Consolidated Edison Inc
Q2 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.36%.
Did ED Beat Earnings? Q2 2025 Results
Consolidated Edison delivered a clean beat to open the second half of 2025, posting adjusted EPS of $0.67 against a consensus estimate of $0.66, a 1.45% positive surprise, while revenue of $3.60 billion topped expectations of $3.45 billion by 4.33% and climbed 11.7% from the year-ago period. Net income for common stock rose to $246.00 million from $202.00 million a year earlier, with the improvement driven largely by CECONY's regulated electric business, which benefited from a higher rate base and the favorable lapping of a May 2024 state regulatory order that had previously denied capitalization of customer billing system costs, a swing worth roughly $37.00 million. The quarter unfolded against a broader backdrop of surging utility power demand tied to data center and AI infrastructure buildout, trends that reinforce Con Edison's case for its ambitious $38.00 billion capital investment plan through 2029, targeting 8.2% annual rate base growth. Management reaffirmed full-year 2025 adjusted EPS guidance of $5.50 to $5.70, even as pending CECONY rate filings face a significant gap between the company's requested increases and NYSPSC staff recommendations.
- Higher electric rate base contributed $0.05 to quarterly EPS
- Favorable $0.11 EPS impact from lapping of May 2024 NYSPSC order on customer billing system capitalization
- Higher income from allowance for funds used during construction added $0.02
- O&R electric base rate increase contributed $0.02
- Revenue decoupling mechanisms insulate from delivery volume changes
“We continue to execute on our strategy with disciplined investments in our infrastructure to maintain our world-class reliability and strengthen grid resilience against extreme weather. The trend of building electrification and electric vehicle adoption presents continuing opportunities to invest in our electric delivery system. We are optimistic about the future of our region and company.”
Consolidated Edison CEO, on the earnings call
Forward Guidance & Outlook
Con Edison reaffirmed its 2025 adjusted EPS guidance range of $5.50 to $5.70 per share (non-GAAP). The company forecasts approximately $38 billion in capital investments from 2025-2029 with a targeted 8.2% annual utility rate base growth. CECONY has filed for electric and gas rate increases of $1,608 million and $349 million respectively, effective January 2026, requesting a 10% return on equity and 48% equity ratio. NYSPSC staff has proposed significantly lower increases. The company plans equity issuances of up to $1,850 million in 2026 and up to $4,300 million in 2027-2029, along with long-term debt of up to $3,800 million in 2026 and up to $9,100 million in 2027-2029. The One Big Beautiful Bill Act signed in July 2025 is not expected to have a material impact on the company's financial position based on preliminary assessment.
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Figures from SEC filings and company reports. Not investment advice.