabilities and equity | $ | 96,893 | $ | 94,026 | |||||||
| Condensed Consolidated Statements of Cash Flows | Edison International | ||||||||||
Nine months ended September 30, | |||||||||||
| (in millions, unaudited) | 2026 | 2025 | |||||||||
Cash flows from operating activities: | |||||||||||
| Net income | $ | 1,882 | $ | 2,778 | |||||||
| Adjustments to reconcile to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 2,521 | 2,430 | |||||||||
| Equity allowance for funds used during construction | (171) | (140) | |||||||||
| Asset impairment and other | (1) | 97 | |||||||||
| Deferred income taxes | (166) | 598 | |||||||||
| Wildfire Fund amortization expense | 107 | 108 | |||||||||
| Other | 150 | 123 | |||||||||
| Nuclear decommissioning trusts | (8) | (106) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Receivables | (853) | (152) | |||||||||
| Inventory | (23) | 10 | |||||||||
| Accounts payable | 308 | 362 | |||||||||
| Other current assets and liabilities | 13 | (385) | |||||||||
| Derivative assets and liabilities, net | 57 | (37) | |||||||||
| Regulatory assets and liabilities, net | 2,474 | (1,373) | |||||||||
| Wildfire-related claims, net of recoveries | (857) | (336) | |||||||||
| Other noncurrent assets and liabilities | (40) | 251 | |||||||||
| Net cash provided by operating activities | 5,393 | 4,228 | |||||||||
| Cash flows from financing activities: | |||||||||||
Long-term debt issued, net of premium, discount and issuance costs of $19 and $49 for the respective periods | 6,485 | 3,502 | |||||||||
| Long-term debt repaid | (3,705) | (2,027) | |||||||||
| Short-term debt issued | 5 | 510 | |||||||||
| Short-term debt repaid | (437) | (20) | |||||||||
| Common stock repurchased | (42) | (32) | |||||||||
| Preferred stock repurchased | (538) | — | |||||||||
| Commercial paper repayments, net of borrowing | (1,156) | (314) | |||||||||
| Dividends and distribution to noncontrolling interests | (77) | (101) | |||||||||
| Common stock dividends paid | (1,013) | (955) | |||||||||
| Preferred stock dividends paid | (15) | (87) | |||||||||
| Other | 8 | 2 | |||||||||
| Net cash (used in) provided by financing activities | (485) | 478 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (5,206) | (4,624) | |||||||||
| Proceeds from sale of nuclear decommissioning trust investments | 5,339 | 4,502 | |||||||||
| Purchases of nuclear decommissioning trust investments | (5,338) | (4,398) | |||||||||
Proceeds from sale of a subsidiary, net of cash transferred | 15 | — | |||||||||
| Other | (46) | 27 | |||||||||
| Net cash used in investing activities | (5,236) | (4,493) | |||||||||
| Net (decrease) increase in cash and cash equivalents and restricted cash and cash equivalents | (328) | 213 | |||||||||
| Cash and cash equivalents and restricted cash and cash equivalents at beginning of period | 720 | 684 | |||||||||
| Cash and cash equivalents and restricted cash and cash equivalents at end of period | $ | 392 | $ | 897 | |||||||
Exhibit 99.2
Prepared Remarks of Edison International CEO and CFO
Third Quarter 2026 Earnings Teleconference
October 29, 2026, 1:30 p.m. (PT)
Pedro Pizarro, President and Chief Executive Officer, Edison International
My comments today will focus on four areas: our strong performance; the need for durable wildfire reform; SCE’s continued progress making the grid safer and more reliable; and the utility’s work to support communities impacted by the Eaton Fire.
Starting with earnings, Edison International’s third-quarter core EPS was $1.92, bringing year-to-date core EPS to $4.89. Based on strong year-to-date performance and our outlook for the remainder of the year, we are reaffirming our 2026 core EPS guidance range of $5.90 to $6.20. Aaron will discuss our financial performance in his remarks.
We know that durable wildfire liability reform is a key focus for investors and, moreover, it is essential to manage customer costs and support the world’s fourth-largest economy. We were disappointed when California’s legislative session concluded without action on a durable, long-term solution. It was evident that capital providers also felt that way given the market reaction. Since the legislative session ended, we and the other California IOUs have been engaging with a broad group of stakeholders to improve understanding of the consequences of inaction and advocate for a special legislative session with a sense of urgency. The objective is to achieve a long-term solution that includes a clear and durable liquidity source for funding claims resolution and a true shareholder liability cap that is not connected to the Wildfire Fund. While we are focused on these key items, we recognize that other pieces may be needed to develop a package that gains support from stakeholders and ultimately the Senate, the Assembly, and the Governor in time to send a bill to the Governor by the constitutional deadline of November 15.
