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Consolidated Edison

ED NYSE Multi-Utilities Financials FY2016–FY2025

Consolidated Edison's revenue rose 10.9% to $16.9 billion in fiscal 2025. Its operating margin was 17.4%, down from 17.5% a year earlier. Free cash flow was $36 million. It paid out $1.2 billion in dividends and buybacks, 3239% of free cash flow. The diluted share count rose 3.3%.

Last close · Oct 23, 2026

$115.74

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$16.9B
10.9% vs prior year
Operating margin Operating income as a share of revenue.
17.4%
0.1 pts
Net income Profit after all expenses, interest and tax.
$2.0B
11.2%
Free cash flow Cash from operations minus capital spending.
$36.0M
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
4.7%
0.3 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$42.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
19.5x
On $5.93 EPS (TTM)

About these figures. Capital spending is Consolidated Edison's utility construction spending, the main capital spending line in its cash flow statement, in every year so the years are comparable; spending by its former clean energy businesses, sold in 2023, isn't included. Debt includes Consolidated Edison's notes payable (its commercial paper), which its 2025 filing labels differently from earlier years; short-term term loans it reported separately in 2018, 2020 and 2022 aren't included.

What Consolidated Edison does

No business description yet.

Legal name
CONSOLIDATED EDISON INC
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001047862-26-000031
0001047862

Revenue and margins

Consolidated Edison had $16.9B of revenue in fiscal 2025, up 10.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 3.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $36.0M in fiscal 2025, 0.2% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Consolidated Edison returned $1.2B to shareholders in fiscal 2025, 3,239% of free cash flow. The diluted share count rose 3.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Consolidated Edison yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$25.8B and divides by 358.7M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 19.5x · peers 21.6x · sector 20.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Consolidated Edison can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $992M$1.3B$1.2B$1.3B$1.6B
Debt incl. finance leases $24.5B$26.1B$24.5B$26.9B$27.4B
Net debt / EBITDA 4.9x5.3x4.5x5.3x4.9x
Debt / equity 1.2x1.3x1.2x1.2x1.1x
Interest coverage 3.1x3.1x3.1x2.3x2.4x
Current ratio 1.0x1.1x1.0x1.0x1.0x
Quick ratio 1.0x1.1x1.0x1.0x1.0x
Total assets $63.1B$69.1B$66.3B$70.6B$74.6B
Total liabilities $42.8B$48.2B$45.2B$48.6B$50.4B
Shareholders' equity $20.0B$20.7B$21.2B$22.0B$24.2B
Net debt (− = net cash) $23.5B$24.8B$23.3B$25.6B$25.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

1 insider

Sold, 12 months

$1.3M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Sep 15, 2026 Joseph MillerVP & Controller Bought 1 $105.81 $0.0M Form 4
Jun 15, 2026 Joseph MillerVP & Controller Bought 1 $106.87 $0.0M Form 4
Mar 16, 2026 Joseph MillerVP & Controller Bought 1 $115.55 $0.0M Form 4
Mar 12, 2026 Deneen L DonnleySVP and General Counsel Sold 1,922 $113.94 $0.2M Form 4
Feb 27, 2026 William J MulrowDirector Sold 7,912 $112.81 $0.9M Form 4
Dec 15, 2025 Joseph MillerVP & Controller Bought 1 $97.68 $0.0M Form 4
Dec 11, 2025 John F KillianDirector Sold 2,276 $96.89 $0.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✕ ✓
Cash from operations exceeds net income ✕ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 86 / 86 / 8
Accruals ratio 0.5%−2.6%−3.8%
Altman Z'' —1.401.43

