Core Insights - Consolidated Edison (ED) reported $3.6 billion in revenue for the quarter ended June 2025, marking an 11.7% year-over-year increase and exceeding the Zacks Consensus Estimate of $3.39 billion by 6.17% [1] - The company's EPS for the same period was $0.67, up from $0.59 a year ago, also surpassing the consensus EPS estimate of $0.66 by 1.52% [1] Revenue Performance - Operating revenues for O&R were $254 million, exceeding the average estimate of $213.26 million by analysts, reflecting a 13.4% increase year-over-year [4] - CECONY's operating revenues reached $3.34 billion, surpassing the estimated $3.17 billion, with an 11.5% year-over-year growth [4] - Steam operating revenues were reported at $106 million, exceeding the average estimate of $97.89 million, representing a 20.5% year-over-year increase [4] - Con Edison Transmission's operating revenues were $1 million, slightly above the average estimate of $0.94 million [4] - CECONY-Gas operating revenues were $653 million, exceeding the average estimate of $553.34 million, with a 21.4% year-over-year increase [4] - O&R's Electric operating revenues were $196 million, surpassing the average estimate of $151.68 million, reflecting an 8.9% year-over-year increase [4] - O&R's Gas operating revenues were $58 million, exceeding the average estimate of $50.71 million, marking a 31.8% year-over-year increase [4] - Overall Gas operating revenues were $711 million, surpassing the average estimate of $604.05 million, with a 32.2% year-over-year increase [4] - Electric operating revenues totaled $2.78 billion, exceeding the average estimate of $2.64 billion, representing a 17.2% year-over-year increase [4] - CECONY's Electric operating revenues were $2.58 billion, surpassing the average estimate of $2.51 billion, with an 8.9% year-over-year increase [4] Stock Performance - Shares of Con Ed have returned +4.2% over the past month, outperforming the Zacks S&P 500 composite's +1.2% change [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [3]

Group 1: Earnings Performance - Consolidated Edison (Con Ed) reported quarterly earnings of $0.67 per share, exceeding the Zacks Consensus Estimate of $0.66 per share, and up from $0.59 per share a year ago, representing an earnings surprise of +1.52% [1] - The company posted revenues of $3.6 billion for the quarter ended June 2025, surpassing the Zacks Consensus Estimate by 6.17%, compared to year-ago revenues of $3.22 billion [2] - Over the last four quarters, Con Ed has surpassed consensus EPS estimates three times and topped consensus revenue estimates four times [2] Group 2: Stock Performance and Outlook - Con Ed shares have increased approximately 16.7% since the beginning of the year, outperforming the S&P 500's gain of 7.9% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for investors [4] - The current consensus EPS estimate for the coming quarter is $1.83 on $4 billion in revenues, and for the current fiscal year, it is $5.63 on $16.14 billion in revenues [7] Group 3: Industry Context - The Utility - Electric Power industry, to which Con Ed belongs, is currently in the top 36% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Con Ed's stock performance [5] - The current Zacks Rank for Con Ed is 3 (Hold), suggesting that the shares are expected to perform in line with the market in the near future [6]

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]

Exhibit 99.1 212 460 4111 (24 hours) 4 Irving Place Media Relations Consolidated Edison, Inc. New York, NY 10003 www.conEdison.com FOR IMMEDIATE RELEASE Contact: Allan Drury August 7, 2025 212-460-4111 CON EDISON REPORTS 2025 SECOND QUARTER EARNINGS NEW YORK - Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2025 second quarter net income for common stock of $246 million or $0.68 a share compared with $202 million or $0.58 a share in the 2024 second quarter. Adjusted earnings (non-GAAP) were ...

FORM 10-Q Filing Information [Registrant Information](index=1&type=section&id=Registrant%20Information) Provides identification details for Con Edison and CECONY, including commission file numbers, incorporation states, and filer status Registrant Identification Details | Commission File Number | Registrant | State of Incorporation | I.R.S. Employer ID. Number | |---|---|---|---| | 1-14514 | Consolidated Edison, Inc. | New York | 13-3965100 | | 1-01217 | Consolidated Edison Company of New York, Inc. | New York | 13-5009340 | Registrant Filing Status | Registrant | Filed all reports (12 months) | Subject to filing requirements (90 days) | |---|---|---| | Consolidated Edison, Inc. (Con Edison) | Yes ☒ | Yes ☒ | | Consolidated Edison Company of New York, Inc. (CECONY) | Yes ☒ | Yes ☒ | Filer Status | Registrant | Filer Status | |---|---| | Con Edison | Large accelerated filer ☒ | | CECONY | Non-accelerated filer ☒ | [Filing Format](index=2&type=section&id=Filing%20Format) This Form 10-Q is a combined report for Con Edison and its subsidiary CECONY, with CECONY information applicable to Con Edison - This Quarterly Report on Form 10-Q is a combined report filed separately by Consolidated Edison, Inc. (Con Edison) and Consolidated Edison Company of New York, Inc. (CECONY)[10](index=10&type=chunk) - CECONY is a wholly-owned subsidiary of Con Edison, and information about CECONY in this report also applies to Con Edison[10](index=10&type=chunk) Glossary of Terms [Glossary of Terms](index=3&type=section&id=Glossary%20of%20Terms) Provides a glossary of abbreviations and acronyms used in SEC reports, categorized by company, agencies, and other terms Glossary of Terms | Category | Term | Definition | |---|---|---| | Con Edison Companies | Con Edison | Consolidated Edison, Inc. | | | CECONY | Consolidated Edison Company of New York, Inc. | | | The Companies | Con Edison and CECONY | | Regulatory Agencies | FERC | Federal Energy Regulatory Commission | | | NYSPSC | New York State Public Service Commission | | Accounting | GAAP | Generally Accepted Accounting Principles in the United States of America | | Environmental | GHG | Greenhouse gases | | Units of Measure | kWh | Kilowatt-hour | | Other | IRA | The federal Inflation Reduction Act, as enacted on August 16, 2022 | | | OBBBA | The federal One Big Beautiful Bill Act, as enacted on July 4, 2025 | Forward-Looking Statements [Forward-Looking Statements](index=6&type=section&id=FORWARD-LOOKING%20STATEMENTS) Identifies forward-looking statements, noting they are subject to risks and may differ from actual results, with no obligation to update - The report contains forward-looking statements, identified by words like 'forecasts,' 'expects,' 'estimates,' and 'anticipates,' reflecting information and assumptions at the time they are made[14](index=14&type=chunk) - Actual results or developments may differ materially due to various factors, including extensive regulation, rate plan risks, facility damage, cyber attacks, employee retention issues, environmental consequences, and access to capital markets[14](index=14&type=chunk)[16](index=16&type=chunk) - The Companies assume no obligation to update or revise any forward-looking statements, except as required by law[15](index=15&type=chunk) PART I—Financial Information [ITEM 1 Financial Statements (Unaudited)](index=7&type=section&id=ITEM%201%20Financial%20Statements%20(Unaudited)) Presents unaudited consolidated financial statements for Con Edison and CECONY, including income statements, balance sheets, cash flows, and notes [Con Edison Financial Statements](index=7&type=section&id=Con%20Edison%20Financial%20Statements) Con Edison Consolidated Income Statement Highlights (Millions of Dollars) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | |---|---|---|---|---| | Total Operating Revenues | $3,595 | $3,220 | $8,393 | $7,495 | | Operating Income | $355 | $320 | $1,480 | $1,331 | | Net Income for Common Stock | $246 | $202 | $1,038 | $922 | | Net income per common share - basic | $0.68 | $0.58 | $2.93 | $2.67 | | Net income per common share - diluted | $0.68 | $0.58 | $2.92 | $2.66 | Con Edison Consolidated Balance Sheet Highlights (Millions of Dollars) | Metric | June 30, 2025 | December 31, 2024 | |---|---|---| | Total Current Assets | $6,050 | $6,664 | | Net Utility Plant | $53,612 | $52,152 | | Total Assets | $71,501 | $70,562 | | Total Current Liabilities | $5,514 | $6,433 | | Long-Term Debt | $24,657 | $24,651 | | Shareholders' Equity | $23,756 | $21,962 | Con Edison Consolidated Cash Flow Highlights (Millions of Dollars) | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | |---|---|---| | Net Cash Flows from Operating Activities | $2,816 | $1,912 | | Net Cash Flows Used in Investing Activities | $(2,655) | $(2,622) | | Net Cash Flows from Financing Activities | $13 | $1,022 | | Balance at End of Period | $1,507 | $1,507 | [CECONY Financial Statements](index=13&type=section&id=CECONY%20Financial%20Statements) CECONY Consolidated Income Statement Highlights (Millions of Dollars) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | |---|---|---|---|---| | Total Operating Revenues | $3,340 | $2,996 | $7,782 | $6,967 | | Operating Income | $347 | $314 | $1,414 | $1,304 | | Net Income | $222 | $186 | $967 | $880 | CECONY Consolidated Balance Sheet Highlights (Millions of Dollars) | Metric | June 30, 2025 | December 31, 2024 | |---|---|---| | Total Current Assets | $5,789 | $6,298 | | Net Utility Plant | $50,314 | $48,981 | | Total Assets | $66,565 | $65,650 | | Total Current Liabilities | $4,841 | $5,559 | | Long-Term Debt | $23,415 | $23,409 | | Shareholder's Equity | $21,615 | $19,971 | CECONY Consolidated Cash Flow Highlights (Millions of Dollars) | Metric | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | |---|---|---| | Net Cash Flows from Operating Activities | $2,700 | $1,791 | | Net Cash Flows Used in Investing Activities | $(2,479) | $(2,453) | | Net Cash Flows from (Used In) Financing Activities | $(13) | $985 | | Balance at End of Period | $1,462 | $1,461 | [Note A - Summary of Significant Accounting Policies and Other Matters](index=19&type=section&id=Note%20A%20-%20Summary%20of%20Significant%20Accounting%20Policies%20and%20Other%20Matters) Outlines accounting policies, Con Edison's investments, strategic alternatives for MVP and Honeoye, and EPS calculations - Con Edison's accounting policies conform to GAAP, including specific rules for regulated operations under FERC and state regulators[35](index=35&type=chunk) - Con Edison Transmission is considering strategic alternatives for its **6.6% interest in Mountain Valley Pipeline (MVP)**, which entered service in June 2024, with a carrying value of **$164 million** as of June 30, 2025[37](index=37&type=chunk)[38](index=38&type=chunk) Con Edison Earnings Per Share Calculation (Millions of Dollars/Shares in Millions) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | |---|---|---|---|---| | Net income for common stock | $246 | $202 | $1,038 | $922 | | Weighted average common shares outstanding – basic | 360.4 | 345.9 | 354.5 | 345.7 | | Net Income per common share – basic | $0.68 | $0.58 | $2.93 | $2.67 | | Net Income per common share – diluted | $0.68 | $0.58 | $2.92 | $2.66 | [Note B - Regulatory Matters](index=21&type=section&id=Note%20B%20-%20Regulatory%20Matters) Details regulatory matters including rate increase requests, main weld investigations, and income tax accounting audits for ratemaking - CECONY updated its electric rate