[8-K] Consolidated Edison, Inc. Reports Material Event

Rhea-AI Filing Summary

Analyzing...

Positive

• Net sales grew 4.5% in Q2, exceeding prior-year growth and consensus expectations.
• Gross margin expanded 31 bps, indicating effective pricing and cost control.
• Operating cash flow up 23% YTD to $1.0 billion, bolstering liquidity.
• Debt reduced by $159 million since year-end; leverage ratios improved.
• Allivet acquisition broadens e-commerce pet offerings and adds growth optionality.

Negative

• SG&A deleveraged 51 bps, pressuring operating margin despite higher sales.
• Comparable-store sales only +1.5% (0.5% YTD), reflecting muted traffic growth.
• YTD EPS declined 0.9%, signaling limited earnings momentum.
• Interest expense rose 55% YoY, partially offsetting operating gains.
• Inventory up 8.8% vs. year-end, increasing markdown risk if demand softens.

Insights

Equity Research Analyst

TL;DR: Slight beat on sales and margin, but expense deleverage caps EPS; outlook neutral.

Revenue growth of 4.5% outpaced consensus (~3%), supported by C.U.E. strength and new units. 31-bp gross-margin gain underscores pricing power despite a value-oriented customer. However, SG&A inflation erased most gains, shrinking operating-margin 21 bps YoY. EPS grew just 2.5%, and YTD earnings are down. Cash generation is robust and leverage falling, giving flexibility for dividends, buybacks and capex (90 new stores, Idaho DC). With comps still sub-2% and discretionary softness, shares likely require clearer acceleration to re-rate. Impact: neutral.

Credit & Risk Analyst

TL;DR: Balance-sheet strength improving; liquidity ample; modest credit-positive.

TSCO reduced revolver borrowings by $160 million YTD and ended Q2 with net leverage near 0.6× EBITDAR, comfortably within covenant limits (max 4×). Operating cash flow covers capex and dividends 1.4×, and $1.32 billion buyback capacity remains discretionary. Inventory build appears seasonal; payable stretch offsets working-capital drag. Interest-coverage is >15× despite higher rates. New Allivet goodwill is modest (4% of assets). No material litigation or covenant issues. Overall risk profile improved, supporting current investment-grade metrics. Impact: +1 (positive).

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 7, 2025

 Consolidated Edison, Inc.

(Exact name of registrant as specified in its charter)

New York

1-14514

13-3965100

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

4 Irving Place,

New York,

New York

10003

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 460-4600

 Consolidated Edison Company of New York, Inc.

(Exact name of registrant as specified in its charter)

New York

1-01217

13-5009340

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification No.)

4 Irving Place,

New York,

New York

10003

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 460-4600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange on which registered

Consolidated Edison, Inc.,

ED

New York Stock Exchange

Common Shares ($.10 par value)

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02 Results of Operations and Financial Condition.

On August 7, 2025, Consolidated Edison, Inc. is issuing a press release and an earnings release presentation regarding, among other things, its results of operations for the three and six months ended June 30, 2025. The press release and the earnings release presentation are “furnished” as exhibits to this report pursuant to Item 2.02 of Form 8-K.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1						Press release, dated August 7, 2025, furnished pursuant to Item 2.02 of Form 8-K.
Exhibit 99.2						Earnings release presentation, dated August 7, 2025, furnished pursuant to Item 2.02 of Form 8-K.
Exhibit 104						Cover Page Interactive Data File - The cover page iXBRL tags are embedded within the inline XBRL document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, each registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

CONSOLIDATED EDISON, INC.
CONSOLIDATED EDISON COMPANY OF NEW YORK, INC.
By						/s/ Joseph Miller
						Joseph Miller
						Vice President, Controller and Chief Accounting Officer

Date: August 7, 2025

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FAQ

How did Tractor Supply's Q2 2025 sales perform?

Net sales grew 4.5% to $4.44 billion, with comparable-store sales up 1.5%.

What was TSCO's Q2 2025 diluted EPS?

Diluted EPS increased to $0.81, compared with $0.79 in Q2 2024.

Has Tractor Supply reduced its debt in 2025?

Yes. Total debt fell to $1.67 billion, down $159 million since December 2024.

What is the status of the share-repurchase program?

TSCO repurchased 1.4 million shares in Q2 for $72.8 million; $1.32 billion authorization remains.

How much cash did TSCO generate from operations year-to-date?

Operating cash flow reached $1.00 billion, up 23% versus the prior year.

What dividend did TSCO declare recently?

The Board declared a $0.23 per-share quarterly dividend payable 9 Sep 2025.