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Dec 31, 2025
ConEd Q4 2025 Earnings Report
Con Edison reported its Q4 and full-year 2025 earnings, showing an increase in net income and adjusted earnings per share compared to 2024.
Key Takeaways
Con Edison reported a net income for common stock of $297 million for Q4 2025, with an EPS of $0.82. Adjusted earnings for the quarter were $320 million, or $0.89 per share. For the full year 2025, net income for common stock was $2,023 million, or $5.66 per share, and adjusted earnings were $2,038 million, or $5.70 per share. The company affirmed the durability of its regulated businesses and highlighted disciplined, forward-looking investment.
Q4 2025 net income for common stock was $297 million, with an EPS of $0.82, compared to $310 million and $0.90 in Q4 2024.
Full-year 2025 net income for common stock reached $2,023 million, or $5.66 per share, up from $1,820 million and $5.26 per share in 2024.
Adjusted earnings for Q4 2025 were $320 million, or $0.89 per share, compared to $340 million and $0.98 per share in Q4 2024.
Full-year 2025 adjusted earnings were $2,038 million, or $5.70 per share, an increase from $1,868 million and $5.40 per share in 2024.
Revenue by Segment
Forward Guidance
Con Edison expects its adjusted earnings per share (non-GAAP) for 2026 to be in the range of $6.00 to $6.20. The company also forecasts a five-year compounded annual adjusted earnings per share growth rate of 6% to 7% based on the midpoint of its 2026 guidance. Capital investments are projected to be $6,595 million in 2026 and $6,759 million in 2027, with an aggregate of $24,339 million for 2028 through 2030.
Positive Outlook
- Expected 2026 adjusted EPS range of $6.00 to $6.20.
- Forecasted five-year compounded annual adjusted EPS growth rate of 6% to 7%.
- Significant capital investments planned for 2026-2030 to support regional growth and clean energy transition.
- Recently approved investment plans for Con Edison of New York include an increase in authorized ROE.
- Three-year rate plan provides a solid foundation for future growth.
Challenges Ahead
- Adjusted earnings per share guidance for 2026 excludes certain items, which may impact reported GAAP earnings.
- The amounts of certain exclusions for 2026 will not be determinable until year-end.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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