{ "ticker": "ED", "company": "Consolidated Edison Inc.", "filing_type": "10-K", "year_current": "2026", "year_prior": "2025", "summary": { "added": 16, "removed": 21, "modified": 54, "unchanged": 45, "total_current": 115, "total_prior": 120 }, "source": "SEC EDGAR", "url": "https://riskdiff.com/ed/2026-vs-2025/", "markdown_url": "https://riskdiff.com/ed/2026-vs-2025/index.md", "json_url": "https://riskdiff.com/ed/2026-vs-2025/index.json", "generated": "2026-06-01", "ai_summary": null, "risks": [ { "status": "ADDED", "current_title": "Energy Affordability", "prior_title": null, "current_body": "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." }, { "status": "ADDED", "current_title": "One Big Beautiful Bill Act", "prior_title": null, "current_body": "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." }, { "status": "ADDED", "current_title": "Other Income (Deductions)", "prior_title": null, "current_body": "Other deductions decreased $15 million in 2025 compared with 2024 primarily due to transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye ($17 million). Other" }, { "status": "ADDED", "current_title": "Other Income (Deductions)", "prior_title": null, "current_body": "Other deductions decreased $15 million in 2025 compared with 2024 primarily due to transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye ($17 million). Other" }, { "status": "ADDED", "current_title": "Income Tax Expense", "prior_title": null, "current_body": "Income taxes increased $230 million in 2025 compared with 2024 primarily due to lower amortization of excess deferred federal income taxes ($153 million) and higher income before income tax expense ($102 million), offset in part by higher write-offs of uncollectible accounts ($19 million). O&R For the Year Ended December 31, 2025 For the Year Ended December 31, 2024 (Millions of Dollars)ElectricGas2025 TotalElectricGas2024 Total2025-2024VariationOperating revenues$934$331$1,265$852$273$1,125$140Purchased power379—379290—29089Gas purchased for resale—129129—757554Other operations and maintenance2978338030681387(7)Depreciation and amortization8740127823511710Taxes, other than income taxes6234966233951Operating income$109$45$154$112$49$161$(7) Electric O&R’s results of electric operations for the year ended December 31, 2025 compared with the year ended December 31, 2024 were as follows: For the Years Ended December 31,(Millions of Dollars)20252024VariationOperating revenues$934$852$82Purchased power37929089Other operations and maintenance297306(9)Depreciation and amortization87825Taxes, other than income taxes6262—Electric operating income$109$112$(3) 64CON EDISON ANNUAL REPORT 2025 64CON EDISON ANNUAL REPORT 2025 64CON EDISON ANNUAL REPORT 2025 64 CON EDISON ANNUAL REPORT 2025 O&R’s electric sales and deliveries in 2025 compared with 2024 were: Millions of kWh Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2025December 31, 2024VariationPercentVariation December 31, 2025December 31, 2024VariationPercentVariationResidential/Religious (b)2,307 2,133 174 8.2%$584$474$11023.2%Commercial/Industrial1,118 965 153 15.9 2101674325.7 Retail choice customers2,234 2,522 (288)(11.4)159198(39)(19.7)Public authorities116 114 2 1.8 1512325.0 Other operating revenues (c)— — — —(34)1(35)LargeTotal5,775 5,734 41 0.7%(d)$934$852$829.6% Percent Variation Percent Variation (a)O&R’s New York electric delivery revenues are subject to a revenue decoupling mechanism, as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The majority of O&R’s electric distribution revenues in New Jersey are subject to a conservation incentive program, as a result of which distribution revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. O&R’s electric transmission revenues in New Jersey are not subject to a conservation incentive program, and as a result, changes in such volumes do impact revenues. (b)“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations. (c)Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with O&R’s electric rate plan. (d)After adjusting for weather and other variations, electric delivery volumes in O&R’s service area increased 2.2 percent in 2025 compared with 2024. Operating revenues increased $82 million in 2025 compared with 2024 primarily due to higher purchased power expenses ($89 million), offset in part by lower revenues from the New York electric rate plan ($7 million). Purchased power expenses increased $89 million in 2025 compared with 2024 due to higher unit costs ($56 million) and higher purchased volumes ($33 million). Other operations and maintenance expenses decreased $9 million in 2025 compared with 2024 primarily due to lower non-deferred storm costs. Depreciation and amortization expenses increased $5 million in 2025 compared with 2024 primarily due to higher electric utility plant balances. Gas O&R’s results of gas operations for the year ended December 31, 2025 compared with the year ended December 31, 2024 were as follows: For the Years Ended December 31,(Millions of Dollars)20252024VariationOperating revenues$331$273$58Gas purchased for resale1297554Other operations and maintenance83812Depreciation and amortization40355Taxes, other than income taxes34331Gas operating income$45$49$(4) O&R’s gas sales and deliveries, excluding off-system sales, in 2025 compared with 2024 were: CON EDISON ANNUAL REPORT 2025 65 CON EDISON ANNUAL REPORT 2025 65 CON EDISON ANNUAL REPORT 2025 65 CON EDISON ANNUAL REPORT 2025 65 Thousands of Dt Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2025December 31, 2024VariationPercentVariationDecember 31, 2025December 31, 2024VariationPercentVariationResidential13,578 10,749 2,829 26.3 %$237$166$7142.8 %General2,980 1,767 1,213 68.6 40211990.5 Firm transportation5,300 4,623 677 14.6 4134720.6 Total firm sales and transportation21,858 17,139 4,719 27.5 (b) 3182219743.9 Interruptible sales3,630 3,712 (82)(2.2)77——Generation plants2 10 (8)(80.0)————Other744 710 34 4.8 11——Other gas revenues— — — —544(39)(88.6)Total26,234 21,571 4,663 21.6 %$331$273$5821.2 % Percent Variation (a)Revenues from New York gas sales are subject to a weather normalization clause and a revenue decoupling mechanism, as a result of which, delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. (b)After adjusting for weather and other variations, firm sales and transportation volumes in O&R’s service area increased 1.9 percent in 2025 compared with 2024. Operating revenues increased $58 million in 2025 compared with 2024 primarily due to higher gas purchased for resale ($54 million) and higher revenues from the New York gas rate plan ($1 million). Gas purchased for resale increased $54 million in 2025 compared with 2024 due to higher unit costs ($33 million) and higher purchased volumes ($21 million). Depreciation and amortization expenses increased $5 million in 2025 compared with 2024 primarily due to higher gas utility plant balances." }, { "status": "ADDED", "current_title": "Assets, Liabilities and Equity", "prior_title": null, "current_body": "The Companies’ assets, liabilities and equity at December 31, 2025 and 2024 are summarized as follows: CECONYO&RCon Edison TransmissionOther (a)Con Edison (b)(Millions of Dollars)2025202420252024202520242025202420252024ASSETSCurrent assets$6,433$6,298$337$385$21$26$(41)$(45)$6,750$6,664Investments72568422234624194—1,2131,126Net plant51,86148,9833,5403,166317(1)(1)55,40352,165Other noncurrent assets10,2979,6855214862741742911,23710,607Total Assets$69,316$65,650$4,420$4,060$488$469$379$383$74,603$70,562LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities$5,944$5,559$396$467$18$7$256$400$6,614$6,433Noncurrent liabilities17,27516,7111,2421,209(61)(65)(208)(339)18,24817,516Long-term debt24,06023,4091,4911,242————25,55124,651Equity22,03719,9711,2911,14253152733132224,19021,962Total Liabilities and Equity$69,316$65,650$4,420$4,060$488$469$379$383$74,603$70,562 CECONY O&R" }, { "status": "ADDED", "current_title": "For the Years Ended December 31,", "prior_title": null, "current_body": "The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 2025 85 CON EDISON ANNUAL REPORT 2025 85 CON EDISON ANNUAL REPORT 2025 85 CON EDISON ANNUAL REPORT 2025 85" }, { "status": "ADDED", "current_title": "Consolidated Balance Sheet", "prior_title": null, "current_body": "(Millions)December 31, 2025December 31, 2024ASSETSCURRENT ASSETSCash and temporary cash investments$1,629$1,324Accounts receivable – customers, net allowance for uncollectible accounts of $507 and $620 in 2025 and 2024, respectively2,5832,440Other receivables, net allowance for uncollectible accounts of $35 and $41 in 2025 and 2024, respectively232292Taxes receivable11145Accrued unbilled revenue821848Fuel oil, gas in storage, materials and supplies, at average cost530485Prepayments381445Regulatory assets103141Revenue decoupling mechanism receivable213202Fair value of derivative assets8615Assets held for sale—133Other current assets161194TOTAL CURRENT ASSETS6,7506,664INVESTMENTS1,2131,126UTILITY PLANT, AT ORIGINAL COSTElectric44,48841,206Gas16,12715,127Steam3,2603,187General4,5764,851TOTAL68,45164,371Less: Accumulated depreciation16,46315,384Net51,98848,987Construction work in progress3,4143,165NET UTILITY PLANT55,40252,152NON-UTILITY PLANTNon-utility property, net accumulated depreciation of $25 in 2025 and 2024112Construction work in progress—1NET PLANT55,40352,165OTHER NONCURRENT ASSETSGoodwill406408Regulatory assets5,5995,523Pension and retiree benefits4,2273,791Operating lease right-of-use asset489493Fair value of derivative assets12627Other deferred charges and noncurrent assets390365TOTAL OTHER NONCURRENT ASSETS11,23710,607TOTAL ASSETS$74,603$70,562 Accounts receivable – customers, net allowance for uncollectible accounts of $507 and $620 in 2025 and 2024, respectively Other receivables, net allowance for uncollectible accounts of $35 and $41 in 2025 and 2024, respectively Taxes receivable Non-utility property, net accumulated depreciation of $25 in 2025 and 2024 The accompanying notes are an integral part of these financial statements. 87CON EDISON ANNUAL REPORT 2025 87CON EDISON ANNUAL REPORT 2025 87CON EDISON ANNUAL REPORT 2025 87 CON EDISON ANNUAL REPORT 2025" }, { "status": "ADDED", "current_title": "Consolidated Balance Sheet", "prior_title": null, "current_body": "(Millions)December 31, 2025December 31, 2024ASSETSCURRENT ASSETSCash and temporary cash investments$1,629$1,324Accounts receivable – customers, net allowance for uncollectible accounts of $507 and $620 in 2025 and 2024, respectively2,5832,440Other receivables, net allowance for uncollectible accounts of $35 and $41 in 2025 and 2024, respectively232292Taxes receivable11145Accrued unbilled revenue821848Fuel oil, gas in storage, materials and supplies, at average cost530485Prepayments381445Regulatory assets103141Revenue decoupling mechanism receivable213202Fair value of derivative assets8615Assets held for sale—133Other current assets161194TOTAL CURRENT ASSETS6,7506,664INVESTMENTS1,2131,126UTILITY PLANT, AT ORIGINAL COSTElectric44,48841,206Gas16,12715,127Steam3,2603,187General4,5764,851TOTAL68,45164,371Less: Accumulated depreciation16,46315,384Net51,98848,987Construction work in progress3,4143,165NET UTILITY PLANT55,40252,152NON-UTILITY PLANTNon-utility property, net accumulated depreciation of $25 in 2025 and 2024112Construction work in progress—1NET PLANT55,40352,165OTHER NONCURRENT ASSETSGoodwill406408Regulatory assets5,5995,523Pension and retiree benefits4,2273,791Operating lease right-of-use asset489493Fair value of derivative assets12627Other deferred charges and noncurrent assets390365TOTAL OTHER NONCURRENT ASSETS11,23710,607TOTAL ASSETS$74,603$70,562 Accounts receivable – customers, net allowance for uncollectible accounts of $507 and $620 in 2025 and 2024, respectively Other receivables, net allowance for uncollectible accounts of $35 and $41 in 2025 and 2024, respectively Taxes receivable Non-utility property, net accumulated depreciation of $25 in 2025 and 2024 The accompanying notes are an integral part of these financial statements. 87CON EDISON ANNUAL REPORT 2025 87CON EDISON ANNUAL REPORT 2025 87CON EDISON ANNUAL REPORT 2025 87 CON EDISON ANNUAL REPORT 2025" }, { "status": "ADDED", "current_title": "December 31,", "prior_title": null, "current_body": "The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 2025 90 CON EDISON ANNUAL REPORT 2025 90 CON EDISON ANNUAL REPORT 2025 90 CON EDISON ANNUAL REPORT 2025 90" }, { "status": "ADDED", "current_title": "Consolidated Income Statement", "prior_title": null, "current_body": "For the Years Ended December 31,(Millions of Dollars/Except Share Data)202520242023OPERATING REVENUESElectric$12,602$11,568$10,835Gas3,6103,1073,127Steam703578569Non-utility33132TOTAL OPERATING REVENUES16,91815,25614,663OPERATING EXPENSESPurchased power2,9452,5692,541Fuel261170282Gas purchased for resale899599829Other operations and maintenance3,8043,7513,606Depreciation and amortization2,3212,1552,031Taxes, other than income taxes3,7573,2803,043TOTAL OPERATING EXPENSES13,98712,52412,332Gain (Loss) on sale of the Clean Energy Businesses—(62)865Gain on the sale of an interest in a solar electric production project4——OPERATING INCOME2,9352,6703,196OTHER INCOME (DEDUCTIONS)Investment income636262Other income837635834Allowance for equity funds used during construction693826Other deductions(74)(80)(92)TOTAL OTHER INCOME895655830INCOME BEFORE INTEREST AND INCOME TAX EXPENSE3,8303,3254,026INTEREST EXPENSE (INCOME)Interest on long-term debt1,1761,084962Other interest expense119166113Allowance for borrowed funds used during construction(62)(63)(52)NET INTEREST EXPENSE1,2331,1871,023INCOME BEFORE INCOME TAX EXPENSE2,5972,1383,003INCOME TAX EXPENSE574318487NET INCOME$2,023$1,820$2,516Loss attributable to non-controlling interest——(3)NET INCOME FOR COMMON STOCK$2,023$1,820$2,519Net income per common share - basic$5.66$5.26$7.25Net income per common share - diluted$5.64$5.24$7.21AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS)357.4346.0347.7AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS)358.7347.3349.3 The accompanying notes are an integral part of these financial statements. 84CON EDISON ANNUAL REPORT 2025 84CON EDISON ANNUAL REPORT 2025 84CON EDISON ANNUAL REPORT 2025 84 CON EDISON ANNUAL REPORT 2025" }, { "status": "ADDED", "current_title": "Consolidated Balance Sheet", "prior_title": null, "current_body": "(Millions)December 31, 2025December 31, 2024ASSETSCURRENT ASSETSCash and temporary cash investments$1,629$1,324Accounts receivable – customers, net allowance for uncollectible accounts of $507 and $620 in 2025 and 2024, respectively2,5832,440Other receivables, net allowance for uncollectible accounts of $35 and $41 in 2025 and 2024, respectively232292Taxes receivable11145Accrued unbilled revenue821848Fuel oil, gas in storage, materials and supplies, at average cost530485Prepayments381445Regulatory assets103141Revenue decoupling mechanism receivable213202Fair value of derivative assets8615Assets held for sale—133Other current assets161194TOTAL CURRENT ASSETS6,7506,664INVESTMENTS1,2131,126UTILITY PLANT, AT ORIGINAL COSTElectric44,48841,206Gas16,12715,127Steam3,2603,187General4,5764,851TOTAL68,45164,371Less: Accumulated depreciation16,46315,384Net51,98848,987Construction work in progress3,4143,165NET UTILITY PLANT55,40252,152NON-UTILITY PLANTNon-utility property, net accumulated depreciation of $25 in 2025 and 2024112Construction work in progress—1NET PLANT55,40352,165OTHER NONCURRENT ASSETSGoodwill406408Regulatory assets5,5995,523Pension and retiree benefits4,2273,791Operating lease right-of-use asset489493Fair value of derivative assets12627Other deferred charges and noncurrent assets390365TOTAL OTHER NONCURRENT ASSETS11,23710,607TOTAL ASSETS$74,603$70,562 Accounts receivable – customers, net allowance for uncollectible accounts of $507 and $620 in 2025 and 2024, respectively Other receivables, net allowance for uncollectible accounts of $35 and $41 in 2025 and 2024, respectively Taxes receivable Non-utility property, net accumulated depreciation of $25 in 2025 and 2024 The accompanying notes are an integral part of these financial statements. 87CON EDISON ANNUAL REPORT 2025 87CON EDISON ANNUAL REPORT 2025 87CON EDISON ANNUAL REPORT 2025 87 CON EDISON ANNUAL REPORT 2025" }, { "status": "ADDED", "current_title": "Repurchased", "prior_title": null, "current_body": "Con Edison Stock Capital Stock Expense The accompanying notes are an integral part of these financial statements. 101CON EDISON ANNUAL REPORT 2025 101CON EDISON ANNUAL REPORT 2025 101CON EDISON ANNUAL REPORT 2025 101 CON EDISON ANNUAL REPORT 2025" }, { "status": "ADDED", "current_title": "Consolidated Edison Company of New York, Inc.", "prior_title": null, "current_body": "Consolidated Statement of Cash Flows For the Years Ended December 31,(Millions of Dollars)202520242023OPERATING ACTIVITIESNet income$1,906$1,748$1,606PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOMEDepreciation and amortization2,1932,0371,924Deferred income taxes435464556Rate case amortization and accruals26317972Other non-cash items, net(5)(27)(42)CHANGES IN ASSETS AND LIABILITIESAccounts receivable – customers, net(23)(264)(270)Unbilled revenue and net unbilled revenue deferrals1564(47)Other receivables, net and other current assets(105)92(142)Accounts receivable from (to) affiliated companies314(238)(100)Prepayments66(66)(106)Accounts payable1518(137)Accounts payable from (to) affiliated companies136(1)Pensions and retiree benefits obligations, net(553)(283)(181)Pensions and retiree benefits contributions(61)(26)(33)Superfund and other environmental costs, net(23)(43)(12)Accrued taxes3010(35)Accrued taxes to affiliated companies1—(88)Accrued interest212625Deferred charges, noncurrent assets, leases, net and other regulatory assets(699)(677)(1,142)Deferred credits, noncurrent liabilities and other regulatory liabilities414447199Other current liabilities176(99)239NET CASH FLOWS FROM OPERATING ACTIVITIES4,5293,3582,285INVESTING ACTIVITIESUtility capital expenditures(4,331)(4,456)(4,059)Cost of removal less salvage(469)(467)(380)NET CASH FLOWS USED IN INVESTING ACTIVITIES(4,800)(4,923)(4,439)FINANCING ACTIVITIESNet payment of short-term debt (Maturities 90 days or less)(754)(209)(397)Issuance of short-term debt (Maturities greater than 90 days)300——Borrowing under term loan200500—Repayment of term loan(200)——Issuance of long-term debt9002,8502,000Retirement of long-term debt—(475)—Debt issuance costs(14)(42)(31)Capital contribution by Con Edison1,3001301,720Dividend to Con Edison(1,134)(1,073)(1,056)NET CASH FLOWS FROM FINANCING ACTIVITIES5981,6812,236CASH AND TEMPORARY CASH INVESTMENTSNET CHANGE FOR THE PERIOD32711682BALANCE AT BEGINNING OF PERIOD1,2541,1381,056BALANCE AT END OF PERIOD$1,581$1,254$1,138SUPPLEMENTAL DISCLOSURE OF CASH INFORMATIONCash paid (received) during the period for:Interest, net of capitalized interest$1,077$1,001$882SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATIONCapital expenditures in accounts payable$711$461$564Equipment acquired but unpaid as of end of period$—$6$11 The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 2025 98 CON EDISON ANNUAL REPORT 2025 98 CON EDISON ANNUAL REPORT 2025 98 CON EDISON ANNUAL REPORT 2025 98" }, { "status": "ADDED", "current_title": "LONG-TERM DEBT (Millions of Dollars)", "prior_title": null, "current_body": "91CON EDISON ANNUAL REPORT 2025 91CON EDISON ANNUAL REPORT 2025 91CON EDISON ANNUAL REPORT 2025 91 CON EDISON ANNUAL REPORT 2025 20536.592023A505020545.702024B1,0001,00020545.412024A12512520544.6252014C75075020555.502024E65065020555.992025A250—20555.752025A900—20564.302016C50050020574.002017C35035020584.502018B70070020593.702019B60060020603.002020C60060020613.602021B750750TOTAL DEBENTURES$25,825$24,675TAX-EXEMPT DEBT - Notes issued to New York State Energy Research and Development Authority for Facilities Revenue Bonds:20392.23(b)2004C999920392.20(b)2005A126126TOTAL TAX-EXEMPT DEBT22522520394.82(c)Broken Bow II—59TOTAL PROJECT DEBT—59Unamortized debt expense(179)(179)Unamortized debt discount(70)(70)TOTAL25,80124,710Less: Long-term debt due within one year250—TOTAL LONG-TERM DEBT25,55124,710Less: Held for sale project debt, net (c)—59TOTAL LONG-TERM DEBT EXCLUDING HELD FOR SALE25,55124,651TOTAL CAPITALIZATION$49,741$46,613 (a) Rates reset quarterly; December 31, 2025 floating rate equals SOFR+0.52 percent. (b) Rates reset weekly; December 31, 2025 rates shown (c) The sale and transfer of Broken Bow II, including the related debt, was completed in January 2025. See Notes C, W and X. The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 2025 92 CON EDISON ANNUAL REPORT 2025 92 CON EDISON ANNUAL REPORT 2025 92 CON EDISON ANNUAL REPORT 2025 92" }, { "status": "ADDED", "current_title": "Note B – Regulatory Matters", "prior_title": null, "current_body": "Rate Plans The Utilities provide service to New York customers according to the terms of tariffs approved by the NYSPSC. Tariffs for service to customers of Rockland Electric Company (RECO), O&R’s New Jersey regulated utility subsidiary, are approved by the New Jersey Board of Public Utilities (NJBPU). The tariffs include schedules of rates for service that limit the rates charged by the Utilities to amounts that the Utilities recover from their customers costs approved by the regulator, including capital costs, of providing service to customers as defined by the tariff. The tariffs implement rate plans adopted by state utility regulators in rate orders issued at the conclusion of rate proceedings. Pursuant to the Utilities’ rate plans, there generally can be no change to the charges to customers during the respective terms of the rate plans other than specified adjustments provided for in the rate plans. The Utilities’ rate plans each cover specified periods, but rates determined pursuant to a plan generally continue in effect until a new rate plan is approved by the state utility regulator. Common provisions of the Utilities’ New York rate plans include: Base Rates are designed to recover core costs of providing electric, gas or steam delivery service such as the costs of constructing, operating and maintaining a service’s system. Earnings sharing that require the Utilities to defer for customer benefit a portion of earnings over specified rates of return on common equity. There is no symmetric mechanism for earnings below specified rates of return on common equity. Negative revenue adjustments for failure to meet certain performance standards relating to service, reliability, safety and other matters. Net utility plant reconciliations that require deferral as a regulatory liability of the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates. There is generally no symmetric mechanism if actual average net utility plant balances are more than amounts reflected in rates. CON EDISON ANNUAL REPORT 2025 112 CON EDISON ANNUAL REPORT 2025 112 CON EDISON ANNUAL REPORT 2025 112 CON EDISON ANNUAL REPORT 2025 112 Other revenue adjustments that represent positive revenue adjustments, positive incentives, and earnings adjustments mechanisms for achievement of performance standards related to achievement of clean energy goals, safety and other matters. Rate base, as reflected in the rate plans, is, in general, the sum of the Utilities’ net plant, working capital and certain regulatory assets less deferred taxes and certain regulatory liabilities. For each rate plan, the NYSPSC uses a forecast of the average rate base for each year that new rates would be in effect (“rate year”). Recoverable energy costs that allow the Utilities to recover on a current basis the costs for the energy they supply with no mark-up to their full-service customers. Regulatory reconciliations that reconcile pension and other postretirement benefit costs, environmental remediation costs, property taxes, variable-rate tax-exempt debt and certain other costs (including late payment charges and write-offs of customer accounts receivable balances) to amounts reflected in delivery rates for such costs. In addition, changes in the Utilities' costs not reflected in rates, in excess of certain amounts, resulting from changes in tax or changes in legislation, regulation or related actions, are deferred as a regulatory asset or regulatory liability to be reflected in the Utilities' next rate plan or in a manner to be determined by the NYSPSC. Also, the Utilities generally retain the right to petition for recovery or accounting deferral of extraordinary and material cost increases and provision is sometimes made for the utility to retain a share of cost reductions, for example, property tax refunds. Revenue decoupling mechanisms that reconcile actual energy delivery revenues to the authorized delivery revenues approved by the NYSPSC. The difference is accrued with interest for refund to, or recovery from customers, as applicable. Weighted average cost of capital is determined based on the authorized common equity ratio, return on common equity, cost of long-term debt and cost of customer deposits reflected in each rate plan. For each rate plan, the revenues designed to provide the utility a return on invested capital for each rate year are determined by multiplying each utility rate base by its pre–tax weighted average cost of capital. The Utilities’ actual return on common equity will reflect their actual operations for each rate year, and may be more or less than the authorized return on equity reflected in their rate plans (and if more, may be subject to earnings sharing). 