CONSOLIDATED EDISON INCED
CONSOLIDATED EDISON INC Financial Overview 2021–2025
Updated Aug 8, 2026By divesting its Clean Energy Businesses for $6.8 billion in FY2023, Consolidated Edison effectively eliminated its unregulated market exposure to focus entirely on its core utility operations. This structural pivot highlights the central investment thesis: Con Edison is trading cyclical energy markets for highly visible, rate-based infrastructure growth.
The financial trajectory reflects this operational stabilization, as earnings per share grew from $3.85 in FY2021 to $5.64 in FY2025. To drive this continuous growth, the company deployed $4.95 billion toward energy delivery system upgrades in FY2025 alone, backed by newly approved electric and gas rate plans spanning 2026 through 2028. Con Edison further streamlined its portfolio by agreeing to sell its remaining equity interest in the Mountain Valley Pipeline for $357.5 million. However, the utility does face ongoing liquidity friction from customer payment lags, exiting Q2 2026 with $1.385 billion in aged accounts receivable past 60 days.
At the close of FY2025, the market rewarded this pure-play utility focus with a $35.9 billion capitalization. Shares ended the period priced at $99.32, trading at a 17.6x earnings multiple.
Recent Developments (Q1 and Q2 2026)
Con Edison sustained its strong operational momentum through the first half of 2026, driven by higher electric and gas rate bases. In Q2 2026, net income jumped to $308 million, or $0.83 per share, compared to $246 million, or $0.68 per share, in Q2 2025. Operating revenues simultaneously expanded from $3.595 billion to $4.069 billion year-over-year. To support its ongoing infrastructure investments, the utility aggressively bolstered its capital position by establishing a new $3.5 billion revolving credit facility in March 2026 and launching a $2 billion at-the-market equity program in May 2026. A subsidiary also issued $1.3 billion in new debt during June 2026.
The bull case is anchored by reliable revenue expansion fueled by approved rate adjustments and increased purchased power volumes. Conversely, bears will flag the risk of near-term equity dilution from the massive stock sale program, alongside new state legislation introducing strict performance-based mandates. Following this steady earnings performance, the stock traded at a richer 19.3x earnings multiple as of August 6, 2026.
What to watch: execution of the equity distribution program; impacts of new performance-based state legislation.
Rev
$17.05B
FY2025
NI
$2.0M
FY2025
EPS
$5.66
FY2025
OCF
$4.80B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All ED Financial Metrics(57)
Income Statement
Balance Sheet
- Cash & ST Investments
- Total Assets
- Current Assets
- Cash
- Receivables
- Prepaid & Other
- PP&E
- Goodwill
- Intangibles
- Other Non-current
- Total Liabilities
- Current Liabilities
- Accounts Payable
- Short-Term Debt
- Deferred Revenue
- Long-Term Debt
- Other Non-current Liab.
- Equity
- Retained Earnings
- Accumulated OCI
- APIC
- Treasury Stock
- NCI
- Total L&E
- Shares Outstanding
Cash Flow
Recent SEC Filings
CONSOLIDATED EDISON INC 8-K Report, Financial Results (Aug 6, 2026)
Consolidated Edison, Inc. (ED) has filed an 8-K report on August 6, 2026, to furnish its earnings release and accompanying presentation for the three and six months ended June 30, 2026. While the filing itself does not contain detailed financial results, it directs investors to Exhibits 99.1 (Press Release) and 99.2 (Earnings Presentation) for this crucial information. Investors should review these furnished documents for insights into the company's operational performance and financial condition during the second quarter and first half of 2026. The key takeaway for investors is that the 8-K serves as the official notification of the release of these financial results. The detailed performance metrics, financial statements, and management commentary will be found within the attached press release and presentation. Investors seeking to understand ED's recent financial health, any changes in outlook, or specific segment performance should carefully examine these exhibits.
CONSOLIDATED EDISON INC 8-K Report, Executive Changes (Jul 2, 2026)
Consolidated Edison, Inc. (ED) announced a significant change in its Board of Directors with the election of Tali Farhadian Weinstein, effective July 1, 2026. This appointment brings new expertise to the company's governance, with Ms. Farhadian Weinstein being assigned to the Safety, Environment, Operations and Sustainability Committee and the Corporate Governance and Nominating Committee. Her involvement in these key committees suggests a focus on critical areas for the company's long-term strategy and stakeholder engagement. Investors should note that Ms. Farhadian Weinstein's compensation will align with the existing director compensation structure, as detailed in the company's 2026 proxy statement. Her background, including her role as a Trustee of the New York Public Library since 2018 and her upcoming appointment as CEO of the Museum of Jewish Heritage, indicates a strong commitment to public service and organizational leadership. This diverse experience may offer valuable perspectives as Con Edison navigates the evolving energy landscape.
CONSOLIDATED EDISON INC 8-K Report, Corporate Update (Jun 3, 2026)
Consolidated Edison Company of New York, Inc. (CECONY), a subsidiary of Consolidated Edison Inc. (ED), has announced the issuance of a significant amount of new debt through an underwriting agreement with several major financial institutions. This offering comprises $450 million in 5.15% Debentures, Series 2026 A due 2036, and $850 million in 5.875% Debentures, Series 2026 B due 2056, totaling $1.3 billion in aggregate principal amount. The issuance was registered under a Form S-3 filing effective in August 2024, indicating the company's proactive capital raising strategy and compliance with regulatory requirements. This debt issuance is a material event for investors, providing insights into CECONY's financing needs and capital structure. The varying interest rates and maturity dates reflect the company's approach to managing its debt obligations and its outlook on prevailing interest rate environments. Investors should monitor how these new debentures impact CECONY's leverage ratios, interest expense, and overall financial flexibility, particularly in relation to its ongoing infrastructure investments and operational requirements.
CONSOLIDATED EDISON INC 8-K Report, Shareholder Vote Results (May 20, 2026)
This 8-K filing reports on the outcomes of Consolidated Edison, Inc.'s (Con Edison) Annual Meeting of Stockholders held on May 18, 2026. The primary focus is on the voting results for the election of directors, the ratification of PricewaterhouseCoopers LLP as the independent auditor, and an advisory vote on executive compensation. All proposals presented to shareholders received strong support, indicating continued confidence in the company's leadership and financial oversight.
CONSOLIDATED EDISON INC 8-K Report, Material Agreement (May 8, 2026)
Consolidated Edison, Inc. (Con Edison) has entered into an equity distribution agreement with multiple agents to establish an "at-the-market" equity distribution program. This program allows Con Edison to offer and sell up to $2 billion worth of its common shares over time. The company also has the option to enter into separate forward sale agreements with forward purchasers. These agreements involve the potential sale of borrowed shares, with proceeds potentially realized by Con Edison upon future physical settlement. This move provides Con Edison with financial flexibility to raise capital through equity issuance as needed, but investors should note that the ultimate proceeds received can depend on the settlement method chosen for the forward sale agreements.
View all 8-K filings →