Consolidated Edison, Inc.

ED · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$35,848	$30,914	$31,405	$33,822	$30,182	$25,565	$32,004	$27,048	$30,051	$26,064	$22,735	$19,334	$16,192	$16,268	$18,150	$14,093	$12,502	$10,624	$13,009	$11,984	$11,300	$10,074	$9,304	$9,129	$8,556	$8,162	$7,694	$12,390	$9,638	$6,845	$7,635	$6,045	$7,524	$7,530	$6,540	$5,397	$6,682	$5,287	$4,840	$5,622	$4,871
Enterprise value	$62,972	$57,415	$55,226	$57,157	$54,851	$49,590	$53,753	$46,977	$45,867	$41,124	$36,071	$31,627	$27,617	$27,183	$28,177	$24,438	$22,841	$20,644	$22,123	$20,746	$19,466	$17,306	$16,391	$15,862	$14,422	$14,079	$12,658	$16,600	$14,213	$11,126	$11,439	$9,889	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	17.72×	16.99×	12.47×	20.37×	22.42×	23.22×	23.83×	19.57×	19.71×	20.94×	19.06×	17.71×	15.25×	14.29×	17.27×	14.21×	14.40×	8.88×	14.00×	16.26×	15.72×	18.76×	17.26×	13.86×	12.30×	13.68×	10.77×	16.98×	13.52×	9.86×	10.55×	8.23×	11.43×	12.46×	11.54×	9.44×	11.02×	8.82×	8.80×	10.29×	8.64×
P/S (TTM) at period end	2.12×	2.03×	2.14×	2.16×	2.21×	2.09×	2.55×	2.19×	2.50×	2.16×	1.81×	1.50×	1.31×	1.33×	1.41×	1.06×	0.96×	0.78×	0.99×	1.00×	0.97×	1.03×	0.95×	1.08×	0.89×	0.87×	1.03×	1.75×	1.35×	0.98×	1.17×	0.95×	1.20×	1.27×	1.11×	0.94×	1.20×	1.03×	0.95×	1.08×	0.89×
P/B at period end	1.48×	1.41×	1.48×	1.63×	1.51×	1.36×	1.78×	1.62×	1.95×	1.82×	1.74×	1.54×	1.32×	1.37×	1.56×	1.25×	1.20×	1.07×	1.40×	1.46×	1.50×	1.39×	1.40×	1.49×	1.45×	1.43×	1.36×	1.97×	1.54×	1.13×	1.24×	1.02×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	11.98×	11.90×	10.57×	12.21×	11.29×	10.84×	12.33×	11.45×	11.15×	10.29×	10.14×	9.64×	8.45×	8.25×	9.02×	8.26×	8.49×	8.45×	8.77×	9.22×	9.26×	9.12×	9.17×	8.12×	6.81×	7.33×	6.51×	8.39×	7.36×	5.83×	6.04×	5.21×	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	3.72×	3.76×	3.77×	3.65×	4.01×	4.05×	4.27×	3.81×	3.81×	3.41×	2.87×	2.45×	2.24×	2.23×	2.19×	1.83×	1.75×	1.51×	1.69×	1.73×	1.67×	1.77×	1.67×	1.87×	1.50×	1.49×	1.69×	2.34×	2.00×	1.60×	1.75×	1.55×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	8.4%	8.3%	11.9%	8.0%	6.7%	5.8%	7.5%	8.3%	9.9%	8.7%	9.1%	8.7%	8.7%	9.6%	9.0%	8.8%	8.3%	12.1%	10.0%	9.0%	9.6%	7.4%	8.1%	10.7%	11.8%	10.4%	12.6%	11.6%	11.4%	11.5%	11.7%	12.3%	–	–	–	–	–	–	–	–	–
Return on invested capital	4.5%	4.7%	6.0%	4.5%	5.5%	5.7%	5.6%	5.6%	6.8%	6.1%	6.1%	5.8%	6.5%	6.7%	6.6%	6.3%	6.1%	5.5%	6.8%	6.3%	6.6%	6.2%	5.8%	7.3%	8.3%	7.6%	8.8%	9.0%	8.6%	8.7%	9.3%	9.4%	–	–	–	–	–	–	–	–	–
Dividend yield	3.3%	3.6%	3.5%	3.2%	3.4%	3.8%	2.9%	3.1%	2.7%	2.9%	3.2%	3.8%	4.5%	4.4%	3.8%	4.5%	4.8%	5.8%	4.5%	4.4%	4.5%	4.9%	5.8%	4.9%	5.6%	5.7%	6.2%	4.0%	5.1%	7.5%	6.7%	8.4%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	1.02×	1.04×	1.01×	1.14×	1.02×	0.72×	0.68×	0.62×	0.72×	0.89×	0.81×	0.99×	0.82×	0.87×	1.22×	1.45×	1.10×	1.04×	0.67×	1.01×	0.95×	0.77×	0.83×	0.74×	0.65×	0.86×	0.82×	0.96×	0.99×	1.09×	1.11×	1.31×	–	–	–	–	–	–	–	–	–
Debt / equity	1.07×	1.13×	1.05×	1.10×	1.13×	1.09×	1.11×	1.08×	1.04×	1.03×	0.98×	0.96×	0.90×	0.91×	0.92×	0.95×	1.01×	1.02×	1.00×	1.07×	1.09×	0.99×	1.06×	1.11×	1.04×	1.05×	0.96×	0.68×	0.76×	0.72×	0.67×	0.68×	–	–	–	–	–	–	–	–	–
Effective tax rate	22.1%	14.9%	16.2%	23.7%	13.7%	7.3%	17.1%	22.5%	23.6%	35.9%	33.6%	34.2%	30.9%	34.5%	36.1%	35.3%	33.4%	36.2%	32.1%	34.6%	31.8%	33.1%	37.0%	35.6%	38.9%	34.0%	34.3%	35.7%	34.8%	36.3%	35.5%	37.4%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	359	347	349	356	349	336	330	313	309	302	294	294	294	294	294	286	276	274	267	250	245	236	221	213	212	213	224	234	235	235	235	235	234	231	228	228	228	227	232	239	247

