Consolidated Edison (ED) Q2 2025 earnings summary

Executive summary

• Second quarter 2025 net income for common stock was $246 million ($0.68/share), up from $202 million ($0.58/share) in Q2 2024; adjusted earnings were $240 million ($0.67/share) vs. $203 million ($0.59/share) year-over-year.

• For the first six months of 2025, net income was $1,038 million ($2.93/share), compared to $922 million ($2.67/share) in the same period of 2024; adjusted earnings were $1,032 million ($2.91/share) vs. $945 million ($2.73/share).

• Results benefited from higher electric and gas rate bases, increased revenues from rate plans, and regulatory support for electrification and clean energy projects.

• Major transmission projects in Brooklyn and Staten Island were completed, supporting long-term reliability and investor returns.

• Cash flows from operating activities increased to $2,816 million for the six months ended June 30, 2025, compared to $1,912 million in the prior year.

Financial highlights

• Q2 2025 net income for common stock was $246 million, up from $202 million in Q2 2024; Q2 2025 operating revenues were $3.6 billion, up from $3.22 billion.

• YTD 2025 net income for common stock reached $1,038 million, compared to $922 million YTD 2024; YTD revenues were $8.4 billion.

• Q2 2025 operating income was $355 million higher than Q2 2024, driven by higher rate base and regulatory impacts.

• Dividend declared at $0.85 per share in July 2025, continuing a 51-year streak of annual increases.

• Common equity ratio improved to 49.1% at June 30, 2025, from 47.1% at December 31, 2024.

Outlook and guidance

• 2025 adjusted EPS guidance reaffirmed at $5.50–$5.70, excluding certain non-recurring items.

• Forecasted 8.2% annual utility rate base growth from 2025–2029, with $38 billion in capital investments planned over that period.

• Long-term plan identifies $72 billion in investments from 2025–2034, with $66 billion focused on core service reliability and resilience.

• Pending rate cases request electric and gas rate increases effective January 2026, with regulatory outcomes expected to impact future earnings.

• Guidance excludes MVP equity accretion, HLBV effects, Clean Energy Businesses sale impacts, and potential strategic alternatives outcomes.