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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

(Mark One)

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


For the fiscal year ended			December 31, 2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission

File Number

Exact Name of Registrant

as specified in its charter

State or Other Jurisdiction of

Incorporation or Organization

IRS Employer

Identification Number

1-9936

EDISON INTERNATIONAL

California

95-4137452

1-2313

SOUTHERN CALIFORNIA EDISON COMPANY

California

95-1240335


EDISON INTERNATIONAL			SOUTHERN CALIFORNIA EDISON COMPANY
2244 Walnut Grove Avenue			2244 Walnut Grove Avenue
(P.O. Box 976)			(P.O. Box 800)
Rosemead, CA 91770			Rosemead, CA 91770
(Address of principal executive offices)			(Address of principal executive offices)
(626) 302-2222			(626) 302-1212
(Registrant's telephone number, including area code)			(Registrant's telephone number, including area code)


	Securities registered pursuant to Section 12(b) of the Act:
Edison International:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, no par value	EIX	NYSE	LLC
Southern California Edison Company: None
	Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Edison International

Yes þ No ☐

Southern California Edison Company

Yes þ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act.

Edison International

Yes ☐ No þ

Southern California Edison Company

Yes ☐ No þ

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Edison International

Yes þ No ☐

Southern California Edison Company

Yes þ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Edison International

Yes þ No ☐

Southern California Edison Company

Yes þ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check One):

Edison International

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging growth company

☑

☐

Southern California Edison Company

Large Accelerated Filer

Accelerated Filer

Non-accelerated Filer

Smaller Reporting Company

Emerging growth company

☐

☑

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Edison International

☐

Southern California Edison Company

☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

Edison International

☑

Southern California Edison Company

☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

Edison International

☐

Southern California Edison Company

☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).

Edison International

☐

Southern California Edison Company

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Edison International

Yes ☐ No þ

Southern California Edison Company

Yes ☐ No þ

Aggregate market value of voting and non-voting common equity held by non-affiliates of the registrants as of June 30, 2025, the last business day of the most recently completed second fiscal quarter:

Edison International

Approximately $19.8 billion

Southern California Edison Company

Wholly owned by Edison International

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date:

Common Stock outstanding as of February 11, 2026:

Edison International

384,790,927

Southern California Edison Company

434,888,104

shares (wholly owned by Edison International)

OMISSION OF CERTAIN INFORMATION

Southern California Edison Company meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and is therefore filing this Form with the reduced disclosure format allowed under the General Instruction.

DOCUMENTS INCORPORATED BY REFERENCE

Designated portions of the Edison International Proxy Statement relating to Edison International's 2026 Annual Meeting of Shareholders are incorporated by reference into Part III of this report.

Table of C ontents

TABLE OF CONTENTS


		SEC Form 10-K
		Reference Number
GLOSSARY	v
FORWARD-LOOKING STATEMENTS	1
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	3	Part II, Item 7
MANAGEMENT OVERVIEW	3
Highlights of Operating Results	3
Electricity Industry Trends	5

Cost of Capital Application	7
Capital Program	7
Southern California Wildfires and Mudslides	8
RESULTS OF OPERATIONS	11
Southern California Edison Company	11
Impac t of the 2025 GRC	11
Years ended December 31, 202 5 and 202 4	13
202 5 vs 2024	13


Edison International Parent and Other	15
Loss from Operations	16
LIQUIDITY AND CAPITAL RESOURCES	16
Southern California Edison Company	16
Available Liquidity	17
Regulatory Proceedings	17
Capital Investment Plan	18
Decommissioning of San Onofre	19
Margin and Collateral Deposits	20
Edison International Parent and Other	21
Edison International Income Taxes	22
Historical Cash Flows	22
Southern California Edison Company	22
Edison International Parent and Other	25
Contractual Obligations and Contingencies	26
Contractual Obligations	26
Contingencies	26
Off-Balance Sheet Arrangements	26
MARKET RISK EXPOSURES	26
Interest Rate Risk	26
Commodity Price Risk	27
Investment Price Risk	27
Credit Risk	28
CRITICAL ACCOUNTING ESTIMATES AND POLICIES	28
Accounting for Contingencies	28
Rate Regulated Enterprises	29
Income Taxes	30
Nuclear Decommissioning – Asset Retirement Obligation	31

Table of C ontents


Pensions and Postretirement Benefits Other than Pensions	32
Contributions to the Wildfire Fund	33
NEW ACCOUNTING GUIDANCE	34
RISK FACTORS	34	Part I, Item 1A
RISKS RELATING TO EDISON INTERNATIONAL	34
RISKS RELATING TO SOUTHERN CALIFORNIA EDISON COMPANY	34
Regulatory and Legislative Risks	34
Operating Risks	36
Financing Risks	39
Competitive and Market Risks	40
RISKS RELATING TO EDISON INTERNATIONAL AND SOUTHERN CALIFORNIA EDISON COMPANY	40
Cybersecurity and Physical Security Risks	40
Global and Regional Risks	42
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	42	Part II, Item 7A
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA	42	Part II, Item 8
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 238)	43
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (PCAOB ID 238)	46
CONSOLIDATED FINANCIAL STATEMENTS	48
Consolidated Statements of Income for Edison International	48
Consolidated Statements of Comprehensive Income for Edison International	49
Consolidated Balance Sheets for Edison International	50
Consolidated Statements of Cash Flows for Edison International	52
Consolidated Statements of Changes in Equity for Edison International	53
Consolidated Statements of Income for Southern California Edison Company	55
Consolidated Statements of Comprehensive Income for Southern California Edison Company	55
Consolidated Balance Sheets for Southern California Edison Company	56
Consolidated Statements of Cash Flows for Southern California Edison Company	58
Consolidated Statements of Changes in Equity for Southern California Edison Company	59
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS	60
Note 1. Summary of Significant Accounting Policies	60
Note 2. Property, Plant and Equipment	71
Note 3. Variable Interest Entities	71
Note 4. Fair Value Measurements	72
Note 5. Debt and Credit Agreements	76
Note 6. Derivative Instruments	77
Note 7. Revenue	79
Note 8. Income Taxes	80
Note 9. Compensation and Benefit Plans	84
Note 10. Investments	97
Note 11. Regulatory Assets and Liabilities	97

Table of C ontents


Note 12. Commitments and Contingencies	101
Note 13. Leases	114
Note 14. Equity	115
Note 15. Other Income, Net	118
Note 16. Supplemental Cash Flows Information	118
Note 17. Related-Party Transactions	118
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE	120	Part II, Item 9
CONTROLS AND PROCEDURES	120	Part II, Item 9A
BUSINESS	121	Part I, Item 1
CORPORATE STRUCTURE, INDUSTRY AND OTHER INFORMATION	121
Subsidiaries of Edison International	121
Regulation of Edison International as a Holding Company	121
Human Capital	122
Insurance	124
SOUTHERN CALIFORNIA EDISON COMPANY	124
Regulation	124
Overview of Ratemaking Process	126
Purchased Power and Fuel Supply	128
Competition	129
Properties	131
Seasonality	131
SOUTHERN CALIFORNIA WILDFIRES	131
Recovery of Wildfire-Related Costs	132
Safety Certification and Wildfire Mitigation Plan	134
Public Safety Power Shutoffs	134
ENVIRONMENTAL CONSIDERATIONS	135
Greenhouse Gas Regulation	135
Environmental Risks	136
UNRESOLVED STAFF COMMENTS	136	Part I, Item 1B
CYBERSECURITY	136	Part I, Item 1C
PROPERTIES	137	Part I, Item 2
LEGAL PROCEEDINGS	137	Part I, Item 3
2017/2018 Wildfire/Mudslide Events	137
Environmental Proceedings	138
MINE SAFETY DISCLOSURES	139	Part I, Item 4
CERTAIN INFORMATION ABOUT EDISON INTERNATIONAL	139
INFORMATION ABOUT OUR EXECUTIVE OFFICERS	139	Part I
DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE	140	Part III, Item 10
EXECUTIVE COMPENSATION	141	Part III, Item 11
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS	141	Part III, Item 12
CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE	141	Part III, Item 13
PRINCIPAL ACCOUNTANT FEES AND SERVICES	141	Part III, Item 14

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MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES	143	Part II, Item 5
Edison International	143
Southern California Edison Company	143
Purchases of Equity Securities by Edison International and Affiliated Purchasers	143
Comparison of Five-Year Cumulative Total Return	144
OTHER INFORMATION	144	Part II, Item 9B Part II, Item 6
Insider Trading Arrangements	144
FORM 10-K SUMMARY	144	Part IV, Item 16
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	144	Part II, Item 9C
EXHIBITS AND FINANCIAL STATEMENT SCHEDULES	145	Part IV, Item 15
EXHIBIT INDEX	146
SCHEDULES SUPPLEMENTING FINANCIAL STATEMENTS	152
SIGNATURES	157

This combined Form 10-K is separately filed by Edison International and SCE. Information contained in this document relating to SCE is filed by Edison International and separately by SCE. SCE makes no representation as to information relating to Edison International or its subsidiaries, except as it may relate to SCE and its subsidiaries.

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GLOSSARY

The following terms and abbreviations appearing in the text of this report have the meanings indicated below.


2017/2018 Wildfire/Mudslide Events						the Thomas Fire, the Koenigstein Fire, the Montecito Mudslides and the Woolsey Fire, collectively
AB 1054						California Assembly Bill 1054, executed by the governor of California on July 12, 2019
AB 1054 Excluded Capital Expenditures						$1.6 billion in wildfire risk mitigation capital expenditures that SCE has excluded from the equity portion of SCE's rate base as required under AB 1054
ARO(s)						asset retirement obligation(s)
CAISO						California Independent System Operator
Cal Advocates						the California Public Advocates Office
CAL FIRE						the California Department of Forestry and Fire Protection
CAL OES						the California Governor's Office of Emergency Services
California Wildfire Legislation						AB 1054 and SB 254, collectively

Capital Structure Compliance Period						January 1, 2026 to December 31, 2028, the current compliance period for SCE's CPUC authorized capital structure
CCAs						community choice aggregators which are cities, counties, and certain other public agencies with the authority to generate and/or purchase electricity for their local residents and businesses
Continuation Account						a new account within the Wildfire Fund established under SB 254 that may be available for fires ignited on or after the SB 254 Effective Date
CPUC						California Public Utilities Commission
DART						a Days Away Restricted or Transferred incident, which is a work-related Occupational Safety and Health Administration recordable injury or illness that results in days away from work, restricted duty or transfer of duties
DERs						distributed energy resources
DGC						the decommissioning general contractor engaged by SCE to undertake a significant scope of decommissioning activities at San Onofre
Eaton Fire						a wind-driven fire that originated in Los Angeles County in January 2025
Edison International Proxy Statement						Proxy Statement to be filed with the SEC in connection with Edison International's Annual Meeting of Shareholders expected to be held on April 23, 2026
EEI Serious Injury						a work-related injury that is categorized as a "serious injury" by Edison Electric Institute
EEI SIF						a work-related fatality or an EEI Serious Injury
EIS						Edison Insurance Services, Inc., a wholly-owned subsidiary of Edison International licensed to provide insurance to Edison International and its subsidiaries
Electric Service Provider						an entity other than an investor-owned utility or CCA that provides electric power and ancillary services to retail customers
ERRA						Energy Resource Recovery Account
Fast curve settings						protective settings used to mitigate the risk of wildfires in high fire risk areas by increasing the speed with which a protective device reacts to most fault currents
FERC						Federal Energy Regulatory Commission
Fitch						Fitch Ratings, Inc.
GAAP						generally accepted accounting principles in the United States
GHG						greenhouse gas
GRC						general rate case
Initial Account						an account within the Wildfire Fund established under AB 1054 available for fires ignited before the SB 254 Effective Date
IRA						Inflation Reduction Act of 2022
Koenigstein Fire						a wind-driven fire that originated near Koenigstein Road in the City of Santa Paula in Ventura County, California, on December 4, 2017

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LAFD						the Los Angeles Fire Department
Liability Cap						a cap on the aggregate requirement to reimburse the Wildfire Fund over a trailing three calendar year period which applies if certain conditions are met and is equal to 20% of the equity portion of the utility's transmission and distribution rate base, excluding general plant and intangibles, for the year of the applicable wildfire's ignition
MD&A						Management's Discussion and Analysis of Financial Condition and Results of Operations in this report
Montecito Mudslides						the debris flows and flooding in Montecito, Santa Barbara County, California, that occurred in January 2018
Moody's						Moody's Investors Service, Inc.
MW						Megawatt(s)
NDCTP						Nuclear Decommissioning Cost Triennial Proceeding, a CPUC proceeding to review decommissioning costs
NEM						net energy metering
NERC						North American Electric Reliability Corporation
NRC						United States Nuclear Regulatory Commission
OEIS						Office of Energy Infrastructure Safety of the California Natural Resources Agency
Other Wildfire Events						Collectively, all the wildfires that originated in Southern California in and after 2017 but before 2025 where SCE's equipment has been or may be alleged to be associated with the fire's ignition, except for the Thomas Fire, the Koenigstein Fire and the Woolsey Fire
PABA						Portfolio Allocation Balancing Account
Palo Verde						nuclear electric generating facility located near Phoenix, Arizona in which SCE holds a 15.8% ownership interest
PBOP(s)						postretirement benefits other than pension(s)
PG&E						Pacific Gas & Electric Company
PSPS						Public Safety Power Shutoff(s)
ROE						return on common equity
RPS						California's Renewables Portfolio Standard
S&P						Standard & Poor's Financial Services LLC
Safety Tier 1 Contractors						individuals assigned to contracted work activities that may be high risk and, without implementation of appropriate safety measures, may be potentially hazardous or life threatening
San Onofre						retired nuclear generating facility located in south San Clemente, California in which SCE holds a 78.21% ownership interest
SB 254						California Senate Bill 254, executed by the governor of California on September 19, 2025
SB 254 Effective Date						September 19, 2025
SB 254 Excluded Capital Expenditures						$2.9 billion in wildfire risk mitigation capital expenditures, approved on or after January 1, 2026, that SCE expects it will be required to exclude from the equity portion of SCE's rate base as required under SB 254
SCE						Southern California Edison Company, a wholly-owned subsidiary of Edison International
SDG&E						San Diego Gas & Electric Company
SEC						U.S. Securities and Exchange Commission
SED						Safety and Enforcement Division of the CPUC
SED Agreement						an agreement dated October 21, 2021 between SCE and the SED regarding the 2017/2018 Wildfire/Mudslide Events and three other 2017 wildfires
SoCalGas						Southern California Gas Company
Thomas Fire						a wind-driven fire that originated in the Anlauf Canyon area of Ventura County, California, on December 4, 2017
TKM						collectively, the Thomas Fire, the Koenigstein Fire and the Montecito Mudslides
TKM Settlement Agreement						a settlement agreement entered into between SCE and the California Public Advocates Office in August 2024 in the CPUC-jurisdictional rate recovery proceeding related to TKM

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Trio						Edison Energy, LLC, an indirect wholly-owned non-utility subsidiary of Edison International doing business as "Trio"
Turnover Rate						the number of employees (other than interns) who leave Edison International Parent or SCE for voluntary or involuntary reasons, divided by the average number of employees during the relevant period
WMP						a wildfire mitigation plan required to be filed to describe a utility's plans to construct, operate, and maintain electrical lines and equipment that will help minimize the risk of catastrophic wildfires caused by such electrical lines and equipment
Wildfire Fund						the insurance fund established under AB 1054 and expanded under SB 254
Wildfire Recovery Compensation Program						a program designed to enable eligible individuals and businesses impacted by the Eaton Fire to seek expedited resolution of their claims, launched by SCE in the fall of 2025
Woolsey Fire						a wind-driven fire that originated in Ventura County in November 2018
Woolsey Settlement Agreement						a settlement agreement entered into between SCE and intervenors in September 2025 in the CPUC-jurisdictional rate recovery proceeding related to the Woolsey Fire

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FORWARD-LOOKING STATEMENTS

This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect Edison International's and SCE's current expectations and projections about future events based on Edison International's and SCE's knowledge of present facts and circumstances and assumptions about future events and include any statements that do not directly relate to a historical or current fact. Other information distributed by Edison International and SCE that is incorporated in this report, or that refers to or incorporates this report, may also contain forward-looking statements. In this report and elsewhere, the words "expects," "believes," "anticipates," "estimates," "projects," "intends," "plans," "probable," "may," "will," "could," "would," "should," "targets," "preliminary," and variations of such words and similar expressions, or discussions of strategy or plans, are intended to identify forward-looking statements. Such statements necessarily involve risks and uncertainties that could cause actual results to differ materially from those anticipated. Some of the risks, uncertainties and other important factors that could cause results to differ from those currently expected, or that otherwise could impact Edison International and SCE, include, but are not limited to the:

•ability of SCE to recover its costs through regulated rates, timely or at all, including uninsured wildfire-related costs (including amounts paid for self-insured retention and co-insurance, and amounts not recoverable from the Wildfire Fund), and costs incurred for wildfire restoration efforts and to mitigate the risk of utility equipment causing future wildfires;

•the cybersecurity of Edison International's and SCE's critical information technology systems for grid control and business, employee and customer data, and the physical security of Edison International's and SCE's critical assets and personnel;

•risks associated with the construction, operation, and maintenance of electrical facilities, including worker, contractor, and public safety issues, the risk of utility assets causing or contributing to wildfires, failure, availability, efficiency, and output of equipment and facilities, and availability and cost of spare parts;

•impact of affordability of customer rates on SCE's ability to execute its strategy, including the impact of affordability on SCE's ability to obtain regulatory approval of, or cost recovery for, operations and maintenance expenses, proposed capital investment projects, forecasted load growth does not occur, and increased costs due to supply chain constraints, tariffs, inflation and rising interest rates and the impact of affordability on legislative actions;

•ability of SCE to update its grid infrastructure to maintain system integrity and reliability, and meet electrification needs;

•ability of SCE to implement its operational and strategic plans, including its WMP, its target energization times and capital investment program, including challenges related to project site identification, public opposition, environmental mitigation, construction, permitting, contractor performance, changes in the CAISO's transmission plans, and governmental approvals;

•risks of regulatory or legislative restrictions that would limit SCE's ability to implement operational measures to mitigate wildfire risk, including PSPS and fast curve settings, when conditions warrant or would otherwise limit SCE's operational practices relative to wildfire risk mitigation;

•ability of SCE to obtain safety certifications from OEIS;

•risk that the California Wildfire Legislation or anticipated new California legislation does not effectively mitigate the significant exposure faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are alleged to be a substantial or contributing cause, including the longevity of the Wildfire Fund and the CPUC's interpretation of and actions under the California Wildfire Legislation, including its interpretation of the clarified prudency standard;

•ability of Edison International and SCE to effectively attract, manage, develop and retain a skilled workforce, including its contract workers;

•decisions and other actions by the CPUC, the FERC, the NRC, the California legislature and other governmental authorities, including decisions and actions related to nationwide or statewide crisis, approval of regulatory proceeding settlements, determinations of authorized rates of return or return on equity, the recoverability of wildfire-related and debris flow-related costs, issuance of SCE's wildfire safety certification, reforming wildfire-related liability protections available to California investor-owned utilities, wildfire mitigation efforts, approval and implementation of electrification programs, and delays in executive, regulatory and legislative actions;

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•governmental, statutory, regulatory, or administrative changes or initiatives affecting the electricity industry, including the market structure rules applicable to each market adopted by the NERC, CAISO, Western Electricity Coordinating Council, and similar regulatory bodies in adjoining regions, and changes in the United States' and California's environmental priorities that lessen the importance placed on GHG reduction and other climate related priorities;

•potential for penalties or disallowances for non-compliance with applicable laws and regulations, including fines, penalties and disallowances related to customer notifications and to wildfires where SCE's equipment is alleged to be associated with ignition;

•extreme weather-related incidents (including events caused, or exacerbated, by climate change), such as wildfires, debris flows, flooding, droughts, high wind events and extreme heat events and other natural disasters (such as earthquakes), which could cause, among other things, worker and public safety issues, property damage, outages and other operational issues (such as issues due to damaged infrastructure), PSPS activations and unanticipated costs;

•risks associated with the decommissioning of San Onofre, including those related to worker and public safety, public opposition, permitting, governmental approvals, on-site storage of spent nuclear fuel and other radioactive material, delays, contractual disputes, and cost overruns;

•risks associated with cost allocation resulting in higher rates for utility bundled service customers because of possible customer bypass or departure for other electricity providers such as CCAs and Electric Service Providers;

•actions by credit rating agencies to downgrade Edison International or SCE's credit ratings or to place those ratings on negative watch or negative outlook;

•ability of Edison International or SCE to borrow funds and access bank and capital markets on reasonable terms;

•changes in tax laws and regulations, at both the state and federal levels, or changes in the application of those laws, that could affect recorded deferred tax assets and liabilities, effective tax rates and cash flows;

•changes in rates of inflation (including whether inflation-related adjustments to SCE's authorized revenues allowed by the public utility regulators are commensurate with inflation rates), and changes in interest rates and potential future adjustments to SCE's ROE based on changes in Moody's utility bond rate index;

•availability and creditworthiness of counterparties and the resulting effects on liquidity in the power and fuel markets and/or the ability of counterparties to pay amounts owed in excess of collateral provided in support of their obligations; and

•cost of fuel for generating facilities and related transportation, which could be impacted by, among other things, disruption of natural gas storage facilities, to the extent not recovered, timely or at all, through regulated rate cost escalation provisions or balancing accounts.

