Consolidated Edison, Inc. ED

UtilitiesElectric Utilities & IPPsUnited States of America

Last close 116.64 USD on Nov 1, 2026, +20.3% year to date

Quant rating

Quant rating A+ Rank 1 of 90 in Utilities

Growth B 27 of 90
Valuation B 56 of 90
Quality B 24 of 90
Revisions B 29 of 90
Momentum A 6 of 90

Wall Street consensus Hold (3.05)Average target 107.37 USD −8.0%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 43.1B
Enterprise value: 69.5B
52-week range: 95.00 – 117.50
3-year range: 86.21 – 117.50
Dividend yield: 3.04%
Beta (5 years): 0.24
Shares outstanding: 370M
Next earnings: Nov 5, 2026

About the company

Consolidated Edison, Inc. is a holding company. The Company, through its subsidiaries, Consolidated Edison Company of New York, Inc. (CECONY), Orange and Rockland Utilities, Inc. (O&R) and Con Edison Transmission, Inc., provides a range of energy-related products and services to its customers. CECONY is a regulated utility providing electric service in New York City and New York’s Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan. O&R, along with its electric utility subsidiary, Rockland Electric Company, provides electric service in southeastern New York and northern New Jersey and gas service in southeastern New York. O&R delivers gas to customers in southeastern New York. Con Edison Transmission, Inc. falls primarily under the oversight of the Federal Energy Regulatory Commission, which develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	16,918	15,256	14,663	15,670	13,676	–
Revenue growth	10.9%	4.0%	−6.4%	14.6%	11.7%	6.7%
EPS (basic, normalized)	5.70	5.40	5.07	4.57	4.39	–
EPS growth	5.6%	6.5%	10.9%	4.1%	–	–
Gross margin	–	–	–	–	–	–
Net margin	12.0%	11.9%	17.2%	10.6%	9.8%	12.3%
ROE	8.8%	8.4%	12.0%	8.2%	6.9%	8.9%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,470
Current ratio	1.27x
Long-term debt (mil)	26,843
Net debt (mil)	26,344
Total equity (mil)	25,719
Net debt / equity	1.02x
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	16,918	+10.9%	4.1x	–	–	–	5.70	+5.6%	20.5x
2026	17,662	+4.4%	3.9x	6,023	–	11.5x	6.10	+7.1%	19.1x
2027	18,443	+4.4%	3.8x	6,509	+8.1%	10.7x	6.49	+6.3%	18.0x
2028	19,198	+4.1%	3.6x	7,098	+9.0%	9.8x	6.92	+6.6%	16.9x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	17,662	0.0%	+0.7%	+1.7%	6.10	0.0%	−0.1%	+0.1%
2027	18,443	−0.1%	+1.2%	+1.4%	6.49	0.0%	−0.2%	0.0%
2028	19,198	−0.2%	+1.6%	+1.3%	6.92	+0.1%	+0.1%	+0.4%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	4,280	2,996	4,092	3,669	4,798	3,595	4,530	3,995	5,095	4,069
Sales mean (mil)	4,399	3,180	4,063	3,681	4,444	3,462	4,216	3,612	5,221	3,598
Surprise	−2.7%	−5.8%	+0.7%	−0.3%	+8.0%	+3.9%	+7.4%	+10.6%	−2.4%	+13.1%
EPS reported	2.15	0.59	1.68	0.98	2.26	0.67	1.90	0.89	2.18	0.83
EPS mean	1.88	0.57	1.62	0.95	2.20	0.64	1.74	0.95	2.27	0.75
Surprise	+14.2%	+3.6%	+3.6%	+3.2%	+2.6%	+4.6%	+9.1%	−6.0%	−4.1%	+10.2%

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
ED Consolidated Edison, Inc.	43.1B	–	12.0%	1.68x	19.1x	18.0x	11.5x	10.7x
NEE NextEra Energy, Inc.	175.6B	8.16x	24.9%	2.85x	20.8x	19.1x	17.2x	14.4x
IBE Iberdrola, S.A.	165.4B	3.49x	13.4%	2.48x	21.6x	20.0x	12.6x	11.6x
SO Southern Co	107.8B	5.56x	14.7%	2.72x	20.4x	19.0x	13.0x	12.0x
DUK Duke Energy Corp	99.3B	6.28x	15.2%	1.81x	18.9x	17.8x	11.8x	10.7x
CEG Constellation Energy Corp	93.0B	4.28x	9.1%	2.91x	21.6x	19.6x	13.6x	12.6x
Mean		5.56x	14.9%	2.41x	20.4x	18.9x	13.3x	12.0x
Median		5.56x	14.1%	2.60x	20.6x	19.1x	12.8x	11.8x

