CONSOLIDATED EDISON INCED
CONSOLIDATED EDISON INC Segments Disclosure
Financial Information by Business Segment
In December 2024, the Companies adopted ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” The amendments improve the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. Prior periods presented have been updated to conform to the requirements of the ASU.
The business segments of each of the Companies, which are its operating segments, were determined based on management’s reporting and decision-making requirements in accordance with the accounting rules for segment reporting. Con Edison’s chief operating decision maker (CODM) is the Con Edison President and Chief Executive Officer, and CECONY’s CODMs are the CECONY Chief Executive Officer and the CECONY President. Con Edison's CODM is regularly provided with each company’s operating income to assess performance and allocate resources, including drivers of budget variances by regulated utility service for the Utilities, and for the nonregulated entities. CECONY’s CODMs are regularly provided with CECONY’s operating income to assess performance and allocate resources, including drivers of budget variances by CECONY's principal business segments.
Con Edison’s principal business segments are CECONY’s regulated utility activities, O&R’s regulated utility activities and Con Edison Transmission. CECONY’s principal business segments are its regulated electric, gas and steam utility activities.
All revenues of these business segments are from customers located in the United States of America. Also, all assets of the business segments are located in the United States of America. The accounting policies of the segments are the same as those described in Note A.
Common services shared by the business segments are assigned directly or allocated based on various cost factors, depending on the nature of the service provided.
The financial data for the business segments are as follows:
As of and for the Year Ended December 31, 2025 (Millions of Dollars) | Operating revenues | Inter- segment revenues | Other operations and maintenance(c) | Depreciation and amortization | Other operating expense (c) | Operating income | Other Income (deductions) | Interest Expense | Allowance for borrowed funds used during construction | Income Tax Expense | Total assets | Capital expenditures | ||||||||||||||||||||||||||
| CECONY | ||||||||||||||||||||||||||||||||||||||
| Electric | $11,670 | $20 | $2,614 | $1,597 | $5,403 | $2,056 | $612 | $856 | ($38) | $404 | $48,463 | $3,201 | ||||||||||||||||||||||||||
| Gas | 3,278 | 9 | 556 | 482 | 1,489 | 751 | 137 | 301 | (17) | 144 | 18,100 | 1,151 | ||||||||||||||||||||||||||
| Steam | 703 | 77 | 224 | 114 | 360 | 5 | 48 | 58 | (1) | (4) | 2,753 | 113 | ||||||||||||||||||||||||||
| Consolidation adjustments | — | (106) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Total CECONY | $15,651 | $— | $3,394 | $2,193 | $7,252 | $2,812 | $797 | $1,215 | ($56) | $544 | $69,316 | $4,465 | ||||||||||||||||||||||||||
| O&R | ||||||||||||||||||||||||||||||||||||||
| Electric | $934 | $— | $297 | $87 | $441 | $109 | $35 | $47 | ($5) | $23 | $2,966 | $337 | ||||||||||||||||||||||||||
| Gas | 331 | — | 83 | 40 | 163 | 45 | 12 | 24 | (1) | 4 | 1,454 | 144 | ||||||||||||||||||||||||||
| Total O&R | $1,265 | $— | $380 | $127 | $604 | $154 | $47 | $71 | ($6) | $27 | $4,420 | $481 | ||||||||||||||||||||||||||
| Con Edison Transmission | $4 | $— | $29 | $1 | $— | ($26) | $46 | $— | $— | $9 | $488 | $50 | ||||||||||||||||||||||||||
Other (b) | (2) | — | 1 | — | 2 | (5) | 5 | 9 | — | (6) | 379 | — | ||||||||||||||||||||||||||
| Total Con Edison | $16,918 | $— | $3,804 | $2,321 | $7,858 | $2,935 | $895 | $1,295 | ($62) | $574 | $74,603 | $4,996 | ||||||||||||||||||||||||||
As of and for the Year Ended December 31, 2024 (Millions of Dollars) | Operating revenues | Inter- segment revenues | Other operations and maintenance (c) | Depreciation and amortization | Other operating expense (c) | Operating income | Other Income (deductions) | Interest Expense | Allowance for borrowed funds used during construction | Income Tax Expense | Total assets | Capital expenditures | ||||||||||||||||||||||||||
| CECONY | ||||||||||||||||||||||||||||||||||||||
