Consolidated Edison Inc.: Q3 FY2025 earnings call

What management said about Q3 FY2025, from the documents filed with the SEC on 6 November 2025: press release. Guidance figures: 1 raised, 1 kept. The quarter’s numbers.

Key takeaways

Quarterly adjusted EPS rose to $1.90: Adjusted earnings were $686 million, or $1.90 a share, against $583 million, or $1.68 a share, a year earlier. Reported net income for common stock was $688 million, or $1.91 a share. Source
Nine-month adjusted EPS rose to $4.82: For the first nine months, adjusted earnings were $1,718 million, or $4.82 a share, against $1,528 million, or $4.42 a share. Reported net income for common stock was $1,726 million, or $4.84 a share. Source
CECONY drove most of the increase: CECONY reported $102 million, or $0.22 a share, of higher third-quarter net income for common stock, led by higher electric rate base and a lower effective income tax for certain items. Source
Share issuance diluted third-quarter earnings: The dilutive effect of issuing common shares reduced third-quarter earnings by $0.08 a share. Source
Billing-system order added $37 million: A May 2024 NYSPSC order denying CECONY's request to capitalize customer billing system costs contributed $37 million, or $0.11 a share, to the nine-month change. Source
14 substations and upgrades by 2030: Management plans to complete 14 new substations by 2030, along with substation upgrades, transmission lines and storm resiliency measures. Source

“We continue to deliver the safe, resilient grid New Yorkers rely on and have reached a Joint Settlement Agreement on a three-year investment plan”
Tim Cawley, chairman and CEO

Guidance

Area	Period	Figure	Against last quarter
Adjusted earnings per share (non-GAAP) Source	2025 full year	$5.60 to $5.70 per share	Raised from $5.50 to $5.70 per share
MVP basis-difference accretion excluded from adjusted EPS Source	2025 full year	approximately $(0.03) a share after-tax	Kept
Substation and transmission construction Source	by 2030	14 new substations

What changed from last quarter

Guidance raised: The low end of the 2025 adjusted EPS range rose to $5.60 from $5.50; the high end stayed at $5.70. Source
New: Con Edison reached a Joint Settlement Agreement on a three-year investment plan covering critical infrastructure, subject to approval. Source

Results and earnings growth

Quarterly adjusted EPS rose to $1.90: Adjusted earnings were $686 million, or $1.90 a share, against $583 million, or $1.68 a share, a year earlier. Reported net income for common stock was $688 million, or $1.91 a share. Source
Nine-month adjusted EPS rose to $4.82: For the first nine months, adjusted earnings were $1,718 million, or $4.82 a share, against $1,528 million, or $4.42 a share. Reported net income for common stock was $1,726 million, or $4.84 a share. Source
Quarterly earnings up $103 million: Adjusted earnings rose $103 million, or $0.22 a share, against the 2024 third quarter. Reported earnings rose $100 million, or $0.21 a share, after HLBV and MVP adjustments. Source

Segments and subsidiaries

CECONY drove most of the increase: CECONY reported $102 million, or $0.22 a share, of higher third-quarter net income for common stock, led by higher electric rate base and a lower effective income tax for certain items. Source
O&R electric base rate change reduced earnings: O&R's lower electric base rate change reduced third-quarter net income by $1 million, or $0.01 a share. Source
Transmission lower for nine months: Con Edison Transmission was flat in the quarter. For nine months it fell $4 million, or $0.01 a share, after a $5 million 2024 income tax adjustment tied to MVP AFUDC. Source

“Our consistent performance underscores disciplined execution and steady customer support for electrification in heating and transportation.”
Tim Cawley, chairman and CEO

Costs, financing and share issuance

Lower commercial paper interest helped: Lower commercial paper interest expense added $14 million, or $0.04 a share, in the quarter. Lower stock-based compensation added $13 million, or $0.04 a share. Source
Share issuance diluted third-quarter earnings: The dilutive effect of issuing common shares reduced third-quarter earnings by $0.08 a share. Source
Billing-system order added $37 million: A May 2024 NYSPSC order denying CECONY's request to capitalize customer billing system costs contributed $37 million, or $0.11 a share, to the nine-month change. Source

Rate plans and revenue mechanisms

Revenue decoupling limits volume effects: Under the New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. Source
Fuel and purchased power pass through: The utilities recover fuel, gas purchased for resale and purchased power costs on a current basis, so those costs generally do not affect Con Edison's results. Source
Weather normalization on gas and steam: Gas and CECONY steam sales carry a weather normalization clause, so delivery revenues reflect normal weather during the heating season. Source

