tapebrief

ED · Q2 2025 Earnings

Neutral

Consolidated Edison

Reported August 7, 2025

30-second summary

30-second take: Con Edison delivered Q2 GAAP EPS of $0.68 and adjusted EPS of $0.67, with net income of $246M, and reaffirmed FY2025 adjusted EPS guidance of $5.50–$5.70. First-half adjusted EPS of $2.91 ($2.93 GAAP) puts the company on a clean trajectory toward the guide. The Q2 print is a clean execution quarter — higher electric and gas rate base contributed $0.05 and (on a 6M basis) $0.04 to EPS respectively, and the PSC approved $440M of electrification investment across five projects. The investment case remains a steady regulated-utility story.

Headline numbers

EPS

Q2 FY2025

$0.67

Key financials

Q2 FY2025
MetricQ2 FY2025YoY
EPS$0.67—

Guidance

Prior quarter data unavailable — comparison not possible.

Other KPIs

Q2 FY2025
SegmentQ2 FY2025
Electric Rate Base Growth (CECONY)$15 million higher (Q2 2025 vs Q2 2024)
Gas Rate Base Growth (CECONY)$13 million higher (6M 2025 vs 6M 2024)
Electric Rate Base Growth (O&R)Base rate increase approved
Gas Rate Base Growth (O&R)Base rate increase approved
Approved Investment in Electrification Projects$440 million
FY2025 Adjusted EPS Guidance (Reaffirmed)$5.50–$5.70

Management tone

No tone-shift analysis available for this quarter.

Recurring themes management leaned on this quarter:

Accelerated capital deployment driven by near-term electrification demandClimate science intensifying risk profile—sea level rise and extreme weather more severe than 2019 modelsGrid reliability and resiliency as competitive advantage amid fossil fuel retirementProactive transmission planning and offshore wind integration critical to state CLCPA goalsWorkforce expansion and skill development essential to executionEquity and disadvantaged community benefit integration into clean energy transition

Risks management surfaced:

Density and site constraints in downstate regions limiting clean energy installation optionsElectrification of older high-rise buildings cost-prohibitive without alternative low/zero-carbon gas solutionsFossil fuel generation retirement timelines misaligned with new renewable resource availability creates reliability gapsCustomer demand for EV charging and building electrification outpacing infrastructure buildout timelinesSea level rise and extreme weather frequency/severity exceeding prior climate projections, requiring larger resilience investments

What to watch into next quarter

FY2025 adjusted EPS landing point within the $5.50–$5.70 band — first-half execution at $2.91 adjusted looks consistent with the midpoint; watch whether Q3 storm activity or rate-case timing pushes the print toward the lower or upper half.

Capex plan updates with Q3 results or year-end disclosure — watch for any formalization of a higher multi-year capex envelope as electrification approvals accumulate.

NYISO public policy transmission needs solicitation — referenced in strategy commentary; watch for award progression as a potential rate base catalyst.

CECONY and O&R rate case progress — O&R base rate increases were approved this quarter; monitor any CECONY rate filings that would lock in recovery of accelerated electrification and resilience capex.

Next reading on electrification demand — the 2024 strategy presentation flagged ">25% above traditional capacity" service requests; watch whether ED quantifies updated figures on the Q3 call to confirm durability of the trend.

Sources

  1. Consolidated Edison Q2 2025 press release, filed with SEC (Exhibit 99.1), August 7, 2025 — https://www.sec.gov/Archives/edgar/data/1047862/000104786225000071/ed-2025630xexx991.htm
  2. Consolidated Edison 2024 Clean Energy Future presentation (annual strategy webinar) — source for strategic context items above.

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