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ED

Consolidated Edison, Inc.

ED

Consolidated Edison, Inc. • NYSE
$100.36 ▲ 0.22% (+0.22)
Market Cap $36.22 B
52w High $114.87
52w Low $87.28
Dividend Yield 3.40%
P/E 17.55
Volume 1.04M
Outstanding Shares 360.94M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.53B ▲ $2.617B ▲ $688M ▲ 15.188% ▲ $1.91 ▲ $2.675B ▲
Q2-2025 $3.595B ▼ $1.47B ▼ $246M ▼ 6.843% ▼ $0.68 ▼ $1.172B ▼
Q1-2025 $4.798B ▲ $1.899B ▲ $791M ▲ 16.486% ▲ $2.26 ▲ $1.91B ▲
Q4-2024 $3.669B ▼ $1.742B ▼ $310M ▼ 8.449% ▼ $0.89 ▼ $1.179B ▼
Q3-2024 $4.092B $1.843B $588M 14.37% $1.7 $1.577B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $181M ▼ $71.844B ▲ $47.676B ▼ $24.168B ▲
Q2-2025 $1.506B ▲ $71.501B ▲ $47.745B ▲ $23.756B ▼
Q1-2025 $360M ▼ $70.691B ▲ $46.908B ▼ $23.783B ▲
Q4-2024 $1.324B ▲ $70.562B ▲ $48.6B ▲ $21.962B ▲
Q3-2024 $93M $68.645B $46.747B $21.898B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $688M ▲ $504M ▼ $-1.131B ▲ $-698M ▼ $-1.325B ▼ $2.925B ▲
Q2-2025 $247M ▼ $1.979B ▲ $-1.424B ▼ $592M ▲ $1.147B ▲ $713M ▲
Q1-2025 $791M ▲ $837M ▼ $-1.231B ▲ $-579M ▼ $-973M ▼ $-318M ▼
Q4-2024 $310M ▼ $1.31B ▲ $-1.384B ▼ $1.305B ▲ $1.231B ▲ $72M ▲
Q3-2024 $588M $392M $-1.267B $-530M $-1.405B $-745M

Revenue by Products

Product Q1-2024Q2-2024Q2-2025Q3-2025
Electricity
Electricity
 $2.64Bn ▲$2.55Bn ▼$2.78Bn ▲$4.04Bn ▲
NonUtility Products And Services
NonUtility Products And Services
 $0 ▲$0 ▲$0 ▲$0 ▲
Oil and Gas Purchased
Oil and Gas Purchased
 $1.36Bn ▲$580.00M ▼$710.00M ▲$430.00M ▼
Steam
Steam
 $290.00M ▲$90.00M ▼$110.00M ▲$60.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Con Edison’s revenue has generally trended upward over the past five years, reflecting steady demand in its dense urban service area and periodic rate increases. Profitability at the operating level has been fairly consistent, which is what you’d expect from a regulated utility with set returns. Net income, however, has been bumpier, with an unusually strong year recently followed by a pullback, likely influenced by one‑time items rather than a fundamental collapse in the business. Overall, the income statement paints a picture of a stable, mature utility with modest growth and regulation‑driven earnings, not a fast‑growing or highly cyclical business.

Balance Sheet

Balance Sheet The balance sheet shows a large and growing asset base, driven by ongoing investment in infrastructure and grid upgrades. Debt levels are high in absolute terms but broadly in line with what you would expect for a regulated utility that relies on borrowing to fund long‑lived projects. Shareholders’ equity has been building gradually, which suggests retained earnings and a solid capital foundation over time. Cash on hand is relatively small compared with total assets, again typical for a utility that focuses on stable cash generation rather than big cash reserves. Overall, the balance sheet looks like that of a capital‑intensive, regulated utility: heavy assets, significant debt, and a slowly strengthening equity base.

Cash Flow

Cash Flow Operating cash flow is generally healthy and has improved over the period, though it can swing from year to year. The standout feature is consistently negative free cash flow, driven by very large capital spending on the grid, clean energy infrastructure, and reliability upgrades. This means the company regularly spends more on long‑term projects than it generates in cash each year, and bridges that gap through borrowing and other financing. This pattern is normal for a regulated utility in a major transition phase, but it does reinforce the company’s dependence on capital markets and regulatory support to sustain its investment program.

Competitive Edge

Competitive Edge Con Edison enjoys a strong competitive position as a regulated monopoly provider of electricity, gas, and steam in New York City and nearby areas. Its franchise territory is dense, economically important, and very difficult for any competitor to enter, given the massive infrastructure already in place and the regulatory barriers. The company’s scale, long operating history, and deep local relationships create a durable moat. The main counterbalance to this strength is regulatory risk: earnings and returns are closely tied to decisions by state regulators and policymakers, especially as climate and affordability goals evolve.

Innovation and R&D

Innovation and R&D Innovation for Con Edison is less about flashy new products and more about modernizing the grid and supporting the clean energy transition. The company is rolling out smart meters, investing in battery storage, and helping build out electric vehicle charging networks. It also has unique capabilities in steam and thermal networks and is exploring geothermal solutions, which could matter more as building decarbonization accelerates. Work on offshore wind connections, advanced grid analytics, and climate resilience projects shows a clear push to future‑proof its infrastructure. While this is capital‑intensive, it positions the company to remain relevant and aligned with New York’s aggressive climate policies.

Summary

Con Edison looks like a classic, mature regulated utility: stable revenues, fairly predictable operating profits, and a very large, debt‑heavy asset base. Earnings have some year‑to‑year noise, but the underlying business is steady and anchored in a monopoly service territory. The big story is capital spending—substantial, ongoing investments in modernization, clean energy integration, and resilience are weighing on free cash flow but also shaping the company’s future role in New York’s energy system. Key uncertainties revolve around regulation, cost recovery for these investments, and the pace of the clean energy transition. For observers, ED represents a long‑established utility navigating a demanding but opportunity‑rich shift toward a lower‑carbon, more digital grid.

NEWS

November 6, 2025 · 4:36 PM UTC

CON EDISON REPORTS 2025 THIRD QUARTER EARNINGS

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October 23, 2025 · 4:30 PM UTC

Mountain Valley Pipeline, LLC Files Formal Application Requesting FERC Authorization to Construct MVP Boost

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October 21, 2025 · 4:30 PM UTC

Con Edison to Report 3rd Quarter 2025 Earnings on November 6

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October 16, 2025 · 4:36 PM UTC

CON EDISON DECLARES COMMON STOCK DIVIDEND

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October 1, 2025 · 4:30 PM UTC

CON EDISON LEADERSHIP TO WEBCAST INVESTOR PRESENTATION ON OCTOBER 7

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