CONSOLIDATED EDISON INC (ED)·Q1 2025 Earnings Summary

Executive Summary

• Q1 2025 delivered solid results: revenue $4.80B and EPS $2.26, both higher year over year; management reaffirmed FY25 adjusted EPS guidance of $5.50–$5.70 per share .
• Results beat Wall Street consensus: EPS $2.26 vs $2.21 consensus and revenue $4.80B vs $4.45B; strength driven by higher CECONY rate base, steam rate plan, and lower O&M, partially offset by stock-based comp and dilution from share issuance *.
• Regulatory momentum: O&R’s three‑year rate plans approved (authorized ROE 9.75%/48% equity), and CECONY filed April updates to 2026 electric/gas rate requests (electric −$3M to $1,608M; gas −$91M to $349M) .
• Financing executed: $1.31B public equity and physical settlement of 7.0M shares ($0.68B) completed in March, meeting 2025 equity needs; dividend declared $0.85 per share on April 17 .
• Key watch items: aged receivables remain elevated; federal actions (tariffs on Canadian energy, offshore wind pause) could influence commodity costs and project timelines; company expects steady rate base growth and long-term capex (~$72B over 10 years) .

What Went Well and What Went Wrong

What Went Well

• Higher CECONY rate base and steam rate plan drove EPS: +$0.05 from electric, +$0.03 from gas, +$0.07 from steam; O&R contributed +$0.03 combined from electric and gas base rate increases .
• Strong execution on financing plan: issuance of 6.3M common shares ($631M) and physical settlement of 7.0M shares ($677M) satisfied 2025 equity needs, supporting capex and balance sheet resilience .
• Guidance reaffirmed on operational confidence: “solid foundation for 2025,” focusing investments on grid security, resiliency, and electrification demand; nearly $72B capital plan over 10 years .

What Went Wrong

• Elevated stock-based compensation and dilution pressured EPS: −$0.04 from stock-based comp; −$0.03 from share issuance; Other/parent also −$0.02 adjusted EPS .
• Aged receivables remain high, impacting liquidity; CECONY 60+ day AR $1.51B vs $1.65B at year‑end; management intensifying collections strategy .
• Regulatory/project uncertainty: Empire Wind 1 marine activities paused by BOEM; federal tariff posture on Canadian energy imports could raise commodity costs if implemented .

Financial Results

Core Financials vs prior periods and estimates

Values marked with * retrieved from S&P Global.

Margins trajectory

Segment breakdown (Q1 2025)

KPIs (Q1 2025 and recent updates)

Guidance Changes

Earnings Call Themes & Trends

Note: A Q1 2025 earnings call transcript was not available in our document set; themes are drawn from the press release, 8‑K deck, and 10‑Q .

Management Commentary

• “We continue to deliver results through strong execution of our strategy, with robust investments in infrastructure to maintain our world-class reliability and support the clean energy transition.” — Tim Cawley, Chairman & CEO .
• “The issuance of over $1.3 billion in new common equity during the quarter…satisfies our anticipated equity needs for 2025 and allows us to focus on delivering our operational and remaining financial objectives over the balance of the year.” — Kirk Andrews, SVP & CFO .
• “We anticipate steady growth through the year and long term, and project nearly $72 billion in capital investments over the next 10 years…” — Tim Cawley .

Q&A Highlights

• No Q1 2025 earnings call transcript was available in our sources; management’s guidance reaffirmation and financing/color are drawn from press releases and the 8‑K presentation .
• Regulatory detail (rate filings/ROE/equity ratio) and AR collections strategies were elaborated in the 10‑Q .

Estimates Context

• Q1 2025 beat: EPS $2.26 vs $2.21 consensus; revenue $4.80B vs $4.45B consensus; strength from rate base increases and steam plan, with modest dilution from share issuance and higher stock-based comp * .
• FY25 guidance maintained; street models likely to remain steady with rate base and capex visibility; watch AR trajectory and federal policy impacts on commodity costs and project timing .

Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

• Q1 print was clean with both EPS and revenue above consensus; reaffirmed FY25 adjusted EPS and visible multi‑year capex/rate base growth remain core to the long thesis * .
• Financing risk reduced: equity completed early, supporting balance sheet and execution of 2025–2026 investment plan; dividend maintained .
• Regulatory backdrop supportive: O&R plans approved (9.75% ROE/48% equity); CECONY rate case updates trend lower requested increases, indicating constructive engagement .
• Monitor liquidity via aged receivables; enhanced collections in place, but sustained elevation could influence cash management and surcharge recoveries .
• Federal policy/tariffs/offshore wind pause are exogenous variables for commodity costs and project timelines; ED’s decoupling and recovery mechanisms mitigate earnings volatility, but headline risk persists .
• Segment performance underscores CECONY earnings power (gas/electric/steam) with O&R supportive; CET small but worth tracking (MVP outcomes) .
• Near-term trading: beat and guidance maintain are generally supportive; medium‑term thesis centers on regulated rate base compounding, disciplined financing, and constructive NYSPSC outcomes .

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Additional supporting data and references:

• Consolidated income statement, cash flow, and balance sheet (Q1 2025) .
• Variance walk and reconciliation GAAP→Adjusted EPS (Q1 2025 and Q1 2024) .
• Capital plan and financing schedule (2025–2029) .
• Sector ROE/Equity ratios (CECONY/O&R) .

Notes:

• Q1 2025 earnings call transcript not found in our document catalog. We read the full 8‑K press release and earnings presentation, related press releases, and the 10‑Q to synthesize this recap .
• Values marked with * were retrieved from S&P Global consensus data.