10-QPeriod: Q1 FY2025

CONSOLIDATED EDISON INC Quarterly Report for Q1 Ended Mar 31, 2025

Filed May 1, 2025For Securities:ED

Summary

Consolidated Edison, Inc. (Con Edison) reported solid financial performance for the first quarter of 2025, demonstrating growth in net income and earnings per share compared to the prior year. The company's regulated utility operations, primarily through Consolidated Edison Company of New York (CECONY) and Orange and Rockland Utilities (O&R), continue to be the main drivers of revenue and profitability. Management highlights continued investment in infrastructure to ensure reliability and support clean energy goals, while also navigating evolving regulatory and market landscapes. While the company is experiencing an increase in aged accounts receivable, management is actively implementing collection strategies. Potential impacts from new tariffs on Canadian energy imports and ongoing federal regulatory actions are being monitored. Con Edison Transmission is advancing its strategic transmission projects, contributing to the company's diversified growth strategy. Overall, the report indicates a stable financial position with a focus on operational efficiency and strategic investments for future shareholder value.

Financial Highlights

38 data points
Beta

Revenue

$4.89B

Net Income

$791.00M

16.2% Net Margin

EPS (Diluted)

$2.25

Total Assets

$70.69B

Cash & Equivalents

$360.00M

Free Cash Flow

$837.00M

Financial Statements
Beta
Revenue$4.89B
Operating Expenses$3.67B
Operating Income$1.13B
Interest Expense$313.00M
Net Income$791.00M
EPS (Basic)$2.26
EPS (Diluted)$2.25
Shares Outstanding (Basic)350.10M
Shares Outstanding (Diluted)351.30M

Key Highlights

  • 1Consolidated Edison, Inc. reported a net income of $791 million ($2.26 EPS) for Q1 2025, up from $720 million ($2.08 EPS) in Q1 2024, indicating improved profitability.
  • 2CECONY filed for significant electric and gas rate increases with the NYSPSC, requesting $1,608 million and $349 million respectively, effective January 2026, which could significantly impact future earnings.
  • 3Aged accounts receivable balances remain a focus, with CECONY's outstanding balances over 60 days at $1,513 million at March 31, 2025, though the company is executing an integrated collections strategy to mitigate this.
  • 4The company is actively monitoring potential impacts from recent US government actions, including tariffs on Canadian energy imports and executive orders related to environmental regulations, though no direct financial impact has been quantified yet.
  • 5Con Edison Transmission is progressing with key projects like Propel NY Energy and considering strategic alternatives for its investments in Mountain Valley Pipeline (MVP) and Honeoye Storage Corporation.
  • 6Operating revenues for the total Con Edison entity increased to $4,798 million in Q1 2025 from $4,280 million in Q1 2024, driven by the regulated utilities.
  • 7The company's common equity ratio improved to 49.1% for Con Edison and 48.0% for CECONY as of March 31, 2025, strengthening the balance sheet.

Frequently Asked Questions

CECONY has filed requests with the NYSPSC for substantial electric ($1,608 million) and gas ($349 million) rate increases, effective January 2026. The outcome of these filings, which require regulatory approval, is crucial for CECONY's future financial performance and will significantly influence the company's results of operations and liquidity.

Con Edison, particularly CECONY and O&R, is experiencing an increase in aged accounts receivable balances. To address this, the company is executing an integrated collections strategy that includes implementing payment arrangements, enhancing customer communications, increasing field collections, and augmenting call center capacity. While these measures are in place, the continued rise in aged receivables is impacting liquidity.

Con Edison is closely monitoring several federal government actions, including executive orders imposing tariffs on Canadian energy imports and directives on environmental and energy regulations. While the company is unable to predict the precise changes or their impact, these developments could potentially affect electric commodity prices and the company's broader operations and financial condition.

Con Edison Transmission is actively involved in developing significant transmission projects, including the Propel NY Energy project aimed at enhancing connections between Long Island and the rest of New York State. The company is also exploring strategic alternatives for its investments in the Mountain Valley Pipeline (MVP) and Honeoye Storage Corporation.