Revenue: As of FY2025, the actual value is USD 16.92 B, beating the estimate of USD 16.26 B.EPS: As of FY2025, the actual value is USD 5.64, missing the estimate of USD 5.6912.EBIT: As of FY2025, the actual value is USD 3.83 B.<h4>Financial Performance</h4>Net Income for Common Stock (GAAP Basis) For the year ended December 31, 2025, net income for common stock was $2,023 million, compared to $1,820 million in 2024. For the fourth quarter of 2025, net income for common stock was $297 million, compared to $310 million in the 2024 period.Adjusted Earnings (Non-GAAP) Adjusted earnings for the year ended December 31, 2025, were $2,038 million, up from $1,868 million in 2024. For the fourth quarter of 2025, adjusted earnings were $320 million, compared to $340 million in the 2024 period.Operating Revenues Total Operating Revenues for the year ended December 31, 2025, were $16,918 million, an increase from $15,256 million in 2024. Electric Revenue for 2025 was $12,602 million, compared to $11,568 million in 2024. Gas Revenue for 2025 was $3,610 million, up from $3,107 million in 2024. Steam Revenue for 2025 was $703 million, compared to $578 million in 2024. Non-utility Revenue remained consistent at $3 million for both 2025 and 2024. Total Operating Revenues for the fourth quarter of 2025 were $3,995 million.Operating Expenses Total Operating Expenses for the year ended December 31, 2025, were $13,987 million, an increase from $12,524 million in 2024. Purchased Power expense was $2,945 million in 2025, up from $2,569 million in 2024. Fuel expense was $261 million in 2025, compared to $170 million in 2024. Gas purchased for resale was $899 million in 2025, an increase from $599 million in 2024. Other operations and maintenance expenses were $3,804 million in 2025, slightly up from $3,751 million in 2024. Depreciation and amortization was $2,321 million in 2025, compared to $2,155 million in 2024. Taxes, other than income taxes, amounted to $3,757 million in 2025, up from $3,280 million in 2024. Total Operating Expenses for the fourth quarter of 2025 were $3,512 million, with Depreciation and Amortization at $595 million and Other Operating Expenses at $2,917 million.Operating Income For the year ended December 31, 2025, operating income was $2,935 million, an increase from $2,670 million in 2024. For the fourth quarter of 2025, operating income was $487 million.Other Income and Expenses Gain on the sale of an interest in a solar electric production project was $4 million for the year ended December 31, 2025. Net Interest Expense for the year ended December 31, 2025, was $1,233 million, compared to $1,187 million in 2024. Income Tax Expense for the year ended December 31, 2025, was $574 million, significantly higher than $318 million in 2024. Other Income (Deductions) for the fourth quarter of 2025 was $203 million, and Interest Expense was $313 million, leading to Income Before Income Tax Expense of $377 million and Income Tax Expense of $80 million.<h4>Cash Flow</h4><ul><li>Net Cash Flows from Operating Activities for the year ended December 31, 2025, were $4,800 million.</li><li>Net Cash Flows from Investing Activities for the year ended December 31, 2025, were - $5,249 million.</li><li>Net Cash Flows from Financing Activities for the year ended December 31, 2025, were $746 million.</li></ul><h4>Balance Sheet</h4><ul><li>Total Assets as of December 31, 2025, were $74,603 million.</li><li>Total Liabilities and Equity as of December 31, 2025, were $74,603 million.</li></ul><h4>Capital Structure (As of December 31, 2025)</h4><ul><li>Consolidated Edison, Inc. (Consolidated): Debt was $26,301 million (52%) and Equity was $24,190 million (48%), totaling $50,491 million.</li><li>CECONY: Debt was $24,810 million (53%) and Equity was $22,037 million (47%), totaling $46,847 million.</li><li>O&amp;R: Debt was $1,491 million (54%) and Equity was $1,291 million (46%), totaling $2,782 million.