113CON EDISON ANNUAL REPORT 2025 113CON EDISON ANNUAL REPORT 2025 113CON EDISON ANNUAL REPORT 2025 113 CON EDISON ANNUAL REPORT 2025" }, { "status": "REMOVED", "current_title": null, "prior_title": "Income Tax Expense", "prior_body": "Income taxes decreased $44 million in 2024 compared with 2023 primarily due to higher amortization of excess deferred federal income taxes ($31 million) and the absence in 2024 of a remeasurement of state deferred income tax assets and liabilities as a result of the enacted New York State legislation in 2023 ($10 million). O&R For the Year Ended December 31, 2024 For the Year Ended December 31, 2023 (Millions of Dollars)ElectricGas2024 TotalElectricGas2023 Total2024-2023VariationOperating revenues$852$273$1,125$759$297$1,056$69Purchased power290—290247—24743Gas purchased for resale—7575—111111(36)Other operations and maintenance306813872928337512Depreciation and amortization8235117763010611Taxes, other than income taxes6233955932914Operating income$112$49$161$85$41$126$35 Electric O&R’s results of electric operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$852$759$93Purchased power29024743Other operations and maintenance30629214Depreciation and amortization82766Taxes, other than income taxes62593Electric operating income$112$85$27 O&R’s electric sales and deliveries in 2024 compared with 2023 were: CON EDISON ANNUAL REPORT 202465 CON EDISON ANNUAL REPORT 202465 CON EDISON ANNUAL REPORT 202465 65 Millions of kWh Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2024December 31, 2023VariationPercentVariation December 31, 2024December 31, 2023VariationPercentVariationResidential/Religious (b)2,133 1,917 216 11.3 %$474$419$5513.1 %Commercial/Industrial965 958 7 0.7 1671472013.6 Retail choice customers2,522 2,397 125 5.2 1981722615.1 Public authorities114 113 1 0.9 1212——Other operating revenues (c)— — — —19(8)(88.9)Total5,734 5,385 349 6.5 %(d)$852$759$9312.3 % Percent Variation Percent Variation (a)O&R’s New York electric delivery revenues are subject to a revenue decoupling mechanism, as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The majority of O&R’s electric distribution revenues in New Jersey are subject to a conservation incentive program, as a result of which distribution revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. O&R’s electric transmission revenues in New Jersey are not subject to a conservation incentive program, and as a result, changes in such volumes do impact revenues. (b)“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations. (c)Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with O&R’s electric rate plan. (d)After adjusting for weather and other variations, electric delivery volumes in O&R’s service area increased 2.7 percent in 2024 compared with 2023. Operating revenues increased $93 million in 2024 compared with 2023 primarily due to higher purchased power expenses ($43 million) and higher revenues from the New York electric rate plan ($39 million), higher revenue related to the Clean Energy Act ($3 million) and a change in incentives earned under the earnings adjustment mechanisms ($1 million). Purchased power expenses increased $43 million in 2024 compared with 2023 due to higher purchased volumes ($35 million) and unit costs ($8 million). Other operations and maintenance expenses increased $14 million in 2024 compared with 2023 primarily due to higher regulatory System Benefit Charges ($6 million), higher regulatory amortizations ($4 million), higher expenses associated with the New Jersey Clean Energy Act ($3 million) and higher tree trimming costs ($2 million). Depreciation and amortization expenses increased $6 million in 2024 compared with 2023 primarily due to higher electric utility plant balances. Taxes, other than income taxes increased $3 million in 2024 compared with 2023 primarily due to higher property taxes ($2 million) and higher state and local revenue taxes ($1 million). Gas O&R’s results of gas operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$273$297$(24)Gas purchased for resale75111(36)Other operations and maintenance8183(2)Depreciation and amortization35305Taxes, other than income taxes33321Gas operating income$49$41$8 O&R’s gas sales and deliveries, excluding off-system sales, in 2024 compared with 2023 were: 66CON EDISON ANNUAL REPORT 2024 66CON EDISON ANNUAL REPORT 2024 66CON EDISON ANNUAL REPORT 2024 66 Thousands of Dt Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2024December 31, 2023VariationPercentVariationDecember 31, 2024December 31, 2023VariationPercentVariationResidential10,749 11,428 (679)(5.9)%$166$193$(27)(14.0)%General1,767 2,929 (1,162)(39.7)2137(16)(43.2)Firm transportation4,623 5,055 (432)(8.5)3438(4)(10.5)Total firm sales and transportation17,139 19,412 (2,273)(11.7)(b) 221268(47)(17.5)Interruptible sales3,712 3,301 411 12.5 %76116.7 %Generation plants10 4 6 Large————Other710 672 38 5.7 11 — —Other gas revenues— — — —442222LargeTotal21,571 23,389 (1,818)(7.8)%$273$297$(24)(8.1)% Percent Variation (a)Revenues from New York gas sales are subject to a weather normalization clause and a revenue decoupling mechanism, as a result of which, delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. (b)After adjusting for weather and other variations, firm sales and transportation volumes in O&R’s service area decreased 1.4 percent in 2024 compared with 2023. Operating revenues decreased $24 million in 2024 compared with 2023 primarily due to lower gas purchased for resale ($36 million), offset in part by higher revenues from the New York gas rate plan ($3 million) and a change in incentives earned under the earnings adjustment mechanisms ($2 million). Gas purchased for resale decreased $36 million in 2024 compared with 2023 due to lower purchased volumes ($18 million) and unit cost ($18 million). Other operations and maintenance expenses decreased $2 million in 2024 compared with 2023 primarily due to lower pension costs. Depreciation and amortization expenses increased $5 million in 2024 compared with 2023 primarily due to higher gas utility plant balances." }, { "status": "REMOVED", "current_title": null, "prior_title": "Income Tax Expense", "prior_body": "Income taxes decreased $44 million in 2024 compared with 2023 primarily due to higher amortization of excess deferred federal income taxes ($31 million) and the absence in 2024 of a remeasurement of state deferred income tax assets and liabilities as a result of the enacted New York State legislation in 2023 ($10 million). O&R For the Year Ended December 31, 2024 For the Year Ended December 31, 2023 (Millions of Dollars)ElectricGas2024 TotalElectricGas2023 Total2024-2023VariationOperating revenues$852$273$1,125$759$297$1,056$69Purchased power290—290247—24743Gas purchased for resale—7575—111111(36)Other operations and maintenance306813872928337512Depreciation and amortization8235117763010611Taxes, other than income taxes6233955932914Operating income$112$49$161$85$41$126$35 Electric O&R’s results of electric operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$852$759$93Purchased power29024743Other operations and maintenance30629214Depreciation and amortization82766Taxes, other than income taxes62593Electric operating income$112$85$27 O&R’s electric sales and deliveries in 2024 compared with 2023 were: CON EDISON ANNUAL REPORT 202465 CON EDISON ANNUAL REPORT 202465 CON EDISON ANNUAL REPORT 202465 65 Millions of kWh Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2024December 31, 2023VariationPercentVariation December 31, 2024December 31, 2023VariationPercentVariationResidential/Religious (b)2,133 1,917 216 11.3 %$474$419$5513.1 %Commercial/Industrial965 958 7 0.7 1671472013.6 Retail choice customers2,522 2,397 125 5.2 1981722615.1 Public authorities114 113 1 0.9 1212——Other operating revenues (c)— — — —19(8)(88.9)Total5,734 5,385 349 6.5 %(d)$852$759$9312.3 % Percent Variation Percent Variation (a)O&R’s New York electric delivery revenues are subject to a revenue decoupling mechanism, as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The majority of O&R’s electric distribution revenues in New Jersey are subject to a conservation incentive program, as a result of which distribution revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. O&R’s electric transmission revenues in New Jersey are not subject to a conservation incentive program, and as a result, changes in such volumes do impact revenues. (b)“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations. (c)Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with O&R’s electric rate plan. (d)After adjusting for weather and other variations, electric delivery volumes in O&R’s service area increased 2.7 percent in 2024 compared with 2023. Operating revenues increased $93 million in 2024 compared with 2023 primarily due to higher purchased power expenses ($43 million) and higher revenues from the New York electric rate plan ($39 million), higher revenue related to the Clean Energy Act ($3 million) and a change in incentives earned under the earnings adjustment mechanisms ($1 million). Purchased power expenses increased $43 million in 2024 compared with 2023 due to higher purchased volumes ($35 million) and unit costs ($8 million). Other operations and maintenance expenses increased $14 million in 2024 compared with 2023 primarily due to higher regulatory System Benefit Charges ($6 million), higher regulatory amortizations ($4 million), higher expenses associated with the New Jersey Clean Energy Act ($3 million) and higher tree trimming costs ($2 million). Depreciation and amortization expenses increased $6 million in 2024 compared with 2023 primarily due to higher electric utility plant balances. Taxes, other than income taxes increased $3 million in 2024 compared with 2023 primarily due to higher property taxes ($2 million) and higher state and local revenue taxes ($1 million). Gas O&R’s results of gas operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$273$297$(24)Gas purchased for resale75111(36)Other operations and maintenance8183(2)Depreciation and amortization35305Taxes, other than income taxes33321Gas operating income$49$41$8 O&R’s gas sales and deliveries, excluding off-system sales, in 2024 compared with 2023 were: 66CON EDISON ANNUAL REPORT 2024 66CON EDISON ANNUAL REPORT 2024 66CON EDISON ANNUAL REPORT 2024 66 Thousands of Dt Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2024December 31, 2023VariationPercentVariationDecember 31, 2024December 31, 2023VariationPercentVariationResidential10,749 11,428 (679)(5.9)%$166$193$(27)(14.0)%General1,767 2,929 (1,162)(39.7)2137(16)(43.2)Firm transportation4,623 5,055 (432)(8.5)3438(4)(10.5)Total firm sales and transportation17,139 19,412 (2,273)(11.7)(b) 221268(47)(17.5)Interruptible sales3,712 3,301 411 12.5 %76116.7 %Generation plants10 4 6 Large————Other710 672 38 5.7 11 — —Other gas revenues— — — —442222LargeTotal21,571 23,389 (1,818)(7.8)%$273$297$(24)(8.1)% Percent Variation (a)Revenues from New York gas sales are subject to a weather normalization clause and a revenue decoupling mechanism, as a result of which, delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. (b)After adjusting for weather and other variations, firm sales and transportation volumes in O&R’s service area decreased 1.4 percent in 2024 compared with 2023. Operating revenues decreased $24 million in 2024 compared with 2023 primarily due to lower gas purchased for resale ($36 million), offset in part by higher revenues from the New York gas rate plan ($3 million) and a change in incentives earned under the earnings adjustment mechanisms ($2 million). Gas purchased for resale decreased $36 million in 2024 compared with 2023 due to lower purchased volumes ($18 million) and unit cost ($18 million). Other operations and maintenance expenses decreased $2 million in 2024 compared with 2023 primarily due to lower pension costs. Depreciation and amortization expenses increased $5 million in 2024 compared with 2023 primarily due to higher gas utility plant balances." }, { "status": "REMOVED", "current_title": null, "prior_title": "Clean Energy Businesses", "prior_body": "On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note W and Note X to the financial statements in Item 8. The Clean Energy Businesses’ results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$—$129$(129)Purchased power———Gas purchased for resale—41(41)Other operations and maintenance—48(48)Depreciation and amortization———Taxes, other than income taxes—3(3)Operating income$—$37$(37)" }, { "status": "REMOVED", "current_title": null, "prior_title": "Net Interest Expense", "prior_body": "Net interest expense increased $164 million in 2024 compared with 2023 primarily due to higher interest expense for long-term debt due to higher debt balances ($142 million) and short-term debt ($3 million)." }, { "status": "REMOVED", "current_title": null, "prior_title": "Income Tax Expense", "prior_body": "Income taxes decreased $44 million in 2024 compared with 2023 primarily due to higher amortization of excess deferred federal income taxes ($31 million) and the absence in 2024 of a remeasurement of state deferred income tax assets and liabilities as a result of the enacted New York State legislation in 2023 ($10 million). O&R For the Year Ended December 31, 2024 For the Year Ended December 31, 2023 (Millions of Dollars)ElectricGas2024 TotalElectricGas2023 Total2024-2023VariationOperating revenues$852$273$1,125$759$297$1,056$69Purchased power290—290247—24743Gas purchased for resale—7575—111111(36)Other operations and maintenance306813872928337512Depreciation and amortization8235117763010611Taxes, other than income taxes6233955932914Operating income$112$49$161$85$41$126$35 Electric O&R’s results of electric operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$852$759$93Purchased power29024743Other operations and maintenance30629214Depreciation and amortization82766Taxes, other than income taxes62593Electric operating income$112$85$27 O&R’s electric sales and deliveries in 2024 compared with 2023 were: CON EDISON ANNUAL REPORT 202465 CON EDISON ANNUAL REPORT 202465 CON EDISON ANNUAL REPORT 202465 65 Millions of kWh Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2024December 31, 2023VariationPercentVariation December 31, 2024December 31, 2023VariationPercentVariationResidential/Religious (b)2,133 1,917 216 11.3 %$474$419$5513.1 %Commercial/Industrial965 958 7 0.7 1671472013.6 Retail choice customers2,522 2,397 125 5.2 1981722615.1 Public authorities114 113 1 0.9 1212——Other operating revenues (c)— — — —19(8)(88.9)Total5,734 5,385 349 6.5 %(d)$852$759$9312.3 % Percent Variation Percent Variation (a)O&R’s New York electric delivery revenues are subject to a revenue decoupling mechanism, as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The majority of O&R’s electric distribution revenues in New Jersey are subject to a conservation incentive program, as a result of which distribution revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. O&R’s electric transmission revenues in New Jersey are not subject to a conservation incentive program, and as a result, changes in such volumes do impact revenues. (b)“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations. (c)Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with O&R’s electric rate plan. (d)After adjusting for weather and other variations, electric delivery volumes in O&R’s service area increased 2.7 percent in 2024 compared with 2023. Operating revenues increased $93 million in 2024 compared with 2023 primarily due to higher purchased power expenses ($43 million) and higher revenues from the New York electric rate plan ($39 million), higher revenue related to the Clean Energy Act ($3 million) and a change in incentives earned under the earnings adjustment mechanisms ($1 million). Purchased power expenses increased $43 million in 2024 compared with 2023 due to higher purchased volumes ($35 million) and unit costs ($8 million). Other operations and maintenance expenses increased $14 million in 2024 compared with 2023 primarily due to higher regulatory System Benefit Charges ($6 million), higher regulatory amortizations ($4 million), higher expenses associated with the New Jersey Clean Energy Act ($3 million) and higher tree trimming costs ($2 million). Depreciation and amortization expenses increased $6 million in 2024 compared with 2023 primarily due to higher electric utility plant balances. Taxes, other than income taxes increased $3 million in 2024 compared with 2023 primarily due to higher property taxes ($2 million) and higher state and local revenue taxes ($1 million). Gas O&R’s results of gas operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$273$297$(24)Gas purchased for resale75111(36)Other operations and maintenance8183(2)Depreciation and amortization35305Taxes, other than income taxes33321Gas operating income$49$41$8 O&R’s gas sales and deliveries, excluding off-system sales, in 2024 compared with 2023 were: 66CON EDISON ANNUAL REPORT 2024 66CON EDISON ANNUAL REPORT 2024 66CON EDISON ANNUAL REPORT 2024 66 Thousands of Dt Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2024December 31, 2023VariationPercentVariationDecember 31, 2024December 31, 2023VariationPercentVariationResidential10,749 11,428 (679)(5.9)%$166$193$(27)(14.0)%General1,767 2,929 (1,162)(39.7)2137(16)(43.2)Firm transportation4,623 5,055 (432)(8.5)3438(4)(10.5)Total firm sales and transportation17,139 19,412 (2,273)(11.7)(b) 221268(47)(17.5)Interruptible sales3,712 3,301 411 12.5 %76116.7 %Generation plants10 4 6 Large————Other710 672 38 5.7 11 — —Other gas revenues— — — —442222LargeTotal21,571 23,389 (1,818)(7.8)%$273$297$(24)(8.1)% Percent Variation (a)Revenues from New York gas sales are subject to a weather normalization clause and a revenue decoupling mechanism, as a result of which, delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. (b)After adjusting for weather and other variations, firm sales and transportation volumes in O&R’s service area decreased 1.4 percent in 2024 compared with 2023. Operating revenues decreased $24 million in 2024 compared with 2023 primarily due to lower gas purchased for resale ($36 million), offset in part by higher revenues from the New York gas rate plan ($3 million) and a change in incentives earned under the earnings adjustment mechanisms ($2 million). Gas purchased for resale decreased $36 million in 2024 compared with 2023 due to lower purchased volumes ($18 million) and unit cost ($18 million). Other operations and maintenance expenses decreased $2 million in 2024 compared with 2023 primarily due to lower pension costs. Depreciation and amortization expenses increased $5 million in 2024 compared with 2023 primarily due to higher gas utility plant balances." }, { "status": "REMOVED", "current_title": null, "prior_title": "Loss Attributable to Non-Controlling Interest", "prior_body": "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. 68CON EDISON ANNUAL REPORT 2024 68CON EDISON ANNUAL REPORT 2024 68CON EDISON ANNUAL REPORT 2024 68" }, { "status": "REMOVED", "current_title": null, "prior_title": "Assets, Liabilities and Equity", "prior_body": "The Companies’ assets, liabilities and equity at December 31, 2024 and 2023 are summarized as follows: CECONYO&RCon Edison TransmissionOther (a)Con Edison (b)(Millions of Dollars)2024202320242023202420232024202320242023ASSETSCurrent assets$6,298$5,981$385$302$26$25$(45)$229$6,664$6,537Investments6846082322419365—41,126999Net plant48,98346,6483,1662,9431717(1)— 52,16549,608Other noncurrent assets9,6858,3634864087742940910,6079,187Total Assets$65,650$61,600$4,060$3,675$469$414$383$642$70,562$66,331LIABILITIES AND SHAREHOLDERS' EQUITYCurrent liabilities$5,559$5,694$467$349$7$5$400$414$6,433$6,462Noncurrent liabilities16,71115,9501,2091,146(65)(76)(339)(236)17,51616,784Long-term debt23,40920,8101,2421,118———(1)24,65121,927Equity19,97119,1461,1421,06252748532246521,96221,158Total Liabilities and Equity$65,650$61,600$4,060$3,675$469$414$383$642$70,562$66,331 CECONY O&R" }, { "status": "REMOVED", "current_title": null, "prior_title": "Clean Energy Businesses", "prior_body": "On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note W and Note X to the financial statements in Item 8. The Clean Energy Businesses’ results of operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$—$129$(129)Purchased power———Gas purchased for resale—41(41)Other operations and maintenance—48(48)Depreciation and amortization———Taxes, other than income taxes—3(3)Operating income$—$37$(37)" }, { "status": "REMOVED", "current_title": null, "prior_title": "Off-Balance Sheet Arrangements", "prior_body": "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. 76CON EDISON ANNUAL REPORT 2024 76CON EDISON ANNUAL REPORT 2024 76CON EDISON ANNUAL REPORT 2024 76" }, { "status": "REMOVED", "current_title": null, "prior_title": "For the Years Ended December 31,", "prior_body": "The accompanying notes are an integral part of these financial statements. 88CON EDISON ANNUAL REPORT 2024 88CON EDISON ANNUAL REPORT 2024 88CON EDISON ANNUAL REPORT 2024 88" }, { "status": "REMOVED", "current_title": null, "prior_title": "Consolidated Balance Sheet", "prior_body": "(Millions of Dollars)December 31, 2024December 31, 2023ASSETSCURRENT ASSETSCash and temporary cash investments$1,324$1,189Accounts receivable — customers, net allowance for uncollectible accounts of $620 and $360 in 2024 and 2023, respectively2,4402,418Other receivables, net allowance for uncollectible accounts of $41 and $13 in 2024 and 2023, respectively292444Accrued unbilled revenue848722Taxes receivable1451Fuel oil, gas in storage, materials and supplies, at average cost485469Prepayments445470Regulatory assets141281Revenue decoupling mechanism receivable202203Fair value of derivative assets1552Assets held for sale133163Other current assets 194125TOTAL CURRENT ASSETS6,6646,537INVESTMENTS1,126999UTILITY PLANT, AT ORIGINAL COSTElectric41,20639,071Gas15,12714,318Steam3,1873,085General4,8514,835TOTAL64,37161,309Less: Accumulated depreciation15,38414,157Net48,98747,152Construction work in progress3,1652,442NET UTILITY PLANT52,15249,594NON-UTILITY PLANTNon-utility property, net accumulated depreciation of $25 and $24 in 2024 and 2023, respectively1213Construction work in progress11NET PLANT52,16549,608OTHER NONCURRENT ASSETSGoodwill408408Operating lease right-of-use-asset493533 Regulatory assets5,5234,607Pension and retiree benefits3,7913,275Fair value of derivative assets2748Other deferred charges and noncurrent assets 365316TOTAL OTHER NONCURRENT ASSETS10,6079,187TOTAL ASSETS$70,562$66,331 Accounts receivable — customers, net allowance for uncollectible accounts of $620 and $360 in 2024 and 2023, respectively Other receivables, net allowance for uncollectible accounts of $41 and $13 in 2024 and 2023, respectively Non-utility property, net accumulated depreciation of $25 and $24 in 2024 and 2023, respectively The accompanying notes are an integral part of these financial statements. 90CON EDISON ANNUAL REPORT 2024 90CON EDISON ANNUAL REPORT 2024 90CON EDISON ANNUAL REPORT 2024 90" }, { "status": "REMOVED", "current_title": null, "prior_title": "Consolidated Balance Sheet", "prior_body": "(Millions of Dollars)December 31, 2024December 31, 2023ASSETSCURRENT ASSETSCash and temporary cash investments$1,324$1,189Accounts receivable — customers, net allowance for uncollectible accounts of $620 and $360 in 2024 and 2023, respectively2,4402,418Other receivables, net allowance for uncollectible accounts of $41 and $13 in 2024 and 2023, respectively292444Accrued unbilled revenue848722Taxes receivable1451Fuel oil, gas in storage, materials and supplies, at average cost485469Prepayments445470Regulatory assets141281Revenue decoupling mechanism receivable202203Fair value of derivative assets1552Assets held for sale133163Other current assets 194125TOTAL CURRENT ASSETS6,6646,537INVESTMENTS1,126999UTILITY PLANT, AT ORIGINAL COSTElectric41,20639,071Gas15,12714,318Steam3,1873,085General4,8514,835TOTAL64,37161,309Less: Accumulated depreciation15,38414,157Net48,98747,152Construction work in progress3,1652,442NET UTILITY PLANT52,15249,594NON-UTILITY PLANTNon-utility property, net accumulated depreciation of $25 and $24 in 2024 and 2023, respectively1213Construction work in progress11NET PLANT52,16549,608OTHER NONCURRENT ASSETSGoodwill408408Operating lease right-of-use-asset493533 Regulatory assets5,5234,607Pension and retiree benefits3,7913,275Fair value of derivative assets2748Other deferred charges and noncurrent assets 365316TOTAL OTHER NONCURRENT ASSETS10,6079,187TOTAL ASSETS$70,562$66,331 Accounts receivable — customers, net allowance for uncollectible accounts of $620 and $360 in 2024 and 2023, respectively Other receivables, net allowance for uncollectible accounts of $41 and $13 in 2024 and 2023, respectively Non-utility property, net accumulated depreciation of $25 and $24 in 2024 and 2023, respectively The accompanying notes are an integral part of these financial statements. 90CON EDISON ANNUAL REPORT 2024 90CON EDISON ANNUAL REPORT 2024 90CON EDISON ANNUAL REPORT 2024 90" }, { "status": "REMOVED", "current_title": null, "prior_title": "(In Millions, except for dividends per share)", "prior_body": "Additional Paid-In Capital Retained Earnings Capital Stock Expense Common stock dividends ($3.16 per share) Common stock dividends ($3.24 per share) Common stock dividends ($3.32 per share) The accompanying notes are an integral part of these financial statements. 