Short answer
Consolidated Edison (ED) filed its fiscal 2025 10-K annual report with the SEC on Feb 19, 2026. It reported revenue of $17.0B (+10.2% year over year) and net income of $2.0B.
- Top risk flagged: Regulatory risk: CECONY’s surcharge recovery caps limit late payment and write-off cost recovery to 0.5% total customer bill impact per commodity through 2028
FY2025 key financial metrics · XBRL
- Revenue
- $17.0B
- +10.2% YoY
- Net income
- $2.0B
- +11.2% YoY
- Operating margin
- 17.2%
- −0.0 pp YoY
- EPS (diluted)
- $5.64
- +7.6% YoY
- ROE
- 8.4%
- +0.1 pp YoY
- Operating cash flow
- $4.8B
- +32.8% YoY
Source: XBRL data from the Consolidated Edison (ED) FY2025 10-K on SEC EDGAR. USD.
Consolidated Edison FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Electric and gas utility operations primarily through subsidiaries CECONY and O&R
- Emphasis on renewable energy growth highlighted by completion of Broken Bow II sale in January 2025
- Equity increased to $24.2B in 2025 from $22.0B in 2024, driven by net plant growth to $55.4B from $52.2B
- Long-term debt rose modestly to $25.6B from $24.7B, reflecting ongoing capital investments
- Noteworthy sale and transfer of Broken Bow II renewable project classified as held for sale in 2024 and closed in 2025
Management Discussion & Analysis
- Risks from external environment changes may impact asset values and investment returns
- Focus on dividend growth supported by regulated utilities and transmission earnings
- Emerging risks: increased distributed energy resources and decline in gas and steam usage
Risk Factors
- Regulatory risk: CECONY’s surcharge recovery caps limit late payment and write-off cost recovery to 0.5% total customer bill impact per commodity through 2028
- Financial risk: Aged receivables aged >60 days totaled $1.454B at 12/31/25 vs $1.684B at 12/31/24, pressuring liquidity and collections
- Operational risk: Utilities suspended collections and disconnections during COVID-19; resumption may increase uncollectible balances and write-offs
- Competitive disruption risk: No specific competitor or technology risk detailed; next major risk is regulatory asset deferrals impacting financials
- Structural financial risk: Surcharge recoveries above caps deferred as regulatory assets, deferring costs and impacting future cash flows and earnings
Generated from the filing text; verify against the original. How to read a 10-K
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