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Operating cash flow reached $1.8B in Q2 2026, providing 5.7x dividend coverage, but free cash flow was negative in three of the last five quarters (e.g., -$999M in Q1 2026), highlighting reliance on external financing for the $1.2B quarterly capex program.
Consolidated Edison, Inc. (ED) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 3.96B | 4.8B | 3.61B | 2.16B | 3.94B | 2.73B | 2.2B | 3.13B | 2.69B | 3.37B | 3.46B | 3.28B | 2.83B | 2.55B | 2.6B | 3.14B | 2.38B | 2.47B | 629M | 1.55B | 1.35B | 793M | 1.32B | 1.32B | 1.51B | 1.35B | 960.16M | 1.21B | 1.37B | 1.24B | 1.11B |
| Operating CF Growth % | -46.86% | 32.82% | 67.63% | -45.21% | 43.98% | 24.34% | -29.87% | 16.29% | -19.96% | -2.66% | 5.55% | 15.75% | 10.93% | -1.81% | -17.15% | 31.75% | -3.45% | 292.05% | -59.55% | 14.84% | 70.74% | -39.92% | 0.08% | -12.38% | 11.51% | 40.6% | -20.34% | -11.74% | 10.28% | 11.85% | -13.26% |
| Operating CF / Revenue % | 22.36% | 28.37% | 23.69% | 14.72% | 25.12% | 19.99% | 17.96% | 24.97% | 21.85% | 27.99% | 28.67% | 26.17% | 21.96% | 20.67% | 21.31% | 24.19% | 17.9% | 18.97% | 4.6% | 11.84% | 11.32% | 6.81% | 13.53% | 13.42% | 17.75% | 14.01% | 10.18% | 16.09% | 19.26% | 17.39% | 15.91% |
| Net Income | 2.22B | 1.91B | 1.82B | 2.52B | 1.6B | 1.19B | 1.14B | 1.44B | 1.38B | 1.52B | 1.25B | 1.19B | 1.09B | 1.06B | 1.14B | 1.06B | 1B | 879M | 1.2B | 929M | 737M | 719M | 537M | 536M | 680.55M | 695.84M | 582.84M | 700.6M | 712.7M | 712.8M | 694.1M |
| Depreciation & Amortization | 2.33B | 2.19B | 2.15B | 2.03B | 2.06B | 2.03B | 1.92B | 1.68B | 1.44B | 1.34B | 1.22B | 1.13B | 1.07B | 1.02B | 955M | 884M | 840M | 791M | 717M | 667M | 621M | 584M | 551M | 529M | 437.9B | 0 | 0 | 0 | 0 | 502.8M | 496.4M |
| Deferred Taxes | 740M | 435M | 416M | 132M | 435M | 133M | 85M | 308M | 408M | 485M | 783M | 653M | 518M | 40M | 584M | 491M | 659M | 436M | 470M | 335M | 338M | -79M | 362M | 418M | 301.18M | 5.63M | 177.74M | 41.8M | 86.4M | 22.6M | 40.6M |
| Other Non-Cash Items | -124M | 673M | 144M | -868M | -47M | 37M | -93M | -455M | -510M | -621M | -581M | -680M | -389M | -952M | -841M | -452M | -597M | -185M | -921M | -444M | -256M | -172M | 23M | -51M | -131M | -227M | -184.52M | -15.7M | 8.9M | 16M | -35.8M |
| Working Capital Changes | -1.21B | -407M | -921M | -1.66B | -109M | -662M | -858M | 157M | -23M | 637M | 796M | 981M | 539M | 1.38B | 760M | 1.15B | 476M | 545M | -833M | 68M | -86M | -262M | -162M | -103M | 163M | 587M | -158.62M | -47.5M | 63.3M | -16.5M | -88.1M |
| Capital Expenditures | 1.12B | -4.76B | -4.77B | -4.49B | -4.17B | -3.95B | -3.91B | -3.49B | -5.47B | -3.44B | -3.68B | -3.05B | -2.42B | -2.54B | -2.07B | -1.97B | -2.03B | -2.19B | -2.33B | -1.93B | -1.85B | -1.64B | -1.4B | -1.4B | -1.22B | -1.1B | -958.93M | -678.2M | -618.8M | -654.2M | -675.2M |
