NYSE: ED · Multi-Utilities
Consolidated Edison
Consolidated Edison (Con Edison) owns two regulated utilities. CECONY delivers electricity to about 3.7 million customers in New York City and most of Westchester County. It also delivers gas to about 1.1 million customers and runs the largest steam distribution system in the United States. Orange and Rockland (O&R) serves parts of New York and New Jersey. 2025 operating revenues were $16.9 billion and net income for common stock $2.0 billion. In January 2026 the New York State Public Service Commission (NYSPSC) approved new CECONY electric and gas rate plans for 2026–2028. The utilities expect capital expenditures above $37.1 billion over the next five years. Con Edison sold its Clean Energy Businesses in 2023.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 04:47 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-1910-Q (quarter ended 2026-09-30) · filed 2026-11-05
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 6.7%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 17.3%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- -0.1 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 4.6x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 2.37x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 16.0x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.15
Higher than 38% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 46% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 29% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 85% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 82% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$118.35close on 2026-11-04
Market cap$42.74B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 16.0x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 1.8x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 12.7x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 0.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 2.9%
At FY2025 year-end: 17.6x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 1.5x
Book value at FY2025 year-end
At FY2025 year-end: 11.4x
EBITDA for FY2025
At FY2025 year-end: 0.1%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$4.53B → $4.91B (vs. a year earlier)↑ +8.5%$4.53B → $4.91B (vs. a year earlier)
- Operating margin21.4% → 23.8% (vs. a year earlier)↑ +2.4 pts21.4% → 23.8% (vs. a year earlier)
- Net income$688M → $766M (vs. a year earlier)↑ +11.3%$688M → $766M (vs. a year earlier)
- Diluted EPS$1.90 → $2.06 (vs. a year earlier)↑ +8.4%$1.90 → $2.06 (vs. a year earlier)
- Cash$147M → $100M (vs. previous quarter-end)↓ −32.0%$147M → $100M (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Aug 6, 2026.
Management outlook → Reaffirmed
Reaffirmed 2026 adjusted EPS of $6.00–$6.20. Source sentence
For the year of 2026, Con Edison reaffirmed its adjusted earnings per share (non-GAAP) to be in the range of $6.00 to $6.20 per share.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- CONSOLIDATED EDISON INC
- Headquarters
- NEW YORK, NY
- Incorporated in
- New York
- Fiscal year end
- 12/31
- Exchange & ticker
- NYSE: ED
- Industry
- Multi-Utilities
- CIK
- 1047862
- Website
- https://www.conedison.com/ ↗
Workforce (as of FY2025 year-end)
Employees
15,407
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 46–51 days after quarter end (Feb 19, 2026; Feb 20, 2025; Feb 15, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 31–51 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 5, 2026 (+36 days) | Nov 5, 2026 10-Q (+36 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 6, 2026 (+37 days) | Aug 6, 2026 10-Q (+37 days) |
| Q1 FY2026 | Mar 31, 2026 | May 7, 2026 (+37 days) | May 7, 2026 10-Q (+37 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 19, 2026 (+50 days) | Feb 19, 2026 10-K (+50 days) |
| Q3 FY2025 | Sep 30, 2025 | Nov 6, 2025 (+37 days) | Nov 6, 2025 10-Q (+37 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 7, 2025 (+38 days) | Aug 7, 2025 10-Q (+38 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 20, 2025 (+51 days) | Feb 20, 2025 10-K (+51 days) |
| Q3 FY2024 | Sep 30, 2024 | Nov 7, 2024 (+38 days) | Nov 7, 2024 10-Q (+38 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 1, 2024 (+32 days) | Aug 1, 2024 10-Q (+32 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 15, 2024 (+46 days) | Feb 15, 2024 10-K (+46 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
CECONY
Electricity, gas and steam delivery
Examples: New York City and Westchester County
O&R
Electricity and gas delivery
Examples: Parts of New York and New Jersey
From the FY2025 Form 10-K.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Steam service (CECONY)
U.S. steam distribution systems
U.S. share
Largest
Company-disclosedAbout 16,975 MMlb of steam a year to about 1,490 customers in Manhattan.
Worldwide share
—
Not disclosed
Sources:
07
Recent strategic focusSite analysis
Recent developments.
