SCE-PG 8-K
SOUTHERN CALIFORNIA EDISON Co (SCE-PG)
8-K
2026-07-30
For: 2026-07-30
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July 30, 2026
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): July 30, 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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| (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 July 30, 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 June 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 | |||||
| 99.2 | |||||
| 99.3 | |||||
| 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: July 30, 2026
| SOUTHERN CALIFORNIA EDISON COMPANY | |||||
| (Registrant) | |||||
| /s/ Kara G. Ryan | |||||
| Kara G. Ryan | |||||
| Vice President, Chief Accounting Officer and Controller | |||||
Date: July 30, 2026
Exhibit 99.1
 | NEWS | |||||||
Investor Relations: Sam Ramraj, (626) 302-2540
Media Relations: (626) 302-2255
Edison International Reports Second Quarter 2026 Results
•Second-quarter 2026 GAAP EPS of $1.39; core EPS of $1.54
•Strong start to the first half of 2026 reinforces confidence in the full-year outlook
•Continued wildfire mitigation execution and progress on Wildfire Recovery Compensation Program
•Reaffirmed 2026 core EPS guidance of $5.90-$6.20
•Continued confidence in delivering 5-7% core EPS growth from 2025-2030
ROSEMEAD, Calif., July 30, 2026 — Edison International (NYSE: EIX) today reported second-quarter net income of $534 million, or $1.39 per share, compared to net income of $343 million, or $0.89 per share, in the second quarter of last year. As adjusted, second-quarter core earnings were $592 million, or $1.54 per share, compared to core earnings of $374 million, or $0.97 per share, in the second quarter of last year.
Southern California Edison’s second-quarter 2026 core earnings per share (EPS) increased year over year, primarily due to the adoption of the 2025 GRC final decision in the third quarter of 2025.
Edison International Parent and Other’s second-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’s strong start to the first half of 2026 reinforces our confidence in our full-year outlook,” said Pedro J. Pizarro, president and CEO of Edison International. “We remain focused on making communities safer and more resilient through wildfire mitigation and on supporting a reliable, affordable and clean energy future.”
Pizarro added, “SCE is continuing to sharpen how it prioritizes wildfire mitigation. The utility’s approach is increasingly location-specific, consequence-informed and adaptive. Using better data, advanced wildfire modeling and climate-informed analysis, we are directing mitigation to areas where it can provide the greatest safety benefit while maintaining a focus on affordability for customers.”
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 April 28, 2026 | 2026 Earnings Guidance as of July 30, 2026 | |||||||||||||||||||
Low | High | Low | High | |||||||||||||||||
EIX Basic EPS | $ | 5.86 | $ | 6.16 | $ | 5.70 | $ | 6.00 | ||||||||||||
Less: Non-core Items* | (0.04) | (0.04) | (0.20) | (0.20) | ||||||||||||||||
EIX Core EPS | $ | 5.90 | $ | 6.20 | $ | 5.90 | $ | 6.20 | ||||||||||||
*There were ($77) million, or ($0.20) per share, of non-core items recorded for the six months ended June 30, 2026. Basic EPS guidance only incorporates non-core items until June 30, 2026.
Second Quarter 2026 Earnings Conference Call and Webcast Details
When: | Thursday, July 30, 1:30-2:30 p.m. PDT | ||||
Telephone Numbers: | 1-888-673-9780 (U.S.) and 1-312-470-0178 (Int'l) — Passcode: Edison | ||||
Telephone Replay: | 1-800-685-6667 (U.S.) and 1-203-369-3864 (Int’l) — Passcode: 1844 | ||||
Telephone replay available through Aug. 13 at 6 p.m. PDT | |||||
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 or anticipated new California 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, 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.
Second Quarter Reconciliation of Basic Earnings Per Share to Core Earnings Per Share
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | Change | 2026 | 2025 | Change | ||||||||||||||||||||||||||||||
Earnings (loss) per share available to Edison International | |||||||||||||||||||||||||||||||||||
SCE | $ | 1.67 | $ | 1.15 | $ | 0.52 | $ | 3.28 | $ | 5.22 | $ | (1.94) | |||||||||||||||||||||||
Edison International Parent and Other | (0.28) | (0.26) | (0.02) | (0.51) | (0.60) | 0.09 | |||||||||||||||||||||||||||||
Edison International | 1.39 | 0.89 | 0.50 | 2.77 | 4.62 | (1.85) | |||||||||||||||||||||||||||||
Less: Non-core items | |||||||||||||||||||||||||||||||||||
SCE | (0.07) | (0.08) | 0.01 | (0.12) | 2.38 | (2.50) | |||||||||||||||||||||||||||||
Edison International Parent and Other | (0.08) | — | (0.08) | (0.08) | (0.10) | 0.02 | |||||||||||||||||||||||||||||
Total non-core items | (0.15) | (0.08) | (0.07) | (0.20) | 2.28 | (2.48) | |||||||||||||||||||||||||||||
Core earnings (loss) per share | |||||||||||||||||||||||||||||||||||
SCE | 1.74 | 1.23 | 0.51 | 3.40 | 2.84 | 0.56 | |||||||||||||||||||||||||||||
Edison International Parent and Other | (0.20) | (0.26) | 0.06 | (0.43) | (0.50) | 0.07 | |||||||||||||||||||||||||||||
Edison International | $ | 1.54 | $ | 0.97 | $ | 0.57 | $ | 2.97 | $ | 2.34 | $ | 0.63 | |||||||||||||||||||||||
Note: Diluted earnings were $1.38 and $0.89 per share for the three months ended June 30, 2026 and 2025, respectively. Diluted earnings were $2.75 and $4.61 per share for the six months ended June 30, 2026 and 2025, respectively.
