Consolidated Edison (ED) Q3 2025 10-Q Quarterly Report
Consolidated Edison (ED) 10-Q quarterly report for Q3 2025, filed with SEC EDGAR on Nov 6, 2025 for the fiscal period ending Sep 30, 2025. This page provides AI-powered analysis including management discussion & analysis (MD&A), risk factor updates, and key quarterly financial data such as revenue and net income extracted from XBRL.
Consolidated Edison Q3 2025 10-Q Analysis
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 $— at Sep 30, 2025; weighted average interest rate improved from 4.7% to 4.3%
Consolidated Edison Q3 2025 Quarterly FinancialsXBRL
Revenue
$4.6B
▲ +8.1% YoY▲ +25.8% QoQ
Net Income
$688M
▲ +17.0% YoY▲ +178.5% QoQ
Operating Margin
21.2%
▲ +79bp YoY▲ +1141bp QoQ
Net Margin
15.1%
▲ +115bp YoY▲ +826bp QoQ
ROE
2.8%
Total Assets
$71.8B
EPS (Diluted)
$1.91
▲ +13.0% YoY▲ +185.1% QoQ
Operating Cash Flow
$504M
▲ +28.6% YoY▼ -74.5% QoQ
Source: XBRL data from Consolidated Edison Q3 2025 10-Q filing on SEC EDGAR. All figures in USD.
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