Additional information about risks and uncertainties, including more detail about the factors described in this report, is contained throughout this report. Readers are urged to read this entire report, including information incorporated by reference, and carefully consider the risks, uncertainties, and other factors that affect Edison International's and SCE's businesses. Forward-looking statements speak only as of the date they are made and neither Edison International nor SCE are obligated to publicly update or revise forward-looking statements. Readers should review future reports filed by Edison International and SCE with the SEC. Edison International and SCE post or provide direct links to (i) certain SCE and other parties' regulatory filings and documents with the CPUC and the FERC and certain agency rulings and notices in open proceedings in a section titled "SCE Regulatory Highlights," (ii) certain documents and information related to Southern California wildfires which may be of interest to investors in a section titled "Southern California Wildfires," and (iii) presentations, documents and information that may be of interest to investors in a section titled "Presentations and Updates" at edisoninvestor.com in order to publicly disseminate such information. The reports, presentations, documents and information contained on, or connected to, the Edison International investor website are not deemed part of, and are not incorporated by reference into, this report.

Except when otherwise stated, references to each of Edison International or SCE mean each such company with its subsidiaries on a consolidated basis. References to "Edison International Parent and Other" mean Edison International Parent and its subsidiaries other than SCE and its subsidiaries and "Edison International Parent" mean Edison International on a stand-alone basis, not consolidated with its subsidiaries. Unless otherwise described, all the information contained in this report relates to both filers.

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MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The discussion related to the changes in financial condition for 2024 compared to 2023 is incorporated by reference to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in Edison International's and SCE's combined Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC in February 2025.

MANAGEMENT OVERVIEW

Highlights of Operating Results

Edison International is the ultimate parent holding company of SCE and Edison Energy, LLC, doing business as Trio. SCE is an investor-owned public utility primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area across Southern, Central and Coastal California. Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers. Trio's business activities are currently not material to report as a separate business segment.

Edison International's earnings are prepared in accordance with GAAP. Management uses core earnings (loss) internally for financial planning and for analysis of performance. Core earnings (loss) are also used when communicating with investors and analysts regarding Edison International's earnings results to facilitate comparisons of the company's performance from period to period. Core earnings (loss) are a non-GAAP financial measure and may not be comparable to those of other companies. Core earnings (loss) are defined as earnings available to Edison International shareholders less non-core items. Non-core items include income or loss from discontinued operations and income or loss from significant discrete items that management does not consider representative of ongoing earnings, such as write downs, asset impairments and other income and expense related to changes in law, outcomes in tax, regulatory or legal proceedings, and exit activities, including sale of certain assets and other activities that are no longer continuing.

SCE implemented a customer-funded wildfire self-insurance program in July 2023. With the commencement of this program, Edison International and SCE no longer consider wildfire-related claim losses to be representative of ongoing earnings and treat such costs as non-core items.

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(in millions)	2025		2024		2025 vs. 2024 Change
Net income (loss) available to Edison International
SCE	$	4,889	$	1,619	$	3,270
Edison International Parent and Other	(430)		(335)		(95)
Edison International	4,459		1,284		3,175
Less: Non-core items
SCE
2017/2018 Wildfire/Mudslide Events (claims and expenses), net of recoveries	2,961		(493)		3,454
Eaton Fire claims and expenses	(15)		—		(15)
Other Wildfire Events (claims and expenses), net of recoveries	(1)		(162)		161
Wildfire Fund expense	(144)		(146)		2
Net charges related to disallowed historical capital expenditures in SCE's 2025 GRC decision	(76)		—		(76)
Severance costs, net of recovery	—		(50)		50



Income tax (expense) benefit1	(747)		238		(985)
SCE non-core items	1,978		(613)		2,591
Edison International Parent and Other
Wildfire claims insured by EIS	(50)		(4)		(46)

Income tax benefit1	11		1		10
Edison International Parent and Other non-core items	(39)		(3)		(36)
Total non-core items	1,939		(616)		2,555
Core earnings (loss)
SCE	2,911		2,232		679
Edison International Parent and Other	(391)		(332)		(59)
Edison International	$	2,520	$	1,900	$	620

1SCE and Edison International Parent and Other non-core items are tax-effected at an estimated statutory rate of approximately 28%; wildfire claims insured by EIS insurance contract are tax-effected at the federal statutory rate of 21%.

Edison International's 2025 earnings increased $3,175 million, driven by an increase in SCE's earnings of $3,270 million, partially offset by an increase in Edison International Parent and Other loss of $95 million. SCE's higher net income consisted of $679 million of higher core earnings and $2,591 million of higher non-core earnings. Edison International Parent and Other's higher net loss consisted of $59 million of higher core loss and $36 million of higher non-core loss.

In January and December 2025, the CPUC approved the TKM Settlement Agreement and the Woolsey Settlement Agreement, respectively. As a result, in the year ended 2025, SCE recorded cost recoveries through CPUC electric rates authorized under both the TKM Settlement Agreement and the Woolsey Settlement Agreement. These cost recoveries are reflected either as core earnings or non-core items, as discussed below. This classification is consistent with the original classification when the respective costs were incurred.

The increase in SCE's core earnings in 2025 was primarily due to higher revenue from the 2025 GRC final decision and a benefit to interest expense related to cost recoveries authorized under the TKM and Woolsey Settlement Agreements. The increase in Edison International Parent and Other's core loss in 2025, was primarily due to higher interest expense and preferred stock redemption loss.

Consolidated non-core items for 2025 and 2024 for Edison International included:

•2017/2018 Wildfire/Mudslide Events claims and expenses, net of recoveries:

•Net earnings recorded in 2025 related to the TKM Settlement Agreement, including ongoing legal expenses: $1,341 million ($966 million after-tax) of claim costs and $55 million ($40 million after-tax) of legal expenses authorized for recovery, partially offset by shareholder-funded wildfire mitigation expenses of $50 million ($36 million after-tax) and impairment of incremental restoration-related assets of $8 million ($6 million after-tax).

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•Net earnings recorded in 2025 related to the Woolsey Settlement Agreement, including ongoing legal expenses: $1,603 million ($1,154 million after-tax) of claim costs and $35 million ($25 million after-tax) of legal expenses authorized for recovery, partially offset by impairment of incremental restoration-related assets of $10 million ($7 million after-tax).

•Charges of $5 million ($3 million after tax) recorded in 2025, and $493 million ($355 million after-tax) recorded in 2024, related to claim costs and related legal expenses, net of expected regulatory recoveries.

See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.

•Eaton Fire claims and expenses:

•Charges of $15 million ($11 million after tax) recorded in 2025 primarily from the shareholder contribution related to SCE's customer-funded self-insurance coverage and legal and other expenses.

See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.

•Other Wildfire Events claims and expenses, net of recoveries:

•Charges of $1 million ($1 million after-tax) recorded in 2025 consisted of $15 million of legal expenses, net of expected regulatory recoveries, partially offset by $14 million of insurance reimbursements for costs incurred in previous years.

•Charges of $162 million ($117 million after-tax) recorded in 2024 for wildfire claims and related legal expenses, net of expected insurance and regulatory recoveries.

See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies" for further information.

•Charges of $144 million ($104 million after-tax) recorded in 2025 and $146 million ($105 million after-tax) recorded in 2024 from the amortization of SCE's contributions to the Wildfire Fund. See "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies" for further information.

•Net charges of $76 million ($39 million after-tax) recorded in 2025, primarily related to the impairment of utility property, plant and equipment associated with historical capital expenditures disallowed in SCE's 2025 GRC final decision. See "Results of Operations —Impact of 2025 GRC" for further information.

•Severance costs of $50 million ($36 million after-tax), net of expected FERC recovery, recorded in 2024 due to reductions in workforce.

•Charges of $50 million ($39 million after-tax) recorded in 2025 and $4 million ($3 million after-tax) recorded in 2024, both related to wildfire claims insured by EIS. See "Notes to Consolidated Financial Statements— Note 12. Commitments and Contingencies" for further information.

See "Results of Operations" for discussion of SCE and Edison International Parent and Other results of operations.

Electricity Industry Trends

The electric power industry is undergoing urgent and fundamental changes in how energy infrastructure is planned and built, driven by new sources of demand, such as electric vehicles, data centers, and building electrification; technological innovations that support clean energy adoption, such as distributed generation and energy storage; and government actions to reduce GHG emissions. These factors, coupled with the increasing impacts of climate change, are altering the way in which electricity is generated and delivered. These changes are further amplified by rapidly rising electricity demand across the U.S. economy, which is reshaping investment needs and grid planning timelines.

Rising electricity demand across the U.S. economy is a primary force reshaping grid needs and investment planning. SCE projects electricity demand to nearly double between 2025 and 2045, driven by transportation electrification, new residential housing, and increases in commercial and industrial consumption. These economy-wide trends create broad customer and climate benefits by supporting long-term emissions reduction. Emerging market uncertainties, tighter resource timelines, and rising costs have increased the complexity of long‑term clean energy planning, adding pressure to California's climate goals. Despite this, California has demonstrated strong long-term support of transportation electrification. Edison International believes that more state policy support, along with public and private investment, is needed to enable California to reach its 2030 and 2045 GHG reduction targets. Additional policy and regulatory support is also needed to de-risk the development of clean firm resources, adjust planning processes to enable proactive grid build-

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out, and streamline permitting processes. The current federal administration has declared a national emergency on energy, stressing the need for a reliable, diversified, and affordable supply of energy. The integrity and expansion of energy infrastructure is an immediate and pressing priority.

In parallel, climate change impacts continue to intensify the need for system resilience and clean‑energy adoption. The impacts of climate change are apparent and accelerating. In 2024, the Earth experienced its hottest year on record. This spike in temperature is making extreme weather events commonplace. In California alone, climate-related disasters have cost the state tens of billions of dollars since 2018, with the 2025 wildfires being particularly devastating. Climate change is expected to have far-reaching effects on society, necessitating industry-wide solutions to enhance grid resilience and support a clean, reliable and affordable grid.

Recent federal actions have challenged clean energy standards and regulations in jurisdictions across the country. Rising customer cost pressures underscore the importance of enacting electricity policies and investment decisions that balance affordability while supporting a reliable and clean energy transition. California remains committed to reducing its GHG emissions, improving local air quality and supporting continued economic growth. The state codified into law goals to reduce GHG emissions by 40% from 1990 levels by 2030 and 85% from the same baseline by 2045, as well as to be carbon neutral by 2045. State and local air quality plans also call for substantial improvements including reducing smog-causing nitrogen oxides 90% below 2010 levels by 2032 in the most polluted areas of the state. State and local agencies continue to develop regulations that support the state's climate and clean air goals.

While these policy goals cannot be achieved by the electric sector alone, the electric grid is a critical enabler of the adoption of energy technologies that support California's GHG reduction objectives. California has set RPS targets which require California retail sellers of electricity to provide 60% of power from renewable resources by 2030. California also requires sellers of electricity to deliver 100% of retail sales from carbon-free sources by 2045, including interim targets of 90% by 2035 and 95% by 2040. Using preliminary estimates based on information available as of February 11, 2026, approximately 61% of SCE's customer deliveries in 2025 came from carbon-free resources. SCE continues to make progress towards meeting its long-term RPS and carbon-free power goals and interim targets. In addition, Edison International is committed to achieving net-zero GHG emissions by 2045, in alignment with economy-wide climate actions planned by California. This commitment covers the power SCE delivers to customers and Edison International's enterprise-wide operations. To further support these goals, Edison International and SCE are investing in building a more resilient grid to reduce climate- and weather-related vulnerabilities. Since 2018, SCE has been adapting to climate change through system hardening to reduce wildfire risk. SCE continues to make grid hardening investments approved in SCE's 2025 GRC to address wildfire risks. SCE is conducting ongoing analysis for wildfire and other climate adaptation vulnerabilities that will be presented in its 2026 climate adaptation vulnerability assessment.

Edison International believes that California's 2045 goals can be achieved most economically through emissions reductions enabled by clean electricity to serve 100% of retail sales, electrifying approximately 90% of light-duty vehicles, 90% of medium-duty vehicles, 54% of heavy-duty vehicles, 80% of buses and 95% of buildings. Additionally, reducing emissions to near zero in the electric sector relies on developing clean firm resources to replace natural gas. Clean firm resources, such as next-generation geothermal, small modular nuclear reactors, natural gas with carbon capture and storage, and clean hydrogen, produce constant power through any weather condition or season with little or no greenhouse gas emissions.

Edison International's vision is to lead the transformation of the electric power industry and the company is focused on opportunities in delivering clean energy, advancing electrification, building a modernized and more reliable grid, and enabling customers' technology choices. SCE's ongoing focus to drive operational and service excellence is intended to allow it to achieve these objectives safely while controlling costs and customer rates. SCE expects its bundled system average rate will rise at a compound annual growth rate equal to or below inflation through 2030. This projected rate growth incorporates the 2025 GRC approval and settlement of the cost recovery proceedings for the 2017/2018 Wildfire/Mudslide Events (See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" for further information). Partially offsetting these increases are historical costs coming out of rates and rising electricity consumption. SCE projects that, even as electricity bills increase over time, total energy costs for the average SCE household will be reduced by approximately 40% by 2045 due to the adoption of energy-efficient electrified technologies among other drivers.

SCE’s investments in the grid, utility owned storage capacity, and contracts for substantial new clean energy resources are key enablers of reliable economy-wide electrification. See "—Capital Program," "Liquidity and Capital Resources—Capital Investment Plan," and "Business—SCE—Purchased Power and Fuel Supply—CAISO Wholesale Energy Market" for further details. SCE also continues to implement its transportation electrification programs. As of December 31, 2025, SCE had completed construction at 572 sites to support 9,761 charge ports under its suite of light-duty Charge Ready programs, and 132 sites to support the electrification of 2,859 medium and heavy-duty vehicles through its Charge Ready Transport program. More than 85% of SCE's planned capital investments are in its distribution grid and are essential to meeting grid reliability, resiliency, and readiness objectives, as discussed in "—Capital Program."

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Changes in the electric power industry are impacting customers and jurisdictions outside California as well. Many other states and countries are also pursuing climate change and GHG reduction objectives, and large commercial and industrial customers are continuing to pursue cost reduction and sustainability goals. Trio is a global energy advisory firm providing integrated sustainability and energy solutions to commercial, industrial and institutional customers who may be impacted by these changes.

To better engage in this broader transformation and provide a view of developments outside of SCE, Edison International has also made several investments in emerging companies in areas related to the technology and business model changes that are driving industry transformation and may make additional investments in the future. These investments are not financially material to Edison International.

Cost of Capital Application

In December 2025, the CPUC issued a final decision on SCE's 2026 – 2028 cost of capital application that set SCE's ROE at 10.03%, and maintained SCE's current authorized capital structure, after CPUC-allowed exclusions, of 52% common equity, 43% long-term debt, and 5% preferred equity. Under the final decision, SCE's 2026 authorized cost of long-term debt and preferred equity are 4.71% and 6.89%, respectively. Based on the approved capital structure and costs, SCE's weighted average return on rate base for 2026 will be 7.59%. Based on the revenue requirement approved in SCE's 2025 GRC, the final decision will decrease SCE's revenue requirement in 2026 by approximately $51 million compared to the previously authorized cost of capital. The decision maintains the existing cost of capital adjustment mechanism. For information on the cost of capital adjustment mechanism, see "Business—SCE—Overview of Ratemaking Process."

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		Total 2026 – 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

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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

Southern California Wildfires and Mudslides

Unprecedented weather conditions in California due to climate change and greater concentrations of residents in high-fire risk areas, among other things, have contributed to wildfires, including those where SCE's equipment has been alleged to be associated with the fire's ignition, that have caused loss of life and substantial damage in SCE's service area.

SCE continues to implement its WMP to reduce the risk of SCE equipment contributing to the ignition of wildfires. Further to the investments SCE is making as part of its WMP, SCE also uses its PSPS program to proactively de-energize power lines as a last resort to mitigate the risk of significant wildfires during extreme weather events. In addition, California has increased its investment in wildfire prevention and fire suppression capabilities. Yet, the potential for catastrophic wildfire activity in SCE's service area still exists.

In 2025, a Continuation Account within the Wildfire Fund was established under SB 254 to supplement the Initial Account within the Wildfire Fund that was established in 2019. In recognition of the need for further action, SB 254 requires the administrator of the Wildfire Fund to submit to the California legislature and the governor, by April 1, 2026, a report that evaluates and sets forth recommendations on new models or approaches that mitigate damage, accelerate recovery, and responsibly and equitably allocate the burdens from natural catastrophes, including wildfires, across stakeholders, to complement or replace the Wildfire Fund. While Edison International and SCE continue to pursue legislative strategies to address California investor-owned utilities' exposure to wildfire-related liabilities, they cannot predict whether or when there will be a comprehensive economy-wide solution mitigating the significant risk faced by California investor-owned utilities related to wildfires.

Eaton Fire

In January 2025, several wind-driven wildfires impacted portions of SCE's service area, causing loss of life, substantial damage to both residential and business properties, and service outages for SCE customers. One of the largest of these wildfires, the Eaton Fire, ignited in SCE's service area in Los Angeles County and spread due to a number of contributing factors under conditions of an extreme Santa Ana windstorm.

The Los Angeles County Fire Department is leading the investigation into the origin and cause of the Eaton Fire, with the assistance of CAL FIRE, and has identified a preliminary area of origin of the fire. SCE has transmission facilities in the preliminary area of origin and the SED is conducting an investigation with respect to the Eaton Fire. Edison International and SCE are also aware of an ongoing investigation by the Los Angeles District Attorney's Office of the Eaton Fire for the purpose of determining whether any criminal violations have occurred. SCE could be subject to material fines, penalties, or restitution if it is determined that it failed to comply with applicable laws and regulations. SCE is not aware of any basis for

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felony liability with regards to the Eaton Fire. Any fines and penalties incurred in connection with the Eaton Fire will not be recoverable from insurance, from the Wildfire Fund, or through electric rates.

Multiple lawsuits related to the Eaton Fire have been initiated against SCE and Edison International by individual plaintiffs, subrogation plaintiffs, and public entity plaintiffs related to the Eaton Fire. A bellwether jury trial in the Eaton Fire litigation has been set for January 2027.

SCE’s internal review into the facts and circumstances of the Eaton Fire is complex and ongoing. SCE's review includes ongoing inspections of its facilities and records and of third-party information and testing. While SCE has not conclusively determined that its equipment caused the ignition of the Eaton Fire, a viable explanation is that a de-energized idle SCE transmission facility in the preliminary area of origin was associated with the ignition of the fire and SCE is not aware of evidence pointing to another possible source of ignition. Absent additional evidence, SCE believes that it is likely that its equipment could have been associated with the ignition of the Eaton Fire and is pursuing settlement of claims through its Wildfire Recovery Compensation Program, a program designed to enable eligible individuals and businesses impacted by the Eaton Fire to seek expedited resolution of their claims.

SCE has entered into settlements with insurance claimants and claimants under its Wildfire Recovery Compensation Program related to the Eaton Fire. As of December 31, 2025, SCE had recorded $1.1 billion in losses related to these settlements. SCE also recorded expected recoveries from customer-funded self-insurance of $917 million, from the Wildfire Fund of $134 million, and through FERC electric rates of $70 million. The net after tax charge to earnings recorded related to the settlements is $9 million, the after-tax impact of the required $12.5 million shareholder contribution related to SCE's customer-funded self-insurance coverage.

In light of pending litigation, it is probable that Edison International and SCE will incur additional material losses in connection with the Eaton Fire. Given, among other things, the complexities associated with estimating damages, the large number and varying types of claims and the interrelationship among the claims, uncertainties related to the sufficiency of insurance held by plaintiffs and potential plaintiffs, and uncertainties related to litigation processes and the Wildfire Recovery Compensation Program, Edison International and SCE are currently unable to reasonably estimate a range of losses that may be incurred in connection with the Eaton Fire.

In January 2026, SCE filed a cross-complaint against certain public and private entities whose actions or inaction may have caused, contributed to or exacerbated the losses that resulted from the fire.

SCE will exhaust self-insurance recoveries available for losses related to the Eaton Fire as a result of costs incurred and settlements entered into as of February 11, 2026. SCE has advised the administrator of the Wildfire Fund that it anticipates that it will seek reimbursement of eligible claims arising from the Eaton Fire from the Initial Account and the administrator has confirmed that the Eaton Fire is a "covered wildfire" for purposes of accessing the Initial Account. SCE will be reimbursed for losses incurred in excess of $1.0 billion for eligible claims for third-party damages related to the Eaton Fire from the Initial Account, subject to approval of the fund administrator and the Initial Account's claims-paying capacity. The fund administrator has reported that the fund's claims-paying capacity for the Eaton Fire, as of September 30, 2025, exceeds $21 billion.

SCE will file an application with the CPUC for review of its costs and expenses related to the Eaton Fire after it has resolved all or, if authorized by the CPUC, substantially all third-party damage claims related to the fire, or upon earlier request of the fund administrator. Because SCE held a valid safety certification at the time of the Eaton Fire, SCE will be presumed to have acted prudently unless a party in the proceeding creates "serious doubt" as to the reasonableness of its conduct, in which case SCE will have the burden of dispelling that doubt and proving its conduct was prudent. The prudency standard does not necessitate perfect conduct and California Wildfire Legislation requires that the CPUC allow recovery if it determines that SCE's conduct related to the ignition of the Eaton Fire was consistent with actions of a reasonable utility. SCE believes that the CPUC's determination regarding the reasonableness of its ignition-related conduct should be based on an evaluation of the reasonableness of its overall policies, systems, and practices. The CPUC has not applied the California Wildfire Legislation prudency framework to a wildfire cost-recovery proceeding.