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Consolidated Edison ED $42.2B 10.9% 17.4% 0.2% 4.7% 19.5x 6
Dominion Energy D $57.4B 14.2% 26.7% −44.2% 4.9% 19.3x 6 Compare →
DTE Energy DTE $27.4B 27.0% 15.0% — 6.1% 21.7x 6 Compare →
Xcel Energy XEL $48.9B 9.1% 17.6% −46.5% 4.9% 21.4x 4 Compare →
Sempra SRE $55.1B 3.9% — −44.1% 2.8% 28.5x 5 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $12.1B $12.0B $12.3B $12.6B $12.2B $13.7B $15.7B $14.7B $15.3B $16.9B
Research and development $24.0M $24.0M $24.0M $24.0M $24.0M $25.0M $27.0M — — —
Operating income $2.8B $2.8B $2.7B $2.7B $2.7B $2.8B $2.6B $3.2B $2.7B $2.9B
Interest expense $678M $729M $819M $991M $1.0B $905M $852M $1.0B $1.2B $1.2B
Pretax income $1.9B $2.0B $1.8B $1.7B $1.2B $1.4B $2.1B $3.0B $2.1B $2.6B
Income tax $698M $472M $401M $296M $90.0M $190M $498M $487M $318M $574M
Net income $1.2B $1.5B $1.4B $1.3B $1.1B $1.3B $1.7B $2.5B $1.8B $2.0B
Diluted EPS $4.12 $4.94 $4.42 $4.08 $3.28 $3.85 $4.66 $7.21 $5.24 $5.64
Diluted shares 0.30B 0.31B 0.31B 0.33B 0.34B 0.35B 0.36B 0.35B 0.35B 0.36B
Cash flow
Cash from operations $3.5B $3.4B $2.7B $3.1B $2.2B $2.7B $3.9B $2.2B $3.6B $4.8B
Capital expenditure $2.8B $3.0B $3.3B $3.2B $3.3B $3.6B $3.8B $4.4B $4.8B $4.8B
Free cash flow $624M $339M −$556M −$104M −$1.1B −$897M $111M −$2.2B −$1.2B $36.0M
Depreciation and amortization $1.2B $1.3B $1.4B $1.7B $1.9B $2.0B $2.1B $2.0B $2.2B $2.3B
Stock-based compensation $50.0M $63.0M $14.0M $47.0M $17.0M $35.0M $64.0M $53.0M $35.0M $55.0M
Acquisitions $0.0M $0.0M $1.5B $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $1.0B $0.0M $0.0M
Dividends paid $763M $803M $842M $924M $975M $1.0B $1.1B $1.1B $1.1B $1.2B
Dividends and buybacks $763M $803M $842M $924M $975M $1.0B $1.1B $2.1B $1.1B $1.2B
Balance sheet
Cash and short-term investments $776M $797M $895M $981M $1.3B $992M $1.3B $1.2B $1.3B $1.6B
Total debt $15.8B $16.6B $19.9B $21.7B $24.1B $24.5B $26.1B $24.5B $26.9B $27.4B
Finance lease liabilities $0.0M $0.0M $0.0M $1.0M $3.0M $2.0M $2.0M $2.0M $4.0M $3.0M
Current assets $3.4B $3.5B $3.9B $4.3B $5.3B $5.6B $13.0B $6.5B $6.7B $6.8B
Current liabilities $3.8B $4.9B $6.2B $6.3B $7.4B $5.4B $11.3B $6.5B $6.4B $6.6B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $35.2B $37.6B $41.7B $43.9B $46.6B $48.6B $46.8B $49.6B $52.2B $55.4B
Total assets $48.3B $48.1B $53.9B $58.1B $62.9B $63.1B $69.1B $66.3B $70.6B $74.6B
Total liabilities $33.9B $32.7B $37.1B $39.9B $43.8B $42.8B $48.2B $45.2B $48.6B $50.4B
Shareholders' equity $14.3B $15.4B $16.7B $18.0B $18.8B $20.0B $20.7B $21.2B $22.0B $24.2B
Margins
Operating margin 23.0% 23.1% 21.6% 21.3% 21.7% 20.7% 16.8% 21.8% 17.5% 17.4%
EBITDA margin 33.1% 34.2% 33.3% 34.7% 37.4% 35.5% 29.9% 35.7% 31.6% 31.1%
Net margin 10.3% 12.7% 11.2% 10.7% 9.0% 9.8% 10.6% 17.2% 11.9% 12.0%
FCF margin 5.2% 2.8% −4.5% −0.8% −9.2% −6.6% 0.7% −15.0% −7.6% 0.2%
Returns
Return on capital 6.4% 7.0% 6.2% 5.9% 6.1% 5.7% 4.5% 5.9% 4.9% 4.7%
Return on capital employed 6.5% 6.3% 5.9% 5.4% 5.0% 5.0% 4.6% 5.4% 4.3% 4.4%
Return on equity 9.1% 10.3% 8.6% 7.7% 6.0% 6.9% 8.2% 12.0% 8.4% 8.8%
Return on assets 2.7% 3.2% 2.7% 2.4% 1.8% 2.1% 2.5% 3.7% 2.7% 2.8%
Growth
Revenue growth −3.8% −0.4% 2.5% 1.9% −2.6% 11.7% 14.6% −6.4% 4.0% 10.9%
Net income growth 4.4% 22.5% −9.4% −2.8% −18.0% 22.3% 23.3% 51.8% −27.8% 11.2%
EPS growth 1.7% 19.9% −10.5% −7.7% −19.6% 17.4% 21.0% 54.7% −27.3% 7.6%
FCF growth −12.7% −45.7% −264.0% — — — — −2,079.3% — —
Share count change 2.6% 2.3% 1.3% 5.3% 1.9% 4.1% 1.8% −1.8% −0.6% 3.3%
Financial health
Net debt / EBITDA 3.8x 3.8x 4.6x 4.7x 5.0x 4.9x 5.3x 4.5x 5.3x 4.9x
Debt / equity 1.1x 1.1x 1.2x 1.2x 1.3x 1.2x 1.3x 1.2x 1.2x 1.1x
Interest coverage 4.1x 3.8x 3.3x 2.7x 2.6x 3.1x 3.1x 3.1x 2.3x 2.4x
Current ratio 0.9x 0.7x 0.6x 0.7x 0.7x 1.0x 1.1x 1.0x 1.0x 1.0x
Quick ratio 0.9x 0.7x 0.6x 0.7x 0.7x 1.0x 1.1x 1.0x 1.0x 1.0x
Capital allocation
Capex / revenue 23.5% 25.2% 26.4% 25.8% 27.2% 26.5% 24.4% 29.7% 31.3% 28.2%
Stock comp / revenue 0.4% 0.5% 0.1% 0.4% 0.1% 0.3% 0.4% 0.4% 0.2% 0.3%
Payouts / FCF 122.3% 236.9% — — — — 981.1% — — 3,238.9%
Quality scores
Piotroski F-score 5.0 4.0 4.0 5.0 4.0 7.0 6.0 5.0 6.0 6.0
Altman Z'' — — — — — — — — 1.4 1.4
Accruals ratio −4.7% −3.8% −2.6% −3.2% −1.8% −2.2% −3.4% 0.5% −2.6% −3.8%

Source: SEC EDGAR XBRL filings (CIK 0001047862). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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