EIX

Evergy, Inc. EVRG reported second-quarter 2026 adjusted earnings of 88 cents per share, which beat the Zacks Consensus Estimate of 82 cents by 7.3%. Earnings increased 7.3% from 82 cents in the year-ago quarter. Quarterly revenues totaled $1.50 billion, which surpassed the Zacks Consensus Estimate of $1.48 billion by 1.7%. The top line also increased 4.4% from the year-ago figure of $1.44 billion. Evergy Inc. price-consensus-eps-surprise-chart | Evergy Inc. Quote Total operating expenses jumped 2.4% year over year to $1.12 billion. Fuel and purchased-power costs declined slightly to $328.5 million from $330.4 million.Operating and maintenance expenses rose 2.3% to $260.9 million. Depreciation and amortization increased 5.5% to $304.3 million.Interest expenses totaled $165.9 million, up 7.9% year over year. Evergy Kansas Central’s operating revenues improved 4.9% to $769.5 million from $733.5 million in the year-ago quarter. Net income attributable to the business rose to $138.1 million from $120.4 million.Operating income increased 13.7% to $206.1 million from $181.2 million. Fuel and purchased-power costs declined to $102 million from $117.5 million. These savings were partly offset by higher operating and maintenance expenses, transmission costs and depreciation. Evergy Metro generated operating revenues of $488.7 million, up 3.7% from $471.2 million in the prior-year quarter. Net income increased to $78.7 million from $68.8 million.Operating income rose 11.8% to $126.5 million from $113.1 million. Fuel and purchased-power expenses increased modestly to $146.1 million, while operating and maintenance expenses dropped to $75.4 million from $78.6 million. Cash and cash equivalents as of June 30, 2026 totaled $21.8 million compared with $19.8 million as of Dec. 31, 2025.Long-term debt as of June 30, 2026 was $12.32 billion compared with $13.04 billion as of Dec. 31, 2025.Cash provided by operating activities in the first six months of 2026 was $711.1 million compared with $773.5 million in the year-ago period. Evergy reaffirmed its 2026 adjusted EPS guidance in the range of $4.14-$4.34. The Zacks Consensus Estimate is pegged at $4.25, which is just higher than the midpoint of the company’s guided range.The company expects its adjusted EPS annual growth target of 6-8% through 2030. Evergy currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. IDACORP, Inc. IDA reported second-quarter 2026 earnings of $1.79 per share, which topped the Zacks Consensus Estimate of $1.75 by 2.3%. The company’s earnings also improved 1.7% from $1.76 in the year-ago quarter.Total revenues in the second quarter of 2026 were $469.8 million, lagging the Zacks Consensus Estimate of $478 million by 1.8%. However, the metric rose 4.2% from $450.9 million in the year-ago quarter.PG&E Corporation PCG reported second-quarter 2026 adjusted earnings per share of 40 cents, which beat the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also increased 29% from the year-ago quarter’s figure of 31 cents.PCG reported second-quarter total revenues of $5.902 billion, up 0.1% from $5.898 billion registered in the year-ago period. However, the top line missed the Zacks Consensus Estimate of $6.31 billion by 6.4%.Edison International EIX reported second-quarter 2026 core earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.02 by 51%. The bottom line surged 58.8% from 97 cents in the year-ago quarter.Edison International's second-quarter operating revenues totaled $4.36 billion, which missed the Zacks Consensus Estimate of $4.72 billion by 7.7%. The top line also decreased 4.1% from the year-ago quarter’s figure of $4.54 billion. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Evergy Inc. (EVRG) : Free Stock Analysis Report Edison International (EIX) : Free Stock Analysis Report Pacific Gas & Electric Co. (PCG) : Free Stock Analysis Report IDACORP, Inc. (IDA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Thursday, July 30, 2026 at 4:30 p.m. ET Vice President of Investor Relations - Sam Ramraj President and Chief Executive Officer - Pedro J. Pizarro Executive Vice President and Chief Financial Officer - Aaron D. Moss Operator: Good afternoon, and welcome to the Edison International second-quarter 2026 financial teleconference. My name is Michael, and I will be your operator today. When we get to the question-and-answer session, if you have a question, press 1 on your phone. This call is being recorded. I would now like to turn the call over to Sam Ramraj, Vice President of Investor Relations. Mr. Ramraj, you may begin your conference. Sam Ramraj: Thank you, Michael, and welcome, everyone. Our speakers today are President and Chief Executive Officer, Pedro J. Pizarro and Executive Vice President, and chief financial officer Aaron D. Moss. Also on the call are other members of the management team. Materials supporting today's call are available at www.edisoninvestor.com. These include a Form 10-Q, prepared remarks from Pedro and Aaron, and the teleconference presentation. Tomorrow, we will distribute a regular business update presentation. During this call, we will make forward-looking statements about the outlook for Edison International and its subsidiaries. Actual results could differ materially from current expectations. Important factors that could cause different results are set forth in our SEC filings. Please read these carefully. The presentation includes certain outlook assumptions as well as reconciliation of non-GAAP measures to the nearest GAAP measure. During the question-and-answer session, please limit yourself to one question and one follow-up. I will now turn the call over to Pedro. Pedro J. Pizarro: Thank you, Sam, and good afternoon, everyone. 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 $1.04 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 are 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. 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 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 and Mitigation Phase or RAMP application in May. This outlines the risk mitigations that guide proposed investments in 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 one-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 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 to 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 would now like to highlight an initiative I am personally really 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 for 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 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 activity 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. Here's a couple examples. SCE delivered at least 60% carbon-free power to customers, over 17% 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 storage portfolios in the nation. I am proud of our team. And I am proud of the progress that we continue to make toward a clean energy future that benefits everyone. We have and we 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. With that, I am very excited to turn it over to Aaron for his first financial report as our new CFO. Alright, Aaron. Aaron D. Moss: Thanks, Pedro. Good afternoon, everyone. It is great to be with you today. During my prior roles at Edison, I have had the chance to get to know many of you over the years. As I step into this role, I am 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. My comments today, I will cover our second quarter 2026 results, capital plans, and reaffirmed earnings guidance. EIX reported second-quarter earnings per share of $1.54 compared to $0.97 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 $0.06. Primarily driven by the net financing benefits of the preferred stock redemptions we initiated at the end of 2025 and completed in Q1 of this year. 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 high fire risk areas, 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. 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. Now 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 cycles 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 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. That concludes my remarks. Sam Ramraj: Michael, please open the call for questions. As a reminder, we request you to limit yourself to one question and one follow-up. So everyone in the line has the opportunity to ask questions. Operator: Thank you, sir. If you would like to ask a question, please press 1 on your phone. One moment for the first question, please. Nicholas Campanella with Barclays. Your line is open, sir. Nicholas Campanella: Hey. Good afternoon. Thanks for the time. So I know that everyone's working to get to a, a financeable solution for the fund. And acknowledge in your comments that it is a broader state issue, obviously, with a range of stakeholders being impacted. And at the same time, you are kind of saying that future investments will be evaluated and there is some uncertainty. So can you just maybe kind of talk about what is on the table from the utility side and how you are thinking about weighing things like future securitization of capital or upfront contributions, in last year's legislation and I know that you are in the early stage of the GRC with visibility, but are there scenarios where we could expect a new plan, come third quarter? Thank you. Pedro J. Pizarro: Yeah. So, Nick, thanks for the question. And reiterating a little bit of what I was sharing earlier. We are in a unique position in that we have a GRC in hand at SCE. it is been approved. You know, we have full visibility, line of sight visibility through 2028. Our capital spending--you know from, you know, what I we have shared with you all over the past while that can execute on the capital plan without any equity needs. You know, we have gone further, right, and extended guidance beyond that rate case to provide some insights on where we think 2029-2030 are headed. And, you know, committed to guidance that you know, continues the need for growth, capital investment for our customers. And still do not see a need for equity through that 2030 time period. So particularly as we talk about the 2028, we have just line of sight. And that is already approved by the PUC. Now do not know what is going to happen in Sacramento. I appreciate all the efforts of everybody who is engaged there. By the way, I appreciate efforts of investors who are weighing in and providing your perspectives. it is really important that our policymakers understand what is at stake here. And the fact that they have a lot of opportunities to invest capital. And so California is competing with other states and really with other, you know, global locations. So that is a quick segue tangent to say thank you for those efforts. But we do not know what is going to happen ultimately. Know, ideally, we would see a comprehensive solution. We may not. Right? there are four weeks left. We have not seen language yet. We know