CON EDISON REPORTS 2025 EARNINGS

Rhea-AI Summary

Con Edison (NYSE: ED) reported 2025 net income for common stock of $2,023 million or $5.66 per share, versus $1,820 million or $5.26 per share in 2024. Adjusted EPS (non-GAAP) was $5.70 in 2025 versus $5.40 in 2024.

The company issued 2026 adjusted EPS guidance of $6.00–$6.20, five-year compounded adjusted EPS growth target of 6–7% CAGR, and capital investment plans of $6,595M in 2026, $6,759M in 2027, and $24,339M for 2028–2030.

Positive

• Net income rose to $2,023M in 2025
• Adjusted EPS increased to $5.70 in 2025
• 2026 adjusted EPS guidance of $6.00–$6.20
• Five-year adjusted EPS growth target of 6–7% CAGR
• Large capital investment plan: $43.693B for 2026–2030 aggregate

Negative

• Planned equity issuance: up to $1,100M in 2026
• Planned long-term debt: up to $3,200M in 2026
• Adjusted measures exclude impairments and transaction costs

Key Figures

2025 net income: $2,023 million 2025 EPS: $5.66 per share 2025 adjusted EPS: $5.70 per share +5 more

8 metrics

2025 net income $2,023 million Net income for common stock in 2025; vs $1,820 million in 2024

2025 EPS $5.66 per share Reported EPS for 2025; vs $5.26 in 2024

2025 adjusted EPS $5.70 per share Non-GAAP adjusted EPS 2025; vs $5.40 in 2024

Q4 2025 adjusted EPS $0.89 per share Adjusted EPS Q4 2025; vs $0.98 in Q4 2024

2026 EPS guidance $6.00–$6.20 per share 2026 adjusted EPS (non-GAAP) guidance range

5-year EPS CAGR target 6%–7% per year Forecast compounded annual adjusted EPS growth based on 2026 midpoint

2026 capital investments $6,595 million Planned capital investments for 2026

2026 equity issuance $1,100 million Planned common equity issuance in 2026, excluding plans/programs

Market Reality Check

Price: $111.92 Vol: Volume 2,752,941 is 1.43x...

normal vol

$111.92 Last Close

Volume Volume 2,752,941 is 1.43x the 20-day average of 1,926,249, indicating elevated interest into earnings. normal

Technical Price $111.92 trades 2.89% below the 52-week high of $115.25 and above the 200-day MA at $101.34, reflecting a constructive longer-term trend pre-release.

Peers on Argus

ED was up 0.4% with strong earnings and guidance while key peers like PCG, ETR, ...

1 Up

ED was up 0.4% with strong earnings and guidance while key peers like PCG, ETR, PEG, and XEL showed smaller single-day gains between about 0.08% and 1.43%. With only one peer (ETR) in the momentum scan and no broad, same-direction surge, the move appears more company-specific than sector-driven.

Historical Context

5 past events · Latest: Jan 27 (Positive)

Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 27	Dividend increase	Positive	-0.2%	Announced 52nd consecutive annual dividend increase and higher annual payout.
Jan 15	Earnings date notice	Neutral	+1.2%	Set reporting date for 2025 earnings and reiterated utility/transmission profile.
Nov 06	Quarterly earnings	Positive	+1.6%	Q3 2025 EPS and guidance raised, supported by investment plan settlement.
Oct 21	Earnings timing	Neutral	+0.4%	Announced Q3 2025 earnings release date and reiterated business segments.
Oct 16	Dividend declaration	Positive	+0.1%	Declared quarterly dividend and highlighted regulated utility subsidiaries.

Pattern Detected

Recent company news, especially earnings and dividend updates, has generally seen share price moves that align with the news tone, with only one mild divergence on a dividend increase.

Recent Company History

Over the past few months, Con Edison has emphasized steady regulated utility performance and shareholder returns. In Q3 2025, the company reported higher net income and raised its 2025 adjusted EPS outlook to $5.60–$5.70, which coincided with a positive price reaction. Regular dividend declarations, including increases, and scheduled earnings-date announcements underline a consistency theme. Today’s full-year 2025 earnings, 2026 EPS guidance, and multi-year capex plans extend that narrative of incremental growth and ongoing capital investment.