Second Quarter Reconciliation of Basic Earnings to Core Earnings (in millions)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||||||||||||||
(in millions) | 2026 | 2025 | Change | 2026 | 2025 | Change | |||||||||||||||||||||||||||||
Net income (loss) available to Edison International | |||||||||||||||||||||||||||||||||||
SCE | $ | 643 | $ | 443 | $ | 200 | $ | 1,262 | $ | 2,010 | $ | (748) | |||||||||||||||||||||||
Edison International Parent and Other | (109) | (100) | (9) | (197) | (231) | 34 | |||||||||||||||||||||||||||||
Edison International | 534 | 343 | 191 | 1,065 | 1,779 | (714) | |||||||||||||||||||||||||||||
| Less: Non-core items | |||||||||||||||||||||||||||||||||||
SCE 1,2 | (29) | (31) | 2 | (45) | 916 | (961) | |||||||||||||||||||||||||||||
Edison International Parent and Other3,4 | (29) | — | (29) | (32) | (39) | 7 | |||||||||||||||||||||||||||||
Total non-core items | (58) | (31) | (27) | (77) | 877 | (954) | |||||||||||||||||||||||||||||
Core earnings (losses) | |||||||||||||||||||||||||||||||||||
SCE | 672 | 474 | 198 | 1,307 | 1,094 | 213 | |||||||||||||||||||||||||||||
Edison International Parent and Other | (80) | (100) | 20 | (165) | (192) | 27 | |||||||||||||||||||||||||||||
Edison International | $ | 592 | $ | 374 | $ | 218 | $ | 1,142 | $ | 902 | $ | 240 | |||||||||||||||||||||||
1Includes wildfire-related claims and expenses, net of recoveries:
•Charges of $4 million ($3 million after-tax) recorded in the second quarter of 2026, related to claim costs and related legal expenses, net of expected regulatory recoveries.
•Charges of $8 million ($5 million after-tax) recorded in the second quarter of 2025, related to claim costs and related legal expenses, net of expected regulatory recoveries.
•Net earning of $9 million ($6 million after-tax) recorded in the six months ended June 30, 2026, primarily due to expected recoveries, partially offset by claims and legal expenses associated with Other Wildfire Events.
•Net earnings of $1,343 million ($968 million after-tax) six months ended June 30, 2025, primarily related to the TKM Settlement Agreement and insurance reimbursements related to 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 June 30, 2026 and 2025, and $71 million ($51 million after-tax) and $72 million ($52 million after-tax) for the six months ended June 30, 2026 and 2025, respectively.
3Includes losses of $30 million ($29 million after-tax) and $36 million ($33 million after-tax) for three and six months ended June 30, 2026, respectively, related to the disposition of Trio.
4Includes net earnings of $1 million ($1 million after-tax) primarily due to updated estimates of claims accruals, net of legal expenses, for the six months ended June 30, 2026, and charges of $50 million ($39 million after-tax) for the six months ended June 30, 2025, both related to wildfire claims insured by EIS.
| Condensed Consolidated Statements of Income | Edison International | ||||||||||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||||||||||
| (in millions, except per-share amounts, unaudited) | 2026 | 2025 | 2026 | 2025 | |||||||||||||||||||
| Operating revenue | $ | 4,357 | $ | 4,543 | $ | 8,460 | $ | 8,354 | |||||||||||||||
| Purchased power and fuel | 1,137 | 1,157 | 2,107 | 2,204 | |||||||||||||||||||
| Operation and maintenance | 1,071 | 1,580 | 2,088 | 2,563 | |||||||||||||||||||
Wildfire-related claims, net of (recoveries) | 18 | — | 13 | (1,305) | |||||||||||||||||||
| Wildfire Fund expense | 36 | 36 | 71 | 72 | |||||||||||||||||||
| Depreciation and amortization | 834 | 826 | 1,668 | 1,568 | |||||||||||||||||||
| Property and other taxes | 171 | 168 | 350 | 334 | |||||||||||||||||||
| Other | (2) | 1 | (3) | 9 | |||||||||||||||||||
| Total operating expenses | 3,265 | 3,768 | 6,294 | 5,445 | |||||||||||||||||||
| Operating income | 1,092 | 775 | 2,166 | 2,909 | |||||||||||||||||||
| Interest expense | (514) | (504) | (1,038) | (805) | |||||||||||||||||||
| Other income, net | 97 | 113 | 218 | 220 | |||||||||||||||||||
| Income before income taxes | 675 | 384 | 1,346 | 2,324 | |||||||||||||||||||
| Income tax expense (benefit) | 114 | (14) | 215 | 434 | |||||||||||||||||||
| Net income | 561 | 398 | 1,131 | 1,890 | |||||||||||||||||||
| Less: Preference stock dividend requirements of SCE | 26 | 33 | 55 | 67 | |||||||||||||||||||
| Preferred stock dividend requirements of Edison International | 1 | 22 | 11 | 44 | |||||||||||||||||||
| Net income available to Edison International common shareholders | $ | 534 | $ | 343 | $ | 1,065 | $ | 1,779 | |||||||||||||||
| 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 | $ | 1.39 | $ | 0.89 | $ | 2.77 | $ | 4.62 | |||||||||||||||
| 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 | $ | 1.38 | $ | 0.89 | $ | 2.75 | $ | 4.61 | |||||||||||||||
| Condensed Consolidated Balance Sheets | Edison International | ||||||||||
| (in millions, unaudited) | June 30, 2026 | December 31, 2025 | |||||||||
| ASSETS | |||||||||||
| Cash and cash equivalents | $ | 242 | $ | 158 | |||||||
Receivables, net of allowances for uncollectible accounts of $338 and $356 at respective dates | 1,819 | 1,463 | |||||||||
| Accrued unbilled revenue | 1,042 | 1,238 | |||||||||
| Inventory | 567 | 535 | |||||||||
| Prepaid expenses | 112 | 119 | |||||||||
| Regulatory assets | 2,855 | 3,290 | |||||||||
| Wildfire Fund contributions | 138 | 138 | |||||||||
| Other current assets | 570 | 745 | |||||||||