92CON EDISON ANNUAL REPORT 2024 92CON EDISON ANNUAL REPORT 2024 92CON EDISON ANNUAL REPORT 2024 92" }, { "status": "REMOVED", "current_title": null, "prior_title": "December 31,", "prior_body": "The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 202493 CON EDISON ANNUAL REPORT 202493 CON EDISON ANNUAL REPORT 202493 93" }, { "status": "REMOVED", "current_title": null, "prior_title": "Consolidated Income Statement", "prior_body": "For the Years Ended December 31,(Millions of Dollars/Except Share Data)202420232022OPERATING REVENUESElectric$11,568$10,835$10,522Gas3,1073,1273,237Steam578569593Non-utility31321,318TOTAL OPERATING REVENUES15,25614,66315,670OPERATING EXPENSESPurchased power2,5692,5412,479Fuel170282356Gas purchased for resale5998291,245Other operations and maintenance3,7513,6063,905Depreciation and amortization2,1552,0312,056Taxes, other than income taxes3,2803,0433,005TOTAL OPERATING EXPENSES12,52412,33213,046Gain (Loss) on sale of the Clean Energy Businesses(62)865—OPERATING INCOME2,6703,1962,624OTHER INCOME (DEDUCTIONS)Investment income626220Other income635834402Allowance for equity funds used during construction382619Other deductions(80)(92)(115)TOTAL OTHER INCOME655830326INCOME BEFORE INTEREST AND INCOME TAX EXPENSE3,3254,0262,950INTEREST EXPENSE (INCOME)Interest on long-term debt1,084962987Other interest expense (income)166113(99)Allowance for borrowed funds used during construction(63)(52)(36)NET INTEREST EXPENSE1,1871,023852INCOME BEFORE INCOME TAX EXPENSE2,1383,0032,098INCOME TAX EXPENSE318487498NET INCOME$1,820$2,516$1,600Loss attributable to non-controlling interest$—$(3)$(60)NET INCOME FOR COMMON STOCK$1,820$2,519$1,660Net income per common share — basic$5.26$7.25$4.68Net income per common share — diluted$5.24$7.21$4.66AVERAGE NUMBER OF SHARES OUTSTANDING — BASIC (IN MILLIONS)346.0347.7354.5AVERAGE NUMBER OF SHARES OUTSTANDING — DILUTED (IN MILLIONS)347.3349.3355.8 The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 202487 CON EDISON ANNUAL REPORT 202487 CON EDISON ANNUAL REPORT 202487 87" }, { "status": "REMOVED", "current_title": null, "prior_title": "Consolidated Balance Sheet", "prior_body": "(Millions of Dollars)December 31, 2024December 31, 2023ASSETSCURRENT ASSETSCash and temporary cash investments$1,324$1,189Accounts receivable — customers, net allowance for uncollectible accounts of $620 and $360 in 2024 and 2023, respectively2,4402,418Other receivables, net allowance for uncollectible accounts of $41 and $13 in 2024 and 2023, respectively292444Accrued unbilled revenue848722Taxes receivable1451Fuel oil, gas in storage, materials and supplies, at average cost485469Prepayments445470Regulatory assets141281Revenue decoupling mechanism receivable202203Fair value of derivative assets1552Assets held for sale133163Other current assets 194125TOTAL CURRENT ASSETS6,6646,537INVESTMENTS1,126999UTILITY PLANT, AT ORIGINAL COSTElectric41,20639,071Gas15,12714,318Steam3,1873,085General4,8514,835TOTAL64,37161,309Less: Accumulated depreciation15,38414,157Net48,98747,152Construction work in progress3,1652,442NET UTILITY PLANT52,15249,594NON-UTILITY PLANTNon-utility property, net accumulated depreciation of $25 and $24 in 2024 and 2023, respectively1213Construction work in progress11NET PLANT52,16549,608OTHER NONCURRENT ASSETSGoodwill408408Operating lease right-of-use-asset493533 Regulatory assets5,5234,607Pension and retiree benefits3,7913,275Fair value of derivative assets2748Other deferred charges and noncurrent assets 365316TOTAL OTHER NONCURRENT ASSETS10,6079,187TOTAL ASSETS$70,562$66,331 Accounts receivable — customers, net allowance for uncollectible accounts of $620 and $360 in 2024 and 2023, respectively Other receivables, net allowance for uncollectible accounts of $41 and $13 in 2024 and 2023, respectively Non-utility property, net accumulated depreciation of $25 and $24 in 2024 and 2023, respectively The accompanying notes are an integral part of these financial statements. 90CON EDISON ANNUAL REPORT 2024 90CON EDISON ANNUAL REPORT 2024 90CON EDISON ANNUAL REPORT 2024 90" }, { "status": "REMOVED", "current_title": null, "prior_title": "Income/(Loss)", "prior_body": "The accompanying notes are an integral part of these financial statements. 104CON EDISON ANNUAL REPORT 2024 104CON EDISON ANNUAL REPORT 2024 104CON EDISON ANNUAL REPORT 2024 104" }, { "status": "REMOVED", "current_title": null, "prior_title": "Consolidated Statement of Capitalization", "prior_body": "Shares outstandingDecember 31,At December 31,(In Millions)2024202320242023TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE INCOME 347345$21,933$21,136Pension and other postretirement benefit plan liability adjustments, net of taxes3023Unrealized losses on derivatives qualified as cash flow hedges, less reclassification adjustment for gains (losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes (1)(1)TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAXES2922TOTAL EQUITY (See Statement of Equity) $21,962$21,158" }, { "status": "REMOVED", "current_title": null, "prior_title": "LONG-TERM DEBT (Millions of Dollars)", "prior_body": "94CON EDISON ANNUAL REPORT 2024 94CON EDISON ANNUAL REPORT 2024 94CON EDISON ANNUAL REPORT 2024 94 20535.902023C90090020536.592023A505020545.702024B1,000—20545.412024A125—20544.6252014C75075020555.502024E650—20564.302016C50050020574.002017C35035020584.502018B70070020593.702019B60060020603.002020C60060020613.602021B750750TOTAL DEBENTURES$24,675$21,950TAX-EXEMPT DEBT - Notes issued to New York State Energy Research and Development Authority for Facilities Revenue Bonds:20363.23(b)2010A$—$22520393.47(c)2004C999920393.40(c)2005A126126TOTAL TAX-EXEMPT DEBT 22545020394.82(d)Broken Bow II5962TOTAL PROJECT DEBT 5962Unamortized debt expense(179)(162)Unamortized debt discount (70)(60)TOTAL24,71022,240Less: Long-term debt due within one year —251TOTAL LONG-TERM DEBT 24,71021,989Less: Held for sale project debt, net (c)5962TOTAL LONG-TERM DEBT EXCLUDING HELD FOR SALE24,65121,927TOTAL CAPITALIZATION $46,613$43,085 (d) (a) Rates reset quarterly; December 31, 2024 floating rate equals SOFR+0.52 percent. (b) 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. (c) Rates reset weekly; December 31, 2024 rates shown (d) The sale and transfer of Broken Bow II, including the related debt, was completed in January 2025. See Notes C, W and X. The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 202495 CON EDISON ANNUAL REPORT 202495 CON EDISON ANNUAL REPORT 202495 95" }, { "status": "REMOVED", "current_title": null, "prior_title": "Non–Utility Plant", "prior_body": "Non-utility plant is stated at original cost. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note W and X. For Con Edison, non-utility plant consisted primarily of the Clean Energy Businesses’ renewable electric projects. Property, plant and equipment are stated at cost, less accumulated depreciation and include capitalized interest during construction. Depreciation is computed under the straight-line method over the useful lives of the assets. Solar power generating assets and wind power generating assets have useful lives of 35 years and 30 years, respectively. For the Utilities, non-utility plant consists of land and conduit for telecommunication use. Depreciation on non-utility plant, other than land, is computed using the straight-line method for financial statement purposes over their estimated useful lives, which is 10 years. CON EDISON ANNUAL REPORT 2024109 CON EDISON ANNUAL REPORT 2024109 CON EDISON ANNUAL REPORT 2024109 109" }, { "status": "REMOVED", "current_title": null, "prior_title": "Variable Interest Entities", "prior_body": "The accounting rules for consolidation address the consolidation of a variable interest entity (VIE) by a business enterprise that is the primary beneficiary. A VIE is an entity that does not have a sufficient equity investment at risk to permit it to finance its activities without additional subordinated financial support, or whose equity investors lack the characteristics of a controlling financial interest. The primary beneficiary is the business enterprise that has the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and either absorbs a significant amount of the VIE’s losses or has the right to receive benefits that could be significant to the VIE. The Companies enter into arrangements including leases, partnerships and electricity purchase agreements, with various entities. As a result of these arrangements, the Companies retain or may retain a variable interest in these entities." }, { "status": "MODIFIED", "current_title": "Definition and Limitations of Internal Control over Financial Reporting", "prior_title": "Definition and Limitations of Internal Control over Financial Reporting", "similarity_score": 0.918, "confidence": "high", "key_changes": [ "Reworded sentence: \"Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may CON EDISON ANNUAL REPORT 2025 94 CON EDISON ANNUAL REPORT 2025 94 CON EDISON ANNUAL REPORT 2025 94 CON EDISON ANNUAL REPORT 2025 94 become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.\"" ], "current_body": "A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. 82CON EDISON ANNUAL REPORT 2025 82CON EDISON ANNUAL REPORT 2025 82CON EDISON ANNUAL REPORT 2025 82 CON EDISON ANNUAL REPORT 2025 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.", "prior_body": "A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. CON EDISON ANNUAL REPORT 202485 CON EDISON ANNUAL REPORT 202485 CON EDISON ANNUAL REPORT 202485 85 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate." }, { "status": "MODIFIED", "current_title": "Operations Risks:", "prior_title": "Operations Risks:", "similarity_score": 0.911, "confidence": "high", "key_changes": [ "Reworded sentence: \"The Utilities provide electricity, gas and steam services using energy facilities, many of which are located either in, or close to, densely populated public places.\"", "Reworded sentence: \"Cyber threats in general, and in particular, to critical infrastructure, are increasing in sophistication, magnitude and frequency and the techniques used in cyber attacks change rapidly, including from emerging technologies, such as artificial intelligence (AI), and from nation-state and state-sponsored adversaries as well as criminal actors.\"", "Reworded sentence: \"Although none of these incidents has had a material impact on the Companies, the scope and impact of any future incident cannot be predicted.\"", "Added sentence: \"44CON EDISON ANNUAL REPORT 2025 44CON EDISON ANNUAL REPORT 2025 44CON EDISON ANNUAL REPORT 2025 44 CON EDISON ANNUAL REPORT 2025 AI is an emerging area of technology that has the potential to impact various aspects of the Companies’ business operations and customer interactions.\"", "Added sentence: \"Generative AI technologies are still in their early stages of development and deployment.\"" ], "current_body": "The Failure Of, Or Damage To, The Companies’ Facilities Could Adversely Affect The Companies. The Utilities provide electricity, gas and steam services using energy facilities, many of which are located either in, or close to, densely populated public places. See the description of the Utilities’ facilities in Item 1. A failure of, or damage to, these facilities, or an error in the operation or maintenance of these facilities, could result in bodily injury or death, property damage, the release of hazardous substances or extended service interruptions. Natural disasters or impacts of climate change, such as sea level rise, coastal storm surge, inland flooding from intense rainfall, hurricane-strength winds and extreme heat or cold could impact or damage facilities or result in large-scale outages and the Utilities may experience more severe consequences by continuing or resuming operations during and after such events. The Utilities’ response to such events may be perceived to be below customer expectations. The Utilities' successful implementation of their maintenance programs reduces, but does not fully protect against, damage to their facilities for which they will be held responsible and which may hinder their restoration efforts. The Utilities could be required to pay substantial amounts that may not be covered by the Utilities’ insurance policies to repair or replace their facilities, compensate others for injury or death or other damage and settle any proceedings initiated by state utility regulators or other regulatory agencies. The occurrence of such events could also adversely affect the cost and availability of insurance. Changes to laws, regulations or judicial doctrines could further expand the Utilities’ liability for service interruptions. See “Utility Regulation – State Utility Regulation” and \"Environmental Matters – Climate Change\" in Item 1. A Cyber Attack Could Adversely Affect The Companies. The Companies and other operators of critical energy infrastructure and energy market participants face a heightened risk of cyber attack and the Companies’ businesses require the continued operation of information systems and network infrastructure. See Item 1 for a description of the businesses of the Utilities and Con Edison Transmission. Cyber attacks may include hacking, viruses, malware, denial of service attacks, ransomware, exploited vulnerabilities or other security incidents, including loss of data and communications and business disruption. Cyber threats in general, and in particular, to critical infrastructure, are increasing in sophistication, magnitude and frequency and the techniques used in cyber attacks change rapidly, including from emerging technologies, such as artificial intelligence (AI), and from nation-state and state-sponsored adversaries as well as criminal actors. Such adversaries have attacked and threatened to attack energy infrastructure and deploy significant resources and employ sophisticated methods to plan and carry out attacks. Risk of these attacks may escalate during periods of heightened geopolitical tensions. Interconnectivity with customers, independent system operators, energy traders and other energy market participants, suppliers, contractors and others also exposes the Companies’ information and operational systems and network infrastructure to an increased risk of cyber incidents, including attacks. Such interconnectivity increases the risk that a cyber incident or attack on the Companies could affect others and that a cyber incident or attack on others could affect the Companies. In the event of a significant cyber incident or attack, the Companies could have their operations and the operations of their customers and others materially disrupted. The Companies could also have their financial and other information systems and network infrastructure impaired or damaged; customer and employee information stolen; experience substantial loss of revenues; incur substantial response costs and other financial losses; be subject to increased regulation, litigation and penalties; and damage to their reputation. The Companies have experienced cyber incidents and attacks in the past (such as threat actors exploiting a vulnerability in the Companies’ information technology system, malicious attempts to disrupt traffic to their websites and attacks against third-party vendors used by the Companies) and expect to experience them in the future. Although none of these incidents has had a material impact on the Companies, the scope and impact of any future incident cannot be 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. 44CON EDISON ANNUAL REPORT 2025 44CON EDISON ANNUAL REPORT 2025 44CON EDISON ANNUAL REPORT 2025 44 CON EDISON ANNUAL REPORT 2025 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. The Failure of Processes and Systems, the Failure to Retain and Attract Employees and Contractors, and Their Negative Performance Could Adversely Affect The Companies. The Companies have developed business processes and use information and communication systems and enterprise platforms for operations, customer service, legal compliance, personnel, accounting, planning and other matters. Many services, including certain information technology services and certain work on the Utilities’ electric and gas systems and CECONY’s steam system, are provided to the Companies by third-party contractors. The failure of the Companies’ or its contractors' business processes or information and communication systems or the failure by the Companies’ employees or contractors to follow procedures, their unsafe actions, errors or intentional misconduct, cyber incidents or attacks, or work stoppages could adversely affect the Companies’ operations and liquidity and could result in substantial liability, higher costs, increased regulatory requirements and substantial penalties. The violation of laws or regulations by employees or contractors for personal gain may result from contract and procurement fraud, extortion, bribe acceptance, fraudulent related-party transactions and serious breaches of corporate policy or standards of business conduct. Competition for employee and contractor talent may result in operating challenges and increased costs to attract and retain talent. If the Companies are unable to successfully attract and retain an appropriately qualified workforce, their results of operations, financial position and cash flows could be negatively affected. See “Human Capital” in Item 1.", "prior_body": "The Failure Of, Or Damage To, The Companies’ Facilities Could Adversely Affect The Companies. The Utilities provide electricity, gas and steam service using energy facilities, many of which are located either in, or close to, densely populated public places. See the description of the Utilities’ facilities in Item 1. A failure of, or damage to, these facilities, or an error in the operation or maintenance of these facilities, could result in bodily injury or death, property damage, the release of hazardous substances or extended service interruptions. Natural disasters or impacts of climate change, such as sea level rise, coastal storm surge, inland flooding from intense rainfall, hurricane-strength winds and extreme heat or cold could impact or damage facilities or result in large-scale outages and the Utilities may experience more severe consequences by continuing or resuming operations during and after such events. The Utilities’ response to such events may be perceived to be below customer expectations. The Utilities' successful implementation of their maintenance programs reduces, but does not fully protect against, damage to their facilities for which they will be held responsible and which may hinder their restoration efforts. The Utilities could be required to pay substantial amounts that may not be covered by the Utilities’ insurance policies to repair or replace their facilities, compensate others for injury or death or other damage and settle any proceedings initiated by state utility regulators or other regulatory agencies. The occurrence of such events could also adversely affect the cost and availability of insurance. Changes to laws, regulations or judicial doctrines could further expand the Utilities’ liability for service interruptions. See “Utility Regulation – State Utility Regulation” and \"Environmental Matters – Climate Change\" in Item 1. A Cyber Attack Could Adversely Affect The Companies. The Companies and other operators of critical energy infrastructure and energy market participants face a heightened risk of cyber attack and the Companies’ businesses require the continued operation of information systems and network infrastructure. See Item 1 for a description of the businesses of the Utilities and Con Edison Transmission. Cyber attacks may include hacking, viruses, malware, denial of service attacks, ransomware, exploited vulnerabilities or other security incidents, including loss of data and communications and business disruption. Cyber threats in general, and in particular, to critical infrastructure, are increasing in sophistication, magnitude and frequency and the techniques used in cyber attacks change rapidly, including from emerging technologies, such as artificial intelligence, and from nation-state and state-sponsored adversaries as well as criminal actors. Such adversaries have attacked and threatened to attack energy infrastructure and deploy significant resources and employ sophisticated methods to plan and carry out attacks. Risk of these attacks may escalate during periods of heightened geopolitical tensions. Interconnectivity with customers, independent system operators, energy traders and other energy market participants, suppliers, contractors and others also exposes the Companies’ information and operational systems and network infrastructure to an increased risk of cyber incidents, including attacks. Such interconnectivity increases the risk that a cyber incident or attack on the Companies could affect others and that a cyber incident or attack on others could affect the Companies. In the event of a significant cyber incident or attack, the Companies could have their operations and the operations of their customers and others materially disrupted. The Companies could also have their financial and other information systems and network infrastructure impaired or damaged; customer and employee information stolen; experience substantial loss of revenues; incur substantial response costs and other financial losses; be subject to increased regulation, litigation and penalties; and damage to their reputation. The Companies have experienced cyber incidents and attacks in the past (such as threat actors exploiting a vulnerability in the Companies’ information technology system, malicious attempts to disrupt traffic to their websites and attacks against third-party vendors used by the Companies) and expect to experience them in the future. Although none of these incidents has had a material impact on the Companies, the scope and impact of any future incident cannot be 46CON EDISON ANNUAL REPORT 2024 46CON EDISON ANNUAL REPORT 2024 46CON EDISON ANNUAL REPORT 2024 46 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. The Failure of Processes and Systems, the Failure to Retain and Attract Employees and Contractors, and Their Negative Performance Could Adversely Affect The Companies. The Companies have developed business processes and use information and communication systems and enterprise platforms for operations, customer service, legal compliance, personnel, accounting, planning and other matters. Many services, including certain information technology services and certain work on the Utilities’ electric and gas systems and CECONY’s steam system, are provided to the Companies by third-party contractors. The failure of the Companies’ or its contractors' business processes or information and communication systems or the failure by the Companies’ employees or contractors to follow procedures, their unsafe actions, errors or intentional misconduct, cyber incidents or attacks, or work stoppages could adversely affect the Companies’ operations and liquidity and could result in substantial liability, higher costs, increased regulatory requirements and substantial penalties. The violation of laws or regulations by employees or contractors for personal gain may result from contract and procurement fraud, extortion, bribe acceptance, fraudulent related-party transactions and serious breaches of corporate policy or standards of business conduct. Competition for employee and contractor talent may result in operating challenges and increased costs to attract and retain talent. If the Companies are unable to successfully attract and retain an appropriately qualified workforce, their results of operations, financial position and cash flows could be negatively affected. See “Human Capital” in Item 1." }, { "status": "MODIFIED", "current_title": "Accounting for Pensions and Other Postretirement Benefits", "prior_title": "Accounting for Pensions and Other Postretirement Benefits", "similarity_score": 0.906, "confidence": "high", "key_changes": [ "Reworded sentence: \"See Notes A, E and F to the financial statements in Item 8 for information about the Companies’ pension and other postretirement benefits, the actuarial assumptions, actual performance, amortization of investment and other actuarial gains and losses and calculated plan costs for 2025, 2024 and 2023.\"", "Reworded sentence: \"Con Edison’s and CECONY’s current estimates for 2026 are decreases, compared with 2025, in their pension and other postretirement benefits credits of $256 million and $243 million, respectively, largely driven by decreases in the discount rates used to determine plan liabilities.\"", "Reworded sentence: \"The following table illustrates the effect on 2026 pension and other postretirement costs of changing the critical actuarial assumptions, while holding all other actuarial assumptions constant: CON EDISON ANNUAL REPORT 2025 75 CON EDISON ANNUAL REPORT 2025 75 CON EDISON ANNUAL REPORT 2025 75 CON EDISON ANNUAL REPORT 2025 75 Actuarial AssumptionChange inAssumptionPensionOtherPostretirementBenefitsTotal (Millions of Dollars)Increase in accounting cost:Discount rateCon Edison(0.25)%$35$2$37CECONY(0.25)%$34$1$35Expected return on plan assetsCon Edison(0.25)%$41$3$44CECONY(0.25)%$39$2$41Future compensation increasesCon Edison0.50 %$28$—$28CECONY0.50 %$28$—$28Health care trend rateCon Edison1.00%$—$12$12CECONY1.00%$—$10$10Increase in projected benefit obligation:Discount rateCon Edison(0.25)%$373$22$395CECONY(0.25)%$357$19$376Future compensation increasesCon Edison0.50 %$136$—$136CECONY0.50 %$133$—$133Health care trend rateCon Edison1.00%$—$68$68CECONY1.00%$—$58$58 Future compensation increases Future compensation increases A 5 percentage point variation in the actual annual return in 2026, as compared with the expected annual asset return for pension and other postretirement benefits of 6.45 percent and 6.25 percent, respectively, would change pension and other postretirement benefit costs for Con Edison and CECONY by approximately $27 million and $26 million, respectively, in 2027.