| CapEx / Revenue % | 6.31% | 28.16% | 31.27% | 30.68% | 26.61% | 28.91% | 31.94% | 27.78% | 44.36% | 28.62% | 30.5% | 24.39% | 18.77% | 20.56% | 16.96% | 15.17% | 15.26% | 16.87% | 17% | 14.73% | 15.49% | 14.05% | 14.32% | 14.22% | 14.34% | 11.46% | 10.17% | 9.05% | 8.72% | 9.19% | 9.7% |
| CapEx / D&A | 0.48x | 2.17x | 2.21x | 2.21x | 2.03x | 1.95x | 2.04x | 2.07x | 3.80x | 2.57x | 3.03x | 2.70x | 2.26x | 2.48x | 2.17x | 2.23x | 2.42x | 2.77x | 3.24x | 2.90x | 2.98x | 2.80x | 2.54x | 2.64x | 0.00x | - | - | - | - | 1.30x | 1.36x |
| CapEx Coverage (OCF/CapEx) | 3.54x | 1.01x | 0.76x | 0.48x | 0.94x | 0.69x | 0.56x | 0.90x | 0.49x | 0.98x | 0.94x | 1.07x | 1.17x | 1.01x | 1.26x | 1.59x | 1.17x | 1.12x | 0.27x | 0.80x | 0.73x | 0.48x | 0.94x | 0.94x | 1.24x | 1.22x | 1.00x | 1.78x | 2.21x | 1.89x | 1.64x |
| Cash from Investing | -4.95B | -5.25B | -5.27B | -1B | -4.57B | -3.48B | -4.22B | -3.78B | -5.47B | -3.71B | -4.98B | -3.66B | -2.76B | -2.66B | -2.52B | -2.15B | -2.17B | -2.36B | -1.07B | -2.09B | -1.92B | -1.28B | -1.54B | -1.53B | -1.63B | -724.43M | -1.18B | -184.6M | -644.8M | -685.8M | -742M |
| Acquisitions | -45M | 45M | 0 | 3.93B | 0 | 812M | -27M | -215M | -1.75B | -90M | -1.47B | -299M | -293M | -175M | -309M | -20M | -12M | 0 | -32M | 0 | 39M | 0 | 0 | 0 | 0 | 0 | -98.09M | -509.1M | 0 | 0 | 0 |
| Purchase of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -20M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 0 | 0 | 1.48B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Investing | -6.02B | -530M | -502M | -436M | -397M | -343M | -288M | -81M | -219M | -177M | 199M | -304M | -47M | 54M | -145M | -147M | -134M | -167M | -190M | -152M | -104M | 362M | -113M | -148M | -148M | 317M | -118.6M | 1B | -50.1M | -31.6M | -66.8M |
| Cash from Financing | 956M | 746M | 1.8B | -1.49B | 1.01B | 461M | 2.25B | 859M | 2.94B | 357M | 1.34B | 629M | -47M | 387M | -330M | -677M | -128M | 80M | 306M | 647M | 577M | 539M | 197M | 143M | -104.1M | -379.19M | -174.76M | -638.1M | -802.1M | -476.2M | -600.8M |
| Dividends Paid | -1.21B | -1.17B | -1.1B | -1.1B | -1.09B | -1.03B | -975M | -924M | -842M | -803M | -763M | -733M | -739M | -721M | -712M | -704M | -640M | -612M | -618M | -582M | -533M | -518M | -490M | -455M | -443.62M | -480.56M | -462.5M | -477.1M | -493.2M | -512.1M | -511.5M |
| Dividend Payout Ratio % | - | 57.64% | 60.44% | 43.51% | 65.6% | 76.52% | 88.56% | 68.8% | 60.93% | 52.66% | 61.29% | 61.44% | 67.67% | 67.89% | 62.14% | 65.25% | 62.71% | 68.37% | 51.67% | 62.65% | 70.83% | 70.51% | 91.25% | 99.44% | 67.27% | 69.06% | 77.55% | 66.8% | 67.59% | 69.26% | 73.69% |