SCE believes that it is a reasonable operator of its electric system. Based on the information it has reviewed, SCE believes that it will be able to make a good faith showing that its conduct with respect to its transmission facilities in the preliminary area of origin was consistent with the actions of a reasonable utility.

The CPUC will determine the prudency of SCE's ignition-related conduct in a formal proceeding. If the CPUC finds that SCE's conduct related to the ignition of the Eaton Fire was not prudent, it may nevertheless allow cost recovery in full or in part taking into account factors both within and beyond SCE's control that may have exacerbated the costs, including, for example, winds, humidity, temperature, emergency response, evacuation timing and availability of firefighting resources. Because SCE held a safety certification at the time of the ignition, it will be required to reimburse the Initial Account only for amounts disallowed by the CPUC up to the applicable Liability Cap of approximately $4.3 billion, unless the fund

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administrator finds that SCE's actions or inactions relative to the ignition of the Eaton Fire constitute conscious or willful disregard of the rights and safety of others, in which case SCE will be required to reimburse the Initial Account for all withdrawn amounts that the CPUC disallowed.

SCE will be able to seek recovery of prudently incurred uninsured wildfire costs not covered by the Initial Account, assessed under the prudency standard clarified under the California Wildfire Legislation, through electric rates.

2017/2018 Wildfire/Mudslide Events

Overview

Multiple lawsuits and investigations related to the 2017/2018 Wildfire/Mudslide Events have been initiated against SCE and Edison International. SCE has previously entered into settlements with a number of local public entities, subrogation and individual plaintiffs in the TKM and Woolsey Fire litigations and under the SED Agreement. As of February 11, 2026, in addition to the outstanding claims of approximately 100 of the approximately 15,000 initial individual plaintiffs, there were alleged and potential claims of certain public entity plaintiffs, including CAL OES, outstanding.

Through December 31, 2025, SCE has recorded estimated losses of $9.9 billion, recoveries from insurance of $2.0 billion, all of which have been collected, and expected recoveries through electric rates of $3.4 billion, $413 million of which has been collected through FERC rates subject to refund, related to the 2017/2018 Wildfire/Mudslide Events claims. The cumulative after-tax net charges to earnings recorded through December 31, 2025, have been $3.2 billion.

As of December 31, 2025, SCE had paid $9.7 billion under executed settlements and had $48 million to be paid under executed settlements, including $42 million to be paid under the SED Agreement, related to the 2017/2018 Wildfire/Mudslide Events. After giving effect to all payment obligations under settlements entered into through December 31, 2025, Edison International's and SCE's best estimate of expected losses for remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events was $144 million.

Estimated losses for the 2017/2018 Wildfire/Mudslide Events litigation are based on a number of assumptions and are subject to change as additional information becomes available. Actual losses incurred may be higher or lower than estimated based on several factors, including the uncertainty in estimating damages that have been or may be alleged. Edison International and SCE may incur a material loss in excess of amounts accrued in connection with the remaining alleged and potential claims related to the 2017/2018 Wildfire/Mudslide Events.

Approval of CPUC-Jurisdictional Rate Recovery in 2025

In 2025, SCE recorded regulatory assets for recoveries permitted under the TKM Settlement Agreement and Woolsey Settlement Agreement. Under the TKM Settlement Agreement and the Woolsey Settlement Agreement, SCE is allowed to permanently exclude any after-tax charges to equity associated with the costs disallowed, waived, or funded by shareholders in the settlement agreements and the debt issued to finance those costs from its CPUC regulatory capital structure.

TKM Settlement Agreement

In January 2025, the CPUC approved the TKM Settlement Agreement under which SCE is authorized to recover 60%, or approximately $1.6 billion, of approximately $2.7 billion of losses, consisting of approximately $1.3 billion of uninsured claims paid as of May 31, 2024 and $0.3 billion of associated costs, composed of legal and financing costs incurred as of May 31, 2024 and estimated ongoing financing costs. SCE is also authorized to recover 60% of claims paid and related costs incurred after May 31, 2024, other than for $125 million of uninsured claims and related financing costs which SCE waived its right to seek recovery of under the SED Agreement. In August 2025, the CPUC authorized SCE to finance these amounts through the issuance of securitized bonds and, in December 2025, SCE issued securitized bonds in the amount of $1.6 billion to finance cost recoveries authorized under the TKM Settlement Agreement.

Under the TKM Settlement Agreement, SCE is also authorized to recover approximately $55 million of approximately $65 million in restoration costs incurred. Further, as required under the TKM Settlement Agreement, SCE recorded $50 million of shareholder-funded wildfire mitigation expenses in 2025.

Woolsey Settlement Agreement

In December 2025, the CPUC approved the Woolsey Settlement Agreement. As a result, SCE recorded cost recoveries through CPUC electric rates of approximately $2.0 billion, of approximately $5.6 billion of losses, consisting of approximately $1.6 billion of uninsured claims paid as of May 31, 2025, and $0.4 billion of costs, composed of legal costs paid as of May 31, 2025, and estimated ongoing financing costs. SCE was also authorized to recover 35% of claims paid and related costs incurred after May 31, 2025. SCE’s requests for recovery excluded $250 million of uninsured claims and related financing costs which SCE waived its right to seek recovery of under the SED Agreement. In January 2026, SCE

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filed an application to seek approval from the CPUC to finance the amounts authorized under the Woolsey Settlement Agreement through the issuance of securitized bonds. The parties to the Woolsey Settlement Agreement agreed that if SCE’s anticipated application for securitization is denied, the authorized amounts will be recovered in rates over five years, financed using long-term debt.

Under the Woolsey Settlement Agreement, SCE is also authorized to recover approximately $71 million of approximately $84 million in restoration costs incurred. In the Woolsey Settlement Agreement, SCE also waived its right to seek recovery of uninsured losses tracked in a Wildfire Expense Memorandum Account and incurred in connection with fires that ignited prior to July 12, 2019, the date AB 1054 was adopted. SCE estimates that the waived pre-AB 1054 losses are approximately $157 million.

Other Wildfire Events

In addition to the 2017/2018 Wildfire/Mudslide Events, several other wildfires significantly impacted portions of SCE's service area prior to 2025, including the 2017 Creek Fire, the 2019 Saddle Ridge Fire, the 2020 Bobcat Fire, the 2020 Silverado Fire, the 2022 Coastal Fire and the 2022 Fairview Fire.

Through December 31, 2025, SCE has recorded total estimated losses of $1.2 billion, expected recoveries from insurance and third parties of $800 million and expected recoveries through electric rates of $130 million related to the Other Wildfire Events claims. The cumulative after-tax net charges to earnings recorded through December 31, 2025, have been $165 million.

As of December 31, 2025, SCE had paid $943 million under executed settlements and had $4 million to be paid under executed settlements related to the Other Wildfire Events and Edison International's and SCE's estimated losses for remaining alleged and potential claims (established at the low end of the estimated range of reasonably possible losses) related to the Other Wildfire Events was $213 million. As of the same date, SCE had assets for expected recoveries through insurance and third parties of $237 million and through electric rates of $116 million on its consolidated balance sheets related to the Other Wildfire Events.

Edison International and SCE may incur material losses in excess of the amounts accrued for certain of the Other Wildfire Events. Edison International and SCE expect that additional losses incurred in connection with any such fire will be covered by insurance, subject to self-insured retentions and co-insurance, and expect that any such additional losses after expected recoveries from insurance, and third parties, and through electric rates will not be material.

In light of the prudency standard the CPUC is required to apply under California Wildfire Legislation to utilities holding a safety certification at the time a wildfire ignited after July 12, 2019, SCE has concluded, at this time, that both uninsured CPUC-jurisdictional and uninsured FERC-jurisdictional wildfire-related costs related to the Other Wildfire Events that ignited after July 2019 for which it has deferred as regulatory assets are probable of recovery through electric rates. SCE will continue to evaluate the probability of recovery based on available evidence, including regulatory decisions, such as any CPUC decisions illustrating the interpretation and/or application of the prudency standard under California Wildfire Legislation, and, for each applicable fire, evidence that could cast serious doubt as to the reasonableness of SCE's conduct relative to that fire.

For further information on Southern California Wildfires and Mudslides, see "Risk Factors," "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—Wildfire Fund," "Business—Southern California Wildfires" and "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" in this report.

RESULTS OF OPERATIONS

SCE

The following discusses SCE's consolidated statements of income for 2025 and 2024. In general, expenses SCE is authorized to pass through directly to customers (such as purchased power and fuel expenses, flow-through taxes, as well as costs incurred for various programs and activities, such as public purpose programs and vegetation management activities) and the corresponding amount of revenues collected to recover those pass-through costs do not impact net income.

Impact of 2025 GRC

The 2025 GRC final decision was approved by the CPUC in September 2025, and determines the amount of revenue that SCE is authorized to collect from customers to recover anticipated costs, including return on rate base. The final decision approved an authorized revenue requirement of $9.7 billion in 2025, an increase of $880 million over the adjusted 2024 authorized revenue requirement (see table below for more details).

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The table below sets out the authorized revenue and costs of service for the 2024 authorized revenue requirement and the 2025 GRC final decision:


(in millions)	2024 Authorized Revenue		Adjustments1		Adjusted 2024 Authorized Revenue		2025 Final Decision Authorized Revenue2		Increase
Authorized revenue	$	8,582	$	198	$	8,780	$	9,660	$	880
Cost of service:
Operation and maintenance	2,734		—		2,734		2,857		123		3
Depreciation	2,284		108		2,392		2,729		337		4
Property and payroll taxes	487		6		493		550		57
Income taxes	403		25		428		554		126
Authorized return	2,674		59		2,733		2,970		237		5
Total	$	8,582	$	198	$	8,780	$	9,660	$	880

1Adjustments to the 2024 authorized revenue requirement primarily related to the Customer Service Re-Platform project, which was recovered through a CPUC non-GRC recovery mechanism and approved to be included in the GRC-authorized revenue in the 2025 GRC.

2Reflects SCE's GRC authorized revenue as filed in SCE's September 2025 GRC implementation advice letter.

3Authorized revenue for operation and maintenance expenses increased primarily due to higher authorized wildfire expenditures.

4Authorized revenue for depreciation increased primarily due to higher plant balances.

5Authorized revenue for return increased primarily due to authorized rate base growth.

SCE recorded net charges of $76 million ($39 million after-tax), primarily due to an $88 million impairment of utility property, plant and equipment associated with historical capital expenditures disallowed in the final decision, mainly related to the rooftop solar photovoltaic program. This was partially offset by the recognition of a $12 million clean energy subsidy previously received for this program.

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Years ended December 31, 2025 and 2024

The following table is a summary of SCE's results of operations for the periods indicated:


	Years ended December 31,				Favorable (Unfavorable)
(in millions)	2025		2024			2025 to 2024
Operating revenue	$	19,276	$	17,547		$	1,729
Purchased power and fuel	4,933		5,209			276
Operation and maintenance	4,999		5,064			65
Wildfire-related claims, net of (recoveries)	(2,009)		647			2,656
Wildfire Fund expense	144		146			2
Depreciation and amortization	3,233		2,865			(368)
Property and other taxes	662		620			(42)
Asset impairment	106		—			(106)
Total operating expenses	12,068		14,551			2,483
Operating income	7,208		2,996			4,212
Interest expense	(1,207)		(1,575)			368
Other income, net	447		493			(46)
Income before income taxes	6,448		1,914			4,534
Income tax expense	1,415		120			(1,295)
Net income	5,033		1,794			3,239
Less: Preference stock dividend requirements	144		175			31
Net income available for common stock	$	4,889	$	1,619		$	3,270

2025 vs 2024

Operating Revenue

Higher net operating revenue of $1,729 million was primarily due to:

•An increase in revenue of $880 million resulting from implementing the 2025 GRC final decision, as discussed in "—Impact of 2025 GRC."

•An increase in revenue of $758 million related to net higher expenses that are passed through to customers, which included increases in:

•Wildfire-related claims of $899 million;

•Depreciation and amortization expense of $108 million;

•Interest expense of $38 million;

•Property and other taxes of $11 million;

•Other income of $4 million;

•Income tax expense of $2 million;

partially offset by decreases in:

•Purchased power and fuel expense of $276 million;

•Operation and maintenance expense of $28 million.

•An increase in revenue of $91 million was primarily due to higher balancing account rate base primarily associated with wildfire mitigation efforts and utility owned energy storage projects.

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Purchased Power and Fuel

A decrease in purchased power and fuel costs of $276 million was primarily due to lower power prices (offset in "Operating Revenue" above).

Operation and Maintenance

A decrease in operation and maintenance expense of $65 million was primarily due to:

•A net decrease of $28 million related to lower expenses that are passed through to customers (offset in "Operating Revenue" above, which mainly included:

•A net lower expense of $273 million related to previously deferred wildfire mitigation, vegetation management, and emergency restoration costs authorized for recovery in 2025 than in 2024.

These decreases are partially offset by:

•$98 million higher FERC-jurisdictional costs primarily due to increased transmission allocation;

•$78 million higher uncollectible expense;

•$69 million primarily related to higher public programs expenses.

•A decrease of $115 million in legal costs, of which $58 million related to recoveries under the TKM Settlement Agreement, $37 million related to recoveries under the Woolsey Settlement Agreement, and $20 million related to lower costs associated with the 2017/2018 Wildfire/Mudslide Events. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

•A decrease of $53 million related to severance costs recorded in 2024 due to workforce reductions.

•A charge of $62 million recorded in 2025 primarily associated with disallowed historical expenses related to 2021 GRC wildfire mitigation memorandum account balances. For additional information, see "Liquidity and Capital Resources—SCE—Regulatory Proceedings."

•A charge of $50 million recorded in 2025 related to shareholder-funded wildfire mitigation costs stipulated under the TKM Settlement Agreement. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

•An increase of $19 million primarily related to higher wildfire mitigation related activities.

Wildfire-related Claims, Net of Recoveries

A decrease in wildfire-related claims, net of recoveries of $2,656 million was primarily due to:

•A recovery of $1,603 million in claim costs was recorded in 2025 as authorized under the Woolsey Settlement Agreement.

•A recovery of $1,341 million in claim costs was recorded in 2025 as authorized under the TKM Settlement Agreement.

•A decrease of $490 million related to lower claim costs for 2017/2018 Wildfire/Mudslide Events recorded in 2025 than in 2024, $28 million of which was expected to be recovered through FERC rates (offset in "Operating Revenue" above).

•A decrease of $157 million related to lower claim costs recorded in 2025 than in 2024 for Other Wildfire Events, $10 million of which was expected to be recovered through FERC rates (offset in "Operating Revenue" above).

•A decrease of $14 million due to insurance reimbursements recorded in 2025 for costs incurred in previous years related to Other Wildfire Events.

partially offset by:

•An increase of $949 million related to wildfire claim costs recorded in 2025 related to the Eaton Fire. These costs include $917 million covered by customer-funded self-insurance and $19 million expected FERC recovery (offset in "Operating Revenue" above) and $12.5 million from the shareholder contribution related to SCE's customer-funded self-insurance coverage.

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For further information, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

Depreciation and Amortization

An increase in depreciation and amortization expense of $368 million was primarily due to higher plant balances, $108 million of which were pass-through costs mainly associated with wildfire mitigation costs and utility owned energy storage projects (offset in "Operating Revenue" above).

Property and Other Taxes

An increase in property and other taxes expense of $42 million was primarily due to higher assessed property values, $11 million of which were pass-through costs mainly associated with wildfire mitigation costs and utility owned energy storage projects (offset in "Operating Revenue" above).

Asset Impairment

Charges of $106 million recorded in 2025 primarily related to:

•$88 million impairment of utility property, plant and equipment associated with historical capital expenditures disallowed in SCE's 2025 GRC final decision.

•$18 million impairment of utility property, plant and equipment associated with historical capital expenditures disallowed in the TKM and Woolsey Settlement Agreements.

Interest Expense

A net decrease in interest expense of $368 million was primarily due to:

•$171 million benefit related to cost recoveries authorized under the TKM Settlement Agreement;

•$243 million benefit related to cost recoveries under the Woolsey Settlement Agreement;

partially offset by:

•$38 million pass-through expense mainly associated with wildfire mitigation efforts and utility owned energy storage projects (offset in "Operating Revenue" above);

•$8 million higher interest expense from higher borrowings.

Other Income, Net

A decrease in other income, net of $46 million was primarily due to lower interest income driven by lower balancing account undercollection balances, and $4 million of higher pass-through costs (offset in "Operating Revenue" above).

Income Tax Expense

An increase in income tax expense of $1,295 million was primarily due to higher tax expense on higher pre-tax income. See "Notes to Consolidated Financial Statements—Note 8. Income Taxes" for a reconciliation of the federal statutory rate to the effective income tax rate.

Preference Stock Dividend Requirements

A decrease in preference stock dividend requirements of $31 million was primarily due to a lower amount of outstanding preference stock following 2024 and 2025 redemptions.

Edison International Parent and Other

Results of operations for Edison International Parent and Other include amounts from other subsidiaries that are not reportable segments, as well as intercompany eliminations.

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Loss from Operations

The following table summarizes the results of Edison International Parent and Other:


	Years ended December 31,				Favorable (Unfavorable)
(in millions)	2025		2024			2025 to 2024
Edison International Parent and Other net loss	$	(332)	$	(248)		$	(84)
Less: Preferred stock dividend requirements	98		87			(11)
Edison International Parent and Other net loss available to common shareholders	$	(430)	$	(335)		$	(95)

The net loss available to common shareholders from operations of Edison International Parent and Other increased $95 million in 2025 compared to 2024 primarily due to expenses from wildfire claims insured by an EIS insurance contract (see "Notes to Consolidated Financial Statements— Note 12. Commitments and Contingencies and Note 17. Related-Party Transactions" for further information), higher interest expense, and preferred stock redemption loss in 2025.

LIQUIDITY AND CAPITAL RESOURCES

SCE

SCE's ability to operate its business, fund capital expenditures, and implement its business strategy is dependent upon its operating cash flow and access to the bank and capital markets. SCE's overall cash flows fluctuate based on, among other things, its ability to recover its costs in a timely manner from its customers through regulated rates, changes in commodity prices and volumes, collateral requirements, interest obligations, dividend payments to and equity contributions from Edison International, obligations to preference shareholders, and the outcome of tax, regulatory and legal matters.

In the next 12 months, SCE expects to fund its cash requirements through operating cash flows, capital market and bank financings, and equity contributions from Edison International Parent, as needed. In addition, SCE expects to fund authorized wildfire-related cost recoveries through securitization financings, and fund costs related to the Eaton Fire through customer-funded self-insurances and reimbursement from the Initial Account. SCE also has availability under its credit facility and agreements with lenders to issue bilateral unsecured standby letters of credit to fund cash requirements. SCE may issue additional debt for general corporate purposes.

In December 2025, SCE issued securitized bonds in the amount of $1.6 billion to finance cost recoveries authorized under the TKM Settlement Agreement. In addition, SCE expects to finance approximately $2.0 billion of cost recoveries authorized under the Woolsey Settlement Agreement by issuing securitized bonds, subject to the approval of a securitization financing application filed in January 2026. For further details on the settlements, see "Management Overview—Southern California Wildfires and Mudslides."

During the year ended December 31, 2025, SCE issued a total of $3.0 billion of first and refunding mortgage bonds. In February 2026, SCE entered into a term loan agreement to borrow up to $300 million due in March 2027. For further details, see "Notes to Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

In December 2025, SCE repurchased 7,250,967 shares of 5.45% Fixed-to-Floating Rate Trust Preference Securities (the "Series K Trust Securities") issued by SCE Trust V through a tender offer for an aggregate amount paid of $181 million, which includes accrued and unpaid dividends. SCE subsequently exchanged substantially all of these Series K Trust Securities for 72,509 shares of SCE's Series K preference stock, which it retired. SCE paid the consideration and the fees and expenses incurred with cash on hand. In addition, in December 2025, SCE fully redeemed 5.375% Fixed-to-Floating Rate Trust Preference Securities (the "Series J Trust Securities") issued by SCE Trust IV for an aggregate amount paid of $325 million. SCE subsequently exchanged all of these Series J Trust Securities for SCE's Series J preference stock, which it retired. In February 2026, SCE announced that it will redeem all the outstanding shares of its Series K preference stock which will cause SCE Trust V to redeem all of its outstanding 5.45% Series K Trust Securities. The redemption date will be March 15, 2026 at the redemption price of $25 per Series K Trust Security. For further details, see "Notes to Consolidated Financial Statements—Note 14. Equity."

For restrictions on SCE's ability to pay dividends, see "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends."

Credit Ratings

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downgraded SCE's long-term issuer credit rating. For further details on SB 254, see "Business—Southern California Wildfires—Recovery of Wildfire-Related Costs—California Wildfire Legislation." The following table summarizes SCE's current long-term issuer credit ratings and outlook from the major credit rating agencies as of February 11, 2026:


	Moody's	Fitch	S&P
Credit Rating	Baa1	BBB	BBB-
Outlook	Stable	Stable	Negative

SCE's credit ratings may be affected by various factors. These include, but are not limited to, failure by regulators to successfully implement the California Wildfire Legislation in a consistent and credit supportive manner, or investigations into wildfire events or associated settlements result in material utility liability exposure, particularly in the absence of broader credit-supportive legislative actions to mitigate SCE's wildfire risk, including those to be recommended under SB 254 in a report due April 1, 2026. Additionally, a persistent increase in the frequency and severity of wildfires in California may lead the credit rating agencies to reassess SCE's wildfire-related operational risk exposure or believe the Wildfire Fund is at risk of material depletion. Credit rating downgrades increase the cost and may impact the availability of short-term and long-term borrowings, including commercial paper, credit facilities, bond financings or other borrowings. In addition, some of SCE's power procurement contracts, environmental remediation obligations and workers' compensation self-insurance would require SCE to pay related liabilities or post additional collateral if SCE's credit rating were to fall below investment grade. For further details, see "—Margin and Collateral Deposits."

