Revenue grew 13.2% year-over-year to $4.1B in Q2 2026, with operating margin stable at 13.6%, reflecting rate base expansion and pass-through cost recovery, though EPS growth of 22.1% is partly weather-driven.
Consolidated Edison, Inc. (ED) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 17.69B | 16.92B | 15.26B | 14.65B | 15.66B | 13.67B | 12.24B | 12.55B | 12.33B | 12.03B | 12.07B | 12.52B | 12.89B | 12.35B | 12.2B | 12.97B | 13.3B | 13B | 13.68B | 13.13B | 11.96B | 11.64B | 9.76B | 9.83B | 8.48B | 9.63B | 9.43B | 7.49B | 7.09B | 7.12B | 6.96B |
| Revenue Growth % | 9.5% | 10.89% | 4.17% | -6.5% | 14.57% | 11.72% | -2.47% | 1.75% | 2.54% | -0.31% | -3.66% | -2.84% | 4.41% | 1.2% | -5.93% | -2.49% | 2.28% | -4.96% | 4.2% | 9.75% | 2.76% | 19.3% | -0.7% | 15.86% | -11.96% | 2.15% | 25.9% | 5.62% | -0.4% | 2.32% | 6.47% |
| Cost of Revenue | 4.25B | 6.43B | 5.49B | 5.69B | 6.11B | 4.78B | 4.17B | 4.29B | 4.36B | 3.94B | 7.33B | 7.95B | 8.97B | 8.26B | 7.94B | 8.73B | 9.64B | 9.01B | 10.57B | 9.94B | 7.19B | 7.24B | 5.83B | 5.28B | 4.07B | 4.88B | 4.78B | 2.74B | 2.27B | 2.43B | 2.26B |
| Gross Profit | 13.44B | 10.49B | 9.76B | 8.96B | 9.55B | 8.89B | 8.06B | 8.26B | 7.97B | 8.08B | 4.73B | 4.57B | 3.92B | 4.08B | 4.25B | 4.23B | 3.66B | 3.99B | 3.11B | 3.19B | 4.77B | 4.4B | 3.93B | 4.55B | 4.42B | 4.75B | 4.65B | 4.75B | 4.82B | 4.7B | 4.7B |
| Gross Margin % | 75.96% | 62.02% | 63.99% | 61.17% | 60.98% | 65.01% | 65.9% | 65.8% | 64.66% | 67.2% | 39.21% | 36.51% | 30.43% | 33.09% | 34.88% | 32.64% | 27.51% | 30.72% | 22.75% | 24.32% | 39.88% | 37.81% | 40.3% | 46.3% | 52.07% | 49.3% | 49.27% | 63.44% | 68% | 65.94% | 67.46% |
| Gross Profit Growth % | - | 7.47% | 8.97% | -6.21% | 7.46% | 10.22% | -2.33% | 3.54% | -1.34% | 70.85% | 3.46% | 16.6% | -3.99% | -4% | 0.52% | 15.72% | -8.41% | 28.34% | -2.54% | -33.06% | 8.36% | 11.95% | -13.58% | 3.03% | -7.02% | 2.21% | -2.22% | -1.47% | 2.71% | 0.01% | 0.63% |
| Operating Expenses | 10.26B | 7.56B | 7.03B | 6.65B | 6.94B | 6.09B | 5.41B | 5.61B | 5.44B | 5.32B | 2.06B | 1.96B | 1.9B | 1.91B | 1.85B | 1.87B | 1.75B | 1.57B | 1.39B | 1.34B | 3.14B | 2.88B | 2.58B | 3.29B | 2.96B | 3.16B | 3.31B | 3.33B | 3.36B | 3.27B | 3.28B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 4.84B | 5.25B | 4.89B | 4.34B | 4.67B | 4.83B | 4.57B | 4.34B | 3.97B | 4.11B | 3.89B | 3.74B | 3.09B | 3.2B | 3.36B | 3.25B | 2.75B | 3.21B | 2.44B | 2.52B | 2.25B | 2.1B | 1.9B | 1.79B | 1.95B | 2.12B | 1.92B | 1.95B | 1.98B | 1.93B | 1.91B |
| EBITDA Margin % | 27.36% | 31.04% | 32.03% | 29.64% | 29.82% | 35.34% | 37.36% | 34.55% | 32.2% | 34.14% | 32.26% | 29.89% | 24% | 25.89% | 27.58% | 25.05% | 20.69% | 24.71% | 17.85% | 19.21% | 18.8% | 18.06% | 19.45% | 18.19% | 23.02% | 21.99% | 20.36% | 25.97% | 27.91% | 27.12% | 27.4% |