people are working hard, but this is not just a utility issue. it is a big cross economy issue. And so there is certainly a possibility that we might not see a complete answer. We might see a partial answer. We might see some work done in 2026. And then some work left for 2027. In the legislature with, you know, new governor and a number of new legislators. So it is really hard to sit here and say, well, without understanding what the answer might be, here's what some of our reaction to that might be. Clearly, if we saw that whatever the answer in 2026 is, it was not viewed favorably by the market, and that dramatically changed the inherent cost of our equity, then we would want to be thoughtful about making sure we are not making negative NPV decisions on behalf of investors. At the same time, upholding our obligations to safety and reliability that are set in PUC regulations. So that is gonna be the balancing act. that is a lot of words. I do not think I gave you the sort of specific answer you wanted, Nick, But that is where we are today. And, you know, when we see what happens as of August 31st, then you know, September 1st, actually, probably later that night on August 31st, we will start working on what the implications are and whether there is any near-term actions that are needed or more you know, impacts in the longer term and we will we will keep you all posted. Nicholas Campanella: I appreciate you running through that. Thank you. Nicholas Campanella: And then just my second question is just the slight change in the 10-Q language around Eaton and that you believe the equipment was associated versus could have been. And I understand that you previously been saying you are not aware of any other evidence, but can you frame how that disclosure fits into the context of the wildfire compensation program and getting, like, greater visibility eventually on what the low end of the range could be from a liability standpoint. Pedro J. Pizarro: Yeah. Yeah. Thanks, Nick, for the question. Just briefly, look. We always look at our language and want to make sure that it is as streamlined and straightforward as possible. For investors and for the community. So this is a little bit of just streamlining the language, but also recognizing that there has been the passage of time. And as the fuller disclosure acknowledges, our view on this is based on the information we have in hand today. Absent additional information, the reality is that since last quarter, three more months have passed; no other viable alternatives have appeared. And so we thought that the slight streamlining that we did there was appropriate. In terms of just saying that, SCE's equipment likely was associated you know, with the events. We also recognize that there are a number of other factors that have impacted ultimately the extent of the Eaton Fire and you know, not only the weather, but some of the factors that you saw show up in the cross claims that, SCE filed against a number of entities. So, that is that is all that the language is about. Going to your question about how does this all dovetail with WRCP and ability to estimate, potential liability. Again, we have said for a long time now that liability is probable. Given everything here. We have taken accountability. We want to help the community by launching the WRCP. But the numbers I shared with you earlier of over 2,200 offers provided, even the claims numbers themselves. When you think about over 12,300 individuals who presented in those claims, That is still a small number relative to for example, in litigation, we now have I am looking at Sean Donoghue. Do you see I believe we have over 30,000 claims that have been filed. And so we just do not have the volume to do enough WRCP claims yet we would have to provide an estimate of the low end of the estimable range under GAAP principles. Similarly, if you look at subrogation claims, you saw in our disclosures that we repeated this from prior quarters. We, SCE has now entered settlements with two insurers at around $0.55 on the dollar. But that is two subrogation claims that were settled out of what may likely be many. And so there again, we just do not have sufficient volume to yield an estimate. Hopefully, I covered all the parts of your question there, Nick. Thank you. Nicholas Campanella: Thank you for the thoughts. Pedro J. Pizarro: You bet. Operator: And the next question comes from Carly Davenport with Goldman Sachs. Your line is open. Carly Davenport: Hey, good afternoon. Hey, thank you so much for taking the questions. Maybe just a follow-up on the wildfire side. You know, you continue to work through the claims on the wildfire recovery compensation program. Just curious if you have any view on timing to sort of cross that $1 billion threshold and when you might envision sort of making first filings to tap into the wildfire fund for reimbursement. Pedro J. Pizarro: Yeah. Carly, between the subrogation settlements that we have made and the WRCP settlements that we are making, we are crossing that $1 billion threshold. So we have worked out with the CEA, which is the administrator of the Wildfire Fund, prefunding mechanism so that we do not come out of pocket for any of those dollars there, and we are working through with them that process to fund the claims now. Carly Davenport: Got it. Okay. Really helpful. Thank you for that. And then maybe just as we think about, you know, the potential outcomes in the legislative session and potential action plan following that. Could you maybe just talk a little bit about, you know, potential options on the table in the event that reform does not move forward this session? And maybe specifically, you referenced, obviously, the ramp filing for the next GRC. You know, any potential changes that you might see on the next GRC filing in the event that we do not see reform move forward this session. Pedro J. Pizarro: I mean, just to maybe reemphasize a point I have made in my prepared remarks. And as I was responding to Nick's questions here, we do not know what we are going to see, so it is really difficult to say, you know, what the reaction might be. I did acknowledge, though, that if whatever comes out ends up significantly impacting the underlying cost of equity, then, you know, that will have some influence on future investments. Again, there is there is things that are sacrosanct around safety, reliability. We have obligations under the PUC, you know, code. But where there are places where there might be some more flexibility, a lot of it could be candidates for rethinking or factoring that into future capital programs. Aaron, anything you would add? Or Steven? No. No. Okay. Yeah. Sorry. Carly, I know you all want more specifics, but we are just not there yet. We want to be very thoughtful. When we see what we see and work from there. Carly Davenport: Got it. No. Understood. Thank you very much for the color. Pedro J. Pizarro: Thanks, Carly. Thank you. Operator: And the next question comes from Richard Sunderland with Truist Securities. Your line is open, sir. Pedro J. Pizarro: Hello, Richard. Richard Sunderland: Hey. Hey. Good afternoon. Thanks for the time today. Pedro, I just wanted to go back to some of your comments in the script and you talked about a number of different issues and focus around the legislature, but you know, affordability was certainly part of that. And given there has been attention broadly on affordability, given the political backdrop in light of that and then more specific to this legislation. How do you think the affordability conversation stands right now you know, whether in the context of that legislation or more broadly? And, you know, how has that tone changed over the past few months? Pedro J. Pizarro: Yeah. that is a great question, Richard. And I would start by saying this. It is a-- it is a topic that just colors everything, not just in California but really across the country. Right? We are in a period that you know, has followed, well, frankly, some of the pressures you saw in COVID. I mean, I am moving on. You see now particularly in a maybe even mostly in other parts of the country, you know, significant pressures as you see dramatic growth in energy consumption and that is driving infrastructure needs. And I think the industry as a whole is ready to meet those needs, but we recognize region by region, there are pressures that are specific to this. Here in California, when you take a look at affordability, the reality is that energy in many ways, is not the main driver. One of the points that we continue to make is that, for the average SCE customer, their total cost of energy is in the lowest cost quartile relative to the rest of the country. The challenge here, though, is that housing costs really dominate the affordability impacts for the average consumer. Along with other costs. Right? And so in that environment, I think there is a tendency to go look for any levers that can be pulled. When you then have a discussion going on in Sacramento around an important and very visible topic like wildfire. Where you know, there is utility cost recovery involved where there is a connection to insurance rates and availability. Right? there is just a lot around affordability that gets wrapped, you know, into all this. one of the important points that we then make to legislators is that this is really about customer affordability because the reality is if there is insufficient action in 2026, there is a strong likelihood that the day after or a few days after, you know, we could see credit rating downgrades for the investor-owned utilities in California. And potentially for other sectors. I referenced the various, you know, Moody's and S&P reports recently that talk about you know, multiple sectors. And so that could be a significant cost impact through the cost of debt that gets passed through to SCE customers. If we do not have a framework in the next 4 weeks that is credit supportive, for our utility. Aaron D. Moss: And if you look at just the S&P ratings, it is BBB- for the utility. So there is nowhere to go in investment grade. Pedro J. Pizarro: Right? it is the next is non-investment-grade, which adds a lot of cost. So affordability is really framed around you know, the impact of the absence of legislation on customer costs. And, hence, I think the great point that the CEA report made around the, the sense of urgency here. Aaron, anything you would add there? Aaron D. Moss: I just would say I think there is a little bit of just affordability measures, and I just say, as part of the legislative package, we are going to evaluate the totality of the package that comes to us and figure out our response that goes along with it. Richard Sunderland: Great. I will leave it there. Thank you both. Pedro J. Pizarro: Yeah. Thanks, Richard. Operator: Thank you. And the next question comes from Gregg Orrill with UBS. Your line is open, sir. Pedro J. Pizarro: