# Consolidated Edison Inc. (ED) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/ED/thesis · /stocks/ED/memo

## Financial Snapshot

---
ticker: ED
step: 04
generated: 2026-05-12
source: quick-research
---

### Consolidated Edison Inc. (ED) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $15.67B | $14.66B | $15.26B | +4.0% |
| Operating Margin | ~19% | ~21% | ~22% | +1pp |
| Net Income | $1.66B | $2.52B* | $1.82B | -28%* |
| EPS (diluted, GAAP) | $4.68 | $7.25* | $5.26 | -27%* |
| Adj. EPS | ~$4.55 | ~$5.03 | $5.40 | +7% |

*FY2023 GAAP net income was elevated by ~$1.0–1.2B gain on sale of Clean Energy Businesses (~$6.8B deal closed 2023). Adjusted EPS removes this gain and shows the true utility earnings trajectory.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$4.8B |
| Capital Expenditures | ~$4.8B |
| Free Cash Flow | ~$36M (near zero — typical for growth utility) |
| Total Debt | ~$22B |
| Total Assets | ~$70B |

*Con Edison is a heavy capital reinvestment business. FCF is near zero because CapEx tracks or exceeds OCF; growth is equity- and debt-financed. Planned equity issuances: $1.4B in 2025, $1.85B in 2026.*

#### Key Ratios (approximate)
- P/E: ~16x (adj. FY2025 EPS $5.66) | Dividend Yield: ~3.4%
- EV/EBITDA: ~12x | Regulatory ROE: ~9.9–10.1%
- Rate Base Growth Target: 8.2% per year | LT EPS Growth Guidance: 5–7%

#### Growth Profile
Con Edison's growth is driven entirely by rate base expansion — investing in grid modernization, clean energy infrastructure, and resiliency upgrades and earning a regulated return on those investments. The $38B five-year capital plan (2025–2029) and $72B ten-year plan are designed to grow the rate base at ~8.2% annually. Revenue growth is modest and lumpy (tied to rate case outcomes). Adj. EPS growth of 5–7% annually is the target, with FY2025 actuals at +4.8% ($5.66/share) and FY2026 consensus at ~$6.06 (+7%).

#### Forward Estimates
- **FY2025 Actual**: Revenue ~$15.3B; adj. EPS $5.66 (+7.6%)
- **FY2026 Consensus**: Adj. EPS ~$6.06 (+7%); pending 2026–2027 rate cases proposing 17.9%/14.9% electric/gas base rate hikes to support capital recovery
- **Dividend**: ~$3.24/year (50+ consecutive years of increases); yield ~3.4% at ~$95/share

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/ED/fundamental

## Navigation

- Overview: /stocks/ED
- Financials (this page): /stocks/ED/financials
- Thesis: /stocks/ED/thesis
- Investment Memo: /stocks/ED/memo
- Coverage universe: /stocks