Edison International

Edison International is the parent of Southern California Edison (SCE), an electric utility that serves about 15 million people through 5 million customer accounts in Southern, Central and Coastal California. SCE owns the wires: it transmits and distributes electricity, and it buys most of the power it delivers. The California Public Utilities Commission (CPUC) sets about 85% of SCE's rates, and the Federal Energy Regulatory Commission (FERC) sets the rates for transmission.

Regulators let SCE earn a set return on its rate base, which is the value of the grid it builds. The rate base was about $50.8 billion in 2025, and Edison forecasts about 7% growth a year to 2030 from a capital program of $38 billion to $41 billion for 2026 to 2030. Edison has raised its dividend for 22 years in a row.

Edison trades at a discount because investors cannot measure its liability for the January 2025 Eaton Fire, and California did not pass the law that would limit that liability. On August 4, 2026, the county and state fire investigators concluded that arcing on an idle SCE transmission tower started the fire. SCE says that its equipment was likely associated with the ignition, and Edison says that it cannot yet estimate its total losses. On August 30, 2026, the final version of Senate Bill 492 left out the shield against insurer lawsuits and the cap on withdrawals from the state Wildfire Fund that the governor had proposed, and the bill did not pass.

The stock fell 23% on August 31, 2026. For the gap to close, three things must happen. First, the Eaton Fire claims must settle at a cost that the Wildfire Fund and customer-funded insurance can cover, as the voluntary compensation program and the first trials show. By September 30, 2026, SCE had settled claims for $1.8 billion, almost all covered by these sources.

Second, California must pass wildfire reform that limits utility liability and refills the Wildfire Fund before it ends in 2028. Third, SCE must keep its investment-grade ratings and grow core EPS 5% to 7% a year without new shares. The tests come in order: the claim deadline of the compensation program on November 30, 2026, the first Eaton Fire jury trial, set for January 2027 (SCE asked the court to move it to June 2027), and the 2027 legislative session with a new governor. If reform passes in 2027, the gap can close over the next four to eight quarters.

The main risk is a large Eaton Fire verdict or a new fire caused by SCE equipment before reform passes.

1. Oct 29, 2026Passed

   Q3 2026 results: Eaton Fire losses and guidanceCore EPS guidance of $5.90 to $6.20 kept and no large new Eaton Fire charge pass; a cut to guidance, a plan to sell new shares or a large new loss estimate fails.Outcome: Edison kept its 2026 to 2028 core EPS guidance and its plan with no new shares, and its $1.8 billion of Eaton Fire settlements left a net after-tax charge of only $9 million.
2. Nov 30, 2026Pending

   Eaton Fire compensation program: claim deadlineMost eligible claimants settle through the program at costs inside the self-insurance and Wildfire Fund coverage passes; most claims staying in court fails.
3. Jan 29, 2027 · est.Pending

   Q4 2026 results: Eaton Fire losses and guidance2026 core EPS within $5.90 to $6.20, 2027 guidance kept and no plan to sell new shares pass; a cut to guidance, new shares or a large new loss estimate fails.
4. Jan 2027 · est.Pending

   First Eaton Fire jury trial (SCE asked to move it to June 2027)A verdict or settlements near the program's values pass; a large verdict that raises the expected total cost far above the Wildfire Fund coverage fails.
5. 2027 · est.Pending

   California wildfire reform in the 2027 legislative sessionA law that limits utility liability or refills the Wildfire Fund before it ends in 2028 passes; no law, or a downgrade of SCE below investment grade, fails.

