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ED

CONSOLIDATED EDISON CO OF NEW YORK INC
7 filings tracked
utilitieselectric gas utilitiesLARGE ($10B-200B)

Company Intelligence Hub

Filing history, signal momentum, and bull/bear evolution

Chronological Filing Evolution (Click to filter / toggle)

Thesis (Bull Case Evolution)

Consolidated Edison has demonstrated a robust ability to translate its massive infrastructure investment cycle into tangible bottom-line growth.…

Bullish Outlook

Antithesis (Bear Case / Structural Risks)

Despite the headline growth in net income, a closer look at the balance sheet reveals concerning liquidity trends and mounting structural risks.…

Risk Factors

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Synthesis (Verdict & Resolution)

The Q1 2026 filing presents a dichotomy between strong reported earnings and a deteriorating liquidity profile. While the $924 million net income figure suggests a thriving business, the result was significantly bolstered by a one-time $189 million gain from the sale of the Mountain Valley Pipeline interest. Stripping away this non-recurring event reveals a more modest operational trajectory where margin expansion is largely offset by rising interest expenses and a growing volume of uncollectible customer accounts. The company is effectively trading current liquidity for long-term rate-base growth, a strategy that relies heavily on the continued support of state regulators. Investors are now faced with a trade-off between the certainty of regulated returns and the risks of a leveraged balance sheet. The company's ability to maintain its dividend and fund its $4.7 billion annualized capex program depends on its ability to refinance debt and successfully recover regulatory assets through future rate cases. While the grid modernization mandate provides a guaranteed runway for investment, the immediate risk lies in the widening gap between reported accounting profits and actual cash flow generation, leaving the company vulnerable to any adverse regulatory rulings or further spikes in borrowing costs.

Selected Quarter

Core Takeaway

The company is successfully growing its rate base and earnings, but is experiencing a significant squeeze in liquid cash and a buildup of uncollected customer bills.

Investor Lens

The trade-off is between high-visibility regulated returns and the risk of a liquidity crunch or regulatory write-downs of assets.

Watch Next

The NYSPSC's ruling on the pending steam rate increase request and the recovery of aged accounts receivable.

View Full SEC Report

Signal Momentum Chart

Quarterly net bull/bear signal ratio. Click nodes to select a quarter.

BULLISH (+1.0)NEUTRAL (0.0)BEARISH (-1.0)+0.08Q2 '26 (10-Q)

Signal Timeline

Active Filters:Quarter: Q2 '26 (10-Q)
bullishMay 7

Net income grew 16.8% to $924 million, though partially driven by one-time asset sales.

earnings beat
70%
bearishMay 7

Operating income growth (4.6%) lagged revenue growth (6.2%), indicating flat margins.

margin compression
40%
neutralMay 7

Issued 7 million common shares for $776 million to support capital requirements.

capital raise
50%
neutralMay 7

Entered into a new $3.5 billion revolving credit agreement to replace older facilities.

debt restructure
30%
bullishMay 7

Net income grew 16.8% to $924 million, though partially driven by one-time asset sales.

earnings beat
70%
bearishMay 7

Operating income growth (4.6%) lagged revenue growth (6.2%), indicating flat margins.

margin compression
40%
neutralMay 7

Issued 7 million common shares for $776 million to support capital requirements.

capital raise
50%
neutralMay 7

Entered into a new $3.5 billion revolving credit agreement to replace older facilities.

debt restructure
30%
bullishMay 7

Net income grew 16.8% to $924 million, though partially driven by one-time asset sales.

earnings beat
70%
bearishMay 7

Operating income growth (4.6%) lagged revenue growth (6.2%), indicating flat margins.

margin compression
40%
neutralMay 7

Issued 7 million common shares for $776 million to support capital requirements.

capital raise
50%
neutralMay 7

Entered into a new $3.5 billion revolving credit agreement to replace older facilities.

debt restructure
30%
bullishMay 7

Net income grew 16.8% to $924 million, though partially driven by one-time asset sales.

earnings beat
70%
bearishMay 7

Operating income growth (4.6%) lagged revenue growth (6.2%), indicating flat margins.

margin compression
40%
neutralMay 7

Issued 7 million common shares for $776 million to support capital requirements.

capital raise
50%
neutralMay 7

Entered into a new $3.5 billion revolving credit agreement to replace older facilities.

debt restructure
30%
bullishMay 7

Net income grew 16.8% to $924 million, though partially driven by one-time asset sales.

earnings beat
70%
bearishMay 7

Operating income growth (4.6%) lagged revenue growth (6.2%), indicating flat margins.

margin compression
40%
neutralMay 7

Issued 7 million common shares for $776 million to support capital requirements.

capital raise
50%
neutralMay 7

Entered into a new $3.5 billion revolving credit agreement to replace older facilities.

debt restructure
30%
bullishMay 7

Net income grew 16.8% to $924 million, though partially driven by one-time asset sales.

earnings beat
70%
bearishMay 7

Operating income growth (4.6%) lagged revenue growth (6.2%), indicating flat margins.

margin compression
40%
neutralMay 7

Issued 7 million common shares for $776 million to support capital requirements.

capital raise
50%
neutralMay 7

Entered into a new $3.5 billion revolving credit agreement to replace older facilities.

debt restructure
30%
bullishMay 7

Net income grew 16.8% to $924 million, though partially driven by one-time asset sales.

earnings beat
70%
bearishMay 7

Operating income growth (4.6%) lagged revenue growth (6.2%), indicating flat margins.

margin compression
40%
neutralMay 7

Issued 7 million common shares for $776 million to support capital requirements.

capital raise
50%
neutralMay 7

Entered into a new $3.5 billion revolving credit agreement to replace older facilities.

debt restructure
30%

Filing History

10-QMay 7, 2026
Expand Sequence

The Q1 2026 filing presents a dichotomy between strong reported earnings and a deteriorating liquidity profile. While the $924 million net income figure suggests a thriving business, the result was significantly bolstered by a one-time $189 million gain from the sale of the Mountain Valley Pipeline interest. Stripping away this non-recurring event reveals a more modest operational trajectory where margin expansion is largely offset by rising interest expenses and a growing volume of uncollectible customer accounts. The company is effectively trading current liquidity for long-term rate-base growth, a strategy that relies heavily on the continued support of state regulators. Investors are now faced with a trade-off between the certainty of regulated returns and the risks of a leveraged balance sheet. The company's ability to maintain its dividend and fund its $4.7 billion annualized capex program depends on its ability to refinance debt and successfully recover regulatory assets through future rate cases. While the grid modernization mandate provides a guaranteed runway for investment, the immediate risk lies in the widening gap between reported accounting profits and actual cash flow generation, leaving the company vulnerable to any adverse regulatory rulings or further spikes in borrowing costs.

Disclaimer: The synthesis provided is generated by AI models and should not be construed as investment advice. Analysis is based solely on regulatory data present at the time of publication. Consult a financial advisor for specific investment strategies.