If we do not succeed in 2026, we must continue the effort with a new Governor and Legislature in 2027. While we remain confident that California policymakers will ultimately
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take action given the dire and escalating impacts on customers and the economy, delay into 2027 will have significant and costly consequences. We evaluate our investments through a disciplined benefit-cost lens, balancing the needs of the system with affordability for customers. The uncertainty in the present environment is increasing the cost of financing these investments. If Edison’s credit rating were to fall below investment grade, that would add further costs at a time when affordability is paramount for customers.
SCE will file its 2029 General Rate Case in about six months. Increased financing costs would influence the investments requested, with priority given to core work in safety, reliability, and compliance. Without durable wildfire reform in place, SCE would request less capital than it otherwise would for projects that enable electrification, the clean energy transition, and economic growth. Higher financing costs could similarly affect decisions over the next couple of years about incremental capital investment in areas such as grid readiness for load growth and supply resources in SCE’s service area.
Turning to SCE’s progress in making the grid safer and more reliable, the utility has reached substantial wildfire mitigation and grid hardening milestones, including hardening approximately 90% of its distribution system in high fire risk areas. SCE continues to focus on driving out risk through targeted infrastructure investment, comprehensive inspections and remediation, and vegetation management. We continue to enhance our data-driven and risk-informed approach, integrating insights from multiple wildfire risk and climate models to give us a more complete view of risk and help target investment where it can provide the greatest safety benefit and risk reduction. The capital investments approved in SCE’s 2025 GRC, including covered conductor, targeted undergrounding, and asset replacement, will make the grid safer and more resilient.
Conditions on the ground for the rest of 2026 currently appear consistent with a normal year, and there is potential for El Niño to contribute to earlier rainfall. Looking over the much longer term, Edison International unveiled its most recent white paper at Climate Week NYC last month. Titled “Adapting Today: Energizing a More Resilient Tomorrow,” it highlights expected 2050 weather impacts across floods, droughts, sea level rise, extreme heat, and wildfires; illustrates the long-term planning and investments needed; and
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emphasizes the need for partnership across communities, government, and the private sector to prepare California’s economy.
Regardless of the weather outlook, SCE maintains flexibility in its work plan so it can conduct additional inspections and remediation where changing conditions indicate those activities will provide the greatest safety benefit. To support those decisions, the utility has expanded the information available from weather stations, high-definition cameras, fuel sampling, inspections, and advanced modeling capabilities. Together, these tools help SCE target resources and take additional action where conditions warrant. They complement the substantial physical hardening SCE has already completed, including more than 7,200 miles of covered conductor. That work provides a stronger foundation. More precise data and more advanced technologies, including AI-enhanced inspections and AI-enabled cameras, are helping SCE address the risk that remains by identifying maintenance needs, threats, and potential equipment failures earlier.
In parallel, the Office of Energy Infrastructure Safety continues to evolve its wildfire mitigation plan guidelines and put in place more structured and in-depth requirements in select areas. That scrutiny is an important part of continuously strengthening California investor-owned utilities’ wildfire mitigation programs and reducing risk for customers and communities.
I’m pleased to note that in approving SCE’s 2026 through 2028 Wildfire Mitigation Plan, OEIS highlighted SCE’s transmission high fire risk-informed inspection program and described it as the most comprehensive among the large IOUs. The agency noted that SCE conducts both detailed ground and aerial inspections annually on approximately 77% of its transmission assets in high fire risk areas, with inspection frequency tailored to the consequence and risk profile of each location. SCE is committed to building on both its successes and opportunities for improvement to maintain a rigorous, layered approach to reducing risk and enhancing execution of its wildfire programs.
Turning to the Eaton Fire, we have said that, absent additional evidence, SCE believes that it is likely that its equipment was associated with the ignition. During the quarter, the Los Angeles County Fire Department published redacted reports from its investigation. Those
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reports concluded that the Eaton Fire ignition was caused by SCE equipment. SCE is continuing to analyze the reports. Importantly, the County’s determination regarding the cause of ignition is distinct from the separate processes for determining legal liability, prudence, and Wildfire Fund reimbursement, each of which has its own standard. Based on the information reviewed to date, I want to make three points very clear:
•We remain confident that SCE will be able to make a good faith showing that its conduct with respect to the Eaton Fire was consistent with the actions of a reasonable utility;
•SCE believes there is no basis for a finding of felony liability; and
•SCE believes there is no basis for a finding of conscious or willful disregard of the rights and safety of others.
The prudency standard established under California law evaluates whether the utility’s actions were consistent with those of a reasonable operator across a spectrum of possible practices. The CPUC can also consider factors within and beyond the utility’s control that may have exacerbated the costs of the fire. It is important to distinguish the prudency standard from the substantially different standards associated with felony liability or willful disregard. Those standards require intentionality and recklessness. They involve a fundamentally different level of conduct and intent that we are fully confident our company did not exhibit.
