Consolidated Edison

ED · NYSE · Utilities · Financials, fiscal 2016 to 2025

ED · Last close · October 26, 2026

$115.42

Consolidated Edison's revenue rose 10.9% to $16.9 billion in fiscal 2025. Its operating margin was 17.4%, down from 17.5% a year earlier. Free cash flow was $36 million. It paid out $1.2 billion in dividends and buybacks, 3239% of free cash flow. The diluted share count rose 3.3%.

CONSOLIDATED EDISON INC Latest fiscal year ended December 31, 2025 10-K filed February 19, 2026 · 0001047862-26-000031 Updated October 9, 2026

Revenue

$16.9B

10.9%

Operating margin

17.4%

0.1 pts

Net income

$2.0B

11.2%

Free cash flow

$36M

Return on capital

4.7%

0.2 pts

Market cap

$42.1B

Oct 26 close

P/E

19.5x

On $5.93 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

About these figures. Capital spending is Consolidated Edison's utility construction spending, the main capital spending line in its cash flow statement, in every year so the years are comparable; spending by its former clean energy businesses, sold in 2023, isn't included. Debt includes Consolidated Edison's notes payable (its commercial paper), which its 2025 filing labels differently from earlier years; short-term term loans it reported separately in 2018, 2020 and 2022 aren't included.

What Consolidated Edison does

Consolidated Edison, known as Con Edison, is a holding company. Its main businesses are two regulated utilities, Consolidated Edison Company of New York (CECONY) and Orange and Rockland Utilities (O&R), and Con Edison Transmission, which develops and invests in electric transmission projects and owns electric and gas assets through joint ventures. It serves customers in New York and New Jersey.

CECONY delivers electricity to about 3.7 million customers in New York City (except part of Queens) and most of Westchester County. It delivers gas to about 1.1 million customers in Manhattan, the Bronx, parts of Queens and most of Westchester County. It also runs a steam system in parts of Manhattan, which it says is the largest steam distribution system in the United States. O&R provides electric service to about 0.3 million customers in southeastern New York and northern New Jersey, and gas to over 0.1 million customers in southeastern New York.

The New York State Public Service Commission sets the terms of service and the rates the utilities may charge. Con Edison says it aims to provide shareholder value through continued dividend growth, supported by earnings growth in its regulated utilities and electric transmission projects.

Its biggest risks, as it describes them

Extensive regulation, with the possibility of substantial penalties.
Changes to the utilities' rate plans that could hurt the company.
The environmental effects of its operations, and higher costs tied to climate change.
Needing access to capital markets to meet its funding needs.
Supply chain disruptions, inflation and tariffs that raise costs.

From Consolidated Edison's annual report on Form 10-K, filed February 19, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 3.6% a year and net income 5.5% a year, as new shares raised the share count by 19% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Consolidated Edison yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Consolidated Edison's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Consolidated Edison's cash from operations minus depreciation in fiscal 2025 (free cash flow before spending to grow: capital spending was 2.1 times depreciation, which holds its free cash flow down) of $2.5B, net cash of −$25.8B at December 31, 2025 and 359 million diluted shares, from its filings. The scenarios are fitted to Consolidated Edison: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 2.6% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 7% for a stable business (Multi-Utilities); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus depreciation in fiscal 2025: a rough guide to cash flow before spending to grow, for a company building heavily.

Net cash, US$ millions Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Consolidated Edison's own revenue growth, as above. Cautious: growth of 0.5% then 1% a year, 2% after year 10, a 8% discount rate. Base: growth of 2.5% then 2.5% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 4.5% then 4% a year, 3% after year 10, a 6% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $115.42
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Consolidated Edison's earnings per share of $5.93 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 20.9×, the middle of Consolidated Edison's own P/E today, its peers' median and its sector's median (the Utilities median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 8%, 7% and 6%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to March 31, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Dominion Energy, DTE Energy, Xcel Energy, Sempra.

Earnings growth in the years ahead (% a year) Starts at Consolidated Edison's revenue growth over the last 3 years, 2.6% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $115.42
Value at this multiple, against the last close: —
Consolidated Edison's P/E at the last close: 19.5×

