Consolidated Edison, Inc.

What they do

Con Edison owns all of the common stock of CECONY, Orange and Rockland Utilities, Inc. and Con Edison Transmission, Inc. CECONY's principal operations are regulated electric, gas and steam delivery: electric service to about 3.7 million customers in New York City (except part of Queens) and most of Westchester County, gas to about 1.1 million customers, and steam from the largest US steam distribution system, about 16,975 MMlb annually to roughly 1,490 Manhattan customers. O&R, including its New Jersey subsidiary Rockland Electric Company (RECO), provides electric service to about 0.3 million customers and gas to over 0.1 million customers. Con Edison Transmission develops and invests in electric transmission projects and holds joint-venture interests in electric and gas assets.

Revenue drivers

• CECONY electric delivery — Regulated electric delivery in New York City (except part of Queens) and most of Westchester County serving about 3.7 million customers; the largest of the utility operations.
• CECONY gas delivery — Regulated gas distribution to about 1.1 million customers in Manhattan, the Bronx, parts of Queens and most of Westchester County.
• CECONY steam — Steam production and delivery to about 1,490 customers in parts of Manhattan, approximately 16,975 MMlb annually; the largest steam distribution system in the United States.
• O&R (including RECO) and Con Edison Transmission — Regulated electric service to about 0.3 million customers and gas to over 0.1 million in southeastern New York and northern New Jersey, plus electric transmission development and joint-venture electric and gas assets.

Recent performance

For the 2026 second quarter, Con Edison reported net income for common stock of $308 million, or $0.83 a share, compared with $246 million, or $0.68 a share, in the 2025 second quarter; adjusted earnings (non-GAAP) were $308 million, or $0.83 a share, versus $240 million, or $0.67 a share. For the first six months of 2026, net income for common stock was $1,232 million, or $3.37 a share, compared with $1,038 million, or $2.93 a share, in the first six months of 2025; adjusted earnings were $1,098 million, or $3.00 a share, versus $1,032 million, or $2.91 a share. Full-year 2025 net income for common stock was $2,023 million, or $5.66 a share, compared with $1,820 million, or $5.26 a share, in 2024; adjusted earnings (non-GAAP) were $2,038 million, or $5.70 a share, compared with $1,868 million, or $5.40 a share. Fourth-quarter 2025 revenue was $3.96 billion, and first-quarter 2026 revenue was $5.23 billion. Total assets were $74.74 billion and shareholder equity $25.60 billion at March 31, 2026.

Strategy

Con Edison states it seeks shareholder value through continued dividend growth supported by earnings growth in regulated utilities and electric transmission assets, investing to provide reliable, resilient, safe and clean energy for its New York and New Jersey customers. In 2025 the Utilities invested $4,946 million to upgrade and reinforce their energy delivery systems, and Con Edison Transmission invested $50 million primarily in electric transmission. For 2026 through 2030, the Utilities expect to invest $6,533 million, $6,592 million, $6,939 million, $8,524 million and $8,571 million, respectively, in their energy delivery systems, while Con Edison Transmission expects to invest $62 million, $167 million, $213 million, $75 million and $17 million, respectively, in electric transmission. During the first quarter of 2026, Con Edison Transmission completed the sale of its approximately 6.6 percent equity interest in Mountain Valley Pipeline, LLC, and in April 2026 CECONY and Con Edison Transmission agreed to sell their interests in Honeoye Storage Corporation for $5 million in aggregate (approximately $1.5 million attributed to CECONY), subject to NYSPSC approval. Management also cites customer affordability and support for New York's clean energy transition as priorities.

Risks

• Regulatory rate and operating authority — CECONY and O&R operations are subject to NYSPSC (and, for RECO, New Jersey) regulation, and the NYSPSC can impose penalties, order more stringent terms of service, or revoke or modify an operating certificate for repeated violations of the New York Public Service Law.
• Aged customer receivables — At June 30, 2026, CECONY's customer accounts receivable balance of $2,898 million included $1,385 million aged over 60 days, and O&R's $119 million balance included $31 million aged over 60 days, compared with pre-pandemic CECONY aged balances of $408 million at February 28, 2020.
• Uncollectible expense reconciliation exposure — CECONY's rate plans reconcile actual uncollectible expenses and late payment charges against rate levels (through December 31, 2028 for electric and gas and through October 31, 2026 for steam), with variances above specified thresholds ($10 million total in 2026, $8.5 million electric and $1.5 million gas) deferred rather than immediately recovered.
• Large capital program execution and funding — The Utilities expect to invest $6,533 million in 2026 rising to $8,571 million in 2030, requiring substantial financing and rate recovery; long-term debt was $25.55 billion at December 31, 2025 and cash and equivalents were $147.0 million at March 31, 2026.

Outlook

For full-year 2026, Con Edison reaffirmed adjusted earnings per share (non-GAAP) guidance of $6.00 to $6.20, excluding the gain on the sale of its MVP equity interest ($(0.37) a share after-tax), accretion of the MVP basis difference ($(0.01) a share after-tax), transaction costs for the MVP and Honeoye strategic alternatives review, and HLBV accounting effects for tax equity investments. Management said year-to-date results are in line with expectations, citing electrification of buildings and transportation, and expects 28 new substations in service by 2035 along with other planned capital investments.