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AI核心结论
EIX reported Q1 FY2026 revenue growth of 7.7% to $4.10B, but net income plunged 63.0% to $531M as operating income was nearly halved, reflecting sharply elevated costs and significant margin compression.
营业收入
$4.1B
同比 ++7.66%
每股收益（基本）
$1.38
同比 -63.00%
营业利润
$1.07B
同比 -49.67%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-Q 原文
Edison International (EIX) Q1 FY2026 营收 $4.1B，同比增长 7.7%。 净利润 $531M，同比下降 63.0%，稀释每股收益 $1.37。
Revenue increased 7.7% year-over-year to $4.10B in Q1 FY2026 (vs. $3.81B in Q1 FY2025), but this top-line growth was more than offset by a dramatic rise in operating costs, causing operating income to fall 49.7% to $1.07B.
来源: Source: 10-Q Income Statement
Operating margin contracted sharply from approximately 56.0% to 26.2% year-over-year, a decline of nearly 30 percentage points, indicating that cost increases — likely related to wildfire liabilities or infrastructure spending — significantly outpaced revenue growth.
来源: Source: 10-Q Income Statement / Key Ratios
Net income fell 63.0% to $531M from $1.44B, with basic EPS dropping from $3.73 to $1.38, reflecting the impact of elevated below-the-line charges or increased interest expense on the company's $40.3B long-term debt load.
来源: Source: 10-Q Income Statement
Cash and equivalents dropped 87.3% to just $168M from $1.32B a year ago, while current liabilities surged 24.9% to $9.70B, resulting in a current ratio of only 0.74 — well below 1.0 — signaling near-term liquidity pressure.
来源: Source: 10-Q Balance Sheet
Operating cash flow rose 16.6% to $1.43B, suggesting that non-cash charges such as depreciation and amortization (up 12.4% to $834M) contributed meaningfully to cash generation even as reported earnings fell sharply.
来源: Source: 10-Q Cash Flow Statement
As a California utility, EIX faces substantial and recurring wildfire-related liabilities that can result in large, unpredictable charges to earnings. The near-50% drop in operating income despite revenue growth strongly suggests elevated wildfire-related costs or legal settlements in Q1 FY2026. These liabilities can materially impair profitability and require significant cash outlays.
来源: Source: 10-Q Income Statement / Balance Sheet
Cash and equivalents fell to only $168M while current liabilities rose to $9.70B, producing a current ratio of 0.74. This sub-1.0 current ratio indicates that EIX's short-term obligations exceed its liquid assets, creating potential refinancing or liquidity risk if capital markets tighten.
来源: Source: 10-Q Balance Sheet / Key Ratios
Long-term debt stands at $40.3B against stockholders' equity of $17.3B, yielding a debt-to-equity ratio of approximately 4.36x. With rising interest rates, the cost of servicing this debt load is a persistent drag on net income and limits financial flexibility for capital investment.
来源: Source: 10-Q Balance Sheet / Key Ratios
As a regulated utility, EIX's ability to recover costs through customer rates depends on California Public Utilities Commission (CPUC) approvals. Delays or denials in rate cases could prevent the company from recouping infrastructure and wildfire-related expenditures, further pressuring margins.
来源: Source: 10-Q Balance Sheet / Income Statement
Investing cash outflows increased to -$1.59B in Q1 FY2026, and with operating cash flow of $1.43B, free cash flow is negative at approximately -$161M. Sustained negative free cash flow increases reliance on debt financing, adding to an already elevated leverage profile.
来源: Source: 10-Q Cash Flow Statement
Q1 FY2026 实际 EPS $1.42，分析师一致预期 $1.33，超预期 +7.1%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $4.1B | $3.81B | +7.66% |
营业利润 | $1.07B | $2.13B | -49.67% |
净利润 | $531M | $1.44B | -63.02% |
每股收益（基本） | $1.38 | $3.73 | -63.00% |
每股收益（稀释） | $1.37 | $3.72 | -63.17% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $94.47B | $88.42B | +6.85% |
流动资产 | $7.18B | $7.43B | -3.38% |
总负债 | $75.59B | $69.62B | +8.57% |
流动负债 | $9.7B | $7.77B | +24.86% |
股东权益 | $17.32B | $16.62B | +4.20% |
现金及等价物 | $168M | $1.32B | -87.25% |
长期债务 | $40.31B | $38.39B | +5.00% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $1.43B | $1.22B | +16.58% |
投资活动现金流 | $-1.59B | $-1.37B | -15.57% |
筹资活动现金流 | $212M | $1.37B | -84.57% |
股票回购 | $26M | $29M | -10.34% |
折旧及摊销 | $834M | $742M | +12.40% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 26.2% | 56.0% | -29.82% |
净利率 | 12.9% | — | — |
净资产收益率 | 3.1% | — | — |
总资产收益率 | 0.6% | — | — |
流动比率 | $0.74 | — | — |
资产负债率 | $4.364 | — | — |
EIX reported a sharp earnings decline in Q1 FY2026, with net income falling 63.0% to $531M from $1.44B a year ago, and basic EPS dropping from $3.73 to $1.38. Despite revenue growing 7.7% to $4.10B, operating income was nearly halved to $1.07B, suggesting significant cost increases — likely wildfire-related charges or infrastructure expenses — weighed heavily on profitability.
EIX's operating margin collapsed from approximately 56.0% to 26.2% in Q1 FY2026, a decline of nearly 30 percentage points. This dramatic compression indicates that operating costs rose far faster than the 7.7% revenue growth, which for a California utility like EIX is often associated with wildfire liability charges, legal settlements, or accelerated infrastructure spending.
EIX's cash and equivalents fell 87.3% to just $168M in Q1 FY2026, and its current ratio dropped to 0.74, meaning current liabilities of $9.70B exceed current assets of $7.18B. While this raises near-term liquidity concerns, EIX generated $1.43B in operating cash flow during the quarter, and as a regulated utility it typically has access to capital markets; however, the low cash position and high leverage (debt-to-equity of 4.36x) warrant close monitoring.
EIX grew revenue 7.7% year-over-year to $4.10B in Q1 FY2026, up from $3.81B in the prior-year period. However, this top-line growth was overshadowed by a near-50% decline in operating income, indicating that cost pressures significantly outpaced the revenue improvement.
The most significant risks highlighted by EIX's Q1 FY2026 financial data include wildfire-related liabilities (which appear to have driven the sharp earnings decline), near-term liquidity pressure from a current ratio of only 0.74 and cash of just $168M, and high financial leverage with $40.3B in long-term debt against $17.3B in equity. Regulatory risk around rate recovery in California also remains a key concern for the company's ability to recoup elevated costs.