Consolidated Edison, Inc.ED
NYSE•Utilities•Utilities - Regulated Electric
Consolidated Edison, Inc., through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,490 customers in parts of Manhattan. It also supplies electricity to approximately 0.3 million customers in southeastern New York and northern New Jersey; and gas to approximately 0.1 million customers in southeastern New York. In addition, the company operates 552 circuit miles of transmission lines; 16 transmission substations; 63 distribution substations; 89,675 in-service line transformers; 3,764 pole miles of overhead distribution lines; and 2,417 miles of underground distribution lines, as well as 4,374 miles of mains and 379, 939 service lines for natural gas distribution. Further, it invests in electric and gas transmission projects. The company primarily sells electricity to industrial, commercial, residential, and government customers. Consolidated Edison, Inc. was founded in 1823 and is based in New York, New York.
Consolidated Edison, Inc. (ED) reported trailing twelve months revenue of $17.39B as of March 2026, a 8.2% increase year-over-year. Quarterly revenue reached $5.23B, reflecting continued top-line momentum.
Consolidated Edison, Inc. generated $2.16B in TTM net income, with quarterly EBITDA of $1.75B. The operating margin contracted from 23.0% to 22.5%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (22.5%) and net margin (17.7%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 16.2% a year ago, signaling stronger bottom-line efficiency.
ED trades at a P/E of 19.1x (in line with broad market averages) and a P/S of 2.4x. The price-to-book ratio of 1.6x reflects a moderate premium to book value.
The company generated $174.00M in free cash flow over the trailing twelve months, a 79.2% decrease year-over-year, indicating cash generation ability. The balance sheet shows $74.74B in total assets with no in long-term debt against $25.60B in stockholders equity. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~16.5%, suggesting durable pricing power and cost discipline.
ROE is positive at ~8.3% on average, adequate but below the threshold typically associated with wide moats.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (7 of 7 quarters up), with ~15.5% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~16.4% — no sign of cost or pricing stress.
FCF covers net income by 3.3x on average — earnings are well-supported by cash generation.
D/E ratio is 1.1 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares outstanding rose 4.9% — mild dilution. Compare to earnings growth to assess net per-share impact.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation