Consolidated Edison, Inc. (ED) announced a forward sale agreement with J.P. Morgan Securities to sell 7 million of its common shares. The forward sale structure allows the company to receive cash proceeds immediately while the shares will be delivered to the counterparty at a later date, typically by December 31, 2026.
The capital raised will support Con Edison’s extensive investment plan, which projects $6.6 billion in 2026, $6.8 billion in 2027, and $24.3 billion from 2028 to 2030—more than $37 billion in total. These funds will be directed toward electric transmission and distribution upgrades, gas system modernization, and projects that support the electrification of buildings and transportation.
Financially, Con Edison reported 2025 earnings per share of $5.70, beating the $5.66 consensus estimate. For 2026, the company guided EPS of $6.00 to $6.20, slightly above the $6.03 consensus. In the fourth quarter of 2025, adjusted EPS was $0.89 versus the $0.86 estimate, and revenue reached $3.99 billion, up 8.9% year‑over‑year.
The company has a long‑standing dividend record, having increased its quarterly dividend for 51 consecutive years. The most recent dividend was $0.8875 per share, up from $0.85 in the prior quarter.
Valuation multiples—P/E, P/S, and P/B—are near historical highs, indicating a premium valuation for the company’s shares.
Con Edison’s capital investment strategy aligns with New York State’s climate objectives, emphasizing grid modernization and the electrification of buildings and transportation.
Financial health indicators show a high debt‑to‑equity ratio and a declining gross margin. An Altman Z‑Score of 1.2 places the company in a distress zone, while a Piotroski F‑Score of 7 suggests overall financial strength.
The forward sale structure delivers immediate liquidity while deferring share issuance, positioning Con Edison to fund its long‑term infrastructure agenda without immediate dilution.
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