# Consolidated Edison, Inc. (ED)

> Source: Nexqual · https://nexqual.com/ED · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Consolidated Edison, Inc. (ED), nexqual.com/ED" · informational, not investment advice.

**Price:** USD 116.26 (+3.97% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 111.82 · day 112.63–116.36 · 52w 94.96–116.36 · market cap $43.0B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $17.9B, net income $2.22B (12.4% margin) (SEC filings).
- Valuation: P/E 19.4x (avg 15.7x at the last 3 fiscal year-ends).
- Earnings quality: non-operating income $772M vs operating income $3.18B over the last four quarters; P/E excluding non-operating income ≈26.4x (estimate: non-operating income taxed at the company's 23.6% effective rate).
- Insider open-market purchases, last ~7 months: 2 Form 4 filings, $0K; 0 by opportunistic insiders, 2 by routine insiders.
- Analysts: Hold (mean 3.42 on a 1–5 scale) (19 analysts), mean target USD 107.44 (range 87–130).
- Total return with dividends: 1Y +19.2% vs S&P 500 +14.9%; 5Y +81.6% vs S&P 500 +80.3%.
- Next earnings: 2026-11-05, EPS estimate USD 2.03, revenue estimate $4.76B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $13.7B | $15.7B | $14.7B | $15.5B | $17.0B | $17.9B |
| Operating income | $2.83B | $2.62B | $3.20B | $2.67B | $2.94B | $3.18B |
| Net income | $1.35B | $1.66B | $2.52B | $1.82B | $2.02B | $2.22B |
| EPS (diluted) | $3.85 | $4.66 | $7.21 | $5.24 | $5.64 | — |
| Free cash flow | -$1.23B | -$530M | — | — | — | — |
| Operating margin | 20.7% | 16.7% | 21.8% | 17.3% | 17.2% | 17.8% |
| Net margin | 9.8% | 10.6% | 17.2% | 11.8% | 11.9% | 12.4% |
| Revenue growth | +11.7% | +14.6% | -6.4% | +5.5% | +10.2% | — |
| Cash + short-term investments | $992M | $1.28B | $1.19B | $1.32B | $1.63B | — |
| Total debt | $23.0B | $23.4B | $22.2B | $24.7B | $25.8B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.4x · P/E ex non-operating (est.) ≈26.4x · P/S 2.4x · P/B 1.7x · Earnings yield 5.16% · Dividend yield (paid, TTM) 2.82%
P/E at fiscal year-ends: Dec 2025 17.6x, Dec 2024 17.0x, Dec 2023 12.6x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
2 purchases, $0K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-09-15 | Miller Joseph | VP & Controller | 1 | $0K | 105.81 | Routine (bought in Mar & Jun & Sep & Dec each year 2023–2025) |
| 2026-06-15 | Miller Joseph | VP & Controller | 1 | $0K | 106.87 | Routine (bought in Mar & Jun & Sep & Dec each year 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 3.42 on a 1–5 scale), 19 analysts; mean target USD 107.44 (low 87, high 130).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Hold | $104 |
| 2026-10-13 | Keybanc | Target lowered | Underweight | $94 → $87 |
| 2026-10-01 | Wells Fargo | Upgrade | Equal-Weight → Overweight | $108 → $118 |
| 2026-09-18 | Morgan Stanley | Target lowered | Underweight | $101 → $97 |
| 2026-08-21 | Morgan Stanley | Target lowered | Underweight | $105 → $101 |
| 2026-08-17 | Evercore ISI Group | Target lowered | In-Line | $116 → $112 |
| 2026-08-07 | Wells Fargo | Target raised | Equal-Weight | $106 → $108 |
| 2026-08-07 | Barclays | Target lowered | Underweight | $112 → $106 |
| 2026-07-23 | Keybanc | Target lowered | Underweight | $97 → $94 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +19.2% | +81.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +19.3% | +12.6% |
| Volatility (annualized) | 17.8% | 18.6% |
| Max drawdown | -10.0% (Mar 2026→Sep 2026) | -19.1% (Sep 2022→Oct 2022) |

## Peers (Utilities - Regulated Electric)
EXC (Exelon Corporation) USD 44.85 +4.18% · PCG (Pacific Gas & Electric Co.) USD 12.98 -1.29% · XEL (Xcel Energy Inc.) USD 78.9 +2.76% · WEC (WEC Energy Group, Inc.) USD 112.15 +3.36% · PEG (Public Service Enterprise Group) USD 72.72 +2.42% · ETR (Entergy Corporation) USD 108.19 +1.99%

## More
Full page: https://nexqual.com/ED · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Electric | $3.14B | 77.1% | +13.0% |
| Gas | $811.0M | 19.9% | +14.1% |
| Steam | $118.0M | 2.9% | +11.3% |
| Non-utility | $1.0M | 0.0% | +0.0% |
| Total revenue | $4.07B | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "We expect to have 28 new substations in service by 2035, along with tens of billions of dollars in other capital investments we plan to make to meet our customers' need for energy." - more- CON EDISON REPORTS 2026 SECOND QUARTER EARNINGS page 2 For the year of 2026, Con Edison reaffirmed its adjusted earnings per share (non-GAAP) to be in the range of $6.00 to $6.20 per share."
- "Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law."
- "(b) Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.03 | $2.00 | +1.5% | $4.76B | 10 |
| Next quarter (ends 2026-12-31) | $1.04 | $1.13 | -7.6% | $4.11B | 8 |
| Current fiscal year (ends 2026-12-31) | $6.11 | $6.11 | -0.1% | $17.55B | 16 |
| Next fiscal year (ends 2027-12-31) | $6.49 | $6.49 | +0.0% | $18.43B | 16 |