| Total current assets | 7,345 | 7,686 | |||||||||
| Nuclear decommissioning trusts | 4,784 | 4,535 | |||||||||
| Other investments | 71 | 51 | |||||||||
| Total investments | 4,855 | 4,586 | |||||||||
Utility property, plant and equipment, net of accumulated depreciation and amortization of $15,408 and $15,060 at respective dates | 64,923 | 63,131 | |||||||||
Nonutility property, plant and equipment, net of accumulated depreciation of $101 and $132 at respective dates | 183 | 197 | |||||||||
| Total property, plant and equipment | 65,106 | 63,328 | |||||||||
Long-term receivables, net of allowances for uncollectible accounts of $39 and $49 at respective dates | 32 | 38 | |||||||||
Regulatory assets (include $3,051 and $3,092 related to a Variable Interest Entity ("VIE") at respective dates) | 12,966 | 12,960 | |||||||||
| Wildfire Fund contributions | 1,671 | 1,740 | |||||||||
| Operating lease right-of-use assets | 1,137 | 1,161 | |||||||||
| Long-term insurance receivables | 805 | 359 | |||||||||
| Other long-term assets | 2,254 | 2,168 | |||||||||
| Total other assets | 18,865 | 18,426 | |||||||||
| Total assets | $ | 96,171 | $ | 94,026 | |||||||
| Condensed Consolidated Balance Sheets | Edison International | ||||||||||
| (in millions, except share amounts, unaudited) | June 30, 2026 | December 31, 2025 | |||||||||
LIABILITIES AND EQUITY | |||||||||||
| Short-term debt | $ | 1,521 | $ | 2,390 | |||||||
| Current portion of long-term debt | 3,797 | 1,928 | |||||||||
| Accounts payable | 2,159 | 2,344 | |||||||||
| Wildfire-related claims | 808 | 585 | |||||||||
| Accrued interest | 558 | 473 | |||||||||
| Regulatory liabilities | 727 | 1,158 | |||||||||
| Current portion of operating lease liabilities | 121 | 120 | |||||||||
| Other current liabilities | 1,401 | 1,538 | |||||||||
| Total current liabilities | 11,092 | 10,536 | |||||||||
Long-term debt (includes $2,979 and $3,022 related to a VIE at respective dates) | 37,085 | 36,070 | |||||||||
| Deferred income taxes and credits | 9,484 | 9,114 | |||||||||
| Pensions and benefits | 364 | 370 | |||||||||
| Asset retirement obligations | 2,607 | 2,583 | |||||||||
| Regulatory liabilities | 11,244 | 10,627 | |||||||||
| Operating lease liabilities | 1,016 | 1,041 | |||||||||
| Wildfire-related claims | 626 | 721 | |||||||||
| Other deferred credits and other long-term liabilities | 3,560 | 3,705 | |||||||||
| Total deferred credits and other liabilities | 28,901 | 28,161 | |||||||||
| Total liabilities | 77,078 | 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; 384,787,767 and 384,787,056 shares issued and outstanding at respective dates) | 6,347 | 6,362 | |||||||||
| Accumulated other comprehensive income | 3 | 6 | |||||||||
| Retained earnings | 11,096 | 10,714 | |||||||||
| Total Edison International's shareholders' equity | 17,529 | 17,579 | |||||||||
| Noncontrolling interests – preference stock of SCE | 1,564 | 1,680 | |||||||||
| Total equity | 19,093 | 19,259 | |||||||||
| Total liabilities and equity | $ | 96,171 | $ | 94,026 | |||||||
| Condensed Consolidated Statements of Cash Flows | Edison International | ||||||||||
Six months ended June 30, | |||||||||||
| (in millions, unaudited) | 2026 | 2025 | |||||||||
Cash flows from operating activities: | |||||||||||
| Net income | $ | 1,131 | $ | 1,890 | |||||||
| Adjustments to reconcile to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 1,668 | 1,568 | |||||||||
| Equity allowance for funds used during construction | (113) | (93) | |||||||||
| Deferred income taxes | 146 | 420 | |||||||||
| Wildfire Fund amortization expense | 71 | 72 | |||||||||
| Other | 103 | 77 | |||||||||
| Nuclear decommissioning trusts | 11 | (102) | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Receivables | (392) | 248 | |||||||||
| Inventory | (39) | 12 | |||||||||
| Accounts payable | 56 | 50 | |||||||||
| Other current assets and liabilities | (9) | (247) | |||||||||
| Derivative assets and liabilities, net | 12 | 44 | |||||||||
| Regulatory assets and liabilities, net | 460 | (1,600) | |||||||||
| Wildfire-related claims, net of insurance recoveries | (357) | (211) | |||||||||
| Other noncurrent assets and liabilities | (51) | (22) | |||||||||
| Net cash provided by operating activities | 2,697 | 2,106 | |||||||||
| Cash flows from financing activities: | |||||||||||
Long-term debt issued, net of premium, discount and issuance costs of $(5) and $(49) for the respective periods | 4,545 | 3,501 | |||||||||
| Long-term debt repaid | (1,677) | (726) | |||||||||
| Short-term debt issued | 3 | 18 | |||||||||
| Short-term debt repaid | (437) | — | |||||||||
| Common stock repurchased | (30) | (29) | |||||||||
| Preferred stock repurchased | (538) | — | |||||||||
| Commercial paper repayments, net of borrowing | (426) | (1,012) | |||||||||
| Dividends and distribution to noncontrolling interests | (52) | (67) | |||||||||
| Common stock dividends paid | (675) | (637) | |||||||||
| Preferred stock dividends paid | (13) | (44) | |||||||||
| Other | 2 | (13) | |||||||||
| Net cash provided by financing activities | 702 | 991 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (3,385) | (3,120) | |||||||||
| Proceeds from sale of nuclear decommissioning trust investments | 3,666 | 2,680 | |||||||||
| Purchases of nuclear decommissioning trust investments | (3,684) | (2,580) | |||||||||
Proceeds from sale of a subsidiary, net of cash transferred | 15 | — | |||||||||