Every passed and failed checkpoint across all picks

• October 29, 2026Edison reported Q3 2026 results. GAAP EPS was $1.88, and core EPS was $1.92, against $2.34 a year earlier, when SCE recorded catch-up earnings from its 2025 rate case. Edison kept its 2026 core EPS guidance of $5.90 to $6.20, its 2027 guidance of $6.25 to $6.65 and its target of 5% to 7% core EPS growth a year to 2030, with no new shares. SCE had recorded $1.8 billion of Eaton Fire settlements by September 30, 2026, with expected recoveries of $917 million from customer-funded insurance, $859 million from the Wildfire Fund and $70 million through FERC rates. Edison still cannot estimate its total Eaton Fire losses. Bellwether jury trials are set for January, May and September 2027, and SCE asked the court to move the January trial to June 2027.
• October 13, 2026The short seller Muddy Waters said that it is short Edison. It claims that SCE knew for about five years that its wildfire risk model did not handle high winds well, and that a court can find willful misconduct in the Eaton Fire. It estimates fire damages of at least $4 billion, and a liability of about $20 billion if a court finds willful misconduct. These are the short seller's claims, not findings. Edison has denied negligence or wrongdoing, and it says that it cooperates with the investigations into the cause of the fire. The stock fell more than 3% that day, Reuters reported.
• September 17, 2026SCE said that its Wildfire Recovery Compensation Program for the Eaton Fire had nearly 4,800 claims. It had made more than 2,700 offers, worth nearly $950 million, and paid more than $500 million. The deadline to submit a claim is November 30, 2026.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 8-KInvestor disclosureFiled October 30, 2026 · eix-20261029
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · eix-20260930
• 8-KEarnings release and Investor disclosureFiled October 29, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled July 31, 2026 · eix-20260730
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · eix-20260630
• 8-KEarnings release and Investor disclosureFiled July 30, 2026 · Press release and exhibits
• 8-KOther company newsFiled May 5, 2026 · eix-20260430x8k
• 8-KInvestor disclosureFiled April 29, 2026 · eix-20260428
• 10-QQuarterly report for the period ended Mar 31, 2026Filed April 28, 2026 · eix-20260331
• 8-KEarnings release and Investor disclosureFiled April 28, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 827052)

• The Eaton Fire of January 2025 killed 19 people and destroyed about 6,000 homes. At October 22, 2026, SCE knew of about 2,000 lawsuits with about 38,000 individual plaintiffs. Fire investigators concluded in August 2026 that arcing on an idle SCE transmission tower started the fire. Edison says that more material losses are probable, but it cannot estimate them. The first jury trial is set for January 2027, and SCE asked the court to move it to June 2027. The Los Angeles District Attorney's Office investigates whether criminal violations occurred. Fines and penalties, if any, cannot be recovered from insurance, the Wildfire Fund or rates.
• California law sets how much wildfire cost a utility must pay. The legislature did not pass reform in 2026, the state Wildfire Fund ends in 2028, and no law refills it. If the CPUC finds that SCE did not act prudently, SCE must repay the fund up to about $4.3 billion for the Eaton Fire.
• A new wildfire caused by SCE equipment can bring large new claims. California fires grow larger and more frequent, and the risk is highest in the fall wind season.
• Edison's ratings are at the lowest investment-grade level, as the CEO said on September 21, 2026. Edison says that the absence of credit-supportive wildfire laws can lead to a downgrade. A downgrade raises the cost of debt and can require SCE to post collateral if a rating falls below investment grade.
• Higher interest rates raise the cost of the large debt load and lower the value of a regulated return. Customer bills are high, so regulators can push back on new capital spending or on the return on equity.

At September 30, 2026, Edison had $171 million of cash and $41.6 billion of debt: $0.8 billion of short-term debt, $1.8 billion of long-term debt due within one year and $39.0 billion of other long-term debt. The long-term debt includes $4.9 billion of securitization bonds that customers repay through a fixed charge. Read more

Yield at the current rate

5.9% (current annual rate, at today’s price)

Dividend yield

5.9% (last 12 months, at today’s price of $59.92)

Paid per share

$3.512 in the last 12 months (4 payments)

Current annual rate

$3.512 ($0.878 × 4 a year)

Payout ratio

29% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

October 7, 2026, $0.878 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 5.1% a year. From 2015 to 2025, the dividend grew by about 6.7% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.