Core Points - Consolidated Edison, Inc. will host a webcast for an investor presentation titled "Delivering Reliable and Resilient Energy for the Future" on October 7, 2025, from 8:30 a.m. to 10 a.m. Eastern Time [1][4] - The presentation will include a question-and-answer session and will feature senior leadership from the company [2][6] Company Overview - Consolidated Edison, Inc. is a holding company that provides a variety of energy-related products and services through its subsidiaries, including Consolidated Edison Company of New York, Inc. (CECONY), Orange and Rockland Utilities, Inc. (O&R), and Con Edison Transmission, Inc. [2] - CECONY is a regulated utility that offers electric service in New York City and Westchester County, gas service in parts of Manhattan, the Bronx, Queens, and Westchester, and steam service in Manhattan [2] - O&R serves customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey [2] - Con Edison Transmission, Inc. focuses on developing and investing in electric transmission projects and owns electric and gas assets through joint ventures [2] Financial Performance - Consolidated Edison, Inc. reported a net income of $246 million for the second quarter of 2025, translating to earnings of $0.68 per share [7]

Core Insights - The article highlights two healthcare facility stocks, Concentra Group Holdings and US Physical Therapy, as strong investment opportunities due to favorable market conditions and demographic trends [1][13]. Concentra Group Holdings - Concentra is the largest outpatient provider of occupational health services in the U.S., with a market cap of $2.65 billion and a network of 11,000 health professionals [1]. - The company serves over 50,000 patients daily and operates more than 540 medical centers, treating 1 in 5 workplace injuries [9]. - Concentra's revenue for 2Q25 was $550.8 million, a 15% year-over-year increase, exceeding forecasts by $13.44 million [10]. - The company focuses on occupational health and workplace injury management, partnering with over 239,000 employers [7][8]. - J.P. Morgan analyst Benjamin Rossi rates Concentra as Overweight with a price target of $31, indicating a potential upside of 50% [12]. US Physical Therapy - US Physical Therapy operates outpatient clinics for physical and occupational therapy, with a market cap of $1.2 billion and over 765 clinics across 44 states [13]. - The company reported revenue of $197.3 million in 2Q25, an 18% year-over-year increase, beating forecasts by $7.45 million [16]. - US Physical Therapy is well-positioned to benefit from demographic trends such as an aging population and increasing obesity rates, driving demand for physical therapy services [17]. - Rossi rates US Physical Therapy as Overweight with a price target of $110, suggesting a potential gain of 34% [17].

Concentra Group Holdings Parent Inc. (NYSE:CON) is one of the best new stocks to buy right now. On September 18, JPMorgan analyst Benjamin Rossi assumed coverage of Concentra with an Overweight rating and unchanged price target of $31. JPMorgan believes that the current outpatient environment is most favorable for companies with lower reimbursement exposure to federal funding. Earlier in Q2 2025, Concentra Group ended the quarter with total revenue growth of 15.2% year-over-year. Excluding contributions f ...

Group 1 - Consolidated Edison, Inc. will host an investor presentation titled "Delivering Reliable and Resilient Energy for the Future" on October 7, 2025, from 8:30 a.m. to 10 a.m. Eastern Time [1] - The corporate leadership team, led by Tim Cawley, will discuss the company's strategy to support New York State's clean energy goals while ensuring a safe and reliable grid [2] - The presentation will include a question-and-answer session, with additional details and a link to the live webcast to be provided before the event [3] Group 2 - Consolidated Edison, Inc. operates through subsidiaries including Consolidated Edison Company of New York, Inc., which provides electric, gas, and steam services in New York City and surrounding areas [4] - Orange and Rockland Utilities, Inc. serves customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey [4] - Con Edison Transmission, Inc. focuses on developing and investing in electric transmission projects and owns electric and gas assets through joint ventures [4]

Group 1 - The article discusses the services provided by IPO Edge, which includes actionable information on growth stocks, first-look IPO filings, previews of upcoming IPOs, an IPO calendar, a database of U.S. IPOs, and a comprehensive guide to IPO investing [1]

