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olivLaw · US equity research

Consolidated Edison, Inc. ED

Electric & Other Services Combined · SIC 4931 · Vertical: Electric & Other Services Combined (SIC 4931)

120.30USD+2.99% · 1 dayClose 04 Nov 2026

Consolidated Edison, Inc. (ED) is a holding company owning CECONY, O&R and Con Edison Transmission, with operating revenues of 16,918 mn USD in fiscal 2025. In the second quarter of 2026, net income for common stock was 308 mn USD, or 0.83 USD a share. The company reaffirmed adjusted EPS guidance of 6.00 to 6.20 USD for 2026.

At the close of 04 Nov 2026, Consolidated Edison, Inc. (ED) stock was 120.30 USD (+2.99% on the day), with market capitalisation 44.3 bn USD, P/E 20.3 on diluted EPS of 5.94 USD over the last 12 months, dividend yield 2.81%, beta -0.23, 52-week range 95.41–120.30 USD. Latest reported quarter (Q1 2026): revenue of 5.1 bn USD (+6.2% YoY), net income of 924.0 m USD (+16.8% YoY), diluted EPS 2.54 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
44.3 bn USD
shares as of 30 Apr 2026
P/E (TTM)
20.3
Diluted EPS TTM 5.94 · TTM to 31 Mar 2026
E/P (TTM)
4.94%
TTM to 31 Mar 2026
Dividend yield
2.81%
DPS 12m 3.38
Beta (2y)
-0.23
Volatility (1y) 18%
52-week range
95.41120.30

Price history

Loading chart…

Technical reading

RSI (14)
72.5
overbought (≥ 70)
Bollinger (20, 2)
104.60 – 121.06
in the upper half of the band · %B 0.95 · band width 14.6%
SMA 50 / 200
108.39 / 109.24
mixed trend
MACD (12, 26, 9)
3.11 / 2.55
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+16.4%−1.1%+17.5 pp—
3 months+11.1%−0.5%+11.5 pp—
6 months+12.6%+4.4%+8.2 pp—
Year to date+21.1%+12.3%+8.8 pp—
1 year+22.8%+13.5%+9.3 pp+2.6%
3 years+33.6%+76.4%−42.8 pp+40.4%
5 years+53.8%+63.7%−9.9 pp—
Max drawdown (1y)
−11.5%
16 Mar 2026 → 30 Sept 2026
Max drawdown (5y)
−22.0%
12 Sept 2022 → 12 Oct 2022
Compound annual growth (5y)
+9.0%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q1 2026 · 31 Mar 2026

Revenue
5.1 bn USD
+6.2% YoY
Net income
924.0 m USD
+16.8% YoY
Diluted EPS
2.54
+12.9% YoY
net / operating
18.1% / 23.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Revenue3.2 bn4.1 bn3.7 bn4.8 bn3.6 bn4.5 bn4.0 bn5.1 bn
Operating income320.0 m862.0 m477.0 m1.1 bn355.0 m968.0 m487.0 m1.2 bn
Depreciation & amortisation512.0 m550.0 m554.0 m564.0 m576.0 m586.0 m595.0 m572.0 m
Interest expense288.0 m306.0 m304.0 m313.0 m300.0 m309.0 m311.0 m308.0 m
Pre-tax income192.0 m721.0 m321.0 m1.0 bn296.0 m890.0 m378.0 m1.2 bn
Income tax-10.0 m133.0 m11.0 m242.0 m50.0 m202.0 m81.0 m303.0 m
Net income202.0 m588.0 m310.0 m791.0 m246.0 m688.0 m297.0 m924.0 m
Diluted EPS0.581.690.89 ≈2.250.681.900.82 ≈2.54
Operating cash flow1.3 bn ≈392.0 m ≈1.3 bn837.0 m2.0 bn ≈504.0 m ≈1.5 bn174.0 m
Dividends paid275.0 m ≈275.0 m ≈276.0 m282.0 m294.0 m ≈295.0 m ≈295.0 m308.0 m
Share repurchases0 ≈0 ≈0—————

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Today's P/E sits at the 69 percentile of its own 42-quarter history (min 12.7, median 18.9, max 22.3; quarters with earnings only).

