Consolidated Edison posted net income for common stock of $2.02 billion, or $5.66 per share, for 2025, up from $1.82 billion, or $5.26 per share, in 2024. On an adjusted basis, earnings rose to $5.70 per share from $5.40 a year earlier.
The utility’s performance was underpinned by rate base growth at its core subsidiaries – Consolidated Edison Company of New York (CECONY) and Orange and Rockland Utilities (O&R) – as well as continued infrastructure investment tied to grid reliability and clean energy integration.
Fourth-quarter results were softer year over year. Net income for the quarter came in at $297 million, or $0.82 per share, compared with $310 million, or $0.90 per share, in the prior-year period. Adjusted fourth-quarter EPS declined to $0.89 from $0.98, reflecting higher operating and maintenance costs, increased corporate expenses, and dilution from share issuance.
For 2026, Con Edison expects adjusted earnings per share in a range of $6.00 to $6.20. The company is targeting a five-year adjusted EPS compound annual growth rate of 6% to 7%, using the midpoint of its 2026 guidance as a baseline.
That growth outlook is anchored by a substantial capital spending program. Con Edison plans to invest approximately $6.6 billion in 2026 and $6.8 billion in 2027. Between 2028 and 2030, the company expects to deploy an additional $24.3 billion, bringing total planned capital investment through 2030 to more than $37 billion.
The spending will focus on electric transmission and distribution upgrades, gas system modernization, and projects that support electrification of buildings and transport—core pillars of New York State’s climate policy framework.
To fund the buildout, Con Edison expects to rely on a mix of internally generated cash, long-term debt issuance, and equity offerings.
The company plans to issue up to $3.2 billion in long-term debt in 2026 and up to $3.0 billion in 2027, including refinancing of maturing securities. Equity issuance is also expected, with up to $1.1 billion in common equity planned for 2026 and roughly $1.2 billion in 2027, alongside additional issuance through dividend reinvestment and employee plans.
While the capital plan supports rate base expansion and earnings growth, it also implies continued balance sheet management and potential dilution—key variables for investors monitoring returns in a higher interest-rate environment.
Operating revenues climbed to $16.9 billion in 2025 from $15.3 billion in 2024, driven primarily by higher electric and gas revenues. Operating income increased to $2.94 billion from $2.67 billion.
