Con Edison Q3 2025 Earnings: Revenue Climbs to $4.5B

Consolidated Edison (Con Edison), one of the largest investor-owned energy companies in the United States, provides the essential electricity, gas, and steam that power New York City and its surrounding areas. We're diving into the company's most recent quarterly financial report to see how it performed in the third quarter of 2025 and what the numbers reveal about its business health.

A Powerful Performance in Q3

Con Edison reported a strong third quarter, with total revenues climbing to $4.5 billion, a notable increase from $4.1 billion in the same period last year. This top-line growth translated effectively to the bottom line, as net income rose to $688 million, up from $588 million in Q3 2024. For shareholders, this meant diluted earnings per share (EPS) increased to $1.90 from $1.69 a year prior.

The following flow diagram provides a visual breakdown of how the company's revenues were channeled through its various costs to arrive at its quarterly profit.

As the diagram illustrates, running a major utility is a capital-intensive operation. Total operating expenses for the quarter reached $3.6 billion. The largest cost drivers were "Other operations and maintenance" at $965 million, "Taxes, other than income taxes" at $953 million, and "Purchased power"—the cost of acquiring electricity from generators—at $905 million.

CECONY: The Engine of Growth

The vast majority of Con Edison's business is driven by its primary subsidiary, Consolidated Edison Company of New York, Inc. (CECONY). This segment, which serves millions of customers in New York City and Westchester County, accounted for nearly $4.2 billion, or over 92%, of the company's total revenue.

The strong performance of this core utility was the main factor behind the company's overall profit increase. According to the company's management discussion, a key reason for the improved results was a "Higher electric rate base" for CECONY.

For a regulated utility, the "rate base" is a critical concept. It represents the total value of its assets—like power lines, substations, and gas mains—that regulators permit it to earn a return on. An expanding rate base, often the result of new capital investments to modernize the grid, allows the company to generate higher regulated earnings, directly contributing to profit growth. Other factors boosting the quarter's results included lower effective income taxes and reduced interest expenses on short-term debt.

A Regulated Reality

Con Edison's third-quarter results highlight the stable and predictable nature of a mature utility. The company's financial success is less about fluctuating consumer demand and more about its ability to effectively manage its operations and investments within the framework set by public service commissions. This performance demonstrates a successful navigation of that regulated landscape, turning necessary infrastructure investment into reliable earnings growth. Looking ahead, the company's trajectory will continue to depend heavily on these foundational elements: prudent capital expenditure and constructive regulatory outcomes.