Consolidated Edison (ED) Q4 2024 earnings summary

Executive summary

• Achieved adjusted EPS of $5.40 (non-GAAP) and GAAP EPS of $5.26 for 2024, with a five-year adjusted EPS CAGR of 4.3%.

• 2024 net income for common stock was $1,820 million ($5.26/share), down from $2,519 million ($7.25/share) in 2023; adjusted earnings were $1,868 million ($5.40/share), up from $1,762 million ($5.07/share) year-over-year.

• Marked the 51st consecutive year of dividend increases, with a January 2025 annualized increase to $3.40 per share.

• Fully regulated business model with transparent regulatory process and revenue predictability in New York.

• Industry-leading electric system reliability and customer satisfaction, with significant investments in resilience and clean energy infrastructure.

Financial highlights

• 2024 adjusted EPS (non-GAAP) was $5.40; GAAP EPS was $5.26, both at the top end of guidance.

• Annual operating revenues rose to $15,256 million in 2024 from $14,663 million in 2023.

• Operating income for 2024 was $3,196 million, down from $3,669 million in 2023.

• CECONY and O&R actual ROEs exceeded authorized levels: CECONY at 9.41% (vs. 9.25%), O&R at 9.78% (vs. 9.25%).

• 2024 net income for common stock was $1,820 million; total operating revenues were $15,256 million.

Outlook and guidance

• 2025 adjusted EPS guidance range set at $5.50–$5.70 (non-GAAP), with 6–7% five-year adjusted EPS growth targeted.

• $38 billion in capital investments planned for 2025–2029.

• Capital investments planned: $5,122 million in 2025, $8,067 million in 2026, and $24,469 million total for 2027–2029.

• Dividend payout target of 55–65% of adjusted earnings.