Short answer
Consolidated Edison (ED) filed its Q3 2025 10-Q quarterly report on Nov 6, 2025 for the quarter ended Sep 30, 2025. Quarterly revenue was $4.6B (up 8.1% year over year) with net income of $688M.
Q3 2025 key financials · XBRL
- Revenue
- $4.6B
- +8.1% YoY · +25.8% QoQ
- Net income
- $688M
- +17.0% YoY · +178.5% QoQ
- Operating margin
- 21.2%
- EPS (diluted)
- $1.91
- +13.0% YoY · +185.1% QoQ
Source: XBRL data from the Consolidated Edison (ED) Q3 2025 10-Q on SEC EDGAR. USD.
Consolidated Edison Q3 2025 10-Q analysis
AI summary of MD&A and risk factor updates
Management Discussion & Analysis
- Revenue $4.53B in Q3 2025 vs $4.09B in Q3 2024; CECONY revenues $4.18B vs $3.76B YoY; $419M increase
- Net income $688M in Q3 2025 vs $588M in Q3 2024; CECONY net income $639M vs $537M; EPS 1.91 vs 1.70 YoY
- Operating income margin CECONY electric $1.12B/$3.73B = 30.1% vs $998M/$3.38B=29.5%; gas loss widened $(122)M vs $(112)M
- Best segment: CECONY electric income $1.12B (+$126M YoY); worst: CECONY steam loss $(88)M, worsened by $5M YoY
- Cash from operations improved $1.0B YoY to $3.32B; capital expenditures slightly declined to $3.79B; financing spent net $(685)M vs $492M inflow
- Common equity ratio improved to 49.2% from 47.1% for Con Edison; CECONY net plant up $2B driven by electric and gas plant additions
- Management highlights risks from aged receivables ($1.5B aged >60 days at CECONY); ongoing tariff uncertainty on Canadian imports; energy transition and regulatory changes; strategic alternatives considered for Mountain Valley Pipeline and Honeoye investments
- Near-term outlook cautious on supply chain inflation, regulatory reviews, and market risks; reaffirm ongoing capital investments for grid upgrades and clean energy mandates with planned capital expenditures for 2026-28 totaling ~$4.8B electric and ~$1.1B gas annually at CECONY
Risk Factors
- New risk: Potential regulatory impact from CECONY’s gas main weld misconduct investigation and NYSPSC review, with $33.3M annual gas revenue recovery subject to refund
- Most materially updated risk: NYSPSC focused operations audit on Utilities’ income tax accounting, possible requirement to write off income tax regulatory assets ($1,042M CECONY as of Sep 30, 2025)
- Impactful regulatory risk: Approval pending for new 3-year CECONY electric and gas rate plans (2026-2028) with ROE set at 9.40% and weighted average cost of capital ~7.0%
- Operational/market risk: Exposure to credit risk in commodity derivatives with $ credit exposure at Con Edison and CECONY partly mitigated by collateral, impacted by market price volatility
- Financial risk: Increased short-term borrowing with $2,170M commercial paper outstanding at Dec 31, 2024 down to $0 at Sep 30, 2025; weighted average interest rate improved from 4.7% to 4.3%
Generated from the filing text; verify against the original. 10-K vs 10-Q vs 8-K
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