CONSOLIDATED EDISON INC

Listed Company

EDCIK 0001047862NYSELarge AcceleratedElectric & Other Services CombinedNew YorkFY ends Dec 31

Period

FY 2025

Revenue

$16.92B

Net Income

$2.02B

Total Assets

$74.60B

Equity

$24.19B

Shares Out

361.25M

Op. Cash Flow

$4.80B

Business

CONSOLIDATED EDISON INC is a holding company that owns and operates regulated utility subsidiaries and an electric transmission investment business. It provides regulated electric, gas and steam delivery services to residential, commercial and municipal customers, and invests in and develops electric transmission projects while managing electric and gas assets through joint ventures. Its principal business segments are Consolidated Edison Company of New York, Inc. (CECONY) with electric, gas and steam businesses; Orange and Rockland Utilities, Inc. (O&R) with electric and gas businesses; and Con Edison Transmission. The Companies serve customers primarily in New York City, Westchester County, southeastern New York and northern New Jersey through regulated tariffs, wholesale markets and utility distribution systems.

Summary from filing dated 2025-02-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
TOTAL OPERATING REVENUES	16,918	15,256	14,663	15,670	13,676
Depreciation and amortization	2,321	2,155	2,031	2,056	2,032
Taxes, other than income taxes	3,757	3,280	3,043	3,005	2,810
TOTAL OPERATING EXPENSES	13,987	12,524	12,332	13,046	10,850
Gain (Loss) on sale of the Clean Energy Businesses	0	−62	865	0	0
Gain on the sale of an interest in a solar electric production project	4	0	0	—	—
OPERATING INCOME	2,935	2,670	3,196	2,624	2,826
Investment income	63	62	62	20	−420
Other income	837	635	834	402	22
Allowance for equity funds used during construction	69	38	26	19	21
Other deductions	−74	−80	−92	−115	−161
TOTAL OTHER INCOME	895	655	830	326	−538
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE	3,830	3,325	4,026	2,950	2,288
Interest on long-term debt	1,176	1,084	962	987	930
Other interest expense	119	166	113	−99	−14
Allowance for borrowed funds used during construction	−62	−63	−52	−36	−11
NET INTEREST EXPENSE	1,233	1,187	1,023	852	905
INCOME BEFORE INCOME TAX EXPENSE	2,597	2,138	3,003	2,098	1,383
INCOME TAX EXPENSE	574	318	487	498	190
NET INCOME	2,023	1,820	2,516	1,600	1,193
Loss attributable to non-controlling interest	0	0	−3	−60	−153
NET INCOME FOR COMMON STOCK	2,023	1,820	2,519	1,660	1,346
Net income per common share basic (in dollars per share)	5.66	5.26	7.25	4.68	3.86
Net income per common share diluted (in dollars per share)	5.64	5.24	7.21	4.66	3.85
AVERAGE NUMBER OF SHARES OUTSTANDING BASIC (in shares)	357	346	348	355	348
AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED (in shares)	359	347	349	356	349

