The company achieved a 6.2% year-over-year revenue increase in 2026Q1, supported by a 23.1% operating margin that reflects the effectiveness of regulatory decoupling mechanisms.
| 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 | 17.21B | 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 % | 9.1% | 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 | 6.02B | 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 | 11.19B | 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 % | 65.01% | 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 | 8.21B | 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 | 5.05B | 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 % | 29.32% | 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 % | 1.04% | 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 | 2.06B | 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 % | 12% | 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) | 2.98B | 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 % | 17.33% | 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 | 2.79B | 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 % | 16.21% | 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 | 635M | 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 % | 22.76% | 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 | 2.15B | 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 % | 12.52% | 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 % | 13.96% | 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) | 5.91 | 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 % | 9.8% | 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 | 364.4M | 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 |
Elevated regulatory and climate transition risk
According to recent financial disclosures, Consolidated Edison achieved a 6.2% year-over-year revenue increase in 2026Q1, reflecting the utility's reliance on rate base expansion rather than volumetric demand, which remains shielded by regulatory decoupling mechanisms that ensure stable recovery regardless of actual customer consumption patterns in NYC.
Revenue growth appears primarily driven by the ongoing capital investment cycle required for grid modernization and electrification mandates. Investors should monitor whether this top-line expansion continues to translate into earnings growth or if it is increasingly offset by the rising costs of maintaining aging, high-density urban infrastructure.
As reported in quarterly filings, the company sustained an operating margin of 23.1% in 2026Q1, suggesting that the regulatory framework in New York continues to provide a constructive environment for recovering authorized returns despite the inherent complexities of operating within a highly stringent and politically sensitive jurisdiction.
The stability of these margins implies that the utility is successfully navigating the gap between authorized and earned ROE. However, the persistent pressure to harden the grid against climate events may eventually test the limits of the current regulatory compact if recovery mechanisms do not keep pace with capital intensity.
Based on the company's reported figures, the high gross margin of 62.02% underscores the utility's ability to pass through fuel and purchased power costs to consumers, effectively insulating the bottom line from commodity price fluctuations that would otherwise introduce significant volatility into the core regulated earnings profile.
While these costs are largely pass-through, the regulatory construct requires careful management of working capital during periods of high inflation. The reliance on these mechanisms suggests that earnings power remains protected, provided that the NYPSC continues to view these costs as prudently incurred and eligible for timely recovery.
Analysis of the income statement reveals that EPS growth reached 12.9% in 2026Q1, though investors should note that reported earnings are frequently impacted by seasonal fluctuations and regulatory reconciliations that may mask the underlying, long-term sustainable earnings power of the core regulated utility business model.
The volatility in quarterly EPS, such as the 12.9% growth in 2026Q1 compared to the -7.9% decline in 2025Q4, warrants further investigation into the timing of rate case settlements and weather-normalization adjustments. These items appear to create noise that can obscure the true trajectory of regulated earnings growth.
As indicated by the company's capital expenditure plans, the ongoing investment in grid infrastructure is the primary engine for rate base growth, which serves as the fundamental driver for future earnings potential within the current regulatory framework governing the New York City metropolitan service territory.
Incremental CAPEX appears to be translating into earnings growth, but the long-term efficacy of this strategy depends on the utility's ability to secure timely rate relief for these investments. The current cycle represents a significant commitment to modernization that may define the company's earnings profile for years.
Based on recent corporate actions, the divestiture of the Clean Energy Businesses to RWE marks a critical inflection point, shifting the company toward a pure-play regulated utility model that likely reduces earnings volatility while simultaneously lowering the long-term growth ceiling previously offered by non-regulated renewable energy investments.
This strategic realignment suggests a focus on preserving the dividend and core regulated stability. Investors should monitor whether this transition successfully lowers the company's risk profile in the eyes of the NYPSC and the broader investment community over the coming fiscal periods.
Financial statements may fail to fully capture the long-term risk of stranded gas assets, as New York's aggressive climate mandates could force an accelerated retirement of infrastructure that is not yet reflected in current depreciation schedules or the company's long-term capital recovery and earnings projections.
The reliance on high-density underground infrastructure creates a concentration risk that could lead to significant, non-recurring costs in the event of localized catastrophic failures. Furthermore, the political sustainability of current ROE levels in an inflationary environment remains a skeptical challenge that warrants close monitoring by institutional investors.
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.