Consolidated Edison (ED) Q3 2025 earnings summary

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.