Market Pulse Summary

This announcement details higher 2025 earnings, a 2026 adjusted EPS guidance range of $6.00–$6.20, a...

Analysis

This announcement details higher 2025 earnings, a 2026 adjusted EPS guidance range of $6.00–$6.20, and a targeted 6%–7% five‑year EPS growth rate, supported by large capital plans such as $6,595 million of 2026 investments. It also signals significant future financing, including up to $1,100 million of common equity in 2026. Investors may track execution on the capex program, regulatory approvals through 2030, and how closely actual EPS trends to the stated growth targets.

Key Terms

adjusted earnings, non-gaap, impairment loss, accretion, +4 more

8 terms

adjusted earnings financial

"Adjusted earnings (non-GAAP) were $2,038 million or $5.70 a share in 2025..."

Adjusted earnings are a company’s profit figure that has been altered to remove one-time, unusual or non-operational items so it better reflects the business’s regular performance. Think of it like looking at a household budget but ignoring a big, unusual expense or windfall to see what normal monthly cash flow looks like; investors use adjusted earnings to compare companies and trends, but should watch what is excluded because choices can change the picture.

non-gaap financial

"Adjusted earnings (non-GAAP) were $2,038 million or $5.70 a share in 2025..."

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

impairment loss financial

"exclude the impact of the impairment loss related to Con Edison's investment in Honeoye..."

An impairment loss is an accounting write-down recorded when an asset’s recorded value on the books is higher than what the company can realistically recover from using or selling it. Think of it like admitting a used car is worth much less than the loan balance and adjusting the records to match the true value; for investors, impairment losses reduce reported profits and net assets, can signal weaker future cash flow from that asset, and may affect covenants and valuation.

accretion financial

"exclude accretion of the basis difference of Con Edison's equity investment in MVP..."

Accretion is the gradual increase in the value of an asset or in a company’s per-share metrics that happens over time or after a transaction, such as when discounts are amortized or a deal boosts earnings per share. Investors watch accretion because it signals that their ownership or expected returns are growing rather than shrinking — like a savings account slowly earning interest or a recipe that yields a few extra servings — which can affect share price and investment decisions.

hlbv accounting financial

"and the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments."

HLBV accounting (Hypothetical Liquidation at Book Value) is a method for reporting the value and income from an equity investment that assumes the investee company is sold or wound up at the amounts shown on its books, then allocates the hypothetical proceeds among owners and creditors to determine the investor’s share. It matters to investors because this approach can produce very different reported profits, losses and balance‑sheet values than fair‑value or cost methods, so it affects how performance and financial strength are interpreted—think of dividing a pie as if everyone were paid based on last month’s inventory count rather than today’s market price.

at-the-market equity program financial

"including pursuant to an at-the-market equity program."

An at-the-market equity program lets a company sell newly issued shares directly into the open market at the current trading price through a broker, rather than in a single, prearranged block. It provides flexible, on-demand access to cash—like drawing small amounts from a credit line—but increases the number of shares outstanding, which can reduce existing shareholders’ ownership percentage and put downward pressure on the stock price, so investors monitor program size and pacing.

form 10-k regulatory

"The company's 2025 Annual Report on Form 10-K is being filed..."

A Form 10-K is a comprehensive report that publicly traded companies are required to file annually with regulators. It provides a detailed overview of a company's financial health, operations, and risks, similar to a detailed health report. Investors use this information to assess the company's performance and make informed decisions about buying or selling its stock.

rate plan regulatory

"The three-year rate plan provides a solid foundation..."

A rate plan is a set of pricing terms and conditions a company offers for a service or product—think of it like a menu that lists packages, prices, usage limits, and any discounts or penalties. For investors, rate plans matter because they directly drive revenue, customer growth, and profit margins; changes to plans can signal competitive strategy, affect churn (how many customers leave), and alter future cash flow forecasts.

AI-generated analysis. Not financial advice.

