Con Edison 2025 Net Income Rises 11% as $37B Capex Plan Launched
Con Edison reported 2025 net income of $2.02 billion, or $5.66 per share, up from $1.82 billion, or $5.26 per share in 2024, with adjusted EPS rising to $5.70. It plans $37 billion in capital spending through 2030, funding with $6.6 billion debt and $1.1 billion equity in 2026.
1. 2025 Full-Year Results
Con Edison reported 2025 net income of $2.02 billion, or $5.66 per share, compared with $1.82 billion, or $5.26 per share in 2024. Adjusted earnings per share climbed to $5.70 from $5.40 the prior year, driven by rate base growth at CECONY and O&R.
2. Fourth-Quarter Performance
In the fourth quarter, net income fell to $297 million, or $0.82 per share, versus $310 million, or $0.90 per share year-over-year. Adjusted EPS declined to $0.89 from $0.98 due to higher operating and maintenance costs, increased corporate expenses, and share dilution.
3. Long-Term Capital Spending Plan
Con Edison unveiled a capital investment program exceeding $37 billion through 2030, including $6.6 billion in 2026 and $6.8 billion in 2027. Spending will target electric transmission and distribution upgrades, gas system modernization, and projects supporting building and transport electrification.
4. Funding Strategy and Investor Implications
The company plans to fund its buildout with internally generated cash, up to $3.2 billion of long-term debt and $1.1 billion of equity issuance in 2026, along with dividend reinvestment and employee plans. This strategy balances rate base expansion with potential dilution and higher debt levels in a rising interest-rate environment.