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue12.3 bn12.6 bn12.2 bn13.7 bn15.7 bn14.7 bn15.3 bn16.9 bn
Revenue YoY+2.5%+1.9%−2.6%+11.7%+14.6%−6.4%+4.0%+10.9%
Net income1.4 bn1.3 bn1.1 bn1.3 bn1.7 bn2.5 bn1.8 bn2.0 bn
Net income YoY−9.4%−2.8%−18.0%+22.3%+23.3%+51.7%−27.7%+11.2%
Diluted EPS4.424.083.283.854.667.215.245.64
Diluted EPS YoY−10.5%−7.7%−19.6%+17.4%+21.0%+54.7%−27.3%+7.6%
net %11.2%10.7%9.0%9.8%10.6%17.2%11.9%12.0%
Free cash flow-2.6 bn-542.0 m-1.9 bn-1.2 bn-530.0 munavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.6 bn USD
Financial debt
25.8 bn USD
Net debt
24.2 bn USD
Equity
24.2 bn USD
Total assets
74.6 bn USD
Debt / equity
1.07x
Current ratio
1.02x
ROE
8.8%
ROA
2.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
14.7 bn
2024
15.3 bn
2025
16.9 bn

SEC (XBRL)· 19 Feb 2026verified

Research & development
2023
—
2024
—
2025
—

SEC (XBRL)· 16 Feb 2023verified

Operating income
2023
3.2 bn
2024
2.7 bn
2025
2.9 bn

SEC (XBRL)· 19 Feb 2026verified

Depreciation & amortisation
2023
2.0 bn
2024
2.2 bn
2025
2.3 bn

SEC (XBRL)· 19 Feb 2026verified

EBITDA
2023
5.2 bn ≈
2024
4.8 bn ≈
2025
5.3 bn ≈

SEC (XBRL)· 19 Feb 2026derived

Interest expense
2023
1.0 bn
2024
1.2 bn
2025
1.2 bn

SEC (XBRL)· 19 Feb 2026verified

Pre-tax income
2023
3.0 bn
2024
2.1 bn
2025
2.6 bn

SEC (XBRL)· 19 Feb 2026verified

Income tax
2023
487.0 m
2024
318.0 m
2025
574.0 m

SEC (XBRL)· 19 Feb 2026verified

Net income
2023
2.5 bn
2024
1.8 bn
2025
2.0 bn

SEC (XBRL)· 19 Feb 2026verified

Diluted EPS
2023
7.21
2024
5.24
2025
5.64

SEC (XBRL)· 19 Feb 2026verified

Weighted average diluted shares
2023
349.3 m
2024
347.3 m
2025
358.7 m

SEC (XBRL)· 19 Feb 2026verified

Dividend per share
2023
3.24
2024
3.32
2025
—

SEC (XBRL)· 20 Feb 2025verified

Balance sheet · USD

Cash
2023
1.2 bn
2024
1.3 bn
2025
1.6 bn

SEC (XBRL)· 19 Feb 2026verified

Receivables
2023
2.4 bn
2024
2.4 bn
2025
2.6 bn

SEC (XBRL)· 19 Feb 2026verified

Current assets
2023
6.5 bn
2024
6.7 bn
2025
6.8 bn

SEC (XBRL)· 19 Feb 2026verified

Property, plant & equipment, net
2023
49.6 bn
2024
52.2 bn
2025
55.4 bn

SEC (XBRL)· 19 Feb 2026verified

Goodwill
2023
408.0 m
2024
408.0 m
2025
406.0 m

SEC (XBRL)· 19 Feb 2026verified

Intangibles (excl. goodwill)
2023
—
2024
—
2025
—

SEC (XBRL)· 16 Feb 2023verified

Total assets
2023
66.3 bn
2024
70.6 bn
2025
74.6 bn

SEC (XBRL)· 19 Feb 2026verified

Accounts payable
2023
1.8 bn
2024
1.7 bn
2025
1.9 bn

SEC (XBRL)· 19 Feb 2026verified

Short-term debt
2023
251.0 m
2024
0
2025
250.0 m

SEC (XBRL)· 19 Feb 2026verified

Long-term debt
2023
22.0 bn
2024
24.7 bn
2025
25.6 bn

SEC (XBRL)· 19 Feb 2026verified

Current liabilities
2023
6.5 bn
2024
6.4 bn
2025
6.6 bn

SEC (XBRL)· 19 Feb 2026verified

Equity
2023
21.2 bn
2024
22.0 bn
2025
24.2 bn

SEC (XBRL)· 19 Feb 2026verified

Cash flow · USD

Operating cash flow
2023
2.2 bn
2024
3.6 bn
2025
4.8 bn