Moving to the Wildfire Recovery Compensation Program, community interest remains strong. October, with days still remaining, already has the most claims submitted of any month this year. SCE has extended more than 3,200 offers totaling about $1.1 billion. The pace of submissions indicates that community members continue to consider the WRCP as a potential path to compensation ahead of the November 30 deadline.
Let me close by thanking our team members for their continued dedication and execution. SCE continues to advance the capital investments authorized in the 2025 GRC with a clear focus on safety, reliability, and customer value. At the same time, we continue to underscore the need to achieve a long-term wildfire reform solution that includes a clear and durable liquidity source and a true shareholder liability cap that is not connected to the Wildfire Fund. We will continue working toward an outcome that serves customers,
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communities, and capital providers. My team and I look forward to seeing many of you at the EEI Financial Conference in a couple of weeks.
Aaron Moss, Executive Vice President and Chief Financial Officer, Edison International
In my comments today, I will cover third-quarter 2026 results, our capital and financing plans, and our financial position in the current legislative and interest rate environment.
Starting with the third quarter, EIX reported core EPS of $1.92 compared to $2.34 last year. Page 6 provides the year-over-year quarterly variance analysis. The 2025 results reflect a 55-cent true-up resulting from the receipt of SCE’s general rate case final decision. Looking through that item, the quarter reflects continued stability in our core operations.
We are pleased with how 2026 has progressed. Given our strong year-to-date performance and outlook for the remainder of the year, we are taking the opportunity to invest in the business to de-risk future periods and drive ongoing efficiency. As a result, we are reaffirming our 2026 core EPS guidance range of $5.90 to $6.20, with a bias toward the middle of the range. We are also reaffirming our 2027 and 2028 core EPS guidance ranges and our long-term core EPS growth target of 5% to 7% through 2030.
Turning to the capital plan, SCE continues to see substantial investment needs driven by safety, reliability, and readiness for customer-driven load growth. Our five-year plan calls for approximately $38 to $41 billion of capital expenditures from 2026 through 2030. The plan supports projected rate base growth of approximately 7% from 2025 through 2030, which is the primary driver of our long-term earnings growth.
Pedro discussed the need for comprehensive and durable wildfire reform. From a financial perspective, today’s volatility and uncertainty increase the cost of financing the infrastructure required for a safe and reliable grid. Those higher costs are ultimately borne by customers. For instance, we estimate the currently elevated credit spreads could cost customers an incremental $300 million over the life of the bonds we expect SCE will issue in 2027 alone. That’s why a durable framework that improves predictability and supports reasonable access to capital is important to affordability.
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Next, I will address the interest rate environment and our debt portfolio. As you can see on page 9, our direct exposure to variable rates is limited. We have no long-term debt with variable interest rates. Also, our debt maturities are distributed across the forecast period. Overall, this limits our exposure to near-term movements in market rates. As of September 30th, roughly $2 to $4 billion of long-term debt matures annually between 2027 and 2030.
We approach each refinancing based on market conditions, the needs of the business, and the objective of maintaining an efficient capital structure. Interest rates are one of several operating, regulatory, and financing variables we regularly manage. We have managed through multiple interest rate environments and remain confident in our ability to successfully navigate this period and deliver on our commitments.
From a balance sheet standpoint, we have no common equity issuance forecast through 2030, and we continue to target a long-term FFO-to-debt ratio of 15% to 17%. To add to this, our long-standing dividend policy continues to target a payout ratio of 45% to 55% of SCE core earnings, subject to customary Board approval. This policy has enabled 22 consecutive years of dividend growth.
Let me conclude by saying that we remain confident in our multi-year financial outlook, and the Edison team is focused on delivering on our commitments to customers, communities, and capital providers.
