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CONSOLIDATED EDISON INC

CIK:0001047862|SEC Filings

CONSOLIDATED INCOME STATEMENT (UNAUDITED) - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
OPERATING REVENUES
TOTAL OPERATING REVENUES	$ 4,069	$ 3,595	$ 9,164	$ 8,393
OPERATING EXPENSES
Depreciation and amortization	578	576	1,150	1,140
Taxes, other than income taxes	977	894	2,013	1,841
TOTAL OPERATING EXPENSES	3,517	3,240	7,434	6,913
OPERATING INCOME	552	355	1,730	1,480
Gain on sale of equity interest in Mountain Valley Pipeline, LLC	0	0	189	0
OTHER INCOME (DEDUCTIONS)
Investment income	11	17	29	33
Other income	148	214	289	415
Allowance for equity funds used during construction	24	18	47	36
Other deductions	(13)	(8)	(27)	(22)
TOTAL OTHER INCOME	170	241	338	462
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE	722	596	2,257	1,942
INTEREST EXPENSE (INCOME)
Interest on long-term debt	313	292	621	584
Other interest expense	20	26	38	64
Allowance for borrowed funds used during construction	(19)	(18)	(37)	(36)
NET INTEREST EXPENSE	314	300	622	612
INCOME BEFORE INCOME TAX EXPENSE	408	296	1,635	1,330
INCOME TAX EXPENSE	100	50	403	292
NET INCOME FOR COMMON STOCK	$ 308	$ 246	$ 1,232	$ 1,038
Net income per common share - basic (dollars per share)	$ 0.83	$ 0.68	$ 3.37	$ 2.93
Net income per common share - diluted (dollars per share)	$ 0.83	$ 0.68	$ 3.36	$ 2.92
AVERAGE NUMBER OF SHARES OUTSTANDING-BASIC (shares)	368.8	360.4	365.6	354.5
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (shares)	370.0	361.7	366.8	355.8
Electric
OPERATING REVENUES
TOTAL OPERATING REVENUES	$ 3,139	$ 2,777	$ 6,177	$ 5,678
Gas
OPERATING REVENUES
TOTAL OPERATING REVENUES	811	711	2,435	2,253
OPERATING EXPENSES
Operating costs	156	171	582	533
Steam
OPERATING REVENUES
TOTAL OPERATING REVENUES	118	106	550	460
Non-utility
OPERATING REVENUES
TOTAL OPERATING REVENUES	1	1	2	2
Purchased power
OPERATING EXPENSES
Operating costs	837	649	1,593	1,370
Fuel
OPERATING EXPENSES
Operating costs	56	27	245	154
Other operations and maintenance
OPERATING EXPENSES
Operating costs	$ 913	$ 923	$ 1,851	$ 1,875

CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
OPERATING ACTIVITIES
NET INCOME	$ 1,232	$ 1,038
PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOME
Depreciation and amortization	1,150	1,140
Deferred income taxes	451	301
Rate case amortization and accruals	(55)	130
Common equity component of allowance for funds used during construction	(47)	(36)
Gain on sale of equity interest in Mountain Valley Pipeline, LLC	(189)	0
Other non-cash items, net	(63)	(63)
CHANGES IN ASSETS AND LIABILITIES
Accounts receivable – customers, net	66	52
Unbilled revenue and net unbilled revenue deferrals	(44)	22
Other receivables, net and other current assets	(96)	166
Taxes receivable	(53)	144
Prepayments	(59)	71
Accounts payable	(229)	35
Pensions and retiree benefits obligations, net	(210)	(284)
Pensions and retiree benefits contributions	(12)	(9)
Accrued taxes	(7)	(13)
Accrued interest	6	12
Superfund and other environmental costs, net	(3)	(14)
Distributions from equity investments	26	33
Deferred charges, noncurrent assets, leases, net and other regulatory assets	(137)	(178)
Deferred credits, noncurrent liabilities and other regulatory liabilities	292	206
Other current liabilities	(48)	63
NET CASH FLOWS FROM OPERATING ACTIVITIES	1,971	2,816
INVESTING ACTIVITIES
Utility capital expenditures	(2,473)	(2,420)
Cost of removal less salvage	(208)	(251)
Non-utility capital expenditures	(1)	(1)
Proceeds from sale of equity interest in Mountain Valley Pipeline, LLC	358	0
Proceeds from sale of Broken Bow II, net of cash and cash equivalents sold	0	45
Other investing activities	(30)	(28)
NET CASH FLOWS USED IN INVESTING ACTIVITIES	(2,354)	(2,655)
FINANCING ACTIVITIES
Net payment of short-term debt (Maturities 90 days or less)	(554)	(950)
Payment of short-term debt (Maturities greater than 90 days)	(300)	0
Borrowing under term loan	0	200
Repayment of term loan	(500)	0
Issuance of long-term debt	1,300	0
Debt issuance costs	(17)	(1)
Common stock dividends	(624)	(576)
Issuance of common shares - public offering	884	1,308
Issuance of common shares for stock plans	34	32
NET CASH FLOWS FROM FINANCING ACTIVITIES	223	13
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:
NET CHANGE FOR THE PERIOD	(160)	174
BALANCE AT BEGINNING OF PERIOD	1,630	1,333
BALANCE AT END OF PERIOD	1,470	1,507
Cash paid (received) during the period for:
Interest, net of capitalized interest	587	560
Income taxes	19	(181)
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
Capital expenditures in accounts payable	848	342
Issuance of common shares for dividend reinvestment	24	25
Equipment
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION
Equipment acquired but unpaid as of end of period	$ 0	$ 6