\"", "Reworded sentence: \"The Companies were not required to make cash contributions to the pension plan in 2025 under funding regulations and tax laws.\"" ], "current_body": "The Utilities provide pensions and other postretirement benefits to substantially all of their employees and retirees. Con Edison Transmission also provides such benefits to transferred employees who previously worked for the Utilities. The Companies account for these benefits in accordance with the accounting rules for retirement benefits. In addition, the Utilities apply the accounting rules for regulated operations to account for the regulatory treatment of these obligations (which, as described in Note B to the financial statements in Item 8, reconciles the amounts reflected in rates for the costs of the benefit to the costs actually incurred). In applying these accounting policies, the Companies have made critical estimates related to actuarial assumptions, including assumptions of expected returns on plan assets, discount rates, health care cost trends and future compensation. See Notes A, E and F to the financial statements in Item 8 for information about the Companies’ pension and other postretirement benefits, the actuarial assumptions, actual performance, amortization of investment and other actuarial gains and losses and calculated plan costs for 2025, 2024 and 2023. The discount rate for determining the present value of future period benefit payments is determined using a model to match the durations of Aa rated (by either Moody’s or S&P) corporate bonds with the projected stream of benefit payments. In determining the health care cost trend rate, the Companies review actual recent cost trends and projected future trends. The cost of pension and other postretirement benefits in future periods will depend on actual returns on plan assets, assumptions for future periods, contributions and benefit experience. Con Edison’s and CECONY’s current estimates for 2026 are decreases, compared with 2025, in their pension and other postretirement benefits credits of $256 million and $243 million, respectively, largely driven by decreases in the discount rates used to determine plan liabilities. See Notes E and F to the financial statements in Item 8. The following table illustrates the effect on 2026 pension and other postretirement costs of changing the critical actuarial assumptions, while holding all other actuarial assumptions constant: CON EDISON ANNUAL REPORT 2025 75 CON EDISON ANNUAL REPORT 2025 75 CON EDISON ANNUAL REPORT 2025 75 CON EDISON ANNUAL REPORT 2025 75 Actuarial AssumptionChange inAssumptionPensionOtherPostretirementBenefitsTotal (Millions of Dollars)Increase in accounting cost:Discount rateCon Edison(0.25)%$35$2$37CECONY(0.25)%$34$1$35Expected return on plan assetsCon Edison(0.25)%$41$3$44CECONY(0.25)%$39$2$41Future compensation increasesCon Edison0.50 %$28$—$28CECONY0.50 %$28$—$28Health care trend rateCon Edison1.00%$—$12$12CECONY1.00%$—$10$10Increase in projected benefit obligation:Discount rateCon Edison(0.25)%$373$22$395CECONY(0.25)%$357$19$376Future compensation increasesCon Edison0.50 %$136$—$136CECONY0.50 %$133$—$133Health care trend rateCon Edison1.00%$—$68$68CECONY1.00%$—$58$58 Future compensation increases Future compensation increases A 5 percentage point variation in the actual annual return in 2026, as compared with the expected annual asset return for pension and other postretirement benefits of 6.45 percent and 6.25 percent, respectively, would change pension and other postretirement benefit costs for Con Edison and CECONY by approximately $27 million and $26 million, respectively, in 2027. Pension benefits are provided through a pension plan maintained by Con Edison to which CECONY, O&R and Con Edison Transmission may make contributions for their participating employees. Pension accounting by the Utilities includes an allocation of plan assets. The Companies’ policy is to fund their pension and other postretirement benefit accounting costs to the extent tax deductible, and for the Utilities, to the extent these costs are recovered under their rate plans. The Companies were not required to make cash contributions to the pension plan in 2025 under funding regulations and tax laws. However, CECONY and O&R made discretionary contributions to the pension plan in 2025 of $53 million and $3 million, respectively. In 2026, CECONY and O&R expect to make contributions to the pension plan of $4 million each. See “Expected Contributions” in Notes E and F to the financial statements in Item 8.", "prior_body": "The Utilities provide pensions and other postretirement benefits to substantially all of their employees and retirees. Con Edison Transmission also provides such benefits to transferred employees who previously worked for the Utilities. The Companies account for these benefits in accordance with the accounting rules for retirement benefits. In addition, the Utilities apply the accounting rules for regulated operations to account for the regulatory treatment of these obligations (which, as described in Note B to the financial statements in Item 8, reconciles the amounts reflected in rates for the costs of the benefit to the costs actually incurred). In applying these accounting policies, the Companies have made critical estimates related to actuarial assumptions, including assumptions of expected returns on plan assets, discount rates, health care cost trends and future compensation. See Notes A, E and F to the financial statements in Item 8 for information about the Companies’ pension and other postretirement benefits, the actuarial assumptions, actual performance, amortization of investment and other actuarial gains and losses and calculated plan costs for 2024, 2023 and 2022. The discount rate for determining the present value of future period benefit payments is determined using a model to match the durations of Aa rated (by either Moody’s or S&P) corporate bonds with the projected stream of benefit payments. In determining the health care cost trend rate, the Companies review actual recent cost trends and projected future trends. The cost of pension and other postretirement benefits in future periods will depend on actual returns on plan assets, assumptions for future periods, contributions and benefit experience. Con Edison’s and CECONY’s current estimates for 2025 are decreases, compared with 2024, in their pension and other postretirement benefits costs of $254 million and $236 million, respectively, largely driven by increases in the discount rates used to determine plan liabilities. See Notes E and F to the financial statements in Item 8. The following table illustrates the effect on 2025 pension and other postretirement costs of changing the critical actuarial assumptions, while holding all other actuarial assumptions constant: CON EDISON ANNUAL REPORT 202477 CON EDISON ANNUAL REPORT 202477 CON EDISON ANNUAL REPORT 202477 77 Actuarial AssumptionChange inAssumptionPensionOtherPostretirementBenefitsTotal (Millions of Dollars)Increase in accounting cost:Discount rateCon Edison(0.25)%$34$2$36CECONY(0.25)%$32$1$33Expected return on plan assetsCon Edison(0.25)%$41$3$44CECONY(0.25)%$40$2$42Future compensation increasesCon Edison0.50 %$27$—$27CECONY0.50 %$27$—$27Health care trend rateCon Edison1.00 %$—$13$13CECONY1.00 %$—$11$11Increase in projected benefit obligation:Discount rateCon Edison(0.25)%$356$22$378CECONY(0.25)%$339$18$357Future compensation increasesCon Edison0.50 %$128$—$128CECONY0.50 %$125$—$125Health care trend rateCon Edison1.00 %$—$72$72CECONY1.00 %$— $62$62 Future compensation increases Future compensation increases A 5 percentage point variation in the actual annual return in 2025, as compared with the expected annual asset return of 6.75 percent, would change pension and other postretirement benefit costs for Con Edison and CECONY by approximately $26 million and $25 million, respectively, in 2026. Pension benefits are provided through a pension plan maintained by Con Edison to which CECONY, O&R and Con Edison Transmission may make contributions for their participating employees. Pension accounting by the Utilities includes an allocation of plan assets. The Companies’ policy is to fund their pension and other postretirement benefit accounting costs to the extent tax deductible, and for the Utilities, to the extent these costs are recovered under their rate plans. The Companies were not required to make cash contributions to the pension plan in 2024 under funding regulations and tax laws. However, CECONY and O&R made discretionary contributions to the pension plan in 2024 of $17 million and $3 million, respectively. In 2025, O&R expects to make contributions to the pension plan of $3 million. See “Expected Contributions” in Notes E and F to the financial statements in Item 8." }, { "status": "MODIFIED", "current_title": "Corporate Overview", "prior_title": "Corporate Overview", "similarity_score": 0.906, "confidence": "high", "key_changes": [ "Reworded sentence: \"Con Edison Transmission, a regulated company primarily under the oversight of the Federal Energy Regulatory Commission (FERC), develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets.\"" ], "current_body": "Con Edison’s principal business operations are those of the Utilities and Con Edison Transmission. CECONY is a regulated utility that provides electric service in New York City and New York's Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan. O&R is a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey. Con Edison Transmission, a regulated company primarily under the oversight of the Federal Energy Regulatory Commission (FERC), develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets. Con Edison Transmission and CECONY are considering strategic alternatives with respect to their investments in Honeoye. See “Con Edison Transmission” in Item 1. In addition to the risks and uncertainties described in Item 1A and the Companies’ material contingencies described in Notes B, G and H to the financial statements in Item 8, the Companies’ management considers the following events, trends, and uncertainties to be important to understanding the Companies’ current and future financial condition.", "prior_body": "Con Edison’s principal business operations are those of the Utilities and Con Edison Transmission. CECONY is a regulated utility that provides electric service in New York City and New York's Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan. O&R is a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey. Con Edison Transmission, through its subsidiaries, invests in electric transmission projects and manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects. Con Edison Transmission is considering strategic alternatives with respect to its investment in MVP and both Con Edison Transmission and CECONY are considering strategic alternatives with respect to their investments in Honeoye. See “Con Edison Transmission” in Item 1. In addition to the risks and uncertainties described in Item 1A and the Companies’ material contingencies described in Notes B, G and H to the financial statements in Item 8, the Companies’ management considers the following events, trends, and uncertainties to be important to understanding the Companies’ current and future financial condition." }, { "status": "MODIFIED", "current_title": "Long–Lived and Intangible Assets", "prior_title": "Long–Lived and Intangible Assets", "similarity_score": 0.905, "confidence": "high", "key_changes": [ "Reworded sentence: \"No material impairment charges were recorded on Con Edison's long-lived assets or its intangible assets with definite lives in 2025, 2024 and 2023.\"" ], "current_body": "The Companies test long-lived and intangible assets for recoverability when events or changes in circumstances indicate that the carrying value of long-lived or intangible assets may not be recoverable. The carrying amount of a long-lived asset or intangible asset with a definite life is deemed not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. In the event a test indicates that such cash flows cannot be expected to be sufficient to fully recover the assets, the assets are considered impaired and written down to their estimated fair value. No material impairment charges were recorded on Con Edison's long-lived assets or its intangible assets with definite lives in 2025, 2024 and 2023.", "prior_body": "The Companies test long-lived and intangible assets for recoverability when events or changes in circumstances indicate that the carrying value of long-lived or intangible assets may not be recoverable. The carrying amount of a long-lived asset or intangible asset with a definite life is deemed not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the assets. In the event a test indicates that such cash flows cannot be expected to be sufficient to fully recover the assets, the assets are considered impaired and written down to their estimated fair value. Prior to the sale of the Clean Energy Businesses on March 1, 2023, Con Edison's intangible assets with definite lives consisted primarily of power purchase agreements. See Note W and Note X. Con Edison's and CECONY's intangible assets were immaterial at December 31, 2024 and 2023. Con Edison recorded amortization expense related to its intangible assets of $71 million in 2022. Con Edison expects amortization expense to be immaterial over each of the next five years, and recorded immaterial amounts in 2023 and 2024. No impairment charges were recorded on Con Edison's long-lived assets or intangible assets with definite lives in 2024, 2023 and 2022." }, { "status": "MODIFIED", "current_title": "Current Rate Cases", "prior_title": "Note B – Regulatory Matters", "similarity_score": 0.893, "confidence": "high", "key_changes": [ "Reworded sentence: \"In January 2026, the NYSPSC approved the November 2025 Joint Proposal for new electric and gas rate plans for CECONY for the three-year period January 2026 through December 2028 that is summarized in the tables below.\"", "Reworded sentence: \"3 - $47 million Revenue decoupling mechanismsContinuation of reconciliation of actual to authorized electric delivery revenues.In 2023, 2024 and 2025, the company deferred for recovery from customers $162 million, $164 million, and $83 million of revenues, respectively.\"", "Reworded sentence: \"3 - $597 millionIn 2023, 2024 and 2025, the company did not record any negative revenue adjustments.\"", "Reworded sentence: \"3 - $742 millionRegulatory reconciliationsReconciliation of late payment charges (e) and expenses for uncollectibles, pension and other postretirement benefits, variable-rate debt, major storms, property taxes (f), municipal infrastructure support costs (g), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (h).In 2023 and 2024, the company deferred $140 million and $52 million of net regulatory liabilities, respectively, and in 2025 the company deferred $287 million of net regulatory assets.\"", "Reworded sentence: \"2 - $29,884 million Yr.\"" ], "current_body": "In January 2026, the NYSPSC approved the November 2025 Joint Proposal for new electric and gas rate plans for CECONY for the three-year period January 2026 through December 2028 that is summarized in the tables below. In November 2025, CECONY filed a request with the NYSPSC for a steam rate increase of $66 million, effective November 1, 2026. The filing reflects a return on common equity of 9.9 percent and a common equity ratio of 48 percent. CECONY is requesting the continuation of provisions with respect to recovery from customers of the cost of fuel and purchased steam and the reconciliation of actual expenses allocable to the steam business to the amounts for such expenses reflected in steam rates for pension and other postretirement benefits, and environmental remediation expenses. In addition, the company is requesting full reconciliation for property taxes, municipal infrastructure support costs and long-term debt costs. The filing includes supplemental information regarding steam rate plans for November 2027 through October 2028 and November 2028 through October 2029, which the company is not requesting but would consider through settlement discussions. For purposes of illustration, rate increases of $50 million and $50 million effective November 2027 and 2028, respectively, were calculated based upon an assumed return on common equity of 9.9 percent and a common equity ratio of 48 percent. CON EDISON ANNUAL REPORT 2025 114 CON EDISON ANNUAL REPORT 2025 114 CON EDISON ANNUAL REPORT 2025 114 CON EDISON ANNUAL REPORT 2025 114 The following tables contain a summary of the Utilities’ rate plans: CECONY – Electric Effective periodJanuary 2023 – December 2025January 2026 – December 2028 (m)Base rate changes Yr. 1 – $442 million (a) Yr. 2 – $518 million (a)Yr. 3 – $382 million (a) Yr. 1 – $222 million (c) Yr. 2 – $473 million (c)Yr. 3 – $329 million (c)Amortizations to income of net regulatory (assets) and liabilitiesYr. 1 – $104 million (b) Yr. 2 – $49 million (b) Yr. 3 – $(205) million (b) Yr. 1 – $88 million (d)Yr. 2 – $81 million (d)Yr. 3 – $78 million(d)Other revenue sourcesRetention of $75 million of annual transmission congestion revenues.Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $70 million Yr. 2 - $75 millionYr. 3 - $79 millionIn 2023, 2024 and 2025, the company recorded $34 million, $52 million, and $35 million, respectively, primarily related to earnings adjustment mechanism incentives for energy efficiency and vehicle electrification.In 2025, the company recorded positive incentives of $7 million. Retention of $75 million of annual transmission congestion revenues.Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $40 million Yr. 2 - $42 millionYr. 3 - $47 million Revenue decoupling mechanismsContinuation of reconciliation of actual to authorized electric delivery revenues.In 2023, 2024 and 2025, the company deferred for recovery from customers $162 million, $164 million, and $83 million of revenues, respectively. Continuation of reconciliation of actual to authorized electric delivery revenues.Recoverable energy costsContinuation of current rate recovery of purchased power and fuel costs. Continuation of current rate recovery of purchased power and fuel costs.Negative revenue adjustmentsPotential charges if certain performance targets relating to service, reliability, safety and other matters are not met:Yr. 1 - $516 million Yr. 2 - $557 millionYr. 3 - $597 millionIn 2023, 2024 and 2025, the company did not record any negative revenue adjustments. Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met:Yr. 1 - $651 millionYr. 2 - $685 millionYr. 3 - $742 millionRegulatory reconciliationsReconciliation of late payment charges (e) and expenses for uncollectibles, pension and other postretirement benefits, variable-rate debt, major storms, property taxes (f), municipal infrastructure support costs (g), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (h).In 2023 and 2024, the company deferred $140 million and $52 million of net regulatory liabilities, respectively, and in 2025 the company deferred $287 million of net regulatory assets. Reconciliation of late payment charges and expenses for uncollectibles (k), expenses for pension and other postretirement benefits, variable-rate debt, major storms, property taxes (j), municipal infrastructure support costs (g), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (h). Yr. 1 – $442 million (a) Yr. 2 – $518 million (a) Yr. 3 – $382 million (a) Yr. 1 – $222 million (c) Yr. 2 – $473 million (c) Yr. 3 – $329 million (c) Yr. 1 – $104 million (b) Yr. 2 – $49 million (b) Yr. 3 – $(205) million (b) Yr. 1 – $88 million (d) Yr. 2 – $81 million (d) Yr. 3 – $78 million(d) Retention of $75 million of annual transmission congestion revenues. Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $70 million Yr. 2 - $75 million Yr. 3 - $79 million In 2023, 2024 and 2025, the company recorded $34 million, $52 million, and $35 million, respectively, primarily related to earnings adjustment mechanism incentives for energy efficiency and vehicle electrification. In 2025, the company recorded positive incentives of $7 million. Retention of $75 million of annual transmission congestion revenues. Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $40 million Yr. 2 - $42 million Yr. 3 - $47 million Continuation of reconciliation of actual to authorized electric delivery revenues. In 2023, 2024 and 2025, the company deferred for recovery from customers $162 million, $164 million, and $83 million of revenues, respectively. Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - $516 million Yr. 2 - $557 million Yr. 3 - $597 million In 2023, 2024 and 2025, the company did not record any negative revenue adjustments. Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - $651 million Yr. 2 - $685 million Yr. 3 - $742 million Reconciliation of late payment charges (e) and expenses for uncollectibles, pension and other postretirement benefits, variable-rate debt, major storms, property taxes (f), municipal infrastructure support costs (g), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (h). In 2023 and 2024, the company deferred $140 million and $52 million of net regulatory liabilities, respectively, and in 2025 the company deferred $287 million of net regulatory assets. 115CON EDISON ANNUAL REPORT 2025 115CON EDISON ANNUAL REPORT 2025 115CON EDISON ANNUAL REPORT 2025 115 CON EDISON ANNUAL REPORT 2025 Net utility plant reconciliationsTarget levels reflected in rates:Electric average net plant target excluding advanced metering infrastructure (AMI) and Customer Service System (CSS): Yr. 1 - $27,847 millionYr. 2 - $29,884 millionYr. 3 - $31,026 millionAMI (i) (l): Yr. 1 - $744 millionCSS:Yr. 1 - $11 millionIn 2023, 2024 and 2025, the company deferred $1 million, $(25) million and $12 million, respectively, as a regulatory asset or regulatory liability, as applicable. Target levels reflected in rates: Electric average net plant target:Yr. 1 - $33,590 millionYr. 2 - $35,186 millionYr. 3 - $38,624 millionAverage rate baseYr. 1 - $26,095 millionYr. 2 - $27,925 millionYr. 3 - $29,362 million Yr. 1 - $32,935 millionYr. 2 - $35,149 millionYr. 3 - $39,174 millionWeighted average cost of capital (after-tax)Yr. 1 – 6.75 percentYr. 2 – 6.79 percentYr. 3 – 6.85 percent Yr. 1 - 6.98 percentYr. 2 - 7.04 percentYr. 3 - 7.10 percentAuthorized return on common equity9.25 percent 9.40 percentActual return on common equity (l)Yr. 1 – 9.46 percentYr. 2 – 9.21 percentYr. 3 – 9.36 percent Earnings sharingMost earnings above an annual earnings threshold of 9.75 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.In 2023, 2024 and 2025, the company had no earnings sharing above the threshold. Most earnings above an annual earnings threshold of 9.90 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.Cost of long-term debtYr. 1 – 4.46 percentYr. 2 – 4.54 percentYr. 3 – 4.64 percent Yr. 1 – 4.78 percentYr. 2 – 4.90 percentYr. 