“continuing to execute our strategy of making robust investments to maintain our world-class reliability as our customers’ need for energy grows”
Kirk Andrews, senior vice president and CFO

Capital plan and demand

14 substations and upgrades by 2030: Management plans to complete 14 new substations by 2030, along with substation upgrades, transmission lines and storm resiliency measures. Source
Landmark projects cited as demand: Management pointed to a first all-electric skyscraper in New York, the Queens soccer stadium and the JFK Airport redevelopment as evidence of growing demand for reliable energy. Source
Settlement tied to clean energy transition: Management said the settlement advances long-term operational and financial objectives as New York progresses its clean energy transition. Source

Non-GAAP items and parent company

MVP accretion excluded from adjusted earnings: Adjusted earnings exclude MVP basis-difference accretion of $2 million after tax, or $0.01 a share, in the quarter, and $7 million after tax for nine months. Source
HLBV effects removed from adjusted results: HLBV effects reduced the third-quarter reported variance by $2 million, or $0.01 a share, and are excluded from adjusted earnings. Source
Other and parent company added $19 million: Other, including parent company expenses, added $19 million, or $0.05 a share, for nine months, including a $23 million, $0.07 a share, Clean Energy Businesses variance. Source

Coming up, as management said on 6 November 2025

Third-quarter Form 10-Q filing: The company's 2025 third-quarter Form 10-Q is being filed with the Securities and Exchange Commission. Source
Earnings presentation posted online: A third-quarter 2025 earnings release presentation will be available on the company's website. Source

Figures management reported

Figure	Reported
Rate base growth (electric) Source	Higher electric rate base: $57 million, $0.16 a share, nine months
Rate base growth (gas) Source	Higher gas rate base: $24 million, $0.07 a share, nine months
Capital plan Source	14 new substations by 2030, plus upgrades, transmission lines and storm resiliency measures
Rate case Source	Three-year investment plan under Joint Settlement Agreement, pending approval
Rate case (O&R electric base rate) Source	Electric base rate change: $(1) million, $(0.01) a share, third quarter
Electrification investment approval	$440 million for five projects, second quarter 2025

Risks management discussed

Regulatory: The three-year investment plan depends on approval of the Joint Settlement Agreement, which is not yet approved. Source
Financial: Impacts from the strategic alternatives review for MVP and Honeoye are excluded from adjusted EPS, and their amounts will not be determinable until year-end. Source

Earlier plans management reported on

Met: The Broken Bow II sale and transfer was completed in January 2025, as management states. Source
Not stated: Management plans to complete 14 new substations by 2030 and states the company is continuing to execute its strategy. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

CON EDISON REPORTS 2025 THIRD QUARTER EARNINGS

NEW YORK - Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2025 third quarter net income for common stock of $688 million or $1.91 a share compared with $588 million or $1.70 a share in the 2024 third quarter. Adjusted earnings (non-GAAP) were $686 million or $1.90 a share in the 2025 period compared with $583 million or $1.68 a share in the 2024 period. Adjusted earnings and adjusted earnings per share in the 2025 and 2024 periods exclude accretion of the basis difference of Con Edison's equity investment in Mountain Valley Pipeline, LLC (MVP). Adjusted earnings and adjusted earnings per share in the 2024 period exclude the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments.

For the first nine months of 2025, net income for common stock was $1,726 million or $4.84 a share compared with $1,510 million or $4.37 a share in the first nine months of 2024. Adjusted earnings were $1,718 million or $4.82 a share in the 2025 period compared with $1,528 million or $4.42 a share in the 2024 period. Adjusted earnings and adjusted earnings per share in the 2025 and 2024 periods exclude accretion of the basis difference of Con Edison's equity investment in MVP and adjustments to the gain and other impacts related to the sale of all of the stock of its former subsidiary, the Clean Energy Businesses, in 2023. Adjusted earnings and adjusted earnings per share in the 2024 period exclude the effects of HLBV accounting for tax equity investments.

“We continue to deliver the safe, resilient grid New Yorkers rely on and have reached a Joint Settlement Agreement on a three-year investment plan that, if approved, will fund critical infrastructure investments while keeping affordability and reliability front and center. At the same time, the settlement advances our long-term operational and financial objectives as we progress New York’s clean energy transition,” said Tim Cawley, chairman and CEO. “Our consistent performance underscores disciplined execution and steady customer support for electrification in heating and transportation. Landmark projects, including New York’s first all-electric skyscraper, the new Queens soccer stadium, and JFK Airport’s redevelopment, highlight growing demand for reliable energy. Our proven ability to manage large, complex projects positions us to deliver strong, stable returns for investors.”

