10-QPeriod: Q2 FY2025

CONSOLIDATED EDISON INC Quarterly Report for Q2 Ended Jun 30, 2025

Filed August 7, 2025For Securities:ED

Summary

Consolidated Edison, Inc. (Con Edison) and its subsidiary, Consolidated Edison Company of New York, Inc. (CECONY), reported improved financial performance for the second quarter ended June 30, 2025, compared to the same period in the prior year. Net income attributable to common stock increased due to higher operating revenues driven by increased electric and gas rates, alongside favorable adjustments related to a prior regulatory order. These positive results were partially offset by increased operation and maintenance expenses and higher interest expenses. The company is actively managing its rate increase requests, with CECONY filing for significant increases for electric and gas services, though the New York State Public Service Commission (NYSPSC) has proposed lower figures. The company is also implementing strategies to manage aged accounts receivable balances, which remain elevated but have seen some improvement. Con Edison Transmission is advancing its electric transmission projects, though strategic alternatives are being considered for certain investments. Overall, the company continues to focus on investing in reliability and sustainability while navigating a dynamic regulatory and economic environment.

Financial Highlights

37 data points
Beta

Revenue

$3.63B

Net Income

$246.00M

6.8% Net Margin

EPS (Diluted)

$0.68

Total Assets

$71.50B

Cash & Equivalents

$1.51B

Free Cash Flow

$1.98B

Financial Statements
Beta
Revenue$3.63B
Operating Expenses$3.24B
Operating Income$355.00M
Interest Expense$300.00M
Net Income$246.00M
EPS (Basic)$0.68
EPS (Diluted)$0.68
Shares Outstanding (Basic)360.40M
Shares Outstanding (Diluted)361.70M

Key Highlights

  • 1Net income for common stock increased by $44 million to $246 million for the three months ended June 30, 2025, compared to the prior year, with a corresponding increase in earnings per share from $0.58 to $0.68.
  • 2CECONY's electric operating income rose by $40 million, driven by higher electric rate plan revenues and increased purchased power expenses.
  • 3CECONY's gas operating income increased by $1 million, despite higher gas purchased for resale costs, due to favorable gas rate plan adjustments.
  • 4CECONY's steam operations reported a decrease in operating income of $8 million, reflecting lower steam sales and higher fuel and purchased power expenses.
  • 5O&R's electric operating income increased by $4 million, supported by higher revenues from its New York electric rate plan and increased purchased power expenses.
  • 6O&R's gas operations maintained flat operating income, with higher gas purchased for resale costs offsetting revenue increases.
  • 7Con Edison Transmission is considering strategic alternatives for its investments in MVP and Honeoye Storage Corporation, while continuing development of the Propel NY Energy transmission project.

Frequently Asked Questions

The increase in net income for the quarter was primarily driven by higher operating revenues from CECONY's electric and gas segments due to rate increases, and favorable adjustments related to a prior NYSPSC order denying CECONY's request to capitalize certain system implementation costs. These positive impacts were partially offset by increased operation and maintenance expenses and higher interest expenses.

CECONY filed for substantial electric and gas rate increases effective January 1, 2026, requesting $1,608 million for electric and $349 million for gas. However, the New York State Department of Public Service has recommended a more modest electric rate increase of $319 million and a gas rate decrease of $45 million. The outcome of these rate requests, pending NYSPSC approval, will significantly impact the Companies' future financial results.

Con Edison is implementing an integrated collections strategy to reduce aged accounts receivable balances. This includes offering payment arrangements, enhancing customer communications, increasing field collections, and expanding call center capacity. While balances remain elevated compared to pre-pandemic levels, ongoing efforts are in place to manage this risk and its impact on liquidity.

Con Edison Transmission, through its New York Transco partnership, is developing the Propel NY Energy transmission project, a significant initiative to enhance high-voltage transmission connections. Additionally, CECONY received approval for five grid upgrade projects totaling $439.9 million to meet anticipated demand from building electrification and transportation, with additional projects being considered through rate cases or other proceedings.