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EIX
FY2025 Q4
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Edison International earnings call
Buzzberg read
EIX extends 5-7% EPS growth target to 2030
EIX reported a strong 2025, exceeding EPS guidance and reaffirming long-term targets through 2030 while introducing 2026-27 guidance. The call focused on wildfire liability mitigation, the SB 254 legislative process, and a robust capex plan driven by load growth and grid modernization. 2025 core EPS of $6.55 beat guidance; 2026 EPS guidance of $5.90-$6.20 reflects a muted year due to one-time variances, with 2027 growth expected at the high end of the range.
Buzzberg read EIX extends 5-7% EPS growth target to 2030 EIX reported a strong 2025, exceeding EPS guidance and reaffirming long-term targets through 2030 while introducing 2026-27 guidance. The call focused on wildfire liability mitigation, the SB 254 legislative process, and a robust capex plan driven by load growth and grid modernization. 2025 core EPS of $6.55 beat guidance; 2026 EPS guidance of $5.90-$6.20 reflects a muted year due to one-time variances, with 2027 growth expected at the high end of the range. Read full analysisCollapse analysis
EIX reported a strong 2025, exceeding EPS guidance and reaffirming long-term targets through 2030 while introducing 2026-27 guidance. The call focused on wildfire liability mitigation, the SB 254 legislative process, and a robust capex plan driven by load growth and grid modernization. 2025 core EPS of $6.55 beat guidance; 2026 EPS guidance of $5.90-$6.20 reflects a muted year due to one-time variances, with 2027 growth expected at the high end of the range.
- Extended the 5-7% core EPS growth target to 2030 and reiterated 2028 guidance, supported by a $38-41B capex plan and ~7% rate base growth.
- SCE's Eaton Fire liability remains unestimable; WRCP has received ~2,300 claims out of a potential pool of 18,000 properties, with program tweaks to support renters and legal fees.
- Management expects no equity needs through 2030 and maintains its FFO/debt ratio within 15-17%.
Revenue$5.213BReported
EPS$1.87Reported
Operating margin17.25%Reported
Free cash flow$-0.319BReported
6 grounded callouts
What matters now
The highest-signal changes from the call.
Balance Sheet
No equity needs projected through 2030
Wildfire
SCE's Eaton Fire liability estimate remains undeterminable
Show 3 more callouts
Guidance
2027 EPS growth expected at high end of range
Capex
AMI 2.0 capital request exceeds $3 billion
Regulatory
SB 254 process central to regulatory durability
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $5.213B | Reported |
| EPS | $1.87 | Reported |
| Operating margin | 17.25% | Reported |
| Free cash flow | $-0.319B | Reported |
| Capex | $1.891B | Reported |
| Net income | $1.845B | Reported |
Forward-looking
Forward guidance
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| EPS | FY2026 | $5.90–$6.20 | $6.05 | Initiated |
| EPS | FY2027 | $6.25–$6.65 | $6.45 | Initiated |
AI, capex & demand read
Management read
Confident
Management repeatedly emphasized confidence in delivering on long-term commitments, citing regulatory clarity, a robust capital plan, and a track record of execution.
Investment and capacity
Management highlighted a robust pipeline of necessary investments, extending the capital plan to $38-$41 billion from 2026 through 2030, with a step up to as high as $9 billion per year in the next GRC cycle. The updated forecast includes nearly $1.5 billion of capital expenditures through 2030 from SCE's upcoming AMI 2.0 application, driving projected rate base growth of approximately 7% from 202
all 5 named companies below
Companiesreturns since call
Supply chain
Supply chain
Maria Rigotti
The utility's capital plan includes nearly $1.5B of capex through 2030 from the AMI 2.0 application, with total request exceeding $3B and spending through 2033, indicating a long-duration smart meter replacement cycle for suppliers. — This signals a multi-year, large-scale AMI deployment that could provide a significant revenue runway for meter manufacturers and related technology vendors.
Evidence
“Our updated forecast now includes nearly $1.5 billion of capital expenditures through 2030 from SCE's upcoming AMI 2.0 application. The total request will exceed $3 billion, with spending expected to continue through 2033.”
Supply chain
Pedro Pizarro
Covered conductor installation is now over 90% complete at 7,000+ miles, suggesting a potential inflection point where the pace of grid-hardening spend on conductor may taper off, shifting to other wildfire mitigation technologies. — As this major program approaches completion, the demand profile for covered conductor and related hardware could decelerate, potentially affecting suppliers' order books.
Evidence
“The utility has now installed more than 7,000 miles of covered conductor in high-fire risk areas, representing over 90% of its planned grid-hardening effort.”
External signals
Supply-chain alpha · 2returns since call
The utility's capital plan includes nearly $1.5B of capex through 2030 from the AMI 2.0 application, with total request exceeding $3B and spending through 2033, indicating a long-duration smart meter replacement cycle for suppliers.
Covered conductor installation is now over 90% complete at 7,000+ miles, suggesting a potential inflection point where the pace of grid-hardening spend on conductor may taper off, shifting to other wildfire mitigation technologies.
Methodology & coverage
Management-only analysis. All 5 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.