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EDConsolidated Edison

Utilities · Electric & Gas Utilities · NYSE
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The 10-K against last year's

144 changes: 12 added, 10 removed, 122 reworded

10-K Feb 19, 2026 vs Feb 20, 2025
Risk FactorsRedline ↓
12.5%
of the text changed · 4,985 words now
23.0%
of the text changed · 12,359 words now
Legal ProceedingsRedline ↓
0.1%
of the text changed · 892 words now

10-K 0001047862-26-000031 (2026-02-19) vs 10-K 0001047862-25-000011 (2025-02-20) Not compared: Accounting Policies.

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 304 words changed in this paragraph; it is 65% similar to last year's version.
Variation for the Year Ended December 31, 2025 vs. 2024 vs. 2023 Net Income for Common Stock (Net of Tax) (Millions of Dollars) Earnings per Share CECONY (a) Higher electric rate base $115 $0.33 Steam rate plan effective November 2023 72 0.21 $97 $0.28 Higher income from allowance for funds used during construction 31 0.09 Higher gas rate base 19 0.05 Change in incentives earned under the electric and gas earnings adjustment mechanisms 14 0.04 Higher electric, gas and steam operations and maintenance costs (54) (0.16) Higher regulatory commission expense and 20 0.06 Lower other corporate expenses (16) (0.04) 3 0.01 Dilutive effect of issuance of common shares — (0.18) Higher interest expense (38) (0.11) Impact of the May 2024 NYSPSC order denying an April 2023 petition by CECONY that requested permission CECONY's request to capitalize costs to implement its new customer billing and information system (10) (0.03) Accretive effect of share repurchase — 0.03 37 0.11 Other 2 — 8 0.02 Total CECONY 142 0.43 158 0.28 O&R (a) Electric base rate increase 21 0.06 Gas base rate increase 2 — 10 0.03 Higher interest expense on long-term debt (6) (0.02) Other (9) (0.02) — (0.01) Total O&R 8 0.02 Clean Energy Businesses (b) Total Clean Energy Businesses (22) (0.07) 4 — Con Edison Transmission Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (12) (0.03) Impairment loss related to investment in Honeoye (10) (0.03) Remeasurement of deferred state income taxes related to the previously recorded impairment of MVP (7) (0.02) Income tax adjustment in 2024 due to AFUDC from MVP 5 0.01 (5) (0.02) Accretion of the basis difference of Con Edison's equity investment in MVP 5 0.01 4 0.02 Other (2) — (1) (0.01) Total Con Edison Transmission 8 0.02 (31) (0.09) Other, including parent company expenses Gain (b) Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (795) (2.28) 51 0.14 Lower interest income (23) (0.07) Higher accrued commitment to Consolidated Edison Foundation, Inc. 9 0.03 Lower taxes other than income taxes (10) (0.03) Higher interest expense (3) (0.01) 5 0.01 HLBV effects 8 0.02 4 0.01 Gain on the sale of an interest in a solar electric production project 3 0.01 Other (12) (0.02) — 0.01 Total Other, including parent company expenses (c) (835) (2.39) 72 0.21 Total Reported (GAAP basis) $(699) $(1.99) a.Under $203 $0.40 (a)Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans and the weather-normalization clause applicable to their gas businesses, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. Effective November 1, 2023, revenues from The Utilities' gas and CECONY’s steam sales are also subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations. b. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses and therefore 2023 reflects the financial results for the two months ended February 2023. c. Other (b)Other includes the parent company, Con Edison's tax equity investments, interests, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, with the sale and transfer of which was completed in January 2025. See Note W to the financial statements in Item 8.

Source: Item 7, 10-K 0001047862-26-000031 vs Item 7, 10-K 0001047862-25-000011

Risk Factors 169 words changed in this paragraph; it is 58% similar to last year's version.
The Companies Face Risks Related To Supply Chain Disruptions, Inflation and the Imposition of Tariffs. Tariffs (or Subsequent Changes to the Tariffs once Announced or Implemented). The Companies have been impacted, and expect to continue to be impacted by, global and U.S. supply chain disruptions and shortages of materials, equipment, labor and other resources that are critical to the Companies’ business operations, primarily the Utilities’ electric transmission and distribution operations. Such disruptions and shortages have resulted in increased prices and lead times for critical orders of materials and equipment needed by the Companies in their operations, such as certain raw materials, microprocessors, semiconductors, microchips, vehicles and transformers. Long lead times for replacement parts could restrict the availability and delay the construction, maintenance or repair of items that are needed to support the Utilities' normal operations and may result in prolonged customer outages, which could in turn lead to unrecovered costs for such service interruptions. Demand for electric equipment is increasing due to the anticipated demand growth, in part driven by data centers, utilities’ efforts to meet clean energy goals and in order to prepare for more frequent extreme weather events at a time when manufacturing capacity and supply are decreasing. Geopolitical conflicts have also caused supply chain distributions and shortages. Prices of materials, equipment, transportation and other resources have increased as a result of these supply chain disruptions and shortages and may continue to increase as a result of inflation and the imposition of tariffs. Increases in inflation and the imposition of tariffs may raise the Companies’ costs in excess of the costs reflected in the Utilities’ rate plans and could also increase the amount of capital that needs to be raised by the Companies.