| Other | (7) | 18 | |||||||||
| Net cash used in investing activities | (3,395) | (3,002) | |||||||||
| Net increase in cash and cash equivalents and restricted cash and cash equivalents | 4 | 95 | |||||||||
| 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 | $ | 724 | $ | 779 | |||||||
Exhibit 99.2
Prepared Remarks of Edison International CEO and CFO
Second Quarter 2026 Earnings Teleconference
July 30, 2026, 1:30 p.m. (PT)
Pedro Pizarro, President and Chief Executive Officer, Edison International
My comments today focus on three areas: a legislation update; our continued work to make communities safer and more resilient, including wildfire mitigation and recovery efforts; and our broader progress in supporting a reliable, affordable, and clean energy future.
Starting with a brief comment on earnings, Edison International’s second-quarter 2026 core EPS was $1.54, bringing year-to-date core EPS to $2.97. With this strong start to the first half of the year, we are confident in reaffirming our 2026 core EPS guidance and other financial targets, including our 5 to 7% core EPS growth over the long term. Aaron will discuss our financial performance in his remarks.
On the legislative front, we’re actively engaged with the Governor’s office, legislators, and key stakeholders on both wildfire reform and affordability. There is continued recognition that the current framework is placing increasing pressure on customers, communities, and the cost of financing the investments utilities are making to support California’s climate goals. Consistent with the themes we have highlighted, discussions center on aligning risk, supporting affordability, and maintaining access to capital at a reasonable cost. But this is about more than utility finance. Moody’s recently highlighted that the implications extend beyond utilities. They note that wildfire-related costs can affect electricity rates, affordability, and California’s broader economic competitiveness. S&P has also observed that wildfire-related financial risks increasingly extend beyond investor-owned utilities to public utilities, local governments, insurers, and the communities they serve. That is why establishing a durable long-term solution matters not only for utilities, but for customers, businesses, and the state's economy as a whole.
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While we are encouraged by Sacramento leadership’s focus on this important topic, we also recognize that the outcome remains uncertain so we will be thoughtful about the implications of what the Legislature ultimately enacts. SCE's current GRC authorization supports the utility's plan through 2028, and future investments will continue to be evaluated through a disciplined benefit-cost lens. SCE will continue to safely serve customers and maintain its unwavering focus on safety. At the same time, the clarity and quality of the legislative outcome will influence the cost of capital available to support future investment. A durable and financeable framework will help maintain access to lower-cost capital, supporting affordability for customers and continued infrastructure investment. Conversely, a framework without sufficient predictability will increase Edison’s financing costs, making SCE’s investments for customers’ benefit more expensive. It will also influence how we prioritize and deploy future capital.
Turning to operations, SCE took the first step in the next GRC process and filed its Risk Assessment Mitigation Phase, or RAMP, application in May. This outlines the risk mitigations that guide proposed investments across wildfire risk, transmission and distribution reliability, cybersecurity, climate adaptation, and other safety-related measures. For context, the investments identified in past RAMP filings accounted for about a third of the total capital requested in the GRC. As in prior cycles, this process provides a clear, safety- and risk-driven framework for evaluating capital needs and supports consistent engagement with regulators and stakeholders on safety and risk priorities.
A key topic in RAMP is wildfire mitigation. SCE’s strategy continues to be comprehensive as noted on page 3. What is increasingly important is execution and prioritization. SCE is using more advanced wildfire modeling, improved data, and climate-informed analysis to better identify where wildfire consequences could be greatest. SCE has developed an enhanced wildfire risk model that combines multiple data sources to improve how it identifies, prioritizes, and plans safety measures, while accounting for high-impact wildfire events that may not be reflected in historical data. The utility is also broadening the range of risks and failure scenarios it evaluates, reflecting both lessons learned and a more
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comprehensive understanding of how wildfire risk can develop. That includes looking beyond individual equipment incidents and assessing how multiple conditions and events can combine to influence safety consequences. All this will inform SCE’s mitigation investments in the next GRC, which will include continued grid hardening with additional covered conductor and targeted undergrounding during the 2029 through 2032 period. SCE’s preliminary estimates in the RAMP application for continued hardening are about 450 miles of covered conductor and approximately 190 miles of targeted undergrounding.
