Consolidated Edison (ED) financial statements
Consolidated Edison reported revenue of $16.9B in fiscal 2025, up 3.8% a year over 9 years.
Net income was $2.0B and the operating margin 17.3%, against 23.0% in 2016.
The diluted share count rose 19% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Consolidated Edison's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $12.1B | $12.0B | $12.3B | $12.6B | $12.2B | $13.7B | $15.7B | $14.7B | $15.3B | $16.9B |
| Research and development | $24M | $24M | $24M | $24M | $24M | $25M | $27M | — | — | — |
| Operating income | $2.8B | $2.8B | $2.7B | $2.7B | $2.7B | $2.8B | $2.6B | $3.2B | $2.7B | $2.9B |
| Interest expense | $678M | $729M | $819M | $991M | $1.0B | $905M | $852M | $1.0B | $1.2B | $1.2B |
| Pre-tax income | $1.9B | $2.0B | $1.8B | $1.7B | $1.2B | $1.4B | $2.1B | $3.0B | $2.1B | $2.6B |
| Income tax | $698M | $472M | $401M | $296M | $90M | $190M | $498M | $487M | $318M | $574M |
| Net income | $1.2B | $1.5B | $1.4B | $1.3B | $1.1B | $1.3B | $1.7B | $2.5B | $1.8B | $2.0B |
| EPS (diluted) | $4.12 | $4.94 | $4.42 | $4.08 | $3.28 | $3.85 | $4.66 | $7.21 | $5.24 | $5.64 |
| Diluted shares | 302M | 309M | 313M | 330M | 336M | 349M | 356M | 349M | 347M | 359M |
| Operating margin | 23.0% | 23.1% | 21.6% | 21.3% | 21.7% | 20.7% | 16.7% | 21.8% | 17.5% | 17.3% |
| Net margin | 10.3% | 12.7% | 11.2% | 10.7% | 9.0% | 9.8% | 10.6% | 17.2% | 11.9% | 12.0% |
Balance sheet
Fiscal years, from Consolidated Edison's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $776M | $797M | $895M | $981M | $1.3B | $992M | $1.3B | $1.2B | $1.3B | $1.6B |
| Receivables | $1.1B | $1.1B | $1.3B | $1.2B | $1.7B | $1.9B | $2.2B | $2.4B | $2.4B | $2.6B |
| Total current assets | $3.4B | $3.5B | $3.9B | $4.3B | $5.3B | $5.6B | $13.0B | $6.5B | $6.7B | $6.8B |
| Property, plant and equipment | $35.2B | $37.6B | $41.7B | $43.9B | $46.6B | $48.6B | $46.8B | $49.6B | $52.2B | $55.4B |
| Goodwill | $428M | $428M | $440M | $446M | $446M | $439M | $408M | $408M | $408M | $406M |
| Total assets | $48.3B | $48.1B | $53.9B | $58.1B | $62.9B | $63.1B | $69.1B | $66.3B | $70.6B | $74.6B |
| Total current liabilities | $3.8B | $4.9B | $6.2B | $6.3B | $7.4B | $5.4B | $11.3B | $6.5B | $6.4B | $6.6B |
| Long-term debt | $14.7B | $14.7B | $17.5B | $18.5B | $20.4B | $22.6B | $20.1B | $21.9B | $24.7B | $25.6B |
| Total liabilities | $33.9B | $32.7B | $37.1B | $39.9B | $43.8B | $42.8B | $48.2B | $45.2B | $48.6B | $50.4B |
| Shareholders' equity | $14.3B | $15.4B | $16.7B | $18.0B | $18.8B | $20.0B | $20.7B | $21.2B | $22.0B | $24.2B |
| Net debt | $14.0B | $15.2B | $17.2B | $19.0B | $21.1B | $22.1B | $19.9B | $21.0B | $23.4B | $24.2B |
Cash flow
Fiscal years, from Consolidated Edison's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $3.5B | $3.4B | $2.7B | $3.1B | $2.2B | $2.7B | $3.9B | $2.2B | $3.6B | $4.8B |
| Capital spending | $845M | $415M | $5.2B | $3.7B | $4.1B | $4.0B | $4.5B | — | — | — |
| Free cash flow | $2.6B | $3.0B | -$2.6B | -$542M | -$1.9B | -$1.2B | -$530M | — | — | — |
| Stock-based compensation | $50M | $63M | $14M | $47M | $17M | $35M | $64M | $53M | $35M | $55M |
| Dividends paid | $763M | $803M | $842M | $924M | $975M | $1.0B | $1.1B | $1.1B | $1.1B | $1.2B |
| Share buybacks (net) | — | — | — | — | — | $0 | $0 | -$1.0B | $0 | $0 |
| Net borrowing | $1.4B | $786M | $3.1B | $948M | $2.6B | $462M | $1.5B | $1.1B | $2.4B | $1.1B |
| Free cash flow margin | 21.6% | 24.5% | -20.7% | -4.3% | -15.4% | -9.0% | -3.4% | — | — | — |
| Dividends per share | $2.53 | $2.60 | $2.69 | $2.80 | $2.90 | $2.95 | $3.06 | $3.14 | $3.17 | $3.25 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ED.
Open ED in InvestinglyQuestions
What was Consolidated Edison's revenue in 2025?
$16.9B in fiscal 2025, from its 10-K filing.
From Consolidated Edison's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.