爱迪生国际 2025年度报告

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. 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 theregistrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. 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 12months (or for such shorter period that the registrant was required to submit such files). 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 acceleratedfiler," accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check One): 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 Edison International 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-OxleyAct (15 U.S.C 7262(b)) by the registered public accounting firm that prepared or issued its audit report. 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 financialstatements. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Edison InternationalYes☐NoSouthern California Edison CompanyYes☐No Edison InternationalApproximately $19.8 billionSouthern California Edison CompanyWholly 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: 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 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. GLOSSARYvFORWARD-LOOKING STATEMENTS1MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITIONAND RESULTS OF OPERATIONS3MANAGEMENT OVERVIEW3Highlights of Operating Results3Electricity Industry Trends5Cost of Capital Application7Capital Program7Southern California Wildfires and Mudslides8RESULTS OF OPERATIONS11Southern California Edison Company11Impact of the 2025 GRC11Years ended December 31, 2025 and 2024132025 vs 202413Edison International Parent and Other15Loss from Operations16LIQUIDITY AND CAPITAL RESOURCES16Southern California Edison Company16Available Liquidity17Regulatory Proceedings17Capital Investment Plan18Decommissioning of San Onofre19Margin and Collateral Deposits20Edison International Parent and Other21Edison International Income Taxes22Historical Cash Flows22Southern California Edison Company22Edison International Parent and Other25Contractual Obligations and Contingencies26Contractual Obligations26Contingencies26Off-Balance Sheet Arrangements26MARKET RISK EXPOSURES26Interest Rate Risk26Commodity Price Risk27Investment Price Risk27Credit Risk28CRITICAL ACCOUNTING ESTIMATES AND POLICIES28Accounting for Contingencies28Rate Regulated Enterprises29Income Taxes30Nuclear Decommissioning – Asset Retirement Obligation31 Part II, Item 7 Pensions and Postretirement Benefits Other than Pensions32Contributions to the Wildfire Fund33NEW ACCOUNTING GUIDANCE34RISK FACTORS34RISKS RELATING TO EDISON INTERNATIONAL34RISKS RELATING TO SOUTHERN CALIFORNIA EDISON COMPANY34Regulatory and Legislative Risks34Operating Risks36Financing Risks39Competitive and Market Risks40RISKS RELATING TO EDISON INTERNATIONAL AND SOUTHERNCALIFORNIA EDISON COMPANY40Cybersecurity and Physical Security Risks40Global and Regional Risks42QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK42FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA42REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(PCAOB ID 238)43REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(PCAOB ID 238)46CONSOLIDATED FINANCIAL STATEMENTS48Consolidated Statements of Income for Edison International48Consolidated Statements of Comprehensive Income for Edison International49Co