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Consolidated Edison

Consolidated Edison (ED) Q4 2025 Earnings

Reported Feb 19, 2026 at 4:40 PM ET · SEC Source

Q4 25 EPS

$0.89

BEAT +3.44%

Est. $0.86

Q4 25 Revenue

$4.00B

BEAT +7.65%

Est. $3.71B

vs S&P Since Q4 25

-5.2%

TRAILING MARKET

ED +2.3% vs S&P +7.6%

Full Year 2025 Results

FY 25 EPS

$5.70

FY 25 Revenue

$16.92B

Market Reaction

Did ED Beat Earnings? Q4 2025 Results

Consolidated Edison closed out fiscal 2025 on a stronger-than-expected note, posting fourth-quarter adjusted earnings per share of $0.89 against a Wall Street consensus of $0.86, a 3.44% beat, while revenue of $4.00 billion topped estimates by 7.65% … Read more Consolidated Edison closed out fiscal 2025 on a stronger-than-expected note, posting fourth-quarter adjusted earnings per share of $0.89 against a Wall Street consensus of $0.86, a 3.44% beat, while revenue of $4.00 billion topped estimates by 7.65% and grew 8.9% year over year. The results capped a full year in which the New York utility delivered adjusted EPS of $5.70, landing at the top of its own guidance range and up from $5.40 in 2024, with higher electric rate base contributing $0.28 per share to the full-year gain. The quarter did carry some headwinds, as elevated operations and maintenance expenses at CECONY and higher corporate costs weighed on results compared to the prior-year period. Looking ahead, Con Edison introduced 2026 adjusted EPS guidance of $6.00 to $6.20 and outlined a $38.00 billion, five-year capital investment program through 2030, supporting a targeted adjusted EPS compound annual growth rate of 6% to 7%; the ambition of that plan has already drawn attention, with some analysts arguing the market is underpricing the company's long-term earnings durability.

Key Takeaways

  • • Higher electric rate base ($0.28 per share full-year impact)
  • • Higher income from allowance for funds used during construction ($0.09 per share full-year impact)
  • • Higher gas rate base ($0.06 per share full-year impact)
  • • Impact of May 2024 NYSPSC order on customer billing system capitalization ($0.11 per share full-year impact)
  • • Revenue decoupling mechanism insulating from delivery volume changes
24/7 Wall St

ED YoY Financials

Q4 2025 vs Q4 2024, source: SEC Filings

24/7 Wall St

ED Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q1 26

“Our 2025 performance affirmed the durability of our regulated businesses and the value created through disciplined, forward-looking investment. Demand remains for a modern, resilient grid as customers continue to electrify their homes, businesses and vehicles. We are investing proactively to support stable, long-term returns for shareholders and to deliver the world-class reliability our region needs.”

— Tim Cawley, Q4 2025 Earnings Press Release

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