increase request for January 1, 2026, to **$1,608 million** and its gas rate increase request to **$349 million**, both reflecting a **10% return on common equity** and a **48% common equity ratio**[46](index=46&type=chunk)[47](index=47&type=chunk) - The NYSDPS submitted testimony supporting a lower electric rate increase of **$319 million** and a gas rate decrease of **$45 million** for CECONY, reflecting a **9.30% return on common equity**[46](index=46&type=chunk)[47](index=47&type=chunk) - O&R's new electric and gas rates were approved, with electric rate changes of **$(13.1) million (2025)**, **$24.8 million (2026)**, and **$44.1 million (2027)**, and gas rate increases of **$3.6 million (2025)**, **$18 million (2026)**, and **$16.5 million (2027)**[49](index=49&type=chunk) - CECONY is investigating third-party contractor misconduct related to gas and steam main welds and is cooperating with the NYSDPS investigation, but cannot estimate potential losses[51](index=51&type=chunk)[52](index=52&type=chunk) Regulatory Assets and Liabilities (Millions of Dollars) | Category | Con Edison (2025) | Con Edison (2024) | CECONY (2025) | CECONY (2024) | |---|---|---|---|---| | Total Regulatory Assets | $5,631 | $5,664 | $5,258 | $5,264 | | Total Regulatory Liabilities | $5,105 | $5,546 | $4,589 | $4,980 | [Note C - Capitalization](index=26&type=section&id=Note%20C%20-%20Capitalization) Details Con Edison's common stock issuances and the carrying amounts and fair values of long-term debt for both companies - In March 2025, Con Edison issued **7,000,000 common shares** for **$677 million** and an additional **6,300,000 shares** for **$631 million**, totaling approximately **$1,308 million**[65](index=65&type=chunk) Long-Term Debt (Millions of Dollars) | Company | June 30, 2025 (Carrying Amount) | June 30, 2025 (Fair Value) | December 31, 2024 (Carrying Amount) | December 31, 2024 (Fair Value) | |---|---|---|---|---| | Con Edison | $24,657 | $22,316 | $24,651 | $21,997 | | CECONY | $23,415 | $21,216 | $23,409 | $20,915 | [Note D - Short-Term Borrowing](index=26&type=section&id=Note%20D%20-%20Short-Term%20Borrowing) Describes CECONY's short-term borrowing arrangements, commercial paper outstanding, and compliance with debt covenants - CECONY entered into a **$500 million 364-Day Revolving Credit Agreement** in March 2025, expiring in March 2026, to support its commercial paper program and for general corporate purposes[68](index=68&type=chunk) - CECONY borrowed **$700 million** under a 364-Day Senior Unsecured Delayed Draw Term Loan Credit Agreement in November 2024 and January 2025, maturing in November 2025[70](index=70&type=chunk) Commercial Paper Outstanding (Millions of Dollars) | Company | June 30, 2025 | December 31, 2024 | |---|---|---| | Con Edison | $1,220 | $2,170 | | CECONY | $800 | $1,694 | | Weighted average interest rate (Con Edison, June 30, 2025) | 4.6% | N/A | - Both Con Edison and CECONY were in compliance with their significant debt covenants as of June 30, 2025[73](index=73&type=chunk) [Note E - Pension Benefits](index=27&type=section&id=Note%20E%20-%20Pension%20Benefits) Provides a breakdown of periodic pension benefit credit and outlines expected contributions to pension plans for 2025 Total Periodic Pension Benefit Credit (Millions of Dollars) | Metric | Con Edison (3 Months 2025) | Con Edison (3 Months 2024) | CECONY (3 Months 2025) | CECONY (3 Months 2024) | |---|---|---|---|---| | Service cost | $42 | $46 | $40 | $43 | | Interest cost | $170 | $162 | $159 | $152 | | Expected return on plan assets | $(279) | $(282) | $(267) | $(268) | | Total Periodic Benefit Credit | $(139) | $(77) | $(136) | $(77) | Total Periodic Pension Benefit Credit (Millions of Dollars) | Metric | Con Edison (6 Months 2025) | Con Edison (6 Months 2024) | CECONY (6 Months 2025) | CECONY (6 Months 2024) | |---|---|---|---|---| | Service cost | $84 | $89 | $79 | $84 | | Interest cost | $338 | $321 | $318 | $302 | | Expected return on plan assets | $(558) | $(564) | $(533) | $(538) | | Total Periodic Benefit Credit | $(278) | $(166) | $(272) | $(166) | - The Companies expect to contribute **$65 million** to pension plans in 2025, with **$61 million** from CECONY[75](index=75&type=chunk) [Note F - Other Postretirement Benefits](index=28&type=section&id=Note%20F%20-%20Other%20Postretirement%20Benefits) Details total periodic credit for other postretirement benefits and expected contributions to these plans for 2025 Total Periodic Other Postretirement Benefit Credit (Millions of Dollars) | Metric | Con Edison (3 Months 2025) | Con Edison (3 Months 2024) | CECONY (3 Months 2025) | CECONY (3 Months 2024) | |---|---|---|---|---| | Service cost | $3 | $3 | $2 | $3 | | Interest cost | $12 | $12 | $10 | $10 | | Expected return on plan assets | $(17) | $(17) | $(13) | $(14) | | Total Periodic Other Postretirement Credit | $(9) | $(7) | $(5) | $(5) | Total Periodic Other Postretirement Benefit Credit (Millions of Dollars) | Metric | Con Edison (6 Months 2025) | Con Edison (6 Months 2024) | CECONY (6 Months 2025) | CECONY (6 Months 2024) | |---|---|---|---|---| | Service cost | $6 | $6 | $5 | $5 | | Interest cost | $24 | $24 | $21 | $20 | | Expected return on plan assets | $(34) | $(34) | $(27) | $(27) | | Total Periodic Other Postretirement Credit | $(18) | $(15) | $(10) | $(9) | - The Companies expect to contribute **$7 million** to other postretirement benefit plans in 2025, all from CECONY[77](index=77&type=chunk) [Note G - Environmental Matters](index=28&type=section&id=Note%20G%20-%20Environmental%20Matters) Addresses environmental liabilities for Superfund Sites and asbestos proceedings, detailing accrued liabilities and remediation costs - The Utilities