Consolidated Edison
ED · NYSEElectric & Other Services Combined · Fiscal year ends Dec 31
Consolidated Edison reported revenue of $17B in the fiscal year ended Dec 2025, up 10.2% from the year before. Operating income was $2.9B, an operating margin of 17.2%, and net income was $2B. Net debt was $24.2B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $13.5B | $15.5B | $14.5B | $15.5B | $17B |
| Research & development | $25M | $27M | – | – | – |
| Operating income | $2.8B | $2.6B | $3.2B | $2.7B | $2.9B |
| Interest expense | $905M | $852M | $1B | $1.2B | $1.2B |
| Pre-tax income | $1.4B | $2.1B | $3B | $2.1B | $2.6B |
| Income tax | $190M | $498M | $487M | $318M | $574M |
| Net income | $1.3B | $1.7B | $2.5B | $1.8B | $2B |
| Diluted EPS | 3.85 | 4.66 | 7.21 | 5.24 | 5.64 |
| Diluted shares | 349M | 356M | 349M | 347M | 359M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $992M | $1.3B | $1.2B | $1.3B | $1.6B |
| Receivables | $1.9B | $2.2B | $2.4B | $2.4B | $2.6B |
| Current assets | $5.6B | $13B | $6.5B | $6.7B | $6.8B |
| Net PP&E | $48.6B | $46.8B | $49.6B | $52.2B | $55.4B |
| Goodwill | $439M | $408M | $408M | $408M | $406M |
| Total assets | $63.1B | $69.1B | $66.3B | $70.6B | $74.6B |
| Payables | $1.5B | $2B | $1.8B | $1.7B | $1.9B |
| Deferred revenue | $7M | $3M | $0 | $0 | $0 |
| Current liabilities | $5.4B | $11.3B | $6.5B | $6.4B | $6.6B |
| Short-term debt | $440M | $1B | $251M | $0 | $250M |
| Long-term debt | $22.6B | $22.4B | $22B | $24.7B | $25.6B |
| Shareholders' equity | $20B | $20.7B | $21.2B | $22B | $24.2B |
| Backlog (remaining obligations) | $120M | $89M | – | – | – |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.7B | $3.9B | $2.2B | $3.6B | $4.8B |
| Capital expenditure | $4B | $4.5B | – | – | – |
| Free cash flow | −$1.2B | −$530M | – | – | – |
| Depreciation & amortisation | $2B | $2.1B | $2B | $2.2B | $2.3B |
| Stock-based compensation | $35M | $64M | $53M | $35M | $55M |
| Share buybacks | $0 | $0 | $1B | $0 | $0 |
| Dividends paid | $1B | $1.1B | $1.1B | $1.1B | $1.2B |
| Dividend per share | 3.10 | 3.16 | 3.24 | 3.32 | – |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 14.9% | −6.3% | 6.9% | 10.2% |
| Operating income growth (YoY) | – | −7.1% | 21.8% | −16.5% | 9.9% |
| EPS growth (YoY) | – | 21.0% | 54.7% | −27.3% | 7.6% |
| Operating margin | 21.0% | 17.0% | 22.1% | 17.3% | 17.2% |
| Net margin | 10.0% | 10.7% | 17.4% | 11.8% | 11.9% |
| Return on equityBlank when equity is negative | 6.7% | 8.0% | 11.9% | 8.3% | 8.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 4.9% | 4.5% | 5.3% | 4.2% | 4.3% |
| Free cash flow margin | −9.1% | −3.4% | – | – | – |
| Cash conversion (CFO ÷ net income) | 2.03x | 2.37x | 0.86x | 1.99x | 2.37x |
| Receivable days | 53 | 52 | 61 | 58 | 55 |
| Interest cover | 3.12x | 3.08x | 3.12x | 2.25x | 2.38x |
| Debt ÷ equity | 1.15x | 1.13x | 1.05x | 1.13x | 1.07x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $22.1B | $22.2B | $21.1B | $23.4B | $24.2B |
| Current ratio | 1.02x | 1.14x | 1.01x | 1.04x | 1.02x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.