Revenue growth remains tied to regulatory rate cycles, though operating margins have shown extreme volatility, ranging from a low of 6.0% in 2024Q1 to a peak of 56.0% in 2025Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 19.61B | 19.32B | 17.6B | 16.34B | 17.22B | 14.9B | 13.58B | 12.35B | 12.66B | 12.32B | 11.87B | 11.52B | 13.41B | 12.58B | 11.86B | 12.76B | 12.41B | 12.33B | 14.11B | 13.11B | 12.62B | 11.85B | 10.2B | 12.13B | 11.49B | 11.44B | 11.72B | 9.67B | 10.21B | 9.23B | 8.54B |
| Revenue Growth % | 13.14% | 9.76% | 7.72% | -5.12% | 15.53% | 9.77% | 9.97% | -2.45% | 2.74% | 3.8% | 2.99% | -14.08% | 6.61% | 6.06% | -7.04% | 2.83% | 0.62% | -12.61% | 7.62% | 3.89% | 6.5% | 16.21% | -15.95% | 5.63% | 0.45% | -2.4% | 21.17% | -5.27% | 10.54% | 8.07% | 1.67% |
| Cost of Revenue | 12.21B | 8.15B | 10.38B | 9.62B | 11.1B | 9.19B | 8.54B | 7.86B | 8.2B | 7.68B | 7.39B | 7.26B | 8.74B | 8.67B | 8.04B | 4.16B | 4.1B | 4.27B | 5.99B | 5B | 5.17B | 4.43B | 3.76B | 4.12B | 3.2B | 4.9B | 5.96B | 3.85B | 5.11B | 3.93B | 3.47B |
| Gross Profit | 7.4B | 11.17B | 7.22B | 6.71B | 6.12B | 5.72B | 5.04B | 4.49B | 4.45B | 4.64B | 4.47B | 4.27B | 4.67B | 3.91B | 3.82B | 8.61B | 8.31B | 8.06B | 8.12B | 8.11B | 7.46B | 7.42B | 6.44B | 8.01B | 8.29B | 6.54B | 5.75B | 5.82B | 5.1B | 5.31B | 5.07B |
| Gross Margin % | 37.74% | 57.83% | 41.01% | 41.09% | 35.55% | 38.38% | 37.1% | 36.37% | 35.19% | 37.66% | 37.69% | 37.04% | 34.82% | 31.06% | 32.2% | 67.44% | 66.94% | 65.39% | 57.54% | 61.88% | 59.07% | 62.61% | 63.12% | 66.02% | 72.13% | 57.17% | 49.11% | 60.14% | 49.93% | 57.47% | 59.34% |
| Gross Profit Growth % | - | 54.77% | 7.51% | 9.69% | 7.01% | 13.56% | 12.18% | 0.81% | -4.01% | 3.71% | 4.83% | -8.63% | 19.52% | 2.33% | -55.62% | 3.59% | 3% | -0.68% | 0.07% | 8.83% | 0.49% | 15.25% | -19.64% | -3.32% | 26.74% | 13.63% | -1.07% | 14.11% | -3.96% | 4.65% | -1.13% |
| Operating Expenses | 3.22B | 4.08B | 4.29B | 4.09B | 4.64B | 4.24B | 3.82B | 2.71B | 5.01B | 3.15B | 2.38B | 2.26B | 2.2B | 2.5B | 1.83B | 1.45B | 1.28B | 6.7B | 5.56B | 5.49B | 4.97B | 5.2B | 5.34B | 5.59B | 5.46B | 4.12B | 4.53B | 4.39B | 3.79B | 3.68B | 3.26B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 7.51B | 9.87B | 5.87B | 5.35B | 4.12B | 3.77B | 3.24B | 3.57B | 1.39B | 3.57B | 4.16B | 4.01B | 4.29B | 3.41B | 3.92B | 3.49B | 3.2B | 3.04B | 3.98B | 3.65B | 3.62B | 3.39B | 2.22B | 2.61B | 3.27B | 3.11B | 2.15B | 2.96B | 3.14B | 3.07B | 3.08B |
| EBITDA Margin % | 38.29% | 51.08% | 33.35% | 32.73% | 23.9% | 25.26% | 23.85% | 28.94% | 10.97% | 28.99% | 35.05% | 34.82% | 31.96% | 27.11% | 33.04% | 27.34% | 25.78% | 24.63% | 28.22% | 27.8% | 28.69% | 28.61% | 21.77% | 21.51% | 28.46% | 27.22% | 18.38% | 30.59% | 30.78% | 33.29% | 36.09% |