NEW YORK, Feb. 19, 2026 /PRNewswire/ -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2025 net income for common stock of $2,023 million or $5.66 a share compared with $1,820 million or $5.26 a share in 2024. Adjusted earnings (non-GAAP) were $2,038 million or $5.70 a share in 2025 compared with $1,868 million or $5.40 a share in 2024. Adjusted earnings and adjusted earnings per share in 2025 exclude the impact of the impairment loss related to Con Edison's investment in Honeoye Storage Corporation (Honeoye), remeasurement of deferred state income taxes related to the previously recorded impairment of Mountain Valley Pipeline, LLC (MVP), transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye and the gain on the sale of an interest in a solar electric production project. Adjusted earnings and adjusted earnings per share in 2025 and 2024 exclude accretion of the basis difference of Con Edison's equity investment in MVP, adjustments to the loss (gain) and other impacts related to the sale of all of the stock of its former subsidiary, the Clean Energy Businesses, in 2023 and the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments.

For the fourth quarter of 2025, net income for common stock was $297 million or $0.82 a share compared with $310 million or $0.90 a share in the 2024 period. Adjusted earnings were $320 million or $0.89 a share in the 2025 period compared with $340 million or $0.98 a share in the 2024 period. Adjusted earnings and adjusted earnings per share in the 2025 period exclude the impact of the impairment loss related to Con Edison's investment in Honeoye, remeasurement of deferred state income taxes related to the previously recorded impairment of MVP, transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye and the gain on the sale of an interest in a solar electric production project. Adjusted earnings and adjusted earnings per share in the 2025 and 2024 periods exclude accretion of the basis difference of Con Edison's equity investment in MVP and the effects of HLBV accounting for tax equity investments. Adjusted earnings and adjusted earnings per share in the 2024 period exclude adjustments to the loss (gain) and other impacts related to the sale of all of the stock of the Clean Energy Businesses in 2023.

"Our 2025 performance affirmed the durability of our regulated businesses and the value created through disciplined, forward-looking investment," said Tim Cawley, Chairman and CEO of Con Edison. "Demand remains for a modern, resilient grid as customers continue to electrify their homes, businesses and vehicles. We are investing proactively to support stable, long-term returns for shareholders and to deliver the world-class reliability our region needs.

"We remain focused on managing costs while making the critical investments required for the clean energy transition," Cawley added. "That means prioritizing the capital projects that most effectively support regional growth, maintaining rigorous cost discipline, and expanding discounts for income-eligible customers. When more people can participate in the economy, the entire region benefits."

"Our 2025 financial results reflect strong execution in delivering value for shareholders as we once again achieved non-GAAP adjusted EPS at the top end of our guidance range, and we're proud to have recently increased our dividend for the 52nd straight year," said Kirk Andrews, Senior Vice President and CFO. "The recently approved investment plans for Con Edison of New York, which include an increase in our authorized ROE, provide the resources we need to continue making infrastructure investments to support this critical regional economy. The three-year rate plan provides a solid foundation, and we expect five-year adjusted EPS to grow at a compounded annual rate target of 6 to 7 percent with the midpoint of our 2026 adjusted EPS guidance as a baseline.

"Our disciplined approach to long–term investment has supported consistent, steady performance through a wide range of economic and geopolitical environments," he said. "Our region is among the most productive economic centers in the country, contributing significantly to our nation's GDP and the reliable energy we deliver is essential."

For the year of 2026, Con Edison expects its adjusted earnings per share (non-GAAP) to be in the range of $6.00 to $6.20 per share. Adjusted earnings per share excludes the gain on the sale of Con Edison's interest in MVP, accretion of the basis difference of Con Edison's equity investment in MVP, HLBV accounting for tax equity investments and transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye, the amounts of which, if any, will not be determinable until year-end. Accordingly, the company is unable to provide equivalent measures determined in accordance with generally accepted accounting principles in the United States of America (GAAP). The company also forecasts a five-year compounded annual adjusted earnings per share growth rate of 6% to 7% based on the midpoint of its 2026 adjusted earnings per share guidance.