CONSOLIDATED BALANCE SHEET (UNAUDITED) - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
CURRENT ASSETS
Cash and temporary cash investments	$ 1,470	$ 1,629
Accounts receivable – customers, net allowance for uncollectible accounts of $458 and $507 in 2026 and 2025, respectively	2,559	2,583
Other receivables, net allowance for uncollectible accounts of $10 and $35 in 2026 and 2025, respectively	176	232
Accrued unbilled revenue	668	821
Taxes receivable	64	11
Fuel oil, gas in storage, materials and supplies, at average cost	534	530
Prepayments	440	381
Regulatory assets	271	103
Revenue decoupling mechanism receivable	242	213
Fair value of derivative assets	197	86
Other current assets	169	161
TOTAL CURRENT ASSETS	6,790	6,750
INVESTMENTS	1,101	1,213
UTILITY PLANT, AT ORIGINAL COST
General	4,744	4,576
TOTAL	70,369	68,451
Less: Accumulated depreciation	16,933	16,463
Net	53,436	51,988
Construction work in progress	3,666	3,414
NET UTILITY PLANT	57,102	55,402
NON-UTILITY PLANT
Non-utility property, net accumulated depreciation of $25 in 2026 and 2025	2	1
NET PLANT	57,104	55,403
OTHER NONCURRENT ASSETS
Goodwill	406	406
Regulatory assets	5,681	5,599
Pension and retiree benefits	4,328	4,227
Operating lease right-of-use asset	468	489
Fair value of derivative assets	145	126
Other deferred charges and noncurrent assets	436	390
TOTAL OTHER NONCURRENT ASSETS	11,464	11,237
TOTAL ASSETS	76,459	74,603
CURRENT LIABILITIES
Long-term debt due within one year	250	250
Term loan	0	500
Notes payable	721	1,575
Accounts payable	1,772	1,947
Customer deposits	548	498
Accrued taxes	97	104
Accrued interest	229	223
Accrued wages	150	140
Fair value of derivative liabilities	20	46
Regulatory liabilities	534	249
System benefit charge	391	415
Operating lease liabilities	125	123
Customer credits	277	253
Other current liabilities	240	291
TOTAL CURRENT LIABILITIES	5,354	6,614
NONCURRENT LIABILITIES
Provision for injuries and damages	186	201
Pensions and retiree benefits	582	564
Superfund and other environmental costs	1,078	1,079
Asset retirement obligations	489	478
Fair value of derivative liabilities	3	8
Deferred income taxes and unamortized investment tax credits	10,127	9,619
Operating lease liabilities	381	377
Regulatory liabilities	5,124	5,374
Other deferred credits and noncurrent liabilities	573	548
TOTAL NONCURRENT LIABILITIES	18,543	18,248
LONG-TERM DEBT	26,843	25,551
Commitments, Contingencies, and Guarantees (Note B, Note G, and Note H)
SHAREHOLDERS' EQUITY
Common stock, $0.10 par value, 500 shares authorized, shares outstanding of 370 and 361, respectively	40	39
Treasury stock, $0.10 par value, 34 shares	(2,017)	(2,017)
Additional paid-in-capital	12,394	11,436
Retained earnings	15,441	14,857
Accumulated other comprehensive income	12	15
Capital stock expense	(151)	(140)
TOTAL SHAREHOLDERS' EQUITY	25,719	24,190
TOTAL LIABILITIES AND EQUITY	76,459	74,603
Electric
UTILITY PLANT, AT ORIGINAL COST
Utility plant, at original cost	45,885	44,488
Gas
UTILITY PLANT, AT ORIGINAL COST
Utility plant, at original cost	16,450	16,127
Steam
UTILITY PLANT, AT ORIGINAL COST
Utility plant, at original cost	$ 3,290	$ 3,260