About Consolidated Edison Inc. (ED)

Company Overview

Consolidated Edison, Inc. (Con Edison) is one of the nation's largest investor-owned energy-delivery companies, primarily engaged in the regulated electric, gas, and steam delivery businesses in the United States. The company's operations are a cornerstone in supplying essential energy services to a vast and densely populated metropolitan area.

Con Edison serves approximately 3.7 million customers with electric services across New York City and Westchester County. Its gas delivery business caters to about 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County. Additionally, it provides steam service to approximately 1,520 customers in parts of Manhattan. The company also supplies electricity to roughly 0.3 million customers in southeastern New York and northern New Jersey, and gas to approximately 0.1 million customers in southeastern New York.

With annual revenues around $15 billion (as of year-end 2024), Con Edison trades on the New York Stock Exchange under the ticker symbol "ED," solidifying its position as a vital utility provider in one of America's most significant economic hubs.

Business Segments and Operations

Infrastructure Network and Service Territory

Con Edison operates an extensive and critical infrastructure network to ensure reliable service delivery. This network includes:

- 549 circuit miles of transmission lines

- 15 transmission substations

- 64 distribution substations

- 90,755 in-service line transformers

- 3,877 pole miles of overhead distribution lines

- 2,405 miles of underground distribution lines

The company's operations are geographically concentrated in the following key areas:

- Electric Services: New York City, Westchester County, southeastern New York, and northern New Jersey.

- Gas Services: Manhattan, the Bronx, parts of Queens, Westchester County, and southeastern New York.

- Steam Services: Select areas of Manhattan.

Through its subsidiaries, Orange and Rockland Utilities (O&R) serves customers across a 1,300-square-mile area in southeastern New York State and northern New Jersey. Con Edison Transmission, Inc. focuses on investing in and managing electric transmission projects, often through joint ventures, under the oversight of the Federal Energy Regulatory Commission.

Financial Performance

Recent Quarterly Highlights (2025 vs. 2024)

- Q2 2025: Reported net income for common stock of $246 million ($0.68 per share), an increase from $202 million ($0.58 per share) in Q2 2024.

- H1 2025: Net income for common stock was $1,038 million ($2.93 per share), up from $922 million ($2.67 per share) in H1 2024. Adjusted earnings were $1,032 million ($2.91 per share) in 2025 compared to $945 million ($2.73 per share) in 2024.

- Q1 2025: Net income for common stock reached $791 million ($2.26 per share), compared to $720 million ($2.08 per share) in Q1 2024.

Full-Year Results (2024 vs. 2023)

- 2024 Net Income: $1,820 million ($5.26 per share) compared to $2,519 million ($7.25 per share) in 2023. Adjusted earnings (non-GAAP) were $1,868 million ($5.40 per share) in 2024 versus $1,762 million ($5.07 per share) in 2023.

- 2024 Revenue: $15.26 Billion USD, an increase from $14.66 Billion USD in 2023.

- TTM Revenue (as of September 2025): $16.15 Billion USD.

Market Capitalization and Stock Performance

- Market Capitalization (as of April 11, 2025): $34.56 Billion USD.

- All-Time High Closing Price: $111.42 (April 22, 2025).

- 52-Week High: $114.87. The stock price has demonstrated resilience within the utility sector.

Dividend Policy

Con Edison maintains a strong commitment to shareholder returns through consistent dividend payments. The company declared a quarterly dividend of $0.85 per share on its common stock, payable September 15, 2025, to stockholders of record as of August 13, 2025. This reflects the company's dedication to providing steady income to its investors.

Strategic Initiatives and Future Outlook

Infrastructure Investment Program

CEO Tim Cawley highlighted the company's successful strategy in 2024, which supported clean energy adoption while ensuring reliable service. Con Edison is optimistic about future growth, driven by increased capital investments in grid infrastructure to meet rising demand for the electrification of buildings and transportation. Key achievements include progress on critical substation construction and advancements in new transmission lines under the Reliable Clean City program.

Capital Requirements and Financing Plans (2025-2029)

Con Edison plans to fund its capital requirements through a combination of internally generated funds, long-term debt issuance, and common equity.

- Long-Term Debt Issuance: Plans include up to $1.75 billion in 2025 and up to $3.8 billion in 2026 at its utility subsidiaries, with an aggregate of approximately $9.1 billion for 2027-2029.

- Common Equity Issuance: Plans involve up to $1.35 billion in 2025, including settlement of equity forward transactions and shares issued through dividend reinvestment and employee stock plans.

Balance Sheet Strength

As of December 31, 2024:

- Total Assets: $70,562,000 thousand.

- Total Liabilities Net Minority Interest: $48,600,000 thousand.

- Total Equity Gross Minority Interest: $21,962,000 thousand.

This robust balance sheet provides a solid foundation for ongoing operations and future capital investment programs.

Con Edison stands as a premier regulated utility company, characterized by its strong market position in the New York metropolitan area, consistent financial performance, and a clear strategic focus on modernizing its infrastructure to support the transition to clean energy while maintaining unparalleled service reliability.