SEC (XBRL)· 19 Feb 2026verified

Capex
2023
—
2024
—
2025
—

SEC (XBRL)· 16 Feb 2023verified

Free cash flow
2023
—
2024
—
2025
—

SEC (XBRL)· 16 Feb 2023derived

Investing cash flow
2023
-1.0 bn
2024
-5.3 bn
2025
-5.2 bn

SEC (XBRL)· 19 Feb 2026verified

Financing cash flow
2023
-1.5 bn
2024
1.8 bn
2025
746.0 m

SEC (XBRL)· 19 Feb 2026verified

Dividends paid
2023
1.1 bn
2024
1.1 bn
2025
1.2 bn

SEC (XBRL)· 19 Feb 2026verified

Share repurchases
2023
1.0 bn
2024
0
2025
0

SEC (XBRL)· 19 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
10.9%
computed by olivLawFY 2025
Revenue CAGR 3Y
2.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
6.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
9.9%
computed by olivLawFY 2025
Net income growth (YoY)
11.2%
computed by olivLawFY 2025
Net income CAGR 3Y
6.8%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
12.9%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
7.6%
computed by olivLawFY 2025
EPS CAGR 3Y
6.6%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
11.5%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
30.9%
computed by olivLawTTM to 31 Mar 2026
EBIT margin
17.4%
computed by olivLawTTM to 31 Mar 2026
Net margin
12.5%
computed by olivLawTTM to 31 Mar 2026
FCF margin
unavailable
input data missing

Returns

ROE
8.7%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROA
3.0%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
ROIC
unavailable
input data missing
ROCE
4.3%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Payout ratio (EPS)
56.9%
computed by olivLawTTM to 31 Mar 2026
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
2.4x
computed by olivLawTTM to 31 Mar 2026

Liquidity

Current ratio
1.2x
computed by olivLawbalance sheet at 31 Mar 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.0x
computed by olivLawbalance sheet at 31 Mar 2026

Cash

Operating cash flow
4.1 bn USD
computed by olivLawTTM to 31 Mar 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
77.8%
computed by olivLawTTM to 31 Mar 2026

Efficiency

Days sales outstanding
59 days
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Days payables outstanding
unavailable
input data missing

Market and valuation

Market capitalisation
44.3 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
20.6x
computed by olivLawTTM to 31 Mar 2026
P/E (TTM)
20.3x
computed by olivLawTTM to 31 Mar 2026
Earnings yield
4.9%
computed by olivLawTTM to 31 Mar 2026
P/B
1.7x
computed by olivLawbalance sheet at 31 Mar 2026
P/S
2.6x
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
2.8%
computed by olivLawTTM to 31 Mar 2026
Shareholder yield (distributions)
2.7%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026

3 indicators that do not apply to the sector.

Valuation

olivLaw classification

Neutral profile

Score: 48 / 100

A scoring methodology on indicators and valuation, not investment advice.