Financial Data and Key Metrics Changes - Total company revenue for Q2 2025 was $550.8 million, a 15.2% increase year over year from $477.9 million in Q2 2024. Excluding contributions from Nova, revenue was $519.4 million, resulting in an 8.7% increase over the prior year [6][10] - Adjusted EBITDA was $115 million in Q2 2025, compared to $101.6 million in the same quarter prior year, reflecting a 13.2% increase. Adjusted EBITDA margin decreased from 21.3% in Q2 2024 to 20.9% in Q2 2025 [9][20] - Adjusted net income attributable to the company was $47.7 million, with adjusted earnings per share at $0.37 for Q2 2025 [10] Business Line Data and Key Metrics Changes - In the occupational health center segment, total revenue was $516.1 million in Q2 2025, a 14.4% increase year over year. Workers' compensation revenue was $332.2 million, up 15.2% from the prior year [11][12] - Employer services revenue increased to $174.3 million, a 13.7% rise from the prior year, with visits per day increasing by 10.3% [12] - Excluding the impact of Nova, total revenue in the occupational health center segment was $484.8 million, a 7.4% increase year over year [13] Market Data and Key Metrics Changes - Total patient visits increased by 9.5% in Q2 2025, averaging approximately 55,000 visits per day. Workers' compensation visits per day increased by 9.3%, while employer services visits increased by 10.3% [7][8] - Excluding the impact from the acquisition of Nova, total visits per day increased by 2.4% [7] Company Strategy and Development Direction - The company is focused on integrating the Nova and Pivot acquisitions while continuing to expand its de novo site openings, with plans for two to three additional sites by the end of the year [4][25] - The company aims to capture remaining operational and back office synergies from the Nova acquisition, estimating over 70% of planned synergies captured by the end of Q2 [24] - The company is pursuing a strategy of both de novo openings and small bolt-on M&A deals, with a focus on maintaining a leverage ratio below three times by 2026 [26][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of visit trends and the broader economy, noting no significant slowdown in hiring trends [30][31] - The company anticipates a strong rate year in 2026, benefiting from state-specific fee schedule adjustments tied to recent legislation [34][36] - Management highlighted the ongoing separation from Select Medical, with significant progress made towards complete separation by November 2026 [36] Other Important Information - The company declared a cash dividend of $6.25 per share, payable on or about August 28, 2025 [28] - The company ended Q2 2025 with a total debt balance of $1.67 billion and a cash balance of $74 million, with a net leverage ratio of 3.8 times [21] Q&A Session Summary Question: Can you walk through the changes to revenue and adjusted EBITDA guidance? - Management indicated that the guidance was raised due to strong performance in revenue and EBITDA, factoring in contributions from recent acquisitions [42][44] Question: What is the updated count of on-site health clinics following the Pivot acquisition? - The updated count is approximately 240 on-site clinics, with no change to the revenue figure previously stated [47][48] Question: What explains the softer trend in Q1 for workers' compensation? - Management noted that various dynamics influenced Q1 performance, but overall, they expect to see low single-digit growth rates over time [51][53] Question: How does the company view the long-term organic growth for employer services? - Management anticipates long-term organic growth in the low single-digit range, around 1% to 2% per year from M&A and de novo efforts [82] Question: How does the company manage labor dynamics? - The company has historically not faced significant labor pressures due to its staffing model, which relies on medical assistants rather than more scarce nursing roles [98]

Q2 2025 Performance Highlights - Concentra's Q2 2025 total revenue increased by 152% year-over-year to $5508 million, with an 87% increase excluding the impact of the Nova acquisition[17] - Adjusted EBITDA for Q2 2025 grew by 132% year-over-year to $1150 million[17] - The number of onsite health clinics significantly increased to 406, a rise of 252 clinics, primarily due to the Pivot Onsite acquisition[17] - Revenue per visit (RPV) increased by 44% year-over-year to $146 in Q2 2025[17] YTD 2025 Performance Highlights - Total revenue for YTD 2025 increased by 112% year-over-year to $10515 billion, or 121% on a per-day basis[18] - Adjusted EBITDA for YTD 2025 increased by 101% year-over-year to $2177 million[18] - The number of occupational health centers increased to 628, a rise of 81 centers, due to the Nova acquisition and other M&A activities[18] - Revenue per visit (RPV) increased by 50% year-over-year to $146 in YTD 2025[18] Guidance and Financial Strategy - The company is raising its FY 2025 revenue guidance to $213 billion-$216 billion and Adjusted EBITDA guidance to $420 million-$430 million[16] - Concentra is targeting a net leverage ratio of less than 30x by the end of 2026[16]

