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Consolidated EdisonED

Legal name
Consolidated Edison, Inc.
Sector
Energy
Industry
Electric & Other Services Combined
Exchange
NYSE

Stock Price $ED

Latest filings

You are here#12 of 32 in Utilities by market cap

Filing record · 2016–202610-K1110-Q338-K143

ED filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 143 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Material agreement8-K · Jun ’21Jun ’21
  3. Material agreement8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  17. $17.05B
YoY changeLargest recent move+13.0%in FY22Latest +10.2%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All ED Financial Metrics57 metrics

Income Statement12

Balance Sheet25

Cash Flow15

Per Share5

02—Overview

Consolidated Edison Financial Overview 2021–2025

Updated Nov 6, 2026

By divesting its Clean Energy Businesses for $6.8 billiona 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 $5.64b 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 billionc capitalization. Shares ended the period priced at $99.32, trading at a 17.6x earnings multiple.

Recent Developments (Q2 and Q3 2026)

Consolidated Edison posted strong performance through the first nine months of 2026, reporting total operating revenues of $14.078 billiond (a 9% increase year-over-year) and net income of $1.998 billion ($5.42 diluted EPS). Q3 net income reached $766 million ($2.07 per share), up from $688 million ($1.91 per share) in Q3 2025. Management narrowed full-year adjusted EPS guidance to $6.05 to $6.15. The utility completed a $1.3 billion long-term debt issuance and raised roughly $1.7 billion in common equity during the first half, maintaining a robust common equity ratio of 49.5% alongside heavy infrastructure outlays totaling $4.051 billion.

The bull case centers on multi-year rate base compounding and rising electrification demand, while the bear case highlights regulatory friction from New York's Chapter 58 and elevated aged customer receivables. Shares trade at 21.5xe earnings as of the Q3 2026 filing, reflecting a premium multiple for its pure-play utility profile.

What to watch: Pending New York steam rate plan approval; aged customer receivables exceeding 60 days

03—Filings

Recent SEC Filings

  1. 8-KConsolidated Edison 8-K Report, Financial Results (Nov 5, 2026)Consolidated Edison, Inc. (Con Edison) reported its third quarter and year-to-date financial results for 2026. The company announced net income of $766 million, or $2.07 per share, for the third quarter of 2026, an increase from the $688 million, or $1.91 per share, reported in the same period of 2025. Adjusted earnings per share also saw a slight increase to $2.07 compared to $1.90 in the prior year's third quarter, after excluding certain one-time items. For the first nine months of 2026, Con Edison reported net income of $1,998 million, or $5.44 per share, up from $1,726 million, or $4.84 per share, in the first nine months of 2025. The company also reiterated its full-year 2026 adjusted earnings per share guidance, now projected to be between $6.05 and $6.15, narrowing the previous range. Key drivers for operational performance include higher electric rate base, increased income from the allowance for equity funds used during construction, and lower operation and maintenance expenses for CECONY, partially offset by the dilutive effect of common share issuances.
  2. 8-KConsolidated Edison 8-K Report, Corporate Update (Sep 4, 2026)Consolidated Edison Company of New York, Inc. (CECONY), a subsidiary of Consolidated Edison, Inc. (ED), has entered into a joint proposal with the New York State Department of Public Service (NYSDPS) and other parties regarding a new steam rate plan. This proposal covers the three-year period from November 1, 2026, to October 31, 2029, and is subject to approval by the New York State Public Service Commission (NYSPSC). The Joint Proposal outlines planned base rate increases totaling $13 million in Year 1, $42 million in Year 2, and $39 million in Year 3. While these are the base rate changes, the company expects a consistent total bill impact of 3.5% each year, amounting to approximately $26.6 million, $27.5 million, and $28.5 million, respectively, with new rates effective November 1, 2026. The plan also includes provisions for capital expenditures, amortization of regulatory assets, and the continuation of key mechanisms like weather normalization and cost recovery for purchased power and fuel. Importantly, it introduces negative revenue adjustments for performance targets related to service, reliability, and safety, with potential charges escalating from $4.3 million to $4.7 million annually.
  3. 8-KConsolidated Edison 8-K Report, Financial Results (Aug 6, 2026)Consolidated Edison reported second-quarter 2026 GAAP net income for common stock of $308 million, or $0.83 per share, up from $246 million, or $0.68 per share, in the second quarter of 2025. Adjusted EPS (non-GAAP) was $0.83 versus $0.67 a year earlier, and the increase was driven mainly by higher electric and gas rate base at CECONY and the timing of billing for rate increases. Year-to-date GAAP EPS was $3.37 and adjusted EPS was $3.00, compared with $2.93 and $2.91 in the first half of 2025. The year-to-date GAAP figure is inflated by a $189 million pre-tax gain on the sale of Con Edison's MVP equity interest, which is excluded from adjusted results. Management reaffirmed full-year 2026 adjusted EPS guidance of $6.00 to $6.20. The company stated that year-to-date results are in line with expectations. Guidance excludes the MVP gain (about $(0.37) per share after tax), MVP basis accretion, strategic-review transaction costs, and HLBV effects, which will be determined at year-end. Regulatory developments were mixed: New Jersey approved a RECO electric rate increase at a 9.60% ROE, and New York's Chapter 58 introduces affordability-focused constraints on future rate filings starting in 2027. Con Edison also raised capital through equity forward settlements, a $3.5 billion revolving credit facility, and a $1.3 billion CECONY debt issuance. For investors, the quarter shows steady regulated growth with a constructive rate framework, but the outlook depends on several items. These include the timing of the MVP sale and transaction costs, continued equity issuance (planned up to $1.1 billion in 2026), the new New York affordability regime, and a negative Moody's outlook on Con Edison and CECONY. The company also has a 4.4% dividend increase and a quarterly dividend of $0.8875 declared July 16, 2026.
  4. 8-KConsolidated Edison 8-K Report, Executive Changes (Jul 2, 2026)Consolidated Edison, Inc. (NYSE: ED) filed an 8-K on July 2, 2026 to report a board appointment rather than a financial or operational event. Under Item 5.02, Tali Farhadian Weinstein was elected to the boards of both Consolidated Edison, Inc. and Consolidated Edison Company of New York, Inc., effective July 1, 2026. She was assigned to the Safety, Environment, Operations and Sustainability Committee and the Corporate Governance and Nominating Committee, and she will receive director compensation as described in the company's 2026 proxy statement filed April 8, 2026. The filing contains no financial results, guidance, or disclosure of material operational changes, so it has limited direct impact on near-term earnings or valuation. The appointment is best viewed as a governance update. Ms. Farhadian brings legal, prosecutorial, and regulatory experience, which may be relevant to a regulated utility operating in New York under heavy public-utility oversight. Her appointment also places a new director on the committees that oversee safety, operations, and governance, areas that matter to investors in a utility with a large urban footprint. Investors should note that Ms. Farhadian is scheduled to become CEO of the Museum of Jewish Heritage in September 2026. The filing and press release present this as a non-conflicting outside role, but investors may wish to monitor her time commitments and any future disclosures about board independence or conflicts. The accompanying press release (Exhibit 99) was issued for immediate release and contains only biographical and background information.
  5. 8-KConsolidated Edison 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.
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04—See also

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