To summarize, SCE’s approach is increasingly location-specific, consequence-informed, and adaptive. This builds on the substantial progress SCE has already made hardening its system, including the deployment of about 800 miles of covered conductor and about 90 miles of undergrounding including all rebuild areas since January 2025. Importantly, SCE has not experienced a covered conductor failure associated with the risks that technology is designed to mitigate. Combined with millions of inspections and vegetation management activities, as well as expanded situational awareness capabilities, these efforts have materially strengthened the grid and reduced wildfire risk. As a result, SCE is continuing to sharpen how it prioritizes mitigation, not only by looking at where the likelihood of ignition is highest, but also by identifying where the potential consequences to communities could be greatest. The utility is directing mitigation to areas where it can provide the greatest safety benefit, using better data and ongoing learning to adjust as conditions change, all while focusing on affordability for customers.
I’d now like to highlight an initiative I’m personally excited about as we think about Edison’s future. We are increasingly combining operating experience with richer data, advanced analytics, and AI-enabled capabilities to improve how risks are identified, prioritized, and managed. Advances in AI will be among the most important tools available to utilities over the next decade. For SCE, the opportunity extends well beyond individual use cases. AI is an important enabler of the utility's long-term transformation — helping accelerate operational excellence, improve how the grid is planned and operated, and strengthen wildfire mitigation efforts. The focus is on delivering tangible outcomes: better
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decisions, faster execution, lower costs, and improved customer value. As these capabilities continue to mature, SCE expects them to become an increasingly important driver of safety, reliability, affordability, and overall business performance. Aaron will provide some examples of in-flight activities shortly.
Moving on to the Wildfire Recovery Compensation Program, or WRCP, there is continued community interest in the voluntary program. SCE has now extended more than 2,200 offers totaling over $775 million to over 12,300 community members impacted by the Eaton Fire. SCE remains committed to providing information to community members to make informed decisions about what is best for their situation.
Taking a broader view on sustainability, we remain committed to supporting the clean energy transition while maintaining the safety, reliability and affordability that our customers expect. Our 2025 Sustainability Report has details about our accomplishments, goals, and long-term commitments. A couple examples: SCE delivered at least 60% carbon-free power to customers, over 70% cleaner than the national average. SCE contracted approximately 900 megawatts of energy storage, bringing the total at year-end to about 9,200 megawatts owned or under contract — one of the largest portfolios in the nation.
I am proud of our team and the progress we continue to make toward a clean energy future that benefits everyone. We have and will always put customers first — by strengthening the grid, mitigating wildfire risk and advancing clean energy to support affordability and community resilience for generations to come.
Aaron Moss, Executive Vice President and Chief Financial Officer, Edison International
During my prior roles at Edison, I’ve had the chance to get to know many of you over the years. As I step into this role, I’m looking forward to continuing those conversations and discussing how we are executing on our strategy, investing in the business and creating long-term value for all of our stakeholders. In my comments today, I will cover our second-quarter 2026 results, capital plans, and reaffirmed earnings guidance.
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EIX reported second-quarter core EPS of $1.54 compared to 97 cents last year. Page 6 provides the year-over-year quarterly variance analysis. The quarter reflects continued stability in our core operations. Results benefited from regulatory decisions last year, including the GRC decision, as well as the ongoing reduction in interest expense associated with the Woolsey cost recovery. Let me reinforce what Pedro said — with this strong start to the first half of the year, we are confident in reaffirming our 2026 core EPS guidance. We are also reaffirming our long-term core EPS growth rate of 5 to 7%. This outlook is supported by our capital investment plan, constructive regulatory framework, and continued focus on operational excellence.
At SCE, results for the quarter were primarily driven by the timing of the GRC decision last year, along with continued focus on strong performance across our core operations. We continue to optimize how we approach O&M spending over the course of the year. This allows us to prioritize our work to address operational needs as they arise while maintaining overall cost control. This approach supports both near-term performance and long-term value creation for customers and capital providers. The Parent and Other core loss was favorable by six cents, primarily driven by the net financing benefits of the preferred stock redemptions we initiated at the end of 2025 and completed in the first quarter.
Turning to SCE’s capital plan, we continue to see strong investment opportunities across the business, driven by infrastructure replacement, wildfire mitigation, and growing demand for electrification. Our plan is centered around these priorities and supports long-term rate base growth of about 7%. We remain focused on optimizing these investments in a way that balances system needs with customer affordability. As part of that execution, we are pleased with SCE’s progress on its wildfire mitigation investments. Of SCE’s roughly 16,800 distribution line miles in HFRA, SCE has successfully hardened about 90%, including nearly 7,200 miles of covered conductor. These investments remain a central part of our capital plan and are key to reducing wildfire risk and improving system resilience over time.
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Moving to financing activities, SCE successfully completed the Woolsey Fire cost recovery securitization earlier this week, generating approximately $2 billion in proceeds. We were pleased with the outcome and the strong demand we saw from capital providers. The proceeds will be used to recover claims and other costs, including retiring related debt, further strengthening our balance sheet.
