EDMEDIUM SIGNALOPPORTUNITY10-K

Con Edison delivered strong operational and financial performance in 2025 with significantly improved cash generation and ambitious capital investment plans through 2030.

The company demonstrated robust earnings growth with net income increasing 11.2% and adjusted EPS rising from $5.40 to $5.70, indicating effective operational execution. The substantial 33% increase in operating cash flow to $4.8B provides strong financial flexibility to fund the aggressive $37+ billion capital investment program planned through 2030, signaling management's confidence in growth opportunities.

Comparing 2026-02-19 vs 2025-02-20View on EDGAR →
FINANCIAL ANALYSIS

Con Edison showed broad-based financial strength across all key metrics in 2025, with revenue growing 10.9% to $16.9B, net income rising 11.2% to $2.0B, and operating cash flow surging 32.8% to $4.8B. The company's balance sheet strengthened with stockholders' equity increasing 10.1% to $24.2B and cash reserves growing 23% to $1.6B. This financial profile demonstrates the utility's ability to generate strong returns while building the capital base necessary to fund its substantial infrastructure investment pipeline.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
+32.8%
$3.6B$4.8B

Operating cash flow surged 32.8% — exceptional cash generation, highest quality earnings signal.

Cash & Equivalents
Balance Sheet
+23%
$1.3B$1.6B

Cash grew 23% — improving liquidity position supports investment and shareholder returns.

Net Income
P&L
+11.2%
$1.8B$2.0B

Net income grew 11.2% — bottom-line growth signals improving overall business health.

Revenue
P&L
+10.9%
$15.3B$16.9B

Revenue growing 10.9% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+10.1%
$22.0B$24.2B

Equity base grew 10.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-19
PRIOR — 2025-02-20
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 $17 million, respectively, in electric transmission.
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REMOVED
As of January 31, 2025, Con Edison had outstanding 346,711,639 Common Shares ($.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.
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