Yeah. Hi. Hello, Gregg. Hi. Gregg Orrill: Congratulations on the result. I was just wondering if, you know, there was a way to get a sense of how much of the impact was timing and how much of the upside is you know, in your view, sort of normalized? Aaron D. Moss: Yeah, Gregg, I would say, you know, two quarters does not make a year, and we are focused on delivering on our guidance for the year. The quarter's a data point, and it is important. And having a strong start to the year does give us the opportunity to invest in the business, to derisk future periods, and drive efficiency. So we are very happy about that, but we reaffirmed our guidance at the $5.90 to $6.20. Gregg Orrill: Okay. Got it. Thank you. Pedro J. Pizarro: Thanks, Gregg. Thank you. Operator: Thank you. And the next question comes from Paul Zimbardo with Jefferies. Your line is open, sir. Paul Zimbardo: Good afternoon, team. Thanks for taking the question. First, I was going to ask and just following up on Pedro, your response to the prior question, around the rating agencies, and the potential downgrades. I saw you tweak that language also. Is that something that agencies have directly communicated, like something new, or are you just referencing some of their reports where they talk about those scenarios without legislation? Aaron D. Moss: So a couple things there, Paul. Aaron D. Moss: One, on our ratings of the utility and California IOU ratings, just referencing prior reports. Mhmm. But Pedro's prepared remarks did reference separate reports that both Moody's and S&P have issued over, I think, the past month about California. Which IOUs are an important part of California, but it talks more broadly about the ramifications of wildfire across the California economy. So not quite sure what you are asking about, but neither one of those was intended to be, you know, kind of a breaking news of something that has not been published by the rating agencies. Paul Zimbardo: Okay. No. that is what I thought it was. I just wanted to clarify on that. that is helpful. And the other was again, I know everyone wants to talk about California and everything else, but I saw that you sold Trio to X-energy, just kind of why make that decision now? Pedro J. Pizarro: Yeah. Yeah. Thanks, Paul. Trio, we still believe in the underlying business. But, you know, given where we are today, we thought that with the focus that we have from our laser focus at Edison, and with some of the ongoing needs that Trio may have, there is a different partner who is a better fit as an owner for them. And so the transaction made sense for us. As you know, it is not material. You know, has not been material to EIX throughout. And so you did notice it in our disclosures. And we wish the team very well. it is a great team there, and I think they can continue to be successful. Paul Zimbardo: Okay. No. Thanks for the time. Pedro J. Pizarro: Yeah. Thanks, Paul. Thank you. Operator: And the next question comes from Aidan Kelly with JPMorgan. Your line is open, sir. Pedro J. Pizarro: Aidan Kelly: Hey, good afternoon. Appreciate the time today. Hey. You there? Thanks. Just wanted to come back to the ramp application. Could you speak to the pace of mitigation spend required across SCE's service territory and how this might compare relative to last cycle? I know in the prepared remarks, mentioned about 450 miles of covered conductor. A 190-miles of undergrounding. But if you were just to tee it up from a capital perspective, how would you frame the size relative to past applications? Aaron D. Moss: Yeah. So I would say in the past, about one-third of our GRC requests has shown up in the RAMP application. So this time around, it is about $$2.5 billion. I would say maybe slightly more than a third would be the translation. So it ties in the level of spending that we have here, ties in with the $8 billion to $9 billion of CapEx that we have in our 2029 capital forecast that we share with you in the investor deck. Aidan Kelly: Got it. Appreciate the color there. And then for the Eaton Fire, just wondering if there is any update on the Los Angeles County Fire Department's investigation you would be willing to share, any sense on timeline or key milestones to be on the lookout for? Pedro J. Pizarro: Yeah. No. We do not really have an update there. So you might imagine we are not privy to what their timing might be or the like. Of course, we are always ready to cooperate and have cooperated when they have asked for anything from our team. We have said in the past that typically for complex fires, you might see a report out in 12 to 18 months. Yeah. Clearly, it has been more than 18 months now. So but we do not really have any insight on when the report might come out. Aidan Kelly: Got it. Makes sense. Appreciate the time I will leave it there. Pedro J. Pizarro: Yeah. You bet. Take care. Operator: And our next question comes from Ryan Levine with Citi. Your line is open, sir. Ryan Levine: Hi. Two questions. 1, to the extent you are able to comment, how have the education efforts ramped up in Sacramento compared to the last year on the wildfire bill? Is this much broader in terms of given the complexity of the bill? Or any color you could share more broadly around the process? Pedro J. Pizarro: It is a good question, Ryan. I would say this. Certainly, you know, we are we are very focused on that education effort. When you talk about the last time, I am kind of tempted, just a little tongue in cheek, to ask which last time. Do you mean SB 254? Do you mean AB 1054? Do you mean the effort that led to SB 901? And so, you know, if you do not mind, I should take a little broader aperture I mean, I go back to 2017 and 2018. Right? So we ended up with SB 901 was in 2018. That was a real ramp up. Right? Because it was a new in many ways for all of us, the legislature, for the utilities, And we were really focused on helping the state develop a brand new framework from whole cloth. I would say SB 254 was different because last year, right, it was different in the sense that we had AB 1054. And so the question was, what needs improvement? How do you build from that? And you saw that with SB 254, we were all very engaged and the answer from the legislature was that they themselves needed more education which they then tasked to the CEA. To produce a report. Which, you know, I think what you have heard me say before, that was an excellent report. Right? So the report came out in April. I would say this year what is different is that we all are benefiting from having the basis of that report as the platform for the discussions. And so that is I think that is that is helpful. That said, a lot of legislators while they were there for the AB 1054 cycle, they may not have been for AB 1054 or SB 901. Right? So, you still have a range of starting points for individual policymakers. I feel for them. I think they have you know, some of the hardest jobs in the state. Because listen, I think my job is hard. And I get to focus on one sector. They are focusing on every sector across the world's fourth-largest economy. So I think having the CEA report as a platform to start has been helpful to all of them and to us. Thanks. Ryan Levine: And then 1 more specific question around on the RAMP process. How does the ongoing undergrounding cost benefit analysis impact the decision around how much covered conductor or undergrounding you are planning to do? And to the extent that there is any upside to the 190-mile undergrounding plan that you filed in your ramp? that is the filing. Steven D. Powell: Hey, Ryan. How you doing? So every time we go through the ramp, you know, we are looking at the latest I will say, approved as well as our own, risk frameworks and how that translates into the benefit-cost ratios. You know, a lot of points, we are looking at finding the right portfolio that is you know, above a 1.0 benefit-cost, but we are looking project by project as well. So the risk models have been refined to bring in the latest intel that we have on the level of risk. Given everything we have learned in the past, we have combined a number of models to better assess the actual risk there. When it comes to undergrounding, you know, we are looking at certainly the cost of that undergrounding, and it varies segment by segment. We use those estimates combined with the level of risk. And so there, we will calculate the benefit-cost. We are going to do projects that are above 1.0. We will then compare them and covered conductor versus just undergrounding. We will look at other factors like the egress, the terrain, and other pieces to decide if undergrounding is the right solution. It has to be feasible as well. that is 1 of the that is 1 of the constraints around it that also plays into cost. So based on what was in the ramp, you know, we put in about 190-miles of undergrounding in sort of a base scenario, but we will continue to evaluate if there are other places that we need to do it. Frankly, to reduce things like Public Safety Power Shutoffs, and other factors. So the ramp is a good starting point. We put in our BCR analysis. We will get feedback in the process before we actually file our general rate case. So we will decide what actually goes into our general rate cases as we get closer next year. Ryan Levine: Great. Thanks for the time. Pedro J. Pizarro: Yeah. Take care, Ryan. Operator: Thank you. And that was our last question. I will now turn the call back over to Mr. Sam Ramraj. Sam Ramraj: Thanks, everyone, for joining us. This concludes the conference call. Have a good rest of the day. Operator: You may now disconnect. Thank you. This concludes today's conference call. You may go ahead and disconnect at this time. Have a great rest of your day. Thank you. Before you buy stock in Edison International, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Edison International wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $386,727!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,232,139!