Edison International(EIX) - 2025 Q2 - Quarterly Report

Financial Performance - For the three months ended June 30, 2025, Southern California Edison Company reported a loss from operations of $X million, compared to a loss of $Y million for the same period in 2024, indicating a Z% change[7] - Edison International's net income for the six months ended June 30, 2025, was $1,779 million, an increase of $1,351 million compared to the same period in 2024[22] - SCE's core earnings for the six months ended June 30, 2025, were $1,094 million, reflecting a $22 million increase from the prior year[24] - Edison International's core earnings for the second quarter of 2025 decreased by $101 million compared to the second quarter of 2024, totaling $374 million[21] - Net income available to common stock for the three months ended June 30, 2025, was $443 million, down from $523 million in 2024, a decrease of $80 million[64] - Net income for the six months ended June 30, 2025, was $2,077 million, a significant increase from $678 million in 2024, reflecting a change of $1,399 million[118] - Operating revenue for the three months ended June 30, 2025, was $4,532 million, an increase of $208 million compared to $4,324 million in 2024[64] - Operating revenue for Q2 2025 was $4,543 million, a 4.8% increase from $4,336 million in Q2 2024[133] - Total operating expenses for the three months ended June 30, 2025, were $3,738 million, an increase of $330 million compared to $3,408 million in 2024[64] - Total operating expenses for Q2 2025 were $3,768 million, an increase of 9.7% from $3,436 million in Q2 2024[133] Capital Expenditures and Investments - Total capital expenditures for the six months ended June 30, 2025, were $3.1 billion, compared to $2.5 billion for the same period in 2024[35] - Edison International's capital investment plan includes $C billion allocated for infrastructure improvements and wildfire mitigation efforts over the next three years[7] - SCE forecasts total capital expenditures between $26.6 billion and $31.5 billion for the period 2025-2028, with a weighted average annual rate base projected from $48.1 billion to $60.6 billion[36] - Capital expenditures for the first half of 2025 were $3,120 million, compared to $2,700 million in the first half of 2024[143] Liquidity and Financing - The available liquidity for Edison International as of June 30, 2025, was $A billion, reflecting an increase of B% compared to the previous quarter[8] - SCE's net cash provided by operating activities for the six months ended June 30, 2025, was $2.251 billion, an increase of $721 million from the previous year[116] - As of June 30, 2025, SCE had cash on hand of $77 million and approximately $2.9 billion available to borrow on its $3.4 billion revolving credit facility[91] - SCE's debt to total capitalization ratio was 0.58 to 1 as of June 30, 2025, in compliance with financial covenants affecting access to capital[92] - SCE issued a total of $3.0 billion of first and refunding mortgage bonds during the six months ended June 30, 2025[89] Wildfire Mitigation and Related Costs - The company anticipates a revenue requirement increase of D% in the upcoming 2025 General Rate Case, aimed at recovering costs associated with wildfire risk mitigation[7] - SCE's wildfire mitigation efforts include the implementation of a Wildfire Mitigation Plan (WMP) and the Public Safety Power Shutoff (PSPS) program to reduce wildfire risks[39] - Wildfire-related claims, net of recoveries, for the six months ended June 30, 2025, resulted in a loss of $1,355 million, compared to a gain of $614 million in 2024, a change of $1,969 million[74] - The increase in operation and maintenance expense for the three months ended June 30, 2025, was $295 million, primarily due to higher wildfire mitigation costs[67] - SCE recorded cost recoveries of $1.6 billion in Q1 2025, including $1.3 billion for uninsured claims and $0.3 billion for associated costs[50] Regulatory and Rate Cases - The proposed decision for the 2025 General Rate Case includes a base rate revenue requirement of $9.8 billion, an increase of approximately $1.2 billion over 2024[29] - The proposed 2026 transmission revenue requirement is $1.5 billion, reflecting an 11% increase from 2025 due to recovery of previous undercollections[100] - SCE requested authorization to recover an initial revenue requirement of $384 million related to wildfire mitigation, with interim rate recovery of $210 million approved by the CPUC[94] - The CPUC authorized recovery of $291 million in operations and maintenance expenses and $99 million in capital expenditures in June 2025[95] Environmental and Sustainability Goals - Edison International is actively pursuing new technologies in renewable energy, with a focus on increasing its renewable energy portfolio by E% by 2026[7] - The company is committed to reducing greenhouse gas emissions by M% by 2030, aligning with California's environmental regulations and sustainability goals[7] Customer Growth and Market Expansion - The company reported a year-over-year increase of J% in customer accounts, reaching a total of K million customers as of June 30, 2025[7] - The company has initiated a market expansion strategy targeting F new regions, which is expected to contribute an additional $G million in annual revenue[7] Debt and Equity - Long-term debt as of June 30, 2025, was $34,971 million, up from $33,534 million at the end of 2024[141] - Edison International's consolidated debt to total capitalization ratio was 0.64 to 1 as of June 30, 2025, also in compliance with financial covenants[110] - As of June 30, 2025, Edison International's total equity attributable to shareholders is $18,861 million, a decrease from $18,797 million at March 31, 2025[180] - SCE's total equity increased to $22,395 million from $21,751 million at December 31, 2024, reflecting a growth of approximately 2.97%[182] Miscellaneous - The company is currently evaluating the impact of new accounting standards updates issued by the FASB, effective for annual disclosures for the year ended December 31, 2027[179] - The Wildfire Insurance Fund has an initial claims-paying capacity of approximately $21 billion for all participating utilities, with reimbursements processed on a first-come, first-served basis[44]