10-K 0001047862-26-000031 (2026-02-19) vs 10-K 0001047862-25-000011 (2025-02-20)
| Section | Compared text | Words now | Changed |
|---|
| Risk Factors | Item 1A | 4,985 |
12.5% |
| MD&A | Item 7 | 12,359 |
23.0% |
| Legal Proceedings | Item 3 | 892 |
0.1% |
| Accounting Policies | Item 8 (note not found) | 0 |
not compared |
The redline: what was cut and what was added
In each section, the paragraph that changed most, 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 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.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
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 ↗
RemovedRisk Factors
have been imprudently incurred. The Utilities have from time to time entered into settlement agreements to resolve various prudence proceedings.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedRisk Factors
predicted. In the event of a significant cybersecurity incident or attack, the Companies’ business strategy, results of operations or financial condition could be materially affected.
Read it in 10-K 2025-02-20 at sec.gov ↗
RewordedRisk Factors
The consultants are engaged to, among other things, assess the process by which cybersecurity threats are identified; provide incident response and forensic services; review and analyze cybersecurity controls and infrastructure; and provide threat emulation services. services, perform external penetration testing periodically; and assess the maturity of the Companies’ Cybersecurity Program against the NIST CSF and assess alignment with ISO 27001/27002.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
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.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The ERM program establishes processes to identify emerging issues; monitor, assess and mitigate known risks; align risk exposure to organizational priorities; and inform business decisions and resource allocation; and leverages, among others, the National Institute of Standards and Technology framework to help inform the Companies' processes around cybersecurity risk management. allocation.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The Companies have established implemented a “defense-in-depth” approach to governing, preventing, detecting, identifying, mitigating, responding to, and recovering from, cybersecurity threats and incidents, by establishing a cross-functional cybersecurity team that manages the Companies’ cybersecurity risk.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
At each regular Board meeting, the Board receives a cybersecurity risk update and reviews a cybersecurity dashboard prepared by the Senior Vice President and Chief Information Officer that includes updates on a range of cybersecurity metrics and topics and, on a quarterly basis, the Board receives in-depth presentations on cybersecurity topics.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
These safeguards include, among other things, intrusion prevention and detection systems, anti-malware functionality and ongoing vulnerability assessments. assessments, and a dedicated 24/7/365 Cybersecurity Operations Center that monitors the Companies’ assets and networks.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Extreme cold weather, including events such as the Winter Storm Elliott that occurred in December 2022, weather has negatively impacted, and may in the future negatively impact, energy infrastructure in the northeastern United States, including the interstate natural gas system.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
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).
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
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. tariffs (or subsequent changes to the tariffs once announced or implemented).
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
As operators of critical energy infrastructure, the Companies require the continuous operation and availability of information systems and network infrastructure. infrastructure while protecting confidentiality and integrity of the data.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
The need to recover from customers increasing commodity or other costs, taxes or state-mandated assessments or surcharges could adversely affect the Utilities’ opportunity to obtain new rate plans that provide a reasonable rate of return and continue important provisions of current rate plans. plans, while maintaining affordability of services for the Utilities' customers.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedRisk Factors
Cybersecurity threats are assessed, identified and managed as through the Companies' Cybersecurity Program, which is an integral part of the Companies’ corporate-wide Enterprise Risk Management (ERM) program.
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 ↗
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 term loan borrowings of $300 million, see Note D to the financial statements in Item 8;
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 ↗
AddedMD&A
•a decrease in term loan borrowings of $300 million, see Note D to the financial statements in Item 8;
Read it in 10-K 2026-02-19 at sec.gov ↗
RemovedMD&A
CECONY’s rate plans include reconciliation of late payment charges (from January 1, 2023 through December 31, 2025 for electric and gas and from January 1, 2020 through October 31, 2026 for steam) and write-offs of customer accounts receivable balances (from January 1, 2020 through December 31, 2025 for electric and gas and from
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
Net interest expense decreased $16 million in 2024 compared with 2023 primarily due to lower unrealized gains on interest rate swaps in the 2023 period. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses and the impact on the 2023 period is shown through the date of sale. See Note W and Note X to the financial statements in Item 8.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
Loss attributable to non-controlling interest decreased $3 million in 2024 compared with 2023 primarily due to the sale of all of the stock of the Clean Energy Businesses.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
In November 2024 and January 2025, CECONY borrowed $500 million and $200 million, respectively, at a variable
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
(a) On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note W and Note X to the financial statements in Item 8.
