Consolidated Edison Inc. (ED) reported full‑year 2025 results that exceeded expectations, with net income of $2,023 million and earnings per share of $5.66, up from $1,820 million and $5.26 a share in 2024. Adjusted earnings—excluding one‑time items such as the Honeoye storage impairment and the sale of its Clean Energy Businesses—reached $2,038 million, or $5.70 per share, compared with $1,868 million ($5.40) in 2024. Total revenue climbed to $3.995 billion, beating the consensus estimate of $3.7 billion and marking a 7.97% beat.
The fourth‑quarter 2025 results showed a net income of $297 million and GAAP EPS of $0.82, a decline from $310 million and $0.90 EPS in the same quarter of 2024. Adjusted Q4 earnings were $320 million ($0.89 per share), beating the consensus estimate of $0.84 by $0.05, or 5.95%. Revenue for the quarter rose to $3.995 billion, up 7.97% from $3.7 billion in Q4 2024. The year‑over‑year drop in adjusted EPS—from $0.98 to $0.89—was driven by higher operating and interest expenses, including increased maintenance costs and corporate overhead.
Management guided for 2026 adjusted EPS in the range of $6.00 to $6.20 per share, a slight lift from prior guidance and a 5‑year compound annual growth rate target of 6%–7%. The company also reaffirmed a capital‑investment plan of $38 billion through 2030 to upgrade electric, gas, and steam infrastructure and support clean‑energy initiatives. Con Edison highlighted its dividend profile, noting a 52nd consecutive year of dividend increases and an annualized 2026 dividend of $3.55 per share, a 4.4% rise, with a payout target of 55%–65% of adjusted earnings.
"Con Edison’s focus is on New York," said Chairman and CEO Timothy P. Cawley. "We are leading the transition to a clean energy future, while maintaining a safe, cost‑effective system that delivers world‑class reliability for our customers." The company also emphasized its long‑standing dividend growth, underscoring the stability of its cash‑flow generation from regulated utility operations.
The market reaction was muted, with analysts noting the year‑over‑year decline in Q4 earnings as a key concern despite the adjusted EPS beat and revenue upside. The company’s strong full‑year performance and forward guidance suggest resilience, but the short‑term profitability dip highlights the impact of rising operating costs on quarterly results.
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