Let me transition to operational excellence, which benefits customer affordability and long-term performance. This is an area where I spent significant time in my prior roles within the utility and will remain an ongoing focus as we look to enhance both efficiency and execution across the business. As part of that effort, we are continuing to simplify processes and expand the use of emerging technologies, including targeted AI applications, in areas where they can improve productivity and quality.
Our efforts are focused on high-volume, repeatable work where we see meaningful opportunities to drive productivity and quality. For example, our planning organizations produce on the order of 100,000 project designs each year, and we are deploying tools to help automate initial design generation and the validation of final designs against our standards. We expect these improvements to accelerate design cycle times by 20% to 30%. Similarly, we process approximately 40,000 permits annually across multiple agencies and systems. We see opportunities to streamline this process, reduce cycle times by approximately 20%, and improve throughput. Efforts like these are intended to create additional capacity in the system, support timely execution of our capital program, and improve cost performance over time. Our focus on operational excellence is one of the important ways we deliver consistent financial results.
Looking at our year-to-date performance reinforces our confidence in the outlook for the business. We see continued momentum in our capital program, strong regulatory visibility, and stable operational performance, all of which position us well for the rest of the year. Consequently, we are reaffirming our 2026 core EPS guidance range of $5.90 to $6.20. Our priorities remain consistent — delivering on our operational commitments, advancing our
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capital plan, and maintaining a strong cost framework, all while supporting a safe and reliable system for customers.
Let me conclude by saying that we are pleased with our results. The business is performing as expected, our capital plan remains on track, and we are well positioned to deliver on our financial commitments for 2026 and beyond.
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JULY 30, 2026 SECOND-QUARTER 2026 FINANCIAL RESULTS Exhibit 99.3
1Edison International | Second-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 or anticipated new California 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, 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 | Second-Quarter 2026 Earnings Call Key Messages $1.39 Q2 2026 GAAP EPS $1.54 Q2 2026 Core EPS1 Reiterated 5–7% Core EPS CAGR 2025–20302 Reaffirmed $5.90–6.20 2026 Core EPS Guidance1 Strong start to the first half of 2026 reinforces confidence in the full-year outlook Continued wildfire mitigation execution and progress on Wildfire Recovery Compensation Program 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 | Second-Quarter 2026 Earnings Call SCE’s preliminary 2029+ wildfire mitigation portfolio targets efficiency through enhanced risk-based analysis SCE continues to advance wildfire mitigation through more granular modeling, climate-informed analysis, and circuit-level prioritization, as outlined in RAMP1 filing Risk-Prioritized SpendSafer Grid More Adaptive System Improve safety, especially in high fire risk areas Direct mitigation to areas where wildfire consequences can be greatest Proactively adapt to changing conditions Incorporate better data, climate- informed assumptions, and lessons learned to continuously refine risk assessments Prioritize the highest-impact solutions Compare mitigation options at the circuit level to prioritize the highest-impact solutions Enables continued investment while improving targeting and efficiency of incremental spend 1. The CPUC’s Risk Assessment Mitigation Phase (RAMP) process is an integral part of SCE’s overall risk management process. RAMP is a precursor filing to, and informs, SCE’s General Rate Case. Through RAMP, the Commission reviews in detail how SCE identifies and then proposes to address SCE’s most critical safety risks, as calculated and measured using Commission-endorsed parameters
4Edison International | Second-Quarter 2026 Earnings Call SCE has successfully hardened ~90% of High Fire Risk Area distribution system Underground (~7,590 miles) Covered Conductor (7,170+ miles) Status of Currently Planned Grid Hardening in HFRA1 Distribution circuit miles, As of June 30, 2026 Completed 14,760+ miles 1. Refers to circuit miles of distribution infrastructure in SCE’s high fire risk areas (HFRA) 2. Reflects covered conductor and undergrounding through 2028 as authorized in SCE’s 2025 GRC Remaining Planned2 (Up to ~970 miles) Next steps: complete GRC-approved miles and evaluate remaining HFRA hardening for 2029–2032 Complete 970 miles through 2028 under approved GRC Assess incremental proactive hardening in 2029–2032 using Wildfire Integrated Model (subject to regulatory approval)