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$17,688	$16,918	$15,256	$14,663	$15,670	$13,676	$12,246	$12,574	$12,337	$12,033	$12,075	$12,554	$12,919	$12,354	$12,188	$12,886	$13,325	$13,032	$13,680	$13,128	$11,962	$11,641	$9,758	$9,827	$8,482	$9,634	$9,431	$7,491	$7,093	$7,121	$6,960	$6,537	$6,373	$6,265	$5,933	$5,873	$5,739	$5,551	$5,109	$5,094	$5,198	$5,498
Cost of revenue	($5,380)	($4,105)	($3,338)	($3,652)	($4,080)	($1,835)	($5,097)	($2,633)	($2,948)	($5,764)	($172)	($495)	($811)	($635)	($461)	($622)	($9,641)	($9,008)	($10,568)	($9,935)	($7,192)	($7,239)	($5,826)	($5,277)	($4,066)	($4,884)	($4,785)	($2,739)	($2,270)	($2,426)	($2,264)	($1,871)	($1,696)	–	–	–	–	–	–	–	–	–
Gross profit	$12,308	$12,813	$11,918	$11,011	$11,590	$11,841	$7,149	$9,941	$9,389	$6,269	$11,903	$12,059	$12,108	$11,719	$11,727	$12,264	$3,658	$3,994	$3,112	$3,193	$4,770	$4,402	$3,932	$4,550	$4,416	$4,750	$4,647	$4,752	$4,823	$4,696	$4,695	$4,666	$4,677	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	($27)	($25)	($24)	($24)	($24)	($24)	($24)	($23)	($22)	($18)	($21)	($23)	($23)	($27)	($29)	($15)	($14)	($14)	($11)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	$22	($3,804)	($3,751)	($3,606)	($3,905)	($3,254)	($2,814)	($3,175)	($3,152)	($3,139)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($9,124)	($9,878)	($9,248)	($7,815)	($8,966)	($9,015)	($4,495)	($7,265)	($6,725)	($3,495)	($9,123)	($9,632)	($9,899)	($9,475)	($9,388)	($10,025)	($1,538)	($2,095)	($1,387)	($1,338)	($3,142)	($2,884)	($2,585)	($3,291)	($2,958)	($3,158)	($3,313)	($3,333)	($3,362)	($3,268)	($3,284)	($3,228)	($3,202)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($14,504)	($13,983)	($12,586)	($11,467)	($13,046)	($10,850)	($9,592)	($9,898)	($9,673)	($9,259)	($9,295)	($10,127)	($10,710)	($10,110)	($9,849)	($10,647)	($11,205)	($11,133)	($11,955)	($11,273)	($10,334)	($10,123)	($8,411)	($8,568)	($7,024)	($8,042)	($8,097)	($6,072)	($5,632)	($5,693)	($5,549)	($5,099)	($4,899)	–	–	–	–	–	–	–	–	–
Operating income	$3,184	$2,935	$2,670	$3,196	$2,624	$2,826	$2,654	$2,676	$2,664	$2,774	$2,780	$2,427	$2,209	$2,244	$2,339	$2,239	$2,120	$1,899	$1,725	$1,855	$1,628	$1,518	$1,347	$1,259	$1,458	$1,592	$1,334	$1,420	$1,461	$1,428	$1,411	$1,438	$1,474	$6,265	$5,933	$5,873	$5,739	$5,551	$5,109	$5,094	$5,198	$5,498
Earnings
EBITDA	$5,515	$5,256	$4,825	$5,227	$4,680	$4,858	$4,574	$4,360	$4,102	$4,115	$3,996	$3,557	$3,280	$3,268	$3,294	$3,123	$2,960	$2,690	$2,442	$2,522	$2,249	$2,102	$1,898	$1,788	$1,953	$2,118	$1,920	$1,946	$1,979	$1,931	$1,907	$1,894	$1,897	–	–	–	–	–	–	–	–	–