Rate plans
Joint Proposal for 2026–2028 electric and gas rates (November 2025), approved by the NYSPSC in January 2026.
Source: 8-K filed 2025-11-05; Form 10-K (FY2025)
Q2 2026
Net income for common stock $308M ($0.83 a share) vs. $246M ($0.68).
Source: Q2 2026 earnings release
Strategic review
Transaction costs were incurred in the review of strategic alternatives for its equity interests in Mountain Valley Pipeline and Honeoye Storage.
Source: Q2 2026 earnings release
Steam rate plan
Joint Proposal filed September 4, 2026 for November 2026–October 2029.
Source: 8-K filed 2026-09-04
Capex ÷ D&A (FY2025)
2.05x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$4,764M ÷ $2,321M = 2.05x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Where the money goes, over time
Unit: $M. Capex went from $4.09B in FY2020 to $4.76B in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$16.92B
As reported in the 10-K
Revenue CAGR (5 years)
+6.7%▲favorable
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($16,918M ÷ $12,246M) ^ (1÷5) − 1 = 6.7%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
17.3%▼caution
-4.3pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,935M ÷ $16,918M × 100 = 17.3%
ROE (FY2025)
8.8%▲favorable
6-year average: 8.4%
As reported in the 10-K
P/B (FY2025 end)
1.48x
formulafiscal year-end closing price ÷ book value per share
e.g.$99.32 ÷ $66.99 = 1.48x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
11.4x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($35,867M + $25,801M − $1,629M) ÷ ($2,935M + $2,321M) = 11.4x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▲
Revenue grew +6.7% a year over 5 years (strong growth)
From $12.25B in FY2020 to $16.92B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▼
Operating margin declined: 21.7% → 17.3%
How much operating profit is left per $100 of revenue. It moved -4.3 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 32.4% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▼
Free cash flow was positive in 1 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 8.4% over 6 years (latest: 8.8%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Transmission and distribution of electricity, gas and steam
06 · what it draws on
Key resources
- Purchased power, gas and fuel
- Capital investment (above $37.1B over five years)
02 · why customers buy
Value propositions
- Electric, gas and steam service in New York City and Westchester, and electric and gas service in O&R's territory.
04 · how it keeps them
Customer relationships
- Regulated service; rate plans include negative revenue adjustments for missing customer satisfaction standards.
03 · how it reaches them
Channels
- Its own regulated distribution networks, with power bought largely in the wholesale market.
01 · who it serves
Customer segments
- About 3.7M CECONY electric customers, 1.1M gas customers, about 1,490 steam customers, plus O&R customers
09 · where money goes
Cost structure
FY2025, share of revenue ($16.92B)
- Other operating costs (incl. cost of goods sold)82.7%
Operating profit left: 17.3% of revenue. Depreciation & amortization (inside the costs above): $2.32B. Capital spending: $4.76B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- CECONY electric $11.67B
- CECONY gas $3.28B
- CECONY steam $0.70B
- O&R $1.27B (2025)
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Delivers energy under rate plans set by the NYSPSC; earnings depend on authorized rates and on running the business consistently with those plans.
01 what it draws on
Inputs & resources
- Purchased power, gas and fuel
- Capital investment (above $37.1B over five years)
02 what it does
Activities
- Transmission and distribution of electricity, gas and steam
03 who it serves
Customers
- About 3.7M CECONY electric customers, 1.1M gas customers, about 1,490 steam customers, plus O&R customers
04 how money comes in
How it earns
- CECONY electric $11.67B
- CECONY gas $3.28B
- CECONY steam $0.70B
- O&R $1.27B (2025)
How the business makes money
- CECONY's electric service area covers about 660 square miles with a population above nine million.
- The 2026–2028 electric plan provides rate increases of $222M, $473M and $329M.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Con Edison operates under New York regulation and the state’s climate law.
Regulated prices & reimbursement
Regulated rates
Rates and returns are set through rate cases before the New York PSC and FERC; revenue depends on what regulators allow.
Supports and constrainsTouches: How it earnsSource: Form 10-K (FY2025)
Environmental rules
New York climate law (CLCPA)
State law sets greenhouse gas reduction requirements by displacing fossil-fired electricity with renewables.
