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AI核心结论
Consolidated Edison (ED) delivered solid FY2025 results with revenue rising 10.9% to $16.9B and operating cash flow surging 32.8% to $4.8B, while net income jumped sharply to $2.0B driven by prior-year comparison effects.
营业收入
$16.92B
同比 ++10.89%
每股收益（基本）
$5.66
同比 ++7.60%
营业利润
$2.94B
同比 ++9.93%
提交于 · 解读更新于 · 来源: SEC EDGAR 10-K 原文
Consolidated Edison (ED) FY2025 营收 $16.92B，同比增长 10.9%。 净利润 $2.02B，同比增长 111053.8%，稀释每股收益 $5.64。
Total revenue increased 10.9% year-over-year to $16.9B in FY2025 from $15.3B in the prior year, reflecting higher utility rates and increased energy delivery volumes across Con Edison's regulated service territories.
来源: Source: 10-K Income Statement
Operating income grew 9.9% to $2.94B, though operating margin edged slightly lower to 17.3% from 17.5%, suggesting modest cost pressures relative to revenue growth in the regulated utility business.
来源: Source: 10-K Income Statement
Net income reached $2.02B in FY2025 compared to a near-breakeven $1.82M in the prior year, a dramatic improvement largely attributable to prior-year one-time charges or asset sale impacts that depressed FY2024 net income.
来源: Source: 10-K Income Statement
Operating cash flow jumped 32.8% to $4.80B from $3.61B, significantly strengthening the company's ability to fund its capital-intensive infrastructure investment program without excessive reliance on external financing.
来源: Source: 10-K Cash Flow Statement
Investing cash outflows remained substantial at -$5.25B (essentially flat with -$5.27B prior year), underscoring Con Edison's ongoing commitment to grid modernization, reliability improvements, and clean energy infrastructure buildout.
来源: Source: 10-K Cash Flow Statement
As a regulated utility, Con Edison's revenues and returns are subject to approval by the New York Public Service Commission. Adverse rate case outcomes could limit the company's ability to recover costs and earn its authorized return on equity, directly impacting profitability.
来源: Source: 10-K Risk Factors
Long-term debt stands at $25.8B, up 4.4% year-over-year, against stockholders' equity of $24.2B, resulting in a debt-to-equity ratio above 1.0x. Rising interest rates could increase refinancing costs and pressure earnings as debt matures and is rolled over.
来源: Source: 10-K Balance Sheet
Con Edison invested approximately $5.25B in capital expenditures in FY2025, reflecting its large infrastructure modernization program. Delays, cost overruns, or inability to recover these investments through rates could negatively affect financial performance.
来源: Source: 10-K Cash Flow Statement
New York State's aggressive clean energy mandates require significant investment in grid upgrades and renewable integration. The pace and cost of this transition may exceed regulatory allowances, creating a potential earnings drag if costs are not fully recovered.
来源: Source: 10-K Risk Factors
Despite a current ratio of just 1.02x, the company relies on external financing to bridge the gap between operating cash flows ($4.8B) and capital investment needs ($5.25B). Any disruption in capital markets access could strain liquidity and force unfavorable financing terms.
来源: Source: 10-K Balance Sheet & Cash Flow Statement
FY2025 实际 EPS $0.89，分析师一致预期 $0.98，不及预期 -8.8%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $16.92B | $15.26B | +10.89% |
营业利润 | $2.94B | $2.67B | +9.93% |
净利润 | $2.02B | $1.82M | +111053.85% |
每股收益（基本） | $5.66 | $5.26 | +7.60% |
每股收益（稀释） | $5.64 | $5.24 | +7.63% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $74.6B | $70.56B | +5.73% |
流动资产 | $6.75B | $6.66B | +1.29% |
流动负债 | $6.61B | $6.43B | +2.81% |
股东权益 | $24.19B | $21.96B | +10.14% |
现金及等价物 | $1.63B | $1.32B | +23.04% |
长期债务 | $25.8B | $24.71B | +4.42% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $4.8B | $3.61B | +32.82% |
投资活动现金流 | $-5.25B | $-5.27B | +0.46% |
筹资活动现金流 | $746M | $1.8B | -58.49% |
股票回购 | $0 | $0 | — |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 17.3% | 17.5% | -0.15% |
净利率 | 12.0% | — | — |
净资产收益率 | 8.4% | — | — |
总资产收益率 | 2.7% | — | — |
流动比率 | $1.021 | — | — |
Multi-Utilities 行业其他公司
Consolidated Edison's revenue grew 10.9% in FY2025 to $16.9B from $15.3B in the prior year, driven by higher regulated utility rates and increased energy delivery volumes. This growth outpaced the 9.9% increase in operating income, suggesting modest cost pressures in the business.
The standout results in FY2025 were a dramatic recovery in net income to $2.02B (from near-zero $1.82M in FY2024) and a 32.8% surge in operating cash flow to $4.8B. EPS grew a more normalized 7.6% to $5.64 diluted, reflecting the underlying earnings power of the regulated utility business.
Key risks include regulatory rate case outcomes that could limit cost recovery, a substantial long-term debt load of $25.8B, and the capital execution risk associated with its $5.25B annual investment program. The company also faces costs related to New York State's clean energy transition mandates.
Con Edison's financial health is stable but leveraged, with a current ratio of just 1.02x and long-term debt of $25.8B exceeding stockholders' equity of $24.2B. However, strong operating cash flow of $4.8B and growing total assets of $74.6B support the company's investment-grade utility profile.
The filing data shows zero share buybacks in FY2025, consistent with Con Edison's strategy of prioritizing capital investment and dividend payments over repurchases. Financing cash flows of $746M suggest the company continued to raise capital through debt and/or equity issuances to fund its infrastructure program.