5Edison International | Second-Quarter 2026 Earnings Call Edison’s 2025 sustainability achievements advanced our clean energy strategy and enhanced value to our stakeholders 1. Source: Cornerstone Sustainability Data Initiative Clean Energy Transition SCE delivered at least 60% carbon-free electricity in terms of retail sales to customers in 2025, over 70% cleaner than the national average GHG intensity1 SCE contracted ~900 MW of energy storage in 2025, bringing the total to approximately 9,200 MW owned or under contract — one of the largest portfolios in the nation Customers & Communities Edison International and the Edison International Foundation awarded 632 grants totaling $25.8 million to support nonprofit partners and community-based organizations Edison International’s employees, along with family and friends, volunteered ~41,000 hours — representing an estimated $1.6 million in value SCE’s Energy Education Center hosted more than 590 classes, both online and in- person, with nearly 34,000 attendee visits across all sessions Reliability & Resilience SCE inspected ~1.6 million trees, including more than 800,000 in high fire risk areas (HFRA) SCE continued grid hardening, resulting in nearly 7,100 total miles of covered conductor by year-end SCE demand response programs provided more than 800 megawatts (MW) of capacity available to be dispatched during periods of grid stress and high energy prices
6Edison International | Second-Quarter 2026 Earnings Call Key SCE EPS Drivers Higher revenue 0.40$ Lower O&M 0.16 Higher depreciation (0.07) Higher property and other taxes (0.01) Lower interest expense 0.03 Lower other income (0.01) Income taxes (0.01) Div on preference stock 0.02 Total core drivers 0.51$ Non-core items1 0.01 Total 0.52$ Total core drivers 0.06$ Non-core items1 (0.08) Total (0.02)$ EIX EPS Q2 2026 Q2 2025 Variance Basic Earnings Per Share (EPS) SCE 1.67$ 1.15$ 0.52$ EIX Parent & Other (0.28) (0.26) (0.02) Basic EPS 1.39$ 0.89$ 0.50$ Less: Non-core Items1 SCE (0.07)$ (0.08)$ 0.01$ EIX Parent & Other (0.08) — (0.08) Total Non-core Items (0.15)$ (0.08)$ (0.07)$ Core Earnings Per Share (EPS) SCE 1.74$ 1.23$ 0.51$ EIX Parent & Other (0.20) (0.26) 0.06 Core EPS 1.54$ 0.97$ 0.57$ Second Quarter Earnings Summary 1. See EIX Core EPS Non-GAAP Reconciliations and Use of Non-GAAP Financial Measures in Appendix Note: Diluted earnings were $1.38 and $0.89 per share for the three months ended June 30, 2026 and 2025, respectively Second-quarter 2026 Core EPS increased 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 | Second-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 | Second-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 | Second-Quarter 2026 Earnings Call 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 and 2027 Core Earnings Per Share Guidance Ranges 2026 Guidance 2027 Guidance SCE EPS 6.81–7.07 7.20–7.53 EIX Parent and Other EPS (0.91)–(0.87) (0.95)–(0.88) EIX Consolidated Core EPS $5.90–6.20 $6.25–6.65 Share Count (in millions) 385 385 EIX reaffirms 2026 Core EPS guidance of $5.90–6.20 and 2027 Core EPS guidance of $6.25–6.65 ~7% Growth Providing 2027 outlook given visibility through GRC cycle • Expected to be at high-end of long-term growth rate range of 5–7% • Core EPS growth driven primarily by ~7% rate base growth • Modeling considerations can be found in Additional Information section
10Edison International | Second-Quarter 2026 Earnings Call 1. Compound annual growth rate (CAGR) based on starting point of $5.84 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 2028 Core Earnings Per Share Guidance Range 2028 Guidance SCE EPS 7.74–8.04 EIX Parent and Other EPS (1.00)–(0.90) EIX Consolidated Core EPS $6.74–7.14 Share Count (in millions) 385 EIX reaffirms 2028 Core EPS guidance of $6.74–7.14, representing 5–7% growth from 20251
11Edison International | Second-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. Incorporates expected Woolsey securitization 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 | Second-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 July 29, 2026 3. Relative to 2025 5–7% Core EPS CAGR1 2025–2030 Underpinned by strong rate base growth of ~7% $38–41 billion 2026–2030 capital program ~4.5% current dividend yield2 22 consecutive years of dividend growth Target dividend payout of 45–55% of SCE core earnings Investments in safety and reliability of the grid Wildfire mitigation execution reduces risk for customers Creates strong foundation for climate adaptation and the clean energy transition One of the strongest electrification profiles in the industry Industry-leading programs for transportation electrification Expected ~30–40% load growth by 2035 and nearly doubling by 20453
ADDITIONAL INFORMATION
14Edison International | Second-Quarter 2026 Earnings Call Key SCE EPS Drivers Higher revenue 0.94$ Lower O&M 0.13 Higher depreciation (0.20) Higher property and other taxes (0.02) Higher interest expense (0.31) Income taxes (0.01) Div on preference stock 0.03 Total core drivers 0.56$ Non-core items1 (2.50) Total (1.94)$ Total core drivers 0.07$ Non-core items1 0.02 Total 0.09$ EIX EPS 2026 2025 Variance Basic Earnings Per Share (EPS) SCE 3.28$ 5.22$ (1.94)$ EIX Parent & Other (0.51) (0.60) 0.09 Basic EPS 2.77$ 4.62$ (1.85)$ Less: Non-core Items1 SCE (0.12)$ 2.38$ (2.50)$ EIX Parent & Other (0.08) (0.10) 0.02 Total Non-core Items (0.20)$ 2.28$ (2.48)$ Core Earnings Per Share (EPS) SCE 3.40$ 2.84$ 0.56$ EIX Parent & Other (0.43) (0.50) 0.07 Core EPS 2.97$ 2.34$ 0.63$ 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 $2.75 and $4.61 per share for the six months ended June 30, 2026 and 2025, respectively 2026 Core EPS increased year over year, primarily due to: SCE: The adoption of 2025 GRC final decision in the third quarter of 2025, 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 | Second-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. For further details, see "Management Overview—Southern California Wildfires and Mudslides” in the 2025 10-K 3. As of July 24, 2026 4. 