Closing price

120.30 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 44.3 bn USD

Key indicators

Market capitalisation
44.3 bn USD
computed by olivLawbalance sheet at 31 Mar 2026
P/E (TTM)
20.3x
computed by olivLawTTM to 31 Mar 2026
P/B
1.7x
computed by olivLawbalance sheet at 31 Mar 2026
EV/EBITDA
unavailable
input data missing
ROE
8.7%
computed by olivLawTTM to 31 Mar 2026 · balance sheet at 31 Mar 2026
Net margin
12.5%
computed by olivLawTTM to 31 Mar 2026
Revenue growth (YoY)
10.9%
computed by olivLawFY 2025
Dividend yield
2.8%
computed by olivLawTTM to 31 Mar 2026

Coverage and freshness

31/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Mar 2026
Latest balance sheet date: 31 Mar 2026
Share count (cover of the latest filing), as of: 30 Apr 2026
Source: SEC (XBRL)published 07 May 2026
verified 2308derived 187

Score by group

  • Balance sheet36
  • Valuation45
  • Quality40
  • Growth57
  • Returns52

Estimated value range

Low
78.27
USD per share
Mid
86.17
USD per share
High
96.21
USD per share
Price: 120.30 USD
The price is above the range
Potential to the central value: -28.4% (value / price − 1)
Margin of safety: -39.6% (1 − price / value)
Agreement between methods: low · 2 methods used · 2 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 43.63 – 133.74 USD.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (USD per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Dividend discount (DDM)43.63 – 58.67 (Mid 50.04)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E112.91 – 133.74 (Mid 122.30)
    10 companies used · median multiple 20.6x · quartiles 19.0x – 22.5x
    AEE, CMS, DUK, EVRG, EXC, LNT, NI, PEG, WEC, XEL
Multiple comparisons use the SIC vertical: Electric & Other Services Combined (SIC 4931)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Neutral profile · Score 48/100

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality12.5%40 (vs peers)9%
Revenue CAGR 3Y · Growth2.6%46 (on a fixed band)9%
EPS CAGR 3Y · Growth6.6%66 (on a fixed band)12%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet2.4x27 (on a fixed band)15%
Current ratio · Balance sheet1.2x61 (on a fixed band)6%
P/E (TTM) · Valuation20.3x45 (vs peers)18%
EV/EBITDA · Valuationunavailableunavailable—
Dividend yield · Returns2.8%36 (vs peers)21%
Payout ratio (EPS) · Returns56.9%89 (on a fixed band)9%

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet36/100 · 2/3 factors with a value
  • Growth57/100 · 2/2 factors with a value
  • Quality· partial40/100 · 1/2 factors with a value
  • Returns52/100 · 2/2 factors with a value
  • Valuation· partial45/100 · 1/2 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

CONSOLIDATED EDISON INC (ED). Latest full fiscal year: 2025; data up to 2026-03-31.

Figures computed from the financial statements: revenue 16.9 bn USD in 2025; YoY growth 10.9%; net margin 12.5%; ROE 8.7%.

The estimated value range is 78.27–96.21 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 86.17 USD, the price of 120.30 USD leaves a potential of -28.4% (value / price − 1) and a margin of safety of -39.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.

olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: quality, valuation. Not investment advice.

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Payout ratio (EPS): 56.9%

What contradicts it

  • Interest coverage: 2.4x
  • The price is above the estimated value range
  • The valuation methods diverge

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, EV/EBITDA.

Versus the vertical median

Electric & Other Services Combined (SIC 4931) · same industry (4-digit SIC) · compared with 11 companies

Only companies with a capitalisation between 5.4 bn and 342.8 bn (within 8× of the company's); 6 of the vertical were left out.