| Debt Issuance (Net) | 0 | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Stock Issued | 950M | 1.37B | 60M | 0 | 57M | 775M | 640M | 825M | 705M | 343M | 702M | 0 | 0 | 0 | 0 | 118M | 306M | 257M | 51M | 685M | 510M | 78M | 578M | 436M | 25M | 40M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -1B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -37M | 0 | -68.53M | -1.12B | -888.9M | 0 | -317M |
| Other Financing | -2M | -15M | -43M | 20M | -50M | 254M | -5M | 10M | -6M | 31M | 26M | -14M | -27M | -14M | -13M | 0 | 122M | -10M | -13M | -5M | -14M | -13M | -14M | -22M | -17M | -352M | -5.47M | -16.5M | -8.9M | -9M | -18.4M |
| Net Change in Cash | -38M | 297M | 138M | -335M | 384M | -290M | 219M | 211M | 162M | 21M | -172M | 249M | 25M | 280M | -254M | 310M | 78M | 186M | -136M | 116M | 13M | 55M | -23M | -65M | -226.9M | 246.35M | -390.22M | 382.8M | -81.2M | 76.6M | -235.4M |
| Exchange Rate Effect | -1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 100K | -100K | 100K | 100K |
| Cash at Beginning | 147M | 1.33B | 1.2B | 1.53B | 1.15B | 1.44B | 1.22B | 1.01B | 844M | 776M | 944M | 699M | 674M | 394M | 648M | 338M | 260M | 74M | 210M | 94M | 81M | 26M | 49M | 132M | 359.33M | 94.83M | 485.05M | 102.3M | 183.5M | 106.9M | 342.3M |
| Cash at End | 1.47B | 1.63B | 1.33B | 1.2B | 1.53B | 1.15B | 1.44B | 1.22B | 1.01B | 797M | 772M | 948M | 699M | 674M | 394M | 648M | 338M | 260M | 74M | 210M | 94M | 81M | 26M | 67M | 132.44M | 341.18M | 94.83M | 485.1M | 102.3M | 183.5M | 106.9M |
| Free Cash Flow | 5.07B | 36M | -1.16B | -2.34B | -233M | -1.22B | -1.71B | -352M | -2.78B | -76M | -221M | 223M | 412M | 14M | 530M | 1.17B | 352M | 273M | -1.7B | -379M | -499M | -843M | -77M | -78M | 289.22M | 246.15M | 1.23M | 527.2M | 747M | 584.3M | 432.1M |
| FCF Growth % | 1924.46% | 103.11% | 50.51% | -903.43% | 80.9% | 28.7% | -386.08% | 87.32% | -3552.63% | 65.61% | -199.1% | -45.87% | 2842.86% | -97.36% | -54.7% | 232.39% | 28.94% | 116.09% | -347.76% | 24.05% | 40.81% | -994.81% | 1.28% | -126.97% | 17.5% | 19847.16% | -99.77% | -29.42% | 27.85% | 35.22% | -25.97% |
| FCF Margin % | 28.67% | 0.21% | -7.58% | -15.96% | -1.49% | -8.92% | -13.98% | -2.81% | -22.51% | -0.63% | -1.83% | 1.78% | 3.2% | 0.11% | 4.34% | 9.02% | 2.65% | 2.1% | -12.4% | -2.89% | -4.17% | -7.24% | -0.79% | -0.79% | 3.41% | 2.56% | 0.01% | 7.04% | 10.53% | 8.2% | 6.21% |
| FCF / Net Income % | 228.78% | 1.78% | -63.57% | -92.81% | -14.04% | -90.64% | -155.4% | -26.21% | -200.87% | -4.98% | -17.75% | 18.69% | 37.73% | 1.32% | 46.45% | 110.17% | 35.09% | 31.06% | -141.89% | -40.8% | -67.71% | -117.25% | -14.34% | -14.47% | 43.92% | 35.37% | 0.21% | 73.82% | 102.37% | 81.97% | 62.25% |
Quick answers to the most common questions about buying ED stock.