| EBITDA Growth % | -5.02% | 7.47% | 12.58% | -7.06% | -3.33% | 5.69% | 5.44% | 9.19% | -3.29% | 5.5% | 3.98% | 20.98% | -3.19% | -4.99% | 3.54% | 18.06% | -14.35% | 31.57% | -3.17% | 12.14% | 6.99% | 10.75% | 6.15% | -8.44% | -7.81% | 10.31% | -1.31% | -1.7% | 2.5% | 1.25% | 0.71% |
| Depreciation & Amortization | 1.49B | 2.32B | 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 | 494.55M | 526.24M | 586.41M | 526.2M | 518.5M | 502.8M | 496.4M |
| D&A / Revenue % | 8.42% | 13.72% | 14.13% | 13.87% | 13.12% | 14.86% | 15.69% | 13.42% | 11.66% | 11.15% | 10.08% | 9.02% | 8.31% | 8.29% | 7.83% | 6.82% | 6.32% | 6.08% | 5.24% | 5.08% | 5.19% | 5.02% | 5.65% | 5.38% | 5.83% | 5.46% | 6.22% | 7.02% | 7.31% | 7.06% | 7.13% |
| Operating Income (EBIT) | 3.18B | 2.93B | 2.73B | 2.31B | 2.62B | 2.8B | 2.65B | 2.65B | 2.53B | 2.77B | 2.68B | 2.61B | 2.02B | 2.17B | 2.41B | 2.37B | 1.91B | 2.42B | 1.73B | 1.85B | 1.63B | 1.52B | 1.35B | 1.26B | 1.46B | 1.59B | 1.33B | 1.42B | 1.46B | 1.43B | 1.41B |
| Operating Margin % | 17.98% | 17.32% | 17.91% | 15.77% | 16.69% | 20.48% | 21.67% | 21.13% | 20.54% | 22.99% | 22.18% | 20.86% | 15.69% | 17.59% | 19.75% | 18.24% | 14.38% | 18.63% | 12.61% | 14.13% | 13.61% | 13.04% | 13.8% | 12.81% | 17.19% | 16.53% | 14.14% | 18.95% | 20.6% | 20.06% | 20.27% |
| Operating Income Growth % | - | 7.28% | 18.27% | -11.66% | -6.61% | 5.58% | 0% | 4.7% | -8.39% | 3.33% | 2.41% | 29.16% | -6.86% | -9.84% | 1.86% | 23.69% | -21.06% | 40.41% | -7.01% | 13.94% | 7.25% | 12.69% | 6.99% | -13.66% | -8.41% | 19.35% | -6.04% | -2.83% | 2.28% | 1.24% | -1.89% |
| Interest Expense | 4M | 1.23B | 1.19B | 1.02B | 951M | 919M | 1.02B | 955M | 819M | 729M | 696M | 653M | 591M | 719M | 604M | 594M | 609M | 611M | 544M | 517M | 504M | 455M | 419M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 3.11x | 2.80x | 3.94x | 3.27x | 2.55x | 2.15x | 2.82x | 3.18x | 3.74x | 3.79x | 3.75x | 3.81x | 3.14x | 3.88x | 3.80x | 3.55x | 3.16x | 3.68x | 3.66x | 3.26x | 3.37x | 2.93x | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.02% | 7.29% | 7.78% | 6.98% | 6.07% | 6.72% | 8.33% | 7.61% | 6.64% | 6.06% | 5.77% | 5.21% | 4.58% | 5.82% | 4.95% | 4.58% | 4.58% | 4.7% | 3.98% | 3.94% | 4.21% | 3.91% | 4.29% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -2M | -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 |
| Pretax Income | 2.9B | 2.6B | 2.14B | 3B | 2.1B | 1.38B | 1.23B | 1.74B | 1.78B | 2B | 1.94B | 1.8B | 1.66B | 1.54B | 1.74B | 1.66B | 1.55B | 1.32B | 1.45B | 1.36B | 1.13B | 1.07B | 821M | 851M | 1.06B | 1.14B | 903.6M | 1.09B | 1.14B | 1.09B | 1.09B |
