ED · Q3 2025 Earnings

Neutral

Consolidated Edison

Reported November 6, 2025

30-second summary

30-second take: Con Edison posted Q3 GAAP EPS of $1.91 and adjusted EPS of $1.90 on net income of $688M, and narrowed FY2025 adjusted EPS guidance to $5.60–$5.70 from $5.50–$5.70 — a $0.10 raise at the low end with the ceiling reaffirmed. The signal is incremental but real: management is now confident enough in second-half execution to retire the bottom of the range. The story remains a straight regulated-utility rate-base compounder, now with a 14-substation, 2030-targeted build-out formalized in the disclosure.

Headline numbers

EPS

Q3 FY2025

$1.90

Key financials

Q3 FY2025

Metric	Q3 FY2025	YoY	Q2 FY2025	QoQ
EPS	$1.90	—	$0.67	+183.6%

Guidance

Con Edison raised the low end of FY2025 adjusted EPS guidance by $0.10, narrowing the range and implying improved confidence in earnings delivery.

Guidance is issued for the full year only, refreshed each quarter. Prior and new below are the same FY updated this quarter.

Changes to prior guidance

Metric	Period	Prior guide	New guide	Δ	Result
Adjusted EPS (non-GAAP)	FY 2025	$5.50 to $5.70	$5.60 to $5.70	+$0.10 at the low end	Raised

Segment KPIs

Q3 FY2025

Segment	Q3 FY2025
CECONY Electric Rate Base Growth	$37 million net income impact

Other KPIs

Q3 FY2025

Segment	Q3 FY2025
Substations Under Construction Plan	14 new substations by 2030
2025 Full Year Adjusted EPS Guidance	$5.60 to $5.70

Management tone

Narrative arc: Q2 reaffirmation → Q3 constructive low-end raise.

Without a Q3 transcript, the tone read has to come from the release language itself. The shift from Q2's "reaffirmed 2025 earnings guidance" framing to a narrowed range with the low end lifted $0.10 is the substantive change — management is no longer hedging the downside. The accompanying disclosure that the company "plans to complete construction of 14 new substations, along with substation upgrades, transmission lines and storm resiliency measures by 2030" formalizes a multi-year capex envelope that had previously been discussed only in strategy presentations, signaling growing confidence in regulatory recovery of the buildout.

Answers to last quarter's watch list

FY2025 adjusted EPS landing point within the $5.50–$5.70 band — Nine-month adjusted EPS of $4.82 (as disclosed in the release) puts the company on a clean path to the now-narrowed $5.60–$5.70 range. The Q3 print was strong enough that management retired the bottom $0.10 of the prior range. Status: Resolved positively

Capex plan updates with Q3 results or year-end disclosure — The release formalizes 14 new substations by 2030, up from the eight-substation indication in the 2024 strategy presentation, plus transmission lines and storm resiliency. This is the first explicit upsizing of the multi-year buildout. Status: Resolved positively

NYISO public policy transmission needs solicitation — Not addressed in the Q3 release. Status: Continue monitoring

CECONY and O&R rate case progress — CECONY higher electric rate base drove a +$37M net income contribution in Q3, confirming ongoing recovery under approved plans. No new rate case filing was called out on the print. Status: Continue monitoring

Next reading on electrification demand — The release reiterates the substation build-out and resiliency framework but does not quantify updated service-request demand. Status: Not resolved

What to watch into next quarter

FY2025 landing point within the narrowed $5.60–$5.70 band — Q4 needs ~$0.78–$0.88 of adjusted EPS to land in range; watch whether weather or any deferred items pull the print toward the top or bottom.

First FY2026 EPS guidance with year-end results — the customary disclosure that anchors 2026 rate-base earnings expectations.

Capital plan dollarization for the 14-substation, 2030 build-out — watch for a formal multi-year capex figure attached to the substation, transmission and resiliency program.

CECONY next rate case timing — current rate plan recovery is doing the work; monitor any filing that locks in recovery of the accelerated substation and resiliency capex.

Quantified electrification demand update — the >25% above-traditional capacity figure from the 2024 strategy deck remains the last public datapoint; watch for a refresh.

Sources

Consolidated Edison Q3 2025 press release (Exhibit 99.1), filed November 6, 2025 — https://www.sec.gov/Archives/edgar/data/1047862/000104786225000139/ed-2025930xexx991jp.htm
Consolidated Edison Q2 2025 press release (Exhibit 99.1), filed August 7, 2025 — prior-quarter comparison baseline.

Get the next brief, free.

We publish analyst-grade earnings briefs the same day or morning after every call — headline numbers, segment KPIs, Q&A highlights, and tone analysis. Free during beta.

This is not investment advice.