ED

MKT CAP:$40B

Consolidated Edison, Inc.

Market Cap

$40B

Utilities·Regulated Electric·🇺🇸 United States·NYSE

Utilities·Regulated Electric·🇺🇸·NYSE

Stock Price

$109.11+$9.12 (+9.12%)

Apr 24, 2026

Company Details

Consolidated Edison, Inc., through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.5 million customers in New York City and Westche...

CEO

Timothy Cawley

IPO Date

Feb 15, 2001

Website

www.conedison.com

Key Metrics TTM

Revenue

$16.9B

+10.9% YoY

Net Income

$2.0B

EPS (Diluted)

$5.65

Free Cash Flow

$3.5B

Revenue / Share

$46.71

Gross Margin

62.0%

Operating Margin

17.3%

Net Margin

12.0%

FCF Margin

20.7%

P/S

2.4x

P/E

19.9x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

Q4 2025

Feb 19, 2026

$4.0B+8.9%EPS $0.82

Q3 2025

Nov 6, 2025

$4.5B+10.7%EPS $1.90

Q2 2025

Aug 7, 2025

$3.6B+11.6%EPS $0.68

Q1 2025

May 1, 2025

$4.8B+12.1%EPS $2.25

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 18	$3.3B	$2.2B	$833M
Q4 18	$2.9B	$1.8B	$518M
Q1 21	$3.7B	$2.4B	$860M
Q2 22	$3.4B	$2.0B	$392M
Q1 23	$4.4B	$2.5B	$867M
Q2 23	$2.9B	$1.8B	$271M
Q3 23	$3.9B	$2.5B	$724M
Q4 23	$3.4B	$1.7B	$451M
Q1 24	$4.3B	$2.7B	$1.0B
Q2 24	$3.2B	$2.1B	$320M
Q3 24	$4.1B	$2.7B	$862M
Q4 24	$3.7B	$2.3B	$509M
Q1 25	$4.8B	$3.0B	$1.1B
Q2 25	$3.6B	$1.8B	$355M
Q3 25	$4.5B	$3.6B	$968M
Q4 25	$4.0B	$2.1B	$483M

Valuation

Quarter	P/S	P/E
Q3 18	1.9x	15.3x
Q4 18	2.0x	17.8x
Q1 21	2.0x	18.8x
Q2 22	2.5x	23.0x
Q1 23	2.3x	13.5x
Q2 23	2.2x	13.5x
Q3 23	1.9x	11.6x
Q4 23	2.2x	12.9x
Q1 24	2.1x	17.3x
Q2 24	2.1x	17.3x
Q3 24	2.4x	19.5x
Q4 24	2.0x	17.0x
Q1 25	2.5x	21.1x
Q2 25	2.2x	18.7x
Q3 25	2.2x	17.6x
Q4 25	2.1x	17.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 18	$560M	-$379M
Q4 18	$1.1B	$248M
Q1 21	$289M	-$720M
Q2 22	$1.5B	$410M
Q1 23	$92M	-$1.1B
Q2 23	$1.1B	$25M
Q3 23	$17M	-$984M
Q4 23	$975M	-$281M
Q1 24	$573M	-$664M
Q2 24	$1.3B	$180M
Q3 24	$392M	-$745M
Q4 24	$1.3B	$72M
Q1 25	$837M	-$318M
Q2 25	$2.0B	$713M
Q3 25	$504M	$2.9B
Q4 25	$1.5B	$176M

Capital Expenditures

Quarter	CapEx
Q3 18	$939M
Q4 18	$847M
Q1 21	$1.0B
Q2 22	$1.1B
Q1 23	$1.2B
Q2 23	$1.0B
Q3 23	$1.0B
Q4 23	$1.3B
Q1 24	$1.2B
Q2 24	$1.2B
Q3 24	$1.1B
Q4 24	$1.2B
Q1 25	$1.2B
Q2 25	$1.3B
Q3 25	$2.4B
Q4 25	$1.3B