3 – 5.01 percentCommon equity ratio48 percent48 percent Target levels reflected in rates: Electric average net plant target excluding advanced metering infrastructure (AMI) and Customer Service System (CSS): Yr. 1 - $27,847 million Yr. 2 - $29,884 million Yr. 3 - $31,026 million AMI (i) (l): Yr. 1 - $744 million CSS: Yr. 1 - $11 million In 2023, 2024 and 2025, the company deferred $1 million, $(25) million and $12 million, respectively, as a regulatory asset or regulatory liability, as applicable. Target levels reflected in rates: Electric average net plant target: Yr. 1 - $33,590 million Yr. 2 - $35,186 million Yr. 3 - $38,624 million Yr. 1 - $26,095 million Yr. 2 - $27,925 million Yr. 3 - $29,362 million Yr. 1 - $32,935 million Yr. 2 - $35,149 million Yr. 3 - $39,174 million Yr. 1 – 6.75 percent Yr. 2 – 6.79 percent Yr. 3 – 6.85 percent Yr. 1 - 6.98 percent Yr. 2 - 7.04 percent Yr. 3 - 7.10 percent 9.25 percent 9.40 percent Yr. 1 – 9.46 percent Yr. 2 – 9.21 percent Yr. 3 – 9.36 percent Most earnings above an annual earnings threshold of 9.75 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2023, 2024 and 2025, the company had no earnings sharing above the threshold. Most earnings above an annual earnings threshold of 9.90 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. Yr. 1 – 4.46 percent Yr. 2 – 4.54 percent Yr. 3 – 4.64 percent Yr. 1 – 4.78 percent Yr. 2 – 4.90 percent Yr. 3 – 5.01 percent (a)The electric base rate increases shown above were implemented with increases of $457 million in Yr. 1; $457 million in Yr. 2; and $457 million in Yr. 3 in order to levelize the customer bill impact. Base rates reflect recovery by the company of certain costs of its energy efficiency, demonstration projects, non-wire alternative projects (including the Brooklyn Queens demand management program), and off-peak electric vehicle charging programs (Yr. 1 - $244 million; Yr. 2 - $237 million; and Yr. 3 - $281 million) over periods varying between seven and fifteen years, including the overall pre-tax rate of return on such costs. (b)Amounts reflect amortization of the federal Tax Cuts and Jobs Act of 2017 (TCJA) allocable to CECONY’s electric customers ($256 million) over a two-year period ($128 million in Yr. 1 and Yr. 2), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers ($1,512 million) over the remaining lives of the related assets ($34 million in Yr. 1, $63 million in Yr. 2, and $34 million in Yr. 3) and the unprotected portion of the net regulatory liability ($306 million) over two years ($153 million annually). Amounts also reflect amortization of the regulatory asset for deferred MTA power reliability costs ($93 million) over a three-year period ($31 million annually). (c)The electric base rate increases shown above will be implemented on a shaped bill impact basis resulting in a consistent total bill impact of 2.80% each year with corresponding base rate increases of $234 million in Yr. 1; $410 million in Yr. 2; and $421 million in Yr. 3. (d)Reflects regulatory liability amortization of $63 million in Yr. 1, $58 million in Yr. 2, and $55 million in Yr. 3; amortization of the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers of $24 million in Yr. 1, $22 million in Yr. 2, and $22 million in Yr. 3; and amortization of the non-plant portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers of $1 million in Yr. 1, $1 million in Yr. 2, and $1 million in Yr. 3. (e)Late payment charges from January 1, 2023 through December 31, 2025 and write-offs of customer accounts receivable balances from January 1, 2020 through December 31, 2025 are reconciled to amounts reflected in rates, with recovery/refund from or to customers via surcharge/surcredit. CECONY's surcharge recoveries for late payment charges and write-offs of accounts receivable balances will, collectively, be subject to separate annual caps for electric and gas that produce no more than a half percent (0.5 percent) total customer bill impact per commodity. (f)Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity of 10.0 basis points, 5.0 basis points and 5.0 basis points for each of Yr. 1, Yr. 2 and Yr. 3, respectively, of the 2023 – 2025 rate plan. (g)In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates, CECONY will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates the company will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 15 percent of the amount reflected in the rate plans. (h)In addition, the NYSPSC continues its focused operations audit to investigate CECONY's income tax accounting. Any NYSPSC ordered adjustment to CECONY’s income tax accounting is expected to be refunded to or collected from customers, as determined by the NYSPSC. See “Other Regulatory Matters,” below. (i)Reconciliation of net utility plant for AMI will be done on a combined basis for electric and gas. (j)If the level of actual expense for property taxes, excluding the effect of property tax refunds, varies in any rate year from the projected level provided in rates, the full amount of the variation will be recovered from or credited to customers via surcharge/surcredit. CON EDISON ANNUAL REPORT 2025 116 CON EDISON ANNUAL REPORT 2025 116 CON EDISON ANNUAL REPORT 2025 116 CON EDISON ANNUAL REPORT 2025 116 (k)During the rate plan, CECONY will calculate the annual difference between (i) its actual uncollectible expenses and late payment charges and (ii) the levels of uncollectible expenses and late payment charges provided in rates. In the event the actual net expenses (late payment charge revenues minus uncollectible expenses) are below the amounts in rates, CECONY will defer the full variance as a regulatory liability and refund to customers via surcredit. In the event the actual net expenses are above the amounts in rates, CECONY will defer the full annual variance above $8.5 million in Yr. 1; $12.75 million in Yr. 2; and $17 million in Yr. 3; as a regulatory asset for recovery via surcharge. (l)Calculated in accordance with the earnings calculation method prescribed in the rate order. (m)In January 2026, the NYSPSC approved the November 2025 Joint Proposal for new electric and gas rate plans for CECONY for the three-year period January 2026 through December 2028. 117CON EDISON ANNUAL REPORT 2025 117CON EDISON ANNUAL REPORT 2025 117CON EDISON ANNUAL REPORT 2025 117 CON EDISON ANNUAL REPORT 2025 CECONY – Gas Effective periodJanuary 2023 – December 2025January 2026 – December 2028 (p)Base rate changesYr. 1 – $217 million (a)Yr. 2 – $173 million (a)Yr. 3 – $122 million (a) Yr. 1 – $(46) million (c) Yr. 2 – $170 million (c)Yr. 3 – $93 million (c)Amortizations to income of net regulatory (assets) and liabilitiesYr. 1 – $31 million (b)Yr. 2 – $24 million (b)Yr. 3 – $(11) million (b) Yr. 1 – $90 million (d)Yr. 2 – $88 million (d)Yr. 3 – $86 million (d)Other revenue sourcesRetention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million.Potential earnings adjusted mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 – $18 millionYr. 2 – $20 millionYr. 3 – $21 millionIn 2023, 2024 and 2025, the company recorded $5 million, $7 million and $4 million of earnings adjustment mechanism incentives for energy efficiency and vehicle electrification, respectively.In 2023, 2024 and 2025, the company recorded positive incentives of $3 million, $3 million and $8 million, respectively. Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Revenue decoupling mechanismContinuation of reconciliation of actual to authorized gas delivery revenues, modified to be calculated based upon revenue per customer class instead of revenue per customer. In 2023, 2024 and 2025, the company deferred for recovery from customers $162 million, $93 million and $131.5 million of revenues, respectively. Continuation of reconciliation of actual to authorized gas delivery revenues calculated based upon revenue per customer class. Recoverable energy costsContinuation of current rate recovery of purchased gas costs. Continuation of current rate recovery of purchased gas costs.Negative revenue adjustmentsPotential charges if performance targets relating to service, safety and other matters are not met:Yr. 1 – $107 millionYr. 2 – $119 millionYr. 3 – $130 millionIn 2023, 2024 and 2025, the company recorded negative revenue adjustments of $3 million, $2 million and $7 million, respectively. Potential charges if performance targets relating to service, safety and other matters are not met:Yr. 1 - $135 million (k) (l)Yr. 2 - $143 million (k) (l)Yr. 3 - $152 million (k) (l)Regulatory reconciliationsReconciliation of late payment charges and expenses for uncollectibles (e), pension and other postretirement benefits, variable-rate debt, major storms, property taxes (f), municipal infrastructure support costs (g), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (h). In 2023, 2024 and 2025, the company deferred $12 million, $29 million and $1 million of net regulatory liabilities, respectively. Reconciliation of late payment charges and expenses for uncollectibles (m), expenses for pension and other postretirement benefits, variable-rate debt, property taxes (j), municipal infrastructure support costs (n), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (o). Net utility plant reconciliationsTarget levels reflected in rates:Gas average net plant target excluding AMI and CSS for Yr. 1: Yr. 1 – $10,466 millionYr. 2 – $11,442 millionYr. 3 – $12,142 millionAMI (i): Yr. 1 – $234 millionCSS:Yr. 1 - $2 millionIn 2023, 2024 and 2025, the company deferred $15.5 million, $31.5 million and $49.2 million, as regulatory liabilities, respectively. Target levels reflected in rates:Gas average net plant target: Yr. 1 - $12,931 millionYr. 2 - $13,472 million Yr. 3 - $14,014 million Average rate baseYr. 1 – $9,647 millionYr. 2 – $10,428 millionYr. 3 – $11,063 million Yr. 1 - $11,485 millionYr. 2 - $12,050 millionYr. 3 - $12,615 million Yr. 1 – $217 million (a) Yr. 2 – $173 million (a) Yr. 3 – $122 million (a) Yr. 1 – $(46) million (c) Yr. 2 – $170 million (c) Yr. 3 – $93 million (c) Yr. 1 – $31 million (b) Yr. 2 – $24 million (b) Yr. 3 – $(11) million (b) Yr. 1 – $90 million (d) Yr. 2 – $88 million (d) Yr. 3 – $86 million (d) Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Potential earnings adjusted mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 – $18 million Yr. 2 – $20 million Yr. 3 – $21 million In 2023, 2024 and 2025, the company recorded $5 million, $7 million and $4 million of earnings adjustment mechanism incentives for energy efficiency and vehicle electrification, respectively. In 2023, 2024 and 2025, the company recorded positive incentives of $3 million, $3 million and $8 million, respectively. Retention of annual revenues from non-firm customers of up to $65 million and 15 percent of any such revenues above $65 million. Continuation of reconciliation of actual to authorized gas delivery revenues, modified to be calculated based upon revenue per customer class instead of revenue per customer. In 2023, 2024 and 2025, the company deferred for recovery from customers $162 million, $93 million and $131.5 million of revenues, respectively. Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 – $107 million Yr. 2 – $119 million Yr. 3 – $130 million In 2023, 2024 and 2025, the company recorded negative revenue adjustments of $3 million, $2 million and $7 million, respectively. Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 - $135 million (k) (l) Yr. 2 - $143 million (k) (l) Yr. 3 - $152 million (k) (l) Reconciliation of late payment charges and expenses for uncollectibles (e), pension and other postretirement benefits, variable-rate debt, major storms, property taxes (f), municipal infrastructure support costs (g), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (h). In 2023, 2024 and 2025, the company deferred $12 million, $29 million and $1 million of net regulatory liabilities, respectively. Target levels reflected in rates: Gas average net plant target excluding AMI and CSS for Yr. 1: Yr. 1 – $10,466 million Yr. 2 – $11,442 million Yr. 3 – $12,142 million AMI (i): Yr. 1 – $234 million CSS: Yr. 1 - $2 million In 2023, 2024 and 2025, the company deferred $15.5 million, $31.5 million and $49.2 million, as regulatory liabilities, respectively. Target levels reflected in rates: Gas average net plant target: Yr. 1 - $12,931 million Yr. 2 - $13,472 million Yr. 3 - $14,014 million Yr. 1 – $9,647 million Yr. 2 – $10,428 million Yr. 3 – $11,063 million Yr. 1 - $11,485 million Yr. 2 - $12,050 million Yr. 3 - $12,615 million", "prior_body": "Rate Plans The Utilities provide service to New York customers according to the terms of tariffs approved by the NYSPSC. Tariffs for service to customers of Rockland Electric Company (RECO), O&R’s New Jersey regulated utility subsidiary, are approved by the New Jersey Board of Public Utilities (NJBPU). The tariffs include schedules of rates for service that limit the rates charged by the Utilities to amounts that the Utilities recover from their customers costs approved by the regulator, including capital costs, of providing service to customers as defined by the tariff. The tariffs implement rate plans adopted by state utility regulators in rate orders issued at the conclusion of rate proceedings. Pursuant to the Utilities’ rate plans, there generally can be no change to the charges to customers during the respective terms of the rate plans other than specified adjustments provided for in the rate plans. The Utilities’ rate plans each cover specified periods, but rates determined pursuant to a plan generally continue in effect until a new rate plan is approved by the state utility regulator. Common provisions of the Utilities’ New York rate plans include: Base Rates are designed to recover core costs of providing electric, gas or steam delivery service such as the costs of constructing, operating and maintaining a service’s system. Earnings sharing that require the Utilities to defer for customer benefit a portion of earnings over specified rates of return on common equity. There is no symmetric mechanism for earnings below specified rates of return on common equity. Negative revenue adjustments for failure to meet certain performance standards relating to service, reliability, safety and other matters. Net utility plant reconciliations that require deferral as a regulatory liability of the revenue requirement impact of the amount, if any, by which actual average net utility plant balances are less than amounts reflected in rates. There is generally no symmetric mechanism if actual average net utility plant balances are more than amounts reflected in rates. Other revenue adjustments that represent positive revenue adjustments, positive incentives, and earnings adjustments mechanisms for achievement of performance standards related to achievement of clean energy goals, safety and other matters. CON EDISON ANNUAL REPORT 2024115 CON EDISON ANNUAL REPORT 2024115 CON EDISON ANNUAL REPORT 2024115 115 Rate base, as reflected in the rate plans, is, in general, the sum of the Utilities’ net plant, working capital and certain regulatory assets less deferred taxes and certain regulatory liabilities. For each rate plan, the NYSPSC uses a forecast of the average rate base for each year that new rates would be in effect (“rate year”). Recoverable energy costs that allow the Utilities to recover on a current basis the costs for the energy they supply with no mark-up to their full-service customers. Regulatory reconciliations that reconcile pension and other postretirement benefit costs, environmental remediation costs, property taxes, variable-rate tax-exempt debt and certain other costs (including late payment charges and write-offs of customer accounts receivable balances) to amounts reflected in delivery rates for such costs. In addition, changes in the Utilities' costs not reflected in rates, in excess of certain amounts, resulting from changes in tax or changes in legislation, regulation or related actions, are deferred as a regulatory asset or regulatory liability to be reflected in the Utilities' next rate plan or in a manner to be determined by the NYSPSC. Also, the Utilities generally retain the right to petition for recovery or accounting deferral of extraordinary and material cost increases and provision is sometimes made for the utility to retain a share of cost reductions, for example, property tax refunds. Revenue decoupling mechanisms that reconcile actual energy delivery revenues to the authorized delivery revenues approved by the NYSPSC. The difference is accrued with interest for refund to, or recovery from customers, as applicable. Weighted average cost of capital is determined based on the authorized common equity ratio, return on common equity, cost of long-term debt and cost of customer deposits reflected in each rate plan. For each rate plan, the revenues designed to provide the utility a return on invested capital for each rate year are determined by multiplying each utility rate base by its pre–tax weighted average cost of capital. The Utilities’ actual return on common equity will reflect their actual operations for each rate year, and may be more or less than the authorized return on equity reflected in their rate plans (and if more, may be subject to earnings sharing). 116CON EDISON ANNUAL REPORT 2024 116CON EDISON ANNUAL REPORT 2024 116CON EDISON ANNUAL REPORT 2024 116 The following tables contain a summary of the Utilities’ rate plans:CECONY – Electric Effective periodJanuary 2020 – December 2022 January 2023 – December 2025Base rate changes Yr. 1 – $113 million (a) Yr. 2 – $370 million (a)Yr. 3 – $326 million (a) Yr. 1 – $442 million (c) Yr. 2 – $518 million (c)Yr. 3 – $382 million (c)Amortizations to income of net regulatory (assets) and liabilitiesYr. 1 – $267 million (b) Yr. 2 – $269 million (b) Yr. 3 – $272 million (b) Yr. 1 – $104 million (j)Yr. 2 – $49 million (j)Yr. 3 – $(205) million (j)Other revenue sourcesRetention of $75 million of annual transmission congestion revenues.Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $69 million Yr. 2 - $74 millionYr. 3 - $79 million In 2020, 2021 and 2022, the company recorded $34 million, $64 million and $33 million primarily related to earnings adjustment mechanism incentives for energy efficiency, respectively. In 2022, the company recorded a positive incentive of $4 million. Retention of $75 million of annual transmission congestion revenues.Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $70 million Yr. 2 - $75 millionYr. 3 - $79 million In 2023 and 2024, the company recorded $34.4 million and $52.3 million primarily related to earnings adjustment mechanism incentives for energy efficiency, respectively.Revenue decoupling mechanismsContinuation of reconciliation of actual to authorized electric delivery revenues.In 2020, 2021 and 2022, the company deferred for recovery from customers $242 million, $226 million and $90 million of revenues, respectively. Continuation of reconciliation of actual to authorized electric delivery revenues.In 2023 and 2024, the company deferred for recovery from customers $162 million and $164 million of revenues, respectively.Recoverable energy costs Continuation of current rate recovery of purchased power and fuel costs. Continuation of current rate recovery of purchased power and fuel costs.Negative revenue adjustmentsPotential charges if certain performance targets relating to service, reliability, safety and other matters are not met:Yr. 1 - $450 million Yr. 2 - $461 millionYr. 3 - $476 millionIn 2020, the company recorded negative revenue adjustments of $5 million. In 2021, the company did not record any negative revenue adjustments. In 2022, the company recorded negative revenue adjustments of $3 million. Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met:Yr. 1 - $516 million Yr. 2 - $557 millionYr. 3 - $597 millionIn 2023 and 2024, the company did not record any negative revenue adjustments.Regulatory reconciliations Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, property taxes (d), municipal infrastructure support costs (e), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (f).In 2020 and 2021, the company deferred $288 million and $191 million of net regulatory assets, respectively. In 2022, the company deferred $138 million of net regulatory liabilities. Reconciliation of late payment charges (i) and expenses for uncollectibles, pension and other postretirement benefits, variable-rate debt, major storms, property taxes (d), municipal infrastructure support costs (e), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (f).In 2023 and 2024, the company deferred $140 million and $52 million of net regulatory liabilities, respectively.Net utility plant reconciliationsTarget levels reflected in rates:Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 - $24,491 million Yr. 2 - $25,092 millionYr. 3 - $25,708 million AMI (h): Yr. 1 - $572 million Yr. 2 - $740 millionYr. 3 - $806 million In 2020, the company deferred $4.1 million as a regulatory asset. In 2021 and 2022, the company deferred $3.2 million and $1.8 million, as a regulatory liability, respectively. Target levels reflected in rates:Electric average net plant target excluding advanced metering infrastructure (AMI) and Customer Service System (CSS) for Yr. 1:Yr. 1 - $27,847 million Yr. 2 - $29,884 millionYr. 3 - $31,026 million AMI (h): Yr. 1 - $744 million CSS: Yr. 1 - $11 millionIn 2023 and 2024, the company deferred $1.2 million and $(25.3) million as a regulatory asset and regulatory liability, respectively.Average rate baseYr. 1 - $21,660 million Yr. 2 - $22,783 million Yr. 3 - $23,926 million Yr. 1 - $26,095 million Yr. 2 - $27,925 million Yr. 3 - $29,362 million Yr. 1 – $113 million (a) Yr. 2 – $370 million (a) Yr. 3 – $326 million (a) Yr. 1 – $442 million (c) Yr. 2 – $518 million (c) Yr. 3 – $382 million (c) Yr. 1 – $267 million (b) Yr. 2 – $269 million (b) Yr. 3 – $272 million (b) Yr. 1 – $104 million (j) Yr. 2 – $49 million (j) Yr. 3 – $(205) million (j) Retention of $75 million of annual transmission congestion revenues. Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $69 million Yr. 2 - $74 million Yr. 3 - $79 million In 2020, 2021 and 2022, the company recorded $34 million, $64 million and $33 million primarily related to earnings adjustment mechanism incentives for energy efficiency, respectively. In 2022, the company recorded a positive incentive of $4 million. Retention of $75 million of annual transmission congestion revenues. Potential earnings adjustment mechanism incentives for energy efficiency and other potential incentives of up to: Yr. 1 - $70 million Yr. 2 - $75 million Yr. 3 - $79 million In 2023 and 2024, the company recorded $34.4 million and $52.3 million primarily related to earnings adjustment mechanism incentives for energy efficiency, respectively. Continuation of reconciliation of actual to authorized electric delivery revenues. In 2020, 2021 and 2022, the company deferred for recovery from customers $242 million, $226 million and $90 million of revenues, respectively. Continuation of reconciliation of actual to authorized electric delivery revenues. In 2023 and 2024, the company deferred for recovery from customers $162 million and $164 million of revenues, respectively. Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - $450 million Yr. 2 - $461 million Yr. 3 - $476 million In 2020, the company recorded negative revenue adjustments of $5 million. In 2021, the company did not record any negative revenue adjustments. In 2022, the company recorded negative revenue adjustments of $3 million. Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 - $516 million Yr. 2 - $557 million Yr. 3 - $597 million In 2023 and 2024, the company did not record any negative revenue adjustments. Continuation of reconciliation of expenses for pension and other postretirement benefits, variable-rate debt, major storms, property taxes (d), municipal infrastructure support costs (e), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (f). In 2020 and 2021, the company deferred $288 million and $191 million of net regulatory assets, respectively. In 2022, the company deferred $138 million of net regulatory liabilities. Reconciliation of late payment charges (i) and expenses for uncollectibles, pension and other postretirement benefits, variable-rate debt, major storms, property taxes (d), municipal infrastructure support costs (e), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (f). In 2023 and 2024, the company deferred $140 million and $52 million of net regulatory liabilities, respectively. Target levels reflected in rates: Electric average net plant target excluding advanced metering infrastructure (AMI): Yr. 1 - $24,491 million Yr. 2 - $25,092 million Yr. 3 - $25,708 million AMI (h): Yr. 1 - $572 million Yr. 2 - $740 million Yr. 3 - $806 million In 2020, the company deferred $4.1 million as a regulatory asset. In 2021 and 2022, the company deferred $3.2 million and $1.8 million, as a regulatory liability, respectively. Target levels reflected in rates: Electric average net plant target excluding advanced metering infrastructure (AMI) and Customer Service System (CSS) for Yr. 1: Yr. 1 - $27,847 million Yr. 2 - $29,884 million Yr. 3 - $31,026 million AMI (h): Yr. 1 - $744 million CSS: Yr. 1 - $11 million In 2023 and 2024, the company deferred $1.2 million and $(25.3) million as a regulatory asset and regulatory liability, respectively. Yr. 1 - $21,660 million Yr. 2 - $22,783 million Yr. 3 - $23,926 million Yr. 1 - $26,095 million Yr. 2 - $27,925 million Yr. 3 - $29,362 million CON EDISON ANNUAL REPORT 2024117 CON EDISON ANNUAL REPORT 2024117 CON EDISON ANNUAL REPORT 2024117 117 Weighted average cost of capital (after-tax)Yr. 1 to Yr. 3 – 6.61 percent Yr. 1 - 6.75 percent Yr. 2 - 6.79 percent Yr. 3 - 6.85 percent Authorized return on common equity8.8 percent 9.25 percentActual return on common equity (h) (i)Yr. 1 – 8.5 percent Yr. 2 – 8.03 percentYr. 3 – 8.41 percent Yr. 1 – 9.46 percent Yr. 2 - 9.21 percentEarnings sharingMost earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.In 2020, 2021 and 2022, the company had no earnings sharing above the threshold. A reserve of $4.3 million was recorded in 2021 related to a potential adjustment to the excess earnings sharing amount for 2016. Most earnings above an annual earnings threshold of 9.75 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year.In 2023 and 2024, the company had no earnings sharing above the threshold. Cost of long-term debtYr. 1 to Yr. 3 – 4.63 percent Yr. 1 – 4.46 percentYr. 2 – 4.54 percentYr. 