Consolidated Edison reported third‑quarter 2025 results on November 6, 2025, posting net income for common stock of $688 million and an adjusted earnings per share of $1.90—$0.14 above the consensus estimate of $1.76. The company also delivered revenue of $4.53 billion, a $0.37 billion increase that surpassed the $4.16 billion consensus estimate and represents a 10.7% year‑over‑year rise, not the 20% figure originally cited.
Revenue growth was driven by approved rate‑plan increases and higher rate bases across the electric, gas and steam subsidiaries. The electric segment contributed the largest share of the lift, while the gas and steam units also posted modest gains. The 10.7% increase reflects the company’s pricing power in a regulated environment, offsetting modest inflationary pressure on operating costs.
Operating income rose to $1.12 billion, up 12% from $1.00 billion in Q3 2024, as the company maintained disciplined cost control while investing in infrastructure. The operating margin expanded to 24.7% from 23.9% in the prior year, driven by higher revenue and efficient allocation of capital expenditures. Capital outlays for grid upgrades were partially offset by a reduction in purchased‑power costs, preserving profitability.
Consolidated Edison reiterated its full‑year 2025 guidance, raising the adjusted EPS range to $5.60–$5.70 from the previous $5.50–$5.70. The upward adjustment signals management’s confidence in continued revenue growth and margin stability, even as capital costs rise and aged accounts receivable increase modestly. The guidance narrowing reflects a tighter view of earnings volatility while maintaining a bullish outlook.
The company highlighted a joint settlement agreement that will fund a three‑year investment plan focused on critical grid upgrades, including 14 new substations, transmission line enhancements and storm‑resiliency measures. These investments align with New York’s clean‑energy transition and are expected to support long‑term reliability and regulatory rate‑base growth.
"Our 2024 financial performance was driven by strong execution within our utility rate plans, including ongoing investment to ensure reliability while continuing to support the clean‑energy transition," said Kirk Andrews, Senior Vice President and CFO. "We plan to complete construction of 14 new substations, along with substation upgrades, transmission lines and storm‑resiliency measures by 2030, continuing to execute our strategy of making robust investments to maintain our world‑class reliability as our customers’ need for energy grows," he added. Chairman and CEO Tim Cawley emphasized the company’s commitment to a safe, resilient grid and the importance of the joint settlement agreement in advancing New York’s clean‑energy goals.
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