Available Liquidity

At December 31, 2025, SCE had cash on hand of $98 million and restricted cash of $522 million collected from customer-funded self-insurance. SCE also has approximately $2.3 billion available to borrow on its $3.4 billion revolving credit facility. The credit facility is available for borrowing needs until May 2029. The aggregate maximum principal amount under the SCE revolving credit facility may be increased up to $4.0 billion, provided that additional lender commitments are obtained. SCE also had standby letters of credit with total capacity of $660 million, and the unused amount was $513 million as of December 31, 2025. At December 31, 2025, SCE had $1.0 billion outstanding commercial paper, net of discount, at a weighted average interest rate of 4.59% supported by the revolving credit facility. For further details, see "Notes to Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

SCE may finance balancing account undercollections and working capital requirements to support operations and capital expenditures with commercial paper, its credit facilities or other borrowings, subject to availability in the bank and capital markets and within levels authorized by the CPUC. As necessary, SCE will utilize its available liquidity, capital market financings, other borrowings or parent company equity contributions to SCE in order to meet its obligations as they become due, including costs related to the wildfire events. SCE expects to use customer-funded self-insurance and reimbursement from the Initial Account to fund wildfire claims. For further information, see "Management Overview—Southern California Wildfires and Mudslides."

Debt Covenant

SCE's credit facilities and term loan require a debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.65 to 1. At December 31, 2025, SCE's debt to total capitalization ratio was 0.57 to 1.

At December 31, 2025, SCE was in compliance with all financial covenants that affect access to capital.

Regulatory Proceedings

Wildfire Related Regulatory Proceedings

In response to the increase in wildfire activity and faster progression of and increase in damage from wildfires across SCE's service area and throughout California, SCE has incurred wildfire mitigation and wildfire and drought restoration related spending at levels exceeding amounts authorized in SCE's GRCs. For regulatory proceedings related to the 2017/2018 Wildfire/Mudslide Events, see "Management Overview—Southern California Wildfires and Mudslides."

2024 Multi-year Wildfire Mitigation and Catastrophic Events Filing ("2024 WMCE Filing")

In December 2025, SCE filed its 2024 WMCE Filing, seeking to recover incremental operating and maintenance expenses of $55 million and incremental capital expenditures of $78 million, recorded in the wildfire risk mitigation balancing account, as well as incremental storm-related costs associated with certain 2017 – 2021 events recorded in the catastrophic event memorandum account. The application also seeks recovery of $36 million in wildfire mitigation related capital expenditures incurred in 2022 that were previously denied without prejudice and permitted to be included in base rates as

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part of the post-test year ratemaking mechanism, see "—2021 GRC Wildfire Mitigation Memorandum Account Balances" for further discussion. SCE proposed a procedural schedule with the final decision in December 2026.

2023 Multi-year Wildfire Mitigation and Catastrophic Events Filing ("2023 WMCE Filing")

In June 2025, the CPUC approved a settlement agreement among SCE, Cal Advocates, and Small Business Utility Advocates in the WMCE proceeding under which SCE is authorized to recover $702 million in capital expenditures and $308 million in operation and maintenance expenses. This resulted in an initial revenue requirement of $314 million, which has been implemented into customer rates over a 12-month period starting October 1, 2025, along with ongoing capital revenue requirement and interest.

2021 GRC Wildfire Mitigation Memorandum Account Balances

In June 2025, the CPUC issued a final decision that authorized recovery of $291 million in operations and maintenance expenses and $99 million in capital expenditures. The portion of the initial revenue requirement above the interim rate recovery levels has been implemented in customer rates over a 12-month period starting October 1, 2025, along with ongoing capital revenue requirement and interest. Additionally, the final decision disallowed recovery of $65 million in operations and maintenance expenses, and determined that $36 million of requested capital expenditures were not eligible for recovery as part of this proceeding. SCE has filed an application for rehearing with the CPUC regarding the disallowances in this decision.

NextGen Enterprise Resource Planning ("ERP") Program

In March 2025, SCE filed an application with the CPUC seeking funding for the replacement of its core ERP system that has been in service for over 15 years and will soon reach the end of its service life. SCE requested funding through a balancing account of recorded and forecast capital expenditures of approximately $1.1 billion and operations and maintenance expenditures of $239 million. SCE anticipates a proposed decision will be issued by the CPUC in 2026.

2026 FERC Formula Rate Annual Update

In November 2025, SCE filed its 2026 annual transmission revenue requirement update with the FERC, with rates effective January 1, 2026. The update reflects a 2026 transmission revenue requirement of $1.5 billion, which is a $157 million, or 12%, increase from the 2025 annual rates. The increase is primarily due to 2026 rates reflecting recovery of previous undercollections.

Capital Investment Plan

Major Transmission Projects

A summary of SCE's most significant transmission and substation construction projects is presented below. The timing of the projects below is subject to timely receipt of permitting, licensing, and regulatory approvals.


Project Name	Project Lifecycle Phase	Direct Expenditures (in millions)1	Inception to Date (in millions)1	Scheduled In- Service Date
Riverside Transmission Reliability2	Construction	748	99	2029
Alberhill System	Licensing	464	61	2029
Eldorado-Lugo-Mohave Upgrade	Construction	379	326	2025

1Direct expenditures include direct labor, land, and contract costs incurred for the respective projects and exclude overhead costs that are included in the capital expenditures forecast discussed in "Management Overview—Capital Program."

2Direct expenditures were adjusted for inflation with no change to the scope of the project.

Riverside Transmission Reliability Project

The Riverside Transmission Reliability Project is a joint project between SCE and Riverside Public Utilities ("RPU"), the municipal utility department of the City of Riverside. While RPU will be responsible for constructing some of the project's facilities within Riverside, SCE's portion of the project consists of constructing upgrades to its system, including a new 230 kV substation; certain interconnection and telecommunication facilities and overhead transmission lines in the cities of Riverside, Jurupa Valley, and Norco and in portions of unincorporated Riverside County. SCE began construction in June 2025. The current cost estimate of the project is $748 million and the project is expected to be completed in 2029.

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Alberhill System Project

The Alberhill System Project consists of constructing a new 500 kV substation, two 500 kV transmission lines to connect the proposed substation to the existing Serrano-Valley 500 kV transmission line, telecommunication equipment, and subtransmission lines in western Riverside County. The project was designed to meet long-term forecasted electrical demand in the proposed Alberhill System Project area and to increase electrical system reliability and resiliency. In June 2024, the CPUC issued an addendum to its 2017 Final Environmental Impact Report, concluding its California Environmental Quality Act review. The project is now seeking final CPUC approval to begin construction. SCE is expecting the final CPUC decision in the first quarter of 2026.

Eldorado-Lugo-Mohave Upgrade Project

The Eldorado-Lugo-Mohave Upgrade Project will increase capacity on existing transmission lines to allow additional renewable energy to flow from Nevada to Southern California. The project would modify SCE's existing Eldorado, Lugo, and Mohave electrical substations to accommodate the increased power flows from Nevada to southern California; increase the power flow through the existing 500 kV transmission lines by constructing two new capacitors along the lines; raise transmission tower heights to meet ground clearance requirements; and install fiber optics on the transmission lines to provide communications between existing SCE substations. In August 2020, the CPUC approved the certificate of public convenience and necessity ("CPCN") for the project.

Construction for the project began in November 2020. The total costs for the Eldorado-Lugo-Mohave Upgrade Project are expected to exceed amounts currently approved in the CPCN granted by the CPUC due to delays in regulatory approvals, contractor performance issues, supply chain constraints, COVID-19 impacts, and the availability of CAISO outage windows. SCE's petition for modification ("PFM") to increase the direct expenditures for the project from $247 million to $319 million was approved by CPUC and the project went into service in 2025. Additional work after the in-service date is required to mitigate the impact of the project on nearby natural gas transmission lines. In January 2026, SCE filed a second PFM to request an approximately $48 million to address the additional costs of the mitigation work. The mitigation work is expected to be completed in 2026.

Decommissioning of San Onofre

The decommissioning of a nuclear plant requires the management of three related activities: radiological decommissioning, non-radiological decommissioning, and the management of spent nuclear fuel. SCE is the operating agent of San Onofre and engaged the DGC to undertake a significant scope of decommissioning activities for the three nuclear reactor installations at San Onofre: Units 1, 2 and 3. The decommissioning of San Onofre is expected to take many years. SCE funds decommissioning costs, including costs associated with storing spent nuclear fuel, with assets that are currently held in nuclear decommissioning trusts.

Under federal law, the U.S. Department of Energy ("DOE") is responsible for the selection and construction of a facility for the permanent disposal of spent nuclear fuel and high-level radioactive waste. The DOE has not met its contractual obligation to accept spent nuclear fuel. Extended delays by the DOE have led to the construction of costly alternatives and associated siting and environmental issues. Two Independent Spent Fuel Storage Installations ("ISFSI") store nuclear fuel onsite at San Onofre. The first stores nuclear fuel from all three Units ("ISFSI 1") and the second stores nuclear fuel from Units 2 and 3 ("ISFSI 2").

SCE's two Coastal Development Permits ("CDPs"), the principal discretionary permits required for maintaining the ISFSIs onsite, currently extend through 2035. SCE must apply to amend the CDPs before the permits expire, proposing whether to retain, remove, or relocate the ISFSI.

Decommissioning of Unit 1 began in 1999 and the transfer of spent nuclear fuel from Unit 1 to dry cask storage in ISFSI 1 was completed in 2005. Major decommissioning work for Unit 1 has been completed except for certain underground work.

Decommissioning of Units 2 and 3 began in June 2013 and the transfer of spent nuclear fuel from Units 2 and 3 to dry cask storage in the two ISFSIs was completed in August 2020. In August 2020, SCE commenced, and is currently conducting, major decommissioning activities in accordance with the terms of the CDP for decommissioning Units 2 and 3.

SCE's share of the Units 2 and 3 decommissioning costs recorded for the years ended December 31, 2025 and 2024 were $163 million (in 2025 dollars) and $218 million (in 2024 dollars), respectively. The CPUC conducts a reasonableness review of recorded decommissioning costs in NDCTPs, which are submitted every three years.

SCE filed its 2024 NDCTP in December 2024. In the 2024 NDCTP, SCE requests reasonableness review of approximately $538 million (SCE share in 2024 dollars) of recorded Units 2 and 3 decommissioning costs incurred during the period 2021 to 2023. SCE also requests approval of an updated decommissioning cost estimate for decommissioning activities to be completed at Units 2 and 3 of $3.0 billion, of which $2.3 billion is SCE's share (in 2024 dollars). The decommissioning

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cost estimate includes costs through the expected decommissioning completion date, currently estimated to be in 2056. SCE anticipates a proposed decision will be issued by the CPUC in 2026.

Decommissioning cost estimates are subject to a number of uncertainties including the cost and timing of nuclear waste disposal, the time it will take to obtain required permits, cost of removal of property, site remediation costs, as well as a number of other assumptions and estimates, including when the federal government will provide for either interim or permanent off-site storage of spent nuclear fuel enabling the removal and transport of spent fuel canisters from the San Onofre site, as to which there can be no assurance. Cost estimates are subject to change as decommissioning proceeds and such changes may be material.

SCE had nuclear decommissioning trust funds for Units 2 and 3 of $2.0 billion at December 31, 2025 and $2.1 billion at December 31, 2024. Based upon the resolution of a number of uncertainties, including the uncertainties of decommissioning discussed above, the financial performance of the nuclear decommissioning trust fund investments, as well as the resolution of a number of other assumptions and estimates, additional contributions to the nuclear decommissioning trust's funds may be required. If additional contributions to the nuclear decommissioning trust funds become necessary, SCE will seek recovery of additional contributions to the decommissioning trust through electric rates and any such recovery will be subject to a reasonableness review by the CPUC. Cost increases resulting from contractual disputes, delays in performance by the contractor, elevated levels of inflation, or permitting delays, among other things, could cause SCE to materially overrun the decommissioning cost estimate and could materially impact the sufficiency of trust funds.

In December 2025, the CPUC approved disbursements from SCE's nuclear decommissioning trusts to cover forecasted 2026 decommissioning costs for Units 2 and 3, of which SCE's share is approximately $167 million in 2026 dollars.

Margin and Collateral Deposits

Certain derivative instruments, power and energy procurement contracts, and other contractual arrangements contain collateral requirements. Future collateral requirements may differ from the requirements at December 31, 2025 due to the addition of incremental power and energy procurement contracts with collateral requirements, if any, the impact of changes in wholesale power and natural gas prices on SCE's contractual obligations, and the impact of SCE's credit ratings falling below investment grade. See "—SCE" above for further information on SCE's credit ratings.

The table below provides the amount of collateral posted by SCE to its counterparties as well as the potential collateral that would have been required as of December 31, 2025, if SCE's credit rating had been downgraded to below investment grade as of that date. The table below also provides the potential collateral that could be required due to adverse changes in wholesale power and natural gas prices over the remaining lives of existing power and fuel contracts.

In addition to amounts shown in the table, power and fuel contract counterparties may also institute new collateral requirements, applicable to future transactions to allow SCE to continue trading in power and fuel contracts at the time of a downgrade or upon significant increases in market prices.


(in millions)
Collateral posted as of December 31, 20251	$	221
Incremental collateral requirements for purchased power and fuel contracts resulting from a potential downgrade of SCE's credit rating to below investment grade2	10
Incremental collateral requirements for purchased power and fuel contracts resulting from adverse market price movements3	26
Posted and potential collateral requirements	$	257

1Net collateral provided to counterparties and other brokers consisted of $157 million in letters of credit and surety bonds and $64 million of cash collateral.

2Represents potential collateral requirements for accounts payable and mark-to-market valuation at December 31, 2025. Requirement varies throughout the period and is generally lower at the end of the month.

3Incremental collateral requirements were based on potential changes in SCE's forward positions as of December 31, 2025 due to adverse market price movements over the remaining lives of the existing power and fuel derivative contracts using a 95% confidence level.

Furthermore, SCE may be required to post collateral for workers' compensation in excess of standard formula amounts, currently up to $115 million, in the event of volatile credit rating conditions, during which the Office of Self-Insurance Plans, which oversees workers' compensation self-insurance within California, may exercise discretion to impose higher collateral requirements. SCE posted $12 million under such discretionary authority in the second quarter of 2025. SCE may

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also be required to post up to $50 million in collateral in connection with its environmental remediation obligations, within 120 days of the end of the fiscal year in which a downgrade below investment grade occurs.

Edison International Parent and Other

In the next 12 months, Edison International Parent expects to fund its net cash requirements through cash on hand, dividends from SCE, and capital market and bank financings. Edison International Parent may finance its ongoing cash requirements, including dividends, working capital requirements, payment of obligations, and capital investments, including capital contributions to subsidiaries, with short-term or other financings, subject to availability in the bank and capital markets.

At December 31, 2025, Edison International Parent had cash on hand of $60 million and $744 million available to borrow on its $1.5 billion revolving credit facility. The credit facility is available for borrowing needs until May 2029. The aggregate maximum principal amount under the Edison International Parent revolving credit facility may be increased up to $2.0 billion, provided that additional lender commitments are obtained. For further information, see "Notes to Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

At December 31, 2025, Edison International Parent had $754 million outstanding commercial paper, net of discount, at a weighted-average interest rate of 4.58% supported by the revolving credit facility.

In the first quarter of 2025, Edison International Parent issued $550 million of senior notes. In December 2025, Edison International Parent borrowed $600 million under a term loan agreement due in December 2026. For further details, see "Notes to Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

In December 2025, Edison International repurchased 744,975 shares of its Series A Preferred Stock and 415,517 shares of its Series B Preferred Stock through a tender offer for an aggregate amount paid of $1.2 billion, which includes accrued and unpaid dividends. Edison International paid the consideration and the fees and expenses incurred with cash on hand and proceeds of debt issuances. In February 2026, Edison International announced that it will redeem all outstanding shares of its Series A Preferred Stock. The redemption date will be March 9, 2026 at the redemption price of $1,000 per share of Series A Preferred Stock. For further information, see "Notes to Consolidated Financial Statements—Note 14. Equity."

On February 18, 2026, Edison International declared a common stock dividend of $0.8775 per share to be paid on April 30, 2026. Edison International Parent and Other's liquidity and its ability to pay operating expenses and pay dividends to common shareholders are dependent on access to the bank and capital markets, dividends from SCE, realization of tax benefits and its ability to meet California law requirements for the declaration of dividends. Prior to declaring dividends, the Edison International Board of Directors evaluates available information, including when applicable, information pertaining to wildfire events, to ensure that the California law requirements for the declarations are met. For information on the California law requirements on the declaration of dividends, see "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends." Edison International intends to maintain its target payout ratio of 45% – 55% of SCE's core earnings, subject to the factors identified above.

Edison International's ability to declare and pay common dividends may be restricted under the terms of its Series A and Series B Preferred Stock. For further information, see "Notes to Consolidated Financial Statements—Note 14. Equity."

Edison International Parent's credit facility and term loan requires a consolidated debt to total capitalization ratio as defined in the applicable agreements of less than or equal to 0.70 to 1. At December 31, 2025, Edison International's consolidated debt to total capitalization ratio was 0.64 to 1.

At December 31, 2025, Edison International Parent was in compliance with all financial covenants that affect access to capital.

Credit Ratings

Following the passage of SB 254 in September 2025, Moody's reaffirmed SCE's long-term issuer credit rating and outlook, and Fitch also reaffirmed SCE's credit rating and revised its outlook from ratings watch negative to stable. However, S&P downgraded SCE's long-term issuer credit rating. For further details on SB 254, see "Business—Southern California Wildfires—Recovery of Wildfire-Related Costs—California Wildfire Legislation." The following table summarizes Edison International Parent's current long-term issuer credit ratings and outlook from the major credit rating agencies, and Edison

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International Parent's credit rating outlook as of February 11, 2026:


	Moody's	Fitch	S&P
Credit Rating	Baa2	BBB	BBB-
Outlook	Stable	Stable	Negative

Edison International Parent's credit ratings may be affected by various factors. These include, but are not limited to, failure by regulators to successfully implement the California Wildfire Legislation in a consistent and credit-supportive manner, or investigations into wildfire events or associated settlements result in material utility liability exposure, particularly in the absence of broader credit-supportive legislative actions to mitigate SCE's wildfire risk, including those to be recommended under SB 254 in a report due April 1, 2026. Additionally, a persistent increase in the frequency and severity of wildfires in California may lead the credit rating agencies to reassess Edison International Parent's wildfire-related operational risk exposure or believe the Wildfire Fund is at risk of material depletion. Credit rating downgrades increase the cost and may impact the availability of short-term and long-term borrowings, including commercial paper, credit facilities, note financings or other borrowings.

Edison International Income Taxes

Net Operating Loss and Tax Credit Carryforwards

At December 31, 2025, Edison International has approximately $3.1 billion of tax effected net operating losses and tax credit carryforwards available to offset future consolidated tax liabilities, after excluding $106 million of Capistrano Wind tax attributes and offsetting $404 million of unrecognized tax benefits.

See "Notes to Consolidated Financial Statements—Note 8. Income Taxes" for further information regarding taxes payable to Capistrano Wind.

Inflation Reduction Act of 2022

The IRA imposes a 15% corporate alternative minimum tax ("CAMT") on adjusted financial statement income ("AFSI") of corporations with average AFSI exceeding $1.0 billion over the three preceding calendar years. The CAMT was effective beginning January 1, 2023. Based on the current interpretation of the law and historical financial data, Edison International estimates that it will exceed the $1.0 billion threshold and be subject to CAMT on its consolidated federal tax returns beginning in 2026. SCE will also be subject to CAMT in 2026.

Under the IRA, SCE generated investment tax credits of approximately $231 million in 2024 related to utility owned storage projects and $29 million in nuclear production tax credits. In 2025, SCE monetized the majority of these credits for $236 million. SCE expects to pass the proceeds, net of transaction fees, back to customers.

The One Big Beautiful Bill Act of 2025

On July 4, 2025, the One Big Beautiful Bill Act of 2025 ("OBBBA") was enacted into law. The OBBBA, among other things, phases out various clean energy credits enacted as part of the IRA. These phase-outs, however, are not expected to impact the investment tax credits related to SCE's utility owned storage projects discussed above under "—Inflation Reduction Act of 2022."

Edison International and SCE expect most of the impacts resulting from the implementation of the OBBBA will be passed through to customers.

Historical Cash Flows

SCE


	Years ended December 31,				Change
(in millions)	2025		2024		2025 vs. 2024
Net cash provided by operating activities	$	6,152	$	5,383	$	769
Net cash provided by financing activities	269		314		(45)
Net cash used in investing activities	(6,329)		(5,530)		(799)
Net increase in cash, cash equivalents and restricted cash	$	92	$	167	$	(75)

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Net Cash Provided by Operating Activities

The following table summarizes major categories of net cash provided by operating activities as provided in more detail in SCE's consolidated statements of cash flows for 2025 and 2024:


	Years ended December 31,				Change
(in millions)	2025		2024			2025 vs. 2024
Net income	$	5,033	$	1,794
Non-cash items	4,707		3,013
Subtotal	9,740		4,807			$	4,933
Contributions to Wildfire Fund	(95)		(95)			—
Changes in working capital	424		(221)			645
Regulatory assets and liabilities	(3,445)		1,219			(4,664)
Wildfire related claims, net of insurance recoveries	(607)		(319)			(288)
Other noncurrent assets and liabilities1	135		(8)			143
Net cash provided by operating activities	$	6,152	$	5,383		$	769

1Includes nuclear decommissioning trusts. See "Nuclear Decommissioning Activities" below for further information. The amount in 2025 includes $236 million in cash proceeds primarily from the monetization of investment tax credits related to utility owned storage projects, which SCE expects to flow through to customers. The amount in 2024 also includes cash received from customers to fund certain construction projects and cash received for a state incentive program to pass through to customers.