3 – 4.64 percent Common equity ratio48 percent 48 percent Yr. 1 to Yr. 3 – 6.61 percent Yr. 1 - 6.75 percent Yr. 2 - 6.79 percent Yr. 3 - 6.85 percent 8.8 percent 9.25 percent Yr. 1 – 8.5 percent Yr. 2 – 8.03 percent Yr. 3 – 8.41 percent Yr. 1 – 9.46 percent Yr. 2 - 9.21 percent Most earnings above an annual earnings threshold of 9.3 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2020, 2021 and 2022, the company had no earnings sharing above the threshold. A reserve of $4.3 million was recorded in 2021 related to a potential adjustment to the excess earnings sharing amount for 2016. Most earnings above an annual earnings threshold of 9.75 percent are to be applied to reduce regulatory assets for environmental remediation and other costs accumulated in the rate year. In 2023 and 2024, the company had no earnings sharing above the threshold. Yr. 1 to Yr. 3 – 4.63 percent Yr. 1 – 4.46 percent Yr. 2 – 4.54 percent Yr. 3 – 4.64 percent 48 percent (a)Base rates reflect recovery by the company of certain costs of its energy efficiency, demonstration projects, non-wire alternative projects (including the Brooklyn Queens demand management program), and off-peak electric vehicle charging programs (Yr. 1 - $206 million; Yr. 2 - $245 million; and Yr. 3 - $251 million) over a 10-year period, including the overall pre-tax rate of return on such costs. (b)Amounts reflect amortization of the 2018 tax savings under the federal Tax Cuts and Jobs Act of 2017 (TCJA) allocable to CECONY’s electric customers ($377 million) over a three-year period ($126 million annually), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers ($1,663 million) over the remaining lives of the related assets ($49 million in Yr. 1, $50 million in Yr. 2, and $53 million in Yr. 3) and the unprotected portion of the net regulatory liability ($784 million) over five years ($157 million annually). Amounts also reflect amortization of the regulatory asset for deferred MTA power reliability costs ($238 million) over a five-year period ($48 million annually). (c)The electric base rate increases shown above will be implemented with increases of $457 million in Yr. 1; $457 million in Yr. 2; and $457 million in Yr. 3 in order to levelize the customer bill impact. New rates were effective as of January 1, 2023 and CECONY began billing customers at the new levelized rate in August 2023. The shortfall in revenues due to the timing of billing to customers ($216 million) were collected through a surcharge billed through 2024, including a carrying charge on the outstanding balance. Base rates reflect recovery by the company of certain costs of its energy efficiency, demonstration projects, non-wire alternative projects (including the Brooklyn Queens demand management program), and off-peak electric vehicle charging programs (Yr. 1 - $244 million; Yr. 2 - $237 million; and Yr. 3 - $281 million) over periods varying between seven and fifteen years, including the overall pre-tax rate of return on such costs. (d)Deferrals for property taxes are limited to 90 percent of the difference from amounts reflected in rates, subject to an annual maximum for the remaining difference of not more than a maximum number of basis points impact on return on common equity of 10.0 basis points, 7.5 basis points and 5.0 basis points for each of Yr. 1, Yr. 2 and Yr. 3, respectively, of the 2020 – 2022 rate plan and 10.0 basis points, 5.0 basis points and 5.0 basis points for each of Yr. 1, Yr. 2 and Yr. 3, respectively, of the 2023 – 2025 rate plan. (e)In general, if actual expenses for municipal infrastructure support (other than company labor) are below the amounts reflected in rates the company will defer the difference for credit to customers, and if the actual expenses are above the amount reflected in rates the company will defer for recovery from customers 80 percent of the difference subject to a maximum deferral, subject to certain conditions, of 15 percent of the amount reflected in the rate plans. (f)In addition, the NYSPSC continues its focused operations audit to investigate CECONY's financial accounting for income taxes. Any NYSPSC ordered adjustment to CECONY’s financial accounting for income taxes is expected to be refunded to or collected from customers, as determined by the NYSPSC. See \"Other Regulatory Matters,\" below. (g)Reconciliation of net utility plant for AMI will be done on a combined basis for electric and gas. (h)Calculated in accordance with the earnings calculation method prescribed in the rate order. (i)In November 2021, the NYSPSC issued an order that allowed CECONY to recover $43 million of late payment charges and fees that were not billed for the year ended December 31, 2020. The recalculated return on equity for 2020 which reflects the recovery of these fees is 8.81 percent. (j)Amounts reflect amortization of the TCJA allocable to CECONY’s electric customers ($256 million) over a two-year period ($128 million in Yr. 1 and Yr. 2), the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s electric customers ($1,512 million) over the remaining lives of the related assets ($34 million in Yr. 1, $63 million in Yr. 2, and $34 million in Yr. 3) and the unprotected portion of the net regulatory liability ($306 million) over two years ($153 million annually). Amounts also reflect amortization of the regulatory asset for deferred MTA power reliability costs ($93 million) over a three-year period ($31 million annually). In April 2023, the NYSPSC approved CECONY’s December 2022 petition seeking cost recovery approval for a proposed clean energy hub in Brooklyn, New York (Brooklyn Clean Energy Hub). The Brooklyn Clean Energy Hub primarily addresses an identified reliability need in 2028 due to a forecasted increase in electric demand. Construction began in September 2023 and is expected to be completed by 2028. CECONY’s January 2025 electric rate case filing reflected the costs for the Brooklyn Clean Energy Hub in base rates." }, { "status": "MODIFIED", "current_title": "Allowance for Uncollectible Accounts", "prior_title": "Allowance for Uncollectible Accounts", "similarity_score": 0.887, "confidence": "high", "key_changes": [ "Reworded sentence: \"For the Utilities’ allowance for uncollectible accounts for customer accounts receivable, which includes accrued unbilled revenue, past events considered include write-offs relative to customer accounts receivable; current conditions include macro-and micro-economic conditions related to trends in the local economy, reconnection rates and current and aged customer accounts receivable balances, including final balances, among other factors; and forecasts about the future include assumptions related to the level of write-offs and recoveries.\"" ], "current_body": "The Companies develop expected loss estimates using past events data and consider current conditions and future reasonable and supportable forecasts. For the Utilities’ allowance for uncollectible accounts for customer accounts receivable, which includes accrued unbilled revenue, past events considered include write-offs relative to customer accounts receivable; current conditions include macro-and micro-economic conditions related to trends in the local economy, reconnection rates and current and aged customer accounts receivable balances, including final balances, among other factors; and forecasts about the future include assumptions related to the level of write-offs and recoveries. The historical write-off rate was determined based on post-pandemic collections and write-off experience. From 2020 through 2025, Con Edison's and CECONY's allowances for uncollectible accounts increased from $70 million and $65 million, respectively, to $507 million and $500 million, respectively. See “The Companies May Be Adversely Affected By Changes To The Utilities’ Rate Plans” in Item 1A, “Aged Accounts Receivable Balances” in Item 7 and “Allowance for Uncollectible Accounts\" in Note N to the financial statements in Item 8.", "prior_body": "The Companies develop expected loss estimates using past events data and consider current conditions and future reasonable and supportable forecasts. For the Utilities’ customer accounts receivable allowance for uncollectible accounts, including current accounts receivable and accrued unbilled revenue, past events considered include write-offs relative to customer accounts receivable; current conditions include macro-and micro-economic conditions related to trends in the local economy, bankruptcy rates and current and aged customer accounts receivable balances, including final balances, among other factors; and forecasts about the future include assumptions related to the level of write-offs and recoveries. From January 1, 2020 to December 31, 2024, the historical write-off rate was determined based, in part, on a historical weather event with a significant impact to the Companies’ service territory. During that period, Con Edison's and CECONY's allowances for uncollectible accounts increased from $70 million and $65 million, respectively to $620 million and $605 million, respectively. See “The Companies May Be Adversely Affected By Changes To The Utilities’ Rate Plans” in Item 1A, “Aged Accounts Receivable Balances” in Item 7 and “Allowance for Uncollectible Accounts\" in Note N to the financial statements in Item 8." }, { "status": "MODIFIED", "current_title": "Liquidity and Capital Resources", "prior_title": "Liquidity and Capital Resources", "similarity_score": 0.883, "confidence": "high", "key_changes": [ "Reworded sentence: \"CECONY has a $500 million 364-day revolving credit agreement (the CECONY Credit Agreement) in place under which banks are committed to provide loans on a revolving credit basis until March 2026, subject to certain conditions.\"", "Reworded sentence: \"In November 2025, CECONY repaid at maturity $700 million pursuant to a 364-Day Senior Unsecured Delayed Draw Term Loan Credit Agreement entered into by the company in November 2024.\"", "Reworded sentence: \"See “The Companies Require Access To Capital Markets To Satisfy Funding Requirements,” \"Changes To Tax Laws Could Adversely Affect the Companies,\" “The Companies May be Adversely Affected by Changes to the Utilities’ Rate Plans,” “The Companies Face Risks Related to Health Epidemic And Other Outbreaks,” and “The Companies Also Face Other Risks That Are Beyond Their Control” in Item 1A, and “Capital Requirements and Resources” in Item 1.\"" ], "current_body": "The Companies monitor the financial markets closely, including borrowing rates and daily cash collections. Increases in aged accounts receivable balances, inflationary pressure and higher interest rates have increased the amount of capital needed by the Utilities and the costs of such capital. See \"Interest Rate Risk,\" below, \"Aged Accounts Receivable Balances,\" above and \"Capital Resources,\" below. Con Edison and the Utilities have a $2,500 million revolving credit agreement (the Credit Agreement) in place under which banks are committed to provide loans on a revolving credit basis until March 2029, unless extended for an additional one-year term, subject to certain conditions. CECONY has a $500 million 364-day revolving credit agreement (the CECONY Credit Agreement) in place under which banks are committed to provide loans on a revolving credit basis until March 2026, subject to certain conditions. Con Edison and the Utilities have not entered into any loans under the Credit Agreement and CECONY has not entered into any loans under the CECONY Credit Agreement. In November 2025, CECONY repaid at maturity $700 million pursuant to a 364-Day Senior Unsecured Delayed Draw Term Loan Credit Agreement entered into by the company in November 2024. Also in November 2025, CECONY borrowed $500 million at a variable rate under a 364-Day Senior Unsecured Term Loan Credit Agreement entered into by the company in November 2025 (the CECONY Term Loan Credit Agreement). The term loan matures in November 2026. CECONY has the option to prepay the term loan issued under the CECONY Term Loan Credit Agreement prior to maturity. The FERC has authorized CECONY through April 30, 2026 and O&R through July 31, 2026 to issue short-term borrowings for a period of not more than 12 months, in an amount not to exceed $4,000 million and $250 million, respectively, at prevailing market rates. The Companies’ liquidity reflects cash flows from operating, investing and financing activities, as shown on their respective consolidated statements of cash flows and as discussed below. The principal factors affecting Con Edison’s liquidity are its investments in the Utilities and Con Edison Transmission, the dividends it pays to its shareholders and the dividends it receives from its subsidiaries and cash flows from financing activities discussed below. The principal factors affecting CECONY’s liquidity are its cash flows from operating activities, cash used in investing activities (including capital expenditures), the dividends it pays to Con Edison and cash flows from financing activities discussed below. The Companies generally maintain minimal cash balances and use short-term borrowings to meet their working capital needs and other cash requirements. The Companies repay their short-term borrowings using funds from long-term financings and operating activities. The Utilities’ cost of capital, including working capital, is reflected in the rates they charge to their customers. Each of the Companies believes that it will be able to meet its reasonably likely short-term and long-term cash requirements. See “The Companies Require Access To Capital Markets To Satisfy Funding Requirements,” \"Changes To Tax Laws Could Adversely Affect the Companies,\" “The Companies May be Adversely Affected by Changes to the Utilities’ Rate Plans,” “The Companies Face Risks Related to Health Epidemic And Other Outbreaks,” and “The Companies Also Face Other Risks That Are Beyond Their Control” in Item 1A, and “Capital Requirements and Resources” in Item 1. 68CON EDISON ANNUAL REPORT 2025 68CON EDISON ANNUAL REPORT 2025 68CON EDISON ANNUAL REPORT 2025 68 CON EDISON ANNUAL REPORT 2025 The Companies’ cash, temporary cash investments and restricted cash resulting from operating, investing and financing activities for the years ended December 31, 2025 and 2024 are summarized as follows: CECONYO&RCon Edison TransmissionOther (a)(b)Con Edison (b)(Millions of Dollars)2025202420252024202520242025202420252024Operating activities$4,529$3,358$249$153$53$30$(31)$73$4,800$3,614Investing activities(4,800)(4,923)(445)(321)(50)(29)46—(5,249)(5,273)Financing activities5981,681182183(7)(3)(27)(64)7461,797Net change for the period327116(14)15(4)(2)(12)9297138Balance at beginning of period1,2541,138382323251891,3331,195Balance at end of period (c)$1,581$1,254$24$38$19$23$6$18$1,630$1,333Less:Cash balances held for sale (a)———————9—9Balance at end of period excluding held for sale $1,581$1,254$24$38$19$23$6$9$1,630$1,324 CECONY O&R", "prior_body": "The Companies monitor the financial markets closely, including borrowing rates and daily cash collections. Increases in aged accounts receivable balances, inflationary pressure and higher interest rates have increased the amount of capital needed by the Utilities and the costs of such capital. See \"Interest Rate Risk,\" below, \"Aged Accounts Receivable Balances,\" above and \"Capital Resources,\" below. Con Edison and the Utilities have a $2,500 million revolving credit agreement (the Credit Agreement) in place under which banks are committed to provide loans on a revolving credit basis until March 2029, unless extended for an additional one-year term, subject to certain conditions. CECONY has a $500 million 364-day revolving credit agreement (the CECONY Credit Agreement) in place under which banks are committed to provide loans on a revolving credit basis until March 2025, subject to certain conditions. Con Edison and the Utilities have not entered into any loans under the Credit Agreement and CECONY has not entered into any loans under the CECONY Credit Agreement. In November 2024 and January 2025, CECONY borrowed $500 million and $200 million, respectively, at a variable rate under a 364-Day Senior Unsecured Delayed Draw Term Loan Credit Agreement entered into by the company in November 2024 (the CECONY Term Loan Credit Agreement). The term loans mature in November 2025. CECONY has the option to prepay the term loans issued under the CECONY Term Loan Credit Agreement prior to maturity. FERC has authorized CECONY through April 30, 2026 and O&R through July 31, 2026 to issue short-term borrowings for a period of not more than 12 months, in an amount not to exceed $4,000 million and $250 million, respectively, at prevailing market rates. The Companies’ liquidity reflects cash flows from operating, investing and financing activities, as shown on their respective consolidated statements of cash flows and as discussed below. The principal factors affecting Con Edison’s liquidity are its investments in the Utilities and Con Edison Transmission, the dividends it pays to its shareholders and the dividends it receives from its subsidiaries and cash flows from financing activities discussed below. The principal factors affecting CECONY’s liquidity are its cash flows from operating activities, cash used in investing activities (including capital expenditures), the dividends it pays to Con Edison and cash flows from financing activities discussed below. The Companies generally maintain minimal cash balances and use short-term borrowings to meet their working capital needs and other cash requirements. The Companies repay their short-term borrowings using funds from long-term financings and operating activities. The Utilities’ cost of capital, including working capital, is reflected in the rates they charge to their customers. Each of the Companies believes that it will be able to meet its reasonably likely short-term and long-term cash requirements. See “The Companies Require Access To Capital Markets To Satisfy Funding Requirements,” \"Changes To Tax Laws Could Adversely Affect the Companies,\" “The Companies May be Adversely Affected by Changes to the Utilities’ Rate Plans,” “The Companies Face Risks Related to Health Epidemics And Other Outbreaks,” and “The Companies Also Face Other Risks That Are Beyond Their Control” in Item 1A, and “Capital Requirements and Resources” in Item 1. CON EDISON ANNUAL REPORT 202469 CON EDISON ANNUAL REPORT 202469 CON EDISON ANNUAL REPORT 202469 69 The Companies’ cash, temporary cash investments and restricted cash resulting from operating, investing and financing activities for the years ended December 31, 2024 and 2023 are summarized as follows: CECONYO&RClean Energy Businesses (a)Con Edison TransmissionOther (b)Con Edison (c)(Millions of Dollars)202420232024202320242023202420232024202320242023Operating activities$3,358$2,285$153$216$—$—$30$(137)$73$(208)$3,614$2,156Investing activities(4,923)(4,439)(321)(301)—(248)(29)(49)—4,034(5,273)(1,003)Financing activities1,6812,23618373——(3)211(64)(4,008)1,797(1,488)Net change for the period1168215(12)—(248)(2)259(182)138(335)Balance at beginning of period1,1381,056233524825—91911,1951,530Balance at end of period (d)$1,254$1,138$38$23$—$—$23$25$18$9$1,333$1,195Less: Change in cash balances held for sale (a)————————95 9 5 Balance at end of period excluding held for sale $1,254$1,138$38$23$—$—$23 $25$9$4$1,324$1,190 CECONY O&R" }, { "status": "MODIFIED", "current_title": "Other Deferred Charges and Noncurrent Assets and Prepayments", "prior_title": "Other Deferred Charges and Noncurrent Assets and Prepayments", "similarity_score": 0.879, "confidence": "high", "key_changes": [ "Reworded sentence: \"Other deferred charges and noncurrent assets and prepayments, net of accumulated depreciation, included the following related to implementation costs incurred in cloud computing arrangements: Con EdisonCECONY(Millions of Dollars)2025202420252024Prepayments (a)(b)$68$57$65$54Other Deferred Charges and Noncurrent Assets (a)(b)279254260243 (a) Amortization on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives.\"" ], "current_body": "Other deferred charges and noncurrent assets and prepayments, net of accumulated depreciation, included the following related to implementation costs incurred in cloud computing arrangements: Con EdisonCECONY(Millions of Dollars)2025202420252024Prepayments (a)(b)$68$57$65$54Other Deferred Charges and Noncurrent Assets (a)(b)279254260243 (a) Amortization on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives. 107CON EDISON ANNUAL REPORT 2025 107CON EDISON ANNUAL REPORT 2025 107CON EDISON ANNUAL REPORT 2025 107 CON EDISON ANNUAL REPORT 2025 (b) Amortization expense related to these assets incurred during the year ended December 31, 2025 for Con Edison and CECONY was $47 million and $46 million, respectively, for the year ended December 31, 2024 for Con Edison and CECONY was $33 million and $32 million, respectively, and for the year ended December 31, 2023 for Con Edison and CECONY was $21 million and $20 million, respectively. Accumulated amortization related to these assets for Con Edison and CECONY was $92 million and $89 million, respectively at December 31, 2025 and was $91 million and $85 million, respectively at December 31, 2024.", "prior_body": "Other deferred charges and noncurrent assets and prepayments, net of accumulated depreciation, included the following related to implementation costs incurred in cloud computing arrangements: Con EdisonCECONY(Millions of Dollars)2024202320242023Prepayments (a)(b)$57$50$54$49Other Deferred Charges and Noncurrent Assets (a)(b)254179243178 (a) Amortization on these assets is computed using the straight-line method for financial statement purposes over their estimated useful lives. (b) Amortization expense related to these assets incurred during the year ended December 31, 2024 for Con Edison and CECONY was $33 million and $32 million, respectively, for the year ended December 31, 2023 for Con Edison and CECONY was $21 million and $20 million, respectively, and for the year ended December 31, 2022 for Con Edison and CECONY was $15 million and $14 million, respectively. Accumulated amortization related to these assets for Con Edison and CECONY was $91 million and $85 million, respectively at December 31, 2024 and was $58 million and $53 million, respectively at December 31, 2023." }, { "status": "MODIFIED", "current_title": "Investment Risk", "prior_title": "Investment Risk", "similarity_score": 0.866, "confidence": "high", "key_changes": [ "Reworded sentence: \"78CON EDISON ANNUAL REPORT 2025 78CON EDISON ANNUAL REPORT 2025 78CON EDISON ANNUAL REPORT 2025 78 CON EDISON ANNUAL REPORT 2025 The Companies’ current investment policy for pension plan assets includes investment targets of 20 to 34 percent equity securities, 55 to 65 percent debt securities, 14 to 22 percent alternatives.\"", "Reworded sentence: \"In accordance with the Statement of Policy issued by the NYSPSC and its electric, gas and steam rate plans, CECONY defers for payment to or recovery from customers the difference between the pension and other postretirement benefit expenses and the amounts for such expenses reflected in rates.\"" ], "current_body": "The Companies’ investment risk relates to the investment of plan assets for their pension and other postretirement benefit plans. Con Edison's investment risk also relates to the investments of Con Edison Transmission that are accounted for under the equity method. See “Critical Accounting Estimates – Accounting for Pensions and Other Postretirement Benefits,” above and “Investments” in Note A and Notes E and F to the financial statements in Item 8. 78CON EDISON ANNUAL REPORT 2025 78CON EDISON ANNUAL REPORT 2025 78CON EDISON ANNUAL REPORT 2025 78 CON EDISON ANNUAL REPORT 2025 The Companies’ current investment policy for pension plan assets includes investment targets of 20 to 34 percent equity securities, 55 to 65 percent debt securities, 14 to 22 percent alternatives. At December 31, 2025, the pension plan investments consisted of 24 percent equity securities, 57 percent debt securities and 19 percent alternatives. For the Utilities’ pension and other postretirement benefit plans, regulatory accounting treatment is generally applied in accordance with the accounting rules for regulated operations. In accordance with the Statement of Policy issued by the NYSPSC and its electric, gas and steam rate plans, CECONY defers for payment to or recovery from customers the difference between the pension and other postretirement benefit expenses and the amounts for such expenses reflected in rates. O&R also defers such difference pursuant to its New York rate plans.", "prior_body": "The Companies’ investment risk relates to the investment of plan assets for their pension and other postretirement benefit plans. Con Edison's investment risk also relates to the investments of Con Edison Transmission that are accounted for under the equity method. See “Critical Accounting Estimates – Accounting for Pensions and Other Postretirement Benefits,” above and “Investments” in Note A and Notes E and F to the financial statements in Item 8. The Companies’ current investment policy for pension plan assets includes investment targets of 26 to 30 percent equity securities, 42 to 60 percent debt securities, 14 to 30 percent alternatives. At December 31, 2024, the pension plan investments consisted of 27 percent equity securities, 51 percent debt securities and 22 percent alternatives. For the Utilities’ pension and other postretirement benefit plans, regulatory accounting treatment is generally applied in accordance with the accounting rules for regulated operations. In accordance with the Statement of Policy issued by the NYSPSC and its current electric, gas and steam rate plans, CECONY defers for payment to or recovery from customers the difference between the pension and other postretirement benefit expenses and the amounts for such expenses reflected in rates. O&R also defers such difference pursuant to its New York rate plans." }, { "status": "MODIFIED", "current_title": "Investment in Mountain Valley Pipeline, LLC (MVP)", "prior_title": "Investment in Mountain Valley Pipeline, LLC (MVP)", "similarity_score": 0.863, "confidence": "high", "key_changes": [ "Reworded sentence: \"During 2019, Con Edison exercised its right to limit, and did limit, its cash contributions to the joint venture to approximately $530 million, subject to dilution of its ownership interest.\"", "Reworded sentence: \"At December 31, 2025, the carrying value of Con Edison Transmission's investment in MVP was $168 million, and its cash contributions to the joint venture amounted to $530 million.