01—Abstract
Summary
Summary of the 10-K filed February 20, 2025. Cited figures are marked; the original filing is the authoritative source.
Consolidated Edison, Inc. (ED) reported a decrease in net income for common stock in 2024 to $1.82 billiona, or $5.26 per share, down from $2.52 billion, or $7.25 per share, in 2023.
However, adjusted earnings (non-GAAP) saw an increase to $1.87 billionb, or $5.40 per share, from $1.76 billion, or $5.07 per share, in 2023, indicating operational improvements or normalization of certain expenses. The company's utilities significantly invested $4.7 billion in 2024 to upgrade their energy delivery systems, with substantial capital expenditure plans continuing over the next five years, signaling a strong commitment to infrastructure modernization and reliability. Con Edison Transmission is evaluating strategic alternatives for its investments in Mountain Valley Pipeline, LLC (MVP) and Honeoye Storage Corporation (Honeoye), which could impact future strategic direction and financial reporting.
The company also continues to manage its capital structure through a combination of internally generated funds and significant debt and equity issuances planned through 2029 to meet its capital requirements. Investors should note the ongoing regulatory processes, including rate plan adjustments and audits, which are critical to the company's financial performance.
02—Key points
Key Highlights
- Net income for common stock decreased to $1.82 billion ($5.26/share) in 2024 from $2.52 billion ($7.25/share) in 2023.
- Adjusted earnings (non-GAAP) increased to $1.87 billion ($5.40/share) in 2024 from $1.76 billion ($5.07/share) in 2023.
- Utilities invested $4.7 billion in 2024 for system upgrades, with robust capital expenditure plans extending through 2029.
- Con Edison Transmission is exploring strategic alternatives for its investments in MVP and Honeoye.
- The company plans significant debt and equity issuances through 2029 to fund capital requirements.
- CECONY expensed $51 million in incremental costs for a new customer billing system after exceeding a capitalization cap.
- CECONY filed for electric and gas rate increases totaling $1.612 billion and $441 million, respectively, effective January 2026.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2024filed February 20, 2025Financial Statements
FY2024 against FY2023
| Line item | FY2024FY2023 | Change |
|---|---|---|
| Revenue | $15.47B$14.48B | +6.9% |
| Operating Expenses | $12.52B$12.33B | +1.6% |
| Operating Income | $2.67B$3.20B | −16.5% |
| Interest Expense | $1.19B$1.02B | +16.0% |
| Net Income | $1.82M$2.52B | −99.9% |
| EPS (Basic) | $5.26$7.25 | −27.4% |
| EPS (Diluted) | $5.24$7.21 | −27.3% |
| Shares Outstanding (Basic) | 346.00M347.70M | −0.5% |
| Shares Outstanding (Diluted) | 347.30M349.30M | −0.6% |
05—Questions
Frequently Asked Questions
What was Con Edison's financial performance in 2024 compared to 2023?
Con Edison's net income for common stock decreased to $1.82 billion ($5.26 per share) in 2024 from $2.52 billion ($7.25 per share) in 2023. However, adjusted earnings, a non-GAAP measure, increased to $1.87 billion ($5.40 per share) in 2024 from $1.76 billion ($5.07 per share) in 2023.
What are Con Edison's capital expenditure plans?
Con Edison's utilities invested $4.7 billion in 2024 to upgrade their energy delivery systems. The company has significant capital expenditure plans for the next five years, with the utilities expecting to invest approximately $5.08 billion in 2025, increasing thereafter, while Con Edison Transmission expects to invest approximately $43 million in 2025, also increasing in subsequent years, primarily in electric transmission projects.
Are there any significant strategic reviews underway?
Yes, Con Edison Transmission is considering strategic alternatives with respect to its investments in the Mountain Valley Pipeline, LLC (MVP) and Honeoye Storage Corporation (Honeoye). The outcomes of these reviews could influence future investment strategies and financial results.
How does Con Edison plan to finance its future capital requirements?
Con Edison plans to meet its capital requirements for 2025 through 2029 through internally generated funds and the issuance of long-term debt and common equity. Specific plans include issuing up to $1.75 billion in long-term debt in 2025 and up to $1.35 billion in common equity.
What are the implications of the regulatory environment on Con Edison's financial results?
Con Edison's utilities are extensively regulated by the NYSPSC and NJBPU. Rate plans are crucial, and changes or denials in regulatory petitions, such as CECONY's capitalization request for its new customer billing system, can directly impact expenses and financial results. Additionally, CECONY has filed for significant rate increases for its electric and gas services, which are subject to regulatory approval.
06—Continue