“We plan to complete construction of 14 new substations, along with substation upgrades, transmission lines and storm resiliency measures by 2030, continuing to execute our strategy of making robust investments to maintain our world-class reliability as our customers’ need for energy grows,” said Kirk Andrews, senior vice president and CFO. “The revenue predictability that our business model provides, our strong balance sheet and our investments make Con Edison an attractive option for investors.”

For the year of 2025, Con Edison expects its adjusted earnings per share (non-GAAP) to be in the range of $5.60 to $5.70 per share. Con Edison's previous forecast was in the range of $5.50 to $5.70. Adjusted earnings per share excludes accretion of the basis difference of Con Edison's equity investment in MVP (approximately $(0.03) a share after-tax), HLBV accounting for tax equity investments, adjustments to the gain and other impacts related to the sale of all of the stock of the Clean Energy Businesses in 2023 and impacts from the evaluation of strategic alternatives with respect to MVP and Honeoye Storage Corporation (Honeoye), the amounts of which, if any, will not be determinable until year-end. Accordingly, the company is unable to provide equivalent measures determined in accordance with generally accepted accounting principles in the United States of America (GAAP).

CON EDISON REPORTS 2025 THIRD QUARTER EARNINGS

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See Attachment A to this press release for a reconciliation of Con Edison’s reported earnings per share to adjusted earnings per share and reported net income for common stock to adjusted earnings for the three and nine months ended September 30, 2025 and 2024. See Attachments B and C for the estimated effect of major factors resulting in variations in earnings per share and net income for common stock for the three and nine months ended September 30, 2025 compared to the respective 2024 periods.

The company's 2025 Third Quarter Form 10-Q is being filed with the Securities and Exchange Commission. A third quarter 2025 earnings release presentation will be available at www.conedison.com. (Select "For Investors" and then select "Press Releases.")

CON EDISON REPORTS 2025 THIRD QUARTER EARNINGS

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This press release contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as “forecasts,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” “plans,” “will,” “target,” “guidance,” “potential,” “goal,” “consider” and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time.

Forward-looking statements notice

Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the Securities and Exchange Commission, including that Con Edison's subsidiaries are extensively regulated and may be subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber attack could adversely affect it; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs (or subsequent changes to tariffs once announced or implemented); and it also faces other risks that are beyond its control. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.

This press release also contains financial measures, adjusted earnings and adjusted earnings per share, that are not determined in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to net income for common stock or net income per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted earnings and adjusted earnings per share exclude from net income for common stock and net income per share, respectively, certain items that Con Edison does not consider indicative of its ongoing financial performance such as adjustments to the gain and other impacts related to the sale of all of the stock of its former subsidiary, the Clean Energy Businesses, in 2023, the effects of HLBV accounting for tax equity investments and accretion of the basis difference of Con Edison's equity investment in MVP, and impacts from the evaluation of strategic alternatives with respect to MVP and Honeoye. Management uses these non-GAAP financial measures to facilitate the analysis of Con Edison's financial performance as compared to its internal budgets and previous financial results and to communicate to investors and others Con Edison's expectations regarding its future earnings and dividends on its common stock. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of Con Edison's financial performance.

CON EDISON REPORTS 2025 THIRD QUARTER EARNINGS

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Consolidated Edison, Inc. is a holding company that provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc. (CECONY), a regulated utility providing electric service in New York City and New York’s Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey; and Con Edison Transmission, Inc., a regulated company primarily under the oversight of the Federal Energy Regulatory Commission, that develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets.

Attachment A

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	Earnings per Share		Net Income for Common Stock (Millions of Dollars)		Earnings per Share		Net Income for Common Stock (Millions of Dollars)
	2025	2024	2025	2024	2025	2024	2025	2024
Reported earnings per share (basic) and net income for common stock (GAAP basis)	$1.91	$1.70	$688	$588	$4.84	$4.37	$1,726	$1,510
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (pre-tax) (a)	-	-	-	-	-	0.09	-	30
Income taxes (a)(b)	-	-	-	-	-	(0.02)	(1)	(8)
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (net of tax)	-	-	-	-	-	0.07	(1)	22
Accretion of the basis difference of Con Edison's equity investment in MVP	(0.01)	(0.01)	(3)	(4)	(0.02)	(0.01)	(9)	(4)
Income taxes (c)	-	-	1	1	-	-	2	1
Accretion of the basis difference of Con Edison's equity investment in MVP (net of tax)	(0.01)	(0.01)	(2)	(3)	(0.02)	(0.01)	(7)	(3)
HLBV effects (pre-tax)	-	(0.01)	-	(3)	-	(0.01)	-	(1)
Income taxes (d)	-	-	-	1	-	-	-	-
HLBV effects (net of tax)	-	(0.01)	-	(2)	-	(0.01)	-	(1)
Adjusted earnings per share and adjusted earnings (non-GAAP basis)	$1.90	$1.68	$686	$583	$4.82	$4.42	$1,718	$1,528