\"", "Reworded sentence: \"Con Edison's pro rata share of earnings from its equity investment in MVP, adjusted for accretion of the basis difference, was $30 million ($21 million after-tax) for the twelve months ended December 31, 2025.\"" ], "current_body": "In January 2016, a subsidiary of Con Edison Transmission, acquired a 12.5 percent interest in MVP, a company developing a proposed 300-mile gas transmission project (the Mountain Valley Pipeline) in West Virginia and Virginia. During 2019, Con Edison exercised its right to limit, and did limit, its cash contributions to the joint venture to approximately $530 million, subject to dilution of its ownership interest. In June 2024, the Mountain Valley Pipeline entered service. The project operator is continuing restoration of the right of way and estimates a total project cost of approximately $8,100 million (excluding allowance for funds used during construction (AFUDC)). At December 31, 2025, the carrying value of Con Edison Transmission's investment in MVP was $168 million, and its cash contributions to the joint venture amounted to $530 million. Con Edison records its pro rata share of earnings from its equity investment in MVP, adjusted for accretion of the basis difference and income taxes, on its consolidated income statement. Con Edison's pro rata share of earnings from its equity investment in MVP, adjusted for accretion of the basis difference, was $30 million ($21 million after-tax) for the twelve months ended December 31, 2025. 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.", "prior_body": "In January 2016, a subsidiary of Con Edison Transmission, acquired a 12.5 percent interest in MVP, a company developing a proposed 300-mile gas transmission project (the Mountain Valley Pipeline) in West Virginia and Virginia. During 2019, Con Edison exercised its right to limit, and did limit, its cash contributions to the joint venture to approximately $530 million. In June 2024, the Mountain Valley Pipeline, a 303-mile gas transmission pipeline in West Virginia and Virginia, entered service. The project operator is continuing restoration of the right of way and estimates a total project cost of approximately $8,100 million (excluding allowance for funds used during construction (AFUDC)). At December 31, 2024, the carrying value of Con Edison Transmission's investment in MVP was $166 million, and its cash contributions to the joint venture amounted to $530 million. Con Edison records its pro rata share of earnings from its equity investment in MVP, adjusted for accretion of the basis difference and income taxes, on its consolidated income statement. Con Edison's pro rata share of earnings from its equity investment in MVP, adjusted for accretion of the basis difference, was $29 million ($21 million after-tax) for the twelve months ended December 31, 2024. As of December 31, 2024, Con Edison Transmission's interest in MVP, the company that developed the project, is 6.7 percent and is expected to be reduced to approximately 6.6 percent upon completion of the restoration of the right of way and based on Con Edison Transmission's previous capping of its cash contributions. There were no impairments to the carrying value of Con Edison Transmission's investment in MVP for the years ended December 31, 2022, 2023 and 2024." }, { "status": "MODIFIED", "current_title": "Notes to the Financial Statements", "prior_title": "Notes to the Financial Statements", "similarity_score": 0.863, "confidence": "high", "key_changes": [ "Reworded sentence: \"and its subsidiaries (O&R) and Con Edison Transmission, Inc.\"", "Reworded sentence: \"Con Edison Transmission, a regulated company primarily under the oversight of the Federal Energy Regulatory Commission (FERC), develops and invests in electric transmission projects and owns, through joint ventures, both electric and gas assets.\"", "Reworded sentence: \"105CON EDISON ANNUAL REPORT 2025 105CON EDISON ANNUAL REPORT 2025 105CON EDISON ANNUAL REPORT 2025 105 CON EDISON ANNUAL REPORT 2025\"" ], "current_body": "105 Note A - Summary of Significant Accounting Policies and Other Matters 106 Note B - Regulatory Matters 112 Note C - Capitalization 130 Note D - Short-Term Borrowing 131 Note E - Pension Benefits 132 Note F - Other Postretirement Benefits 138 Note G - Environmental Matters 143 Note H - Material Contingencies 145 Note I - Electricity and Gas Purchase Agreements 145 Note J - Leases 147 Note K - Goodwill 148 Note L - Income Tax 149 Note M - Revenue Recognition 154 Note N - Current Expected Credit Losses 155 Note O - Stock-Based Compensation 156 Note P - Financial Information by Business Segment 160 Note Q - Derivative Instruments and Hedging Activities 163 Note R - Fair Value Measurements 165 Note S - Variable Interest Entities 167 Note T - Asset Retirement Obligations 168 Note U - Related Party Transactions 169 Note V - New Financial Accounting Standards 170 Note W - Dispositions 170 Note X - Held-for-Sale Treatment of the Clean Energy Businesses 172", "prior_body": "107 Note A - Summary of Significant Accounting Policies 108 Note B - Regulatory Matters 115 Note C - Capitalization 133 Note D - Short-Term Borrowing 135 Note E - Pension Benefits 136 Note F - Other Postretirement Benefits 141 Note G - Environmental Matters 146 Note H - Material Contingencies 148 Note I - Electricity and Gas Purchase Agreements 149 Note J - Leases 150 Note K - Goodwill 152 Note L - Income Tax 152 Note M - Revenue Recognition 156 Note N - Current Expected Credit Losses 157 Note O - Stock-Based Compensation 158 Note P - Financial Information by Business Segment 162 Note Q - Derivative Instruments and Hedging Activities 165 Note R - Fair Value Measurements 167 Note S - Variable Interest Entities 170 Note T - Asset Retirement Obligations 171 Note U - Related Party Transactions 172 Note V - New Financial Accounting Standards 173 Note W - Dispositions 173 Note X - Held-for-Sale Treatment of the Clean Energy Businesses 175" }, { "status": "MODIFIED", "current_title": "Temporary Cash Investments", "prior_title": "Temporary Cash Investments", "similarity_score": 0.855, "confidence": "high", "key_changes": [ "Removed sentence: \"110CON EDISON ANNUAL REPORT 2024 110CON EDISON ANNUAL REPORT 2024 110CON EDISON ANNUAL REPORT 2024 110\"" ], "current_body": "Temporary cash investments are short-term, highly-liquid investments that generally have maturities of three months or less at the date of purchase. They are stated at cost, which approximates market. The Companies consider temporary cash investments to be cash equivalents.", "prior_body": "Temporary cash investments are short-term, highly-liquid investments that generally have maturities of three months or less at the date of purchase. They are stated at cost, which approximates market. The Companies consider temporary cash investments to be cash equivalents. 110CON EDISON ANNUAL REPORT 2024 110CON EDISON ANNUAL REPORT 2024 110CON EDISON ANNUAL REPORT 2024 110" }, { "status": "MODIFIED", "current_title": "State Income Tax", "prior_title": "State Income Tax", "similarity_score": 0.85, "confidence": "high", "key_changes": [ "Added sentence: \"CON EDISON ANNUAL REPORT 2025 110 CON EDISON ANNUAL REPORT 2025 110 CON EDISON ANNUAL REPORT 2025 110 CON EDISON ANNUAL REPORT 2025 110\"" ], "current_body": "Con Edison and its subsidiaries file a combined New York State Corporation Business Franchise Tax Return. Similar to a federal consolidated income tax return, the income of all entities in the combined group is subject to New York State taxation, after adjustments for differences between federal and New York law and apportionment of income among the states in which the company does business. Each member’s share of the New York State tax is based on its own New York State taxable income or loss. CON EDISON ANNUAL REPORT 2025 110 CON EDISON ANNUAL REPORT 2025 110 CON EDISON ANNUAL REPORT 2025 110 CON EDISON ANNUAL REPORT 2025 110", "prior_body": "Con Edison and its subsidiaries file a combined New York State Corporation Business Franchise Tax Return. Similar to a federal consolidated income tax return, the income of all entities in the combined group is subject to New York State taxation, after adjustments for differences between federal and New York law and apportionment of income among the states in which the company does business. Each member’s share of the New York State tax is based on its own New York State taxable income or loss." }, { "status": "MODIFIED", "current_title": "Con Edison Transmission", "prior_title": "Con Edison Transmission", "similarity_score": 0.847, "confidence": "high", "key_changes": [ "Reworded sentence: \"CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49\"" ], "current_body": "Con Edison Transmission has no properties. Con Edison Transmission has ownership interests in electric and gas transmission companies. For information about these companies, see \"Con Edison Transmission\" in Item 1 (which information is incorporated herein by reference). Item 3: Legal Proceedings For information about certain legal proceedings affecting the Companies, see “Other Regulatory Matters” in Note B and “Superfund Sites” and “Asbestos Proceedings” in Note G and \"Manhattan Explosion and Fire\" in Note H to the financial statements in Item 8 and “Environmental Matters – CECONY” and “Environmental Matters – O&R” in Item 1 of this report, which information is incorporated herein by reference. Item 4: Mine Safety Disclosures Not applicable. CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49", "prior_body": "Con Edison Transmission has no properties. Con Edison Transmission has ownership interests in electric and gas transmission companies. For information about these companies, see \"Con Edison Transmission\" in Item 1 (which information is incorporated herein by reference). Item 3: Legal Proceedings For information about certain legal proceedings affecting the Companies, see “Other Regulatory Matters” in Note B and “Superfund Sites” and “Asbestos Proceedings” in Note G and \"Manhattan Explosion and Fire\" in Note H to the financial statements in Item 8 and “Environmental Matters – CECONY” and “Environmental Matters – O&R” in Item 1 of this report, which information is incorporated herein by reference. Item 4: Mine Safety Disclosures Not applicable. CON EDISON ANNUAL REPORT 202451 CON EDISON ANNUAL REPORT 202451 CON EDISON ANNUAL REPORT 202451 51" }, { "status": "MODIFIED", "current_title": "Reconciliation of Cash, Temporary Cash Investments and Restricted Cash", "prior_title": "Reconciliation of Cash, Temporary Cash Investments and Restricted Cash", "similarity_score": 0.846, "confidence": "high", "key_changes": [ "Reworded sentence: \"At December 31, 2025 and 2024, cash, temporary cash investments and restricted cash for Con Edison were as follows; CECONY did not have material restricted cash balances as of December 31, 2025 and 2024: At December 31,Con Edison(Millions of Dollars)20252024Cash and temporary cash investments$1,629$1,324Restricted cash (a)19Total cash, temporary cash investments and restricted cash$1,630$1,333 (a)Con Edison's restricted cash for the 2024 period primarily included restricted cash of Broken Bow II, which was classified as held for sale as of December 31, 2024.\"", "Added sentence: \"(a) 111CON EDISON ANNUAL REPORT 2025 111CON EDISON ANNUAL REPORT 2025 111CON EDISON ANNUAL REPORT 2025 111 CON EDISON ANNUAL REPORT 2025\"" ], "current_body": "Cash, temporary cash investments and restricted cash are presented on a combined basis in the Companies’ consolidated statements of cash flows. At December 31, 2025 and 2024, cash, temporary cash investments and restricted cash for Con Edison were as follows; CECONY did not have material restricted cash balances as of December 31, 2025 and 2024: At December 31,Con Edison(Millions of Dollars)20252024Cash and temporary cash investments$1,629$1,324Restricted cash (a)19Total cash, temporary cash investments and restricted cash$1,630$1,333 (a)Con Edison's restricted cash for the 2024 period primarily included restricted cash of Broken Bow II, which was classified as held for sale as of December 31, 2024. The sale and transfer of Broken Bow II, including the related debt, was completed in January 2025. See Note W and Note X. (a) 111CON EDISON ANNUAL REPORT 2025 111CON EDISON ANNUAL REPORT 2025 111CON EDISON ANNUAL REPORT 2025 111 CON EDISON ANNUAL REPORT 2025", "prior_body": "Cash, temporary cash investments and restricted cash are presented on a combined basis in the Companies’ consolidated statements of cash flows. At December 31, 2024 and 2023, cash, temporary cash investments and restricted cash for Con Edison were as follows; CECONY did not have material restricted cash balances as of December 31, 2024 and 2023: At December 31,Con Edison(Millions of Dollars)20242023Cash and temporary cash investments$1,324$1,189Restricted cash (a)96Total cash, temporary cash investments and restricted cash$1,333$1,195 (a)On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note W. Con Edison retained one deferred project, Broken Bow II, a 75 MW nameplate capacity wind power project located in Nebraska. Con Edison's restricted cash for the 2023 and 2024 periods primarily include restricted cash of Broken Bow II, which was held for sale as of December 31, 2024. Broken Bow II was sold and transferred in January 2025. See Note W and Note X. (a)" }, { "status": "MODIFIED", "current_title": "New York Legislation", "prior_title": "New York Legislation", "similarity_score": 0.845, "confidence": "high", "key_changes": [ "Added sentence: \"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.\"", "Reworded sentence: \"Con Edison was not subject to the higher tax rate of 7.25 percent in 2025 and does not expect to be subject to the higher tax rate in 2026.\"" ], "current_body": "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. In April 2021, New York passed a law that increased the corporate franchise tax rate on business income from 6.5 percent to 7.25 percent, retroactive to January 1, 2021, for taxpayers with taxable income greater than $5 million. The law also reinstated the business capital tax at 0.1875 percent, not to exceed a maximum tax liability of $5 million per taxpayer. New York requires a corporate franchise taxpayer to calculate and pay the highest amount of tax under the three alternative methods: a tax on business income; a tax on business capital; or a fixed dollar minimum. The provisions to increase the corporate franchise tax rate and reinstate a capital tax were scheduled to expire after 2023. In May 2023, New York passed a law that extended the increase in the corporate franchise tax rate from 6.5 percent to 7.25 percent for an additional three years, through tax year 2026 and extended the business capital tax through tax year 2026. New York also passed a law establishing a permanent rate of 30 percent for the metropolitan transportation business tax surcharge. Con Edison was not subject to the higher tax rate of 7.25 percent in 2025 and does not expect to be subject to the higher tax rate in 2026. 56CON EDISON ANNUAL REPORT 2025 56CON EDISON ANNUAL REPORT 2025 56CON EDISON ANNUAL REPORT 2025 56 CON EDISON ANNUAL REPORT 2025", "prior_body": "In April 2021, New York passed a law that increased the corporate franchise tax rate on business income from 6.5 percent to 7.25 percent, retroactive to January 1, 2021, for taxpayers with taxable income greater than $5 million. The law also reinstated the business capital tax at 0.1875 percent, not to exceed a maximum tax liability of $5 million per taxpayer. New York requires a corporate franchise taxpayer to calculate and pay the highest amount of tax under the three alternative methods: a tax on business income; a tax on business capital; or a fixed dollar minimum. The provisions to increase the corporate franchise tax rate and reinstate a capital tax were scheduled to expire after 2023. In May 2023, New York passed a law that extended the increase in the corporate franchise tax rate from 6.5 percent to 7.25 percent for an additional three years, through tax year 2026 and extended the business capital tax through tax year 2026. New York also passed a law establishing a permanent rate of 30 percent for the metropolitan transportation business tax surcharge. As a result of the sale of all of the stock of the Clean Energy Businesses in 2023, Con Edison's New York State taxable income was higher than $5 million and subject to the higher 7.25 percent rate (9.425 percent with the surcharge rate) on its taxable income for tax year 2023, but is not subject to the higher rate in tax year 2024. CON EDISON ANNUAL REPORT 202457 CON EDISON ANNUAL REPORT 202457 CON EDISON ANNUAL REPORT 202457 57" }, { "status": "MODIFIED", "current_title": "Taxes, Other Than Income Taxes", "prior_title": "Taxes, Other Than Income Taxes", "similarity_score": 0.843, "confidence": "high", "key_changes": [ "Reworded sentence: \"Taxes, other than income taxes, remained consistent in 2025 compared with 2024.\"" ], "current_body": "At $3,655 million, taxes other than income taxes remain one of CECONY’s largest operating expenses. The principal components of, and variations in, taxes other than income taxes were: For the Years Ended December 31,(Millions of Dollars)20252024VariationProperty taxes$3,004$2,738$266State and local taxes related to revenue receipts44542916Payroll taxes91838Other taxes (b)115(77)192Total$3,655(a)$3,173(a)$482 (a)Including sales tax on customers’ bills, total taxes other than income taxes in 2025 and 2024 were $4,488 million and $3,915 million, respectively. (b)Including the deferral of under-collected property taxes in 2025 and 2024 of $88 million and $83 million, respectively.", "prior_body": "At $3,173 million, taxes other than income taxes remain one of CECONY’s largest operating expenses. The principal components of, and variations in, taxes other than income taxes were: For the Years Ended December 31,(Millions of Dollars)20242023VariationProperty taxes$2,738$2,503$235State and local taxes related to revenue receipts42940920Payroll taxes83776Other taxes (b)(77)(43)(34)Total$3,173(a)$2,946(a)$227 (a)Including sales tax on customers’ bills, total taxes other than income taxes in 2024 and 2023 were $3,915 million and $3,652 million, respectively. (b)Including the deferral of under-collected property taxes in 2024 and 2023 of $83 million and $50 million, respectively." }, { "status": "MODIFIED", "current_title": "Cash Flows Used in Investing Activities", "prior_title": "Cash Flows Used in Investing Activities", "similarity_score": 0.838, "confidence": "high", "key_changes": [ "Reworded sentence: \"The following table summarizes key components of Con Edison's cash flows used in investing activities for the years ended December 31, 2025 and December 31, 2024.\"" ], "current_body": "The following table summarizes key components of Con Edison's cash flows used in investing activities for the years ended December 31, 2025 and December 31, 2024. 70CON EDISON ANNUAL REPORT 2025 70CON EDISON ANNUAL REPORT 2025 70CON EDISON ANNUAL REPORT 2025 70 CON EDISON ANNUAL REPORT 2025 For the Year Ended December 31,(Millions of Dollars)20252024VarianceINVESTING ACTIVITIESUtility capital expenditures$(4,764)$(4,770)$6Cost of removal less salvage(481)(474)(7)Non-utility capital expenditures—(1)1Proceeds from sale of Broken Bow II, net of cash and cash equivalents sold45—45Other investing activities(49)(28)(21)NET CASH FLOWS USED IN INVESTING ACTIVITIES$(5,249)$(5,273)$24 Utility capital expenditures Non-utility capital expenditures Net cash flows used in investing activities for Con Edison were $24 million lower in 2025 than in 2024. The change for Con Edison primarily reflects: •the proceeds from the sale of Broken Bow II, net of cash and cash equivalents sold in 2025 of $45 million; Offset in part by •an increase in other investing activities of ($21 million). The following table summarizes key components of CECONY's cash flows used in investing activities for the years ended December 31, 2025 and December 31, 2024. For the Year Ended December 31,(Millions of Dollars)20252024VarianceINVESTING ACTIVITIESUtility capital expenditures$(4,331)$(4,456)$125Cost of removal less salvage(469)(467)(2)NET CASH FLOWS USED IN INVESTING ACTIVITIES$(4,800)$(4,923)$123 Utility capital expenditures Net cash flows used in investing activities for CECONY were $123 million lower in 2025 than in 2024. The change for CECONY primarily reflects: •a decrease in utility capital expenditures of $125 million; Offset in part by •higher cost of removal less salvage of ($2 million). Pursuant to their rate plans, the Utilities recover the cost of utility capital expenditures from customers, including an approved rate of return (before and after being placed in service and an allowance for funds used during construction (AFUDC) before being placed in service). Increases in the amount of utility capital expenditures may temporarily increase the amount of short-term debt issued by the Utilities prior to the long-term financing of such amounts.", "prior_body": "CON EDISON ANNUAL REPORT 202471 CON EDISON ANNUAL REPORT 202471 CON EDISON ANNUAL REPORT 202471 71 The following table summarizes key components of Con Edison's cash flows used in investing activities for the years ended December 31, 2024 and December 31, 2023. For the Year Ended December 31,(Millions of Dollars)20242023VarianceINVESTING ACTIVITIESUtility capital expenditures$(4,770)$(4,353)$(417)Cost of removal less salvage(474)(387)(87)Non-utility capital expenditures(1)(141)140Proceeds from sale of the Clean Energy Businesses, net of cash and cash equivalents sold—3,927(3,927)Other investing activities(28)(49)21NET CASH FLOWS USED IN INVESTING ACTIVITIES$(5,273)$(1,003)$(4,270) Utility capital expenditures Non-utility capital expenditures Net cash flows used in investing activities for Con Edison were $4,270 million higher in 2024 than in 2023. The change for Con Edison primarily reflects: •the proceeds from the sale of all of the stock of the Clean Energy Businesses, net of cash and cash equivalents sold in 2023 of $3,927 million; •an increase in utility capital expenditures of $417 million; and •higher cost of removal less salvage of $87 million; Offset in part by •a decrease in non-utility capital expenditures of ($140 million). The following table summarizes key components of CECONY's cash flows used in investing activities for the years ended December 31, 2024 and December 31, 2023. For the Year Ended December 31,(Millions of Dollars)20242023VarianceINVESTING ACTIVITIESUtility capital expenditures$(4,456)$(4,059)$(397)Cost of removal less salvage(467)(380)(87)NET CASH FLOWS USED IN INVESTING ACTIVITIES$(4,923)$(4,439)$(484) Utility capital expenditures Net cash flows used in investing activities for CECONY were $484 million higher in 2024 than in 2023. The change for CECONY primarily reflects: •an increase in utility capital expenditures $397 million; and •higher cost of removal less salvage $87 million. Pursuant to their rate plans, the Utilities recover the cost of utility capital expenditures from customers, including an approved rate of return (before and after being placed in service and an allowance for funds used during construction (AFUDC) before being placed in service). Increases in the amount of utility capital expenditures may temporarily increase the amount of short-term debt issued by the Utilities prior to the long-term financing of such amounts." }, { "status": "MODIFIED", "current_title": "Aged Accounts Receivable Balances", "prior_title": "Aged Accounts Receivable Balances", "similarity_score": 0.836, "confidence": "high", "key_changes": [ "Added sentence: \"At December 31, 2025, CECONY’s and O&R’s customer accounts receivables balances of $2,970 million and $120 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,427 million and $27 million, respectively.\"", "Reworded sentence: \"CECONY’s rate plans for the three-year period January 2023 through December 2025 included 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 January 1, 2020 through October 31, 2026 for steam) to amounts reflected in rates, with recovery/refund from or to customers via surcharge/surcredit.\"", "Reworded sentence: \"CECONY's surcharge recoveries for late payment charges and write-offs of accounts receivables for steam will each be subject to an annual cap that produces no more than a half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million and $3.5 million for 2024, 2025 and 2026, respectively).\"", "Reworded sentence: \"CON EDISON ANNUAL REPORT 2025 53 CON EDISON ANNUAL REPORT 2025 53 CON EDISON ANNUAL REPORT 2025 53 CON EDISON ANNUAL REPORT 2025 53 CECONY’s electric and gas rate plans for the three-year period January 2026 through December 2028 includes reconciliation of uncollectible expenses and late payment charges during the rate plan pursuant to which CECONY will calculate the annual difference between (i) its actual uncollectible expenses and late payment charges and (ii) the levels of uncollectible expenses and late payment charges provided in rates.\"", "Reworded sentence: \"Although these regulatory mechanisms are currently in place, the Utilities’ ability to effectively manage their customer accounts receivable balances and obtain recovery in rates for their respective carrying costs and any related write-offs could have a material impact on the Companies’ businesses.