In 2026 and 2027, Con Edison expects to make capital investments of $6,595 million and $6,759 million, respectively. For 2028 through 2030, Con Edison expects to make capital investments of $24,339 million in aggregate. Con Edison plans to meet its capital requirements for 2026 through 2030 through internally-generated funds, the issuance of long-term debt through public and private offerings and the issuance of common equity through public offerings, including pursuant to an at-the-market equity program. Con Edison's plans include the issuance of up to $3,200 million of long-term debt in 2026 and up to $3,000 million of long-term debt in 2027, including for maturing securities, at Consolidated Edison Company of New York, Inc. and Orange and Rockland Utilities, Inc. (collectively, the Utilities) and approximately $9,900 million in aggregate of long-term debt, including for maturing securities, at the Utilities during 2028 through 2030. Con Edison plans to issue up to $1,100 million of common equity in 2026, in addition to equity issued under its dividend reinvestment, employee stock purchase and long-term incentive plans. Con Edison also plans to issue common equity of approximately $1,200 million in 2027 and up to $3,300 million in aggregate during 2028 through 2030, in addition to equity issued under its dividend reinvestment, employee stock purchase and long-term incentive plans. Con Edison's estimates of its capital requirements and related financing plans reflect information available and assumptions at the time the statements are made and include, among other things, the assumptions that the Utilities' forecasted capital investments and financing plans through 2030 are approved by the New York State Public Service Commission. Actual developments and the timing and amount of funding may differ materially.

See Attachment A to this press release for a reconciliation of Con Edison's reported earnings per share to adjusted earnings per share and reported net income for common stock to adjusted earnings for the three months and years ended December 31, 2025 and 2024. See Attachment B for the company's consolidated income statements for the three months and years ended 2025 and 2024. See Attachments C and D for the estimated effect of major factors resulting in variations in earnings per share and net income for common stock for the three months and year ended December 31, 2025 compared to the respective 2024 periods.

The company's 2025 Annual Report on Form 10-K is being filed with the Securities and Exchange Commission. A 2025 earnings release presentation will be available at www.conedison.com. (Select "For Investors" and then select "Press Releases.")

This press release contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as "forecasts," "expects," "estimates," "anticipates," "intends," "believes," "plans," "will," "target," "guidance," "potential," "goal," "consider" and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time.

Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the Securities and Exchange Commission, including that Con Edison's subsidiaries are extensively regulated and may be subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber attack could adversely affect it; artificial intelligence is an emerging area of technology that has the potential to impact various aspects of its and its subsidiaries' business operations and customer interactions; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs (or subsequent changes to tariffs once announced or implemented); and it also faces other risks that are beyond its control. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

This press release also contains financial measures, adjusted earnings and adjusted earnings per share, that are not determined in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to net income for common stock or net income per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP.  Adjusted earnings and adjusted earnings per share exclude from net income for common stock and net income per share, respectively, certain items that Con Edison does not consider indicative of its ongoing financial performance such as adjustments to the loss (gain) and other impacts related to the sale of all of the stock of its former subsidiary, the Clean Energy Businesses, in 2023, the effects of HLBV accounting for tax equity investments and accretion of the basis difference of Con Edison's equity investment in MVP, the impairment loss related to Con Edison's investment in Honeoye, transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye, remeasurement of deferred state income taxes related to the previously recorded impairment of MVP and the gain on the sale of an interest in a solar electric production project. Management uses these non-GAAP financial measures to facilitate the analysis of Con Edison's financial performance as compared to its internal budgets and previous financial results and to communicate to investors and others Con Edison's expectations regarding its future earnings and dividends on its common stock. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of Con Edison's financial performance.

Consolidated Edison, Inc. is a holding company that provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY), a regulated utility providing electric service in New York City and New York's Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey; and Con Edison Transmission, Inc., a regulated company primarily under the oversight of the Federal Energy Regulatory Commission, that develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets.

