At a glance
Consolidated Edison Inc is worth $43.82B, about 21 times its fiscal 2025 earnings. Revenue grew 10.2% to $17.05B in fiscal 2025, with 11.9% kept as profit; over 5 years it has grown 7.2% a year. It pays a 2.97% dividend yield, and returned $6.48B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +25.7% over the past year with dividends reinvested and +13.0% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 30.9% in the 2020 crash (S&P 500: 33.7%) and 22.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 23 months and 6 months after the lows.
The business in plain English
Consolidated Edison, or Con Edison, is a holding company (a parent that owns other companies) whose utilities deliver electricity, gas and steam in and around New York City. Its main unit, Consolidated Edison Company of New York (CECONY), provides electric service to about 3.7 million customers in New York City (except part of Queens) and most of Westchester County, an area of more than nine million people. CECONY also delivers gas to about 1.1 million customers and runs the largest steam distribution system in the US, serving about 1,490 customers in parts of Manhattan.
Orange and Rockland Utilities (O&R) serves about 0.3 million electric customers in southeastern New York and northern New Jersey, plus over 0.1 million gas customers. A third arm, Con Edison Transmission, invests in electric transmission projects and owns electric and gas assets through joint ventures.
Con Edison is mostly a delivery business. Its utilities sold their power plants in the 1990s, except those that also make steam. Many customers purchase their energy from other suppliers, and Con Edison carries it to them. State regulators set its rates to cover approved costs plus a return on its rate base, which is mainly the value of its wires, pipes and other equipment. Of $17.0 billion in 2025 revenue, electric produced 73.9%, gas 21.2% and steam 4.1%.
Price history
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ED +25.7% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Electric | $12.60B | 73.9% |
| Gas | $3.61B | 21.2% |
| Steam | $703.0M | 4.1% |
| Non-utility | $3.0M | 0% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $4.17B, up 14.8% from a year earlier, and net income was $308.0M (+25.2%).
- For fiscal 2025, revenue was $17.05B (+10.2% year over year; +7.2% a year from FY2020 to FY2025) with a 11.9% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +7.2% good |
|---|---|
| Operating margin | 17.2% good |
| Return on equity (FY2025) | 8.4% watch |
| Return on assets (FY2025) | 2.7% weak |
| Net cash (cash minus debt) | $-24.80B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $12.03B | $1.10B | $-1.89B |
| FY2021 | $13.46B | $1.35B | $-1.23B |
| FY2022 | $15.46B | $1.66B | $-530.0M |
| FY2023 | $14.48B | $2.52B | — |
| FY2024 | $15.47B | $1.82B | — |
| FY2025 | $17.05B | $2.02B | — |
Valuation snapshot
| Market value | $43.82B |
|---|---|
| P/E ratio | 21 |
| Dividend yield | 2.97% |
Rank among 1514 US companies
Market value at each year end
Consolidated Edison’s market value went from $22.45B at the end of 2016 to $43.82B on Nov 2, 2026, about 2.0 times as much; since the end of 2025 it is up 22%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $43.82B | +22.2% |
| 2025 | $35.85B | +16.0% |
| 2024 | $30.91B | -1.6% |
| 2023 | $31.40B | -7.1% |
| 2022 | $33.82B | +12.1% |
| 2021 | $30.18B | +24.7% |
| 2020 | $24.20B | -19.5% |
| 2019 | $30.07B | +26.3% |
| 2018 | $23.81B | -9.6% |
| 2017 | $26.34B | +17.3% |
| 2016 | $22.45B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ED price data to Nov 2, 2026 | +22.2% | +25.7% | +13.3% | +13.0% | +8.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.3% |
| 2025 | +15.2% |
| 2024 | +1.6% |
| 2023 | -1.1% |
| 2022 | +15.6% |
| 2021 | +23.0% |
| 2020 | -16.9% |
| 2019 | +22.6% |
| 2018 | -6.6% |
| 2017 | +19.3% |
| 2016 | +18.9% |
| 2015 | +1.4% |
| 2014 | +24.8% |
| 2013 | +3.8% |
| 2012 | -6.7% |
| 2011 | +30.8% |
| 2010 | +14.9% |
| 2009 | +31.6% |
| 2008 | -15.8% |
| 2007 | +6.7% |
| 2006 | +9.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 25.6% over that stretch · deepest drop along the way 30.1%, back to its old high 8.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 30.4% over that stretch · deepest drop along the way 30.9%, back to its old high 23.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 4.2% over that stretch · deepest drop along the way 22%, back to its old high 6.4 months after the low |
Insider activity
Form 4 filings from 2025-10-27 to 2026-10-27 (25 read): 3 open-market purchases ($330.59) and 2 sales ($1.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Feb 27, 2026 | William J Mulrow Director | sell | $893K |
| Mar 12, 2026 | Deneen L Donnley SVP and General Counsel | sell | $219K |
| Sep 15, 2026 | Joseph Miller VP & Controller | buy | $111.00 |
| Jun 15, 2026 | Joseph Miller VP & Controller | buy | $110.00 |
| Mar 16, 2026 | Joseph Miller VP & Controller | buy | $109.00 |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.1% | Sep 30, 2025 |
| Vanguard Capital Management | 7.41% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.07% | Mar 31, 2026 |
ETFs with the most weight in ED
| IVRA Invesco Real Assets ESG ETF | 3.86% |
| STNC Hennessy Stance ESG ETF | 3.81% |
| RSPU Invesco S&P 500 Equal Weight Utilities ETF | 3.47% |
| FXU First Trust Utilities AlphaDEX Fund | 3.35% |
| XLU Utilities Select Sector SPDR Fund | 3.14% |
| VSDA VictoryShares Dividend Accelerator ETF | 2.97% |
| FUTY Fidelity MSCI Utilities Index ETF | 2.95% |
| IDU iShares U.S. Utilities ETF | 2.8% |
What could go wrong
- Regulators cap what Con Edison can earn. The New York State Public Service Commission sets rate plans that cap prices. Rates aim to cover costs plus a reasonable return but don't guarantee it, and costs regulators deem unreasonable can be disallowed.
