EDISON INTERNATIONAL
For the period ended Dec 31, 2025. Filed Feb 18, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 18, 2026
Contents
Capital Program
Capital Expenditures
Total capital expenditures (including accruals) were $6.7 billion in 2025 and $5.7 billion in 2024.
SCE's capital expenditure forecast has been updated to reflect planned CPUC-jurisdictional spending as informed by the 2025 GRC final decision and expected FERC capital expenditures.
The table below reflects forecast capital expenditures for 2026 – 2030, based on authorized and planned CPUC-jurisdictional spending and current management expectations of FERC-jurisdictional spending. CPUC-jurisdictional spending includes amounts authorized in the 2025 GRC, and other planned non-GRC CPUC capital spending. Forecast expenditures for FERC capital projects are subject to change due to factors such as timeliness of permitting, licensing, regulatory approvals, contractor bids, supply chain issues, and other operational considerations.
Based on management's judgment of potential capital spending variability informed by historical precedent of previously authorized amounts, potential permitting delays, and other operational considerations, a range case was prepared reflecting reductions to CPUC non-GRC capital expenditures and FERC capital expenditures.
The following table sets forth a summary of capital expenditures for 2025 actual spend and a forecast for 2026– 2030 on the basis described above:
| (in billions) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | Total2026 – 2030 |
|---|---|---|---|---|---|---|---|
| Traditional capital expenditures | |||||||
| Distribution | $4.9 | $5.4 | $5.5 | $5.5 | $6.7 | $7.1 | $30.2 |
| Transmission | 0.5 | 0.8 | 0.9 | 0.9 | 1.1 | 1.0 | 4.7 |
| Generation | 0.2 | 0.2 | 0.2 | 0.2 | 0.3 | 0.2 | 1.1 |
| Subtotal | 5.6 | 6.4 | 6.6 | 6.6 | 8.1 | 8.3 | 36.0 |
| Wildfire mitigation-related capital expenditures | 1.1 | 0.9 | 1.0 | 1.0 | 0.9 | 0.8 | 4.6 |
| Total capital expenditures | $6.7 | $7.3 | $7.6 | $7.6 | $9.0 | $9.1 | $40.6 |
| Total capital expenditures using range case discussed above | * | $7.1 | $7.3 | $7.2 | $8.0 | $7.9 | $37.5 |
*Not applicable
SCE intends to file an application with the CPUC in the first quarter of 2026 requesting capital expenditures of at least $3 billion to be spent between 2026 through 2033 for an advanced metering infrastructure program that supports improved grid management and customer benefits. Approximately half of the capital expenditures are included in the table above.
In addition, from 2022 to 2025, CAISO released its annual transmission plans approving projects to be constructed by SCE, with total anticipated capital expenditures of approximately $3 billion, of which approximately $1 billion is included in the table above. As part of its 2025-2026 Transmission Planning Process, CAISO is reassessing certain SCE projects from the 2022-2023 Transmission Plan and plans to provide its recommendation by May 2026.
Rate Base
SCE's year-end rate base was $48.2 billion at December 31, 2025, compared to $45.7 billion at December 31, 2024.
SCE's authorized CPUC-jurisdictional rate base is determined through the GRC and other regulatory proceedings. Differences between actual and CPUC-authorized rate base are addressed in subsequent GRCs or other regulatory proceedings. FERC-jurisdictional rate base is determined based on actual capital expenditures.
Reflected below is SCE's weighted average annual rate base for 2025 – 2030, based on the capital expenditure forecasts discussed above. In addition, the table below does not reflect the SB 254 Excluded Capital Expenditures, which SCE plans to recover through the issuance of securitized bonds. For further information, see "Business—Southern California Wildfires— Recovery of Wildfire-Related Costs—California Wildfire Legislation—Excluded Capital Expenditures."
| (in billions) | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|---|---|
| Rate base | $47.6 | $50.8 | $54.4 | $58.1 | $62.6 | $67.9 |
| Rate base using range case discussed above | * | $50.8 | $54.3 | $57.7 | $61.7 | $66.1 |
*Not applicable
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.