Source: Item 1A, 10-K 0001047862-26-000031 vs Item 1A, 10-K 0001047862-25-000011

Legal Proceedings 2 words changed in this paragraph; it is 99% similar to last year's version.
During 2024, 2025, the market price of Con Edison’s Common Shares decreased common shares increased by 1.91 11.31 percent (from $90.97 at year-end 2023 to $89.23 at year-end 2024). 2024 to $99.32 at year-end 2025). By comparison, the S&P 500 Index increased 23.31 16.39 percent and the S&P 500 Utilities Index increased 19.58 12.69 percent. The total return to Con Edison’s common shareholders during 2024, 2025, including both investment of dividends and the change in price, was 1.58 15.16 percent. By comparison, the total returns for the S&P 500 Index and the S&P 500 Utilities Index were 25.00 17.86 percent and 23.43 16.04 percent, respectively. For the five-year period 2020 2021 through 2024 2025 inclusive, Con Edison’s shareholders’ total return was 18.59 64.48 percent, compared with total returns for the S&P 500 Index and the S&P 500 Utilities Index of 96.85 95.98 percent and 37.79 59.06 percent, respectively.

Source: Item 3, 10-K 0001047862-26-000031 vs Item 3, 10-K 0001047862-25-000011

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of ED's Risk Factors and MD&A, 10-K 2026-02-19 against 10-K 2025-02-20. Each links to the text at sec.gov.

AddedRisk Factors
AI is an emerging area of technology that has the potential to impact various aspects of the Companies’ business operations and customer interactions. Generative AI technologies are still in their early stages of development and deployment. Ineffective or inadequate AI development or deployment practices by the Companies or third-party vendors could result in unintended consequences. While the Companies seek contractual protections with third-party vendors regarding the use of AI technology, the Companies may not have full awareness of, or control or visibility over, the quality, performance, security or compliance of the products and services that incorporate AI-related technology used by such vendors. AI algorithms that the Companies or their third-party vendors use may be flawed or may be based on datasets that are biased or insufficient. These limitations or failures, or inaccurate results generated as a result of the Companies’ employees’, contractors’ or vendors’ use or misuse of AI technologies could lead to operational interruptions or otherwise adversely affect the Companies’ businesses, reputation or financial results. Developing, testing, and deploying resource-intensive AI systems may require additional investment and increase the Companies’ costs. In addition, the rapidly evolving nature of AI technologies may cause new laws and regulations to be enacted which could dramatically affect business practices, including the costs to comply with such new laws and regulations. The future development of AI technologies and the nature of any related new laws and regulations, and their costs and consequences, cannot be reasonably predicted at this time.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedRisk Factors
FERC, North American Electric Reliability Corporation, TSA, Cybersecurity and Infrastructure Security Agency, NYSPSC, and United States Coast Guard on a regular basis, with at least one regulatory agency conducting an audit periodically.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedMD&A
There has been heightened legislative activity and public policy discussions regarding energy affordability. Substantial investments are needed to support an increasingly decarbonized electric grid that the Utilities, regulators and stakeholders must balance with the need for affordable rates. While the Companies continue to monitor energy affordability concerns, they are unable to predict additional legislative, executive, or regulatory measures that may result from energy affordability concerns. See “Energy Affordability Programs” in Item 1.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedMD&A
In January 2026, Con Edison Transmission completed the sale of approximately 40 percent of its approximately 6.6 percent interest in MVP to one of the founding members of MVP and expects to complete the sale of its remaining interest in MVP to another founding member during the first half of 2026 for total aggregate consideration of $357.5 million, subject to certain closing adjustments. Both Con Edison Transmission and CECONY are considering strategic alternatives with respect to their investments in Honeoye. See "Con Edison Transmission" in Item 1.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedMD&A
On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law, containing a broad range of tax reform provisions, including extending and modifying certain key provisions of the federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017 (TCJA) and expanding certain incentives under the federal Inflation Reduction Act, as enacted on August 16, 2022 (IRA) while accelerating the phase-out of solar and wind credits. The Companies have assessed the potential impacts of the OBBBA and any such assessments may be impacted by future guidance to be issued by the Department of Treasury. However, based on management’s assessment, the provisions in the OBBBA are not expected to have a material impact on the Companies’ financial position, results of operations or liquidity.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedMD&A
On February 18, 2026, the IRS and the Department of Treasury issued Notice 2026-7, that provides additional interim guidance regarding the application of the CAMT and allows the Companies to deduct certain repair expenditures as a reduction to the Companies’ modified GAAP net income. This interim guidance is retroactive to the beginning of the IRA provisions in calculating the Companies’ CAMT liability.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedMD&A
As a result of implementing these new guidelines, the Companies will file a quick refund claim by April 15, 2026 for the 2025 tax year and amend their federal tax return for the 2024 tax year. Con Edison expects to claim tax refunds from the IRS of approximately $45 million ($161 million for CECONY) and would reduce its CAMT credit carryover by approximately $181 million ($161 million for CECONY) and increase Con Edison’s general business credits carryforward by approximately $136 million. This guidance will significantly reduce the Companies’ CAMT liability going forward.

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedMD&A
In May 2025, New York adopted the 2025-2026 budget bill into law that included increases in payroll tax rates from 0.6 percent to 0.895 percent for CECONY and from 0.34 percent to 0.635 percent for O&R, effective July 1, 2025.

Read it in 10-K 2026-02-19 at sec.gov ↗

Show the other 4
AddedMD&A
•a decrease in long-term debt issuances of $1,825 million (reflecting a CECONY issuance of $900 million aggregate principal amount of debentures in November 2025 and an O&R issuance of $250 million aggregate principal amount of debentures in September 2025);

Read it in 10-K 2026-02-19 at sec.gov ↗

AddedMD&A
•a decrease in long-term debt issuances of $1,950 million (reflecting an issuance of $900 million aggregate principal amount of debentures in November 2025);

Read it in 10-K 2026-02-19 at sec.gov ↗

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