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Consolidated Edison
Consolidated Edison (ED) investor relations material
Consolidated Edison Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved 2025 GAAP EPS of $5.66 and adjusted EPS (non-GAAP) of $5.70, at the top end of guidance, with a five-year adjusted EPS CAGR of 6.4% exceeding prior forecasts.
Net income for common stock in 2025 was $2,023 million ($5.66/share), up from $1,820 million ($5.26/share) in 2024, with adjusted earnings at $2,038 million ($5.70/share) versus $1,868 million ($5.40/share) in 2024.
Announced 2026 adjusted EPS guidance of $6.00–$6.20 and a 6–7% five-year adjusted EPS CAGR target for 2026–2030.
52nd consecutive year of dividend increases, with a 4.4% annualized increase to $3.55 per share in January 2026.
Strategic execution includes the sale of Mountain Valley Pipeline interest and ongoing regulatory approvals for rate plans.
Financial highlights
2025 net income for common stock was $2,023 million; total operating revenues reached $16,918 million.
Operating income for 2025 was $2,935 million, up from $2,670 million in 2024.
Adjusted EPS growth rates exceeded guidance, with 2021–2025 CAGR at 7.6%.
CECONY and O&R capital investments totaled $8.6 billion in 2025, with forecasted annual investments rising to $8.6–$8.7 billion through 2030.
Maintained a strong balance sheet with a 48% equity ratio and $24.2 billion in equity as of December 31, 2025.
Outlook and guidance
2026 adjusted EPS guidance set at $6.00–$6.20 (non-GAAP), with a 6–7% five-year adjusted EPS CAGR target for 2026–2030.
Capital investments projected at $6,595 million in 2026 and $6,759 million in 2027; $24,339 million in aggregate for 2028–2030.
$38 billion in capital investments planned for 2026–2030, supporting long-term growth through electrification and infrastructure upgrades.
Dividend payout target of 55–65% of adjusted earnings.
Five-year compounded annual adjusted EPS growth rate targeted at 6% to 7%, using the midpoint of 2026 guidance as a baseline.
Total common equity issuance planned for 2026-2030
What underpins the 5-year EPS growth target?
Key regulatory approvals for 2026-2030 capital plans
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Next Consolidated Edison earnings date
Q1 202630 Apr, 2026
Consolidated Edison
Next Consolidated Edison earnings date
Q1 202630 Apr, 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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