</li></ul><h4>Debt and Equity Financing (2025)</h4><ul><li>Common Equity Issuance was $1,308 million (planned up to $1,350 million).</li><li>Long-term Debt was $1,150 million (planned up to $1,750 million), including $250 million by O&amp;R in September and $900 million by CECONY in November.</li><li>CECONY entered a 364-day revolving credit facility of $500 million.</li><li>CECONY borrowed the full amount of a $500 million 364-day senior unsecured term loan facility in November.</li></ul><h4>Average Rate Base Balances (As of December 31, 2025)</h4><ul><li>Total Average Rate Base was $46,352 million, including CECONY Electric at $31,456 million, CECONY Gas at $10,559 million, CECONY Steam at $1,922 million, O&amp;R Electric at $1,337 million, O&amp;R Gas at $695 million, and RECO Electric at $383 million.</li></ul><h4>Regulated Utilities’ Rates of Return and Equity Ratios (12 Months ended December 31, 2025)</h4><ul><li>CECONY: Overall Actual ROE was 9.35% (Authorized: 9.25%) and Overall Actual Equity Ratio was 46.89% (Authorized: 48.00%).</li><li>O&amp;R: Overall Actual ROE was 9.12% (Authorized: 9.73%) and Overall Actual Equity Ratio was 47.46% (Authorized: 48.06%).</li></ul><h4>Earnings Adjustment Mechanisms (EAMs) and Positive Incentives (2025)</h4><ul><li>EAMs for CECONY were $40 million and for O&amp;R were $1 million.</li><li>Positive Incentives for CECONY were $15 million and for O&amp;R were $3 million.</li></ul><h4>Operations and Maintenance Expenses (2025)</h4><ul><li>Total O&amp;M Expenses for CECONY and O&amp;R were $2,211 million, comprising Other Expenses of $1,563 million, Departmental Pension/OPEBs of $186 million, Regulatory Fees and Assessments of $548 million, and Healthcare/Other Employee Benefits of $496 million.</li></ul><h4>Operational Metrics</h4><ul><li>Consolidated Edison Company of New York, Inc. (CECONY) serves 9 million people and 350,000 businesses in New York City and Westchester County, with its electric delivery system being nine times more reliable than the national average.</li><li>Approximately 70% of CECONY’s and O&amp;R’s electric transmission and distribution systems are underground, and over 1.2 million weather-related customer outages have been avoided through resilience investments.</li><li>New buildings show a 20% to 25% increase in electric demand requests, and in 2025, 20 MW of fast-charging capacity was installed, representing an 18% growth from 2024 installations.</li><li>Between 2026 and 2034, CECONY projects 9 new substations and O&amp;R projects 13 new substations, with estimated 2026 electric hourly peak demand at 12,690 MW for CECONY and 1,600 MW for O&amp;R.</li><li>The average annual change in electric peak demand for 2026-2030 is 0.7% for CECONY and 4.1% for O&amp;R, while for gas peak demand, it is 0.2% for CECONY and 1.2% for O&amp;R.</li><li>In 2025, over half a million income-eligible customers received $268 million in total discounts through monthly bill discount programs, and as of January 2026, over 438,000 customers are enrolled in the Energy Affordability Program (EAP).</li><li>Smart Meters are projected to result in $3.2 billion in net savings over the equipment’s life, and Strategic Sourcing by the Supply Chain team resulted in $10.8 million in realized benefits from negotiated rebates in 2025.</li></ul><h4>Outlook / Guidance</h4>Consolidated Edison, Inc. (爱迪生联合电气) anticipates its adjusted earnings per share for 2026 to be between $6.00 and $6.20, with a five-year compounded annual adjusted earnings per share growth rate of 6% to 7% based on the midpoint of its 2026 guidance. The company forecasts significant capital investments totaling $38 billion from 2026 to 2030, including $6,595 million in 2026 and $6,759 million in 2027. A dividend payout target of 55% to 65% of adjusted earnings (non-GAAP) is maintained, following its 52nd straight year of dividend increases.

Consolidated Edison | 8-K: FY2025 Revenue Beats Estimate at USD 16.92 B