Group 1 - Concentra Group reported quarterly earnings of $0.37 per share, matching the Zacks Consensus Estimate, but down from $0.49 per share a year ago [1] - The company achieved revenues of $550.79 million for the quarter ended June 2025, exceeding the Zacks Consensus Estimate by 2.61% and up from $477.92 million year-over-year [2] - Concentra has surpassed consensus EPS estimates three times over the last four quarters [2] Group 2 - The stock has added approximately 0.8% since the beginning of the year, underperforming compared to the S&P 500's gain of 7.9% [3] - The current consensus EPS estimate for the upcoming quarter is $0.41 on revenues of $565.74 million, and for the current fiscal year, it is $1.35 on revenues of $2.14 billion [7] - The Zacks Industry Rank indicates that the Medical Services sector is in the top 40% of over 250 Zacks industries, suggesting a favorable outlook for the industry [8]

[PART I FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%20FINANCIAL%20INFORMATION) This section provides the unaudited condensed consolidated financial statements and related notes for Concentra Group Holdings Parent, Inc [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=ITEM%201.%20CONDENSED%20CONSOLIDATED%20FINANCIAL%20STATEMENTS) This section presents the unaudited condensed consolidated financial statements for Concentra Group Holdings Parent, Inc. as of June 30, 2025, and for the three and six-month periods then ended, including balance sheets, statements of operations, comprehensive income, changes in equity, and cash flows, along with accompanying notes [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The company's balance sheet shows increased assets and liabilities, primarily driven by goodwill from recent acquisitions and higher long-term debt Condensed Consolidated Balance Sheets (in thousands) | Balance Sheet Items | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--- | :--- | :--- | | **Total Assets** | **$2,841,584** | **$2,521,164** | | Total Current Assets | $395,167 | $437,207 | | Goodwill | $1,480,653 | $1,234,707 | | **Total Liabilities** | **$2,474,204** | **$2,222,440** | | Long-term debt, net | $1,652,003 | $1,468,917 | | **Total Equity** | **$347,820** | **$280,711** | - Total assets increased to **$2.84 billion** as of June 30, 2025, from **$2.52 billion** at year-end 2024, primarily driven by a significant increase in Goodwill from **$1.23 billion** to **$1.48 billion**, reflecting recent acquisitions[9](index=9&type=chunk) - Total liabilities rose to **$2.47 billion**, largely due to an increase in long-term debt to **$1.65 billion** from **$1.47 billion** at the end of 2024, used to finance acquisitions[9](index=9&type=chunk) [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Despite revenue growth, net income declined due to increased interest and general and administrative expenses Income Statement (Three Months Ended June 30, in thousands) | Income Statement | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | **Revenue** | **$550,785** | **$477,915** | | Income from operations | $89,542 | $83,944 | | **Net income attributable to the Company** | **$44,560** | **$51,737** | | **Basic and diluted EPS** | **$0.35** | **$0.50** | Income Statement (Six Months Ended June 30, in thousands) | Income Statement | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | **Revenue** | **$1,051,537** | **$945,513** | | Income from operations | $169,861 | $159,442 | | **Net income attributable to the Company** | **$83,471** | **$100,693** | | **Basic and diluted EPS** | **$0.65** | **$0.97** | - Despite a **15.2% YoY revenue increase** for Q2 2025, net income attributable to the company decreased to **$44.6 million** from **$51.7 million** in Q2 2024, primarily due to higher interest expense and general & administrative costs[11](index=11&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20consolidated%20Statements%20of%20Cash%20Flows) Cash flow from investing activities significantly increased due to business combinations, largely funded by new debt Cash Flow Statement (Six Months Ended June 30, in thousands) | Cash Flow Statement | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | **Net cash provided by operating activities** | **$100,078** | **$115,055** | | Net cash used in investing activities | ($374,257) | ($37,615) | | Net cash provided by (used in) financing activities | $164,796 | ($58,145) | | **Net (decrease) increase in cash** | **($109,383)** | **$19,295** | | Cash at end of period | $73,872 | $50,669 | - Cash used in investing activities significantly increased to **$374.3 million** in the first six months of 2025, up from **$37.6 million** in the prior year period, driven by **$333.3 million** spent on business combinations[23](index=23&type=chunk) - Financing activities provided **$164.8 million** in cash, primarily from new term loan proceeds (**$948.8 million**) and revolver borrowings (**$85.0 million**), which were used to pay down old term loans (**$850.3 million**) and fund acquisitions[23](index=23&type=chunk) [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) This section provides detailed explanations of the accounting policies and specific financial items, covering long-term debt, revenue disaggregation, segment information, significant acquisitions, and derivative instruments [Note 6. Long-Term Debt](index=12&type=section&id=Note%206.