face joint and several liability under Superfund laws for investigation and remediation costs at sites with hazardous substances[79](index=79&type=chunk) Accrued Liabilities and Regulatory Assets for Superfund Sites (Millions of Dollars) | Category | Con Edison (2025) | Con Edison (2024) | CECONY (2025) | CECONY (2024) | |---|---|---|---|---| | Accrued Liabilities (Total) | $1,027 | $1,037 | $933 | $942 | | Regulatory Assets | $1,031 | $1,038 | $944 | $952 | - Con Edison and CECONY estimate aggregate undiscounted potential liability for manufactured gas plant sites could range up to **$3,391 million** and **$3,237 million**, respectively[82](index=82&type=chunk) Accrued Liability for Asbestos Suits and Workers' Compensation (Millions of Dollars) | Category | Con Edison (2025) | Con Edison (2024) | CECONY (2025) | CECONY (2024) | |---|---|---|---|---| | Accrued liability – asbestos suits | $8 | $8 | $7 | $7 | | Accrued liability – workers' compensation | $52 | $53 | $50 | $51 | [Note H - Material Contingencies](index=30&type=section&id=Note%20H%20-%20Material%20Contingencies) Addresses material contingencies, including the 2014 Manhattan explosion and fire, and Con Edison's guarantees for New York Transco - CECONY accrued an estimated liability of **$40 million** for lawsuits related to the 2014 Manhattan explosion and fire, with an equivalent insurance receivable, as of June 30, 2025[86](index=86&type=chunk) - Con Edison guarantees payment by Con Edison Transmission for its contributions to New York Transco LLC, with a maximum guaranteed amount of **$21 million** as of June 30, 2025[88](index=88&type=chunk) [Note I - Leases](index=32&type=section&id=Note%20I%20-%20Leases) Provides operating lease costs and cash flows, highlighting CECONY's new clean energy facility lease agreements Operating Lease Costs and Cash Flows (Millions of Dollars) | Metric | Con Edison (3 Months 2025) | Con Edison (3 Months 2024) | CECONY (3 Months 2025) | CECONY (3 Months 2024) | |---|---|---|---|---| | Operating lease cost | $17 | $17 | $17 | $16 | | Operating lease cash flows | $4 | $4 | $4 | $4 | Operating Lease Costs and Cash Flows (Millions of Dollars) | Metric | Con Edison (6 Months 2025) | Con Edison (6 Months 2024) | CECONY (6 Months 2025) | CECONY (6 Months 2024) | |---|---|---|---|---| | Operating lease cost | $34 | $34 | $34 | $33 | | Operating lease cash flows | $9 | $9 | $8 | $7 | - CECONY has four new lease agreements for clean energy facilities, with a total present value of **$429 million**, expected to commence operations in 2025, 2026, and 2028[89](index=89&type=chunk) [Note J - Income Tax](index=32&type=section&id=Note%20J%20-%20Income%20Tax) Details income tax expenses, effective tax rate reconciliations, and potential impacts of OBBBA and IRA's CAMT Income Tax Expense (Millions of Dollars) | Company | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | |---|---|---|---|---| | Con Edison | $50 | $(10) | $292 | $174 | | CECONY | $48 | $1 | $275 | $182 | - The One Big Beautiful Bill Act (OBBBA), enacted July 4, 2025, is not expected to have a **material impact** on the Companies' financial position, results of operations, or liquidity, based on preliminary assessment[96](index=96&type=chunk) - The Inflation Reduction Act (IRA) implemented a **15% Corporate Alternative Minimum Tax (CAMT)** starting in 2024; Con Edison accrued a CAMT liability of **$73 million** (**$88 million** for CECONY) as of June 30, 2025, with an offsetting deferred tax asset[97](index=97&type=chunk)[98](index=98&type=chunk) - As of June 30, 2025, Con Edison's estimated uncertain tax positions totaled **$11 million** (**$7 million** for CECONY)[101](index=101&type=chunk) [Note K - Revenue Recognition](index=34&type=section&id=Note%20K%20-%20Revenue%20Recognition) Disaggregates operating revenues for Con Edison, CECONY, and O&R by major source, including customer contracts and other revenues Con Edison Total Operating Revenues by Source (Millions of Dollars) | Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | |---|---|---|---|---| | Revenues from contracts with customers | $3,629 | $3,300 | $8,517 | $7,551 | | Other revenues (a) | $(34) | $(80) | $(124) | $(56) | | Total operating revenues | $3,595 | $3,220 | $8,393 | $7,495 | CECONY Total Operating Revenues by Source (Millions of Dollars) | Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | |---|---|---|---|---| | Revenues from contracts with customers | $3,368 | $3,058 | $7,891 | $7,003 | | Other revenues (a) | $(28) | $(62) | $(109) | $(36) | | Total operating revenues | $3,340 | $2,996 | $7,782 | $6,967 | O&R Total Operating Revenues by Source (Millions of Dollars) | Category | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | |---|---|---|---|---| | Revenues from contracts with customers | $260 | $241 | $624 | $546 | | Other revenues (a) | $(6) | $(17) | $(14) | $(19) | | Total operating revenues | $254 | $224 | $610 | $527 | [Note L - Current Expected Credit Losses](index=35&type=section&id=Note%20L%20-%20Current%20Expected%20Credit%20Losses) Details allowance for uncollectible accounts, estimation methodology, and rollforward of credit losses by portfolio segment - The Utilities' allowance for uncollectible accounts for customer accounts receivable decreased by **$1 million** for Con Edison and remained unchanged for CECONY for the three months ended June 30, 2025[110](index=110&type=chunk) - For the six months ended June 30, 2025, the allowance for customer uncollectible accounts decreased by **$5 million** for Con Edison and remained unchanged for CECONY[110](index=110&type=chunk) Allowance for Credit Losses - Accounts Receivable - Customers (Millions of Dollars) | Metric | Con Edison (3 