Interest income	$59	$63	$62	$62	$20	($420)	($214)	$96	$119	$111	$75	$35	$54	$24	$18	$23	$43	$25	$123	$58	$39	$37	$42	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($1,242)	($1,233)	($1,187)	($1,023)	($852)	($905)	($1,019)	($991)	($780)	($726)	($678)	($632)	($587)	($578)	($586)	($582)	($597)	($590)	($544)	($517)	($504)	($455)	($419)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$2,903	$2,597	$2,138	$3,003	$2,098	$1,383	$1,234	$1,736	$1,783	$1,997	$1,943	$1,798	$1,660	$1,538	$1,741	$1,662	$1,551	$1,319	$1,446	$1,362	$1,128	$1,073	$821	$851	$1,057	$1,138	$904	$1,087	$1,135	$1,092	$1,090	$1,122	$1,173	–	–	–	–	–	–	–	–	–
Income tax expense	($686)	($574)	($318)	($487)	($498)	($190)	($90)	($296)	($401)	($472)	($698)	($605)	($568)	($476)	($600)	($600)	($548)	($440)	($524)	($437)	($390)	($341)	($272)	($315)	($376)	($443)	($307)	($373)	($405)	($380)	($396)	($398)	($439)	$658	$604	$567	$572	$606	$599	$550	$546	$564
Net income	$2,217	$2,023	$1,820	$2,519	$1,660	$1,346	$1,101	$1,343	$1,382	$1,525	$1,245	$1,193	$1,092	$1,062	$1,141	$1,062	$1,003	$879	$1,196	$929	$737	$719	$537	$539	$658	$696	$596	$714	$730	$713	$694	$724	$734	$658	$604	$567	$572	$606	$599	$550	$546	$564
Per share
Diluted EPS (GAAP)	$6.09	$5.64	$5.24	$7.21	$4.66	$3.85	$3.28	$4.08	$4.42	$4.94	$4.12	$4.05	$3.71	$3.61	$3.86	$3.57	$3.47	$3.14	$4.37	$3.47	$2.95	$2.94	$2.27	$2.38	$3.02	$3.21	$2.74	$3.13	$3.04	$2.95	$2.93	$2.93	$2.98	$2.66	$2.46	$2.32	$2.34	$2.49	$2.47	$2.21	$2.13	$2.13
Basic EPS (GAAP)	$6.11	$5.66	$5.26	$7.25	$4.68	$3.86	$3.29	$4.09	$4.43	$4.97	$4.15	$4.07	$3.73	$3.62	$3.88	$3.59	$3.49	$3.16	$4.38	$3.49	$2.96	$2.95	$2.28	$2.39	$3.03	$3.22	$2.75	$3.14	$3.04	$2.95	$2.93	$2.93	$2.98	$2.66	$2.46	$2.32	$2.34	$2.49	$2.47	$2.21	$2.13	$2.13
Basic shares outstanding	363	357	346	348	354	348	335	328	312	307	300	293	293	293	293	293	284	275	273	266	249	244	230	216	213	212	212	223	234	235	235	235	235	234	231	228	228	228	227	232	239	247
Margins
Gross margin	69.6%	75.7%	78.1%	75.1%	74.0%	86.6%	58.4%	79.1%	76.1%	52.1%	98.6%	96.1%	93.7%	94.9%	96.2%	95.2%	27.5%	30.6%	22.7%	24.3%	39.9%	37.8%	40.3%	46.3%	52.1%	49.3%	49.3%	63.4%	68.0%	65.9%	67.5%	71.4%	73.4%	–	–	–	–	–	–	–	–	–
Operating margin	18.0%	17.3%	17.5%	21.8%	16.7%	20.7%	21.7%	21.3%	21.6%	23.1%	23.0%	19.3%	17.1%	18.2%	19.2%	17.4%	15.9%	14.6%	12.6%	14.1%	13.6%	13.0%	13.8%	12.8%	17.2%	16.5%	14.1%	18.9%	20.6%	20.1%	20.3%	22.0%	23.1%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	12.5%	12.0%	11.9%	17.2%	10.6%	9.8%	9.0%	10.7%	11.2%	12.7%	10.3%	9.5%	8.5%	8.6%	9.4%	8.2%	7.5%	6.7%	8.7%	7.1%	6.2%	6.2%	5.5%	5.5%	7.8%	7.2%	6.3%	9.5%	10.3%	10.0%	10.0%	11.1%	11.5%	10.5%	10.2%	9.7%	10.0%	10.9%	11.7%	10.8%	10.5%	10.3%