%20Long-Term%20Debt) Total long-term debt increased to **$1.666 billion** as of June 30, 2025, primarily due to new term loans and revolving credit facility borrowings to fund acquisitions, with amended credit terms securing more favorable interest rates Debt Component (Principal Outstanding) | Debt Component | Principal Outstanding (June 30, 2025) | | :--- | :--- | | 6.875% senior notes | $650,000,000 | | Revolving Credit Facility | $85,000,000 | | Term Loan | $947,625,000 | | **Total Debt** | **$1,689,661,000** | - In March 2025, the company amended its Credit Agreement to increase the Revolving Credit Facility by **$50.0 million** to **$450.0 million** and added a **$102.1 million** incremental term loan, bringing the total Term Loan to **$950.0 million**[53](index=53&type=chunk) - As of June 30, 2025, the company had **$342.8 million** of availability under its Revolving Credit Facility and its leverage ratio was **3.8x**, well below the required maximum of **6.50 to 1.00**[54](index=54&type=chunk) [Note 9. Revenue](index=15&type=section&id=Note%209.%20Revenue) Revenue is primarily generated from occupational health centers, with workers' compensation and employer services as the main service lines Revenue by Source (Three Months Ended June 30, in thousands) | Revenue by Source | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | Workers' compensation | $332,191 | $288,405 | | Employer services | $174,318 | $153,305 | | Total occupational health center revenue | $516,138 | $451,240 | | **Total revenue** | **$550,785** | **$477,915** | Revenue by Source (Six Months Ended June 30, in thousands) | Revenue by Source | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | Workers' compensation | $634,298 | $568,271 | | Employer services | $334,458 | $304,040 | | Total occupational health center revenue | $989,060 | $892,312 | | **Total revenue** | **$1,051,537** | **$945,513** | [Note 12. Commitments and Contingencies](index=17&type=section&id=Note%2012.%20Commitments%20and%20Contingencies) The company is involved in various legal proceedings, including a California Department of Insurance investigation, class action lawsuits related to a third-party data breach, and a DOJ investigation into physical therapy billing practices - The company received a subpoena from the California Department of Insurance in February 2024 related to an investigation into billing and coding for physical therapy claims[72](index=72&type=chunk) - Concentra is a defendant in consolidated class action lawsuits following a data breach at its third-party medical transcription vendor, Perry Johnson & Associates, Inc. (PJ&A), which potentially affected nearly **four million patients**[73](index=73&type=chunk)[74](index=74&type=chunk) - A DOJ investigation into potential False Claims Act violations related to physical therapy billing at former parent Select Medical is ongoing, with a related qui tam lawsuit unsealed, though the DOJ has not intervened[75](index=75&type=chunk) [Note 14. Acquisitions](index=20&type=section&id=Note%2014.%20Acquisitions) In 2025, the company completed two significant acquisitions, Nova Medical Centers and Pivot Onsite Innovations, expanding its occupational health and onsite clinic footprint, funded by new debt and cash, resulting in substantial goodwill and intangible asset recognition - Acquired Nova Medical Centers for **$265.0 million** on March 1, 2025, adding **67** occupational health centers, with preliminary purchase price allocation including **$207.0 million** in goodwill and **$38.8 million** in customer relationships[84](index=84&type=chunk)[85](index=85&type=chunk)[92](index=92&type=chunk) - Acquired Pivot Onsite Innovations for **$54.4 million** on June 1, 2025, adding over **240** onsite health clinics, with preliminary allocation including **$34.4 million** in goodwill and **$14.3 million** in customer relationships[94](index=94&type=chunk)[95](index=95&type=chunk)[101](index=101&type=chunk) Pro Forma Results (Unaudited, Six Months Ended June 30, in thousands) | Pro Forma Results (Unaudited) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | Total revenue | $1,098,450 | $1,041,382 | | Net income attributable to the Company | $90,829 | $103,762 | [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=26&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the