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and temporary cash investments	1,629	1,324	1,189	1,282	992
Accounts receivable customers, net allowance for uncollectible accounts of $507 and $620 in 2025 and 2024, respectively	2,583	2,440	2,418	2,192	1,943
Other receivables, net allowance for uncollectible accounts of $35 and $41 in 2025 and 2024, respectively	232	292	444	164	298
Taxes receivable	11	145	1	10	13
Accrued unbilled revenue	821	848	722	702	662
Fuel oil, gas in storage, materials and supplies, at average cost	530	485	469	492	437
Prepayments	381	445	470	264	295
Regulatory assets	103	141	281	305	206
Revenue decoupling mechanism receivable	213	202	203	164	190
Fair value of derivative assets	86	15	52	59	128
Assets held for sale	0	133	163	7,162	0
Other current assets	161	194	125	176	233
TOTAL CURRENT ASSETS	6,750	6,664	6,537	12,972	5,551
INVESTMENTS	1,213	1,126	999	841	853
General	4,576	4,851	4,835	4,205	4,170
TOTAL	68,451	64,371	61,309	57,337	54,239
Less: Accumulated depreciation	16,463	15,384	14,157	13,069	12,177
Net	51,988	48,987	47,152	44,268	42,062
Construction work in progress	3,414	3,165	2,442	2,484	2,152
NET UTILITY PLANT	55,402	52,152	49,594	46,752	44,214
Non-utility property, net accumulated depreciation of $25 in 2025 and 2024	1	12	—	—	—
Construction work in progress	0	1	1	1	188
NET PLANT	55,403	52,165	49,608	46,766	48,596
Goodwill	406	408	408	408	439
Regulatory assets	5,599	5,523	4,607	3,974	3,639
Pension and retiree benefits	4,227	3,791	3,275	3,269	1,654
Operating lease right-of-use asset	489	493	533	568	809
Fair value of derivative assets	126	27	48	85	77
Other deferred charges and noncurrent assets	390	365	316	182	205
TOTAL OTHER NONCURRENT ASSETS	11,237	10,607	9,187	8,486	8,116
TOTAL ASSETS	74,603	70,562	66,331	69,065	63,116
Long-term debt due within one year	250	0	250	649	440
Term loan	500	500	0	400	—
Notes payable	1,575	2,170	2,288	2,640	1,488
Accounts payable	1,947	1,676	1,775	1,955	1,497
Customer deposits	498	412	396	358	300
Accrued taxes	104	70	73	102	104
Accrued interest	223	199	170	153	151
Accrued wages	140	127	125	116	113
Fair value of derivative liabilities	46	52	193	42	152
Regulatory liabilities	249	102	145	374	185
System benefit charge	415	447	444	390	423
Operating lease liabilities	123	118	116	103	113
Liabilities held for sale	0	79	76	3,610	0
Other current liabilities	544	481	411	444	461
TOTAL CURRENT LIABILITIES	6,614	6,433	6,462	11,336	5,427
Provision for injuries and damages	201	181	188	181	183
Pensions and retiree benefits	564	551	592	577	737
Superfund and other environmental costs	1,079	1,037	1,118	997	940
Asset retirement obligations	478	453	522	500	577
Fair value of derivative liabilities	8	96	121	13	84
Deferred income taxes and unamortized investment tax credits	9,619	8,874	8,069	7,641	6,873
Operating lease liabilities	377	386	429	476	717
Regulatory liabilities	5,374	5,444	5,328	6,027	4,381
Other deferred credits and noncurrent liabilities	548	494	417	281	257
TOTAL NONCURRENT LIABILITIES	18,248	17,516	16,784	16,693	14,749
LONG-TERM DEBT	25,551	24,651	—	—	—
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H)	—	—	—	—	—
Common stock, $0.10 par value, 500 shares authorized, shares outstanding of 361 and 347, respectively	39	38	—	—	—
Treasury stock, $0.10 par value, 34 shares	−2,017	−2,017	—	—	—
Additional paid-in-capital	11,436	9,986	—	—	—
Retained earnings	14,857	14,048	—	—	—
Accumulated other comprehensive income	15	29	—	—	—
Capital stock expense	−140	−122	—	—	—
Total Shareholders Equity	24,190	21,962	21,158	20,687	20,037
TOTAL LIABILITIES AND EQUITY	74,603	70,562	66,331	69,065	63,116

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Deferred income taxes	590	416	132	435	133
Rate case amortization and accruals	258	201	92	73	−16
Net derivatives losses	0	0	12	−181	−53
Other non-cash items, net	−55	−85	−93	102	127
Accounts receivable customers, net	−30	−263	−275	−296	−411
Unbilled revenue and net unbilled revenue deferrals	15	75	−48	−96	−53
Other receivables, net and other current assets	−33	71	140	−36	−157
Taxes receivable	134	−144	3	3	13
Prepayments	64	25	−200	26	−24
Accounts payable	161	−1	−285	558	44
Pensions and retiree benefits obligations, net	−582	−284	−179	155	266
Pensions and retiree benefits contributions	−61	−26	−33	−39	−472
Accrued taxes	33	−5	−13	7	−46
Accrued interest	24	28	−7	42	4
Superfund and other environmental costs, net	−22	−43	−12	−22	−10
Distributions from equity investments	70	35	31	20	18
Deferred charges, noncurrent assets, leases, net and other regulatory assets	−721	−797	−1,200	−833	−496
Deferred credits, noncurrent liabilities and other regulatory liabilities	448	475	196	445	258
Other current liabilities	163	−101	213	1	−81
NET CASH FLOWS FROM OPERATING ACTIVITIES	4,800	3,614	2,156	3,935	2,733
Utility capital expenditures	−4,764	−4,770	−4,353	−3,824	−3,630
Cost of removal less salvage	−481	−474	−387	−337	−323
Non-utility capital expenditures	0	−1	−141	−344	−323
Proceeds from sale of Broken Bow II, net of cash and cash equivalents sold	45	0	3,927	0	629
Other investing activities	−49	−28	−49	−60	−20
NET CASH FLOWS USED IN INVESTING ACTIVITIES	−5,249	−5,273	−1,003	−4,565	−3,484
Net payment of short-term debt (Maturities 90 days or less)	−895	−118	−202	—	—
Short-term borrowings	300	0	0	—	—
Borrowing under term loan	200	500	200	—	—
Repayment of term loan	−200	0	−750	0	—
Issuance of long-term debt	1,150	2,975	2,050	800	2,804
Retirement of long-term debt	0	−477	−710	−406	−1,960
Debt issuance costs	−15	−43	−32	−13	−40
Common stock dividends	−1,166	−1,100	−1,096	−1,089	−1,030
Issuance of common shares - public offering	1,308	0	0	—	—
Issuance of common shares for stock plans	64	60	56	57	60
Repurchase of common shares	0	0	−1,000	0	0
Distribution to noncontrolling interest	0	0	−4	−37	−23
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES	746	1,797	−1,488	1,014	461
NET CHANGE FOR THE PERIOD	297	138	−335	384	−290
Interest, net of capitalized interest	1,147	1,072	987	900	924
Capital expenditures in accounts payable	794	501	598	681	457

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