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of August 3, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Edison International (EIX) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Wix.com Ltd. WIX reported second-quarter 2026 non-GAAP earnings of $1.39 per share, down 39% year over year but above the Zacks Consensus Estimate of $1.13. Revenues rose 15% year over year to $563.1 million and beat the consensus mark of $554 million. Growth reflected strong Base44 performance and continued core Wix expansion. Total ARR climbed 15% to $1.96 billion, while bookings increased 12% to $569.1 million. Wix.com Ltd. price-consensus-eps-surprise-chart | Wix.com Ltd. Quote Creative Subscriptions revenues increased 15% year over year to $398.4 million. Bookings from the segment advanced 11% to $405.8 million. Continued Base44 strength supported both measures, while Wix Harmony began making an early contribution as the product continued to ramp. Self Creators' revenues rose 14% to $349.3 million, improving from 12% growth in the prior quarter. Partners' revenues increased 17% to $213.8 million and represented 38% of total revenues. Wix ended the quarter with nearly 317 million registered users. Business Solutions revenues grew 14% year over year to $164.7 million, while segment bookings rose 13% to $163.3 million. Adoption of Google Workspace and the Paid Ads offering boosted the performance. Transaction revenues advanced 12% to $71.5 million and accounted for 43% of Business Solutions revenues. Gross payment volume increased 3% to $3.6 billion, while the take rate improved to 1.96%. The wind-down of a commerce subsidiary slowed payment volume growth, and management expects that headwind to persist for four more quarters. The non-GAAP gross margin was 67%, down from 70% a year ago. Creative Subscriptions margin fell to 80% from 85%, reflecting a greater Base44 contribution, while Business Solutions margin remained stable at 33%. Non-GAAP research and development expenses rose 6% to $104.7 million, or 19% of revenues, as Wix expanded the Base44 team. Selling and marketing expenses jumped 67% to $173.1 million, or 31% of revenues, on heavier Base44 advertising and higher inference costs for free users. Non-GAAP operating income was $64.8 million, translating into a 12% margin. Base44 launched Base 1, its proprietary large language model built for software creation. Management expects greater control over inference technology to shorten product iteration cycles, reduce reliance on external vendors and improve long-term cost efficiency. Base44's non-GAAP gross margin is expected to reach roughly 60% in the second half of 2026 compared with near zero at the start of the year. Total AI costs are projected at 30-40% of Base44 bookings. The resulting savings are expected to lift consolidated non-GAAP gross margin by about two percentage points in the second half versus the first half. Base44 also introduced expanded AI Workflows and enterprise governance features, including single sign-on improvements, permissions, connector management and customer-managed databases. Wix Headless added connections to Claude Code, Codex and Base44, extending Wix's business infrastructure to AI-generated front ends. Operating cash flow totaled $55.6 million, while capital expenditures were $2.9 million. Free cash flow came in at $52.6 million. Excluding restructuring costs, free cash flow was $61.2 million, or 11% of revenues. Wix ended June with $960.9 million in cash and equivalents and $1.63 billion in short- and long-term debt. WIX maintained its 2026 outlook for low- to mid-teens revenue growth, low-teens bookings growth and a high-teens free cash flow margin excluding acquisition and restructuring costs. Third-quarter revenues are expected to grow at a low-double-digit rate. Management also expects the consolidated non-GAAP operating margin to improve in the second half as lower AI and core Wix marketing costs offset additional Base44 investment. Currently, Wix carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Exelon Corporation EXC reported second-quarter 2026 adjusted operating earnings of 43 cents per share, in line with the Zacks Consensus Estimate. Earnings increased 10.3% from 39 cents in the year-ago quarter. Higher distribution and transmission rates across several utilities supported the improvement. Revenues totaled $5.97 billion, beating the Zacks Consensus Estimate of $5.66 billion by 5.46%.  The top line increased 10% from the year-ago figure of $5.43 billion. Edison International EIX reported second-quarter 2026 core earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.02 by 51%. The bottom line surged 58.8% from 97 cents in the year-ago quarter, primarily reflecting Southern California Edison’s adoption of the 2025 General Rate Case final decision. Edison International's second-quarter operating revenues totaled $4.36 billion, which missed the Zacks Consensus Estimate of $4.72 billion by 7.7%. The top line also decreased 4.1% from the year-ago quarter’s figure of $4.54 billion. DTE Energy Company DTE delivered second-quarter 2026 earnings per share of $1.32, beating the Zacks Consensus Estimate of $1.14 by 15.8%. The bottom line, however, decreased 2.9% from the year-ago reported figure of $1.36. While the company’s operating earnings were $274 million in the quarter, down from $283 million a year ago, the path to that outcome was shaped by sizable swings across segments. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Wix.com Ltd. (WIX) : Free Stock Analysis Report Exelon Corporation (EXC) : Free Stock Analysis Report Edison International (EIX) : Free Stock Analysis Report DTE Energy Company (DTE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

NRG Energy, Inc. NRG reported second-quarter 2026 adjusted earnings of $1.49 per share, which missed the Zacks Consensus Estimate of $1.66 by 10.2%. The bottom also line declined 11.3% from $1.68 in the year-ago quarter. Total revenues were $7.48 billion, which beat the Zacks Consensus Estimate of $5.89 billion by 27%. The top line also increased 11% from the prior-year quarter’s level of $6.74 billion. NRG Energy, Inc. price-consensus-eps-surprise-chart | NRG Energy, Inc. Quote The company recorded adjusted EBITDA of $1.22 billion in the second quarter, up 33.9% from $0.91 billion registered a year ago.Total operating costs and expenses were $6.54 billion, down 2.9% from $6.74 billion in the year-ago quarter.Operating income in the second quarter totaled $976 million.Through July 31, 2026, NRG completed $932 million in share repurchases and distributed $202 million in common stock dividends. In 2026, the company plans to return $1 billion through share repurchases and common stock dividends of around $407 million. NRG advanced its Bring Your Own Power strategy with a global cloud and artificial intelligence hyperscaler. The parties are aligned on principal commercial terms for developing a 1.2-gigawatt combined-cycle natural gas generation facility in Texas, subject to final documentation and approvals.The company also achieved commercial operations at the 415-megawatt T.H. Wharton facility. Its two other Texas Energy Fund projects remained on schedule and within budget. As of June 30, 2026, NRG had cash and cash equivalents worth $0.16 billion compared with $4.71 billion as of Dec. 31, 2025.As of June 30, 2026, long-term debt and finance leases amounted to $21.74 billion compared with $16.41 billion as of Dec. 31, 2025.Cash provided by operating activities in the first six months of 2026 totaled $0.95 billion compared with $1.31 billion in the year-ago quarter. Capital expenditures amounted to $655 million in the first six months of 2026 compared with $595 million in the year-ago quarter.Total liquidity was $5.28 billion, down from $9.63 billion, primarily due to funding the acquisition of generation assets and CPower from LS Power. NRG Energy expects its 2026 adjusted net income to be in the range of $1.685-$2.115 billion.The company expects its 2026 adjusted EPS to be in the range of $7.90-$9.90. The Zacks Consensus Estimate is pegged at $9.70, which is at the higher end of the company’s guided range.Free Cash Flow before Growth for 2026 is anticipated to be in the range of $2.8-$3.3 billion.NRG expects 2026 adjusted EBITDA in the band of $5.325-$5.825 billion. NRG Energy has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Edison International EIX reported second-quarter 2026 core earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.02 by 51%. The bottom line surged 58.8% from 97 cents in the year-ago quarter.Edison International's second-quarter operating revenues totaled $4.36 billion, which missed the Zacks Consensus Estimate of $4.72 billion by 7.7%. The top line also decreased 4.1% from the year-ago quarter’s figure of $4.54 billion.IDACORP, Inc. IDA reported second-quarter 2026 earnings of $1.79 per share, which topped the Zacks Consensus Estimate of $1.75 by 2.3%. The company’s earnings also improved 1.7% from $1.76 in the year-ago quarter.Total revenues in the second quarter of 2026 were $469.8 million, lagging the Zacks Consensus Estimate of $478 million by 1.8%. However, the metric rose 4.2% from $450.9 million in the year-ago quarter.PG&E Corporation PCG reported second-quarter 2026 adjusted earnings per share of 40 cents, which beat the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also increased 29% from the year-ago quarter’s figure of 31 cents.PCG reported second-quarter total revenues of $5.902 billion, up 0.1% from $5.898 billion registered in the year-ago period. However, the top line missed the Zacks Consensus Estimate of $6.31 billion by 6.4%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report NRG Energy, Inc. (NRG) : Free Stock Analysis Report Edison International (EIX) : Free Stock Analysis Report Pacific Gas & Electric Co. (PCG) : Free Stock Analysis Report IDACORP, Inc. (IDA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Public Service Enterprise Group Incorporated PEG, or PSEG, reported second-quarter 2026 adjusted earnings of 86 cents per share, which beat the Zacks Consensus Estimate of 80 cents by 7.5%. Earnings increased 11.7% from the prior-year reported figure of 77 cents.The company reported GAAP earnings per share (EPS) of 67 cents compared with $1.17 in the corresponding period of 2025. Operating revenues totaled $2.55 billion, which missed the Zacks Consensus Estimate of $2.70 billion by 5.4%. The top line also declined 8.9% from the year-ago figure of $2.81 billion. Public Service Enterprise Group Incorporated price-consensus-eps-surprise-chart | Public Service Enterprise Group Incorporated Quote Electric sales increased 2% year over year to 9,629 million kilowatt-hours (kWh). Residential sales rose 3% to 3,242 million kWh, while commercial and industrial sales jumped 1% to 6,316 million kWh.Total gas sales declined 23% to 541 million therms. Firm gas sales slipped 1% to 351 million therms, as residential volumes decreased 4%, and commercial and industrial volumes increased 1%. Non-firm commercial and industrial sales fell 45% to 190 million therms. The operating income totaled $461 million compared with $817 million in the year-ago period, reflecting a decline of 43.6%.Total operating expenses were $2.09 billion, up 5.3% from the year-ago figure.Interest expenses amounted to $269 million, which increased 8.5% year over year. PSE&G revenues increased 5.2% to $2.14 billion from $2.03 billion in the prior-year period. The regulated utility generated net income and non-GAAP operating earnings of $342 million, up from $332 million. Results benefited from ongoing investments in energy efficiency, gas system modernization and transmission. PSEG Power & Other revenues declined 42% to $534 million from $920 million a year earlier. Despite the revenue decrease, non-GAAP operating earnings increased to $83 million from $52 million. The improvement