Technical analysis

1M+13.4%
3M+5.0%
1Y+22.3%
3Y+47.7%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Consolidated Edison, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	16,918	15,256	14,663	15,670	13,676	12,246
Cost of revenue	3,844	3,168	3,370	3,724	2,525	2,127
Gross profit	13,074	12,088	11,293	11,946	11,151	10,119
Selling, general & administrative expenses	–	–	–	–	–	–
Research & development	–	–	–	–	–	–
Depreciation/amortization	2,321	2,155	2,031	2,056	2,032	1,920
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	–	62.0	−865	–	448	320
Other operating expenses	7,822	7,201	6,931	7,266	6,293	5,545
Operating income	2,931	2,670	3,196	2,624	2,378	2,334
Net interest income (expense)	−1,051	−959	−848	−931	−891	−795
Gain (loss) on sale of assets	4.0	–	–	–	–	–
Other non-operating income (expense)	713	427	655	405	−104	−305
Net income before taxes	2,597	2,138	3,003	2,098	1,383	1,234
Provision for taxes	574	318	487	498	190	90.0
Minority interest	–	–	3.0	60.0	153	−43.0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	2,023	1,820	2,519	1,660	1,346	1,101
Extraordinary items	–	–	–	–	–	–
Net income	2,023	1,820	2,519	1,660	1,346	1,101
EBIT, normalized	2,949	2,732	2,331	2,624	2,830	2,654
EBITDA, normalized	5,270	4,887	4,362	4,680	4,862	4,574
Basic EPS, normalized	5.70	5.40	5.07	4.57	4.39	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Consolidated Edison, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1,629	1,324	1,189	1,282	992	1,272
Receivables	3,039	3,079	3,066	2,530	2,444	2,142
Total inventory	530	485	469	492	437	356
Prepaid expenses	381	445	470	264	295	271
Other current assets	1,171	1,331	1,343	8,404	1,383	1,260
Total current assets	6,750	6,664	6,537	12,972	5,551	5,301
Property, plant & equipment	55,892	52,658	50,141	47,334	49,405	47,392
Goodwill	406	408	408	408	439	446
Intangibles	–	–	–	0	1,293	1,460
Long-term investments	468	427	376	289	226	1,259
Note receivable	–	–	–	–	–	–
Other long-term assets	11,087	10,405	8,869	8,062	6,202	7,037
Total assets	74,603	70,562	66,331	69,065	63,116	62,895
Liabilities
Accounts payable	1,947	1,676	1,775	1,955	1,497	1,475
Payable/accrued	–	–	–	–	–	–
Accrued expenses	486	444	411	372	377	353
Short-term debt	2,075	2,670	2,288	3,040	1,488	1,870
Current portion of long-term debt	251	1.0	251	649	440	1,968
Other current liabilities	1,855	1,642	1,737	5,320	1,625	1,688
Total current liabilities	6,614	6,433	6,462	11,336	5,427	7,354
Long-term debt	25,553	24,654	21,928	20,149	22,606	20,384
Minority interest	–	–	0	202	299	218
Other liabilities	18,246	17,513	16,783	16,691	14,747	16,092
Total liabilities	50,413	48,600	45,173	48,378	43,079	44,048
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	39.0	38.0	37.0	37.0	37.0	36.0
Additional paid-in capital	11,436	9,986	9,861	9,803	9,710	8,808
Retained earnings (accumulated deficit)	14,857	14,048	13,377	11,985	11,445	11,178
Treasury stock	−2,017	−2,017	−2,017	−1,038	−1,038	−1,038
Other equity	−125	−93.0	−100	−100	−117	−137
Total equity	24,190	21,962	21,158	20,687	20,037	18,847
Total liabilities & shareholders' equity	74,603	70,562	66,331	69,065	63,116	62,895

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Consolidated Edison, Inc., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	2,023	1,820	2,516	1,600	1,193	1,144
Depreciation, depletion & amortization	2,321	2,155	2,031	2,056	2,032	1,920
Deferred taxes	590	416	132	435	133	85.0
Non-cash items	288	288	−782	−114	448	446
Changes in working capital	−422	−1,065	−1,741	−42.0	−1,073	−1,397
Cash from operations	4,800	3,614	2,156	3,935	2,733	2,198
Investing activities
Capital expenditures	−4,764	−4,771	−4,494	−4,232	−3,983	−3,936
Other investing cash flows	−485	−502	3,491	−333	499	−288
Cash from investing	−5,249	−5,273	−1,003	−4,565	−3,484	−4,224
Financing activities
Financing cash flow items	−15.0	−43.0	−36.0	−50.0	194	−63.0
Cash dividends paid	−1,166	−1,100	−1,096	−1,089	−1,030	−975
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	1,927	2,940	−356	2,153	1,297	3,283
Cash from financing	746	1,797	−1,488	1,014	461	2,245
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	297	138	−335	384	−290	219
Free cash flow	36.0	−1,157	−2,338	−297	−1,250	−1,738

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.