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OCTOBER 29, 2026 THIRD-QUARTER 2026 FINANCIAL RESULTS Exhibit 99.3
1Edison International | Third-Quarter 2026 Earnings Call Forward-Looking Statements Statements contained in this presentation about future performance, including, without limitation, operating results, capital expenditures, rate base growth, dividend policy, financial outlook, and other statements that are not purely historical, are forward-looking statements. These forward-looking statements reflect our current expectations; however, such statements involve risks and uncertainties. Actual results could differ materially from current expectations. These forward-looking statements represent our expectations only as of the date of this presentation, and Edison International assumes no duty to update them to reflect new information, events or circumstances. Important factors that could cause different results include, but are not limited to the: • ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire Fund), and costs incurred for wildfire restoration efforts and to mitigate the risk of utility equipment causing future wildfires; • the cybersecurity of Edison International's and SCE's critical information technology systems for grid control and business, employee and customer data, and the physical security of Edison International's and SCE's critical assets and personnel; • risks associated with the construction, operation, and maintenance of electrical facilities, including worker, contractor, and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts; • impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of lower-than-expected load growth and higher operating and capital costs (due to factors such as supply chain constraints, tariffs, inflation, and rising interest rates), which could affect SCE’s ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses, proposed capital investment projects, and authorized returns on equity, as well as influence legislative actions; • ability of SCE to update its grid infrastructure to maintain system integrity and reliability, and meet electrification needs; • ability of SCE to implement its operational and strategic plans, including its Wildfire Mitigation Plan, its target energization times and capital investment program, including challenges related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the California Independent System Operator's (“CAISO”) transmission plans, and governmental approvals; • risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including Public Safety Power Shutoff (“PSPS”) and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation; • ability of SCE to obtain safety certifications from the Office of Energy Infrastructure Safety of the California Natural Resources Agency (“OEIS“); • risk that the California Wildfire Legislation, together with any future legislation, does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial or contributing cause, including the longevity of the Wildfire Fund and the California Public Utilities Commission (“CPUC”) interpretation of and actions under the California Wildfire Legislation, including its interpretation of the clarified prudency standard; • ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers; • decisions and other actions by the CPUC, the Federal Energy Regulatory Commission, and the United States Nuclear Regulatory Commission, the California legislature and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, prudency determinations for wildfire-related costs, the availability and sufficiency of the Wildfire Fund and related cost recovery mechanisms, issuance of SCE's wildfire safety certification, reforming wildfire-related liability protections available to California investor-owned utilities, wildfire mitigation efforts, approval and implementation of electrification programs, restrictions on the issuance of dividends, and delays in executive, regulatory and legislative actions; • governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the North American Electric Reliability Corporation, CAISO, Western Electricity Coordinating Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance placed on greenhouse gas reduction and other climate related priorities; • potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to customer notifications and to wildfires where SCE's equipment is alleged to be associated with ignition; • extreme weather-related incidents (including events caused, or exacerbated, by climate change), such as wildfires, debris flows, flooding, accelerated coastal erosion, droughts, high wind events and extreme heat events and other natural disasters (such as earthquakes), which could cause, among other things, worker and public safety issues, property damage, outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs; • risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns; • risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as Community Choice Aggregators (“CCA,” which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses) and Electric Service Providers (entities that offer electric power and ancillary services to retail customers, other than electrical corporations (like SCE) and CCAs); • actions by credit rating agencies to downgrade Edison International or SCE’s credit ratings or to place those ratings on negative watch or negative outlook, including downgrades that may be made if the California legislature