- Penalties and possible loss of operating rights. The commission can impose material penalties. After repeated violations showing a failure to provide safe service, it can revoke or modify the utility's operating certificate. Rate plans also cut revenue for missed service targets.
- Rising costs could squeeze future rate deals. When rate plans expire, regulators must approve new ones. Rising energy costs, taxes and state surcharges could make it harder to win plans with a reasonable return while keeping bills affordable.
- Slow collection of overdue customer bills. The company says slow collection of overdue customer balances has strained its liquidity (ready cash) and is expected to keep doing so. Recovering these costs and write-offs through rates could also fall short.
- Outages across a dense New York network. Failure of or damage to facilities serving about 3.7 million electric customers in New York City and Westchester could hurt results. Payments to customers after long, widespread outages can't be recovered through rates.
- Heavy debt and reliance on capital markets. Total debt was about $27.4 billion as of December 31, 2025. Con Edison needs capital markets to fund its spending, and its dividend depends on payouts from its subsidiaries.
Recent events
- Other company announcement
- Quarterly results released
- Executive or board change
- Other company announcement
- Shareholder vote results
- Major agreement signed
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation
- Major agreement signed; Other company announcement
- Quarterly results released
For income and retirement investors
Con Edison says it aims to reward shareholders through continued dividend growth, but the dividend has grown in small steps. Dividends per share rose each year from $3.06 in 2020 to $3.32 in 2024. Dividends paid took 57.6% of 2025 net income, and the yield was 3.08% as of October 28, 2026. Free cash flow, the cash left after spending on equipment, was negative in 2020 through 2022. That means dividends in those years were effectively funded with borrowing and new shares. The share count grew 4.5% from October 2021 to July 2026. Its only buyback in 2021–2025 was $1 billion, in 2023.
The shares fell about 30% in the 2008 crisis and about 31% in the 2020 COVID crash. They took roughly 8.5 and 23 months to regain their peaks after those lows. In 2022 they lost only about 4% while the market slid, though they fell 22% in that slide's final month. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Con Edison make money?
Con Edison makes most of its money delivering electricity, gas and steam through regulated utilities. They serve New York City, Westchester County, southeastern New York and northern New Jersey. Regulators set rates meant to cover approved costs plus a return on the money invested in its network. Of $17.0 billion in 2025 revenue, electric service brought in 73.9%, gas 21.2% and steam 4.1%. A smaller arm, Con Edison Transmission, invests in electric transmission projects.
What is Con Edison's dividend yield?
Con Edison's dividend yield was 3.08% as of October 28, 2026. That means annual dividends equaled about 3% of the share price. Dividends per share rose each year from $3.06 in 2020 to $3.32 in 2024, in small steps. The company paid $1.17 billion in dividends in 2025, about 57.6% of its $2.02 billion net income. It says it aims for continued dividend growth, backed by earnings growth in its regulated businesses.
Who decides how much Con Edison can charge customers?
State regulators do. The New York State Public Service Commission sets rates for Con Edison's New York utilities, and the New Jersey Board of Public Utilities oversees Rockland Electric. Rates are designed to cover approved costs plus a return on the company's rate base, mainly its wires, pipes and other equipment. In New York, a utility's proposed new rates generally take effect automatically after about 11 months unless the commission approves a plan first. During a plan, rates usually change only through set adjustments.
Does Con Edison own power plants?
Only those tied to its steam business. When New York restructured its electric industry in the 1990s, Con Edison's utilities sold their generating plants, except those that also produce steam for CECONY's steam customers. Customers can purchase electricity or gas from other suppliers, and Con Edison delivers it. In 2025, other suppliers provided 56% of the electricity and 33% of the gas CECONY delivered. The utilities also no longer control or operate their bulk power transmission lines.
Which ETFs hold Con Edison stock?
About 220 ETFs hold Con Edison shares. Its highest weights are in Invesco Real Assets ESG ETF (IVRA) at 3.86% and Hennessy Stance ESG ETF (STNC) at 3.81%. Utility funds follow, including Invesco S&P 500 Equal Weight Utilities ETF (RSPU) at 3.47%, Utilities Select Sector SPDR Fund (XLU) at 3.14% and iShares U.S. Utilities ETF (IDU) at 2.8%. In each fund, Con Edison is one holding among many, which spreads out the risk tied to any single company.