Con Edison Earnings Climb as Infrastructure Spend Ramps Up

Financial Performance - Consolidated Edison reported net income of $2.02 billion, or $5.66 per share, for 2025, an increase from $1.82 billion, or $5.26 per share, in 2024 [1] - Adjusted earnings per share rose to $5.70 from $5.40 year-over-year [1] - Fourth-quarter net income was $297 million, or $0.82 per share, down from $310 million, or $0.90 per share, in the previous year [3] - Adjusted fourth-quarter EPS decreased to $0.89 from $0.98, attributed to higher operating costs and corporate expenses [3] - Operating revenues increased to $16.9 billion in 2025 from $15.3 billion in 2024, primarily due to higher electric and gas revenues [8] - Operating income rose to $2.94 billion from $2.67 billion [8] Growth Outlook - For 2026, the company anticipates adjusted earnings per share between $6.00 and $6.20, targeting a five-year adjusted EPS compound annual growth rate of 6% to 7% [4] - The growth outlook is supported by a significant capital spending program, with planned investments of approximately $6.6 billion in 2026 and $6.8 billion in 2027 [5] - From 2028 to 2030, an additional $24.3 billion is expected to be deployed, totaling over $37 billion in planned capital investment through 2030 [5] Capital Investment Strategy - The capital spending will focus on electric transmission and distribution upgrades, gas system modernization, and projects supporting electrification, aligning with New York State's climate policy [6] - To finance the capital buildout, the company plans to utilize a mix of internally generated cash, long-term debt issuance, and equity offerings [6] - The company intends to issue up to $3.2 billion in long-term debt in 2026 and $3.0 billion in 2027, along with up to $1.1 billion in common equity for 2026 and approximately $1.2 billion in 2027 [7]