Supports and constrainsTouches: ActivitiesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
CECONY — Electric
11,670 (69%)CECONY — Gas
3,278 (19%)CECONY — Steam
703 (4%)O&R — Electric
934 (6%)O&R — Gas
331 (2%)Con Edison Transmission
4 (0%)
Source: Form 10-K (FY2025) — revenue note Total operating revenues by business.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Residential, commercial and industrial customers in New York City, Westchester and O&R's territory.
Named by the company
No customer is named.
Suppliers
Power, gas and fuel suppliers.
Named by the company
The 10-K doesn't name suppliers.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K discusses distributed generation and alternative fuels rather than named competitors.
Competitors named in the 10-K
No competitor is named in the 10-K.
Peer group the company chose
2025 compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
Publicly traded utilities of comparable size and scope; unchanged in 2025. Also used for relative TSR on performance awards.
- Duke Energysite ↗
- Southern Companysite ↗
- PG&Esite ↗
- Exelonsite ↗
- American Electric Powersite ↗
- Edison Internationalsite ↗
- Dominion Energysite ↗
- Xcel Energysite ↗
- FirstEnergysite ↗
- Semprasite ↗
- DTE Energysite ↗
- Eversource Energysite ↗
- Entergysite ↗
- PSEGsite ↗
- CenterPoint Energysite ↗
- WEC Energy Groupsite ↗
- PPLsite ↗
- CMS Energysite ↗
- Amerensite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 12,246 | 13,676 | 15,670 | 14,663 | 15,256 | 16,918 |
| Operating income | 2,654 | 2,826 | 2,624 | 3,196 | 2,670 | 2,935 |
| Pretax income | 1,234 | 1,383 | 2,098 | 3,003 | 2,138 | 2,597 |
| Net income (attributable) | 1,101 | 1,346 | 1,660 | 2,519 | 1,820 | 2,023 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 11.7% | 14.6% | -6.4% | 4.0% | 10.9% |
| Operating margincalcoperating income ÷ revenue × 100 | 21.7% | 20.7% | 16.7% | 21.8% | 17.5% | 17.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 9.0% | 9.8% | 10.6% | 17.2% | 11.9% | 12.0% |
| Balance sheet ($M) | ||||||
| Total assets | 62,895 | 63,116 | 69,065 | 66,331 | 70,562 | 74,603 |
| Total equity | 19,065 | 20,336 | 20,889 | 21,158 | 21,962 | 24,190 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 24,219 | 24,532 | 26,481 | 24,528 | 26,880 | 25,801 |
| Equity ratio | 30.0% | 31.7% | 30.0% | 31.9% | 31.1% | 32.4% |
| ROE | 5.8% | 6.9% | 8.2% | 12.0% | 8.4% | 8.8% |
| Cash flow ($M) | ||||||
| Operating CF | 2,198 | 2,733 | 3,935 | 2,156 | 3,614 | 4,800 |
| Investing CF | -4,224 | -3,484 | -4,565 | -1,003 | -5,273 | -5,249 |
| Financing CF | 2,245 | 461 | 1,014 | -1,488 | 1,797 | 746 |
| Free cash flowcalccash flow from operations − capital expenditures | -1,887 | -1,231 | -530 | -2,197 | -1,156 | 36 |
| Cash and equivalents | 1,272 | 992 | 1,282 | 1,189 | 1,324 | 1,629 |
| Per share & other | ||||||
| EPS ($) | 3.28 | 3.85 | 4.66 | 7.21 | 5.24 | 5.64 |
| BVPS ($) | 55.06 | 56.60 | 58.28 | 61.25 | 63.36 | 66.99 |
| Dividend per share ($) | 3.06 | 3.10 | 3.16 | 3.24 | 3.32 | 3.40 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 93.3% | 80.5% | 67.8% | 44.9% | 63.4% | 60.3% |
| P/E (x) | 22.0 | 22.2 | 20.5 | 12.6 | 17.0 | 17.6 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 10.4 | 11.1 | 12.6 | 10.5 | 11.7 | 11.4 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 1.31 | 1.51 | 1.64 | 1.49 | 1.41 | 1.48 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $4.91B+8.5% | $1.17B+20.9% | $766M+11.3% | $2.06 |
| 2026-03-31 | $5.1B+6.2% | $1.18B+4.6% | $924M+16.8% | $2.54 |
| 2025-12-31 † | $4B+9.0% | $487M+2.1% | $298M-3.9% | — |
| 2025-09-30 | $4.53B+10.7% | $968M+12.3% | $688M+17.0% | $1.90 |
| 2025-06-30 | $3.6B | $355M | $246M | $0.68 |
| 2025-03-31 | $4.8B | $1.13B | $791M | $2.25 |
| 2024-12-31 † | $3.66B | $477M | $310M | — |
| 2024-09-30 | $4.09B | $862M | $588M | $1.69 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
4.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,935M × (1 − 18%) ÷ $49,417M × 100 = 4.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
5.00%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $35.87B ÷ ($35.87B + $25.8B) = 58.2%
e.g.Debt weight: $25.8B ÷ ($35.87B + $25.8B) = 41.8%
e.g.WACC: 5.8% × 58.2% + 4.8% × (1 − 18%) × 41.8% = 5.00%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 4.5%–5.8% and ROIC − WACC runs −1.0 to +0.4 points. The sign flips inside this range, so the result depends on the assumptions. This describes the latest year and does not predict future value creation.