Multiples and returns vs the median

P/E
20.3x
vertical median 19.9x
at median
EV/EBITDA
—
vertical median 13.4x
P/S
2.6x
vertical median 3.0x
below median (−14.4%)
P/B
1.7x
vertical median 2.1x
below median (−17.8%)
ROE
8.7%
vertical median 11.3%
below median (−22.7%)
Net margin
12.5%
vertical median 15.2%
below median (−17.7%)
EBIT margin
17.4%
vertical median 23.1%
below median (−24.8%)
Revenue YoY
10.9%
vertical median 9.6%
above median (+13.8%)
Net debt/EBITDA
—
vertical median 5.4x
Dividend yield
2.8%
vertical median 3.1%
below median (−10.4%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
DUKDuke Energy CORP101.0 bn19.89.8%15.8%+5.6%+5% / +40%
XELXcel Energy Inc51.7 bn18.811.4%—+1.2%−2% / +32%
EXCExelon Corporation47.3 bn16.99.8%11.2%+5.3%−2% / +20%
EDConsolidated Edison Inc44.3 bn20.38.7%12.5%+10.9%+23% / +34%
WECWec Energy Group, Inc.38.9 bn21.412.5%17.6%+14.0%+5% / +41%
PEGPublic Service Enterprise Group Incorporated36.5 bn18.211.8%16.0%+18.3%−12% / +17%
PCGPg&E Corp35.9 bn9.69.7%12.3%+2.1%−17% / −22%
AEEAmeren Corp31.3 bn19.912.1%17.9%+15.4%+6% / +46%
CMSCms Energy Corp22.3 bn21.311.3%11.6%+13.6%−6% / +25%
NINiSource Inc.21.7 bn23.110.1%8.2%+23.5%+3% / +77%
EVRGEvergy, Inc.19.9 bn22.98.8%14.6%+2.0%+11% / +69%
LNTAlliant Energy Corp19.1 bn23.111.3%18.6%+9.6%+6% / +46%

1- and 3-year price returns: for ED from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
68.65
Total return -41% · Per year -41%
121.48
Total return 4% · Per year 4%
183.14
Total return 56% · Per year 56%
3 years
64.09
Total return -41% · Per year -16%
127.85
Total return 15% · Per year 5%
211.99
Total return 87% · Per year 23%
5 years
59.83
Total return -40% · Per year -10%
134.55
Total return 27% · Per year 5%
245.37
Total return 124% · Per year 17%
What moves the 3-year price the most
  • Exit P/E± 31.96
  • Net margin± 22.37
  • Annual revenue growth± 18.71
  • Annual dilution± 1.88

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

In brief

Consolidated Edison, Inc. (ED) is a holding company owning CECONY, O&R and Con Edison Transmission, with operating revenues of 16,918 mn USD in fiscal 2025 1. In the second quarter of 2026, net income for common stock was 308 mn USD, or 0.83 USD a share 3. The company reaffirmed adjusted EPS guidance of 6.00 to 6.20 USD for 2026 3.

SWOT

Strengths

  • The company has a base of regulated revenue, with multi-year rate plans that support earnings predictability 1.
  • Recent reporting shows earnings growth and a reaffirmed 2026 outlook 3.
  • The company holds a strong position in New York, with a large customer base and critical infrastructure 1.

Weaknesses

  • Aged receivables remain elevated and weigh on liquidity 2.
  • Reliance on revenue from one regulatory jurisdiction makes the company sensitive to NYSPSC decisions 1.
  • Rates can be limited by approved plans, and costs not recovered may stay with the company 1.

Opportunities

  • Electrification of buildings and transportation could raise long-term demand 3.
  • Transmission projects and bids could expand the activity of Con Edison Transmission 1.
  • Investment in substations and the network could support growth of the regulated asset base 3.

Threats

  • Pressure on rate affordability could limit new rate plans 1.
  • Extreme weather and cyber attacks could interrupt service and create large costs 1.
  • Regulatory penalties and legislative changes could affect financial results 1.

Risks

  • Regulation and penaltieshigh

    The utilities can face substantial penalties for violating state laws and orders, and rates can be limited 1.

  • New rate planshigh

    When current plans expire, new terms could be less favorable, especially if affordability becomes a priority 1.

  • Infrastructure and weather eventsmedium

    Facility failures or weather damage could create costs that insurance does not cover 1.

