Consolidated Edison Inc
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −5.26%.
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% 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.
- 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
“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.”
Consolidated Edison CEO, on the earnings call
Forward Guidance & Outlook
Con Edison expects 2026 adjusted EPS (non-GAAP) in the range of $6.00 to $6.20 per share. The company forecasts a five-year compounded annual adjusted EPS growth rate of 6% to 7% based on the midpoint of 2026 guidance. Capital investments are expected to be $6,595 million in 2026 and $6,759 million in 2027, with $24,339 million in aggregate for 2028-2030, totaling approximately $38 billion over 2026-2030. The company's utilities' investment earnings base CAGR target is 8.6% for 2026-2030. Financing plans include up to $1,100 million of common equity issuance in 2026, up to $1,200 million in 2027, and up to $3,300 million in aggregate during 2028-2030, plus up to $3,200 million of long-term debt in 2026 and up to $3,000 million in 2027. Con Edison expects to complete the sale of its remaining MVP interest in the first half of 2026 for total aggregate consideration of $357.5 million. CECONY filed a proposed steam rate increase of $66 million effective November 1, 2026.
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Figures from SEC filings and company reports. Not investment advice.