Edison International Q1 2025 Earnings Summary

Edison International delivered a robust first quarter in 2025, with significantly improved GAAP results driven by wildfire-related settlement gains. The company reaffirmed its core EPS guidance and highlighted continued regulatory momentum and wildfire mitigation initiatives.

Key Financial Highlights – Q1 2025
GAAP EPS: $3.73 (vs. $(0.03) in Q1 2024)

Core EPS: $1.37 (▲21% YoY from $1.13)

Net Income: $1.44B (vs. $(11)M in Q1 2024)

Core Earnings: $528M (▲$90M YoY)

Primary Drivers
Southern California Edison (SCE):

Core EPS ▲ due to interest expense benefits from the TKM Settlement

GAAP results include $947M in wildfire-related cost recoveries

Edison International Parent & Other:

Core loss widened to $(0.24)/share from $(0.20) due to higher interest expense

Wildfire & Regulatory Update
TKM Settlement: Material driver of $2.36/share non-core EPS impact

Grid Hardening Projects: Active rebuilding in wildfire-affected areas like Malibu and Altadena

Regulatory Momentum:

2026 Cost of Capital and NextGen ERP applications filed

Settlement reached in WMCE proceeding

TKM Settlement approved

2025 Guidance
Core EPS: Reaffirmed at $5.94 – $6.34

Growth Outlook: Reiterated 5–7% CAGR through 2028, targeting $6.74 – $7.14 by 2028

Cash Flow & Balance Sheet
Cash from Ops: $1.22B (▲17% YoY)

CapEx: $1.4B (▲10% YoY)

Net Debt: Increased due to capital deployment; long-term debt up to $35.4B

Cash Position: Ended Q1 with $1.3B in cash, up from $193M in Q4 2024

CEO Commentary
CEO Pedro Pizarro emphasized continued stakeholder engagement and confidence in California’s regulatory framework. He reiterated Edison’s strategic focus on safety, clean energy transition, and reliability through aggressive wildfire mitigation and grid modernization.