Months 2025) | Con Edison (3 Months 2024) | CECONY (3 Months 2025) | CECONY (3 Months 2024) | |---|---|---|---|---| | Beginning Balance (April 1) | $616 | $394 | $605 | $383 | | Recoveries | $18 | $3 | $18 | $3 | | Write-offs | $(120) | $(29) | $(118) | $(28) | | Reserve adjustments | $101 | $66 | $100 | $61 | | Ending Balance (June 30) | $615 | $434 | $605 | $419 | [Note M - Financial Information by Business Segment](index=37&type=section&id=Note%20M%20-%20Financial%20Information%20by%20Business%20Segment) Presents detailed financial data by business segment for Con Edison, CECONY, O&R, and Con Edison Transmission, including revenues and income Con Edison Segment Financial Data (3 Months Ended June 30, 2025, Millions of Dollars) | Segment | Operating Revenues | Other O&M | Depreciation & Amortization | Operating Income (Loss) | Total Assets | Capital Expenditures | |---|---|---|---|---|---|---| | CECONY | $3,340 | $826 | $544 | $347 | $66,565 | $1,154 | | O&R | $254 | $93 | $31 | $13 | $4,124 | $96 | | Con Edison Transmission | $1 | $4 | $0 | $(3) | $490 | $15 | | Total Con Edison | $3,595 | $923 | $576 | $355 | $71,501 | $1,265 | Con Edison Segment Financial Data (6 Months Ended June 30, 2025, Millions of Dollars) | Segment | Operating Revenues | Other O&M | Depreciation & Amortization | Operating Income (Loss) | Total Assets | Capital Expenditures | |---|---|---|---|---|---|---| | CECONY | $7,782 | $1,680 | $1,077 | $1,414 | $66,565 | $2,146 | | O&R | $610 | $188 | $62 | $75 | $4,124 | $181 | | Con Edison Transmission | $2 | $7 | $0 | $(5) | $490 | $29 | | Total Con Edison | $8,393 | $1,875 | $1,140 | $1,480 | $71,501 | $2,356 | [Note N - Derivative Instruments and Hedging Activities](index=41&type=section&id=Note%20N%20-%20Derivative%20Instruments%20and%20Hedging%20Activities) Describes derivative instruments for hedging market price fluctuations, presenting fair values, hedged volumes, and credit risk - Con Edison's subsidiaries use derivative instruments (futures, forwards, swaps, options) to hedge market price fluctuations for electricity, natural gas, and steam, primarily as economic hedges[120](index=120&type=chunk) Fair Values of Derivatives (Millions of Dollars) | Company | June 30, 2025 (Total Fair Value of Derivative Assets) | June 30, 2025 (Total Fair Value of Derivative Liabilities) | December 31, 2024 (Total Fair Value of Derivative Assets) | December 31, 2024 (Total Fair Value of Derivative Liabilities) | |---|---|---|---|---| | Con Edison | $78 | $(176) | $42 | $(144) | | CECONY | $72 | $(157) | $36 | $(126) | Hedged Volume of Commodity Derivative Transactions at June 30, 2025 | Company | Electric Energy (MWh) | Capacity (MW-mos) | Natural Gas (Dt) | Refined Fuels (gallons) | |---|---|---|---|---| | Con Edison | 30,092,325 | 22,350 | 319,560,000 | 4,284,000 | | CECONY | 27,209,175 | 16,650 | 299,470,000 | 4,284,000 | - At June 30, 2025, Con Edison had **$67 million** of credit exposure (**$63 million** for CECONY) from energy supply and hedging activities, net of collateral[129](index=129&type=chunk) [Note O - Fair Value Measurements](index=43&type=section&id=Note%20O%20-%20Fair%20Value%20Measurements) Defines fair value measurements and the three-level hierarchy, summarizing assets and liabilities measured at fair value - Fair value is defined as the price to sell an asset or transfer a liability in an orderly transaction between market participants[134](index=134&type=chunk) - Assets and liabilities are classified into Level 1 (unadjusted quoted prices in active markets), Level 2 (industry standard models with observable inputs), or Level 3 (internally developed models with unobservable inputs)[135](index=135&type=chunk)[136](index=136&type=chunk) Con Edison Assets and Liabilities Measured at Fair Value (Millions of Dollars) | Category | Level 1 (2025) | Level 2 (2025) | Level 3 (2025) | Total (2025) | |---|---|---|---|---| | Derivative assets (Commodity) | $24 | $85 | $1 | $79 | | Mutual Funds | $603 | — | — | $603 | | Cash Value of Life Insurance Policies | — | $129 | — | $129 | | Derivative liabilities (Commodity) | $2 | $185 | $18 | $179 | Reconciliation of Level 3 Balances (Millions of Dollars) | Metric | Con Edison (3 Months 2025) | Con Edison (6 Months 2025) | CECONY (3 Months 2025) | CECONY (6 Months 2025) | |---|---|---|---|---| | Beginning balance (April 1/Jan 1) | $(13) | $(15) | $(5) | $(6) | | Ending balance (June 30) | $(17) | $(17) | $(8) | $(8) | [Note P - Related Party Transactions](index=45&type=section&id=Note%20P%20-%20Related%20Party%20Transactions) Outlines NYSPSC requirements for subsidiary operations, detailing intercompany service costs, gas supply, and transportation contracts - NYSPSC requires Con Edison's utilities and other subsidiaries to operate as separate entities, with restrictions on intercompany loans, guarantees, and asset transfers[144](index=144&type=chunk) CECONY Related Party Service Costs (Millions of Dollars) | Metric | 3 Months Ended June 30, 2025 | 3 Months Ended June 30, 2024 | 6 Months Ended June 30, 2025 | 6 Months Ended June 30, 2024 | |---|---|---|---|---| | Cost of services provided | $37 | $35 | $77 | $68 | | Cost of services received | $22 | $21 | $42 | $41 | - CECONY sold or purchased **$63 million** of natural gas for O&R for the six months ended June 30, 2025, under joint gas supply arrangements[145](index=145&type=chunk) - CECONY has a 20-year transportation contract with MVP for **200,000 Dts per day**, with **$27 million** billed by MVP to CECONY for the six months ended June 30, 2025[148](index=148&type=chunk) [Note Q - Dispositions](index=46&type=section&id=Note%20Q%20-%20Dispositions) Details Con Edison's disposition of Clean Energy Businesses, including