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Consolidated Edison (ED) investor relations material
Consolidated Edison Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Third quarter 2025 net income for common stock was $688 million ($1.91 per share), up from $588 million ($1.70 per share) in Q3 2024; adjusted earnings were $686 million ($1.90 per share) versus $583 million ($1.68 per share) year-over-year.
For the first nine months of 2025, net income was $1,726 million ($4.84 per share), compared to $1,510 million ($4.37 per share) in the same period of 2024; adjusted earnings were $1,718 million ($4.82 per share) versus $1,528 million ($4.42 per share).
Adjusted EPS guidance for 2025 was raised to $5.60–$5.70, reflecting strong performance and increased electric rate base at CECONY.
CECONY entered a joint proposal for new electric and gas rate plans for 2026–2028, targeting a 9.40% ROE and 48% equity ratio.
Major infrastructure projects and a joint settlement agreement on a three-year investment plan are advancing, supporting grid reliability and clean energy transition.
Financial highlights
Q3 2025 adjusted EPS: $1.90 (non-GAAP), GAAP EPS: $1.91, up from $1.68 and $1.70 in Q3 2024, respectively.
YTD 2025 adjusted EPS: $4.82 (non-GAAP), GAAP EPS: $4.84, both higher than YTD 2024.
Net income for common stock in 3Q 2025: $688 million; YTD: $1,726 million.
Total operating revenues for 3Q 2025: $4.53 billion; YTD: $12.92 billion.
Operating income for the quarter was $968 million, up from $862 million year-over-year.
Outlook and guidance
2025 adjusted EPS guidance revised to $5.60–$5.70, upper half of original range.
New three-year electric and gas rate plans for CECONY proposed, with annual base rate increases and capital expenditures through 2028, subject to regulatory approval.
CECONY and O&R capital investment plans support nearly $17 billion in infrastructure over 2026–2028.
$72 billion in investments identified in CECONY’s 2025–2034 Integrated Long-Range Plan.
Management expects no material impact from recent federal tax law changes (OBBBA, IRA) on financial position or liquidity.
Impact of NYSPSC income tax accounting audit?
Aged receivables strategy and liquidity impact?
Con Edison Transmission's growth strategy?
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Next Consolidated Edison earnings date
Q4 202519 Feb, 2026
Next Consolidated Edison earnings date
Q4 202519 Feb, 2026
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Frequently asked questions
New York’s Energy Supplier
Consolidated Edison, commonly referred to as Con Edison, is an American energy company primarily serving the New York metropolitan area. The company is one of the largest investor-owned energy companies in the United States and provides a wide array of energy-related products and services through its various subsidiaries. Con Edison’s main operations involve the production and distribution of electricity, gas, and steam. The company is headquartered in NYC, and its shares are traded on the NYSE.
Roots in the 1800s and Thomas Edison
The earliest predecessor to what would later go on to become Con Edison was the New York Gas Light Company, which was founded in 1823. Con Edison, as suggested by the name, is the result of the merger and consolidation of numerous companies, including the aforementioned Gas Light Company, The New York Steam Company, and Thomas Edison’s Edison Illuminating Company. The group continued to grow and acquire various utility companies in the New York metropolitan area over the years, and the modern form of the company (which got its name in 1998) is the result of the consolidation and merger of well over 150 different companies.
Electricity
Con Edison primarily serves New York City and Westchester County and generates, transmits, and distributes electric power to millions of residential, commercial, and industrial customers. This segment of Con Edison’s business involves managing a complex grid system, which includes substations, transmission lines, and distribution networks. The company places a strong emphasis on maintaining system reliability and efficiency, ensuring uninterrupted power supply in a region known for high energy demand. Some other publicly traded US-based electricity companies are Duke Energy, Dominion Energy, and Exelon.
Gas and Steam
Besides electricity In the steam sector, Con Edison operates the largest district steam system in the United States, supplying steam for heating, hot water, and air conditioning to numerous buildings in Manhattan. This service is crucial for both residential and commercial establishments, including iconic structures and healthcare facilities. The company also supplies natural gas to customers within its service area.
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