(a)On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. The loss (gain) and other impacts related to the sale of all of the stock of the Clean Energy Businesses were adjusted during the nine months ended September 30, 2024 ($0.09 a share and $0.07 a share net of tax or $30 million and $22 million net of tax) and during the three and nine months ended September 30, 2025 ($1 million) to reflect closing adjustments.

(b)The amount of income taxes for the adjustment on the gain on the sale of all of the stock of the Clean Energy Businesses had an effective tax rate of 28% for the nine months ended September 30, 2024.

(c)The amount of income taxes was calculated using a combined federal and state income tax rate of 21% for the three and nine months ended September 30, 2025 and 22% for the three and nine months ended September 30, 2024.

(d)The amount of income taxes was calculated using a combined federal and state income tax rate of 24% for the three and nine months ended September 30, 2024, respectively.

Attachment B

	Net Income for Common Stock (Net of Tax) (Millions of Dollars)	Earnings per Share
Variation for the Three Months Ended September 30, 2025 vs. 2024
CECONY (a)
Higher electric rate base	$37	$0.11
Lower effective income tax for certain items	16	0.05
Lower commercial paper interest expense	14	0.04
Lower stock based compensation	13	0.04
Lower state and local taxes other than income	7	0.02
Higher income from allowance for funds used during construction	7	0.02
Lower other corporate expenses	6	0.02
Dilutive effect of issuance of common shares	-	(0.08)
Other	2	-
Total CECONY	102	0.22
O&R (a)
Lower electric base rate change	(1)	(0.01)
Total O&R	(1)	(0.01)
Con Edison Transmission
Accretion of the basis difference of Con Edison's equity investment in MVP	(1)	-
Other	1	0.01
Total Con Edison Transmission	-	0.01
Other, including parent company expenses (b)
HLBV effects	(2)	(0.01)
Other	1	-
Total Other, including parent company expenses	(1)	(0.01)
Total Reported (GAAP basis)	$100	$0.21
HLBV effects	2	0.01
Accretion of the basis difference of Con Edison's equity investment in MVP	1	-
Total Adjusted (Non-GAAP basis)	$103	$0.22
(a)Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations. (b)Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025.

Attachment C

	Net Income for Common Stock (Net of Tax) (Millions of Dollars)	Earnings per Share
Variation for the Nine Months Ended September 30, 2025 vs. 2024
CECONY (a)
Higher electric rate base	$57	$0.16
Lower commercial paper interest expense	34	0.10
Higher gas rate base	24	0.07
Higher income from allowance for funds used during construction	23	0.07
Higher other revenue primarily from asset management arrangements	12	0.03
Lower other corporate expenses	3	0.01
Dilutive effect of issuance of common shares	-	(0.14)
Impact of the May 2024 NYSPSC order denying CECONY's request to capitalize costs to implement its new customer billing and information system	37	0.11
Other	(1)	-
Total CECONY	189	0.41
O&R (a)
Gas base rate increase	7	0.02
Other	5	-
Total O&R	12	0.02
Con Edison Transmission
Accretion of the basis difference of Con Edison's equity investment in MVP	4	0.01
Income tax adjustment in 2024 due to AFUDC from MVP	(5)	(0.02)
Other	(3)	-
Total Con Edison Transmission	(4)	(0.01)
Other, including parent company expenses (b)
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses	23	0.07
HLBV effects	(1)	(0.01)
Other	(3)	(0.01)
Total Other, including parent company expenses	19	0.05
Total Reported (GAAP basis)	$216	$0.47
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses	(23)	(0.07)
Accretion of the basis difference of Con Edison's equity investment in MVP	(4)	(0.01)
HLBV effects	1	0.01
Total Adjusted (Non-GAAP basis)	$190	$0.40
(a)Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY’s steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations. (b)Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025.

Contacts
Media Relations
Consolidated Edison, Inc.
212 460 4111 (24 hours)
4 Irving Place
New York, NY 10003 www.conEdison.com
November 6, 2025
Allan Drury · 212-460-4111