the sale to RWE and the Broken Bow II project - Con Edison completed the sale of most of its Clean Energy Businesses to RWE Renewables Americas, LLC in March 2023 for **$3,993 million**[151](index=151&type=chunk) - The cumulative gain on the sale of the Clean Energy Businesses was **$803 million** (**$722 million after tax**) through June 30, 2025[153](index=153&type=chunk) - Broken Bow II, a **75 MW wind power project**, was sold in January 2025 for **$54 million** (net of assumed debt and adjustments)[154](index=154&type=chunk) - Con Edison remains responsible for certain potential costs up to approximately **$172 million** related to a battery storage project following the sale[156](index=156&type=chunk) [ITEM 2 Management's Discussion and Analysis of Financial Condition and Results of Operations](index=47&type=section&id=ITEM%202%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Provides comprehensive discussion and analysis of financial condition, results of operations, and liquidity for Con Edison and CECONY [Overview](index=47&type=section&id=Overview) Provides an overview of Con Edison's structure as a holding company and its subsidiaries' principal operations - Con Edison is a holding company owning CECONY, O&R, and Con Edison Transmission, aiming for shareholder value through dividend and earnings growth in regulated utilities and electric transmission[160](index=160&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - CECONY's principal operations are regulated electric, gas, and steam delivery, while O&R focuses on regulated electric and gas delivery[162](index=162&type=chunk) [Key Business Developments and Trends](index=49&type=section&id=Key%20Business%20Developments%20and%20Trends) Highlights significant business developments and trends, including rate increase requests, aged receivables, and regulatory impacts - CECONY filed requests for electric and gas rate increases of **$1,608 million** and **$349 million**, respectively, effective January 1, 2026, reflecting a **10% return on common equity**[165](index=165&type=chunk) - Aged accounts receivable balances (over 60 days) for CECONY and O&R were **$1,530 million** and **$26 million**, respectively, at June 30, 2025, significantly higher than pre-COVID-19 levels[166](index=166&type=chunk) - A **10% tariff** on Canadian energy imports, effective March 4, 2025, could increase electric commodity prices, though no tariffs are currently applied to electricity sales[173](index=173&type=chunk)[174](index=174&type=chunk) - The One Big Beautiful Bill Act (OBBBA) and Inflation Reduction Act (IRA) are being assessed for impacts, with OBBBA not expected to be material, and IRA implementing a **15% corporate alternative minimum tax (CAMT)**[189](index=189&type=chunk)[190](index=190&type=chunk)[191](index=191&type=chunk) - New York legislation increased payroll tax rates for CECONY and O&R effective July 1, 2025, and extended the corporate franchise tax rate increase and business capital tax through 2026[192](index=192&type=chunk)[193](index=193&type=chunk) [Results of Operations](index=53&type=section&id=Results%20of%20Operations) Analyzes the financial results of operations, including net income and earnings per share variations by segment Net Income for Common Stock and EPS (Millions of Dollars, except per share amounts) | Company | 3 Months Ended June 30, 2025 (Net Income) | 3 Months Ended June 30, 2025 (EPS) | 6 Months Ended June 30, 2025 (Net Income) | 6 Months Ended June 30, 2025 (EPS) | |---|---|---|---|---| | CECONY | $222 | $0.62 | $967 | $2.73 | | O&R | $8 | $0.02 | $53 | $0.15 | | Con Edison Transmission | $10 | $0.03 | $20 | $0.06 | | Con Edison (c) | $246 | $0.68 | $1,038 | $2.93 | Con Edison Variation in Net Income for Common Stock (3 Months Ended June 30, 2025 vs. 2024, Millions of Dollars) | Factor | Net Income (Net of Tax) | Earnings per Share | |---|---|---| | Total CECONY | $36 | $0.08 | | Total O&R | $5 | $0.01 | | Total Con Edison Transmission | $(3) | $(0.01) | | Total Other, including parent company expenses | $6 | $0.02 | | Total Reported (GAAP basis) | $44 | $0.10 | Con Edison Variation in Net Income for Common Stock (6 Months Ended June 30, 2025 vs. 2024, Millions of Dollars) | Factor | Net Income (Net of Tax) | Earnings per Share | |---|---|---| | Total CECONY | $87 | $0.18 | | Total O&R | $13 | $0.03 | | Total Con Edison Transmission | $(4) | $(0.01) | | Total Other, including parent company expenses | $20 | $0.06 | | Total Reported (GAAP basis) | $116 | $0.26 | CECONY Electric Operating Income and Revenue Variation (3 Months Ended June 30, 2025 vs. 2024, Millions of Dollars) | Metric | 2025 | 2024 | Variation | |---|---|---|---| | Operating revenues | $2,581 | $2,370 | $211 | | Electric operating income | $312 | $272 | $40 | CECONY Gas Operating Income and Revenue Variation (6 Months Ended June 30, 2025 vs. 2024, Millions of Dollars) | Metric | 2025 | 2024 | Variation | |---|---|---|---| | Operating revenues | $2,055 | $1,781 | $274 | | Gas operating income | $726 | $701 | $25 | [Liquidity and Capital Resources](index=72&type=section&id=Liquidity%20and%20Capital%20Resources) Discusses the Companies' liquidity and capital resources, including credit agreements, cash flows, and common equity ratios - The Companies monitor financial markets, with increased capital needs and costs due to higher aged accounts receivable, inflationary pressure, and rising interest rates[286](index=286&type=chunk) - Con Edison and the Utilities have a **$2,500 million** revolving credit agreement, and CECONY has a **$500 million 364-day** revolving credit agreement, with no loans outstanding under either as of June 30, 2025[287](index=287&type=chunk) Net