Con Edison(ED) - 2025 Q3 - Quarterly Results

Financial Performance - For Q3 2025, Con Edison reported net income of $688 million or $1.91 per share, up from $588 million or $1.70 per share in Q3 2024, representing a 17% increase in net income[1] - Adjusted earnings for Q3 2025 were $686 million or $1.90 per share, compared to $583 million or $1.68 per share in Q3 2024, reflecting a 17.7% increase[1] - For the first nine months of 2025, net income reached $1,726 million or $4.84 per share, compared to $1,510 million or $4.37 per share in the same period of 2024, marking a 14.3% increase[2] - Adjusted earnings for the first nine months of 2025 were $1,718 million or $4.82 per share, up from $1,528 million or $4.42 per share in 2024, indicating a 12.4% increase[2] - The total adjusted net income (Non-GAAP basis) was $190 million, or $0.40 per share, after accounting for various impacts[22] - The total reported net income on a GAAP basis was $216 million[22] Future Outlook - Con Edison expects adjusted earnings per share for 2025 to be in the range of $5.60 to $5.70, an increase from the previous forecast of $5.50 to $5.70[3] Infrastructure and Investments - The company plans to complete construction of 14 new substations and upgrades by 2030 to enhance energy reliability[3] - Con Edison has reached a Joint Settlement Agreement for a three-year investment plan aimed at funding critical infrastructure while maintaining affordability[3] Project Highlights - The company highlighted landmark projects such as New York's first all-electric skyscraper and JFK Airport's redevelopment, showcasing growing energy demand[3] Financial Stability - Con Edison’s strong balance sheet and revenue predictability make it an attractive option for investors[3] - The increase in electric rate base contributed $57 million to net income, while the lower commercial paper interest expense added $34 million[22] - The higher income from allowance for funds used during construction contributed $23 million to net income[22] - The overall performance reflects the utilities' revenue decoupling mechanisms, which stabilize revenues despite changes in delivery volumes[22] Other Financial Impacts - CECONY reported a net income of $189 million, translating to earnings per share of $0.41[22] - O&R's total net income was $12 million, with a gas base rate increase contributing $7 million[22] - Con Edison Transmission experienced a total loss of $4 million, primarily due to an income tax adjustment[22] - The impact of the May 2024 NYSPSC order resulted in a $37 million reduction in net income[22] - Other impacts related to the sale of the Clean Energy Businesses resulted in a loss of $23 million[22] - The adjusted earnings exclude impacts from the sale of the Clean Energy Businesses and other strategic evaluations, emphasizing ongoing financial performance[9]