Consolidated Edison (ED) Financials

Here are the key takeaways from Consolidated Edison’s (NYSE: ED) quarterly financials across the most recent four years, focusing on trends in revenue, profitability, cash flow, and leverage.

• Dividend stability: Consolidated Edison has maintained a steady quarterly dividend per share in the roughly $0.81–$0.85 range (for example, 0.85 in Q1 2025 and 0.81 in several 2025 quarters), providing reliable income for investors.
• Positive operating cash flow across the period: ED has generated positive net cash from continuing operating activities in recent quarters, supporting ongoing capex and dividend payments (example: about $1.48B in 2025 Q4).
• Large, stable asset base: Total assets hover around $70B+ in the latest periods, with substantial property, plant & equipment and a balanced mix of current/noncurrent assets, which underpins steady cash flows and capacity for rate-base investments.
• Net income generally positive through the period: Quarterly earnings remained positive in most periods, reflecting resilience in the core utility operations and the regulatory framework that supports stable earnings generation.
• Ongoing capex supports long-term growth: A sizable capex program continues to drive asset base expansion and infrastructure investments, consistent with a strategy to grow and sustain rate base over time.

• Revenue has been relatively flat over the four-year window, indicating stable demand and regulated pricing but limited top-line growth.
• Earnings can swing quarter-to-quarter due to non-cash adjustments and other income/expense components, leading to near-term earnings volatility.
• Investing activities are consistently negative due to capital expenditures, reflecting infrastructure investments rather than cash burn, which can pressure near-term free cash flow.

• High leverage risk: Long-term debt typically sits in the mid-to-high $20B range with total liabilities well above $40B, signaling substantial leverage that could weigh on earnings if rates rise or regulatory returns are challenged.
• Near-term cash flow pressures from capex: The heavy capital investment cycle, while necessary for growth, means investing cash flows are often negative and must be funded through operating cash flow or new financing.