Net cash provided by operating activities increased by $769 million in 2025 compared to 2024. The increase was primarily due to $645 million from changes in working capital and the investment tax credit proceeds of $236 million mentioned above in the change of other noncurrent assets and liabilities.

The net inflows (outflows) in cash resulting from working capital were $424 million and $(221) million in 2025 and 2024, respectively. Net cash inflows for 2025 were primarily due to cash collected from the sale of renewable energy credits under a CPUC-established program during 2025 and a decrease in accounts receivable primarily resulted from improved collection. The net cash outflow in 2024 was mainly due to increases in unbilled revenue and power procurement related receivables.

Net cash (used in)/provided by regulatory assets and liabilities, including changes in net over or undercollections recorded in balancing accounts, was $(3,445) million and $1,219 million in 2025 and 2024, respectively. Net decrease in regulatory assets and liabilities of $4.7 billion is primarily due to cost recoveries authorized under the TKM and Woolsey Settlement Agreements, as well as higher revenue from the 2025 GRC final decision, which is mostly offset with the increase in net income after adjustment for non-cash items. In addition, the remaining change in regulatory assets and liabilities is mainly due to a decrease in the recovery of prior year undercollections in 2025 compared to 2024. This decrease is driven by undercollections caused by higher gas prices in 2023, which were collected in 2024.

Net Cash Provided by Financing Activities

The following table summarizes cash provided by financing activities for 2025 and 2024. Issuances of debt are discussed in "Notes to Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

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	Years ended December 31,				Change
(in millions)	2025		2024		2025 vs. 2024
Long-term debt issued, net of discount and issuance costs	$	4,593	$	4,214	$	379
Long-term debt repaid	(1,252)		(2,201)		949
Short-term debt borrowed	410		—		410
Short-term debt repaid	(129)		(386)		257
Commercial paper financing, net	(504)		94		(598)
Preference stock issued, net of issuance cost	—		345		(345)
Preference stock redeemed	(504)		(628)		124
Capital contributions from Edison International Parent	—		500		(500)
Payment of common stock dividends to Edison International Parent	(2,220)		(1,440)		(780)
Payment of preference stock dividends	(136)		(168)		32
Other	11		(16)		27
Net cash provided by financing activities	$	269	$	314	$	(45)

Net Cash Used in Investing Activities

Cash flows used in investing activities are primarily due to capital expenditures and funding of nuclear decommissioning trusts. Cash used in capital expenditures were $6.5 billion and $5.7 billion for 2025 and 2024, respectively, primarily related to transmission, distribution and generation investments. SCE had a net redemption of nuclear decommissioning trust investments of $121 million in both 2025 and 2024. See "Nuclear Decommissioning Activities" below for further discussion.

Nuclear Decommissioning Activities

SCE's consolidated statements of cash flows include nuclear decommissioning activities, which are reflected in the following line items:


	Years ended December 31,				Change
(in millions)	2025		2024		2025 vs. 2024
Net cash used in operating activities:
Net earnings from nuclear decommissioning trust investments	$	53	$	40	$	13
SCE's decommissioning costs	(166)		(222)		56
	(113)		(182)		69
Net cash provided by investing activities:
Proceeds from sale of investments	6,219		5,019		1,200
Purchases of investments	(6,098)		(4,898)		(1,200)
	121		121		—
Net cash inflow (outflow)	$	8	$	(61)	$	69

Net cash used in operating activities relates to interest and dividends less administrative expenses, taxes and SCE's decommissioning costs. Investing activities represent the purchase and sale of investments within the nuclear decommissioning trusts, including the reinvestment of earnings from nuclear decommissioning trust investments.

Funds for decommissioning costs are requested from the nuclear decommissioning trusts one month in advance. Decommissioning disbursements are funded from sales of investments of the nuclear decommissioning trusts. The net cash impact reflects timing of decommissioning payments ($166 million and $222 million in 2025 and 2024, respectively) and reimbursements to SCE from the nuclear decommissioning trust ($176 million and $214 million in 2025 and 2024, respectively). The net cash outflow in 2024 also primarily includes $19 million of tax benefits received and a $30 million disallowance under the 2021 NDCTP (For further details, see "—Decommissioning of San Onofre), both contributed by SCE to the decommissioning trust.

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Edison International Parent and Other

The table below sets forth condensed historical cash flow from operations for Edison International Parent and Other, including intercompany eliminations.


	Years ended December 31,				Change
(in millions)	2025		2024		2025 vs. 2024
Net cash used in operating activities	$	(352)	$	(369)	$	17
Net cash provided by financing activities	302		360		(58)
Net cash used in investing activities	(6)		(6)		—
Net decrease in cash, cash equivalents and restricted cash	$	(56)	$	(15)	$	(41)

Net Cash Used in Operating Activities

Net cash used in operating activities decreased by $17 million in 2025 compared to 2024. This is primarily due to $77 million intercompany tax settlement from SCE, partially offset by $50 million wildfire-related claims and related legal expenses paid by EIS to SCE (for further information, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides"), and $10 million higher interest and operating costs.

Net Cash Provided by Financing Activities

Net cash provided by financing activities was as follows:


	Years ended December 31,				Change
(in millions)	2025		2024		2025 vs. 2024
Dividends paid to Edison International common shareholders	$	(1,274)	$	(1,198)	$	(76)
Dividends paid to Edison International preferred shareholders	(104)		(88)		(16)
Dividends received from SCE	2,220		1,440		780
Capital contributions to SCE	—		(500)		500
Receipt from stock option exercises	22		206		(184)
Long-term debt issuance, net of discount and issuance costs	540		1,042		(502)
Long-term debt repayments	(800)		(500)		(300)
Issuance of short-term debt	850		—		850
Repayments of short-term debt	(101)		(15)		(86)
Common stock repurchased	(32)		(200)		168
Preferred stock repurchased	(1,160)		(28)		(1,132)
Commercial paper financing, net	158		214		(56)
Other	(17)		(13)		(4)
Net cash provided by financing activities	$	302	$	360	$	(58)

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Contractual Obligations and Contingencies

Contractual Obligations

SCE and Edison International Parent and Other have various contractual obligations, which are recorded as liabilities in the consolidated financial statements. Other items, such as certain purchase commitments and other executory contracts, are not recognized as liabilities in the consolidated financial statements but are required to be disclosed in the footnotes to the financial statements.

For details on long-term debt, see "Notes to Consolidated Financial Statements—Note 5. Debt and Credit Agreements."

Certain power purchase agreements which SCE entered into with independent power producers are treated as operating or finance leases. In addition, SCE has other operating lease obligations primarily related to vehicles, office space and other equipment. For further discussion, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies" and "—Note 13. Leases."

SCE also has other purchase obligations primarily related to maintaining reliability and expanding SCE's transmission and distribution system and nuclear fuel supply contracts. For further discussion, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies."

Edison International Parent and Other and SCE have estimated contributions to the pension and PBOP plans. These amounts represent estimates that are based on assumptions that are subject to change. See "Notes to Consolidated Financial Statements—Note 9. Compensation and Benefit Plans" for further information.

Edison International and SCE have a total net liability recorded for uncertain tax positions. Edison International and SCE cannot make reliable estimates of the cash flows by period due to uncertainty surrounding the timing of resolving these open tax issues with the tax authorities. See "Notes to Consolidated Financial Statements—Note 8. Income Taxes" for further information.

For details on derivative obligations and asset retirement obligations, see "Notes to Consolidated Financial Statements—Note 6. Derivative Instruments" and "—Note 1. Summary of Significant Accounting Policies," respectively.

Contingencies

Edison International's and SCE's material contingencies are discussed in "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies."

Off-Balance Sheet Arrangements

SCE has variable interests in power purchase contracts with variable interest entities. See "Notes to Consolidated Financial Statements—Note 3. Variable Interest Entities."

MARKET RISK EXPOSURES

Edison International's and SCE's primary market risks include fluctuations in interest rates, commodity prices and volumes, investment prices, and counterparty credit.

Interest Rate Risk

Edison International and SCE are exposed to changes in interest rates primarily as a result of financing, investing and borrowing activities used for liquidity purposes, and to fund business operations and capital investments. The nature and amount of Edison International's and SCE's long-term and short-term debt can be expected to vary as a result of future business requirements, market conditions and other factors. Fluctuations in interest rates can affect earnings and cash flows. Changes in interest rates may impact SCE's authorized rate of return for the period beyond 2026 through a CPUC cost of capital proceeding, see "Business—SCE—Overview of Ratemaking Process" for further discussion. The following

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table summarizes the increase or decrease to the fair value of long-term debt including the current portion, if the market interest rates were changed while leaving all other assumptions the same:


(in millions)	Carrying Value		Fair Value		10% Increase		10% Decrease
Edison International:
December 31, 2025	$	37,998	$	35,721	$	34,265	$	37,315
December 31, 2024	35,583		33,160		31,845		34,596
SCE:
December 31, 2025	33,183		30,744		29,428		32,185
December 31, 2024	30,515		27,994		26,827		29,267

Commodity Price Risk

SCE and its customers are exposed to the risk of a change in the market price of natural gas, electric power and transmission congestion. Due to regulatory mechanisms, exposure to commodity prices is not expected to impact earnings but may impact timing of cash flows. SCE's hedging program is designed to reduce exposure to variability in market prices related to SCE's purchases and sales of electric power and natural gas. As part of this program, SCE enters into swaps, forward arrangements, and congestion revenue rights ("CRRs"). The transactions are pre-approved by the CPUC or executed in compliance with CPUC-approved procurement plans. Therefore, SCE expects recovery of its related hedging costs, as well as procurement costs, through the ERRA balancing account or CPUC-approved procurement plans. For more details of the ERRA balancing account, see "Business—SCE—Overview of Ratemaking Process."

Fair Value of Derivative Instruments

The fair value of derivative instruments is included in the consolidated balance sheets unless subject to an exception under the applicable accounting guidance. Realized gains and losses from derivative instruments are expected to be recovered from or refunded to customers through regulatory mechanisms and, accordingly, changes in the fair value of derivative instruments have no impact on earnings. SCE does not use hedge accounting for these transactions due to this regulatory accounting treatment. For further discussion on fair value measurements and the fair value hierarchy, see "Notes to Consolidated Financial Statements—Note 4. Fair Value Measurements."

The fair value of outstanding derivative instruments used to mitigate exposure to commodity price risk was a net asset of $48 million and $212 million at December 31, 2025 and 2024, respectively.

The following table summarizes the increase or decrease to the fair values of the net asset of derivative instruments included in the consolidated balance sheets, if the electricity prices or gas prices were changed while leaving all other assumptions constant:


	December 31,
(in millions)	2025		2024
Increase in electricity prices by 10%	$	15	$	34
Decrease in electricity prices by 10%	(15)		(34)
Increase in gas prices by 10%	1		1
Decrease in gas prices by 10%	(1)		(1)

Investment Price Risk

Edison International and SCE are subject to investment price risk due to securities held as investments in the nuclear decommissioning trust and various pension and other post-retirement benefit plan trusts.

Nuclear Decommissioning Trust

As of December 31, 2025, SCE's nuclear decommissioning trust investments include equity investments of $1.9 billion and fixed income investments of $2.6 billion. These investments are exposed to price fluctuations in equity markets and changes in interest rates, as well as credit risk. SCE's investment policies and CPUC requirements place limitations on the types and investment grade ratings of the securities that may be held by the nuclear decommissioning trust. These policies restrict the trust from holding alternative investments and limit the trust funds' exposures to investments in highly illiquid markets. Due to regulatory mechanisms, investment earnings and realized and unrealized gains and losses increase or decrease the trust assets and the related regulatory asset or liability, and do not materially affect earnings. For further

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discussion on the nuclear decommissioning trust investments, see "Notes to Consolidated Financial Statements—Note 4. Fair Value Measurements" and "—Note 10. Investments."

PBOP and Pension Plan Assets

The PBOP Plan and the Southern California Edison Company Retirement Plan Trust assets include investments in equity securities, U.S. treasury securities, other fixed-income securities, common/collective funds, mutual funds, other investment entities, foreign exchange and interest rate contracts, and partnership/joint ventures. These investments are exposed to price fluctuations in equity markets and changes in interest rates, as well as credit risk. The investment of plan assets is overseen by a fiduciary investment committee. Risk is managed through diversification among multiple asset classes, managers, styles, and securities. See "Notes to Consolidated Financial Statements—Note 9. Compensation and Benefit Plans" for additional information regarding investment strategy of plan assets.

Contributions related to SCE employees made to SCE pension plan are anticipated to be recovered through CPUC-approved regulatory mechanisms.

Credit Risk

Credit risk exposure from counterparties for power and gas trading activities is measured as the sum of net accounts receivable (accounts receivable less accounts payable) and the current fair value of net derivative assets (derivative assets less derivative liabilities) reflected on the consolidated balance sheets. SCE enters into master agreements which typically provide for a right of set-off. Accordingly, SCE's credit risk exposure from counterparties is based on a net exposure under these arrangements. SCE manages the credit risk on the portfolio of counterparties based on credit ratings and other publicly disclosed information, such as financial statements, regulatory filings and press releases, to guide it in the process of setting credit levels, risk limits and contractual arrangements, including master netting agreements. Based on SCE's policies and risk exposures related to credit, SCE does not anticipate a material adverse effect on their financial statements as a result of counterparty nonperformance. At December 31, 2025, SCE's power and gas trading counterparty credit risk exposure was $3 million, 31.7% of which was associated to counterparties with an investment grade rating of A or higher and 67.2% was associated with a CPUC approved electronic broker and exchange platform operating under a rigorous risk management framework.

For more information related to credit risks, see "Notes to Consolidated Financial Statements—Note 6. Derivative Instruments."

CRITICAL ACCOUNTING ESTIMATES AND POLICIES

The accounting policies described below are considered critical to obtaining an understanding of Edison International's and SCE's consolidated financial statements because their application requires the use of significant estimates and judgments by management in preparing the consolidated financial statements. Management estimates and judgments are inherently uncertain and may differ significantly from actual results achieved. Management considers an accounting estimate to be critical if the estimate requires significant assumptions and changes in the estimate or, the use of alternative estimates, could have a material impact on Edison International's and SCE's results of operations or financial position. For more information on Edison International's and SCE's accounting policies, see "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies."

Accounting for Contingencies

Nature of Estimates Required. Edison International and SCE record loss contingencies when management determines that the outcome of future events is probable of occurring and when the amount of the loss can be reasonably estimated. Gain contingencies are recognized in the financial statements when they are realized.

Key Assumptions and Approach Used. The determination of an accrual for a loss contingency is based on management judgment and estimates with respect to the likely outcome of the matter, including the analysis of different scenarios. Recorded liabilities are adjusted when events or circumstances cause these judgments or estimates to change. In assessing whether a loss is probable, reasonably possible, or remote, Edison International and SCE may consider the following factors, among others: the nature of the litigation, claim or assessment, opinions or views of legal counsel and other advisors, and the experience gained from similar cases. For material contingencies when there is a reasonable possibility that a loss or an additional loss may be incurred, Edison International and SCE disclose the nature of the contingency and an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made.

Effect if Different Assumptions Used. Actual amounts realized upon settlement of contingencies may be different than amounts recorded and disclosed and could have a significant impact on the liabilities, revenue and expenses recorded on the consolidated financial statements. For a discussion of contingencies, guarantees, and indemnities, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies."

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Application to Wildfires

As discussed in "Management Overview," wildfires in SCE's service area have caused loss of life, substantial damage to both residential and business properties, and service outages for SCE customers.

The extent of legal liability for wildfire-related damages in actions against utilities depends on a number of factors, including whether the utility substantially caused or contributed to the damages and whether parties seeking recovery of damages will be required to show negligence in addition to causation. Final determinations of legal liability for wildfire events, including determinations of whether SCE was negligent, would only be made during lengthy and complex litigation processes and settlements may be reached before determinations of legal liability are ever made.

Edison International and SCE may be unable to estimate a reasonably possible loss or range of losses that could be incurred in connection with a wildfire, including those where a loss is probable, due to the complexities associated with estimating damages, such as making judgments for which no reasonably substantive basis exists and which require significant speculation about the conduct of litigation counterparties. The large number and varying types of claims, including individual claims, subrogation claims, and claims from public entities, and the interrelationship among these claims, for example, levels of insurance held by claimants, can create additional estimation complexity and uncertainty. Management's ability to develop a reasonable estimate improves as information about the scope of the loss becomes more fully developed, key factual and legal issues are resolved, and as additional information becomes available through settlement and litigation processes.

Estimated losses for wildfire events are based on a number of assumptions and are subject to change as additional information becomes available. Those assumptions include volume of claims, damages asserted and associated loss, opinions of counsel regarding litigation risk, the status of and developments in the course of litigation, prior experience litigating and settling wildfire litigation claims, the amount of insurance that may offset losses, and estimating contributory liabilities from third parties who may be responsible for portions of loss. Actual losses incurred may be higher or lower than estimated based on several factors, including the uncertainty in estimating damages that have been or may be alleged. For instance, SCE will receive additional information with respect to damages claimed as the claims mediation and trial processes progress. Other factors that can cause actual losses incurred to be higher or lower than estimated include the ability to reach settlements and the outcomes of settlements reached through the ongoing claims mediation and trial processes, uncertainties related to the sufficiency of insurance held by plaintiffs and potential plaintiffs, uncertainties related to the litigation processes, including whether plaintiffs will ultimately pursue claims, uncertainty as to the legal and factual determinations to be made during litigation, including uncertainty as to the contributing causes of certain wildfires, and the uncertainty as to how these factors impact future settlements.

For more information related to the loss contingencies of the wildfires, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

Rate Regulated Enterprises

Nature of Estimate Required. SCE follows the accounting principles for rate-regulated enterprises which are required for entities whose rates are set by regulators at levels intended to recover the estimated costs of providing service, plus a return on net investment, or rate base. Regulators may also impose penalties or grant incentives. Due to timing and other differences in the collection of revenue, these accounting principles allow a cost that would otherwise be charged as an expense by an unregulated entity to be capitalized as a regulatory asset if it is probable that such cost is recoverable through future rates; conversely the accounting principles require creation of a regulatory liability for amounts collected in rates to recover costs expected to be incurred in the future or amounts collected in excess of costs incurred and refundable to customers. In addition, SCE recognizes revenue and regulatory assets from alternative revenue programs, which enables the utility to adjust future rates in response to past activities or completed events, if certain criteria are met.

Accounting principles for rate-regulated enterprises also require recognition of an impairment loss if it becomes probable that the regulated utility will abandon a plant investment or the cost of a recently completed plant will be disallowed for ratemaking purposes, and a reasonable estimate of the amount of the disallowance can be made.

Key Assumptions and Approach Used. SCE's management assesses at the end of each reporting period whether regulatory assets are probable of future recovery by considering factors such as the current regulatory environment, the issuance of rate orders on recovery of the specific or a similar incurred cost to SCE or other rate-regulated entities, and other factors that would indicate that the regulator will treat an incurred cost as allowable for ratemaking purposes. Using these factors, management has determined that existing regulatory assets are probable of future recovery or settlement, and regulatory liabilities are properly identified. This determination reflects the current regulatory climate and is subject to change in the future. SCE also considers whether any plant investments are probable of abandonment or disallowance.

Effect if Different Assumptions Used. Significant management judgment is required to evaluate the anticipated recovery of regulatory assets and plant investments, the recognition of incentives and revenue subject to refund, as well as the

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anticipated cost of regulatory liabilities or penalties. If future recovery of costs ceases to be probable, all or part of the regulatory assets and/or plant investments would have to be written off against current period earnings, and additional regulatory liabilities would have to be recognized. At December 31, 2025, the consolidated balance sheets included regulatory assets of $16.3 billion and regulatory liabilities of $11.8 billion. If different judgments were reached on recovery of costs and timing of income recognition, SCE's earnings may vary from the amounts reported.

Application to Southern California Wildfires

Application to post-AB 1054 Wildfires

Management judgment is required to assess the probability of recovery of SCE's losses realized, in excess of available insurance, in connection with wildfires ignited after the adoption of AB 1054 in July 2019.

The CPUC and FERC may not allow SCE to recover uninsured losses through electric rates if it is determined that such losses were not reasonably or prudently incurred. The California Wildfire Legislation clarified that the CPUC must allow recovery of costs and expenses arising from a covered wildfire if the utility's conduct related to the ignition was consistent with actions that a reasonable utility would have undertaken in good faith under similar circumstances, at the relevant point in time, and based on the information available at that time. Further, utilities with a valid safety certification at the time of the relevant wildfire will be presumed to have acted prudently related to a wildfire ignition unless a party in the cost recovery proceeding creates "serious doubt" as to the reasonableness of the utility's conduct, at which time, the burden shifts back to the utility to dispel that doubt and prove its conduct was prudent. The serious doubt standard in the California Wildfire Legislation is modeled after the FERC cost recovery standard. SCE evaluates the probability of recovery of costs related to the Other Wildfire Events and the Eaton Fire that ignited after the adoption of the California Wildfire Legislation in the context of the prudency standard laid out by the California Wildfire Legislation above, including how the FERC applies the serious doubt standard. SCE’s evaluation also relies on its status as a holder of a valid safety certification, facts and other evidence known to date related to the ignition, and any regulatory decisions illustrating the interpretation and/or application of the prudency framework under the California Wildfire Legislation, which as of December 31, 2025, has not been applied by the CPUC to an actual cost recovery application filed by any California investor-owned utility. SCE also considers which costs are eligible for recovery based on precedent from other CPUC cost recovery proceedings. Management's assessment of the probability of recovery may change, related to changes in any of these factors in the future.

