Edison International Q1 Revenue Beats Estimates Despite Wildfire Headwinds

EIX reported Q1 2026 revenue of $4.10 billion and core earnings per share of $1.42, beating analyst estimates of $1.32 per share. The results reflect improving operational performance at Southern California Edison even as the company continues to absorb significant wildfire-related costs, recording $1.3 billion in wildfire losses during the quarter. Management reaffirmed its full-year 2026 core EPS guidance of $5.90–$6.20, supported by a $38–$41 billion capital expenditure plan and a targeted 5–7% long-term earnings growth rate.

The wildfire impact remains the dominant narrative for EIX, with management projecting $917 million in self-insurance recoveries, $295 million from the California Wildfire Fund, and $70 million in FERC rate recovery to partially offset losses. GAAP earnings were meaningfully lower than core EPS as prior-year quarters benefited from $1.35 billion in wildfire-related recoveries that did not recur at similar magnitude in Q1 2026, creating a headline comparison challenge despite the beat on a core operating basis. Investors should track wildfire liability resolution timelines as the primary variable in Edison's near-term earnings trajectory.

Looking ahead, Edison's massive transmission and distribution infrastructure investment plan positions the utility for above-average rate base growth in a state with aggressive clean energy mandates and electrification goals. The core EPS beat in the face of significant wildfire costs demonstrates the underlying earnings power of the regulated utility franchise, and the full-year guidance reaffirmation gives investors a clear floor for the investment thesis pending wildfire cost resolution.

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