Analyst consensus

Hold27 analysts

Bearish · 7 · Hold · 16 · Bullish · 4

Earnings history

	EPS	Estimate
Q3 2024	$1.68	$1.59	Beat
Q4 2024	$0.98	$0.97	Beat
Q1 2025	$2.25	$2.21	Beat
Q2 2025	$0.67	$0.64	Beat
Q3 2025	$1.90	$1.74	Beat
Q4 2025	$0.89	$0.86	Beat
Q1 2026	$2.17	$2.28	Miss
Q2 2026	$0.83	$0.76	Beat

Peers

Company overview

IPO dateFeb 15, 2001

CEOTimothy Cawley

Employees15,407

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNew York Stock Exchange

Websitewww.conedison.com

Consolidated Edison, Inc., through its various subsidiaries, primarily operates in the regulated sectors of electricity, natural gas, and steam distribution across the United States. The company supplies electric power to approximately 3.5 million households and businesses in New York City and Westchester County. It also delivers natural gas to about 1.1 million customers located in Manhattan, the Bronx, specific parts of Queens, and Westchester County, while providing steam services to around 1,555 clients in certain Manhattan areas. Beyond these core regions, Consolidated Edison extends its electricity provision to roughly 300,000 customers in southeastern New York and northern New Jersey, and serves approximately 100,000 natural gas consumers in southeastern New York. Its extensive operational framework encompasses 533 circuit miles of transmission lines and 15 transmission substations. For distribution, it manages 64 substations, 87,564 in-service line transformers, 3,924 pole miles of overhead lines, and 2,291 miles of underground cabling. The natural gas network further includes 4,350 miles of main pipelines and 377,971 service connections. The company also engages in owning, operating, and developing projects for renewable energy and broader energy infrastructure. Furthermore, it offers a range of energy-related products and services to both wholesale and retail markets, and strategically invests in new electric and gas transmission ventures. Its electricity sales are predominantly directed toward industrial, commercial, residential, and governmental clients. Established in 1823, Consolidated Edison's corporate headquarters are situated in New York, New York.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.