ADDED
As of January 31, 2026, Con Edison had outstanding 361,247,438 Common Shares ($.10 par value).
Significant Developments and Outlook Con Edison reported 2025 net income for common stock of $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 in 2025 compared with $1,868 million or $5.40 a share in 2024.
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, 2027, 2028, 2029 and 2030, the Utilities expect to invest $6,533 million, $6,592 million, $6,939 million, $8,524 million and $8,571 million, respectively, for their energy delivery systems and Con Edison Transmission expects to invest $62 million, $167 million, $213 million, $75 million and $17 million, respectively, in electric transmission.
Con Edison plans to meet its capital requirements for 2026 through 2030 through internally-generated funds, the issuance of long-term debt through public and private offerings and the issuance of common equity through public offerings, including pursuant to an at-the-market equity program.
Con Edison's plans include the issuance of up to $3,200 million of long-term debt in 2026 and up to $3,000 million of long-term debt in 2027, including for maturing securities, at CECONY and O R (collectively, the Utilities) and approximately $9,900 million in aggregate of long-term debt, including for maturing securities, at the Utilities during 2028 through 2030.
Con Edison plans to issue up to $1,100 million of common equity in 2026 in addition to equity issued under its dividend reinvestment, employee stock purchase and long term incentive plans.
Con Edison also plans to issue common equity of approximately $1,200 million in 2027 and up to $3,300 million in aggregate during 2028 through 2030, in addition to equity issued under its dividend reinvestment, employee stock purchase and long term incentive plans.
Con Edison's estimates of its capital requirements and related financing plans reflect information available and assumptions at the time the statements are made and include, among other things, the assumption that the Utilities' forecasted capital investments and financing plans through 2030 are approved by 8 CON EDISON ANNUAL REPORT 2025 the New York State Public Service Commission (NYSPSC).
REMOVED
As of January 31, 2025, Con Edison had outstanding 346,711,639 Common Shares ($.10 par value).
Significant Developments and Outlook Con Edison reported 2024 net income for common stock of $1,820 million or $5.26 a share compared wit h $2,519 million or $7.25 a share in 2023.
Adjusted earnings (non-GAAP) were $1,868 million or $5.40 a share in 2024 compared with $1,762 million or $5.07 a share in 2023 .
In 2024, the Utilities invested $4,699 million to upgrade and reinforce their energy delivery systems and Con Edison Transmission invested $29 million primarily in electric transmission.
For 2025, 2026, 2027, 2028 and 2029, the Utilities expect to invest $5,079 million, $7,973 million, $8,161 million, $8,310 million and $7,665 million, respectively, for their energy delivery systems and Con Edison Transmission expects to invest $43 million, $94 million, $107 million, $113 million and $113 million, respectively, primarily in electric transmission.
Con Edison Transmission is considering strategic alternatives with respect to its investment in Mountain Valley Pipeline, LLC (MVP) and both Con Edison Transmission and CECONY are considering strategic alternatives with respect to their investments in Honeoye Storage Corporation (Honeoye).
Con Edison plans to meet its capital requirements for 2025 through 2029 through internally-generated funds and the issuance of long-term debt and common equity.
Con Edison's plans include the issuance of up to $1,750 million of long-term debt in 2025 and up to $3,800 million of long-term debt in 2026, including for maturing securities, at the Utilities and approximately $9,100 million in aggregate of long-term debt, including for maturing securities, at the Utilities during 2027 through 2029.
Con Edison plans to issue up to $1,350 million of common equity in 2025 which includes the physical settlement of the estimated $677 million available under its December 2024 equity forward transaction, in addition to equity issued under its dividend reinvestment, employee stock purchase and long-term incentive plans.
Con Edison 8 CON EDISON ANNUAL REPORT 2024 also plans to issue common equity of approximately $1,850 million in 2026 and up to $4,300 million in aggregate during 2027 through 2029, in addition to equity issued under its dividend reinvestment, employee stock purchase and long-term incentive plans.