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 5. Customer-funded self-insurance includes a $12.5 million shareholder contribution 6. 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 resolution4While SCE has not conclusively determined causation, SCE is not aware of evidence pointing to another possible source of ignition. Absent additional evidence, SCE believes that it is likely that its equipment was associated with the ignition of the Eaton Fire. Based on the information it has reviewed, SCE believes that it will be able to make a good faith showing that its conduct with respect to its transmission facilities in the preliminary area of origin was consistent with the actions of a reasonable utility. • More than 4,000 claims submitted, consisting of over 12,300 individuals, trusts, and legal entities • More than 2,200 offers extended to nearly 5,500 claimants, totaling more than $775 million • More than 2,400 claimants paid, totaling over $375 million Investigation Status2 Wildfire Recovery Compensation Program Stats3 First $1Bn5 Customer–funded self-insurance Up to remaining capacity of Wildfire Fund Reimbursement from Wildfire Fund1 Above capacity of Wildfire Fund SB 254 provides ability to securitize6
16Edison International | Second-Quarter 2026 Earnings Call By end of 2027, SCE will have recovered $11+ billion of historical costs, enhancing its balance sheet and credit metrics 1. Includes ~$3.2 billion recovered through securitization of AB 1054 capital expenditures and TKM authorized costs 2. Reflects request at the time of the application. SCE continues to record capital-related revenue requirements and interest that would also be authorized upon commission approval. For Woolsey securitization, amount reflects costs recovered upfront. Recovery in customer rates of costs to service the bonds takes place over the tenor of the debt at a fixed recovery charge rate 3. Includes approved applications including the 2025 GRC, 2023 WMCE, 2022 WM/VM, Woolsey CEMA, and various others account for ~$874 million; also includes pending applications already submitted to the CPUC. Requested revenue requirement shown. Amounts and amortization subject to CPUC approval Note: Numbers may not add due to rounding 0.5 2.0 $2.5 $0.4 $0 Q3–Q4 2026 2027 2028 Rate Recovery3 Woolsey Securitization ~$8.6 billion memo account recovery 2021–2Q20261 ~$3.2 billion securitizations of AB 1054 capex and TKM cost recovery completed through Q2 2026 ~$2.9 billion remaining recoveries through 2027 ~$2.9 billion remaining GRC and wildfire-related application recoveries2 Expected annual rate recovery or securitization; $ in Millions By 2027, nearly all of GRC and wildfire-related memo account recoveries will be complete; fewer expected applications in the future
17Edison International | Second-Quarter 2026 Earnings Call 2026–2028 Modeling Considerations Variable 2026 2027 2028 SCE Rate Base ($ billions) $50.8 $54.3–54.4 $57.7–58.1 Rate Base Mix (CPUC/FERC) 85% / 15% 85% / 15% 86% / 14% Authorized ROEs (CPUC/FERC) 10.03% / 10.30% 10.03% / 10.30% 10.03% / 10.30% Authorized Equity Ratios (CPUC/FERC) 52% / 47.5% 52% / 47.5% 52% / 47.5% TKM/Woolsey Interest Benefit1 (Core EPS) ~32¢ ~32¢ ~32¢ SCE Wildfire Debt Rate (Pre-tax) 5.3% weighted average portfolio; incorporates current yield curve, maturities, and financing assumptions EIX Parent Debt Rate (Pre-tax) 5.4% weighted average portfolio; incorporates current yield curve, maturities, and financing assumptions Equity Issuance ($ millions) No equity issuance forecasted from 2026–2030 Share Count (millions) 385 385 385 1. Compared to 2024 baseline
18Edison International | Second-Quarter 2026 Earnings Call Q2 2026 Q2 2025 2026 2025 SCE 643$ 443$ 1,262$ 2,010$ EIX Parent & Other (109) (100) (197) (231) Basic Earnings 534$ 343$ 1,065$ 1,779$ Non-Core Items SCE Wildfire-related recoveries, net of claims and expenses (4) (8) 9 1,343 Wildfire Fund expense (36) (36) (71) (72) Income tax benefit (expense)1 11 13 17 (355) Subtotal SCE (29) (31) (45) 916 EIX Parent & Other Trio disposition and related losses (30) — (36) — Changes to wildfire claims and expenses insured by EIS — — 1 (50) Income tax benefit1 1 — 3 11 Subtotal EIX Parent & Other (29) — (32) (39) Less: Total non-core items (58)$ (31)$ (77)$ 877$ SCE 672 474 1,307 1,094 EIX Parent & Other (80) (100) (165) (192) Core Earnings 592$ 374$ 1,142$ 902$ 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
19Edison International | Second-Quarter 2026 Earnings Call Q2 2026 Q2 2025 2026 2025 Basic EPS 1.39$ 0.89$ 2.77$ 4.62$ Non-Core Items SCE Wildfire-related recoveries, net of claims and expenses (0.01) (0.02) 0.02 3.49 Wildfire Fund expense (0.09) (0.09) (0.18) (0.19) Income tax benefit (expense)2 0.03 0.03 0.04 (0.92) Subtotal SCE (0.07) (0.08) (0.12) 2.38 EIX Parent & Other Trio disposition and related losses (0.08) — (0.09) — Changes to wildfire claims and expenses insured by EIS — — — (0.13) Income tax benefit2 — — 0.01 0.03 Subtotal EIX Parent & Other (0.08) — (0.08) (0.10) Less: Total non-core items (0.15) (0.08) (0.20) 2.28 Core EPS 1.54$ 0.97$ 2.97$ 2.34$ 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
20Edison International | Second-Quarter 2026 Earnings Call Low High Basic EIX EPS $5.70 $6.00 Total Non-Core Items1 (0.20) (0.20) 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
21Edison International | Second-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 [email protected] [email protected] 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.