does not timely adopt legislation that effectively mitigates the significant wildfire-related risk faced by California investor-owned utilities; • ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms; • changes in tax laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could affect recorded deferred tax assets and liabilities, effective tax rates and cash flows; • changes in rates of inflation (including whether inflation-related adjustments to SCE's authorized revenues allowed by the public utility regulators are commensurate with inflation rates), and changes in interest rates and potential future adjustments to SCE's ROE based on changes in Moody's utility bond rate index; • availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability of counterparties to pay amounts owed in excess of collateral provided in support of their obligations; and • cost of fuel for generating facilities and related transportation, which could be impacted by, among other things, disruption of natural gas storage facilities, to the extent not recovered, timely or at all, through regulated rate cost escalation provisions or balancing accounts. Other important factors are discussed under the headings “Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis” in Edison International’s Form 10-K and other reports filed with the Securities and Exchange Commission, which are available on our website: edisoninvestor.com. These filings also provide additional information on historical and other factual data contained in this presentation.
2Edison International | Third-Quarter 2026 Earnings Call Key Messages $1.88 Q3 2026 GAAP EPS $1.92 Q3 2026 Core EPS1 Reiterated 5–7% Core EPS CAGR 2025–20302 Reaffirmed $5.90–6.20 2026 Core EPS Guidance1 SCE has hardened approximately 90% of its distribution system in high fire risk areas and continues targeted investment to reduce remaining risk Durable wildfire reform that includes a clear liquidity source and a true shareholder liability cap not connected to the Wildfire Fund remains a priority 1. See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix 2. Compound annual growth rate (CAGR) based on starting point of $5.84 2 1 Reaffirmed 2026 Core EPS1 guidance of $5.90–6.203 4 Continued confidence in delivering 5–7% Core EPS1 growth from 2025 to 20302
3Edison International | Third-Quarter 2026 Earnings Call Durable wildfire reform is needed to protect customer affordability and support continued grid investment Sacramento status1: Durable reform remains necessary despite the conclusion of the regular session Regular session ended without reform California's wildfire liability framework remains unchanged Long-term solution remains necessary Clear and durable liquidity source for claims resolution Shareholder liability cap not tied to life of Wildfire Fund Framework that supports customer affordability and continued grid investment Efforts toward reform continue SCE and other California IOUs continue engaging with a broad group of stakeholders SCE supports reconvening Legislature in a special session If reform not achieved in 2026, efforts would continue with new Governor and Legislature in 2027 Key upcoming dates Nov. 2 CPUC report on statewide impact of lack of structural reform Nov. 15 Constitutional deadline to pass and present a bill to governor 2027 Absent action in 2026, reform efforts move to next legislative session Costs of Inaction Higher customer costs Elevated credit spreads are adding real costs to customer bills Reduced grid investment Higher financing costs could constrain investment supporting electrification, clean energy, and load growth Pressure on California’s economy Continued uncertainty increases cost of financing safe, reliable grid needed to support economic growth 1. As of October 28, 2026
4Edison International | Third-Quarter 2026 Earnings Call Eaton Fire decision framework: Fund supports claims; separate processes determine liability, prudence and reimbursement 1. The costs and fees of litigation are not included in reimbursements from the Fund, which is dedicated for claim resolution, and would be tracked for cost recovery in WEMA 2. CPUC may initiate separate enforcement action to assess compliance with regulations Legal: Claims and Litigation CPUC Regulatory: Prudence and Cost Allocation Wildfire Fund Administration: Cap on Reimbursement What costs will result from the fire? How will costs be allocated? How much, if any, is owed to the Fund? • Claims may be resolved through Wildfire Recovery Compensation Program, settlements or court judgment • Litigation may address legal causation, inverse condemnation, negligence, recovery from third-parties, and damages • Settlements can resolve claims without final determination of negligence or other liability OUTPUT: Costs to be paid to plaintiffs1 • CPUC review generally follows resolution of claims and cross-claims • CPUC evaluates whether SCE’s conduct related to ignition was consistent with the actions of a reasonable utility under the circumstances2 • Safety certification creates presumption of prudence unless intervenor raises serious doubt, which SCE would seek to dispel • CPUC may allow full, partial or no recovery, including consideration of exacerbating factors within and beyond SCE’s control OUTPUT: Recoverable vs. disallowed costs, and any resulting Fund reimbursement • If CPUC disallows amounts withdrawn from the Fund, SCE must reimburse the Fund, subject to reimbursement cap • After CPUC review, Fund Administrator determines whether SCE’s actions or inactions constituted conscious or willful disregard of the rights and safety of others • Such a finding would remove cap on reimbursement to Fund, up to amount disallowed by CPUC OUTPUT: Amount required to reimburse the Wildfire Fund 1 2 3