See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides" for further discussion of regulatory assets recorded for wildfire as of December 31, 2025.

Income Taxes

Nature of Estimates Required. As part of the process of preparing its consolidated financial statements, Edison International and SCE are required to estimate income taxes for each jurisdiction in which they operate. This process involves estimating actual current period tax expense together with assessing temporary differences resulting from differing treatment of items, such as depreciation, for tax and accounting purposes. These differences result in deferred tax assets and liabilities, which are included within Edison International's and SCE's consolidated balance sheets, including net operating loss and tax credit carryforwards. Certain estimates and assumptions are required to determine whether deferred tax assets can and will be utilized in future periods. Based on currently enacted tax laws, Edison International expects to generate sufficient taxable income to fully utilize all loss and credit carryovers set to expire beyond 2025.

Edison International and SCE take certain tax positions they believe are in accordance with the applicable tax laws. However, these tax positions are subject to interpretation by the Internal Revenue Service, state tax authorities and the courts. Edison International and SCE determine uncertain tax positions in accordance with the authoritative guidance.

Key Assumptions and Approach Used. In determining whether it is more likely than not that all or some portion of net operating loss and tax credit carryforwards can be utilized, management analyzes the trend of GAAP earnings and then estimates the impact of future taxable income, reversing temporary differences and available prudent and feasible tax planning strategies based on currently enacted tax laws.

Accounting for tax obligations requires management judgment. Edison International's and SCE's management use judgment in determining whether the evidence indicates it is more likely than not, based solely on the technical merits, that a tax position will be sustained, and to determine the amount of tax benefits to be recognized. Judgment is also used in determining the likelihood a tax position will be settled and possible settlement outcomes. In assessing uncertain tax positions Edison International and SCE consider, among others, the following factors: the facts and circumstances of the position, regulations, rulings, case law, opinions or views of legal counsel and other advisers, and the experience gained from similar tax positions. Edison International and SCE evaluate uncertain tax positions at the end of each reporting period and make adjustments when warranted based on changes in fact or law.

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Effect if Different Assumptions Used. Should a change in facts or circumstances, including a change in enacted tax legislation, lead to a change in judgment about the ultimate realizability of a deferred tax asset, Edison International and SCE would record or adjust the related valuation allowance in the period that the change in facts and circumstances occurs, along with a corresponding increase or decrease in the provision for income taxes.

Actual income taxes may differ from the estimated amounts which could have a significant impact on the liabilities, revenue, and expenses recorded in the financial statements. Edison International and SCE continue to be under audit or subject to audit for multiple years in various jurisdictions. Significant judgment is required to determine the tax treatment of particular tax positions that involve interpretations of complex tax laws. Such liabilities are based on judgment and a final determination could take many years from the time the liability is recorded. Furthermore, settlement of tax positions included in open tax years may be resolved by compromises of tax positions based on current factors and business considerations that may result in material adjustments to income taxes previously estimated. For a discussion of current and deferred taxes, net operating losses and tax credit carryforwards, accounting for uncertainty in income taxes, unrecognized tax benefits, and tax disputes, see "Notes to Consolidated Financial Statements—Note 8. Income Taxes."

Nuclear Decommissioning – Asset Retirement Obligation

Key Assumptions and Approach Used. Units 1, 2, and 3 decommissioning cost estimates are updated in each NDCTP and when there are material changes to the timing or amount of estimated future cash flows. Palo Verde decommissioning cost estimates are updated by the operating agent, Arizona Public Services, every three years and when there are material changes to the timing or amount of estimated future cash flows. SCE estimates that it will spend approximately $7.4 billion, undiscounted through 2098, to decommission its nuclear facilities.

The current ARO estimates for San Onofre and Palo Verde are based on:

•Decommissioning Costs. The estimated costs for labor, material, equipment and other, and low-level radioactive waste costs are included in each of the NRC decommissioning stages: license termination, site restoration and spent fuel storage. The liability to decommission SCE's nuclear power facilities is based on a 2024 decommissioning study, filed as part of the 2024 NDCTP, for Units 1, 2, and 3 and a 2023 decommissioning study for Palo Verde.

•Escalation Rates. Annual escalation rates are used to convert the decommissioning cost estimates in base year dollars to decommissioning cost estimates in future-year dollars. Escalation rates are primarily used for labor, material, equipment, and low-level radioactive waste burial costs. SCE's current estimates are based upon SCE's decommissioning cost methodology used for ratemaking purposes. Average escalation rates range from 2.1% to 7.5% (depending on the cost element) annually.

•Timing. Initial decommissioning activities at Unit 1 started in 1999 and at Units 2 and 3 in 2013. Cost estimates for San Onofre Units are currently based on completion of decommissioning activities by 2056. Cost estimates for Palo Verde are based on an assumption that decommissioning will commence promptly after the current NRC operating licenses expire. The Palo Verde 1, 2, and 3 operating licenses currently expire in 2045, 2046, and 2047, respectively.

•Spent Fuel Dry Storage Costs. Cost estimates, including the impact of escalations, are based on an assumption that the U.S. Department of Energy will begin to take spent fuel from the nuclear industry in 2034 and will remove the last spent fuel from the San Onofre and Palo Verde sites by 2054 and 2097, respectively.

•Changes in Decommissioning Technology, Regulation and Economics. The current cost studies assume the use of current technologies under current regulations and at current cost levels.

See "Liquidity and Capital Resources—SCE—Decommissioning of San Onofre" for further discussion of the plans for decommissioning of San Onofre.

Effect if Different Assumptions Used. The ARO for decommissioning SCE's nuclear facilities was $2.0 billion as of December 31, 2025, based on the most recent decommissioning studies performed and the subsequent cost estimate updates. Changes in the estimated costs, execution strategy or timing of decommissioning, or in the assumptions and judgments by management underlying these estimates, could cause material revisions to the estimated total cost to decommission these facilities which could have a material effect on the recorded liability.

The following table illustrates the increase to the ARO liability if the cost escalation rate was adjusted while leaving all other assumptions constant:


(in millions)	Increase to ARO at December 31, 2025
Uniform increase in escalation rate of 1 percentage point	$	582

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The increase in the ARO liability driven by an increase in the escalation rate would result in a decrease in the regulatory liability for recoveries in excess of ARO liabilities. As of December 31, 2025, the regulatory liability for recoveries in excess of ARO liabilities was $2.1 billion.

Pensions and Postretirement Benefits Other than Pensions

Nature of Estimate Required. Authoritative accounting guidance requires companies to recognize the overfunded or underfunded status of defined benefit pension and other postretirement plans as assets and liabilities in the balance sheet; the assets and/or liabilities are normally offset through other comprehensive income (loss). In accordance with authoritative guidance for rate-regulated enterprises, regulatory assets and liabilities are recorded instead of charges and credits to other comprehensive income (loss) for its postretirement benefit plans that are recoverable in utility rates. Edison International and SCE have a fiscal year-end measurement date for all of their postretirement plans.

Key Assumptions of Approach Used. Pension and other postretirement benefit obligations and the related effects on results of operations are calculated using actuarial models. Two critical assumptions, discount rate and expected return on assets, are important elements of plan expense, and the discount rate is important to liability measurement. Other assumptions, which require management judgment, include the rate of compensation increases, and rates of retirement, turnover and termination. Additionally, health care cost trend rates are critical assumptions for postretirement health care plans. These critical assumptions are evaluated periodically and updated to reflect actual experience, as appropriate.

As of December 31, 2025, Edison International's and SCE's pension plans had a $3.7 billion and $3.4 billion projected benefit obligation, respectively, and total 2025 expense for these plans was $30 million and $26 million, respectively. As of December 31, 2025, the accumulated benefit obligation for Edison International's and SCE's PBOP plans were $749 million and $745 million, respectively, and there were $12 million and $11 million benefit for Edison International's and SCE's PBOP plans for 2025, respectively. The majority of annual contributions made to SCE's pension and PBOP plan are anticipated to be recovered through CPUC-approved regulatory mechanisms and are expected to be, at a minimum, equal to the related annual expense.

Pension expense is recorded for SCE based on the amount funded to the trusts, as calculated using an actuarial method required for ratemaking purposes, in which the impact of market volatility on plan assets is recognized in earnings on a more gradual basis. Any difference between pension expense calculated in accordance with ratemaking methods and pension expense calculated in accordance with authoritative accounting guidance for pension is accumulated as a regulatory asset or liability, and is expected, over time, to be recovered from or returned to customers. As of December 31, 2025, this cumulative difference amounted to $157 million, meaning that the ratemaking method has recognized less in expense than the accounting method since implementation of authoritative guidance for employers' accounting for pensions in 1987, which was offset by a regulatory liability for the current funding level of SCE's pension plan.

Edison International and SCE used the following critical assumptions to determine expense for pension and PBOP for 2025:


(in millions)	Pension Plans		PBOP Plans
Discount rate1	5.56	%	5.60	%
Expected long-term return on plan assets2	6.75	%	4.72	%
Assumed health care cost trend rates3	*		6.50	%

*Not applicable to pension plans.

1The discount rate enables Edison International and SCE to state expected future cash flows at a present value on the measurement date. Edison International and SCE select its discount rate by performing a yield curve analysis. This analysis determines the equivalent discount rate on projected cash flows by matching the timing and amount of expected future benefit payments to the corresponding yields from the Willis Towers Watson RATE: Link 10th – 90th percentile yield curve model on the measurement date.

2To determine the expected long-term rate of return on pension plan assets, current and expected asset allocations are considered, as well as historical and expected returns on plan assets. A portion of PBOP trusts asset returns are subject to taxation, so the rate of return on plan assets above is determined on an after-tax basis. Actual time-weighted, annualized returns on the pension plan assets were 11.6%, 4.4%, and 7.7% for the one-year, five-year and ten-year periods ended December 31, 2025, respectively. Actual time-

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weighted, annualized returns on the PBOP plan assets were 7.3%, 0.6%, and 4.7% over these same periods. Accounting principles provide that differences between expected and actual returns are recognized over the average future service of employees.

3The health care cost trend rate gradually declines to 5.00% for 2031 and beyond.

As of December 31, 2025, Edison International and SCE had unrecognized net pension gains of $173 million and $141 million, respectively, and unrecognized PBOP gains of $1.7 billion. The unrecognized pension and PBOP gains primarily consisted of the cumulative impact of the increased discount rates on the respective benefit obligations and the cumulative difference between the expected and actual rate of return on plan assets. Of these deferred gains, $158 million of SCE's pension gains and $1.7 billion of SCE's PBOP gains are recorded as regulatory liabilities, respectively, and are expected to be amortized to expense over the expected future service of the employees (subject to regulatory adjustment) or refunded to ratepayers at the termination or completion of the plan.

Edison International's and SCE's pension and PBOP plans are subject to limits established for federal tax deductibility. SCE funds its pension and PBOP plans in accordance with amounts allowed by the CPUC. Executive pension plans have no plan assets.

Effect if Different Assumptions Used. Changes in the estimated costs or timing of pension and other postretirement benefit obligations, or the assumptions and judgments used by management underlying these estimates, could have a material effect on the recorded expenses and liabilities.

The following table summarizes the increase or decrease to projected benefit obligation for pension and the accumulated benefit obligation for PBOP if the discount rate were changed while leaving all other assumptions constant:


	Edison International				SCE
(in millions)	Increase in discount rate by 1%		Decrease in discount rate by 1%		Increase in discount rate by 1%		Decrease in discount rate by 1%
Change to projected benefit obligation for pension	$	(116)	$	138	$	(94)	$	111
Change to accumulated benefit obligation for PBOP	(70)		83		(70)		83

A one percentage point increase in the expected rate of return on pension plan assets would decrease Edison International's and SCE's current year expense by $36 million and $34 million, respectively, and a one percentage point increase in the expected rate of return on PBOP plan assets would decrease both Edison International's and SCE's current year expense by $24 million.

Contributions to the Wildfire Fund

Nature of Estimates Required. At December 31, 2025, Edison International and SCE have a $1.7 billion long-term asset and a $138 million current asset reflected as "Wildfire Fund contributions" in the consolidated balance sheets for the initial $2.4 billion contribution made during 2019 and the present value of annual contributions SCE committed to make to the Wildfire Fund, reduced by amortization. At December 31, 2025, a long-term liability of $274 million has been reflected in "Other deferred credits and other long-term liabilities" for the present value of unpaid contributions. Contributions were discounted to the present value using US treasury interest rates at the date SCE committed to participate in the Wildfire Fund.

Management concluded it would be most appropriate to account for the contributions to the Wildfire Fund similar to prepaid insurance, ratably allocating the expense to periods based on an estimated period of coverage.

Key Assumptions and Approach Used. The Wildfire Fund does not have a defined life and instead, will terminate when the fund administrator determines that the fund has been exhausted. Estimating the period of coverage of the fund requires significant judgment. Frequency of wildfire events and estimated costs associated with wildfire events caused by participating utilities are among the significant factors used to estimate the fund's period of coverage.

SCE reassess the period of coverage of the fund at least annually in the first quarter each year and when new or additional information becomes available. As of the date of this filing, after considering the current accrued losses for the Eaton Fire, SCE does not have new or additional information that would enable it to change its prior assessment that the Wildfire Fund would provide coverage for an estimated 20 years from the date SCE committed to participate in the Wildfire Fund. When updating its estimate, SCE includes all its fires for which losses can be reasonably estimated, and relies on publicly disclosed wildfire-related losses related to other participating utilities. As discussed in "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides," while SCE believes that it will incur material losses in connection with the Eaton Fire, it is currently unable to reasonably estimate a range of losses that may be incurred. The Wildfire Fund amortization period will be evaluated and adjusted as

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new or additional information on contributions and wildfire events, including reasonably estimated losses related to the Eaton Fire, becomes available.

Edison International and SCE adjust the period of coverage on a prospective basis and amortize the Wildfire Fund contribution asset ratably over the remaining estimated life of the fund. An impairment will be recorded to the Wildfire Fund contribution asset, if the asset exceeds SCE's ability to benefit from the remaining coverage provided by the Wildfire Fund.

In 2025, management determined that the period of coverage for the Wildfire Fund, based on available historical data from wildfires caused by electrical utility equipment to estimate expected loss, the current accrued losses for the Eaton Fire, as well as based on the fact that it is currently unable to reasonably estimate the range of losses associated with the Eaton Fire, continues to be an estimated 20 years from the date SCE committed to participate in the Wildfire Fund.

Effect if Different Assumptions Used. Changes in the estimated life of the Wildfire Fund, including impairment of the fund, could have a material impact on the expense recognition.

NEW ACCOUNTING GUIDANCE

New accounting guidance is discussed in "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—New Accounting Guidance."

RISK FACTORS

RISKS RELATING TO EDISON INTERNATIONAL

Edison International's liquidity and ability to pay dividends depends on its ability to borrow funds, access to bank and capital markets, monetization of tax benefits held by Edison International, and SCE's ability to pay dividends and tax allocation payments to Edison International. Edison International is a holding company and, as such, it has no material operations of its own. Edison International's ability to meet its financial obligations, make investments, and to pay dividends on its common stock is primarily dependent on the earnings and cash flows of SCE and SCE's ability to make upstream distributions. If SCE does not make upstream distributions to Edison International and Edison International is unable to access the bank and capital markets on reasonable terms, Edison International may be unable to continue to pay dividends to its shareholders or meet its financial obligations.

Prior to paying dividends to Edison International, SCE has financial and regulatory obligations that must be satisfied, including, among others, debt service and preference stock dividends. Further, Edison International and SCE cannot pay dividends if California law requirements for the declaration of dividends are not met. For information on CPUC and California law requirements related to the declaration of dividends, see "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends." SCE may also owe tax-allocation payments to Edison International under applicable tax-allocation agreements.

Edison International's ability to obtain financing, as well as its ability to refinance debt and make scheduled payments of principal and interest, are dependent on numerous factors, including its levels of indebtedness, maintenance of acceptable credit ratings, financial performance, liquidity and cash flow, and other market conditions. In addition, the factors affecting SCE's business will impact Edison International's ability to obtain financing. Edison International's inability to borrow funds from time to time could have a material effect on Edison International's liquidity and operations.

See "Risks Relating to Southern California Edison Company" below for further discussion.

RISKS RELATING TO SOUTHERN CALIFORNIA EDISON COMPANY

Regulatory and Legislative Risks

SCE's financial results depend upon its ability to recover its costs and to earn a reasonable rate of return on capital investments in a timely manner from its customers through regulated rates.

SCE's ongoing financial results depend on its ability to recover its costs from its customers, including the costs of electricity purchased for its customers, through the rates it charges its customers as approved by the CPUC and FERC. SCE's financial results also depend on its ability to earn a reasonable return on capital, including long-term debt and equity. SCE's ability to recover its costs and earn a reasonable rate of return can be affected by many factors, including the time lag between when costs are incurred and when those costs are recovered in customers' rates and differences between the forecast or authorized costs embedded in rates (which are set on a prospective basis) and the amount of actual costs incurred.

The CPUC or the FERC may not allow SCE to recover costs on the basis that such costs were not reasonably or prudently incurred or for other reasons. Further, SCE may incur expenses before the relevant regulatory agency approves the

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recovery of such costs. For example, SCE has incurred, and expects to further incur, wildfire mitigation expenses before it is clear whether such costs will be recoverable from customers. Also, the CPUC may deny recovery of costs incurred by SCE, including uninsured wildfire-related costs, if the CPUC determines that SCE was not prudent. For further information on recovery of uninsured wildfire-related costs see "Business—Southern California Wildfires—Recovery of Wildfire-Related Costs" and "Management Overview—Southern California Wildfires and Mudslides" in the MD&A. In addition, while SCE supports California's environmental goals, it may be prevented from fully executing on its strategy to support such goals by regulatory delay or lack of approval of cost-recovery for the costs of such strategic actions and electrification programs from the relevant regulatory agencies, including as a result of customer affordability concerns. For example, in the 2025 GRC final decision, the CPUC denied 50% of SCE’s requested upfront funding for its Transportation Electrification Grid Readiness program, citing uncertain market conditions and considering intervenor positions, many of which raised affordability concerns.

SCE's CPUC authorized return on investment is established by multiplying an authorized rate of return, determined by the CPUC in standalone cost of capital proceedings, by SCE's authorized CPUC rate base. SCE's CPUC-authorized cost of capital is subject to potential adjustment should interest rates move substantially in years between cost of capital proceedings. SCE's authorized return on its transmission assets is established by multiplying an authorized rate of return, determined by the FERC, by SCE's transmission rate base. For further information see "Business—SCE—Overview of Ratemaking Process."

SCE's capital investment plan, increasing procurement of renewable power and energy storage, inflation, commodity price volatility, increasing self-generation, load departures to CCAs or Electric Service Providers, and increasing environmental regulations, among other things, collectively place continuing upward pressure on customer rates. As customer rates increase, the CPUC may face greater pressure to approve lesser amounts in SCE’s ratemaking or cost recovery proceedings. To relieve some of this upward rate pressure, the CPUC may authorize lower revenues, or increase the period over which SCE is allowed to recover amounts, or disallow the recovery of SCE’s cost which could impact SCE’s ability to recover its operating costs timely or at all. If SCE is unable to obtain a sufficient rate increase or modify its rate design to recover its costs and an adequate return on capital in rates in a timely manner, its financial condition and results of operations could be materially affected.

SCE is subject to extensive regulation and the risk of adverse regulatory and legislative decisions, delays in regulatory or legislative decisions, and changes in applicable regulations or legislation.

SCE operates in a highly regulated environment. SCE's business is subject to extensive federal, state and local energy, environmental and other laws and regulations. Among other things, the CPUC regulates SCE's retail rates and capital structure, and the FERC regulates SCE's wholesale rates and capital structure. The NRC regulates the decommissioning of San Onofre in addition to the local and state agencies that require permits. The construction, planning, siting and operation of SCE's power plants, energy storage projects, and transmission lines in California are also subject to regulation by the CPUC and other local, state and federal agencies.

SCE must periodically apply for licenses and permits from these various regulatory authorities, including environmental regulatory authorities, and must abide by their respective rules, regulations and orders. Should SCE be unsuccessful in obtaining necessary licenses or permits or should these regulatory authorities initiate any investigations or enforcement actions or impose fines, penalties or disallowances on SCE, SCE may be prevented from executing its strategy and its business could be materially affected. The process of obtaining licenses and permits from regulatory authorities may be delayed or defeated by opponents and such delay or defeat could have a material effect on SCE's business.

The Wildfire Fund and other provisions of the California Wildfire Legislation may not be sufficient or effectively mitigate the significant risk faced by California investor-owned utilities related to liability for damages arising from catastrophic wildfires where utility facilities are a substantial cause, which could have a detrimental effect on SCE's business and financial condition. The effectiveness of the California Wildfire Legislation to mitigate the wildfire-related risk faced by SCE is conditioned in part on the performance of OEIS and various entities formed under AB 1054 and related legislation to, among other things, administer the Wildfire Fund, approve WMPs, issue safety certifications, oversee and enforce compliance with wildfire safety standards, and develop metrics to reduce risk and measure compliance with risk reduction.

