Consolidated Edison (ED) FY2020 results: revenue $12.2 billion, down 2.6% on the year
Consolidated Edison Inc. (ED) reported revenue of $12.2 billion for fiscal 2020, the year ended 31 December 2020, down 2.6% on the year before. Net income was $1.1 billion, down 18.0%, and diluted earnings per share $3.28. The figures are the company's own, from the 10-K it filed with the SEC on 18 February 2021.
Revenue
$12.2 billion
-2.6% on the year
FY2013FY2020
Operating margin
21.7%
21.3% a year earlier
FY2013FY2020
Net income
$1.1 billion
-18.0% on the year
FY2013FY2020
Diluted EPS
$3.28
-19.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
12,246
12,574
12,337
-2.6%
Research and development
24.0
24.0
24.0
0.0%
Operating income
2,654
2,676
2,664
-0.8%
Operating margin
21.7%
21.3%
21.6%
Interest expense
1,019
991
819
+2.8%
Pre-tax income
1,234
1,736
1,783
-28.9%
Income tax
90.0
296
401
-69.6%
Effective tax rate
7.3%
17.1%
22.5%
Net income
1,101
1,343
1,382
-18.0%
Net margin
9.0%
10.7%
11.2%
Diluted EPS
$3.28
$4.08
$4.42
-19.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
2,198
3,134
2,695
-29.9%
Capital expenditure
4,085
3,676
5,249
+11.1%
Free cash flow
-1,887
-542
-2,554
Free cash flow margin
-15.4%
-4.3%
-20.7%
Cash from investing
-4,224
-3,782
-5,471
Cash from financing
2,245
859
2,938
+161.4%
Depreciation and amortisation
1,920
1,684
1,438
+14.0%
Share-based compensation
17.0
47.0
14.0
-63.8%
Dividends paid
975
924
842
+5.5%
Dividend per share
$3.06
$2.96
$2.86
+3.4%
Diluted shares, weighted
336m
330m
313m
+1.9%
Shares outstanding at period end
342m
333m
321m
+2.9%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
18,847
18,022
16,726
+4.6%
Non-controlling interest
218
191
113
+14.1%
Debt
24,219
21,665
20,711
+11.8%
Operating lease liabilities
764
809
0.0
-5.6%
Finance lease liabilities
2.0
1.0
n/a
+100.0%
Other liabilities
18,845
17,391
16,370
+8.4%
Total liabilities and equity
62,895
58,079
53,920
+8.3%
Fixed assets
46,555
43,889
41,749
+6.1%
Goodwill
446
446
440
0.0%
Intangible assets
1,460
1,557
1,654
-6.2%
Investments
1,816
2,065
1,766
-12.1%
Cash and equivalents
1,272
981
895
+29.7%
Receivables
1,701
1,236
1,267
+37.6%
Other assets
9,645
7,905
6,149
+22.0%
Total assets
62,895
58,079
53,920
+8.3%
10-K for the year ended 31 December 2020, filed 18 February 2021: the filing.