| EBITDA Growth % | -3.64% | 68.12% | 9.74% | 29.93% | 9.32% | 16.28% | -9.38% | 157.42% | -61.13% | -14.16% | 3.66% | -6.39% | 25.68% | -12.96% | 12.36% | 9.03% | 5.3% | -23.71% | 9.22% | 0.69% | 6.78% | 52.75% | -14.94% | -20.16% | 5.01% | 44.59% | -27.21% | -5.86% | 2.21% | -0.32% | -4.28% |
| Depreciation & Amortization | 3.33B | 2.77B | 2.94B | 2.72B | 2.63B | 2.29B | 2.02B | 1.8B | 1.94B | 2.12B | 2.1B | 2B | 1.81B | 1.7B | 1.63B | 1.43B | 1.38B | 1.64B | 1.42B | 1.38B | 1.28B | 1.17B | 1.12B | 1.16B | 1.14B | 1.06B | 1.95B | 1.91B | 1.83B | 0 | 0 |
| D&A / Revenue % | 16.98% | 14.36% | 16.7% | 16.65% | 15.29% | 15.35% | 14.88% | 14.56% | 15.33% | 17.17% | 17.68% | 17.4% | 13.53% | 13.48% | 13.78% | 11.18% | 11.12% | 13.3% | 10.06% | 10.49% | 10.14% | 9.85% | 10.98% | 9.52% | 9.95% | 9.31% | 16.66% | 19.72% | 17.94% | 0% | 0% |
| Operating Income (EBIT) | 4.18B | 7.09B | 2.93B | 2.63B | 1.48B | 1.48B | 1.22B | 1.77B | -552M | 1.46B | 2.06B | 2.01B | 2.47B | 1.72B | 2.29B | 2.06B | 1.82B | 1.4B | 2.56B | 2.27B | 2.34B | 2.22B | 1.1B | 1.46B | 2.13B | 2.05B | 201M | 1.05B | 1.31B | 1.62B | 1.81B |
| Operating Margin % | 21.32% | 36.72% | 16.65% | 16.08% | 8.61% | 9.91% | 8.96% | 14.38% | -4.36% | 11.82% | 17.37% | 17.42% | 18.43% | 13.63% | 19.26% | 16.15% | 14.66% | 11.34% | 18.16% | 17.32% | 18.55% | 18.76% | 10.79% | 11.99% | 18.51% | 17.91% | 1.72% | 10.87% | 12.84% | 17.59% | 21.24% |
| Operating Income Growth % | - | 142.08% | 11.53% | 77.14% | 0.41% | 21.36% | -31.44% | 421.56% | -137.91% | -29.39% | 2.69% | -18.77% | 44.14% | -24.95% | 10.87% | 13.3% | 30.11% | -45.45% | 12.86% | -2.99% | 5.31% | 102.09% | -24.4% | -31.56% | 3.81% | 918.91% | -80.88% | -19.83% | -19.27% | -10.52% | -14.99% |
| Interest Expense | 4M | 1.54B | 1.87B | 1.61B | 1.17B | 925M | 902M | 841M | 734M | 639M | 581M | 555M | 560M | 544M | 521M | 808M | 703M | 732M | 700M | 0 | 858M | 818M | 0 | 1.23B | 0 | 0 | 1.39B | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.56x | 1.84x | 1.94x | 1.57x | 1.85x | 1.63x | 2.34x | -0.48x | 2.49x | 3.74x | 3.83x | 4.53x | 3.24x | 4.57x | 2.66x | 2.73x | 2.17x | 3.78x | - | 2.73x | 2.72x | - | 1.19x | - | - | 0.14x | - | - | - | - |
| Interest / Revenue % | 0.02% | 7.97% | 10.62% | 9.87% | 6.79% | 6.21% | 6.64% | 6.81% | 5.8% | 5.19% | 4.9% | 4.82% | 4.18% | 4.32% | 4.39% | 6.33% | 5.67% | 5.94% | 4.96% | 0% | 6.8% | 6.9% | 0% | 10.1% | 0% | 0% | 11.85% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -2M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | -1000K | -1000K |
| Pretax Income | 4.72B | 5.75B | 1.56B | 1.51B | 662M | 789M | 566M | 1.13B | -1.09B | 949M | 1.59B | 1.57B | 1.98B | 1.22B | 1.86B | -264M | 1.66B | 854M | 1.81B | 1.59B | 1.67B | 1.56B | 134M | 992M | 1.53B | 4.05B | -2.99B | 917M | 1.12B | 1.24B | 1.28B |
| Pretax Margin % | 24.09% | 29.77% | 8.88% | 9.27% | 3.84% | 5.29% | 4.17% | 9.13% | -8.6% | 7.7% | 13.4% | 13.61% | 14.75% | 9.71% | 15.69% | -2.07% | 13.35% | 6.92% | 12.83% | 12.14% | 13.19% | 13.2% | 1.31% | 8.17% | 13.28% | 35.41% | -25.54% | 9.48% | 11% | 13.39% | 14.98% |