reflected higher realized prices and increased nuclear generation. The long-term debt (including the current portion of the long-term debt) as of June 30, 2026 was $23.59 billion compared with $22.55 billion as of Dec. 31, 2025.The net cash flow from operating activities was $1.82 billion during the first six months of 2026 compared with $1.53 billion during the first six months of 2025. PEG expects adjusted earnings to be in the range of $4.28-$4.40 per share. The Zacks Consensus Estimate for earnings is currently pegged at $4.37, which is at the higher end of the company’s guided range. PEG currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Edison International EIX reported second-quarter 2026 core earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.02 by 51%. The bottom line surged 58.8% from 97 cents in the year-ago quarter.Edison International's second-quarter operating revenues totaled $4.36 billion, which missed the Zacks Consensus Estimate of $4.72 billion by 7.7%. The top line also decreased 4.1% from the year-ago quarter’s figure of $4.54 billion.IDACORP, Inc. IDA reported second-quarter 2026 earnings of $1.79 per share, which topped the Zacks Consensus Estimate of $1.75 by 2.3%. The company’s earnings also improved 1.7% from $1.76 in the year-ago quarter.Total revenues in the second quarter of 2026 were $469.8 million, lagging the Zacks Consensus Estimate of $478 million by 1.8%. However, the metric rose 4.2% from $450.9 million in the year-ago quarter.PG&E Corporation PCG reported second-quarter 2026 adjusted earnings per share of 40 cents, which beat the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also increased 29% from the year-ago quarter’s figure of 31 cents.PCG reported second-quarter total revenues of $5.902 billion, up 0.1% from $5.898 billion registered in the year-ago period. However, the top line missed the Zacks Consensus Estimate of $6.31 billion by 6.4%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Public Service Enterprise Group Incorporated (PEG) : Free Stock Analysis Report Edison International (EIX) : Free Stock Analysis Report Pacific Gas & Electric Co. (PCG) : Free Stock Analysis Report IDACORP, Inc. (IDA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

TELUS Corporation TU reported second-quarter 2026 adjusted earnings per share of C$0.16, down 27% from C$0.22 a year ago. Adjusted net income fell 26% to C$254 million, while operating revenues and other income declined 3% to C$4,929 million, pressured by weaker TELUS Digital results, lower mobile equipment revenues and reduced other income. Mobile phone ARPU slipped 0.4% to C$56.36, while churn edged up to 1.08% from 1.06%. TELUS added 17,000 mobile phone customers, 20,000 Internet customers and 187,000 connected devices. TELUS has lost 33.6% in the past year compared with the  Zacks Diversified Communication Services industry’s decline of 3.2%. Image Source: Zacks Investment Research Service revenues decreased 1% year over year to C$4,442 million. Equipment revenues fell 11% to C$478 million, reflecting lower contracted mobile volumes and weaker fixed premises equipment sales. Other income plunged 82% to C$9 million because prior-year lease and sublease revenues did not recur. Consolidated adjusted EBITDA declined 2% to C$1,777 million. However, adjusted EBITDA margin improved 30 basis points (bps) to 36.0%, as cost-reduction efforts partly countered revenue pressure. Goods and services purchased rose 1% to C$1,869 million, while employee benefits expense fell 5% to C$1,472 million. Restructuring and other costs increased 42% to C$189 million. TTech operating revenues and other income decreased 2% to C$3,746 million. Mobile network revenue rose 1% to C$1,743 million, supported by subscriber growth. Mobile equipment and other service revenues fell 13% to C$433 million, while fixed data revenue was flat at C$1,175 million and fixed voice revenue declined 8% to C$157 million. TELUS Corporation price-consensus-eps-surprise-chart | TELUS Corporation Quote TTech adjusted EBITDA was nearly unchanged at C$1,639 million. The adjusted margin expanded 110 bps to 43.8%, helped by workforce reductions, privatization synergies, lower bad-debt expense and growth in security, automation and TV. These gains offset pricing pressure, weaker equipment margins, lower business data revenue and higher cloud-related costs. TELUS Health operating revenues and other income increased 3% to C$536 million. Health service revenues rose 4% to C$533 million, driven by acquisitions, including Workplace Options, and growth in payor and provider solutions. Continued prior-year churn and pricing pressure in employer solutions limited the increase.Adjusted EBITDA advanced 1% to C$99 million, supported by revenue growth and acquisition integration synergies. The adjusted margin declined 50 bps to 18.4% because of acquisition-related costs, digital and security investments and regional marketing spending. Healthcare lives covered increased by 1.8 million to 158.9 million. TELUS Digital operating revenues and other income declined 6% to C$774 million. External revenues fell 10% to C$654 million, reflecting client ramp-downs in trust and safety and AI and data solutions, an unfavorable currency impact and a prior-year contractual receipt. Higher customer experience management volumes provided a partial offset. Adjusted EBITDA fell 20% to C$72 million, and adjusted margin contracted 160 bps to 9.2%. TELUS recorded a C$2,135 million noncash impairment of intangible assets and goodwill tied to the segment, contributing to a reported net loss of C$1,830 million and a basic loss of C$1.17 per share. Cash provided by operating activities increased 15% to C$1,342 million, aided by working-capital changes, lower income taxes paid and reduced restructuring disbursements. Free cash flow rose 2% to C$545 million despite higher interest payments and lower EBITDA. Capital expenditures were unchanged at C$678 million. The board reset the quarterly dividend by 55% to C$0.1875 per share, or C$0.75 annualized. TELUS expects about C$2.7 billion of cumulative cash savings through 2028 for debt reduction. Net debt to adjusted EBITDA was 3.5 times, with a target of approximately 3.0 times or lower by year-end 2028. TELUS now expects full-year consolidated service revenue growth to range from flat to a 2% decline versus its prior 2-4% growth forecast. Adjusted EBITDA is projected to fall 2-4%, reversing the earlier expectation for 2-4% growth, as fixed data, TELUS Digital and TELUS Health trends remain softer than planned. The company raised its 2026 capital expenditure forecast to approximately C$2.6 billion from C$2.3 billion. Free cash flow guidance was reduced to about C$1.8 billion from C$2.45 billion, reflecting lower adjusted EBITDA, higher capital spending and C$100 million of incremental cash restructuring charges. TELUS currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Exelon Corporation EXC reported second-quarter 2026 adjusted operating earnings of 43 cents per share, in line with the Zacks Consensus Estimate. Earnings increased 10.3% from 39 cents in the year-ago quarter. Higher distribution and transmission rates across several utilities supported the improvement. Revenues totaled $5.97 billion, beating the Zacks Consensus Estimate of $5.66 billion by 5.46%.  The top line increased 10% from the year-ago figure of $5.43 billion. Edison International EIX reported second-quarter 2026 core earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.02 by 51%. The bottom line surged 58.8% from 97 cents in the year-ago quarter, primarily reflecting Southern California Edison’s adoption of the 2025 General Rate Case final decision. Edison International's second-quarter operating revenues totaled $4.36 billion, which missed the Zacks Consensus Estimate of $4.72 billion by 7.7%. The top line also decreased 4.1% from the year-ago quarter’s figure of $4.54 billion. DTE Energy Company DTE delivered second-quarter 2026 earnings per share of $1.32, beating the Zacks Consensus Estimate of $1.14 by 15.8%. The bottom line, however, decreased 2.9% from the year-ago reported figure of $1.36. While the company’s operating earnings were $274 million in the quarter, down from $283 million a year ago, the path to that outcome was shaped by sizable swings across segments. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Exelon Corporation (EXC) : Free Stock Analysis Report TELUS Corporation (TU) : Free Stock Analysis Report Edison International (EIX) : Free Stock Analysis Report DTE Energy Company (DTE) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Thursday, July 30, 2026 at 4:30 p.m. ET Vice President of Investor Relations - Sam Ramraj President and Chief Executive Officer - Pedro J. Pizarro Executive Vice President and Chief Financial Officer - Aaron D. Moss Operator: Good afternoon, and welcome to the Edison International second-quarter 2026 financial teleconference. My name is Michael, and I will be your operator today. When we get to the question-and-answer session, if you have a question, press 1 on your phone. This call is being recorded. I would now like to turn the call over to Sam Ramraj, Vice President of Investor Relations. Mr. Ramraj, you may begin your conference. Sam Ramraj: Thank you, Michael, and welcome, everyone. Our speakers today are President and Chief Executive Officer, Pedro J. Pizarro and Executive Vice President, and chief financial officer Aaron D. Moss. Also on the call are other members of the management team. Materials supporting today's call are available at www.edisoninvestor.com. These include a Form 10-Q, prepared remarks from Pedro and Aaron, and the teleconference presentation. Tomorrow, we will distribute a regular business update presentation. During this call, we will make forward-looking statements about the outlook for Edison International and its subsidiaries. Actual results could differ materially from current expectations. Important factors that could cause different results are set forth in our SEC filings. Please read these carefully. The presentation includes certain outlook assumptions as well as reconciliation of non-GAAP measures to the nearest GAAP measure. During the question-and-answer session, please limit yourself to one question and one follow-up. I will now turn the call over to Pedro. Pedro J. Pizarro: Thank you, Sam, and good afternoon, everyone. 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 $1.04 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 are 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. 