Consolidated Edison (ED) Q4 2025 earnings summary

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.