Consolidated Edison Q4 Earnings Beat Estimates, Revenues Rise Y/Y

Consolidated Edison, Inc. ED reported fourth-quarter 2025 adjusted earnings of 89 cents per share, which topped the Zacks Consensus Estimate of 84 cents by 5.6%. However, the bottom line declined 9.2% from 98 cents recorded in the prior-year quarter.

The company reported GAAP earnings of 82 cents per share, down from 90 cents recorded in the year-ago quarter. 

For 2025, the company generated adjusted earnings of $5.70 per share compared with $5.40 in 2024.

ED’s Total Revenues

In the reported quarter, Consolidated Edison's total operating revenues of $3.99 billion surpassed the Zacks Consensus Estimate of $3.7 billion by 8.1%. The top line also increased 8.9% from $3.67 billion reported in the year-ago quarter. 

For 2025, the company reported total revenues of $16.92 billion, up from $15.26 billion recorded in 2024.

ED’s Segmental Details 

Electric revenues totaled $2.88 billion, which increased 5.9% from the year-ago quarter’s figure of $2.72 billion.

Gas revenues amounted to $923 million, which surged 16.1% from the year-ago quarter’s figure of $795 million.

Steam revenues totaled $187 million, which rose 20.6% from the year-ago quarter’s figure of $155 million.

Non-utility revenues amounted to $1 million compared with nil revenues in the year-ago quarter.

ED’s Operating Statistics

Total operating expenses in the fourth quarter increased 11.1% year over year to $3.51 billion.

Purchase power costs rose 6.8%. Other operations and maintenance expenses increased 5.9%. Meanwhile, depreciation and amortization expenses jumped 7.4%. Taxes, other than income taxes, went up 15.7% year over year. Fuel expenses surged 67.5% year over year and the cost of gas purchased for resale rose 28.4%.

The company’s fourth-quarter operating income went up 2.1% year over year to $487 million.

ED’s Financials

Cash and temporary cash investments as of Dec. 31, 2025, totaled $1.63 billion compared with $1.32 billion as of Dec. 31, 2024.

The company’s long-term debt was $25.55 billion as of Dec. 31, 2025, compared with $24.65 billion as of 2024-end.

For 2025, cash from operating activities amounted to $4.8 billion compared with $3.61 billion in the prior-year period.

ED’s 2026 Guidance

Consolidated Edison has introduced its 2026 guidance. It expects adjusted earnings to be in the range of $6.00-$6.20 per share. The Zacks Consensus Estimate for 2026 earnings is pegged at $6.01 per share, which is close to the lower end of the company’s guided range.

The company also projects a five-year adjusted EPS growth rate of 6-7%. 

The company expects capital investments of $38 billion during the 2026-2030 period.

ED’s Zacks Rank

Consolidated Edison currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

Recent Utility Releases

CenterPoint Energy, Inc. CNP reported fourth-quarter 2025 adjusted earnings of 45 cents per share, which missed the Zacks Consensus Estimate of 46 cents by 1.1%. However, the bottom line increased 12.5% from 40 cents in the year-ago quarter.

CNP generated revenues of $2.51 billion, which surpassed the Zacks Consensus Estimate of $2.33 billion by 6.7%. The top line also improved 11.1% from the year-ago reported figure.

Duke Energy Corporation's DUK fourth-quarter 2025 earnings of $1.50 per share lagged the Zacks Consensus Estimate of $1.51 by 0.6%. The bottom line also declined 9.6% from $1.66 reported in the year-ago quarter.

DUK’s total operating revenues were $7.94 billion, which beat the Zacks Consensus Estimate of $7.66 billion by 3.9%. The top line also increased 7.9% from $7.36 billion in the year-ago period.

Entergy Corporation ETR reported fourth-quarter 2025 earnings of 51 cents per share, in line with the Zacks Consensus Estimate. However, the bottom line declined 22.7% from the year-ago quarter’s figure of 66 cents.

ETR’s revenues of $2.96 billion beat the Zacks Consensus Estimate of $2.91 billion by 1.9%. The top line inched up 8% from the year-ago quarter’s level of $2.74 billion. 
 

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This article originally published on Zacks Investment Research (zacks.com).

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