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
•an increase in proceeds in long-term debt of $925 million. In May 2024, CECONY issued $1,400 million aggregate principal amount of debentures, the net proceeds from the sale of which were used to repay short-term borrowings and for other general corporate purposes. In September 2024, O&R issued $125 million aggregate principal amount of debentures, the net proceeds from the sale of which were used to repay short-term borrowings and for other general corporate purchases. In November 2024, all of the $225 million of Series 2010A tax-exempt bonds issued for the benefit of CECONY, bearing interest at a weekly rate, were redeemed. In November 2024, CECONY issued $1,450 million aggregate principal amount of debentures, $225 million of which were used to fund the redemption of the 2010A tax-exempt bonds and the remaining amount of which were used to repay short-term borrowings and for other general corporate purchases. See Note C to the Financial Statements in Item 8;
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
•an increase in the proceeds in long-term debt of $75 million as described above;
Read it in 10-K 2025-02-20 at sec.gov ↗
RemovedMD&A
In December 2024, Con Edison entered into a forward sale agreement relating to 7,000,000 of its common shares which met the SEC definition of an off-balance sheet arrangement. See Note C to the financial statements in Item 8 for more information on this agreement. None of the Companies' other transactions, agreements or contractual arrangements meet the SEC definition of off-balance sheet arrangements.
Read it in 10-K 2025-02-20 at sec.gov ↗
RewordedMD&A
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.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
For the Year Ended December 31, (Millions of Dollars) 2025 2024 2023 Variance FINANCING ACTIVITIES Net issuance (payment) payment of short-term debt (Maturities 90 days or less) $(895) $(118) $(202) $84 $(777) Issuance of short-term debt (Maturities greater than 90 days) 300 — 300 Borrowing under term loan 200 500 (300) Repayment of term loan 500 200 300 Retirement of term loan (200) — (750) 750 (200) Issuance of long-term debt 1,150 2,975 2,050 925 (1,825) Retirement of long-term debt — (477) (710) 233 477 Debt issuance costs (15) (43) (32) (11) 28 Common stock dividends (1,166) (1,100) (1,096) (4) (66) Issuance of common shares - public offering 1,308 — 1,308 Issuance of common shares for stock plans 64 60 56 4 Repurchase of common shares — (1,000) 1,000 Distribution to noncontrolling interest — (4) 4 NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES $746 $1,797 $(1,488) $3,285 $(1,051)
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Other operations and maintenance expenses decreased $28 increased $21 million in 2024 2025 compared with 2023 2024 primarily due to lower higher steam operations maintenance activities ($9 million), higher costs for pension and other postretirement benefits, reflecting reconciliation to the rate plan level ($53 million), offset in part by an increase in municipal infrastructure support ($7 million), the impact of the NYSPSC order denying an April 2023 petition by CECONY that requested permission to capitalize costs to implement its new customer billing ($8 million) and information system in 2024 ($6 million), higher total surcharges for assessments and fees that are collected in revenues from customers ($1 million) and higher health care costs ($1 ($3 million).