In addition, CPUC approval is required to recover the costs SCE is incurring to strengthen its wildfire mitigation and prevention efforts described in SCE's WMPs. See "Business—Southern California Wildfires" and "Liquidity and Capital Resources—SCE—Regulatory Proceedings—Wildfire Related Regulatory Proceedings" in the MD&A.

Existing regulations may be revised or re-interpreted and new laws and regulations may be adopted, via the public initiative or legislative process, or become applicable to SCE, or its facilities or operations, in a manner that may have a detrimental effect on SCE's business or result in significant additional costs.

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SCE's energy procurement activities are subject to regulatory and market risks, including availability, that could materially affect its financial condition and liquidity.

SCE obtains energy, capacity, environmental credits and ancillary services needed to serve its customers from its own generating plants and through contracts with energy producers and sellers. California law and CPUC decisions allow SCE to recover, through the rates it is allowed to charge its customers, reasonable procurement costs incurred in compliance with an approved procurement plan. Nonetheless, SCE's cash flows remain subject to volatility primarily resulting from changes in commodity prices, including as a result of gas supply constraints. Additionally, significant and prolonged gas use restrictions may adversely impact the reliability of the electric grid if critical generation resources are limited in their operations. For further information, see "Business—SCE—Purchased Power and Fuel Supply." SCE is also subject to the risks of unfavorable or untimely CPUC decisions about the compliance with SCE's energy procurement plan and the reasonableness of certain procurement-related costs.

SCE may not be able to hedge its risk for commodities on economic terms or fully recover the costs of hedges through the rates it is allowed to charge its customers, which could materially affect SCE's liquidity and results of operations, see "Market Risk Exposures" in the MD&A.

Operating Risks

Damage claims against SCE for wildfire-related losses may materially affect SCE's financial condition and results of operations.

Prolonged drought conditions and shifting weather patterns in California resulting from climate change as well as, among other things, buildup of dry vegetation in areas severely impacted by years of historic drought and lack of adequate clearing of hazardous fuels by responsible parties have increased the duration of the wildfire season and the risk of severe wildfire events.

Severe wildfires and urban development in and near high fire risk areas in California have given rise to large damage claims against California utilities for fire-related losses alleged to be the result of utility practices and/or the failure of electric and other utility equipment. Catastrophic wildfires can occur in SCE's service area even if SCE effectively implements its WMPs. California courts have previously found utilities to be strictly liable for property damage, regardless of fault, by applying the theory of inverse condemnation when a utility's facilities were determined to be a substantial cause of a wildfire that caused the property damage. An inability to recover uninsured wildfire-related costs could materially affect SCE's business, financial condition and results of operations. For example, if SCE is unable to, or believes that it may be unable to, recover damages related to catastrophic wildfires through insurance, the Wildfire Fund (which is only available for fires ignited after July 12, 2019) or electric rates, or access the bank and capital markets on reasonable terms, SCE may not have sufficient cash or equity to pay dividends or may be restricted from declaring such dividends because it does not meet CPUC or California law requirements related to the declaration of dividends. For information on the California law requirements on the declaration of dividends, see "Notes to Consolidated Financial Statements—Note 1. Summary of Significant Accounting Policies—SCE Dividends." Also see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

Edison International's and SCE's costs of accessing capital markets have increased due to the risks associated with wildfires in Southern California. Edison International's and SCE's access to the bank and capital markets could also be constrained and/or the costs of accessing those markets could increase further as a result of wildfire risk, including if Edison International's and/or SCE's credit ratings are downgraded or placed on negative watch due to concerns about Edison International and/or SCE's financial health as a result of wildfires.

SCE's insurance coverage for wildfires may not be sufficient.

SCE may not be able to recover uninsured losses (including amounts paid for self-insured retention and co-insurance) in electric rates. Additionally, SCE’s contractors may experience coverage reductions and/or increased wildfire insurance costs in future years. For losses associated with claims occurring before the authorization of SCE’s CPUC-authorized customer-funded self-insurance program, no assurance can be given that losses will not exceed the limits of SCE's or its contractors' insurance coverage. Losses which are not fully insured or cannot be recovered from contractors, through the Wildfire Fund or electric rates, including any such losses that exceed funds available through the Wildfire Fund and are ultimately not authorized to be recovered through rates, could materially affect Edison International's and SCE's financial condition and results of operations. For more information on wildfire insurance risk, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

SCE may not effectively implement its wildfire mitigation plans.

SCE will face a higher likelihood of catastrophic wildfires in its service area if it cannot effectively implement its WMPs. For example, SCE may not be able to effectively implement its WMPs if it experiences unanticipated difficulties relative to

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permitting delays, sourcing, engaging, and retaining effectively trained contract workers or procuring materials it needs to fulfill its mitigation obligations under the WMPs. In addition, if SCE does not have an approved WMP, SCE will not be issued a safety certification from the CPUC and will consequently not benefit from the presumption of prudency or the Liability Cap. Furthermore, approval of a WMP by the OEIS does not ensure that the CPUC will authorize recovery of the associated costs. If the CPUC denies or limits cost recovery for work needed to execute an approved WMP, SCE may be required to absorb those costs or may need to reduce the scope or timing of its mitigation activities. For more information about the WMP process, see "Business—Southern California Wildfires— Safety Certification and Wildfire Mitigation Plan."

The CPUC may assess penalties on SCE if it finds that SCE has failed to substantially comply with its WMP. In addition, SCE may be subject to mandated changes to, or restrictions on, its operational wildfire mitigation practices or be subject to regulatory fines and penalties or claims for damages and reputational harm if SCE does not execute its wildfire mitigation practices in compliance with applicable rules and regulations. SCE's wildfire mitigation practices include PSPS and using fast-curve settings. In addition, SCE has been and may be further subject to regulatory fines and penalties or claims for damages and reputational harm if it is determined that SCE has placed excessive or unreasonable reliance on PSPS or has failed to maintain compliance with notification and post event reporting requirements related to PSPS. For information regarding SCE’s PSPS activities and related fines, see "Business—Southern California Wildfires—Public Safety Power Shutoff."

SCE establishes the criteria under which it implements PSPS in its service area. To the extent SCE's criteria for implementing PSPS are not sufficient to mitigate the risk of wildfires during high wind events, SCE does not fully implement PSPS when criteria are met due to other overriding conditions or SCE's regulators or others mandate changes to, or restrictions on, its criteria or other operational PSPS practices, SCE will face a higher likelihood of catastrophic wildfires in its service area during high wind events. Similarly, if SCE is prohibited by the CPUC from implementing its desired fast-curve settings, SCE will face a higher likelihood of catastrophic wildfires in its service area.

For more information on the presumption of prudency and the Liability Cap, see "Business—Southern California Wildfires—Recovery of Wildfire-Related Costs— California Wildfire Legislation."

SCE will not benefit from all of the features of the California Wildfire Legislation if the Wildfire Fund is exhausted.

Catastrophic wildfires could rapidly exhaust the Wildfire Fund and SCE will not be reimbursed by the Wildfire Fund or benefit from the Liability Cap if the fund has been exhausted as a result of damage claims previously incurred by SCE or the other participating utilities.

For more information on the California Wildfire Legislation , see "Business—Southern California Wildfires and Mudslides—Recovery of Wildfire-Related Costs—California Wildfire Legislation."

Climate change exacerbated weather-related incidents and other natural disasters have and could continue to materially affect SCE's financial condition and results of operations.

Weather-related incidents, including storms and events caused, or exacerbated, by climate change, such as wildfires, flooding and debris flows, and other natural disasters such as earthquakes can disrupt the generation and transmission of electricity, and can seriously damage the infrastructure necessary to deliver power to SCE's customers. The impacts of climate change continue to evolve and remain dynamic and unpredictable.

Climate change has caused, and exacerbated, extreme weather events and wildfires in southern California, and wildfires could cause, among other things, public safety issues, property damage and operational issues. In addition, the risk of flooding and debris flows occurring as a result of rain may be heightened. For example, the Eaton Fire that ignited in Los Angeles County in January 2025 resulted in loss of life, property damage and loss of service and subsequent extreme weather events such as increased rain or flooding could further impact the affected areas. If reimbursements from the Wildfire Fund for eligible claims related to the Eaton Fire are received later than projected, SCE could experience short‑term liquidity pressure, which may adversely affect SCE’s cash flows and liquidity position. For more information on liabilities related to wildfire events, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

Extreme heat events have and can continue to lead to prolonged widespread outages due to, among other things, state-wide capacity supply shortages or equipment failure. Extreme weather events can also lead to use of PSPS. Weather-related events, such as debris flows, flooding and melting of a significantly higher than normal snowpack, and earthquakes can cause over-topping or failure at an SCE dam resulting in a rapid release of water that could cause public safety issues, property damage and operational issues.

Weather-related incidents and other natural disasters can lead to lost revenue and increased costs, including higher maintenance and repair costs, which SCE may not be able to recover from its customers. These incidents can also result in

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regulatory penalties and disallowances, particularly if SCE encounters difficulties in restoring power to its customers on a timely basis or if fire-related losses are found to be the result of utility practices and/or the failure of electric and other utility equipment. In addition, these occurrences could lead to significant claims for damages, including for loss of life and property damage. These occurrences could materially affect SCE's business, financial condition and results of operations, and the inability to restore power to SCE's customers could also materially damage the business reputation of SCE and Edison International.

For additional information related to climate related risks, see "Business—Environmental Considerations—Environmental Risks."

The generation, transmission and distribution of electricity are dangerous and involve inherent risks of damage to private property and injury to SCE's workforce and the general public.

Electricity poses hazards for SCE's workforce and the general public should they come in contact with electrical current or equipment, including through energized downed power lines or if equipment malfunctions. In addition, the risks associated with the operation of transmission and distribution assets and power generation and storage facilities include public and workforce safety issues and the risk of utility assets causing or contributing to wildfires.

Injuries and property damage caused by such events can subject SCE to liability that, despite the existence of insurance coverage, can be significant. In addition, SCE may be held responsible for the actions of its contractors and from time to time, SCE is named as a party in legal proceedings involving claims related to its contractors and their employees. No assurance can be given that future losses will not exceed the limits of SCE's or its contractors' insurance coverage. Litigation and other legal processes are subject to inherent uncertainties, including, costs of litigation, unpredictable court or jury decisions, and the differing laws and sentiments regarding damage awards in regions where SCE operates.

The CPUC has increased its focus on public safety with an emphasis on heightened compliance with construction and operating standards and the potential for penalties being imposed on utilities. Additionally, the CPUC has delegated to its staff the authority to issue citations to electric utilities, which can impose fines of up to $100,000 per violation per day (capped at a maximum of $8 million), pursuant to the CPUC's jurisdiction for violations of safety rules found in statutes, regulations, and the CPUC's General Orders. The CPUC also can issue fines greater than $8 million outside of the citation program. Such penalties and liabilities could be significant and materially affect SCE's liquidity and results of operations.

SCE's financial condition and results of operations could be materially affected if it is unable to successfully manage the risks inherent in constructing, operating, and maintaining its facilities and workforce.

SCE's infrastructure is aging and could pose a risk to system reliability if not sufficiently maintained and expanded to meet load growth and electrification needs. In addition, as described above, natural disasters such as wildfires in SCE's service area can cause significant public safety issues, property damage and operational issues. SCE is engaged in a significant and ongoing infrastructure investment program. This investment program, which includes transmission projects and constructing utility owned storage to mitigate possible state-wide capacity shortages, has inherent operational risks and elevates the need for effective execution in SCE's activities. For example, utility owned storage facilities utilize lithium-ion battery technology that in certain circumstances can and have caused a thermal event that can ignite nearby materials, including other lithium-ion cells particularly when deployed in indoor facilities. SCE's financial condition and results of operations could be materially affected if it is unable to successfully manage these risks as well as the risks inherent in constructing, operating, and maintaining its facilities, the operation of which can be hazardous and important for system reliability. SCE's inherent operating risks include such matters as the risks of human performance; availability of skilled workforce and workforce capabilities; contractor management; data and records accuracy; public opposition to infrastructure projects; delays; environmental remediation and mitigation costs; difficulty in estimating costs or in recovering costs that are above original estimates; system limitations and degradation; unexpected cascading critical system failure; maintaining physical security of workforce and assets; maintaining cybersecurity of data and assets; and delays and interruptions in necessary supplies. For example, SCE's financial condition may be materially affected as a result of safety incidents, delays, permitting violations and violations of regulatory requirements, among other things, caused by SCE's failure to appropriately manage its contractor workforce or from contractual violations by SCE's contractors and the inability for SCE to recover through contractual indemnities or insurance held by the contractor. SCE's financial condition may also be materially affected as a result of data or records inaccuracies, for example, inaccurate records could lead to missing or delayed compliance with SCE's policies and regulatory requirements, and could contribute to safety incidents.

SCE's financial condition and results of operations could also be materially affected if SCE is unable to attract, train and retain a qualified workforce, and provide safe working conditions for its workforce, including its operations and management personnel. Constrained labor market in California and nationally and SCE's relations with its unionized workforce also impact SCE's ability to maintain its workforce. For example, the increased electrification efforts in California and nationally have led to greater competition for certain skilled workers.

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There are inherent risks associated with owning and decommissioning nuclear power generation facilities and obtaining cost reimbursement, including, among other things, insufficiency of nuclear decommissioning trust funds, costs exceeding current estimates, execution risks, potential harmful effects on the environment and human health and the hazards of storage, handling and disposal of radioactive materials. Existing insurance and ratemaking arrangements may not protect SCE fully against losses from a nuclear incident.

SCE funds decommissioning costs with assets that are currently held in nuclear decommissioning trusts. Based upon the financial performance of the nuclear decommissioning trust fund investments, as well as the resolution of a number of other uncertainties, assumptions and estimates, additional contributions to the nuclear decommissioning trust's funds may be required. If additional contributions to the nuclear decommissioning trust funds become necessary, recovery of any such additional funds through electric rates is subject to the CPUC's review and approval.

The costs of decommissioning San Onofre are subject to reasonableness reviews by the CPUC. These costs may not be recoverable through regulatory processes or otherwise unless SCE can establish that the costs were reasonably incurred. In addition, SCE faces inherent execution risks including such matters as the risks of human performance, workforce capabilities, public opposition, permitting delays, governmental approvals, and force majeure events. Decommissioning costs ultimately incurred could exceed the current estimates and cost increases resulting from contractual disputes, delays in performance by DGC, elevated levels of inflation, permitting delays, or force majeure events, among other things, could cause SCE to materially overrun current decommissioning cost estimates and could materially impact the sufficiency of trust funds. See "Liquidity and Capital Resources—SCE—Decommissioning of San Onofre" in the MD&A.

Even though San Onofre is being decommissioned, the presence of spent nuclear fuel still poses a potential risk of a nuclear incident. Federal law limits public liability claims from a nuclear incident to the amount of available financial protection, which is currently approximately $16.3 billion for Palo Verde and $560 million for San Onofre. SCE and other owners of San Onofre and Palo Verde have purchased the maximum private primary insurance available of $500 million per site. In the case of San Onofre, the balance is covered by a U.S. Government indemnity. In the case of Palo Verde, the balance is covered by a loss sharing program among nuclear reactor licensees. There is no assurance that the CPUC would allow SCE to recover the required contribution made pursuant to this loss sharing program in the case of one or more nuclear incidents with claims that exceeded $500 million at a nuclear reactor which is participating in the program. If this public liability limit of $16.3 billion is insufficient, federal law contemplates that additional funds may be appropriated by Congress. There can be no assurance of SCE's ability to recover uninsured costs in the event the additional federal appropriations are insufficient. For more information on nuclear insurance risk, see "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Nuclear Insurance."

SCE's distribution of water and propane gas on Catalina Island involves inherent risks of damage to private property and the environment and injury to employees and the general public.

SCE owns and operates the water distribution system that serves Catalina Island, California and a propane gas distribution system that serves the City of Avalon on the island. Production, storage, treatment and distribution of water for human use and the transportation, storage, distribution and use of gas can be hazardous, and can cause damage to private property and the environment and injury to employees and the general public if equipment fails or does not perform as anticipated. For example, the risks of operating a water distribution system include the potential for burst pipes and water contamination and the risks of operating gas distribution system include the potential for gas leaks, fire or explosion. The risks related to SCE's operation of its water and gas distribution systems may be exacerbated due to aging infrastructure. SCE has, in the past, requested that the CPUC allow SCE to include certain water system costs in electric rates and may make similar requests for the water and gas systems in the future. If such requests are denied, significant costs may not be recoverable from customers. In addition, SCE may have to pay fines, penalties and remediation costs if it does not comply with laws and regulations in the operation of the water and gas distribution systems. An inability to recover costs associated with any such damages or injuries or any fines, penalties or remediation costs, from insurance or through electric rates, could materially affect SCE's business, financial condition and results of operations.

Financing Risks

As a capital-intensive company, SCE relies on access to the bank and capital markets. If SCE were unable to access these markets or the cost of financing were to substantially increase, its liquidity and operations could be materially affected.

SCE regularly accesses the bank and capital markets to finance its activities and is expected to do so by its regulators as part of its obligation to serve its customers. SCE needs substantial capital for its ongoing infrastructure investment program and for financing wildfire related losses. SCE's ability to obtain financing, as well as its ability to refinance debt and make scheduled payments of principal and interest, are dependent on numerous factors, including SCE's levels of indebtedness, maintenance of acceptable credit ratings, financial performance, liquidity and cash flow, increases in interest rates and credit spreads due to inflationary pressures, and other market conditions. In addition, the actions of other California

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investor-owned utilities and legal, regulatory and legislative decisions impacting investor-owned utilities can affect market conditions and therefore, SCE's ability to obtain financing. SCE's inability to obtain additional capital from time to time could have a material effect on SCE's liquidity and operations.

Competitive and Market Risks

If SCE is unable to operate efficiently and to effectively and timely respond to the changes that the electricity industry is undergoing, as a result of increased load requirements, competition, technological advances, and changes to the regulatory environment, SCE's business model, financial condition and results of operations could be materially impacted.

SCE’s ability to efficiently operate and implement process changes has a direct impact on its ability to execute its strategy, its customer rates and affordability of electricity. Even if SCE’s costs are recoverable, the necessary costs of operations and investments supporting safety, reliability, resilience and being ready to meet California’s clean energy goals will negatively impact the affordability of SCE’s customer rates, may cause reputational harm and cause increased load departures.

Customers and third parties are increasingly deploying DERs, such as solar generation, energy storage, energy efficiency and demand response technologies. California's environmental policy objectives are accelerating the pace and scope of industry change. This change will require modernization of the electric distribution grid to, among other things, accommodate two-way flows of electricity and increase the grid's capacity to interconnect DERs. In addition, enabling California's clean energy economy goals will require sustained investments in grid modernization, renewable integration projects, energy efficiency programs, energy storage options and electric vehicle infrastructure. If SCE is unable to operate efficiently and adapt to these changes, its business model, its ability to execute on its strategy, and ultimately its financial condition and results of operations could be materially impacted.

Customer-owned generation and load departures to CCAs or Electric Service Providers each reduce the amount of electricity that customers purchase from utilities and have the effect of increasing utility rates unless customer rates are designed to allocate the costs of the distribution grid across all customers that benefit from its use. For example, some customers in California who generate their own power are not currently required to pay all transmission and distribution charges and non-bypassable charges, subject to limitations, which results in increased costs for other customers. If there are no updates in regulations to further support the need for customers to pay their share of transmission and distribution costs and non-bypassable charges, and the demand for electricity reduces so significantly that SCE is no longer effectively able to recover such costs from its customers, SCE's business, financial condition and results of operations will be materially impacted.

In addition, the FERC has opened transmission development to competition from independent developers, allowing such developers to compete with incumbent utilities for the construction and operation of transmission facilities.

For more information. See "Business—SCE—Competition."

RISKS RELATING TO EDISON INTERNATIONAL AND SOUTHERN CALIFORNIA EDISON COMPANY

Cybersecurity and Physical Security Risks

Successful attacks on SCE information and operational technology systems and infrastructure could have a material impact on SCE's operations or financial condition

Edison International and SCE systems, assets and personnel are targets for physical and cyber attacks. Regulators such as NERC and U.S. Government agencies, including the Departments of Defense, Homeland Security, and Energy, have increasingly stressed that threat sources, including nation-state actors, continue to seek to identify and exploit vulnerabilities in the U.S. national electric grid and other critical energy infrastructures, and that such attacks and disruptions, both physical and cyber, are highly sophisticated and dynamic. Several U.S. Government agencies have highlighted the increasing risks related to physical and cybersecurity attacks, including ransomware attacks, related to the electric sector, including its supply chain, and that the risks may escalate during periods of heightened geopolitical tensions.

SCE requires the uninterrupted use of sophisticated information and operational technology systems and infrastructure to monitor and operate the electric grid. In the regular course of SCE’s business, it also handles a range of sensitive infrastructure, security, employee, customer, and business systems information. If SCE's information technology and operational technology systems' security were to be compromised by physical or electronic means or a critical system or technology failure were to occur without timely recovery, including failure of new technology to be implemented as designed, SCE could be unable to fulfill critical business functions and/or sensitive information could be misappropriated or compromised. Such events could result in violations of privacy and other laws, material financial loss to SCE and/or to its customers, loss of confidence in SCE's security risk management, customer dissatisfaction, and significant litigation

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and/or regulatory exposure, all of which could materially affect Edison International’s and SCE's financial condition, operations, and the business reputation of Edison International and SCE.