5Edison International | Third-Quarter 2026 Earnings Call Eaton Fire standards: Prudence is a reasonableness test; felony liability and willful disregard are fundamentally higher bars What each standard asks: Prudence (CPUC): Were SCE's actions consistent with those of a reasonable operator, across a range of acceptable practices? The CPUC can also weigh factors within and beyond SCE's control that increased the costs. Felony liability (criminal court): Did SCE act with criminal intent or recklessness, proven beyond a reasonable doubt? Conscious or willful disregard (Wildfire Fund Administrator): Did SCE act intentionally, aware that its conduct would cause harm?1 SCE’s assessment based on information reviewed to date: SCE believes that it will be able to make a good faith showing of prudence when it submits its application to CPUC SCE believes that there is no basis for a finding of conscious or willful disregard of the rights and safety of others with regard to the Eaton Fire SCE believes that there is no basis for a finding of felony liability with regard to the Eaton Fire These are substantially different levels of conduct and intent 1. "Conscious or willful disregard" is not defined in AB 1054 and has not been interpreted
6Edison International | Third-Quarter 2026 Earnings Call Q3 2026 Q3 2025 Variance Basic Earnings Per Share (EPS) SCE 2.10$ 2.40$ (0.30)$ EIX Parent & Other (0.22) (0.24) 0.02 Basic EPS 1.88$ 2.16$ (0.28)$ Less: Non-core Items1 SCE (0.04)$ (0.18)$ 0.14$ EIX Parent & Other — — — Total Non-core Items (0.04)$ (0.18)$ 0.14$ Core Earnings Per Share (EPS) SCE 2.14$ 2.58$ (0.44)$ EIX Parent & Other (0.22) (0.24) 0.02 Core EPS 1.92$ 2.34$ (0.42)$ Key SCE EPS Drivers Lower revenue (0.62)$ Higher O&M (0.06) Lower depreciation 0.09 Higher property and other taxes (0.03) Lower other income (0.02) Income taxes 0.18 Div on preference stock 0.02 Total core drivers (0.44)$ Non-core items1 0.14 Total (0.30)$ Total core drivers 0.02$ Non-core items1 — Total 0.02$ EIX EPS Third Quarter Earnings Summary 1. See EIX Core EPS Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix Note: Diluted earnings were $1.87 and $2.16 per share for the three months ended September 30, 2026 and 2025, respectively Third-quarter 2026 Core EPS decreased year over year, primarily due to: SCE: The adoption of the 2025 GRC final decision in the third quarter of 2025 EIX Parent and Other: Lower preferred stock dividends, partially offset by higher interest expense Takeaways
7Edison International | Third-Quarter 2026 Earnings Call 2026–2030 Capital Expenditures Plan1 Five-year capex plan of ~$38–$41 billion to strengthen reliability, resilience, and readiness to meet customer needs Capital Expenditures, $ in Billions 1. Forecast includes amounts approved in SCE’s 2025 GRC filing. Additionally, reflects non-GRC spending subject to future regulatory requests beyond GRC proceedings and FERC Formula Rate annual updates 2. Annual Range Case capital reflects variability associated with future requests based on management judgment, potential for permitting delays and other operational considerations 6.5 6.7 6.7 7.9 8.1 0.8 0.9 0.9 1.1 1.0 $7.3 $7.6 $7.6 $9.0 $9.1 2026 2027 2028 2029 2030 CPUC FERC Range Case2 $7.1 $7.3 $7.2 $8.0 $7.9 Forecast through 2030 includes: • 2025 GRC approval • CAISO-awarded FERC transmission projects • Advanced metering infrastructure program (~50% of total $3.1Bn projected spend is 2026–2030) • Planned 2029 GRC request Beyond 2030, continued long- term capital investment opportunities to serve customers • 2029 GRC investments • CAISO-awarded FERC transmission projects (~$2Bn) • Advanced metering infrastructure program (~50% of total $3.1Bn projected spend is 2031–2033)
8Edison International | Third-Quarter 2026 Earnings Call 40.1 43.2 46.4 49.8 53.8 58.4 7.5 7.6 8.0 8.3 8.8 9.5 $47.6 $50.8 $54.4 $58.1 $62.6 $67.9 2025 2026 2027 2028 2029 2030 Projected ~7% rate base growth driven by investments to enable customer-driven load growth CPUC FERC ~7% CAGR 2025–2030 Range Case (Recorded) $50.8 $54.3 $57.7 $61.7 $66.1 2025–2030 SCE Rate Base Weighted Average Rate Base, $ in Billions Forecast through 2030 includes: • 2025 GRC approval • CAISO-awarded FERC transmission projects • Advanced metering infrastructure program (~50% of total $3.1Bn projected spend is 2026–2030) • Planned 2029 GRC request Beyond 2030, continued long- term capital investment opportunities to serve customers • 2029 GRC investments • CAISO-awarded FERC transmission projects (~$2Bn) • Advanced metering infrastructure program (~50% of total $3.1Bn projected spend is 2031–2033)
9Edison International | Third-Quarter 2026 Earnings Call 1,850 1,739 2,859 1,400 600 1,650 1,050 550 600 2,450 3,389 3,909 1,950 2026 2027 2028 2029 2030 Variable-rate long-term debt: $0 Short-term debt: ~$0.8Bn Commercial paper and term loan outstanding as of September 30, 2026 @ ~5.0% Interest-rate exposure is limited, with all long-term debt fixed rate and maturities well-distributed 1. Excludes amortization of securitized bonds and short-term debt except for the $600 million term loan that is due December 22, 2026 Term Loan and Long-term Debt Maturities1 $ in Millions, as of September 30, 2026 SCEEIX Parent 5.3% 4.9% 4.8% 4.7% Weighted avg. rate 5.3%