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
For the Year Ended December 31, (Millions of Dollars) 2025 2024 2023 Variance FINANCING ACTIVITIES Net issuance (payment) payment of short-term debt (Maturities 90 days or less) $(754) $(209) $(397) $188 $(545) Issuance of short-term debt (Maturities greater than 90 days) 300 — 300 Borrowing under term loan 200 500 (300) Repayment of term loan 500 (200) — 500 (200) Issuance of long-term debt 900 2,850 2,000 850 (1,950) Retirement of long-term debt (475) — (475) 475 Debt issuance costs (14) (42) (31) (11) 28 Capital contribution by Con Edison 1,300 130 1,720 (1,590) 1,170 Dividend to Con Edison (1,134) (1,073) (1,056) (17) (61) NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES $598 $1,681 $2,236 $(555) $(1,083)
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
The change in current assets primarily reflects increases an increase in cash and temporary cash investments ($16 ($327 million), accounts receivable from affiliated companies ($16 million), the revenue decoupling mechanism receivable ($12 million), materials and supplies (at an average cost of $13 million), customer accounts receivable, net of allowance for uncollectible accounts ($10 ($128 million) (see "Aged Accounts Receivable Balances,” above), regulatory assets ($7 million) and prepayments ($5 offset in part by a decrease in accounts receivable from affiliated companies ($314 million).
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
(b) Net income Income for common stock and earnings per share from Con Edison Transmission for the year ended December 31, 2024 includes $5 2025 also include $(7) million or $0.01 $(0.02) a share (after-tax) (net of federal income taxes) for accretion the remeasurement of deferred state income taxes related to the basis difference previously recorded impairment of Con Edison's equity investment in Mountain Valley Pipeline, LLC. MVP.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
In particular, CECONY, The Utilities, in an effort to reduce aged accounts receivables balances, plans to continue to execute on its their integrated collections strategy, which includes, among other things, implementation of flexible payment arrangements, arrangement options, enhanced targeted digital and mail communications to customers regarding collections, collections and an increased field collections by hiring new presence of field collectors and increasing collector efficiency and employing additional call center representatives to handle in-bound call volumes. support in-person account resolution.
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
For the Years Ended December 31, (Millions of Dollars) 2025 2024 2023 Variation Operating revenues $10,717 $10,078 $639 $934 $852 $82 Purchased power 2,248 2,254 (6) Fuel 126 157 (31) 379 290 89 Other operations and maintenance 2,622 2,418 204 297 306 (9) Depreciation and amortization 1,471 1,395 76 87 82 5 Taxes, other than income taxes 2,418 2,286 132 62 62 — Electric operating income $1,832 $1,568 $264 $109 $112 $(3)
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
The change in other noncurrent liabilities primarily reflects increases an increase in the deferred income taxes and unamortized investment tax credits ($835 million), net unbilled revenue deferrals ($158 million) and unrecognized pension and other postretirement costs ($117 ($581 million), offset in part by a decrease in the regulatory liability for future income tax ($292 million) and deferred derivative gains - long term ($43 net unbilled revenue deferrals ($39 million).
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
The change in equity primarily reflects net income for the year ended December 31, 2024 ($1,748 million), 2025 ($108 million) and capital contributions from Con Edison ($130 ($110 million) in 2024, an increase in other comprehensive income ($8 million) and a change in stock awards ($12 million), 2025, offset in part by common stock dividends to Con Edison ($1,073 ($68 million) in 2024. 2025 and an other comprehensive loss ($1 million).
Read it in 10-K 2026-02-19 at sec.gov ↗
RewordedMD&A
Operating revenues increased $9 $953 million in 2024 2025 compared with 2023 2024 primarily due to the benefit an increase in revenues from the new steam electric rate plan ($97 ($584 million), offset in part by lower fuel expenses ($81 million) and lower higher purchased power expenses ($9 ($277 million) and higher fuel expenses ($47 million).
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RewordedMD&A
(b) Net income Income for common stock and earnings per share from Con Edison Transmission for the year ended December 31, 2024 2025 also includes $5 $(12) million or $0.01 $(0.03) a share (after-tax) for accretion of the basis difference transaction costs associated with strategic alternatives review of Con Edison's equity investment investments in Mountain Valley Pipeline, LLC. MVP and Honeoye.
Read it in 10-K 2026-02-19 at sec.gov ↗