company's financial performance for Q2 and H1 2025, highlighting strong revenue growth driven by acquisitions and organic volume, but a decline in net income due to higher costs and increased interest expense, along with liquidity and non-GAAP measures [Operating Metrics](index=30&type=section&id=Operating%20Metrics) The company's occupational health centers showed strong growth in the first half of 2025, with increases in total patient visits, visits per day, and revenue per visit across all service lines Key Metrics (Six Months Ended June 30) | Key Metrics (Six Months Ended June 30) | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Total Patient Visits | 6,724,688 | 6,369,910 | 5.6% | | Total VPD Volume | 52,950 | 49,765 | 6.4% | | Total Revenue per visit | $146.41 | $139.45 | 5.0% | - For the six months ended June 30, 2025, workers' compensation VPD volume increased by **5.9%** and employer services VPD volume increased by **7.1%** compared to the same period in 2024[138](index=138&type=chunk) [Results of Operations](index=31&type=section&id=Results%20of%20Operations) For Q2 2025, revenue grew **15.2% YoY** to **$550.8 million**, driven by acquisitions and a **9.5% increase** in patient visit volume, but net income attributable to the company fell to **$44.6 million** from **$51.7 million**, impacted by higher G&A expenses and increased interest expense - **Q2 2025 vs Q2 2024:** Revenue increased **15.2%** to **$550.8 million**, driven by acquisitions and a **9.5% increase** in total patient visits, with revenue per visit increasing **4.4%**[144](index=144&type=chunk)[145](index=145&type=chunk)[146](index=146&type=chunk) - **H1 2025 vs H1 2024:** Revenue increased **11.2%** to **$1.05 billion**, driven by a **5.6% increase** in patient visits and a **5.0% increase** in revenue per visit[156](index=156&type=chunk)[157](index=157&type=chunk)[158](index=158&type=chunk) - General and administrative expenses rose to **9.6% of revenue** in Q2 2025 from **7.7%** in Q2 2024, due to acquisition costs, separation costs, and increased personnel to support operations as a standalone public company[149](index=149&type=chunk) - Interest expense was **$28.2 million** in Q2 2025, compared to interest income of **$0.2 million** in Q2 2024, due to new debt issued in July 2024 and March 2025 to fund operations and acquisitions[153](index=153&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company maintains a solid liquidity position with **$73.9 million** in cash and **$342.8 million** available under its revolving credit facility, despite a decrease in net working capital due to acquisition funding Cash Flow Summary (Six Months Ended June 30, in thousands) | Cash Flow Summary | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | Net cash from operating activities | $100,078 | $115,055 | | Net cash used in investing activities | ($374,257) | ($37,615) | | Net cash from/(used in) financing activities | $164,796 | ($58,145) | - As of June 30, 2025, the company had **$73.9 million** in cash and **$342.8 million** of availability under its Revolving Credit Facility[187](index=187&type=chunk) - The company declared and paid two quarterly dividends of **$0.0625 per share** in 2025, totaling **$16.0 million**, with a further dividend declared on August 6, 2025[190](index=190&type=chunk) [Non-GAAP Measures](index=36&type=section&id=Non-GAAP%20Measures) Management uses Adjusted EBITDA and Adjusted Net Income to evaluate performance, with Adjusted EBITDA increasing to **$115.0 million** in Q2 2025, despite a slight margin decrease, primarily due to adjustments for interest, taxes, D&A, stock compensation, and one-time separation and acquisition costs Adjusted EBITDA Reconciliation (Three Months Ended June 30, in thousands) | Adjusted EBITDA Reconciliation | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | | :--- | :--- | :--- | | Net income | $46,194 | $53,059 | | Adjustments (Interest, Taxes, D&A, etc.) | $68,824 | $48,541 | | **Adjusted EBITDA** | **$115,018** | **$101,600** | | **Adjusted EBITDA Margin** | **20.9%** | **21.3%** | Adjusted Net Income Reconciliation (Three Months Ended June 30) | Adjusted Net Income Reconciliation | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Net income attributable to the Company | $44,560 | $51,737 | | Adjustments (Separation/Acquisition costs, net of tax) | $3,157 | ($283) | | **Adjusted Net Income** | **$47,717** | **$51,454** | | **Adjusted EPS** | **$0.37** | **$0.49** | [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=40&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company is exposed to interest rate risk from its variable-rate long-term debt, but mitigates this through derivative swap and collar contracts on **$600 million** of its term loan principal, with a **0.25%** interest rate increase estimated to raise annual interest expense by **$1.6 million** on