10Edison International | Third-Quarter 2026 Earnings Call 2026 Guidance 2027 Guidance 2028 Guidance SCE EPS 6.81–7.07 7.20–7.53 7.74–8.04 EIX Parent and Other EPS (0.91)–(0.87) (0.95)–(0.88) (1.00)–(0.90) EIX Consolidated Core EPS $5.90–6.20 $6.25–6.65 $6.74–7.14 Share Count (in millions) 385 385 385 Note: See Earnings Per Share Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix. All tax-effected information on this slide is based on our current combined statutory tax rate of approximately 28%. Totals may not add due to rounding EIX 2026–2028 Core Earnings Per Share Guidance Ranges EIX reaffirms 2026–2028 Core EPS guidance ~7% Growth ~7.5% Growth
11Edison International | Third-Quarter 2026 Earnings Call EIX projects 5–7% Core EPS growth for 2025 to 2030, with no equity needs in financing plan 1. Financing plan is subject to change 2. EIX Dividends includes common and preferred dividends, which are subject to approval by the EIX Board of Directors 3. Incremental to refinancing of maturities. Values shown include both SCE and parent debt $5.84 $7.45–8.20 Original 2025 Midpoint 2030 Target Achievable EPS growth for 2030 Core Earnings per Share Guidance 5–7% CAGR 2026–2030 EIX consolidated financing plan1 $ in Billions Uses Sources Capital Plan $38–41 Dividends2 $7–9 Net cash provided by operating activities $36–38 Incremental Debt3 $9–12
12Edison International | Third-Quarter 2026 Earnings Call Rate base and EPS growth aligned with grid safety, reliability, and customer affordability 1. Compound annual growth rate (CAGR) based on starting point of $5.84 2. Based on EIX stock price on October 28, 2026 3. Relative to 2025 5–7% Core EPS CAGR1 2025–2030 Underpinned by strong rate base growth of ~7% $38–41 billion 2026–2030 capital program ~6% current dividend yield2 22 consecutive years of dividend growth Target dividend payout of 45–55% of SCE core earnings Investments in safety and reliability of the grid, with focus on customer affordability Lowest system average rate among CA IOUs System average rate growth expected to be at or below local inflation through 2030 One of the strongest electrification profiles in the industry Industry-leading programs for transportation electrification Expected ~30–40% load growth by 2035 and nearly doubling by 20453
ADDITIONAL INFORMATION
14Edison International | Third-Quarter 2026 Earnings Call Key SCE EPS Drivers Higher revenue 0.36$ Lower O&M 0.07 Higher depreciation (0.09) Higher property and other taxes (0.05) Higher interest expense (0.30) Lower other income (0.02) Income taxes 0.09 Div on preference stock 0.05 Total core drivers 0.11$ Non-core items1 (2.35) Total (2.24)$ Total core drivers 0.10$ Non-core items1 0.01 Total 0.11$ EIX EPS 2026 2025 Variance Basic Earnings Per Share (EPS) SCE 5.38$ 7.62$ (2.24)$ EIX Parent & Other (0.73) (0.84) 0.11 Basic EPS 4.65$ 6.78$ (2.13)$ Less: Non-core Items1 SCE (0.15)$ 2.20$ (2.35)$ EIX Parent & Other (0.09) (0.10) 0.01 Total Non-core Items (0.24)$ 2.10$ (2.34)$ Core Earnings Per Share (EPS) SCE 5.53$ 5.42$ 0.11$ EIX Parent & Other (0.64) (0.74) 0.10 Core EPS 4.89$ 4.68$ 0.21$ Year-to-date Earnings Summary 1. See EIX Core EPS Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix Note: Diluted earnings were $4.62 and $6.76 per share for the nine months ended September 30, 2026 and 2025, respectively 2026 Core EPS increased year over year, primarily due to: SCE: The escalation mechanism authorized in the 2025 GRC final decision, partially offset by the absence of a benefit to interest expense related to the TKM Settlement Agreement in 2025 EIX Parent and Other: Lower preferred stock dividends, partially offset by higher interest expense Takeaways
15Edison International | Third-Quarter 2026 Earnings Call 1 2 3 Eaton Fire: Currently unable to estimate potential losses; SCE has clear sources for funding claims resolution1 1. Refers to claims for third-party damages related to the Eaton Fire eligible for reimbursement from the Wildfire Fund’s Initial Account, which will be subject to approval of the fund administrator 2. Refers to funding sources prior to a CPUC determination of prudency. For further details, see "Management Overview—Southern California Wildfires and Mudslides” in the 2025 10-K 3. Customer-funded self-insurance includes a $12.5 million shareholder contribution 4. Subject to CPUC approval. If the CPUC determines that the costs were not prudently incurred, SCE will be required to return any amounts recovered back to customers over a period that matches the remaining duration of the financing instrument through credits to customer rates Clear funding sources mitigate balance sheet exposure from claims resolution2 Estimated range of losses: While SCE recorded losses related to settlements that have been entered into related to the Eaton Fire, Edison International and SCE are currently unable to reasonably estimate a range of losses that may be incurred in connection with the Eaton Fire. Total settlements entered into: $1.8Bn Expected recoveries recorded2 • Self-insurance $917MM • Wildfire Fund $859MM • FERC rates $70MM Status of Eaton Fire Losses First $1 billion3 Customer–funded self- insurance Eligible third-party claims above first $1 billion Reimbursement from Wildfire Fund1 $207MM received to-date Above capacity of Wildfire Fund SB 254 provides ability to securitize4 As of September 30, 2026
