10-QPeriod: Q3 FY2025

CONSOLIDATED EDISON INC Quarterly Report for Q3 Ended Sep 30, 2025

Filed November 6, 2025For Securities:ED

Summary

Consolidated Edison Inc. (ED) reported strong financial results for the nine months ended September 30, 2025, with net income for common stock increasing to $1.726 billion, up from $1.510 billion in the same period last year. This represents a significant year-over-year improvement, driven primarily by solid performance in its regulated utility segments, CECONY and O&R. The company's operating revenues also saw a substantial increase, reaching $12.924 billion for the nine-month period, up from $11.587 billion in 2024. This growth is attributed to higher revenues across electric and gas operations, supported by rate increases and increased customer demand, particularly in residential and commercial sectors. Despite inflationary pressures and higher interest rates impacting operating expenses and capital costs, Con Edison has effectively managed these challenges through its regulated rate structures and strategic financial management. Key areas of focus for investors include the company's continued investment in grid modernization and clean energy initiatives, alongside its ability to navigate evolving regulatory landscapes and potential impacts from federal policies. The company's capital expenditures remain robust, reflecting its commitment to infrastructure improvements and reliability. Con Edison's financial health appears stable, with a solid common equity ratio and ample liquidity, positioning it to continue delivering shareholder value through dividends and earnings growth.

Financial Highlights

37 data points
Beta

Revenue

$4.57B

Net Income

$688.00M

15.1% Net Margin

EPS (Diluted)

$1.90

Total Assets

$71.84B

Cash & Equivalents

$181.00M

Free Cash Flow

$504.00M

Financial Statements
Beta
Revenue$4.57B
Operating Expenses$3.56B
Operating Income$968.00M
Interest Expense$309.00M
Net Income$688.00M
EPS (Basic)$1.91
EPS (Diluted)$1.90
Shares Outstanding (Basic)360.70M
Shares Outstanding (Diluted)361.90M

Key Highlights

  • 1Net income for common stock increased to $1.726 billion for the first nine months of 2025, up from $1.510 billion in the prior year.
  • 2Consolidated operating revenues grew to $12.924 billion for the first nine months of 2025, an increase from $11.587 billion in the same period of 2024.
  • 3CECONY's electric operations saw a significant rise in operating income to $1.728 billion for the nine months ended September 30, 2025, compared to $1.511 billion in 2024, driven by rate increases and higher purchased power volumes.
  • 4CECONY's gas operations also showed improved operating income of $601 million for the nine months ended September 30, 2025, up from $588 million in 2024, benefiting from higher gas purchased for resale and rate plan increases.
  • 5Utility capital expenditures remained substantial, with $3.460 billion for Con Edison and $3.169 billion for CECONY for the nine months ended September 30, 2025, focused on infrastructure upgrades.
  • 6The company maintained a healthy common equity ratio, with Con Edison at 49.2% and CECONY at 48.4% as of September 30, 2025.
  • 7Con Edison Transmission is advancing key infrastructure projects, including the Propel NY Energy transmission project, indicating continued strategic investment in the transmission segment.

Frequently Asked Questions

The increase in net income for the first nine months of 2025 was primarily driven by higher operating revenues across CECONY's electric and gas segments, improved operational efficiencies, and the positive impact of regulatory rate adjustments. Specifically, CECONY's electric operations saw a significant boost due to increased revenues from its electric rate plan and higher purchased power volumes and costs, which are generally recovered through rates. Similarly, gas operations benefited from higher gas purchased for resale and rate plan increases. Con Edison Transmission also contributed positively, albeit to a lesser extent.

Con Edison manages the impact of inflation and higher interest rates through its regulated rate structures, which allow for the recovery of costs, including fuel, purchased power, and capital expenditures, from customers. The company also utilizes a mix of fixed-rate and variable-rate debt to manage interest rate risk. While higher interest rates have increased interest expense, particularly on commercial paper and variable-rate debt, the recovery mechanisms within their rate plans help to mitigate the direct impact on earnings. Additionally, the company actively monitors financial markets and engages in opportunistic refinancing to manage debt costs.

Con Edison's capital expenditures are primarily focused on maintaining and enhancing the reliability, resilience, and safety of its utility infrastructure, as well as supporting the transition to cleaner energy. Key priorities include investments in grid modernization, such as upgrades to electric and gas utility plant balances, and infrastructure development to support clean energy goals, including building and transportation electrification. Investments in Con Edison Transmission, such as the Propel NY Energy project, also represent a significant capital allocation strategy to expand and upgrade the electric transmission portfolio.

Yes, Con Edison is subject to various regulatory and governmental actions. Recent developments include new state legislation impacting payroll tax rates and corporate franchise tax extensions in New York. Federal actions, such as executive orders on tariffs and energy regulations, are also being monitored for potential impacts on the cost of materials and supply chains. The company is also actively engaged with regulators on clean energy initiatives, energy efficiency programs, and thermal energy network pilots, all of which influence future investments and operational strategies.