Edison International

Cash generation and earnings are anchored by a regulated revenue requirement and an expansive, growing rate base. Management achieved 2025 core EPS of 6.55 and guided 2026 to 5.90‑6.20 with a reiterated 5‑7% annual growth outlook tied to regulated capex. Data center and electrification‑driven load growth provide a multi‑year investment runway.

Offsetting this, wildfire events introduce episodic volatility and potential lag between spend and recovery. The 2025 Eaton Fire underscores that tail events can puncture otherwise stable trajectories. Overall, we view revenue and earnings as moderately to highly predictable under the current framework, with a non‑zero tail risk.