Did Con Edison's Q2 2025 earnings beat last year, and what drove the change?

Yes. GAAP EPS rose to $0.68 from $0.58, and adjusted EPS rose to $0.67 from $0.59. The largest driver was a $0.11 benefit at CECONY from the May 2024 NYSPSC order denying recovery of billing-system costs, which lifted 2025 results compared with 2024. Higher electric rate base and an O&R electric base rate increase added further support, while higher interest on long-term debt and share dilution were partial offsets.

Is Con Edison's 2025 earnings guidance changing?

No. The company reaffirmed 2025 adjusted EPS guidance of $5.50 to $5.70. Management excluded MVP basis-difference accretion (about $(0.03) per share after tax), HLBV effects, and any impacts from evaluating strategic alternatives for MVP and Honeoye Storage, because those amounts will not be determinable until year-end. The company therefore did not provide a GAAP guidance equivalent.

What is the biggest risk to future earnings from the rate case?

The gap between CECONY's request and NYSPSC staff's recommendation. CECONY asked for $1,608 million in electric and $349 million in gas increases at a 10.0% ROE. Staff's May 2025 testimony recommended a $319 million electric increase, a $45 million gas decrease, and a 9.30% ROE. The final outcome, expected to take effect January 1, 2026, will determine a large share of rate base earnings growth and is still subject to settlement negotiations or hearings.

How is Con Edison funding its large capital program?

The company forecasts about $38 billion of capital investment from 2025 to 2029. Its financing plan includes up to $1,350 million of common equity in 2025, of which $677 million was received in March from settling a December 2024 forward sale, and up to $1,850 million in 2026 and up to $4,300 million over 2027 to 2029. Long-term debt is planned at up to $1,750 million in 2025, $3,800 million in 2026, and $9,100 million over 2027 to 2029. Management states that growth is financed without long-term holding company debt.

ED 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed August 7, 2025. Cited figures are marked; the original filing is the authoritative source.

Consolidated Edison (ED) reported second-quarter 2025 GAAP net income for common stock of $246 million^a, or $0.68 per share, up from $202 million, or $0.58, in the prior-year quarter.

Adjusted (non-GAAP) EPS was $0.67^b versus $0.59 a year earlier. For the first six months, GAAP EPS was $2.93 and adjusted EPS was $2.91, compared with $2.67 and $2.73 in 2024. The quarter's growth was driven mainly by a $0.11 benefit from the May 2024 NYSPSC order allowing CECONY to stop deferring costs of its customer billing system, plus higher electric rate base at CECONY and an electric base rate increase at O&R.

These gains were partly offset by higher interest on long-term debt and the dilutive effect of share issuance. Management reaffirmed 2025 adjusted EPS guidance of $5.50 to $5.70^c. The forecast excludes MVP-related basis-difference accretion (about $(0.03) per share after tax), HLBV effects, and impacts from the evaluation of strategic alternatives for MVP and Honeoye Storage, which cannot be determined until year-end.

The company also reaffirmed a 2025 to 2029 capital plan of roughly $38 billion^d and an 8.2% utility rate base growth target, financed without long-term holding company debt. The key item for investors is the pending CECONY electric and gas rate case. CECONY requested increases of $1,608 million for electric and $349 million for gas, effective January 2026, based on a 10.0% ROE and 48% equity ratio.

NYSPSC staff recommended an electric increase of only $319 million and a gas decrease of $45 million, using a 9.30% ROE. The gap between the request and staff's position is the main regulatory uncertainty for future earnings.

02—Key points

Key Highlights

Q2 2025 GAAP EPS of $0.68 (vs. $0.58) and adjusted EPS of $0.67 (vs. $0.59); net income for common stock rose to $246 million from $202 million.
1H 2025 GAAP EPS of $2.93 rose from $2.67, while adjusted EPS of $2.91 was above the prior-year $2.73 when measured on the adjusted basis.
Full-year 2025 adjusted EPS guidance of $5.50 to $5.70 was reaffirmed, with MVP-related and strategic-alternative impacts excluded and not yet determinable.
CECONY's pending electric and gas rate requests ($1,608M electric, $349M gas, 10.0% ROE) face a NYSPSC staff recommendation of a $319M electric increase, a $45M gas decrease, and a 9.30% ROE.
Approximately $38 billion of capital investment is forecast for 2025 to 2029, supporting an 8.2% utility rate base growth target, with no long-term holding company debt.
The 2025 to 2029 financing plan includes up to $1,350M of common equity in 2025 (of which $677M was received in March), with issuance also planned in 2026 and 2027 to 2029.
The quarterly dividend was declared at $0.85 per share on July 17, 2025, and Con Edison has 51 consecutive years of dividend increases.

03—Questions

Frequently Asked Questions

Did Con Edison's Q2 2025 earnings beat last year, and what drove the change?
Yes. GAAP EPS rose to $0.68 from $0.58, and adjusted EPS rose to $0.67 from $0.59. The largest driver was a $0.11 benefit at CECONY from the May 2024 NYSPSC order denying recovery of billing-system costs, which lifted 2025 results compared with 2024. Higher electric rate base and an O&R electric base rate increase added further support, while higher interest on long-term debt and share dilution were partial offsets.
Is Con Edison's 2025 earnings guidance changing?
No. The company reaffirmed 2025 adjusted EPS guidance of $5.50 to $5.70. Management excluded MVP basis-difference accretion (about $(0.03) per share after tax), HLBV effects, and any impacts from evaluating strategic alternatives for MVP and Honeoye Storage, because those amounts will not be determinable until year-end. The company therefore did not provide a GAAP guidance equivalent.
What is the biggest risk to future earnings from the rate case?
The gap between CECONY's request and NYSPSC staff's recommendation. CECONY asked for $1,608 million in electric and $349 million in gas increases at a 10.0% ROE. Staff's May 2025 testimony recommended a $319 million electric increase, a $45 million gas decrease, and a 9.30% ROE. The final outcome, expected to take effect January 1, 2026, will determine a large share of rate base earnings growth and is still subject to settlement negotiations or hearings.
How is Con Edison funding its large capital program?
The company forecasts about $38 billion of capital investment from 2025 to 2029. Its financing plan includes up to $1,350 million of common equity in 2025, of which $677 million was received in March from settling a December 2024 forward sale, and up to $1,850 million in 2026 and up to $4,300 million over 2027 to 2029. Long-term debt is planned at up to $1,750 million in 2025, $3,800 million in 2026, and $9,100 million over 2027 to 2029. Management states that growth is financed without long-term holding company debt.

04—Continue

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