| Income Tax | 944M | 1.29B | 17M | 108M | -162M | -136M | -305M | -278M | -739M | 281M | 177M | 486M | 443M | 242M | 267M | -288M | 354M | -98M | 596M | 492M | 582M | 457M | -92M | 213M | 391M | 1.65B | -1.05B | 294M | 455M | 537M | 563M |
| Effective Tax Rate % | 19.99% | 22.45% | 1.09% | 7.13% | -24.47% | -17.24% | -53.89% | -24.67% | 67.86% | 29.61% | 11.13% | 30.99% | 22.39% | 19.82% | 14.35% | 109.09% | 21.36% | -11.48% | 32.91% | 30.9% | 34.95% | 29.2% | -68.66% | 21.47% | 25.62% | 40.68% | 35.06% | 32.06% | 40.51% | 43.41% | 43.98% |
| Net Income | 3.7B | 4.56B | 1.55B | 1.41B | 824M | 925M | 871M | 1.41B | -302M | 689M | 1.43B | 1.13B | 1.72B | 1.01B | -92M | 22M | 1.31B | 849M | 1.22B | 1.1B | 1.18B | 1.14B | 916M | 821M | 1.08B | 1.03B | -1.94B | 517M | 668M | 700M | 717M |
| Net Margin % | 18.87% | 23.59% | 8.78% | 8.61% | 4.79% | 6.21% | 6.41% | 11.38% | -2.39% | 5.59% | 12.08% | 9.83% | 12.85% | 8.07% | -0.78% | 0.17% | 10.54% | 6.88% | 8.61% | 8.37% | 9.36% | 9.59% | 8.98% | 6.77% | 9.38% | 9.05% | -16.58% | 5.35% | 6.54% | 7.58% | 8.39% |
| Net Income Growth % | 26.01% | 194.76% | 9.88% | 70.75% | -10.92% | 6.2% | -38.01% | 565.23% | -143.83% | -51.95% | 26.57% | -34.28% | 69.85% | 1203.26% | -518.18% | -98.32% | 54.06% | -30.12% | 10.66% | -7.03% | 3.87% | 24.13% | 11.57% | -23.77% | 4.06% | 153.27% | -475.82% | -22.6% | -4.57% | -2.37% | -2.98% |
| EPS (Diluted) | 9.56 | 11.55 | 3.31 | 3.11 | 1.60 | 2.00 | 1.98 | 3.77 | -0.93 | 1.72 | 3.97 | 3.10 | 4.89 | 2.78 | -0.28 | -0.11 | 3.82 | 2.58 | 3.68 | 3.31 | 3.57 | 3.43 | 2.77 | 2.50 | 3.28 | 3.17 | -5.83 | 1.79 | 1.84 | 1.73 | 1.63 |
| EPS Growth % | 30.5% | 248.94% | 6.43% | 94.38% | -20% | 1.01% | -47.48% | 505.38% | -154.07% | -56.68% | 28.06% | -36.61% | 75.9% | 1092.86% | -154.55% | -102.88% | 48.06% | -29.89% | 11.18% | -7.28% | 4.08% | 23.83% | 10.8% | -23.78% | 3.47% | 154.37% | -425.7% | -2.72% | 6.36% | 6.13% | -1.21% |
| EPS (Basic) | - | 11.58 | 3.33 | 3.13 | 1.61 | 2.00 | 1.98 | 3.78 | -0.93 | 1.73 | 4.02 | 3.13 | 4.95 | 2.81 | -0.28 | -0.11 | 3.84 | 2.59 | 3.69 | 3.33 | 3.57 | 3.47 | 2.81 | 2.52 | 3.31 | 3.18 | -5.83 | 1.79 | 1.86 | 1.75 | 1.64 |
| Diluted Shares Outstanding | 387M | 385M | 388M | 385M | 383M | 380M | 374M | 341M | 326M | 328M | 330M | 329M | 329M | 329M | 330M | 329M | 329M | 327M | 329M | 331M | 330.81M | 332M | 330.69M | 328.4M | 328.35M | 326.5M | 333M | 348M | 363.04M | 404.62M | 439.88M |
High exposure to regulatory and wildfire-related volatility
According to recent financial disclosures, EIX reported quarterly revenue fluctuations ranging from $3.7B to $5.8B, reflecting the impact of rate case cycles and decoupling mechanisms that stabilize top-line performance despite the inherent volatility of California's seasonal energy demand and the ongoing grid hardening capital expenditure requirements.