  • Cyber securitymedium

    Cyber attacks could disrupt operations and affect customer data, with possible costs and penalties 1.

  • Liquidity and receivableslow

    Slow recovery of overdue receivables could press on liquidity, even with recovery mechanisms in place 2.

Investment thesis

What would need to be true (bull case)

  • The company reaffirmed its guidance and reported rising earnings, which points to stable execution 3.
  • Investment in the grid and substations could support growth of the regulated base over the long term 3.
  • Predictable revenue from regulated rates gives a stable base for the dividend 1.

What would break the thesis

  • Pressure on energy affordability could limit rate increases and earnings growth 1.
  • Aged receivables remain high, and slow collection could press on liquidity 2.
  • Exposure to one regulatory environment raises the risk of unfavorable outcomes when rate plans are renewed 1.

What to watch

  • Trend in aged receivables and liquidityQ3 2026
  • Closing of the Honeoye sale and the remaining MVP interest sale2026
  • New rate plans and use of receivable recovery mechanisms2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

The business

Con Edison is a regulated utility company operating mainly in New York and New Jersey. CECONY delivers electricity to approximately 3.7 million customers in New York City and most of Westchester County, and gas to approximately 1.1 million customers 1. It also operates the largest steam distribution system in the United States, concentrated in Manhattan 1.

Segments

CECONY (electric, gas, steam)

CECONY is the main revenue source, with 15,651 mn USD in fiscal 2025 1. Its rates are set by the NYSPSC through multi-year rate plans 1.

Con Edison Transmission

This unit develops electric transmission projects with NYPA and holds interests in electric and gas assets through joint ventures 1. In 2026 it sold its MVP interest for total aggregate consideration of 357.5 mn USD 1.

Market context

The core market is New York State, where 56 percent of the electricity CECONY delivered in 2025 was bought by customers from other suppliers 1. Customers can choose their supplier, but the distribution network stays with the regulated utility 1.

Wholesale transmission in New York is directed by NYISO, which runs grid operations and energy and capacity markets 1. Electrification of buildings and transportation could support long-term grid investment 3.

Trends

  • Pace of collecting overdue receivablesheadwind

    Aged receivables have eased slightly but remain high, which could weigh on liquidity if recovery stays slow 2. Rate recovery mechanisms reduce the risk but do not remove it 1.

  • Electrification and rising electricity demandtailwind

    The utilities expect electricity use to rise as policies cutting emissions take effect, which could support revenues 1. The company plans 28 new substations in service by 2035 3.

  • Pressure on energy affordabilityheadwind

    Legislative and public policy debate on affordability has grown, and the investment needed may conflict with the need for affordable rates 1. This could constrain future rate plans 1.

  • Federal policy and material costsmixed

    Import tariffs raised material costs during 2025, and supply chains could be disrupted if tariffs remain in place 1. The effect on the company has so far not been significant 1.

Competitive position

In New York State, electric and gas delivery is provided by five investor-owned utilities and two state authorities 1. Direct competition on the network is limited, but customers can choose energy suppliers 1.

The main competitors named in the source are utility operators in the same region that provide regulated delivery in New York 1. Competitive pressure is most visible in transmission projects, where the company bids in solicitations 1.

  • National Grid plc

    Provides energy and gas delivery in New York, one of the five investor-owned utilities in the state 1.

  • Avangrid, Inc.

    Affiliate of Iberdrola, operating electricity and gas delivery in New York 1.

  • National Fuel Gas Company

    Provides gas delivery in New York State as one of the five investor-owned operators 1.

  • CH Energy Group, Inc.

    Subsidiary of Fortis Inc., active in energy delivery in New York 1.

News & filings

In the press

No news in our archive over the last 180 days.

SEC filings

Sources

  1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Consolidated Edison, Inc. · 19 Feb 2026
  2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Consolidated Edison, Inc. · 06 Aug 2026
  3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Consolidated Edison, Inc. · 06 Aug 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.