The quarter beat the standing estimate. Edison delivered basic EPS of $1.39 and core EPS of $1.54, versus a published Q2 consensus of roughly $1.17 for EPS. That is a genuine earnings upside, not merely a favorable year-over-year comparison.
| Metric | Q2 2026 | Q2 2025 | Change | Expectation |
|---|---|---|---|---|
| Basic EPS | $1.39 (Earnings per share table) | $0.89 | +$0.50 | ~$1.17 published consensus |
| Core EPS | $1.54 (Earnings per share table) | $0.97 | +$0.57 | — |
| Net income | $534M (Financial Highlights) | $343M | +$191M | — |
| Operating revenue | $4.36B (Income Statement) | $4.54B | -$186M | — |
| Operating cash flow, six months | $2.70B (Cash Flow statement) | $2.11B | +$591M | — |
The beat came mainly from SCE, not stronger top-line growth. SCE core earnings rose to $672 million from $474 million, while Edison International Parent and Other improved to a $80 million loss from a $100 million loss. Revenue fell 4%, but operation and maintenance expense dropped $509 million year over year, more than offsetting higher depreciation, taxes and wildfire-related costs. (Segment results — SCE; Income Statement)
The full-year core outlook was reaffirmed, not raised. Core EPS remains guided to $5.90–$6.20, so the strong quarter did not change the earnings power the market was already using. The headline basic EPS range was lowered to $5.70–$6.00 from $5.86–$6.16 because expected non-core items increased to a $0.20-per-share charge from $0.04. (2026 Earnings Guidance table) This is a modest offset to the quarterly beat, but it is concentrated in non-core items rather than the operating outlook.
The year-to-date comparison is distorted by last year’s wildfire settlement benefit. Six-month core EPS increased to $2.97 from $2.34, while reported EPS fell to $2.77 from $4.62 because 2025 included $2.28 per share of non-core benefits, primarily wildfire-related settlement and insurance recoveries. (Earnings per share table; Non-core items reconciliation) The cleaner read is improving underlying earnings with no upgrade to the already-established full-year target.
Read the original 8-K on SEC EDGAR ↗