| Electric | $10,717 | $20 | $2,622 | $1,471 | $4,792 | $1,832 | $441 | $826 | ($41) | $193 | $46,275 | $3,088 | ||||||||||||||||||||||||||
| Gas | 2,834 | 9 | 528 | 458 | 1,100 | 748 | 102 | 287 | (16) | 132 | 16,507 | 1,154 | ||||||||||||||||||||||||||
| Steam | 578 | 75 | 203 | 108 | 254 | 13 | 35 | 54 | (1) | (11) | 2,868 | 132 | ||||||||||||||||||||||||||
| Consolidation adjustments | — | (104) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Total CECONY | $14,129 | $— | $3,353 | $2,037 | $6,146 | $2,593 | $578 | $1,167 | ($58) | $314 | $65,650 | $4,374 | ||||||||||||||||||||||||||
| O&R | ||||||||||||||||||||||||||||||||||||||
| Electric | $852 | $— | $307 | $82 | $351 | $112 | $25 | $43 | ($5) | $24 | $2,596 | $214 | ||||||||||||||||||||||||||
| Gas | 273 | — | 80 | 35 | 109 | 49 | 7 | 22 | — | 5 | 1,464 | 111 | ||||||||||||||||||||||||||
| Total O&R | $1,125 | $— | $387 | $117 | $460 | $161 | $32 | $65 | ($5) | $29 | $4,060 | $325 | ||||||||||||||||||||||||||
| Con Edison Transmission | $4 | $— | $11 | $1 | $— | $(8) | $61 | $— | $— | $8 | $470 | $29 | ||||||||||||||||||||||||||
Other (b) | (2) | — | — | — | 74 | (76) | (16) | 18 | — | (33) | 382 | — | ||||||||||||||||||||||||||
| Total Con Edison | $15,256 | $— | $3,751 | $2,155 | $6,680 | $2,670 | $655 | $1,250 | ($63) | $318 | $70,562 | $4,728 | ||||||||||||||||||||||||||
As of and for the Year Ended December 31, 2023 (Millions of Dollars) | Operating revenues | Inter- segment revenues | Other operations and maintenance (c) | Depreciation and amortization | Other operating expense (c) | Operating income | Other Income (deductions) | Interest Expense | Allowance for borrowed funds used during construction | Income Tax Expense | Total assets | Capital expenditures | ||||||||||||||||||||||||||
| CECONY | ||||||||||||||||||||||||||||||||||||||
| Electric | $10,078 | $18 | $2,417 | $1,395 | $4,698 | $1,568 | $564 | $708 | ($34) | $217 | $42,226 | $2,909 | ||||||||||||||||||||||||||
| Gas | 2,829 | 8 | 528 | 429 | 1,190 | 682 | 122 | 240 | (13) | 159 | 16,343 | 1,046 | ||||||||||||||||||||||||||
| Steam | 569 | 74 | 231 | 100 | 311 | (73) | 46 | 46 | (2) | (18) | 3,031 | 128 | ||||||||||||||||||||||||||
| Consolidation adjustments | — | (100) | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| Total CECONY | $13,476 | $— | $3,176 | $1,924 | $6,199 | $2,177 | $732 | $994 | ($49) | $358 | $61,600 | $4,083 | ||||||||||||||||||||||||||
| O&R | ||||||||||||||||||||||||||||||||||||||
| Electric | $759 | $— | $292 | $76 | $306 | $85 | $37 | $35 | ($3) | $20 | $2,329 | $211 | ||||||||||||||||||||||||||
| Gas | 297 | — | 83 | 30 | 143 | 41 | 12 | 19 | — | 8 | 1,346 | 85 | ||||||||||||||||||||||||||
| Total O&R | $1,056 | $— | $375 | $106 | $449 | $126 | $49 | $54 | ($3) | $28 | $3,675 | $296 | ||||||||||||||||||||||||||
| Clean Energy Businesses (a) | $129 | $— | $47 | $— | $45 | $37 | $1 | $16 | $— | $3 | $— | $81 | ||||||||||||||||||||||||||
| Con Edison Transmission | 4 | — | 11 | 1 | 1 | (9) | 62 | 2 | — | 14 | 414 | 49 | ||||||||||||||||||||||||||
| Other (b) | (2) | — | (3) | — | (864) | 865 | (14) | 9 | — | 84 | 642 | — | ||||||||||||||||||||||||||
| Total Con Edison | $14,663 | $— | $3,606 | $2,031 | $5,830 | $3,196 | $830 | $1,075 | ($52) | $487 | $66,331 | $4,509 | ||||||||||||||||||||||||||
(a)The Clean Energy Businesses were classified as held for sale as of December 31, 2022. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. As a result of this sale, the Clean Energy Businesses are no longer a principal segment. See Note W and Note X.
(b)Other includes the parent company, Con Edison’s tax equity interests, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer completed in January 2025.
(c)Other operations and maintenance expenses constitute significant segment expenses which are regularly provided to the CODMs. Other operating expense includes other segment items (purchased power, fuel, gas purchased for resale, taxes other than income taxes) and, for 2023, the preliminary gain on the sale of the Clean Energy Businesses. See Note W.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 20, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 16, 2023 | |
| 2021 | Feb 17, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 16, 2017 | |
| 2015 | Feb 18, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.