Edison Q3 Core EPS Falls to $1.92; Guidance Reaffirmed, Eaton Fire Loss Range Still Unestimable
EIX sits 15% above its 52-week low of $51.1.
Summary
Edison reported Q3 2026 core EPS of $1.92 versus $2.34 a year ago and reaffirmed 2026 core EPS guidance of $5.90-$6.20. Eaton Fire settlements total $1.8 billion with $1.85 billion of expected recoveries identified, but the company still cannot estimate a total loss range and wildfire reform stalled in Sacramento.
Key Events · Earnings and Guidance · EIX
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Q3 Core EPS Falls to $1.92
Third-quarter 2026 GAAP EPS was $1.88 and core EPS $1.92, versus $2.16 and $2.34 in Q3 2025; the decline largely reflects the 55-cent true-up booked in the prior-year quarter from the 2025 GRC final decision.
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2026 Guidance Reaffirmed at $5.90-$6.20
Management reaffirmed 2026 core EPS of $5.90-$6.20 with a bias toward the middle of the range, and reaffirmed 2027 and 2028 guidance plus the 5-7% core EPS growth target through 2030.
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Eaton Fire Loss Range Still Unestimable
Total settlements entered into are $1.8 billion, offset by expected recoveries of $917 million from self-insurance, $859 million from the Wildfire Fund and $70 million from FERC rates; the company says it cannot reasonably estimate a range of total losses.
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Wildfire Reform Stalls in Sacramento
The regular legislative session ended without a durable wildfire liability framework; Edison is advocating a special session ahead of the November 15 constitutional deadline, with a CPUC report on statewide impact due November 2.
Analysis · EIX · Energy & Transportation
Edison's quarter was operationally steady but the numbers are secondary to the wildfire overhang. Core EPS of $1.92 came in $0.42 below last year's $2.34, mostly because the 2025 quarter carried a 55-cent true-up from the general rate case decision, and management reaffirmed 2026 core EPS of $5.90-$6.20 with a bias toward the middle plus its 5-7% long-term growth target. The bigger disclosure is on the Eaton Fire: total settlements entered into now stand at $1.8 billion against $917 million of self-insurance, $859 million of expected Wildfire Fund recoveries and $70 million from FERC rates, and the company still says it cannot reasonably estimate a range of total losses. With California's legislative session having ended without wildfire liability reform, the company is pushing for a special session before the November 15 constitutional deadline; failure pushes the issue into 2027 and, management says, raises financing costs. No common equity issuance is forecast through 2030, which removes near-term dilution risk from the story.
How filings like this one have moved
In the 30 days to Oct 29, 2026, 38.8% of the 970 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.46%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, EIX was trading at $58.82 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $22.9B. The 52-week trading range was $51.10 to $81.62. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.