Key Highlights

  • Net income available to common shareholders was $724 million, or $1.88 per basic share, compared with $832 million, or $2.16.
  • Core Earnings were $738 million, against $901 million in the third quarter of 2025.
  • Income before income taxes was $548 million, and the company recorded an income tax benefit of $203 million.
  • Operating revenue was $4,886 million, down from $5,750 million a year earlier.
  • SCE forecasts capital expenditures of $37.5 billion to $40.6 billion for 2026 through 2030.

Earnings per share slip as a 2025 catch-up quarter drops out of the comparison

Edison International (NYSE:EIX) is the Holding Company for Southern California Edison, known as SCE, a regulated electric Utility serving an approximately 50,000 square mile area across Southern, Central and Coastal California. The company filed its Quarterly Report for the period ended September 30, 2026 with results for the three and nine month periods.

Net income available to common shareholders was $724 million, down $108 million from $832 million. Basic Earnings Per Share were $1.88 versus $2.16, and Diluted Earnings per Share were $1.87 versus $2.16.

Core earnings of $738 million reflect the 2025 rate case timing

Core earnings, a non-GAAP measure that excludes items such as wildfire-related claims and Wildfire Fund expense, were $738 million compared with $901 million. SCE's core earnings were $822 million versus $994 million.

The company said the decrease mainly reflected earnings recognized in the third quarter of 2025 when the 2025 general rate case final decision was implemented retroactively to January 1, 2025, partly offset by higher revenue from the decision's escalation mechanism.

A tax benefit and higher interest expense shape the income statement

Operating revenue fell to $4,886 million from $5,750 million, and Operating Income was $980 million compared with $1,432 million. Wildfire-related claims, net of recoveries, were $8 million against $295 million.

On income before income taxes of $548 million, the company recorded an income tax benefit of $203 million, against an expense of $175 million a year earlier. The filing notes that a $236 million item was recorded in 2026 on regulatory approval to return net proceeds from the monetization of tax credits to customers.

The Eaton Fire remains the central open question

In August 2026 the investigation reports from the county fire department and the state forestry agency concluded that the Eaton Fire ignited when an electrical arcing event occurred on a de-energized idle SCE transmission facility.

As of September 30, 2026, SCE had recorded $1.8 billion in losses from settlements, offset by expected recoveries of $917 million from customer-funded self-insurance, $859 million from the Wildfire Fund and $70 million through FERC rates. The net after-tax charge was $9 million.

The company said it is probable that it will incur additional material losses, but it cannot reasonably estimate a range. Bellwether Jury trials are set for January, May and September 2027.

Capital program and Liquidity frame the next stage

Capital expenditures including accruals were $5.0 billion for the nine months, compared with $4.7 billion. SCE forecasts $37.5 billion to $40.6 billion of capital expenditures for 2026 through 2030.

Edison International held $171 million of cash and cash equivalents at September 30, 2026, versus $158 million at December 31, 2025. SCE had about $3.2 billion available under its $3.4 billion revolving Credit facility, which it extended through May 2030, and its Debt to total Capitalization ratio was 0.55 to 1 against a covenant limit of 0.65 to 1.

Readers will likely watch the Eaton Fire litigation calendar, the Wildfire Fund reimbursement process and the pace of capital spending.