Consolidated Edison (ED) FY2025 results: revenue $16.9 billion, up 10.9% on the year

Con Edison is a holding company that operates only through its subsidiaries and has no material assets other than its interests in them. Those subsidiaries are two regulated utilities, CECONY and O&R, whose principal businesses are regulated electric and gas delivery, plus steam in CECONY's case, and Con Edison Transmission, which develops and invests in electric transmission projects and owns electric and gas assets through joint ventures. It had 15,407 employees at the end of 2025, all based in the United States: 14,166 at CECONY, 1,232 at O&R and 9 at Con Edison Transmission, with 7,942 and 599 of the two utilities' staff covered by collective bargaining agreements. Average length of service was 13.0 years.

CECONY

Electricity goes to approximately 3.7 million customers in all of New York City except a part of Queens, and most of Westchester County, an approximately 660 square mile service area with a population of more than nine million. Gas goes to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens and most of Westchester County. The filing says CECONY operates the largest steam distribution system in the United States, producing and delivering approximately 16,975 MMlb of steam annually to approximately 1,490 customers in parts of Manhattan.

The distribution system had a transformer capacity of 33,020 MVA at the end of 2025, with 38,219 miles of overhead distribution lines and 100,371 miles of underground distribution lines, which the filing says is the single longest underground electric delivery system in the United States, along with 63 area distribution substations. Transmission facilities are 490 miles of overhead circuits at 138, 230, 345 and 500 kV and 770 miles of underground circuits at 69, 138 and 345 kV, with 40 transmission substations and 63 area stations, spread across New York City and Westchester, Orange, Rockland, Putnam and Dutchess counties. They interconnect with the systems of National Grid, Central Hudson Gas & Electric, O&R, New York State Electric & Gas, Eversource Energy, Long Island Power Authority, NYPA, New York Transco and Public Service Electric and Gas.

O&R

O&R and its utility subsidiary Rockland Electric Company provide electric service to approximately 0.3 million customers in southeastern New York and northern New Jersey, across an approximately 1,300 square mile service area, and deliver gas to over 0.1 million customers in southeastern New York. Between them they own, in whole or in part, 552 circuit miles of transmission lines, 16 transmission substations, 63 distribution substations, 89,675 in-service line transformers, 3,764 pole miles of overhead distribution lines and 2,417 miles of underground distribution lines. The transmission system is part of the New York grid operator's system except for portions of the New Jersey subsidiary's system, which sit inside the area controlled by PJM.

Delivery without generation

In the 1990s the New York regulator restructured the electric utility industry, and under its orders the utilities sold all of their electric generating facilities other than those that also produce steam for CECONY's steam business, and gave every customer the choice of buying electricity or gas from the utility or from another supplier. In 2025, 56 percent of the electricity and 33 percent of the gas CECONY delivered was purchased by customers from other suppliers, and 39 percent of the electricity and 20 percent of the gas at O&R. The utilities also no longer control or operate their bulk power electric transmission facilities.

The New York State utility regulator sets the terms of service and the rates the utilities charge, approves their securities issuance and transactions with the parent, holds jurisdiction over the siting of electric transmission lines in the state, and approves mergers involving New York utilities. It can also impose penalties for violations, review at least every five years each utility's capability to provide safe, adequate and reliable service, and in cases of repeated violations revoke or modify a combination gas and electric utility's operating certificate. The New Jersey subsidiary is regulated by the New Jersey Board of Public Utilities.

Con Edison Transmission

A regulated company primarily under the oversight of the Federal Energy Regulatory Commission. It holds interests in New York Transco's electric transmission projects, among them Propel NY Energy, a 90-mile project under development jointly with NYPA that the filing says is expected to increase high voltage transmission connections between Long Island and the rest of New York State, with New York Transco's share of the estimated cost put at $2,200 million excluding interconnection costs.

It owns a 71.2 percent interest in Honeoye, a company operating a gas storage facility in upstate New York in which CECONY owns the rest, and both are considering strategic alternatives for those holdings. In January 2026 it completed the sale of approximately 40 percent of its approximately 6.6 percent interest in the Mountain Valley Pipeline to one of that project's founding members, and the filing says it expects to sell the remaining interest to another founding member during the first half of 2026.

From Consolidated Edison's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.