Cash Flows by Activity (6 Months Ended June 30, Millions of Dollars) | Activity | Con Edison (2025) | Con Edison (2024) | CECONY (2025) | CECONY (2024) | |---|---|---|---|---| | Operating activities | $2,816 | $1,912 | $2,700 | $1,791 | | Investing activities | $(2,655) | $(2,622) | $(2,479) | $(2,453) | | Financing activities | $13 | $1,022 | $(13) | $985 | | Net change for the period | $174 | $312 | $208 | $323 | - Con Edison's common equity ratio increased to **49.1%** at June 30, 2025, from **47.1%** at December 31, 2024, while CECONY's increased to **48.0%** from **46.0%**[305](index=305&type=chunk) [Con Edison Transmission](index=79&type=section&id=Con%20Edison%20Transmission) Details Con Edison Transmission's projects, investments, and strategic alternatives for MVP and Honeoye Storage - Con Edison Transmission is developing the Propel NY Energy transmission project (**90-mile electric transmission**) with NYPA, with an estimated share of **$2,200 million**[321](index=321&type=chunk) - Con Edison Transmission owns a **45.7% interest** in New York Transco's Transmission Solutions (TOTS) and New York Energy Solution (NYES) projects, with ROEs of **10.0%** and **10.65%** respectively[321](index=321&type=chunk) - Con Edison Transmission owns approximately **6.6% interest** in Mountain Valley Pipeline (MVP) and is considering strategic alternatives for this investment, as well as for Honeoye Storage Corporation[322](index=322&type=chunk)[323](index=323&type=chunk) [Environmental Matters](index=79&type=section&id=Environmental%20Matters) Covers environmental matters, including gas system plans, grid upgrade projects, and energy efficiency program budgets - CECONY and O&R submitted their annual gas system long-term plan update, detailing potential impacts on revenue, load forecasts, and program changes[325](index=325&type=chunk) - NYSPSC approved five urgent grid upgrade projects for CECONY totaling **$439.9 million** to meet anticipated demand from electrification[326](index=326&type=chunk) - The NYSPSC withdrew the public policy transmission need (PPTN) process for offshore wind due to federal actions, but previously permitted projects like Sunrise Wind (**924 MW**) and Empire Wind 1 (**810 MW**) are proceeding[329](index=329&type=chunk) - NYSPSC established 2026-2030 budgets for CECONY's and O&R's energy efficiency and building electrification programs, totaling approximately **$2,140 million** and **$110 million**, respectively[331](index=331&type=chunk) [Financial and Commodity Market Risks](index=80&type=section&id=Financial%20and%20Commodity%20Market%20Risks) Assesses financial and commodity market risks, including interest rate sensitivity, derivative fair value, and pension investments - A **10% increase** in interest rates would increase annual interest expense by **$11 million** for Con Edison and **$9 million** for CECONY[334](index=334&type=chunk) - A **10% decline** in market prices would result in a **$153 million** decline in fair value for Con Edison's derivative instruments hedging electricity and gas purchases (**$141 million** for CECONY, **$12 million** for O&R)[337](index=337&type=chunk) - The Companies' pension plan investments at June 30, 2025, consisted of **27% equity securities**, **50% debt securities**, and **23% alternatives**[340](index=340&type=chunk) [Material Contingencies](index=81&type=section&id=Material%20Contingencies) References information on potential liabilities from material contingencies in other financial statement notes - Information on potential liabilities from material contingencies is referenced to 'Other Regulatory Matters' in Note B and Notes G and H of the financial statements[342](index=342&type=chunk) [ITEM 3 Quantitative and Qualitative Disclosures About Market Risk](index=81&type=section&id=ITEM%203%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Refers to Item 2 for quantitative and qualitative disclosures about market risks for financial and commodity instruments - Information on primary market risks related to derivative financial instruments and commodity instruments is incorporated by reference from 'Financial and Commodity Market Risks' in Item 2[343](index=343&type=chunk) [ITEM 4 Controls and Procedures](index=81&type=section&id=ITEM%204%20Controls%20and%20Procedures) Confirms effective disclosure controls and procedures as of June 30, 2025, with no material changes in internal control - The Companies' disclosure controls and procedures are designed to provide reasonable assurance that required information is recorded, processed, summarized, and reported timely[344](index=344&type=chunk) - Management concluded that disclosure controls and procedures were **effective** as of June 30, 2025[344](index=344&type=chunk) - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[345](index=345&type=chunk) PART II—Other Information [ITEM 1 Legal Proceedings](index=84&type=section&id=ITEM%201%20Legal%20Proceedings) Refers to specific financial statement notes for information regarding legal proceedings affecting the Companies - Information on legal proceedings is incorporated by reference from 'Other Regulatory Matters' in Note B and Notes G and H of the financial statements[346](index=346&type=chunk) [ITEM 1A Risk Factors](index=84&type=section&id=ITEM%201A%20Risk%20Factors) States no material changes in risk factors compared to those disclosed in the Annual Report on Form 10-K - No material changes in risk factors were reported compared to those in Item 1A of the Form 10-K[347](index=347&type=chunk) [ITEM 5 Other Information](index=84&type=section&id=ITEM%205%20Other%20Information) Confirms no director or officer trading arrangement modifications during the three months