| Pretax Margin % | 16.41% | 15.35% | 14.01% | 20.5% | 13.39% | 10.11% | 10.08% | 13.83% | 14.46% | 16.6% | 16.1% | 14.36% | 12.88% | 12.46% | 14.27% | 12.82% | 11.66% | 10.14% | 10.57% | 10.37% | 9.43% | 9.22% | 8.41% | 8.66% | 12.46% | 11.82% | 9.58% | 14.51% | 16% | 15.34% | 15.67% |
| Income Tax | 685M | 574M | 318M | 487M | 498M | 190M | 90M | 296M | 401M | 472M | 698M | 605M | 568M | 476M | 600M | 600M | 548M | 440M | 524M | 437M | 390M | 341M | 272M | 315M | 376.39M | 442.63M | 307.17M | 372.8M | 405.4M | 379.7M | 396.2M |
| Effective Tax Rate % | 23.6% | 22.1% | 14.87% | 16.22% | 23.74% | 13.74% | 7.29% | 17.05% | 22.49% | 23.64% | 35.92% | 33.65% | 34.22% | 30.95% | 34.46% | 36.1% | 35.33% | 33.36% | 36.24% | 32.09% | 34.57% | 31.78% | 33.13% | 37.02% | 35.61% | 38.88% | 33.99% | 34.3% | 35.71% | 34.76% | 36.34% |
| Net Income | 2.22B | 2.02B | 1.82B | 2.52B | 1.66B | 1.35B | 1.1B | 1.34B | 1.38B | 1.52B | 1.25B | 1.19B | 1.09B | 1.06B | 1.14B | 1.06B | 1B | 879M | 1.2B | 929M | 737M | 719M | 537M | 539M | 658.49M | 695.84M | 596.43M | 714.2M | 729.7M | 712.8M | 694.1M |
| Net Margin % | 12.53% | 11.96% | 11.93% | 17.2% | 10.6% | 9.84% | 9% | 10.7% | 11.21% | 12.68% | 10.32% | 9.53% | 8.47% | 8.6% | 9.35% | 8.19% | 7.54% | 6.76% | 8.74% | 7.08% | 6.16% | 6.18% | 5.5% | 5.48% | 7.76% | 7.22% | 6.32% | 9.53% | 10.29% | 10.01% | 9.97% |
| Net Income Growth % | 14.57% | 11.15% | -27.75% | 51.75% | 23.33% | 22.25% | -18.02% | -2.82% | -9.38% | 22.49% | 4.36% | 9.25% | 2.82% | -6.92% | 7.44% | 5.88% | 14.11% | -26.51% | 28.74% | 26.05% | 2.5% | 33.89% | -0.37% | -18.15% | -5.37% | 16.67% | -16.49% | -2.12% | 2.37% | 2.69% | -4.12% |
| EPS (Diluted) | 5.99 | 5.64 | 5.24 | 7.21 | 4.67 | 3.85 | 3.28 | 4.08 | 4.42 | 4.94 | 4.12 | 4.05 | 3.71 | 3.61 | 3.86 | 3.57 | 3.47 | 3.14 | 4.37 | 3.47 | 2.95 | 2.94 | 2.27 | 2.38 | 3.02 | 3.21 | 2.74 | 3.13 | 3.04 | 2.95 | 2.93 |
| EPS Growth % | 10.53% | 7.63% | -27.32% | 54.39% | 21.3% | 17.38% | -19.61% | -7.69% | -10.53% | 19.9% | 1.73% | 9.16% | 2.77% | -6.48% | 8.12% | 2.88% | 10.51% | -28.15% | 25.94% | 17.63% | 0.34% | 29.52% | -4.62% | -21.19% | -5.92% | 17.15% | -12.46% | 2.96% | 3.05% | 0.68% | 0% |
| EPS (Basic) | - | 5.66 | 5.26 | 7.24 | 4.68 | 3.86 | 3.29 | 4.09 | 4.43 | 4.97 | 4.15 | 4.07 | 3.73 | 3.62 | 3.88 | 3.59 | 3.49 | 3.16 | 4.38 | 3.49 | 2.96 | 2.95 | 2.28 | 2.39 | 3.03 | 3.22 | 2.75 | 3.14 | 3.04 | 2.95 | 2.93 |
| Diluted Shares Outstanding | 370M | 358.7M | 347.3M | 349.3M | 355.8M | 349.4M | 335.7M | 329.5M | 312.9M | 308.8M | 301.9M | 294.4M | 294M | 294.4M | 294.5M | 294.4M | 285.9M | 276.3M | 273.6M | 267.3M | 250.3M | 244.7M | 236M | 221M | 213.2M | 212.46M | 212.71M | 223.83M | 234.3M | 235.08M | 234.98M |
Quick answers to the most common questions about buying ED stock.
