Consolidated Edison Inc
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.47%.
Did ED Beat Earnings? Q3 2025 Results
Consolidated Edison delivered a convincing third-quarter beat Thursday, posting adjusted EPS of $1.90 against a consensus estimate of $1.75, a gap of 8.66%, while revenue of $4.53 billion topped expectations by 7.34% and climbed 10.7% from the same period a year ago. The primary engine behind the quarter was CECONY, Con Edison's flagship utility subsidiary, where a higher electric rate base contributed meaningfully to per-share growth and lower effective income tax rates and reduced commercial paper interest expense added further lift. Net income for common stock rose to $688 million from $588 million in Q3 2024, reflecting the rate case-driven revenue expansion that pushed electric revenues up 10.6% even on flat sales volumes. Management signaled growing confidence by narrowing full-year 2025 adjusted EPS guidance to $5.60 to $5.70, shifting toward the upper half of the original range. Despite the strong print, some analysts remain cautious on valuation, with at least one major bank maintaining a skeptical rating on the stock even as the company outlined nearly $17 billion in capital investments for 2026 through 2028.
- Higher electric rate base at CECONY contributing $0.11 per share
- Lower effective income tax for certain items contributing $0.05 per share
- Lower commercial paper interest expense contributing $0.04 per share
- Lower stock-based compensation contributing $0.04 per share
- Higher income from allowance for funds used during construction contributing $0.02 per share
“We continue to deliver the safe, resilient grid New Yorkers rely on and have reached a Joint Settlement Agreement on a three-year investment plan that, if approved, will fund critical infrastructure investments while keeping affordability and reliability front and center. At the same time, the settlement advances our long-term operational and financial objectives as we progress New York's clean energy transition.”
Consolidated Edison CEO, on the earnings call
Forward Guidance & Outlook
Con Edison narrowed its 2025 adjusted EPS guidance to $5.60–$5.70 per share, revised to the upper half of the original $5.50–$5.70 range. Adjusted EPS excludes accretion of the basis difference of Con Edison's equity investment in MVP (approximately $(0.03) per share after-tax), HLBV accounting for tax equity investments, adjustments to the gain and other impacts related to the Clean Energy Businesses sale in 2023, and impacts from strategic alternatives evaluation for MVP and Honeoye. The company plans to complete construction of 14 new substations along with substation upgrades, transmission lines, and storm resiliency measures by 2030. CECONY's joint proposal for 2026–2028 electric and gas rate plans supports nearly $17 billion in capital investments over three years, with average electric rate base growing from approximately $32.9 billion to $39.2 billion. Capital investments are forecast at approximately $6.6–$6.9 billion annually from 2026–2028 for CECONY and O&R. In February 2026, Con Edison will update its forecast through 2030.
ED YoY Financials
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Figures from SEC filings and company reports. Not investment advice.