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 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 and Mitigation Phase or RAMP application in May. This outlines the risk mitigations that guide proposed investments in 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 one-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 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 to 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 would now like to highlight an initiative I am personally really 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 for 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 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 activity 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. Here's a couple examples. SCE delivered at least 60% carbon-free power to customers, over 17% 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 storage portfolios in the nation. I am proud of our team. And I am proud of the progress that we continue to make toward a clean energy future that benefits everyone. We have and we 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. With that, I am very excited to turn it over to Aaron for his first financial report as our new CFO. Alright, Aaron. Aaron D. Moss: Thanks, Pedro. Good afternoon, everyone. It is great to be with you today. During my prior roles at Edison, I have had the chance to get to know many of you over the years. As I step into this role, I am 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. My comments today, I will cover our second quarter 2026 results, capital plans, and reaffirmed earnings guidance. EIX reported second-quarter earnings per share of $1.54 compared to $0.97 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 $0.06. Primarily driven by the net financing benefits of the preferred stock redemptions we initiated at the end of 2025 and completed in Q1 of this year. 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 high fire risk areas, 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. 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. Now 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 cycles 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 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. That concludes my remarks. Sam Ramraj: Michael, please open the call for questions. As a reminder, we request you to limit yourself to one question and one follow-up. So everyone in the line has the opportunity to ask questions. Operator: Thank you, sir. If you would like to ask a question, please press 1 on your phone. One moment for the first question, please. Nicholas Campanella with Barclays. Your line is open, sir. Nicholas Campanella: Hey. Good afternoon. Thanks for the time. So I know that everyone's working to get to a, a financeable solution for the fund. And acknowledge in your comments that it is a broader state issue, obviously, with a range of stakeholders being impacted. And at the same time, you are kind of saying that future investments will be evaluated and there is some uncertainty. So can you just maybe kind of talk about what is on the table from the utility side and how you are thinking about weighing things like future securitization of capital or upfront contributions, in last year's legislation and I know that you are in the early stage of the GRC with visibility, but are there scenarios where we could expect a new plan, come third quarter? Thank you. Pedro J. Pizarro: Yeah. So, Nick, thanks for the question. And reiterating a little bit of what I was sharing earlier. We are in a unique position in that we have a GRC in hand at SCE. it is been approved. You know, we have full visibility, line of sight visibility through 2028. Our capital spending--you know from, you know, what I we have shared with you all over the past while that can execute on the capital plan without any equity needs. You know, we have gone further, right, and extended guidance beyond that rate case to provide some insights on where we think 2029-2030 are headed. And, you know, committed to guidance that you know, continues the need for growth, capital investment for our customers. And still do not see a need for equity through that 2030 time period. So particularly as we talk about the 2028, we have just line of sight. And that is already approved by the PUC. Now do not know what is going to happen in Sacramento. I appreciate all the efforts of everybody who is engaged there. By the way, I appreciate efforts of investors who are weighing in and providing your perspectives. it is really important that our policymakers understand what is at stake here. And the fact that they have a lot of opportunities to invest capital. And so California is competing with other states and really with other, you know, global locations. So that is a quick segue tangent to say thank you for those efforts. But we do not know what is going to happen ultimately. Know, ideally, we would see a comprehensive solution. We may not. Right? there are four weeks left. We have not seen language yet. We know people are working hard, but this is not just a utility issue. it is a big cross economy issue. And so there is certainly a possibility that we might not see a complete answer. We might see a partial answer. We might see some work done in 2026. And then some work left for 2027. In the legislature with, you know, new governor and a number of new legislators. So it is really hard to sit here and say, well, without understanding what the answer might be, here's what some of our reaction to that might be. Clearly, if we saw that whatever the answer in 2026 is, it was not viewed favorably by the market, and that dramatically changed the inherent cost of our equity, then we would want to be thoughtful about making sure we are not making negative NPV decisions on behalf of investors. At the same time, upholding our obligations to safety and reliability that are set in PUC regulations. So that is gonna be the balancing act. that is a lot of words. I do not think I gave you the sort of specific answer you wanted, Nick, But that is where we are today. And, you know, when we see what happens as of August 31st, then you know, September 1st, actually, probably later that night on August 31st, we will start working on what the implications are and whether there is any near-term actions that are needed or more you know, impacts in the longer term and we will we will keep you all posted. Nicholas Campanella: I appreciate you running through that. Thank you. Nicholas Campanella: And then just my second question is just the slight change in the 10-Q language around Eaton and that you believe the equipment was associated versus could have been. And I understand that you previously been saying you are not aware of any other evidence, but can you frame how that disclosure fits into the context of the wildfire compensation program and getting, like, greater visibility eventually on what the low end of the range could be from a liability standpoint. Pedro J. Pizarro: Yeah. Yeah. Thanks, Nick, for the question. Just briefly, look. We always look at our language and want to make sure that it is as streamlined and straightforward as possible. For investors and for the community. So this is a little bit of just streamlining the language, but also recognizing that there has been the passage of time. And as the fuller disclosure acknowledges, our view on this is based on the information we have in hand today. Absent additional information, the reality is that since last quarter, three more months have passed; no other viable alternatives have appeared. And so we thought that the slight streamlining that we did there was appropriate. In terms of just saying that, SCE's equipment likely was associated you know, with the events. We also recognize that there are a number of other factors that have impacted ultimately the extent of the Eaton Fire and you know, not only the weather, but some of the factors that you saw show up in the cross claims that, SCE filed against a number of entities. So, that is that is all that the language is about. Going to your question about how does this all dovetail with WRCP and ability to estimate, potential liability. Again, we have said for a long time now that liability is probable. Given everything here. We have taken accountability. We want to help the community by launching the WRCP. But the numbers I shared with you earlier of over 2,200 offers provided, even the claims numbers themselves. When you think about over 12,300 individuals who presented in those claims, That is still a small number relative to for example, in litigation, we now have I am looking at Sean Donoghue. Do you see I believe we have over 30,000 claims that have been filed. And so we just do not have the volume to do enough WRCP claims yet we would have to provide an estimate of the low end of the estimable range under GAAP principles. Similarly, if you look at subrogation claims, you saw in our disclosures that we repeated this from prior quarters. We, SCE has now entered settlements with two insurers at around $0.55 on the dollar. But that is two subrogation claims that were settled out of what may likely be many. And so there again, we just do not have sufficient volume to yield an estimate. Hopefully, I covered all the parts of your question there, Nick. Thank you. Nicholas Campanella: Thank you for the thoughts. Pedro J. Pizarro: You bet. Operator: And the next question comes from Carly Davenport with Goldman Sachs. Your line is open. Carly Davenport: Hey, good afternoon. Hey, thank you so much for taking the questions. Maybe just a follow-up on the wildfire side. You know, you continue to work through the claims on the wildfire recovery compensation program. Just curious if you have any view on timing to sort of cross that $1 billion threshold and when you might envision sort of making first filings to tap into the wildfire fund for reimbursement. Pedro J. Pizarro: Yeah. Carly, between the subrogation settlements that we have made and the WRCP settlements that we are making, we are crossing that $1 billion threshold. So we have worked out with the CEA, which is the administrator of the Wildfire Fund, prefunding mechanism so that we do not come out of pocket for any of those dollars there, and we are working through with them that process to fund the claims now. Carly Davenport: Got it. Okay. Really helpful. Thank you for that. And then maybe just as we think about, you know, the potential outcomes in the legislative session and potential action plan following that. Could you maybe just talk a little bit about, you know, potential options on the table in the event that reform does not move forward this session? And maybe specifically, you referenced, obviously, the ramp filing for the next GRC. You know, any potential changes that you might see on the next GRC filing in the event that we do not see reform move forward this session. Pedro J. Pizarro: I mean, just to maybe reemphasize a point I have made in my prepared remarks. And as I was responding to Nick's questions here, we do not know what we are going to see, so it is really difficult to say, you know, what the reaction might be. I did acknowledge, though, that if whatever comes out ends up significantly impacting the underlying cost of equity, then, you