WACC 5.00% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.15 (price-derived adjusted beta, but correlation with the market is low (R² 0.05), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 5.78%
- Cost of debt
- 4.78%
- Tax rate
- 18% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 58% : 42%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 5.00%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.15 (price-derived adjusted beta. Raw β -0.28, R² 0.05, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × -0.275 + 0.33 = 0.146
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.15 × 5.5% = 5.8%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
4.9%
Perpetual FCF growth: g = r − FCF ÷ EV = 5.0% − 0.1%
Past FCF growth (FY2020–FY2025)
—
Not computable (FCF not positive in both years)
Past revenue growth (FY2020–FY2025)
+6.7%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $36M (operating CF − capex); enterprise value $66.91B = market cap $42.74B (latest close, 2026-11-04) + debt $25.8B − cash and short-term investments $1.63B; r = WACC of 5.0% using this page’s default assumptions (β 0.15, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$36B
FCF $36M ÷ (5.0% − 4.9%)
Theoretical ÷ actual enterprise value
0.54x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 3.0% | 4.0% | 5.0% | 6.0% | 7.0% |
|---|---|---|---|---|---|
| 0% | 0.02x | 0.01x | 0.01x | 0.01x | 0.01x |
| 2% | 0.05x | 0.03x | 0.02x | 0.01x | 0.01x |
| 4% | — | — | 0.05x | 0.03x | 0.02x |
| 6% | — | — | — | — | 0.05x |
| 8% | — | — | — | — | — |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.94x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -3.8%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 113%
Most profit comes from core operations.
- ✓
Days sales outstanding: 51 → 54 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-19
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$4,800M ÷ $2,023M = 2.37x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,935M ÷ $2,597M × 100 = 113%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($2,440M + $2,583M) ÷ 2 ÷ $16,918M × 365 = 54 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 76.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 23.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 341 of 416
- Beta (adjusted)
- 0.15
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 82% of covered companies have more
above 1 = swings more than the market
- 281.4M shares reported by 1,429 13F filers ÷ 368.5M shares outstanding on 2026-04-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-08 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-04-30)
18
Strengths & weaknessesSite analysis
Strengths
1. Dense, regulated service territory
About 3.7 million electric customers in New York City and Westchester County.
Evidence: Form 10-K (FY2025)
2. New rate plans
NYSPSC approved the 2026–2028 CECONY electric and gas rate plans in January 2026.
Evidence: Form 10-K (FY2025)
3. Earnings growth in 2026
H1 2026 EPS of $3.37 vs. $2.93 a year earlier.
Evidence: Q2 2026 earnings release
Weaknesses
1. Heavy capital needs
Capital expenditures above $37.1B over five years; Con Edison plans to issue common equity in 2026 and 2027.
Evidence: Form 10-K (FY2025)
2. Modest returns
ROE was 8.8% in 2025.
Evidence: SEC EDGAR XBRL
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
17.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
3.42%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
60%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
0.1%
(Operating CF − capex) ÷ market cap
1. Dividend
Dividend per share rose every year: $3.06 (2020) to $3.40 (2025).