Revenue growth appears heavily tethered to the authorized rate base expansion rather than organic volumetric demand. Investors should monitor whether the current revenue trajectory remains sufficient to offset rising operational costs or if it becomes increasingly dependent on favorable outcomes in the 2025-2028 General Rate Case cycle.
As reported in quarterly filings, EIX's operating margins have exhibited significant variance, swinging from a low of 6.0% in 2024Q1 to a peak of 56.0% in 2025Q1, suggesting that regulatory lag and non-recurring adjustments frequently obscure the utility's ability to consistently earn its authorized return on equity.
The wide dispersion in operating margins implies that the regulatory compact may be under pressure from wildfire-related litigation and insurance costs. This volatility warrants further investigation into whether the utility is successfully recovering its costs or if regulatory relationships are deteriorating, potentially compressing future earned ROE below authorized levels.
Based on EIX's reported figures, the utility's cost structure is dominated by fuel and purchased power, which function as pass-through items that inflate revenue without necessarily enhancing earnings power, thereby creating potential working capital strain during periods of significant energy price volatility or delayed regulatory recovery mechanisms.
While these costs are theoretically recoverable, the timing mismatch between expenditure and regulatory approval can create liquidity friction. Analysts should scrutinize the balancing accounts to determine if the current regulatory construct provides sufficiently timely recovery to prevent earnings erosion from inflationary pressures.
Financial statements indicate that EIX's EPS has experienced extreme volatility, with growth rates swinging from -103.7% to 125.0% over the last ten quarters, suggesting that reported earnings are heavily influenced by non-recurring items, wildfire liability adjustments, and the timing of regulatory asset recognition rather than sustainable operational growth.
The core regulated earnings power appears obscured by these accounting nuances, making it difficult to assess the underlying trajectory of the business. Investors should look past headline EPS to identify the normalized earnings base, as current figures may not accurately reflect the company's long-term profitability potential.
As evidenced by the company's aggressive capital investment strategy, EIX is prioritizing grid hardening and electrification initiatives, which are intended to expand the rate base and drive long-term earnings growth, provided that the CPUC continues to authorize returns that adequately compensate for the associated construction and wildfire risks.
The relationship between incremental CAPEX and EPS growth remains the primary lever for value creation. If the current construction cycle fails to translate into timely rate base additions, the company may face a period of earnings stagnation as depreciation and financing costs outpace the recovery of invested capital.
Analysis of the provided data suggests that EIX's income statement may mask significant long-term risks, including potential decommissioning costs and the political sustainability of current authorized ROE levels, which could be challenged if California consumers continue to face rising bill fatigue and increased regulatory scrutiny.
The reliance on regulatory assets to smooth earnings may hide underlying structural weaknesses that could manifest if the regulatory environment becomes more adversarial. Furthermore, the potential for future wildfire-related charge-offs that exceed current estimates remains a significant, albeit unquantified, threat to the company's long-term financial stability.
Quick answers to the most common questions about buying EIX stock.
For fiscal year 2025, Edison International (EIX) reported total revenue of $19.32B. This represents a 126.1% increase compared to $8.54B in 1996.
Edison International (EIX) is profitable, generating $4.56B in net income for the fiscal year ending 2025 with a net profit margin of 23.6%.
Edison International (EIX) reported an operating income of $7.09B, resulting in an operating profit margin of 36.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Edison International (EIX) generated $11.17B in gross profit for the year, representing a gross profit margin of 57.8%. This demonstrates the company's core pricing power and production efficiency.