For fiscal year 2025, Consolidated Edison, Inc. (ED) reported total revenue of $16.92B. This represents a 143.1% increase compared to $6.96B in 1996.
Consolidated Edison, Inc. (ED) is profitable, generating $2.02B in net income for the fiscal year ending 2025 with a net profit margin of 12.0%.
Consolidated Edison, Inc. (ED) reported an operating income of $2.93B, resulting in an operating profit margin of 17.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Consolidated Edison, Inc. (ED) generated $10.49B in gross profit for the year, representing a gross profit margin of 62.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory lag and political pressure
Metrics are mathematically derived from official filings.
Rate Base Growth Drives Revenue
Revenue grew 13.2% year-over-year in Q2 2026, reaching $4.1B, according to the latest quarterly report, reflecting continued rate base expansion and regulatory recovery mechanisms.
The revenue increase is consistent with the company's capital investment program, which is recovering costs through rate cases and decoupling mechanisms. This growth appears durable as New York's electrification mandates necessitate ongoing grid modernization, though the pace may moderate as rate case cycles reset.
Earned Returns Track Authorized Levels
Operating margin held at 13.6% in Q2 2026, as reported in financial statements, suggesting the company is earning close to its authorized ROE, with regulatory lag partially offset by efficiency gains.
The stability in operating margins across quarters indicates that the NYPSC's allowed returns are being realized, but the gap between authorized and earned ROE may widen if inflation persists and rate case outcomes lag. Investors should monitor the next rate case for any reduction in allowed ROE, which could compress margins.
Pass-Through Costs Shield Earnings
Fuel and purchased power costs are largely pass-through, as evidenced by stable operating margins despite revenue fluctuations, based on reported figures, insulating earnings from commodity price volatility.
The company's regulatory construct allows for timely recovery of fuel and purchased power costs, minimizing working capital strain. However, property tax increases and O&M cost inflation may not be fully recoverable, potentially pressuring margins if not addressed in future rate cases.
Earnings Quality Solid but Seasonal
EPS growth of 22.1% in Q2 2026, as per the latest income statement, is partly weather-driven, but the core regulated earnings power appears stable, supported by decoupling and rate base growth.
Quarterly EPS volatility is largely due to seasonal weather patterns and regulatory deferrals, which are non-cash adjustments. The divestiture of Clean Energy Businesses may reduce earnings volatility but also lowers the growth ceiling, making the regulated earnings stream more predictable yet slower-growing.
CAPEX Translates to Rate Base
Capital expenditures are being recovered through rate base growth, as evidenced by revenue increases outpacing inflation, according to recent SEC filings, supporting EPS growth at a reasonable return.
The company's capital plan, focused on grid hardening and electrification, is expected to expand rate base, driving earnings growth. However, the timing of CWIP in rate base and the authorized ROE will determine the ultimate EPS impact. If cost overruns occur, they may not be fully recoverable, posing a risk to the growth trajectory.
Regulatory Lag and Political Risk
Despite strong revenue growth, the company faces potential regulatory lag and political pressure in New York, which could compress earned ROE below authorized levels, as suggested by recent rate case outcomes.
The aggressive electrification mandates and the All-Electric Buildings Act may accelerate gas asset obsolescence, creating stranded asset risk if the regulator does not allow accelerated depreciation. Additionally, the high cost of grid hardening and property taxes may outpace rate case recoveries, pressuring margins. Investors should monitor the NYPSC's stance on allowed ROE and cost recovery mechanisms.