- What has to hold
- Rate plans support earnings.
- The other side
- Equity issuance dilutes.
Evidence: SEC EDGAR XBRL; Form 10-K (FY2025)
2. Regulated stability
Revenue comes from regulated delivery service.
- What has to hold
- Constructive regulation.
- The other side
- Growth is modest.
Evidence: Form 10-K (FY2025)
2023 net income and EPS include the gain on the sale of the Clean Energy Businesses.
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
6.5x
$1.63B vs. $250M
Interest coverage (operating income ÷ interest expense)
2.4x
$2.94B vs. $1.23B
Free cash flow ÷ dividends paid
0.0x
$36M vs. $1.17B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -6.4% in FY2023 ($15.67B → $14.66B) | Yes, by FY2025 |
| Operating income | -16.5% in FY2024 ($3.2B → $2.67B) | Not yet, as of FY2025 |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Regulated revenue
Rates continue in effect until a new plan is approved.
Source: Form 10-K (FY2025)
Operating cash flow
$4.8B in 2025.
Source: SEC EDGAR XBRL
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Con Edison's remaining disclosed litigation stems from the March 2014 East Harlem gas explosion, which killed eight people. It expects insurance to cover any liability above its retention. Its other contingencies are regulatory matters.
1 open matter
2014 Manhattan (East Harlem) explosion lawsuits
PendingLawsuitPlaintiffs seeking damages for wrongful death, injury, property damage and business interruption
The NTSB found the probable causes were a defective CECONY fusion joint and a breached city sewer line. A 2017 settlement with the NYSPSC cost CECONY $27 million of customer benefits plus $126 million of unrecovered costs. Many suits have since been settled or dismissed.
- Amounts
- Accrued liability of $25 million at June 30, 2026, matched by an equal insurance receivable.
Source: Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings
Based on Form 10-Q (quarter ended 2026-06-30) — Legal Proceedings, reviewed 2026-10-18. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Regulation & legal
Rate regulation
- Company disclosure (summarized from the 10-K)
- Earnings depend on the limits on rates authorized in each rate plan.
- Company’s stated mitigation
- Multi-year rate plans.
- This site’s assessment
- Impact High / Likelihood Med
- 2Funding & liquidity
Access to capital
- Company disclosure (summarized from the 10-K)
- The 10-K says changes in financial markets or credit ratings could affect its ability to raise capital.
- Company’s stated mitigation
- Credit facility (March 2026); forward equity sale (February 2026).
- This site’s assessment
- Impact Med / Likelihood Med
- 3Competition & technology shift
Distributed generation
- Company disclosure (summarized from the 10-K)
- Solar, fuel cells and storage give customers alternatives to delivered electricity; gas and steam customers have other fuels.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Med
- 4Raw materials & energy
Commodity costs
- Company disclosure (summarized from the 10-K)
- Wholesale market disruptions or higher commodity costs are listed risks.
- Company’s stated mitigation
- Recovery of purchased power and fuel costs in rates.
- This site’s assessment
- Impact Med / Likelihood Med
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What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (1)
AI is an emerging area of technology that has the potential to impact various aspects of the Companies’ business operations and customer interactions. Read more
Generative AI technologies are still in their early stages of development and deployment. Ineffective or inadequate AI development or deployment practices by the Companies or third-party vendors could result in unintended consequences. While the Companies seek contractual protections with third-party vendors regarding the use of AI technology, the Companies may not have full awareness of, or control or visibility over, the quality, performance, security or compliance of the products and services that incorporate AI-related technology used by such vendors. AI algorithms that the Companies or their third-party vendors use may be flawed or may be based on datasets that are biased or insufficient. These limitations or failures, or inaccurate…
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 19, 2026 ↗ with the 10-K filed Feb 20, 2025 ↗.
24
What to watch going forwardSite analysis
- NYSPSC decision on the steam rate plan (November 2026–October 2029).
- Equity issuance (up to $1.1B planned in 2026 and about $1.2B in 2027).
- Strategic alternatives review of the stakes in Mountain Valley Pipeline and Honeoye Storage.
25
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 18, 2026 04:47 (SEC EDGAR) · Source 10-K filed: February 19, 2026
Built on10-K FY2025 · filed 2026-02-19
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Consolidated Edison’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.