Attachment A
	For the Three Months Ended					For the Years Ended
	December 31,					December 31,
	Earnings per Share		Net Income for Common Stock (Millions of Dollars)			Earnings per Share		Net Income for Common Stock (Millions of Dollars)
	2025	2024	2025	2024		2025	2024	2025	2024
Reported earnings per share (basic) and net income for common stock (GAAP basis)	$0.82	$0.90	$297	$310		$5.66	$5.26	$2,023	$1,820
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (pre-tax) (a)	—	0.09	—	33		—	0.18	—	63
Income taxes (a)(b)	—	(0.01)	—	(5)		—	(0.04)	(1)	(13)
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (net of tax)	—	0.08	—	28		—	0.14	(1)	50
Accretion of the basis difference of Con Edison's equity investment in MVP (pre-tax)	(0.01)	(0.01)	(3)	(3)		(0.04)	(0.01)	(12)	(6)
Income taxes (c)	—	—	1	1		0.01	—	3	1
Accretion of the basis difference of Con Edison's equity investment in MVP (net of tax)	(0.01)	(0.01)	(2)	(2)		(0.03)	(0.01)	(9)	(5)
Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (pre-tax)	0.04	—	16	—		0.04	—	17	—
Income taxes (d)	(0.01)	—	(4)	—		(0.01)	—	(5)	—
Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (net of tax)	0.03	—	12	—		0.03	—	12	—
Remeasurement of deferred state income taxes related to the previously recorded impairment of MVP (net of federal income taxes) (e)	0.02	—	7	—		0.02	—	7	—
Impairment loss related to investment in Honeoye (pre-tax)	0.04	—	13	—		0.04	—	13	—
Income taxes (f)	(0.01)	—	(3)	—		(0.01)	—	(3)	—
Impairment loss related to investment in Honeoye (net of tax)	0.03	—	10	—		0.03	—	10	—
Gain on the sale of an interest in a solar electric production project (pre-tax)	—	—	(4)	—		(0.01)	—	(4)	—
Income taxes (g)	—	—	1	—		—	—	1	—
Gain on the sale of an interest in a solar electric production project (net of tax)	—	—	(3)	—		(0.01)	—	(3)	—
HLBV effects (pre-tax)	—	0.01	(1)	5		—	0.01	(2)	4
Income taxes (h)	—	—	—	(1)		—	—	1	(1)
HLBV effects (net of tax)	—	0.01	(1)	4		—	0.01	(1)	3
Adjusted earnings per share and adjusted earnings (non-GAAP basis)	$0.89	$0.98	$320	$340		$5.70	$5.40	$2,038	$1,868

(a)	On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. The loss (gain) and other impacts related to the sale of all of the stock of the Clean Energy Businesses were adjusted during the year ended December 31, 2025 ($1 million) to reflect closing adjustments. The loss (gain) and other impacts related to the sale of all of the stock of the Clean Energy Businesses were adjusted during the three months ended December 31, 2024 ($0.09 a share and $0.07 a share net of tax or $33 million and $25 million net of tax) and during the year ended December 31, 2024 ($0.18 a share and $0.13 a share net of tax or $62 million and $46 million net of tax) to reflect closing adjustments.
(b)	The amount of income taxes for the adjustment on the gain on the sale of all of the stock of the Clean Energy Businesses had an effective tax rate of 24% and 26% for the three months and year ended December 31, 2024, respectively. Amounts shown include the impact of the changes in state unitary tax apportionments ($0.01 a share net of federal taxes or $3 million net of federal taxes) for the three months and year ended December 31, 2024.
(c)	The amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the three months ended December 31, 2025 and 22% for the year ended December 31, 2025 and the three months and year ended December 31, 2024, respectively.
(d)	The amount of income taxes was calculated using a combined federal and state income tax rate of 28% for the three months and year ended December 31, 2025, respectively.
(e)	The remeasurement of deferred state income taxes due to changes in state apportionment on the previously recorded impairment net of accretion of the basis difference on MVP, net of federal income taxes at 21% for the three months and year ended December 31, 2025, respectively.
(f)	The amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the three months and year ended December 31, 2025, respectively.
(g)	The amount of income taxes was calculated using a combined federal and state income tax rate of 28% for the three months and year ended December 31, 2025, respectively.
(h)	The amount of income taxes was calculated using a combined federal and state income tax rate of 24% for the three months and year ended December 31, 2024, respectively.