unhedged debt - The company has **$947.6 million** in term loan borrowings and **$85.0 million** in Revolving Credit Facility borrowings subject to variable interest rates indexed to Term SOFR[194](index=194&type=chunk)[195](index=195&type=chunk) - To mitigate risk, the company uses derivative contracts to hedge **$600 million** of its term loan principal: a swap fixing the rate at **3.829%** on **$300 million**, and a collar with a **4.500% cap** and **3.001% floor** on another **$300 million**[196](index=196&type=chunk)[197](index=197&type=chunk) - Each **0.25% increase** in market interest rates is estimated to increase the company's annual interest expense by **$1.6 million** on its variable rate debt[198](index=198&type=chunk) [Item 4. Controls and Procedures](index=41&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were effective as of June 30, 2025, with no material changes to internal control over financial reporting during the second quarter - The principal executive officer and principal financial officer concluded that as of June 30, 2025, the company's disclosure controls and procedures were effective[200](index=200&type=chunk) - No changes occurred during the second quarter ended June 30, 2025, that have materially affected, or are reasonably likely to materially affect, the company's internal control over financial reporting[201](index=201&type=chunk) [PART II OTHER INFORMATION](index=42&type=section&id=PART%20II%20OTHER%20INFORMATION) This section provides additional information beyond the financial statements, including legal proceedings, risk factors, other disclosures, and a list of exhibits [Item 1. Legal Proceedings](index=42&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) This section refers to Note 12 of the financial statements for information on legal proceedings, including a California Department of Insurance investigation, lawsuits related to a third-party data breach, and a DOJ investigation into physical therapy billing - For details on legal proceedings, the report refers to the 'Litigation' section within Note 12 of the condensed consolidated financial statements[205](index=205&type=chunk) [Item 1A. Risk Factors](index=42&type=section&id=ITEM%201A.%20RISK%20FACTORS) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2024, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 - The company reports no material changes from the risk factors previously disclosed in its 2024 Form 10-K and Q1 2025 Form 10-Q[206](index=206&type=chunk) [Item 5. Other Information](index=42&type=section&id=ITEM%205.%20OTHER%20INFORMATION) This section discloses that on May 28, 2025, trusts affiliated with Executive Chairman Robert Ortenzio entered into Rule 10b5-1 trading plans for the potential sale of up to **1.1 million shares** of common stock through August 31, 2026 - On May 28, 2025, trusts affiliated with Executive Chairman Robert Ortenzio entered into Rule 10b5-1 trading plans for the potential sale of up to **1.1 million shares** of common stock[210](index=210&type=chunk) [Item 6. Exhibits](index=43&type=section&id=ITEM%206.%20EXHIBITS) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and CFO as required by the Sarbanes-Oxley Act, and XBRL data files - The exhibits filed with this report include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[211](index=211&type=chunk)

Financial Performance - Consolidated Edison reported a net income of $246 million or $0.68 per share for Q2 2025, an increase from $202 million or $0.58 per share in Q2 2024 [1] - For the first half of 2025, net income reached $1,038 million or $2.93 per share, compared to $922 million or $2.67 per share in the same period of 2024 [2] - Adjusted earnings for Q2 2025 were $240 million or $0.67 per share, up from $203 million or $0.59 per share in Q2 2024 [1] - Adjusted earnings for the first six months of 2025 were $1,032 million or $2.91 per share, compared to $945 million or $2.73 per share in the first half of 2024 [2] Strategic Initiatives - The company is focused on disciplined investments in infrastructure to enhance reliability and resilience against extreme weather [3] - Con Edison secured approval to invest $440 million in five key projects aimed at advancing building and transportation electrification, indicating strong regulatory support [3] - The company reaffirmed its adjusted earnings per share guidance for 2025 to be in the range of $5.50 to $5.70 [3] Project Developments - Major transmission projects in Brooklyn and Staten Island have been completed, contributing to long-term reliability for customers [3] - The company continues to execute complex energy projects that benefit both customers and shareholders [3] Regulatory Environment - The company benefits from regulatory support for its strategy and the state's clean energy goals, as evidenced by the approval of significant investments [3]