16Edison International | Third-Quarter 2026 Earnings Call 2027–2028 Modeling Considerations Variable 2027 2028 SCE Rate Base ($ billions) $54.3–54.4 $57.7–58.1 Rate Base Mix (CPUC/FERC) 85% / 15% 86% / 14% Authorized ROEs (CPUC/FERC) 10.03% / 10.30% 10.03% / 10.30% Authorized Equity Ratios (CPUC/FERC) 52% / 47.5% 52% / 47.5% SCE Debt Refinancing and New Issue Rate1 (Pre-tax) 6.0–6.5% EIX Parent Debt Refinancing and New Issue Rate1 (Pre-tax) 6.0–6.5% Equity Issuance ($ millions) No equity issuance forecasted through 2030 Share Count (millions) 385 385 1. Weighted average rate for issuances reflecting issuance timing, debt volume and tenors, and market conditions over the forecast period
17Edison International | Third-Quarter 2026 Earnings Call Q3 2026 Q3 2025 2026 2025 SCE 809$ 925$ 2,071$ 2,935$ EIX Parent & Other (85) (93) (282) (324) Basic Earnings 724$ 832$ 1,789$ 2,611$ Non-Core Items SCE Wildfire-related (claims and expenses), net of recoveries 18 (5) 27 1,338 Wildfire Fund expense (36) (36) (107) (108) Net charges related to disallowed historical capital expenditures in SCE's 2025 GRC decision — (76) — (76) Income tax benefit (expense)1 5 48 22 (307) Subtotal SCE (13) (69) (58) 847 EIX Parent & Other Trio disposition and related losses (1) — (37) — Changes to wildfire claims and expenses insured by EIS — — 1 (50) Income tax benefit1 — — 3 11 Subtotal EIX Parent & Other (1) — (33) (39) Less: Total non-core items (14)$ (69)$ (91)$ 808$ SCE 822 994 2,129 2,088 EIX Parent & Other (84) (93) (249) (285) Core Earnings 738$ 901$ 1,880$ 1,803$ Earnings Non-GAAP Reconciliations 1. SCE non-core items are tax-affected at an estimated statutory rate of approximately 28%; wildfire claims insured by EIS are tax-affected at the federal statutory rate of 21% Reconciliation of EIX GAAP Earnings to EIX Core Earnings Net Income (Loss) Available to Edison International, $ in Millions
18Edison International | Third-Quarter 2026 Earnings Call Q3 2026 Q3 2025 2026 2025 Basic EPS 1.88$ 2.16$ 4.65$ 6.78$ Non-Core Items SCE Wildfire-related (claims and expenses), net of recoveries 0.05 (0.01) 0.07 3.48 Wildfire Fund expense (0.10) (0.09) (0.28) (0.28) Net charges related to disallowed historical capital expenditures in SCE's 2025 GRC decision — (0.20) — (0.20) Income tax benefit (expense)2 0.01 0.12 0.06 (0.80) Subtotal SCE (0.04) (0.18) (0.15) 2.20 EIX Parent & Other Trio disposition and related losses — — (0.10) — Changes to wildfire claims and expenses insured by EIS — — — (0.13) Income tax benefit2 — — 0.01 0.03 Subtotal EIX Parent & Other — — (0.09) (0.10) Less: Total non-core items (0.04) (0.18) (0.24) 2.10 Core EPS 1.92$ 2.34$ 4.89$ 4.68$ EIX Core EPS Non-GAAP Reconciliations 1. EPS is based on weighted-average share count of 385 million for both 2026 and 2025 2. SCE non-core items are tax-affected at an estimated statutory rate of approximately 28%; wildfire claims insured by EIS are tax-affected at the federal statutory rate of 21% Reconciliation of EIX Basic Earnings Per Share to EIX Core Earnings Per Share EPS Available to Edison International1
19Edison International | Third-Quarter 2026 Earnings Call Low High Basic EIX EPS $5.66 $5.96 Total Non-Core Items1 (0.24) (0.24) Core EIX EPS $5.90 $6.20 1. Non-core items are presented as they are recorded Earnings Per Share Non-GAAP Reconciliations Reconciliation of EIX Basic Earnings Per Share Guidance to EIX Core Earnings Per Share Guidance 2026 EPS Available to Edison International
20Edison International | Third-Quarter 2026 Earnings Call Use of Non-GAAP Financial Measures EIX Investor Relations Contact Sam Ramraj, Vice President Derek Matsushima, Principal Manager (626) 302-2540 (626) 302-3625 Sam.Ramraj@edisonintl.com Derek.Matsushima@edisonintl.com Edison International's earnings and basic earnings per share (EPS) are prepared in accordance with generally accepted accounting principles used in the United States. Management uses core earnings and core EPS internally for financial planning and for analysis of performance. Core earnings and core EPS are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the company's performance from period to period. Core earnings and core EPS are non-GAAP financial measures and may not be comparable to those of other companies. Core earnings and core EPS are defined as basic earnings and basic EPS attributable to Edison International shareholders less non-core items. Non-core items include income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as write downs, asset impairments, wildfire-related claims, and other income and expense related to changes in law, outcomes in tax, regulatory or legal proceedings, and exit activities, including sale of certain assets and other activities that are no longer continuing. A reconciliation of Non-GAAP information to GAAP information is included either on the slide where the information appears or on another slide referenced in this presentation. The Company is unable to provide a reconciliation of forward-looking core EPS guidance for 2027, 2028, and 2030 to the most directly comparable GAAP measure because certain items affecting GAAP EPS, including but not limited to wildfire-related costs, regulatory outcomes, and other non-core items, are inherently unpredictable and cannot be estimated without unreasonable effort. The probable significance of these items is such that they could have a material impact on GAAP results in future periods.