SCE's security program cannot prevent all attacks or incidents

SCE's systems have experienced, and will continue to face, cyber and physical security events involving malicious code, unauthorized access attempts, vandalism and other illicit activities. No security program can completely shield its systems, infrastructure, and data from attacks, intrusions, or other catastrophic events that could result in their failure or reduced functionality. There is no guarantee that SCE's security program, including prevention, detection, mitigation, and remediation of risks, will prevent all future cyber and physical security incidents that could materially impact its operations or financial condition.

SCE is not able to anticipate and prevent all physical and cyber attacks or information security breaches, and its investments in security resources, talent, and business practices may not be effective against all threat actors, particularly nation-state actors. Voluntary cybersecurity guidelines and practices cannot be applied to all businesses equally due to system capability, complexity, and resources for implementation. SCE's security tools and controls, including those supporting configuration management, identity and access management, network segmentation, and boundary defenses, may not fully protect against unauthorized access from internal and external threats. SCE's current security controls and defenses may also not protect against insider threats, including deliberate and unintentional actions (e.g., human error) and other emerging cybersecurity risks created by artificial intelligence, quantum computing, cyber skills shortages, and regulatory constraints.

SCE's security program is prioritized based on known risks, available resources, and regulatory requirements, and therefore all SCE assets are not equally protected. For example, not all of SCE's information technology assets are inventoried, which could result in unmitigated vulnerabilities or slow the detection, investigation, and recovery of an incident. Known vulnerabilities in SCE's information technology and operational technology environments may not be remediated before an adversary could discover or exploit them. Attackers can also exploit new, unknown vulnerabilities (e.g., zero day) and vulnerabilities where a patch or other remediation measure is not yet available.

SCE's transition to a more network-connected grid and increased deployment of new technologies increases the number of systems adversaries can target

SCE's operations require the continuous availability and deployment of critical information and operational technology systems, sensitive customer and employee data and infrastructure information, all of which are targets for malicious actors. New cyber and physical threats arise as SCE moves to an increasingly digital electric grid. For example, SCE's grid modernization efforts and the transition to a more connected grid, including the integration of new technologies and increased networking of operational technology assets such as substations, increases the threat surface and potential vulnerabilities that an adversary can target. As new systems are developed or procured by SCE, software development practices may not comprehensively prevent the introduction of new software vulnerabilities. Additionally, certain existing or legacy information technology, operational technology, and communications infrastructure use less secure protocols or configurations.

Vendors and other third parties may be used to target and attack SCE

SCE interacts with a wide array of third parties and depends on vendors to provide it with products and services. These products and services may contain vulnerabilities and could require patching which could cause disruptions to SCE's operations. Malicious actors may attack vendors to disrupt the services they provide to SCE, or to use those vendors as a conduit to attack SCE. SCE system data and architecture are also disclosed, either voluntarily or by mandate, to third parties and the public by regulators, employees, contractors, and vendors. This system data may be used by malicious actors to understand SCE’s systems to prepare for a cyber or physical attack.

The products and services provided by SCE's vendors may contain vulnerabilities or otherwise not adhere to SCE's enterprise cybersecurity standards (e.g., lack of encryption). Additionally, SCE's operational technology vendors have increasingly been targeted by threat actors. A compromise of equipment and/or exfiltration of SCE data, whether by physical or by electronic means, could result in loss or changes to confidential or sensitive information and interruption of business processes. For example, compromises to widely-used products and services may affect the supply chains of many industries, including companies in SCE’s supply chain. While SCE vendors have experienced cybersecurity incidents, such incidents have not, to SCE's knowledge, resulted in a material impact to SCE to date.

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Global and Regional Risks

Edison International's and SCE's financial condition and results of operations could be materially impacted by catastrophic, macroeconomic and geopolitical events that cause significant disruption to workforces, supply chains, economies, or societies on a regional, statewide, national or global basis.

Edison International and SCE could be materially and adversely impacted by catastrophic, macroeconomic and geopolitical events, such as the effects of increased inflationary pressures and interest rates, potential economic downturns or recessions, geopolitical pressures, and pandemics and regional health emergencies. For example, the global spread of COVID-19, which was declared a pandemic by the World Health Organization in March 2020, created significant uncertainty, volatility and disruption globally that resulted in, among other things, disruption to supply chains, economies, and workforce and impacted the operations of Edison International and SCE. Additionally, the geopolitical developments involving the Russia-Ukraine conflict, China and the Middle East, could cause delays and disruptions in the supply chain and the availability and timely delivery of services, materials and components used in SCE’s operations. Geopolitical tensions can also heighten cybersecurity risks, including the risk of malicious activity by state‑sponsored actors. For additional information regarding these cybersecurity threats, see “—Cybersecurity and Physical Security Risks.” Evolving U.S. and California governmental policies and regulatory initiatives could lead to changes in economic conditions or economic uncertainties in the State of California, United States and globally, including impacts to infrastructure investments, tariffs, taxes, and energy, environmental and social policies.

Many of the risks and uncertainties identified in this Form 10-K have, and will be, exacerbated by the impacts of a catastrophic event and the actions taken by governmental entities, businesses, individuals and others in response to such an event. In addition, impacts of international conflict, recession, pandemic or similar events on SCE's customers and third parties could also result in SCE facing, among other things, significant reductions in demand for electricity and payment delays and/or defaults from customers which could result in significant under-collections. Edison International and SCE access to the bank and capital markets and/or the costs of accessing those markets could be constrained and could also face payment delays and/or defaults from insurers and other counterparties. These impacts, among others, could materially and adversely impact Edison International's and SCE's business, operations, cash flows, liquidity and financial results.

Edison International's and SCE's business activities are concentrated in one industry and in one region.

Substantially all of Edison International's and all of SCE's business activities are concentrated in the electric utility industry. Edison International's principal subsidiary, SCE, serves customers only in southern and central California. As a result, Edison International's and SCE's future performance may be affected by events and economic factors unique to California or by regional regulation, legislation or judicial decisions. For example, California courts have applied strict liability to investor-owned utilities in wildfire and other litigation matters. See "Notes to Consolidated Financial Statements—Note 12. Commitments and Contingencies—Contingencies—Southern California Wildfires and Mudslides."

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Information responding to this section is included in the MD&A under the heading "Market Risk Exposures."

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Edison International

Opinions on the Financial Statements and Internal Control Over Financial Reporting

We have audited the accompanying consolidated balance sheets of Edison International and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of income, of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes and schedule of condensed financial information of parent as of December 31, 2025 and 2024 and for each of the three years in the period ended December 31, 2025 appearing after Item 15(a)(3) (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.

Basis for Opinions

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management’s Report on Internal Control Over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Southern California Wildfires Loss Contingencies – 2025 Eaton Fire

As described in Note 12 to the consolidated financial statements, in January 2025, several wind-driven wildfires impacted portions of Southern California Edison Company’s (SCE) service area, causing loss of life, substantial damage to both residential and business properties, and service outages for SCE customers. One of the largest of these wildfires, the "Eaton Fire," ignited in SCE's service area in Los Angeles County and spread due to a number of contributing factors under conditions of an extreme Santa Ana windstorm. Each reporting period, management reviews the Company’s loss estimates for remaining alleged and potential claims related to wildfire events. The process for estimating losses associated with alleged and potential wildfire related claims requires management to exercise significant judgment based on a number of assumptions and subjective factors, including, but not limited to: volumes of claims, damages asserted and associated loss, opinions of counsel regarding litigation risk, the status of and developments in the course of litigation, prior experience litigating and settling wildfire litigation claims, the amount of insurance that may offset losses, and estimating contributory liabilities from third parties who may be responsible for portions of loss. As additional information becomes available, management's estimates and assumptions regarding the causes and financial impact of wildfire events may change. In light of pending litigation, it is probable that the Company will incur additional material losses in connection with the Eaton Fire; however, the Company is currently unable to reasonably estimate a range of losses that may be incurred.

The principal considerations for our determination that performing procedures relating to the Southern California Wildfires Loss Contingencies - 2025 Eaton Fire is a critical audit matter are (i) the significant judgment by management when determining whether a loss is probable and when determining whether the amount of the loss or range of loss can be reasonably estimated as it relates to the 2025 Eaton Fire and (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's assessment of the loss contingencies associated with the 2025 Eaton Fire.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management's assessment of the loss contingencies associated with the 2025 Eaton Fire, including controls over assessing whether a loss is probable and whether the amount of the loss or range of loss can be reasonably estimated based on currently available information, as well as financial statement disclosures. These procedures also included, among others (i) obtaining and evaluating the letters of audit inquiry with internal and external legal counsel, (ii) evaluating, on a sample basis, contracts and agreements for executed settlements, (iii) evaluating the reasonableness of management’s assessment regarding whether an unfavorable outcome is reasonably possible or probable and reasonably estimable; and (iv) evaluating the sufficiency of the Company’s disclosures related to the 2025 Eaton Fire.

Accounting for the Effects of Rate Regulation

As described in Notes 1 and 11 to the consolidated financial statements, the Company's accounting policies conform to accounting principles generally accepted in the United States of America, including the accounting principles for rate-regulated enterprises, which reflect the ratemaking policies of the California Public Utility Commission (CPUC) and the FERC. Management applies authoritative guidance for rate-regulated enterprises to the portion of the Company’s operations in which regulators set rates at levels intended to recover the estimated costs of providing service, plus a return on net investments in assets, or rate base. Regulators may also impose certain penalties or grant certain incentives. Due to timing and other differences in the collection of electric utility revenue, these accounting principles require an incurred cost that would otherwise be charged to expense by a non-regulated entity to be capitalized as a regulatory asset if it is probable that the cost is recoverable through future rates; and conversely the accounting principles require recording of a regulatory liability for amounts collected in rates to recover costs expected to be incurred in the future or amounts collected in excess of costs incurred and refundable to customers. As disclosed by management, management assesses at the end of each reporting period whether regulatory assets are probable of future recovery by considering factors such as the current regulatory environment, the issuance of rate orders on recovery of the specific or a similar incurred cost to the Company or other rate-regulated entities, and other factors that would indicate that the regulator will treat an incurred cost as allowable for ratemaking purposes. As of December 31, 2025, $16.3 billion was recorded in regulatory assets and $11.8 billion was recorded in regulatory liabilities.

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The principal considerations for our determination that performing procedures relating to accounting for the effects of rate regulation is a critical audit matter are a high degree of auditor effort in performing procedures and evaluating audit evidence related to management’s assessment of the recoverability and settlement of existing and new regulatory assets and liabilities.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the Company's regulatory accounting process, including controls over management’s assessment of the recoverability and settlement of existing and new regulatory assets and liabilities. These procedures also included, among others (i) obtaining and evaluating the Company's correspondence with regulators; (ii) evaluating the reasonableness of management's assessment regarding the probability of recovery of regulatory assets and settlement of regulatory liabilities at the balance sheet date; (iii) evaluating the sufficiency of the disclosures; and (iv) testing, on a sample basis, the calculation of regulatory assets and regulatory liabilities based on provisions outlined in the rate orders.

/s/PricewaterhouseCoopers LLP

Los Angeles, California

February 18, 2026

We have served as the Company’s auditor since 2002.

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Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Southern California Edison Company

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Southern California Edison Company and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of income, of comprehensive income, of changes in equity and of cash flows for each of the three years in the period ended December 31, 2025, including the related notes (collectively referred to as the "consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these consolidated financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

Southern California Wildfires Loss Contingencies – 2025 Eaton Fire

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Accounting for the Effects of Rate Regulation

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to the Company's regulatory accounting process, including controls over management’s assessment of the recoverability and settlement of existing and new regulatory assets and liabilities. These procedures also included, among others (i) obtaining and evaluating the Company's correspondence with regulators; (ii) evaluating the reasonableness of management's assessment regarding the probability of recovery of regulatory assets and settlement of regulatory liabilities at the balance sheet date; (iii) evaluating the sufficiency of the disclosures; and (iv) testing, on a sample basis, the calculation of regulatory assets and regulatory liabilities based on provisions outlined in the rate orders.

/s/PricewaterhouseCoopers LLP

Los Angeles, California

February 18, 2026

We have served as the Company’s auditor since 2002.

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CONSOLIDATED FINANCIAL STATEMENTS


Consolidated Statements of Income			Edison International


	Years ended December 31,
(in millions, except per-share amounts)	2025		2024		2023
Operating revenue	$	19,317	$	17,599	$	16,338
Purchased power and fuel	4,933		5,209		5,486
Operation and maintenance	5,098		5,172		4,138
Wildfire-related claims, net of (recoveries)	(1,959)		652		667
Wildfire Fund expense	144		146		213
Depreciation and amortization	3,237		2,866		2,635
Property and other taxes	665		624		571
Asset impairment	106		—		1
Total operating expenses	12,224		14,669		13,711
Operating income	7,093		2,930		2,627
Interest expense	(1,539)		(1,869)		(1,612)
Other income, net	438		502		500
Income before income taxes	5,992		1,563		1,515
Income tax expense	1,291		17		108
Net income	4,701		1,546		1,407
Less: Preference stock dividend requirements of SCE	144		175		123
Preferred stock dividend requirements of Edison International	98		87		87
Net income available to Edison International common shareholders	4,459		1,284		1,197
Basic earnings per share:
Weighted average shares of common stock outstanding	385		386		383
Basic earnings per common share available to Edison International common shareholders	$	11.58	$	3.33	$	3.12
Diluted earnings per share:
Weighted average shares of common stock outstanding, including effect of dilutive securities	386		388		385
Diluted earnings per common share available to Edison International common shareholders	$	11.55	$	3.31	$	3.11

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Comprehensive Income			Edison International


	Years ended December 31,
(in millions)	2025		2024		2023
Net income	$	4,701	$	1,546	$	1,407
Other comprehensive income (loss), net of tax:
Pension and postretirement benefits other than pensions	5		9		(1)
Foreign currency translation adjustments	1		—		3
Other comprehensive income, net of tax	6		9		2
Comprehensive income	4,707		1,555		1,409
Less: Comprehensive income attributable to noncontrolling interests	144		175		123
Comprehensive income attributable to Edison International	$	4,563	$	1,380	$	1,286

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Balance Sheets			Edison International


	December 31,
(in millions)	2025		2024
ASSETS
Cash and cash equivalents	$	158	$	193

Receivables, net of allowances for uncollectible accounts of $356 and $352 at respective dates	1,463		2,169
Accrued unbilled revenue	1,238		848
Inventory	535		538
Prepaid expenses	119		103
Regulatory assets	3,290		2,748
Wildfire Fund contributions	138		138
Other current assets	745		418
Total current assets	7,686		7,155
Nuclear decommissioning trusts	4,535		4,286
Other investments	51		57
Total investments	4,586		4,343
Utility property, plant and equipment, net of accumulated depreciation and amortization of $15,060 and $14,207 at respective dates	63,131		59,047
Nonutility property, plant and equipment, net of accumulated depreciation of $132 and $124 at respective dates	197		207
Total property, plant and equipment	63,328		59,254
Receivables, net of allowances for uncollectible accounts of $49 and $43 at respective dates	38		62
Regulatory assets (include $3,092 and $1,512 related to a Variable Interest Entity ("VIE") at respective dates)	12,960		8,886
Wildfire Fund contributions	1,740		1,878
Operating lease right-of-use assets	1,161		1,180
Long-term insurance receivables	359		418
Other long-term assets	2,168		2,403
Total other assets	18,426		14,827
Total assets	$	94,026	$	85,579

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Balance Sheets			Edison International


	December 31,
(in millions, except share amounts)	2025		2024
LIABILITIES AND EQUITY
Short-term debt	$	2,390	$	998
Current portion of long-term debt	1,928		2,049
Accounts payable	2,344		2,000
Wildfire-related claims	585		60
Accrued interest	473		422

Regulatory liabilities	1,158		1,347
Current portion of operating lease liabilities	120		124
Other current liabilities	1,538		1,439
Total current liabilities	10,536		8,439
Long-term debt (includes $3,022 and $1,468 related to a VIE at respective dates)	36,070		33,534
Deferred income taxes and credits	9,114		7,180
Pensions and benefits	370		384
Asset retirement obligations	2,583		2,580
Regulatory liabilities	10,627		10,159
Operating lease liabilities	1,041		1,056
Wildfire-related claims	721		941
Other deferred credits and other long-term liabilities	3,705		3,566
Total deferred credits and other liabilities	28,161		25,866
Total liabilities	74,767		67,839
Commitments and contingencies (Note 12)
Preferred stock (50,000,000 shares authorized; 414,342 and 1,159,317 shares of Series A and 87,937 and 503,454 shares of Series B issued and outstanding at respective dates)	497		1,645
Common stock, no par value (800,000,000 shares authorized; 384,787,056 and 384,784,719 shares issued and outstanding at respective dates)	6,362		6,353
Accumulated other comprehensive income	6		—
Retained earnings	10,714		7,567
Total Edison International's shareholders' equity	17,579		15,565
Noncontrolling interests – preference stock of SCE	1,680		2,175
Total equity	19,259		17,740
Total liabilities and equity	$	94,026	$	85,579

The accompanying notes are an integral part of these consolidated financial statements.

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Consolidated Statements of Cash Flows			Edison International


	Years ended December 31,
(in millions)	2025		2024		2023
Cash flows from operating activities:
Net income	$	4,701	$	1,546	$	1,407
Adjustments to reconcile to net cash provided by operating activities:
Depreciation and amortization	3,237		2,866		2,635
Equity allowance for funds used during construction	(189)		(187)		(157)
Asset impairment	106		—		1
Deferred income taxes	1,208		9		108
Wildfire Fund amortization expense	144		146		213
Other	176		154		143
Nuclear decommissioning trusts	(123)		(174)		(180)

Contributions to Wildfire Fund	(95)		(95)		(95)
Changes in operating assets and liabilities:
Receivables	662		(278)		(349)
Inventory	(4)		(14)		(63)
Accounts payable	78		53		(408)

Other current assets and liabilities	(253)		(85)		194
Derivative assets and liabilities, net	(11)		28		(174)
Regulatory assets and liabilities, net	(3,445)		1,219		576

Wildfire-related claims, net of insurance recoveries	(610)		(314)		(446)
Other noncurrent assets and liabilities	218		140		(4)
Net cash provided by operating activities	5,800		5,014		3,401
Cash flows from financing activities:
Long-term debt issued, net of discount and issuance costs of $60, $44, and $54 for the respective years	5,133		5,256		5,121
Long-term debt repaid	(2,052)		(2,701)		(2,498)
Short-term debt issued	1,260		—		1,076
Short-term debt repaid	(230)		(401)		(2,407)

Common stock repurchased	(32)		(200)		—
Preferred and preference stock issued, net of issuance cost	—		345		542
Preferred and preference stock repurchased and redeemed	(1,664)		(656)		(289)
Commercial paper (repayments) borrowing, net	(346)		308		1,102
Dividends and distribution to noncontrolling interests	(136)		(168)		(117)
Common stock dividends paid	(1,274)		(1,198)		(1,112)
Preferred stock dividends paid	(104)		(88)		(108)
Other	16		177		137
Net cash provided by financing activities	571		674		1,447
Cash flows from investing activities:
Capital expenditures	(6,515)		(5,707)		(5,448)
Proceeds from sale of nuclear decommissioning trust investments	6,219		5,019		4,597
Purchases of nuclear decommissioning trust investments	(6,098)		(4,898)		(4,417)
Other	59		50		35
Net cash used in investing activities	(6,335)		(5,536)		(5,233)
Net increase (decrease) in cash and cash equivalents and restricted cash and cash equivalents	36		152		(385)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of year	684		532		917
Cash and cash equivalents and restricted cash and cash equivalents at end of year	$	720	$	684	$	532

The accompanying notes are an integral part of these consolidated financial statements.

Table of C ontents


Consolidated Statements of Changes in Equity			Edison International


	Equity Attributable to Edison International Shareholders												Noncontrolling Interests
	Preferred stock			Common stock			Accumulated Other Comprehensive (Loss) Income		Retained Earnings		Subtotal		Preference Stock		Total Equity
(in millions, except shares and per share amounts)	Shares	Amount		Shares	Amount
Balance at December 31, 2022	2,000,000	$	1,978	382,208,498	$	6,200	$	(11)	$	7,454	$	15,621	$	1,901	$	17,522
Net income	—	—		—	—		—		1,284		1,284		123		1,407
Other comprehensive income	—	—		—	—		2		—		2		—		2
Common stock issued	—	—		1,716,414	92		—		—		92		—		92
Common stock dividends declared ($2.9925 per share)	—	—		—	—		—		(1,147)		(1,147)		—		(1,147)
Preferred stock dividend accrued ($53.75 per share for Series A and $50 per share for Series B)	—	—		—	—		—		(108)		(108)		—		(108)
Dividends to noncontrolling interests ($96.8230 - $143.75 per share for preference stock)	—	—		—	—		—		—		—		(123)		(123)
Noncash stock-based compensation	—	—		—	46		—		—		46		—		46
Preference stock issued, net of issuance cost	—	—		—	—		—		—		—		542		542
Preferred stock repurchased	(308,229)	(305)		—	—		—		16		(289)		—		(289)
Balance at December 31, 2023	1,691,771	1,673		383,924,912	6,338		(9)		7,499		15,501		2,443		17,944
Net income	—	—		—	—		—		1,371		1,371		175		1,546
Other comprehensive income	—	—		—	—		9		—		9		—		9
Common stock issued	—	—		3,272,010	158		—		—		158		—		158
Common stock repurchased	—

EDISON INTERNATIONAL 10-K