ended June 30, 2025 - No director or officer adopted, terminated, or modified any Rule 10b5-1 or non-Rule 10b5-1 trading arrangement during the three months ended June 30, 2025[348](index=348&type=chunk) [ITEM 6 Exhibits](index=84&type=section&id=ITEM%206%20Exhibits) Lists exhibits filed with the Form 10-Q, including stock purchase plan amendments, certifications, and XBRL data files - Exhibits include amendments to Con Edison's Stock Purchase Plan, CEO and CFO certifications (Rule 13a-14(a)/15d-14(a) and Section 1350) for both Con Edison and CECONY, and XBRL interactive data files[349](index=349&type=chunk)[350](index=350&type=chunk) [Signatures](index=85&type=section&id=Signatures) Contains signatures of authorized officers for Consolidated Edison, Inc. and CECONY, certifying the report filing - The report is signed by Kirkland B. Andrews, Senior Vice President, Chief Financial Officer, and Duly Authorized Officer, on behalf of both Consolidated Edison, Inc. and Consolidated Edison Company of New York, Inc. on August 7, 2025[351](index=351&type=chunk)[352](index=352&type=chunk)

Group 1 - Consolidated Edison, Inc. announced the election of Brendan Cavanagh to its Board of Directors, effective October 1, 2025 [1] - Brendan Cavanagh is currently the President and CEO of SBA Communications Corporation, a real estate investment trust focused on wireless communications infrastructure [1] - Cavanagh has extensive financial expertise and has overseen significant asset expansion at SBA since becoming CEO in January 2024 [1] Group 2 - Consolidated Edison, Inc. operates through subsidiaries that provide a variety of energy-related products and services, including electric, gas, and steam services [2] - The main subsidiaries include Consolidated Edison Company of New York, Inc. (CECONY), Orange and Rockland Utilities, Inc. (O&R), and Con Edison Transmission, Inc. [2] - CECONY serves New York City and parts of Westchester County, while O&R operates in a 1,300-square-mile area in southeastern New York State and northern New Jersey [2]

New Yorkers' anger over Con Edison's proposed hike in electricity and gas bills is intensifying — and that presents a risk to the utility's climate goals. https://t.co/48LDtdM2i9 ...

Core Insights - Wall Street analysts expect Consolidated Edison (ED) to report quarterly earnings of $0.66 per share, reflecting an 11.9% year-over-year increase, with revenues projected at $3.61 billion, up 12.2% from the previous year [1] Earnings Estimates - The consensus EPS estimate has been revised 3.7% lower in the last 30 days, indicating a reevaluation of initial estimates by analysts [1][2] - Analysts predict 'Operating revenues- CECONY' at $3.17 billion, showing a year-over-year increase of 5.9% [4] - 'Operating revenues- O&R' is expected to be $213.26 million, reflecting a decline of 4.8% year-over-year [4] - 'Operating revenues- O&R- Gas' is projected at $50.71 million, indicating a 15.3% increase year-over-year [4] Revenue Breakdown - 'Operating revenues- CECONY- Electric' is estimated at $2.51 billion, a 5.8% increase from the prior year [5] - 'Operating revenues- CECONY- Gas' is expected to reach $553.34 million, suggesting a 2.9% year-over-year change [5] - 'Operating revenues- CECONY- Steam' is projected at $97.89 million, indicating an 11.2% increase year-over-year [5] - 'Operating revenues- O&R- Electric' is estimated at $151.68 million, reflecting a 15.7% decline year-over-year [6] - 'Operating revenues- Gas' is expected to be $604.05 million, indicating a 12.3% increase from the previous year [6] - 'Operating revenues- Electric' is forecasted to reach $2.64 billion, reflecting an 11.3% increase year-over-year [6] Operating Income - 'Operating Income- CECONY' is expected to be $480.86 million, compared to $314.00 million in the same quarter last year [7] - 'Operating Income- O&R' is projected at $12.73 million, up from $9.00 million reported in the same quarter of the previous year [7] Stock Performance - Shares of Con Ed have increased by 4.1% over the past month, outperforming the Zacks S&P 500 composite, which moved up by 0.6% [8]

Company Overview - Consolidated Edison, Inc. is one of the largest investor-owned energy-delivery companies in the United States, with approximately $15 billion in annual revenues for the year ended December 31, 2024 [2] - The company has total assets amounting to $71 billion as of March 31, 2025 [2] Services Provided - The company operates through several subsidiaries, including: - Consolidated Edison Company of New York, Inc., which provides electric service in New York City and Westchester County, gas service in Manhattan, the Bronx, parts of Queens, and parts of Westchester, as well as steam service in Manhattan [2] - Orange and Rockland Utilities, Inc., serving customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey [2] - Con Edison Transmission, Inc., which invests in electric transmission projects and manages electric and gas assets through joint ventures, primarily under the oversight of the Federal Energy Regulatory Commission [2]

Group 1 - Consolidated Edison (NYSE: ED) is one of the largest energy companies in the United States, primarily engaged in the delivery of electricity, gas, and steam to millions of residents in New York and surrounding areas [1] - The company operates through its subsidiary, CECONY, which plays a significant role in the energy sector [1] Group 2 - The article emphasizes the importance of understanding the underlying stories behind financial statements in the investment analysis process [1] - It highlights the analytical skills and educational background of the author, which contribute to a deeper understanding of market values [1]