Company	Last close	Earnings per share	P/E today
SempraSRE	$84.24	$2.95	28.6×
DTE EnergyDTE	$131.74	$6.07	21.7×
Xcel EnergyXEL	$77.86	$3.65	21.3×
Consolidated EdisonED	$115.42	$5.93	19.5×
Dominion EnergyD	$65.10	$3.38	19.3×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	992	1,282	1,189	1,324	1,629
Debt incl. finance leases	24,534	26,083	24,530	26,884	27,379
Net debt (negative means net cash)	23,542	24,801	23,341	25,560	25,750
Net debt to EBITDA	4.8x	5.3x	4.5x	5.3x	4.9x
Debt to equity	1.2x	1.3x	1.2x	1.2x	1.1x
Interest coverage	3.1x	3.1x	3.1x	2.2x	2.4x
Current ratio	1.0x	1.1x	1.0x	1.0x	1.0x
Quick ratio	1.0x	1.1x	1.0x	1.0x	1.0x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $435 of Consolidated Edison shares on the open market, and 3 insiders sold $1.3 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Sep 15, 2026	Joseph MillerVP & Controller	Bought	1	$105.81	$111	Form 4
Jun 15, 2026	Joseph MillerVP & Controller	Bought	1	$106.87	$110	Form 4
Mar 16, 2026	Joseph MillerVP & Controller	Bought	1	$115.55	$110	Form 4
Mar 12, 2026	Deneen L DonnleySVP and General Counsel	Sold	1,922	$113.94	$218,993	Form 4
Feb 27, 2026	William J MulrowDirector	Sold	7,912	$112.81	$892,553	Form 4
Dec 15, 2025	Joseph MillerVP & Controller	Bought	1	$97.68	$104	Form 4
Dec 11, 2025	John F KillianDirector	Sold	2,276	$96.89	$220,522	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Fail	Pass	Pass
Debt fell relative to assets	Pass	Fail	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	—	—	—
Revenue rose relative to assets	Fail	Pass	Pass
F-score	5 of 8	6 of 8	6 of 8
Accruals ratio	0.5%	−2.6%	−3.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Consolidated Edison side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Consolidated Edison	FY25	10.9%	17.4%	0.2%	4.7%	4.9x	6
Dominion Energy	FY25	14.2%	26.7%	−44.2%	4.9%	7.2x	6	Compare
DTE Energy	FY25	26.9%	15.0%	—	6.1%	6.2x	6	Compare
Xcel Energy	FY25	9.1%	17.6%	−46.5%	4.9%	6.2x	4	Compare
Sempra	FY25	3.9%	—	−44.1%	2.8%	6.0x	5	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	12,075	12,033	12,337	12,574	12,246	13,676	15,670	14,663	15,256	16,918
Revenue growth	−3.8%	−0.3%	2.5%	1.9%	−2.6%	11.7%	14.6%	−6.4%	4.0%	10.9%
Gross profit	—	—	—	—	—	—	—	—	—	—
Research and development	24	24	24	24	24	25	27	—	—	—
Operating income	2,780	2,774	2,664	2,676	2,654	2,826	2,624	3,196	2,670	2,935
Net income	1,245	1,525	1,382	1,343	1,101	1,346	1,660	2,519	1,820	2,023
Diluted EPS (US$)	4.12	4.94	4.42	4.08	3.28	3.85	4.66	7.21	5.24	5.64
Diluted shares (millions)	302	309	313	330	336	349	356	349	347	359
Cash flow
Cash from operations	3,459	3,367	2,695	3,134	2,198	2,733	3,935	2,156	3,614	4,800
Capital expenditure	2,835	3,028	3,251	3,238	3,326	3,630	3,824	4,353	4,770	4,764
Free cash flow	624	339	−556	−104	−1,128	−897	111	−2,197	−1,156	36
Dividends paid	763	803	842	924	975	1,030	1,089	1,096	1,100	1,166
Share buybacks	0	0	0	0	0	0	0	1,000	0	0
Acquisitions	0	0	1,488	0	0	0	0	0	0	0
Stock-based compensation	50	63	14	47	17	35	64	53	35	55
Balance sheet at fiscal year end
Cash and short-term investments	776	797	895	981	1,272	992	1,282	1,189	1,324	1,629
Debt incl. finance leases	15,828	16,606	19,886	21,666	24,057	24,534	26,083	24,530	26,884	27,379
Total assets	48,255	48,111	53,920	58,079	62,895	63,116	69,065	66,331	70,562	74,603
Total liabilities	33,949	32,686	37,081	39,866	43,830	42,780	48,176	45,173	48,600	50,413
Shareholders' equity	14,298	15,418	16,726	18,022	18,847	20,037	20,687	21,158	21,962	24,190
Margins and ratios
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	23.0%	23.1%	21.6%	21.3%	21.7%	20.7%	16.8%	21.8%	17.5%	17.4%
Net margin	10.3%	12.7%	11.2%	10.7%	9.0%	9.8%	10.6%	17.2%	11.9%	12.0%
Free cash flow margin	5.2%	2.8%	−4.5%	−0.8%	−9.2%	−6.6%	0.7%	−15.0%	−7.6%	0.2%
Return on capital	6.4%	7.0%	6.2%	5.9%	6.1%	5.7%	4.5%	5.9%	4.9%	4.7%
Return on equity	9.1%	10.3%	8.6%	7.7%	6.0%	6.9%	8.2%	12.0%	8.4%	8.8%
Return on assets	2.6%	3.2%	2.7%	2.4%	1.8%	2.1%	2.5%	3.7%	2.7%	2.8%
Net debt to EBITDA	3.8x	3.8x	4.6x	4.7x	5.0x	4.8x	5.3x	4.5x	5.3x	4.9x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Consolidated Edison's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Consolidated Edison.