know, that will have some influence on future investments. Again, there is there is things that are sacrosanct around safety, reliability. We have obligations under the PUC, you know, code. But where there are places where there might be some more flexibility, a lot of it could be candidates for rethinking or factoring that into future capital programs. Aaron, anything you would add? Or Steven? No. No. Okay. Yeah. Sorry. Carly, I know you all want more specifics, but we are just not there yet. We want to be very thoughtful. When we see what we see and work from there. Carly Davenport: Got it. No. Understood. Thank you very much for the color. Pedro J. Pizarro: Thanks, Carly. Thank you. Operator: And the next question comes from Richard Sunderland with Truist Securities. Your line is open, sir. Pedro J. Pizarro: Hello, Richard. Richard Sunderland: Hey. Hey. Good afternoon. Thanks for the time today. Pedro, I just wanted to go back to some of your comments in the script and you talked about a number of different issues and focus around the legislature, but you know, affordability was certainly part of that. And given there has been attention broadly on affordability, given the political backdrop in light of that and then more specific to this legislation. How do you think the affordability conversation stands right now you know, whether in the context of that legislation or more broadly? And, you know, how has that tone changed over the past few months? Pedro J. Pizarro: Yeah. that is a great question, Richard. And I would start by saying this. It is a-- it is a topic that just colors everything, not just in California but really across the country. Right? We are in a period that you know, has followed, well, frankly, some of the pressures you saw in COVID. I mean, I am moving on. You see now particularly in a maybe even mostly in other parts of the country, you know, significant pressures as you see dramatic growth in energy consumption and that is driving infrastructure needs. And I think the industry as a whole is ready to meet those needs, but we recognize region by region, there are pressures that are specific to this. Here in California, when you take a look at affordability, the reality is that energy in many ways, is not the main driver. One of the points that we continue to make is that, for the average SCE customer, their total cost of energy is in the lowest cost quartile relative to the rest of the country. The challenge here, though, is that housing costs really dominate the affordability impacts for the average consumer. Along with other costs. Right? And so in that environment, I think there is a tendency to go look for any levers that can be pulled. When you then have a discussion going on in Sacramento around an important and very visible topic like wildfire. Where you know, there is utility cost recovery involved where there is a connection to insurance rates and availability. Right? there is just a lot around affordability that gets wrapped, you know, into all this. one of the important points that we then make to legislators is that this is really about customer affordability because the reality is if there is insufficient action in 2026, there is a strong likelihood that the day after or a few days after, you know, we could see credit rating downgrades for the investor-owned utilities in California. And potentially for other sectors. I referenced the various, you know, Moody's and S&P reports recently that talk about you know, multiple sectors. And so that could be a significant cost impact through the cost of debt that gets passed through to SCE customers. If we do not have a framework in the next 4 weeks that is credit supportive, for our utility. Aaron D. Moss: And if you look at just the S&P ratings, it is BBB- for the utility. So there is nowhere to go in investment grade. Pedro J. Pizarro: Right? it is the next is non-investment-grade, which adds a lot of cost. So affordability is really framed around you know, the impact of the absence of legislation on customer costs. And, hence, I think the great point that the CEA report made around the, the sense of urgency here. Aaron, anything you would add there? Aaron D. Moss: I just would say I think there is a little bit of just affordability measures, and I just say, as part of the legislative package, we are going to evaluate the totality of the package that comes to us and figure out our response that goes along with it. Richard Sunderland: Great. I will leave it there. Thank you both. Pedro J. Pizarro: Yeah. Thanks, Richard. Operator: Thank you. And the next question comes from Gregg Orrill with UBS. Your line is open, sir. Pedro J. Pizarro: Yeah. Hi. Hello, Gregg. Hi. Gregg Orrill: Congratulations on the result. I was just wondering if, you know, there was a way to get a sense of how much of the impact was timing and how much of the upside is you know, in your view, sort of normalized? Aaron D. Moss: Yeah, Gregg, I would say, you know, two quarters does not make a year, and we are focused on delivering on our guidance for the year. The quarter's a data point, and it is important. And having a strong start to the year does give us the opportunity to invest in the business, to derisk future periods, and drive efficiency. So we are very happy about that, but we reaffirmed our guidance at the $5.90 to $6.20. Gregg Orrill: Okay. Got it. Thank you. Pedro J. Pizarro: Thanks, Gregg. Thank you. Operator: Thank you. And the next question comes from Paul Zimbardo with Jefferies. Your line is open, sir. Paul Zimbardo: Good afternoon, team. Thanks for taking the question. First, I was going to ask and just following up on Pedro, your response to the prior question, around the rating agencies, and the potential downgrades. I saw you tweak that language also. Is that something that agencies have directly communicated, like something new, or are you just referencing some of their reports where they talk about those scenarios without legislation? Aaron D. Moss: So a couple things there, Paul. Aaron D. Moss: One, on our ratings of the utility and California IOU ratings, just referencing prior reports. Mhmm. But Pedro's prepared remarks did reference separate reports that both Moody's and S&P have issued over, I think, the past month about California. Which IOUs are an important part of California, but it talks more broadly about the ramifications of wildfire across the California economy. So not quite sure what you are asking about, but neither one of those was intended to be, you know, kind of a breaking news of something that has not been published by the rating agencies. Paul Zimbardo: Okay. No. that is what I thought it was. I just wanted to clarify on that. that is helpful. And the other was again, I know everyone wants to talk about California and everything else, but I saw that you sold Trio to X-energy, just kind of why make that decision now? Pedro J. Pizarro: Yeah. Yeah. Thanks, Paul. Trio, we still believe in the underlying business. But, you know, given where we are today, we thought that with the focus that we have from our laser focus at Edison, and with some of the ongoing needs that Trio may have, there is a different partner who is a better fit as an owner for them. And so the transaction made sense for us. As you know, it is not material. You know, has not been material to EIX throughout. And so you did notice it in our disclosures. And we wish the team very well. it is a great team there, and I think they can continue to be successful. Paul Zimbardo: Okay. No. Thanks for the time. Pedro J. Pizarro: Yeah. Thanks, Paul. Thank you. Operator: And the next question comes from Aidan Kelly with JPMorgan. Your line is open, sir. Pedro J. Pizarro: Aidan Kelly: Hey, good afternoon. Appreciate the time today. Hey. You there? Thanks. Just wanted to come back to the ramp application. Could you speak to the pace of mitigation spend required across SCE's service territory and how this might compare relative to last cycle? I know in the prepared remarks, mentioned about 450 miles of covered conductor. A 190-miles of undergrounding. But if you were just to tee it up from a capital perspective, how would you frame the size relative to past applications? Aaron D. Moss: Yeah. So I would say in the past, about one-third of our GRC requests has shown up in the RAMP application. So this time around, it is about $$2.5 billion. I would say maybe slightly more than a third would be the translation. So it ties in the level of spending that we have here, ties in with the $8 billion to $9 billion of CapEx that we have in our 2029 capital forecast that we share with you in the investor deck. Aidan Kelly: Got it. Appreciate the color there. And then for the Eaton Fire, just wondering if there is any update on the Los Angeles County Fire Department's investigation you would be willing to share, any sense on timeline or key milestones to be on the lookout for? Pedro J. Pizarro: Yeah. No. We do not really have an update there. So you might imagine we are not privy to what their timing might be or the like. Of course, we are always ready to cooperate and have cooperated when they have asked for anything from our team. We have said in the past that typically for complex fires, you might see a report out in 12 to 18 months. Yeah. Clearly, it has been more than 18 months now. So but we do not really have any insight on when the report might come out. Aidan Kelly: Got it. Makes sense. Appreciate the time I will leave it there. Pedro J. Pizarro: Yeah. You bet. Take care. Operator: And our next question comes from Ryan Levine with Citi. Your line is open, sir. Ryan Levine: Hi. Two questions. 