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 18	+4.0%	+11.2%
Q4 18	-1.0%	-4.7%
Q1 21	+9.3%	+7.9%
Q2 22	+26.8%	+33.5%
Q1 23	+31.4%	+40.5%
Q2 23	+0.2%	+10.5%
Q3 23	+5.4%	+11.9%
Q4 23	+0.7%	-1.2%
Q1 24	-2.3%	-7.9%
Q2 24	+9.4%	+8.5%
Q3 24	+5.7%	+2.6%
Q4 24	+6.5%	+5.6%
Q1 25	+12.1%	+13.4%
Q2 25	+11.6%	+11.7%
Q3 25	+10.7%	+10.3%
Q4 25	+8.9%	+11.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 18	$0	0.0%
Q4 18	$0	0.0%
Q1 21	$0	0.0%
Q2 22	$0	0.0%
Q1 23	$0	0.0%
Q2 23	$0	0.0%
Q3 23	$0	0.0%
Q4 23	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%
Q3 24	$0	0.0%
Q4 24	$0	0.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	SG&A
Q3 18	$797M
Q4 18	$762M
Q1 21	$790M
Q2 22	$881M
Q1 23	$896M
Q2 23	$849M
Q3 23	$933M
Q1 24	$888M
Q2 24	$967M
Q3 24	$986M
Q4 24	$910M
Q1 25	$952M
Q4 25	$964M

Revenue Segments

Quarter	Electricity	Non-Utility Products And Services	Oil and Gas, Purchased	Steam
Q3 18	$2.8B	$183M	$298M	$64M
Q4 18	$2.0B	$190M	$601M	$157M
Q1 21	$2.1B	$224M	$1.1B	$264M
Q2 22	$2.4B	$272M	$643M	$84M
Q1 23	$2.5B	—	$1.4B	$306M
Q2 23	$2.3B	—	$571M	$69M
Q3 23	$3.5B	—	$353M	$49M
Q4 23	$2.5B	—	$773M	$145M
Q1 24	$2.6B	—	$1.4B	$287M
Q2 24	$2.5B	—	$582M	$88M
Q2 25	$2.8B	$1M	$711M	$106M
Q3 25	$4.0B	$1M	$433M	$56M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$108M	$0	$108M
Q2 22	$1.1B	$0	$1.1B
Q3 22	$78M	$0	$78M
Q4 22	$1.3B	$0	$1.3B
Q1 23	$771M	$0	$771M
Q2 23	$2.0B	$0	$2.0B
Q3 23	$539M	$0	$539M
Q4 23	$1.2B	$0	$1.2B
Q1 24	$169M	$0	$169M
Q2 24	$1.5B	$0	$1.5B
Q3 24	$93M	$0	$93M
Q4 24	$1.3B	$0	$1.3B
Q1 25	$360M	$0	$360M
Q2 25	$1.5B	$0	$1.5B
Q3 25	$181M	$0	$181M
Q4 25	$1.6B	$0	$1.6B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 18	312M	+0.1%	+1.0%
Q4 18	315M	+0.9%	+1.0%
Q1 21	343M	+8.9%	+10.1%
Q2 22	356M	+3.6%	+14.0%
Q1 23	354M	-0.4%	+13.4%
Q2 23	347M	-1.9%	+10.3%
Q3 23	347M	-0.3%	+1.0%
Q4 23	347M	+0.1%	-2.4%
Q1 24	347M	-0.0%	-2.1%
Q2 24	347M	+0.1%	-0.1%
Q3 24	348M	+0.1%	+0.3%
Q4 24	348M	+0.1%	+0.3%
Q1 25	351M	+1.0%	+1.3%
Q2 25	362M	+3.0%	+4.2%
Q3 25	362M	+0.1%	+4.1%
Q4 25	362M	+0.1%	+4.1%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 18	$238.0K	14K
Q4 18	$214.7K	14K
Q1 21	$261.1K	14K
Q2 22	$246.6K	14K
Q1 23	$306.0K	14K
Q2 23	$205.6K	14K
Q3 23	$270.4K	14K
Q4 23	$236.0K	15K
Q1 24	$293.3K	15K
Q2 24	$220.7K	15K
Q3 24	$280.4K	15K
Q4 24	$243.0K	15K
Q1 25	$317.8K	15K
Q2 25	$238.1K	15K
Q3 25	$300.1K	15K
Q4 25	$259.3K	15K

Revenue / Employee