 

Attachment B
	For the Three Months Ended		For the Years Ended
	December 31,		December 31,
	2025	2024	2025	2024
OPERATING REVENUES
Electric	$2,884	$2,719	$12,602	$11,568
Gas	923	795	3,610	3,107
Steam	187	155	703	578
Non-utility	1	—	3	3
TOTAL OPERATING REVENUES	3,995	3,669	16,918	15,256
OPERATING EXPENSES
Purchased power	670	627	2,945	2,569
Fuel	67	40	261	170
Gas purchased for resale	253	197	899	599
Other operations and maintenance	964	910	3,804	3,751
Depreciation and amortization	595	554	2,321	2,155
Taxes, other than income taxes	963	832	3,757	3,280
TOTAL OPERATING EXPENSES	3,512	3,160	13,987	12,524
Gain (Loss) on sale of the Clean Energy Businesses	—	(32)	—	(62)
Gain on the sale of an interest in a solar electric production project	4	—	4	—
OPERATING INCOME	487	477	2,935	2,670
OTHER INCOME (DEDUCTIONS)
Investment income	12	16	63	62
Other income	215	159	837	635
Allowance for equity funds used during construction	18	9	69	38
Other deductions	(42)	(36)	(74)	(80)
TOTAL OTHER INCOME	203	148	895	655
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE	690	625	3,830	3,325
INTEREST EXPENSE (INCOME)
Interest on long-term debt	301	287	1,176	1,084
Other interest expense	25	35	119	166
Allowance for borrowed funds used during construction	(13)	(18)	(62)	(63)
NET INTEREST EXPENSE	313	304	1,233	1,187
INCOME BEFORE INCOME TAX EXPENSE	377	321	2,597	2,138
INCOME TAX EXPENSE	80	11	574	318
NET INCOME FOR COMMON STOCK	$297	$310	$2,023	$1,820
Net income per common share — basic	$0.82	$0.90	$5.66	$5.26
Net income per common share — diluted	$0.82	$0.89	$5.64	$5.24
AVERAGE NUMBER OF SHARES OUTSTANDING — BASIC (IN MILLIONS)	361.0	346.4	357.4	346.0
AVERAGE NUMBER OF SHARES OUTSTANDING — DILUTED (IN MILLIONS)	362.2	347.8	358.7	347.3

 

Attachment C
Variation for the Three Months Ended December 31, 2025 vs. 2024
	Net Income for Common Stock (Net of Tax)  (Millions of Dollars)	Earnings per Share
CECONY (a)
Higher electric rate base	$15	$0.04
Higher income from allowance for funds used during construction	8	0.02
Higher electric, gas and steam operations and maintenance expense	(33)	(0.10)
Higher corporate expenses	(22)	(0.06)
Dilutive effect of issuance of common shares	—	(0.04)
Other	1	0.01
Total CECONY	(31)	(0.13)
O&R (a)
Timing of recognition of electric and gas revenues in accordance with the rate plans	(6)	(0.02)
Higher interest expense on long-term debt	(3)	(0.01)
Higher storm-related costs	(2)	(0.01)
Gas base rate increase	3	0.01
Other	—	0.01
Total O&R	(8)	(0.02)
Con Edison Transmission
Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye	(12)	(0.03)
Impairment loss related to investment in Honeoye	(10)	(0.03)
Remeasurement of deferred state income taxes related to the previously recorded impairment of MVP	(7)	(0.02)
Other	3	0.01
Total Con Edison Transmission	(26)	(0.07)
Other, including parent company expenses (b)
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses	28	0.08
Lower accrued commitment to Consolidated Edison Foundation, Inc.	9	0.03
Lower taxes other than income taxes	5	0.01
HLBV effects	5	0.01
Gain on the sale of an interest in a solar electric production project	3	—
Other	2	0.01
Total Other, including parent company expenses	52	0.14
Total Reported (GAAP basis)	$(13)	$(0.08)
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses	(28)	(0.08)
HLBV effects	(5)	(0.01)
Gain on the sale of an interest in a solar electric production project	(3)	—
Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye	12	0.03
Impairment loss related to investment in Honeoye	10	0.03
Remeasurement of deferred state income taxes related to the previously recorded impairment of MVP	7	0.02
Total Adjusted (Non-GAAP basis)	$(20)	$(0.09)

(a)	Under the revenue decoupling mechanisms in the Utilities' New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY's steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison's results of operations.
(b)	Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025.