1, to the extent you are able to comment, how have the education efforts ramped up in Sacramento compared to the last year on the wildfire bill? Is this much broader in terms of given the complexity of the bill? Or any color you could share more broadly around the process? Pedro J. Pizarro: It is a good question, Ryan. I would say this. Certainly, you know, we are we are very focused on that education effort. When you talk about the last time, I am kind of tempted, just a little tongue in cheek, to ask which last time. Do you mean SB 254? Do you mean AB 1054? Do you mean the effort that led to SB 901? And so, you know, if you do not mind, I should take a little broader aperture I mean, I go back to 2017 and 2018. Right? So we ended up with SB 901 was in 2018. That was a real ramp up. Right? Because it was a new in many ways for all of us, the legislature, for the utilities, And we were really focused on helping the state develop a brand new framework from whole cloth. I would say SB 254 was different because last year, right, it was different in the sense that we had AB 1054. And so the question was, what needs improvement? How do you build from that? And you saw that with SB 254, we were all very engaged and the answer from the legislature was that they themselves needed more education which they then tasked to the CEA. To produce a report. Which, you know, I think what you have heard me say before, that was an excellent report. Right? So the report came out in April. I would say this year what is different is that we all are benefiting from having the basis of that report as the platform for the discussions. And so that is I think that is that is helpful. That said, a lot of legislators while they were there for the AB 1054 cycle, they may not have been for AB 1054 or SB 901. Right? So, you still have a range of starting points for individual policymakers. I feel for them. I think they have you know, some of the hardest jobs in the state. Because listen, I think my job is hard. And I get to focus on one sector. They are focusing on every sector across the world's fourth-largest economy. So I think having the CEA report as a platform to start has been helpful to all of them and to us. Thanks. Ryan Levine: And then 1 more specific question around on the RAMP process. How does the ongoing undergrounding cost benefit analysis impact the decision around how much covered conductor or undergrounding you are planning to do? And to the extent that there is any upside to the 190-mile undergrounding plan that you filed in your ramp? that is the filing. Steven D. Powell: Hey, Ryan. How you doing? So every time we go through the ramp, you know, we are looking at the latest I will say, approved as well as our own, risk frameworks and how that translates into the benefit-cost ratios. You know, a lot of points, we are looking at finding the right portfolio that is you know, above a 1.0 benefit-cost, but we are looking project by project as well. So the risk models have been refined to bring in the latest intel that we have on the level of risk. Given everything we have learned in the past, we have combined a number of models to better assess the actual risk there. When it comes to undergrounding, you know, we are looking at certainly the cost of that undergrounding, and it varies segment by segment. We use those estimates combined with the level of risk. And so there, we will calculate the benefit-cost. We are going to do projects that are above 1.0. We will then compare them and covered conductor versus just undergrounding. We will look at other factors like the egress, the terrain, and other pieces to decide if undergrounding is the right solution. It has to be feasible as well. that is 1 of the that is 1 of the constraints around it that also plays into cost. So based on what was in the ramp, you know, we put in about 190-miles of undergrounding in sort of a base scenario, but we will continue to evaluate if there are other places that we need to do it. Frankly, to reduce things like Public Safety Power Shutoffs, and other factors. So the ramp is a good starting point. We put in our BCR analysis. We will get feedback in the process before we actually file our general rate case. So we will decide what actually goes into our general rate cases as we get closer next year. Ryan Levine: Great. Thanks for the time. Pedro J. Pizarro: Yeah. Take care, Ryan. Operator: Thank you. And that was our last question. I will now turn the call back over to Mr. Sam Ramraj. Sam Ramraj: Thanks, everyone, for joining us. This concludes the conference call. Have a good rest of the day. Operator: You may now disconnect. Thank you. This concludes today's conference call. You may go ahead and disconnect at this time. Have a great rest of your day. Thank you. Before you buy stock in Edison International, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Edison International wasn’t one of them. The 10 stocks that made the cut are built for long-term growth and could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,081!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,166,221!* That performance is why people listen. With a track record of beating the S&P 500 by 4x, Stock Advisor offers a distinct advantage. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built for the long haul. See the 10 stocks » *Stock Advisor returns as of July 30, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. Edison International (EIX) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Edison International EIX reported second-quarter 2026 core earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.02 by 51%. The bottom line surged 58.8% from 97 cents in the year-ago quarter, primarily reflecting Southern California Edison’s adoption of the 2025 General Rate Case final decision.The company recorded GAAP earnings of $1.39 per share compared with 89 cents in the second quarter of 2025. Edison International's second-quarter operating revenues totaled $4.36 billion, which missed the Zacks Consensus Estimate of $4.72 billion by 7.7%. The top line also decreased 4.1% from the year-ago quarter’s figure of $4.54 billion. Edison International price-consensus-eps-surprise-chart | Edison International Quote Total operating expenses declined to $3.27 billion from $3.77 billion. Operation and maintenance expenses fell to $1.07 billion from $1.58 billion, while purchased power and fuel costs decreased to $1.14 billion from $1.16 billion.Depreciation and amortization increased to $834 million from $826 million. Property and other taxes rose to $171 million from $168 million.Operating income climbed to $1.09 billion from $0.78 billion. Interest expense increased to $514 million from $504 million. Southern California Edison generated core earnings of $672 million, up from $474 million in the second quarter of 2025. Core earnings per share increased to $1.74 from $1.23, primarily due to the adoption of the 2025 General Rate Case final decision in the third quarter of 2025.Edison International Parent and Other reported a core loss of $80 million, narrower than the year-ago loss of $100 million. The core loss per share improved to 20 cents from 26 cents, primarily due to lower preferred stock dividends. As of June 30, 2026, Edison International's cash and cash equivalents amounted to $242 million compared with $158 million as of Dec. 31, 2025.The long-term debt was $37.09 billion as of June 30, 2026, higher than the 2025-end level of $36.07 billion.Net cash flow from operating activities during the first six months of 2026 was $2.7 billion compared with net cash flow of $2.11 billion in the prior-year period.Total capital expenditures were $3.39 billion as of June 30, 2026, higher than $3.12 billion in the year-ago period. Edison International reaffirmed its 2026 core earnings guidance of $5.90-$6.20 per share. The Zacks Consensus Estimate for earnings is currently pegged at $6.13 per share, which is at the higher end of the company’s guided range.The company also maintained its 2027 core earnings forecast of $6.25-$6.65 per share and its 2028 outlook of $6.74-$7.14. Management continues to target core earnings growth of 5-7% annually from 2025 through 2030. Edison International currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. CMS Energy Corporation CMS reported second-quarter 2026 adjusted earnings per share of 37 cents per share, which came in line with the Zacks Consensus Estimate. However, the bottom line declined 47.9% from 71 cents in the year-ago quarter. Operating revenues totaled $1.83 billion, which missed the Zacks Consensus Estimate of $1.91 billion by 4.2%. The top line also fell 0.5% from $1.84 billion in the prior-year quarter.Entergy Corporation ETR reported second-quarter 2026 earnings of $1.03 per share, which beat the Zacks Consensus Estimate of 94 cents by 9.6%. However, the bottom line decreased 1.9% from the year-ago quarter’s figure of $1.05.Revenues rose 5.9% year over year to $3.52 billion but missed the consensus mark of $3.53 billion by 0.08%. PG&E Corporation PCG reported second-quarter 2026 adjusted earnings per share of 40 cents, which beat the Zacks Consensus Estimate of 37 cents by 8.1%. The bottom line also increased 29% from the year-ago quarter’s figure of 31 cents.PCG reported second-quarter total revenues of $5.902 billion, up 0.1% from $5.898 billion registered in the year-ago period. However, the top line missed the Zacks Consensus Estimate of $6.31 billion by 6.4%. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Edison International (EIX) : Free Stock Analysis Report Entergy Corporation (ETR) : Free Stock Analysis Report Pacific Gas & Electric Co. (PCG) : Free Stock Analysis Report CMS Energy Corporation (CMS) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Edison International (EIX) came out with quarterly earnings of $1.54 per share, beating the Zacks Consensus Estimate of $1.02 per share. This compares to earnings of $0.97 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +50.98%. A quarter ago, it was expected that this electric power provider would post earnings of $1.32 per share when it actually produced earnings of $1.42, delivering a surprise of +7.58%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Edison International, which belongs to the Zacks Utility - Electric Power industry, posted revenues of $4.36 billion for the quarter ended June 2026, missing the Zacks Consensus Estimate by 7.65%. This compares to year-ago revenues of $4.54 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Edison International shares have added about 31% since the beginning of the year versus the S&P 500's gain of 6.9%. While Edison International has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Edison International was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.96 on $5.52 billion in revenues for the coming quarter and $6.13 on $18.98 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Utility - Electric Power is currently in the bottom 34% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, NRG Energy (NRG), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 4. This power company is expected to post quarterly earnings of $1.66 per share in its upcoming report, which represents a year-over-year change of -1.2%. The consensus EPS estimate for the quarter has been revised 2.5% higher over the last 30 days to the current level. NRG Energy's revenues are expected to be $5.89 billion, down 12.6% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Edison International (EIX) : Free Stock Analysis Report NRG Energy, Inc. (NRG) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

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 to 2030 ROSEMEAD, Calif., July 30, 2026--(BUSINESS WIRE)--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. Second Quarter 2026 Earnings Conference Call and Webcast Details 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 and basic earnings per share (EPS) 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 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. View source version on businesswire.com: https://www.businesswire.com/news/home/20260730727743/en/ Contacts Investor Relations: Sam Ramraj, (626) 302-2540Media Relations: (626) [email protected]