Consolidated Edison, Inc. (ED) generated $4.80B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Consolidated Edison, Inc. (ED) generated $36.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Consolidated Edison, Inc. (ED) spent $4.76B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Consolidated Edison, Inc. (ED) returned $1.17B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Regulatory lag and political pressure
Metrics are mathematically derived from official filings.
Regulated Cash Flow Stability
Operating cash flow averaged $1.1B per quarter over the last year, with Q2 2026 reaching $1.8B, as reported in financial statements, indicating robust recovery mechanisms and predictable cash generation.
The consistency of OCF across quarters, despite seasonal fluctuations, underscores the effectiveness of decoupling and regulatory cost recovery in stabilizing cash flows. The Q2 2026 surge to $1.8B, up from $1.3B in Q2 2024, suggests improved collections and possibly favorable regulatory adjustments. This stability provides a solid foundation for funding the company's substantial capital program.
Capital Intensity and Rate Base Growth
Capital expenditures have consistently exceeded $1.1B per quarter, with Q2 2026 at $1.2B, as per recent SEC filings, reflecting a deliberate strategy to expand rate base and meet New York's electrification mandates.
The sustained high level of CAPEX, averaging over $1.2B per quarter, is a clear indicator of management's commitment to grid modernization and infrastructure hardening. This investment is expected to translate into rate base growth, which, given the allowed ROE, should drive future earnings. However, the efficiency of this CAPEX in generating returns will depend on regulatory approval and timely cost recovery.
Financing Capacity and External Needs
Free cash flow was negative in three of the last five quarters, with Q1 2026 at -$999M, as reported in financial statements, indicating a reliance on external financing to fund the capital program.
The recurring negative FCF, particularly in Q1 2026, highlights the company's dependence on capital markets. The issuance of $1.0B in long-term debt in Q2 2026 and the $794M net stock issuance in Q1 2026 demonstrate access to both debt and equity markets. Given the scale of CAPEX, investors should monitor the cost and terms of this external capital, as rising interest rates could pressure the balance sheet.
Seasonal Working Capital Swings
Working capital adjustments cause significant quarterly OCF volatility, with Q1 2026 OCF at $174M versus Q2 2026 at $1.8B, as per quarterly reports, reflecting timing of fuel and regulatory deferrals.
The wide swings in OCF between quarters, such as the low Q1 2026 figure, are typical for utilities due to weather-normalization and deferred fuel cost recovery. These adjustments are regulatory in nature and should reverse over time, but they can obscure underlying cash generation. Analysts should adjust for these items to assess the true recurring cash flow.
Dividend Coverage Remains Solid
OCF-to-dividend coverage averaged 3.6x over the last four quarters, with Q2 2026 at 5.7x, as reported in financial statements, indicating a comfortable margin for dividend sustainability.
Despite the heavy CAPEX program, operating cash flow comfortably covers dividend payments, with coverage never falling below 0.6x even in the weakest quarter. This suggests that the dividend is well-supported by regulated cash flows, and the company's status as a Dividend Aristocrat appears secure. However, if regulatory lag worsens or CAPEX escalates, coverage could tighten.
Non-Cash Accruals Mask Cash Reality
Net income in Q2 2026 was $308M versus OCF of $1.8B, as per financial statements, indicating significant non-cash items such as AFUDC and regulatory deferrals inflating cash flow relative to earnings.
The large gap between net income and OCF suggests that a substantial portion of OCF is derived from non-cash regulatory assets and liabilities, which may not be sustainable in the long term. This distortion is common in utilities but warrants scrutiny, as it can overstate the company's true cash-generating ability. Investors should focus on cash earnings, which may be lower than reported OCF.
What Could Invalidate the Base Case
Despite stable OCF, the reliance on external financing and regulatory deferrals may hide vulnerabilities, as evidenced by negative FCF in three of five quarters, according to recent filings.
The cash flow statement may not fully capture risks such as unfunded environmental obligations or accelerated gas asset retirements due to New York's climate policies. The company's heavy dependence on capital markets for funding could become strained if interest rates rise or equity markets become less receptive. Investors should monitor regulatory decisions on cost recovery and potential stranded asset risks, which could materially impact future cash flows.