 

Attachment D
Variation for the Year Ended December 31, 2025 vs. 2024
	Net Income for Common Stock (Net of Tax)  (Millions of Dollars)	Earnings per Share
CECONY (a)
Higher electric rate base	$97	$0.28
Higher income from allowance for funds used during construction	31	0.09
Higher gas rate base	20	0.06
Lower other corporate expenses	3	0.01
Dilutive effect of issuance of common shares	—	(0.18)
Higher interest expense	(38)	(0.11)
Impact of the May 2024 NYSPSC order denying CECONY's request to capitalize costs to implement its new customer billing and information system	37	0.11
Other	8	0.02
Total CECONY	158	0.28
O&R (a)
Gas base rate increase	10	0.03
Higher interest expense on long-term debt	(6)	(0.02)
Other	—	(0.01)
Total O&R	4	—
Con Edison Transmission
Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye	(12)	(0.03)
Impairment loss related to investment in Honeoye	(10)	(0.03)
Remeasurement of deferred state income taxes related to the previously recorded impairment of MVP	(7)	(0.02)
Income tax adjustment in 2024 due to AFUDC from MVP	(5)	(0.02)
Accretion of the basis difference of Con Edison's equity investment in MVP	4	0.02
Other	(1)	(0.01)
Total Con Edison Transmission	(31)	(0.09)
Other, including parent company expenses (b)
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses	51	0.14
Lower accrued commitment to Consolidated Edison Foundation, Inc.	9	0.03
Lower taxes other than income taxes	5	0.01
HLBV effects	4	0.01
Gain on the sale of an interest in a solar electric production project	3	0.01
Other	—	0.01
Total Other, including parent company expenses	72	0.21
Total Reported (GAAP basis)	$203	$0.40
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses	(51)	(0.14)
Accretion of the basis difference of Con Edison's equity investment in MVP	(4)	(0.02)
HLBV effects	(4)	(0.01)
Gain on the sale of an interest in a solar electric production project	(3)	(0.01)
Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye	12	0.03
Impairment loss related to investment in Honeoye	10	0.03
Remeasurement of deferred state income taxes related to the previously recorded impairment of MVP	7	0.02
Total Adjusted (Non-GAAP basis)	$170	$0.30

(a)	Under the revenue decoupling mechanisms in the Utilities' New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY's steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison's results of operations.
(b)	Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025.

 

View original content to download multimedia:https://www.prnewswire.com/news-releases/con-edison-reports-2025-earnings-302693112.html

SOURCE Consolidated Edison, Inc.

FAQ

What were Con Edison's (ED) full-year 2025 net income and EPS results?

Con Edison reported $2,023 million net income for common stock and $5.66 EPS in 2025. According to Con Edison, adjusted earnings (non-GAAP) were $2,038 million or $5.70 per share in 2025 compared with 2024 figures.

What is Con Edison's (ED) adjusted EPS guidance for 2026 and multi-year growth target?

Con Edison expects 2026 adjusted EPS of $6.00 to $6.20. According to Con Edison, the company also forecasts a five-year compounded annual adjusted EPS growth rate of 6%–7% based on the midpoint of 2026 guidance.

How much capital does Con Edison (ED) plan to invest from 2026 through 2030?

Con Edison plans total capital investments of $6,595M in 2026, $6,759M in 2027, and $24,339M aggregate for 2028–2030. According to Con Edison, these amounts reflect current forecasts and regulatory approvals.

What financing actions did Con Edison (ED) disclose to support 2026–2030 investments?

Con Edison plans to use internal funds and issue long-term debt and equity, including up to $3,200M debt and $1,100M equity in 2026. According to Con Edison, additional debt and equity issuances are planned through 2030 as needed.

Did Con Edison (ED) report any impairments or one-time items affecting 2025 results?

Yes. Con Edison excluded an impairment related to its Honeoye investment and other items from adjusted results. According to Con Edison, adjusted measures exclude impairments, remeasurement of deferred taxes, transaction costs and certain gains.

How did Con Edison (ED) perform in the fourth quarter of 2025 compared with Q4 2024?

Q4 2025 net income for common stock was $297M or $0.82 per share versus $310M or $0.90 in Q4 2024. According to Con Edison, adjusted Q4 earnings were $320M or $0.89 per share.