\"" ], "current_body": "At December 31, 2025, CECONY’s and O&R’s customer accounts receivables balances of $2,970 million and $120 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,427 million and $27 million, respectively. At December 31, 2024, CECONY’s and O&R’s customer accounts receivables balances of $2,947 million and $113 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,652 million and $32 million, respectively. In comparison, CECONY’s and O&R’s customer accounts receivable balances at February 28, 2020 were $1,322 million and $89 million, respectively, including aged accounts receivables (balances outstanding in excess of 60 days) of $408 million and $15 million, respectively. Prior to the start of the COVID-19 pandemic, the Utilities’ practice was to write off customer accounts receivables as uncollectible 90 days after the account is disconnected for non-payment or the account is closed during the collection process. In general, the Utilities suspended collection activities and service disconnections during the COVID-19 pandemic and have since resumed such activities. CECONY’s rate plans for the three-year period January 2023 through December 2025 included 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 January 1, 2020 through October 31, 2026 for steam) to amounts reflected in rates, with recovery/refund from or to customers via surcharge/surcredit. CECONY's surcharge recoveries for late payment charges and write-offs of accounts receivable balances will, collectively, be subject to separate annual caps for electric and gas that produce no more than a half percent (0.5 percent) total customer bill impact per commodity (estimated for electric to be $57.3 million, $60.3 million, $62.6 million for 2023, 2024 and 2025, respectively, and for gas to be $14.8 million, $15.9 million and $16.8 million for 2023, 2024 and 2025, respectively). CECONY's surcharge recoveries for late payment charges and write-offs of accounts receivables for steam will each be subject to an annual cap that produces no more than a half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million and $3.5 million for 2024, 2025 and 2026, respectively). Amounts in excess of the surcharge caps will be deferred as a regulatory asset for recovery in CECONY’s next base rate cases. CON EDISON ANNUAL REPORT 2025 53 CON EDISON ANNUAL REPORT 2025 53 CON EDISON ANNUAL REPORT 2025 53 CON EDISON ANNUAL REPORT 2025 53 CECONY’s electric and gas rate plans for the three-year period January 2026 through December 2028 includes reconciliation of uncollectible expenses and late payment charges during the rate plan pursuant to which CECONY will calculate the annual difference between (i) its actual uncollectible expenses and late payment charges and (ii) the levels of uncollectible expenses and late payment charges provided in rates. In the event the actual net expenses (uncollectible expenses plus late payment charges) are below the amounts in rates, CECONY will defer the full variance as a regulatory liability and refund to customers via surcredit. In the event the actual net expenses are above the amounts in rates, CECONY will defer the full annual variance above $10 million ($8.5 million for electric and $1.5 million for gas) in 2026; above $15 million ($12.75 million for electric and $2.25 million for gas) in 2027, and above $20 million ($17.0 million for electric and $3.0 million for gas) in 2028; as a regulatory asset for recovery via surcharge. Annual surcharge recovery is subject to a cap that produces no more than a 0.5 percent total customer bill impact per commodity. Amounts in excess of the surcharge caps will be deferred for future recovery. O&R’s rate plan for the three-year period January 2025 through December 2027 includes reconciliation of uncollectible expenses and late payment charges that are subject to a combined annual threshold of $0.9 million and $0.5 million for electric and gas, respectively. Once the threshold is met, O&R will defer the variance between actual uncollectible expenses and late payment charges, and the level set forth in rates that is above the threshold. Recovery/refunds will be made via surcharge/surcredit. Surcharge recovery is subject to an annual cap that produces no more than a 0.5 percent total customer bill impact per commodity. Amounts in excess of the surcharge caps will be deferred as a regulatory asset for recovery in O&R’s next base rate cases. Although these regulatory mechanisms are currently in place, the Utilities’ ability to effectively manage their customer accounts receivable balances and obtain recovery in rates for their respective carrying costs and any related write-offs could have a material impact on the Companies’ businesses. In addition, a continued slow recovery of accounts receivable balances has impacted and is expected to continue to impact the Companies’ liquidity. See “Liquidity and Capital Resources,” below, and Note B and Note N to the financial statements in Item 8. The Utilities, in an effort to reduce aged accounts receivables balances, continue to execute on their integrated collections strategy, which includes, among other things, implementation of flexible payment arrangement options, enhanced targeted digital and mail communications to customers regarding collections and an increased presence of field collectors to support in-person account resolution. The Utilities have also strengthened their credit and collection efforts to better manage incoming inquiries and have instituted additional measures to manage outbound collection calls.", "prior_body": "At December 31, 2024, CECONY’s and O&R’s customer accounts receivables balances of $2,947 million and $113 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,652 million and $32 million, respectively. In comparison, CECONY’s and O&R’s customer accounts receivable balances at February 28, 2020 were $1,322 million and $89 million, respectively, including aged accounts receivables (balances outstanding in excess of 60 days) of $408 million and $15 million, respectively. Prior to the start of the COVID-19 pandemic, the Utilities’ practice was to write off customer accounts receivables as uncollectible 90 days after the account is disconnected for non-payment or the account is closed during the collection process. In general, the Utilities suspended collection activities and service disconnections during the COVID-19 pandemic and have since resumed such activities. 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 CON EDISON ANNUAL REPORT 202455 CON EDISON ANNUAL REPORT 202455 CON EDISON ANNUAL REPORT 202455 55 January 1, 2020 through October 31, 2026 for steam) to amounts reflected in rates, with recovery/refund from or to customers via surcharge/sur-credit. CECONY's surcharge recoveries for late payment charges and write-offs of accounts receivable balances will, collectively, be subject to separate annual caps for electric and gas that produce no more than a half percent (0.5 percent) total customer bill impact per commodity (estimated for electric to be $57.3 million, $60.3 million, $62.6 million for 2023, 2024 and 2025, respectively, and for gas to be $14.8 million, $15.9 million and $16.8 million for 2023, 2024 and 2025, respectively). CECONY's surcharge recoveries for late payment charges and write-offs of accounts receivables for steam will each be subject to an annual cap that produces no more than half percent (0.5 percent) total customer bill impact (estimated to be $2.5 million, $3.0 million and $3.5 million for 2024, 2025 and 2026, respectively). Amounts in excess of the surcharge caps will be deferred as a regulatory asset for recovery in CECONY’s next base rate cases. O&R’s 2022 - 2024 rate plans included reconciliation of late payment charges to amounts reflected in rates for years 2022 through 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity and reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates from January 1, 2020 through December 31, 2024, with full recovery/refund via surcharge/sur-credit once the annual variance equals or exceeds 5 basis points of return on equity. O&R’s November 2024 joint proposal, that is subject to approval by the NYSPSC, includes reconciliation of uncollectible expenses and late payment charges that are subject to a combined annual threshold of $0.9 million and $0.5 million for electric and gas, respectively. Once the threshold is met, O&R will defer the variance between actual uncollectible expense and late payment charge, and the level set forth in rates that is above the threshold. Recovery/refunds will be made via surcharge/sur-credit. Surcharge recovery is subject to an annual cap that produces no more than a 0.5 percent total customer bill impact per commodity. Amounts in excess of the surcharge caps will be deferred as a regulatory asset for recovery in O&R’s next base rate cases. Although these regulatory mechanisms are in place, a continued increase in accounts receivable balances has impacted and is expected to continue to impact the Companies’ liquidity. See “The Companies May Be Adversely Affected By Changes To The Utilities' Rate Pans\" in Item 1A, “Liquidity and Capital Resources” and “Capital Requirements and Resources,” below and \"Regulatory Matters – Rate Plans\" in Note B and Note N to the financial statements in Item 8. In particular, CECONY, in an effort to reduce aged accounts receivables balances, plans to continue to execute on its integrated collections strategy, which includes, among other things, implementation of payment arrangements, enhanced digital and mail communications to customers regarding collections, increased field collections by hiring new field collectors and increasing collector efficiency and employing additional call center representatives to handle in-bound call volumes. O&R's collection strategy aligns with that of CECONY's in many respects." }, { "status": "MODIFIED", "current_title": "Utility Plant", "prior_title": "Utility Plant", "similarity_score": 0.835, "confidence": "high", "key_changes": [ "Reworded sentence: \"Rates used for AFUDC include the cost of borrowed funds and a reasonable rate of return on the Utilities’ own funds when so used, determined in accordance with regulations of the FERC or the state public utility regulatory authority CON EDISON ANNUAL REPORT 2025 106 CON EDISON ANNUAL REPORT 2025 106 CON EDISON ANNUAL REPORT 2025 106 CON EDISON ANNUAL REPORT 2025 106 having jurisdiction.\"", "Reworded sentence: \"The AFUDC rates for CECONY were 6.2 percent, 5.9 percent and 5.9 percent for 2025, 2024 and 2023, respectively.\"", "Reworded sentence: \"The average depreciation rate for CECONY was 3.6 percent for 2025, 2024 and 2023.\"", "Reworded sentence: \"The capitalized cost of the Companies' utility plant (net of accumulated depreciation) on December 31, 2025 and 2024, was as follows: Con Edison CECONY(Millions of Dollars)2025202420252024ElectricGeneration$597$577$597$577Transmission5,6005,0725,2234,703Distribution26,69625,12925,21423,770General404174404174Energy Storage73—67—Gas (a)13,55812,70312,62911,830Steam2,0092,0062,0092,006General2,9743,2492,6572,940Held for future use77776969Construction work in progress3,4143,1652,9912,912Net Utility Plant$55,402$52,152$51,860$48,981(a) Primarily distribution.\"", "Reworded sentence: \"The accumulated amortization for Con Edison and CECONY was $52 million and $50 million, respectively, at December 31, 2025 and $45 million and $43 million, respectively, at December 31, 2024.\"" ], "current_body": "Utility plant is stated at original cost. The cost of repairs and maintenance is charged to expense and the cost of betterments is capitalized. The capitalized cost of additions to utility plant includes indirect costs such as engineering, supervision, payroll taxes, pensions, other benefits and an allowance for funds used during construction (AFUDC). The original cost of property is charged to expense over the estimated useful lives of the assets. Upon retirement, the original cost of property is charged to accumulated depreciation. See Note T. Rates used for AFUDC include the cost of borrowed funds and a reasonable rate of return on the Utilities’ own funds when so used, determined in accordance with regulations of the FERC or the state public utility regulatory authority CON EDISON ANNUAL REPORT 2025 106 CON EDISON ANNUAL REPORT 2025 106 CON EDISON ANNUAL REPORT 2025 106 CON EDISON ANNUAL REPORT 2025 106 having jurisdiction. The rate is compounded semiannually, and the amounts applicable to borrowed funds are treated as a reduction of interest charges, while the amounts applicable to the Utilities’ own funds are credited to other income (deductions). The AFUDC rates for CECONY were 6.2 percent, 5.9 percent and 5.9 percent for 2025, 2024 and 2023, respectively. The AFUDC rates for O&R were 6.0 percent, 6.0 percent and 6.2 percent for 2025, 2024 and 2023, respectively. The Utilities generally compute annual charges for depreciation using the straight-line method for financial statement purposes, with rates based on average service lives and net salvage factors. The average depreciation rate for CECONY was 3.6 percent for 2025, 2024 and 2023. The average depreciation rates for O&R were 3.3 percent, 3.3 percent and 3.1 percent for 2025, 2024 and 2023, respectively. The estimated lives for utility plant for CECONY range from 5 to 80 years for electric, 5 to 80 years for gas, 5 to 55 years for steam and 5 to 50 years for general plant. For O&R, the estimated lives for utility plant range from 5 to 75 years for electric and gas and 5 to 50 years for general plant. The capitalized cost of the Companies' utility plant (net of accumulated depreciation) on December 31, 2025 and 2024, was as follows: Con Edison CECONY(Millions of Dollars)2025202420252024ElectricGeneration$597$577$597$577Transmission5,6005,0725,2234,703Distribution26,69625,12925,21423,770General404174404174Energy Storage73—67—Gas (a)13,55812,70312,62911,830Steam2,0092,0062,0092,006General2,9743,2492,6572,940Held for future use77776969Construction work in progress3,4143,1652,9912,912Net Utility Plant$55,402$52,152$51,860$48,981(a) Primarily distribution. General utility plant of Con Edison and CECONY included $52 million and $49 million, respectively, at December 31, 2025, and $59 million and $56 million, respectively, at December 31, 2024, related to a 2018 acquisition of software licenses. The estimated aggregate annual amortization expense related to the software licenses for Con Edison and CECONY is $7 million. The accumulated amortization for Con Edison and CECONY was $52 million and $50 million, respectively, at December 31, 2025 and $45 million and $43 million, respectively, at December 31, 2024. Under the Utilities’ rate plans, the aggregate annual depreciation allowance for the period ended December 31, 2025 was $2,350 million, including $2,225 million under CECONY’s electric, gas and steam rate plans that have been approved by the NYSPSC.", "prior_body": "Utility plant is stated at original cost. The cost of repairs and maintenance is charged to expense and the cost of betterments is capitalized. The capitalized cost of additions to utility plant includes indirect costs such as engineering, supervision, payroll taxes, pensions, other benefits and an allowance for funds used during construction (AFUDC). The original cost of property is charged to expense over the estimated useful lives of the assets. Upon retirement, the original cost of property is charged to accumulated depreciation. See Note T. Rates used for AFUDC include the cost of borrowed funds and a reasonable rate of return on the Utilities’ own funds when so used, determined in accordance with regulations of the FERC or the state public utility regulatory authority 108CON EDISON ANNUAL REPORT 2024 108CON EDISON ANNUAL REPORT 2024 108CON EDISON ANNUAL REPORT 2024 108 having jurisdiction. The rate is compounded semiannually, and the amounts applicable to borrowed funds are treated as a reduction of interest charges, while the amounts applicable to the Utilities’ own funds are credited to other income (deductions). The AFUDC rates for CECONY were 5.9 percent, 5.9 percent and 5.2 percent for 2024, 2023 and 2022, respectively. The AFUDC rates for O&R were 6.0 percent, 6.2 percent and 5.0 percent for 2024, 2023 and 2022, respectively. The Utilities generally compute annual charges for depreciation using the straight-line method for financial statement purposes, with rates based on average service lives and net salvage factors. The average depreciation rates for CECONY were 3.6 percent for 2024, 3.6 percent for 2023 and 3.5 percent for 2022. The average depreciation rates for O&R were 3.3 percent for 2024, 3.1 percent for 2023 and 3.0 percent for 2022. The estimated lives for utility plant for CECONY range from 5 to 80 years for electric, 5 to 80 years for gas, 5 to 55 years for steam and 5 to 50 years for general plant. For O&R, the estimated lives for utility plant range from 5 to 75 years for electric and gas and 5 to 50 years for general plant. The capitalized cost of the Companies' utility plant (net of accumulated depreciation) on December 31, 2024 and 2023, was as follows: Con Edison CECONY(Millions of Dollars)2024202320242023ElectricGeneration$577$580$577$580Transmission5,0724,6524,7034,333Distribution25,12924,49123,77023,238General174141174141 Gas (a)12,70312,02311,83011,226Steam2,0061,9902,0061,990General3,2493,1582,9402,860Held for future use7711869110Construction work in progress3,1652,4422,9122,168Net Utility Plant$52,152$49,594$48,981$46,646(a) Primarily distribution. General utility plant of Con Edison and CECONY included $59 million and $56 million, respectively, at December 31, 2024, and $65 million and $62 million, respectively, at December 31, 2023, related to a May 2018 acquisition of software licenses. The estimated aggregate annual amortization expense related to the software licenses for Con Edison and CECONY is $7 million. The accumulated amortization for Con Edison and CECONY was $45 million and $43 million, respectively, at December 31, 2024 and $38 million and $36 million, respectively, at December 31, 2023. Under the Utilities’ rate plans, the aggregate annual depreciation allowance for the period ended December 31, 2024 was $2,228 million, including $2,109 million under CECONY’s electric, gas and steam rate plans that have been approved by the NYSPSC." }, { "status": "MODIFIED", "current_title": "(Millions of Dollars)", "prior_title": "(Millions of Dollars)", "similarity_score": 0.822, "confidence": "high", "key_changes": [ "Reworded sentence: \"(a) Other includes the parent company, Con Edison’s tax equity 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 completed in January 2025.\"", "Reworded sentence: \"CECONY Current assets at December 31, 2025 were $135 million higher than at December 31, 2024.\"", "Reworded sentence: \"CON EDISON ANNUAL REPORT 2025 73 CON EDISON ANNUAL REPORT 2025 73 CON EDISON ANNUAL REPORT 2025 73 CON EDISON ANNUAL REPORT 2025 73 Current liabilities at December 31, 2025 were $385 million higher than at December 31, 2024.\"", "Reworded sentence: \"Other noncurrent liabilities at December 31, 2025 were $564 million higher than at December 31, 2024.\"", "Reworded sentence: \"Equity at December 31, 2025 was $2,066 million higher than at December 31, 2024.\"" ], "current_body": "(a) Other includes the parent company, Con Edison’s tax equity interests, consolidation adjustments and Broken Bow II, the deferred project held for sale at December 31, 2024, with the sale and transfer completed in January 2025. See Note X to the financial statements in Item 8. (b) Represents the consolidated results of operations of Con Edison and its businesses. (c) See \"Reconciliation of Cash, Temporary Cash Investments and Restricted Cash\" in Note A to the financial statements in Item 8. CON EDISON ANNUAL REPORT 2025 69 CON EDISON ANNUAL REPORT 2025 69 CON EDISON ANNUAL REPORT 2025 69 CON EDISON ANNUAL REPORT 2025 69", "prior_body": "(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. (b) Other includes the parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. See Note X to the financial statements in Item 8. (c) Represents the consolidated results of operations of Con Edison and its businesses. (d) See \"Reconciliation of Cash, Temporary Cash Investments and Restricted Cash\" in Note A to the financial statements in Item 8. 70CON EDISON ANNUAL REPORT 2024 70CON EDISON ANNUAL REPORT 2024 70CON EDISON ANNUAL REPORT 2024 70" }, { "status": "MODIFIED", "current_title": "Taxes, Other Than Income Taxes", "prior_title": "Taxes, Other Than Income Taxes", "similarity_score": 0.806, "confidence": "high", "key_changes": [ "Reworded sentence: \"At $3,655 million, taxes other than income taxes remain one of CECONY’s largest operating expenses.\"" ], "current_body": "At $3,655 million, taxes other than income taxes remain one of CECONY’s largest operating expenses. The principal components of, and variations in, taxes other than income taxes were: For the Years Ended December 31,(Millions of Dollars)20252024VariationProperty taxes$3,004$2,738$266State and local taxes related to revenue receipts44542916Payroll taxes91838Other taxes (b)115(77)192Total$3,655(a)$3,173(a)$482 (a)Including sales tax on customers’ bills, total taxes other than income taxes in 2025 and 2024 were $4,488 million and $3,915 million, respectively. (b)Including the deferral of under-collected property taxes in 2025 and 2024 of $88 million and $83 million, respectively.", "prior_body": "At $3,173 million, taxes other than income taxes remain one of CECONY’s largest operating expenses. The principal components of, and variations in, taxes other than income taxes were: For the Years Ended December 31,(Millions of Dollars)20242023VariationProperty taxes$2,738$2,503$235State and local taxes related to revenue receipts42940920Payroll taxes83776Other taxes (b)(77)(43)(34)Total$3,173(a)$2,946(a)$227 (a)Including sales tax on customers’ bills, total taxes other than income taxes in 2024 and 2023 were $3,915 million and $3,652 million, respectively. (b)Including the deferral of under-collected property taxes in 2024 and 2023 of $83 million and $50 million, respectively." }, { "status": "MODIFIED", "current_title": "Consolidated Statement of Shareholder’s Equity", "prior_title": "Consolidated Statement of Shareholder’s Equity", "similarity_score": 0.783, "confidence": "high", "key_changes": [ "Reworded sentence: \"(In Millions)Common StockAdditionalPaid-InCapitalRetainedEarningsRepurchasedCon EdisonStockCapitalStockExpenseAccumulatedOtherComprehensiveIncome (Loss)TotalSharesAmountBALANCE AS OF DECEMBER 31, 2022235$589$7,419$9,890$(962)$(62)$4$16,878Net income1,6061,606Common stock dividend to Con Edison(1,056)(1,056)Capital contribution by Con Edison1,7201,720Other comprehensive loss(2)(2)BALANCE AS OF DECEMBER 31, 20232355899,13910,440(962)(62)219,146Net income1,7481,748Common stock dividend to Con Edison(1,073)(1,073)Capital contribution by Con Edison130130Other comprehensive income88Stock awards1212BALANCE AS OF DECEMBER 31, 20242355899,28111,115(962)(62)1019,971Net income1,9061,906Common stock dividend to Con Edison(1,134)(1,134)Capital contribution by Con Edison1,316(16)1,300Other comprehensive loss(13)(13)Stock awards77BALANCE AS OF DECEMBER 31, 2025235$589$10,604$11,887$(962)$(78)$(3)$22,037 Additional Paid-In Capital Retained Earnings\"" ], "current_body": "(In Millions)Common StockAdditionalPaid-InCapitalRetainedEarningsRepurchasedCon EdisonStockCapitalStockExpenseAccumulatedOtherComprehensiveIncome (Loss)TotalSharesAmountBALANCE AS OF DECEMBER 31, 2022235$589$7,419$9,890$(962)$(62)$4$16,878Net income1,6061,606Common stock dividend to Con Edison(1,056)(1,056)Capital contribution by Con Edison1,7201,720Other comprehensive loss(2)(2)BALANCE AS OF DECEMBER 31, 20232355899,13910,440(962)(62)219,146Net income1,7481,748Common stock dividend to Con Edison(1,073)(1,073)Capital contribution by Con Edison130130Other comprehensive income88Stock awards1212BALANCE AS OF DECEMBER 31, 20242355899,28111,115(962)(62)1019,971Net income1,9061,906Common stock dividend to Con Edison(1,134)(1,134)Capital contribution by Con Edison1,316(16)1,300Other comprehensive loss(13)(13)Stock awards77BALANCE AS OF DECEMBER 31, 2025235$589$10,604$11,887$(962)$(78)$(3)$22,037 Additional Paid-In Capital Retained Earnings", "prior_body": "(In Millions)Common StockAdditionalPaid-InCapitalRetainedEarningsRepurchasedCon EdisonStockCapitalStockExpenseAccumulatedOtherComprehensiveIncome/(Loss)TotalSharesAmountBALANCE AS OF DECEMBER 31, 2021235$589$7,269$9,478$(962)$(62)$—$16,312Net income1,3901,390Common stock dividend to Con Edison(978)(978)Capital contribution by Con Edison150150Other comprehensive income44BALANCE AS OF DECEMBER 31, 2022235$589$7,419$9,890$(962)$(62)$4$16,878Net income1,6061,606Common stock dividend to Con Edison(1,056)(1,056)Capital contribution by Con Edison1,7201,720Other comprehensive loss(2)(2)BALANCE AS OF DECEMBER 31, 2023235$589$9,139$10,440$(962)$(62)$2$19,146Net income1,7481,748Common stock dividend to Con Edison(1,073)(1,073)Capital contribution by Con Edison130130Other comprehensive income88Stock awards1212BALANCE AS OF DECEMBER 31, 2024235$589$9,281$11,115$(962)$(62)$10$19,971 Additional Paid-In Capital Retained Earnings" }, { "status": "MODIFIED", "current_title": "Results of Operations", "prior_title": "Results of Operations", "similarity_score": 0.782, "confidence": "high", "key_changes": [ "Reworded sentence: \"Net income for common stock and earnings per share for the years ended December 31, 2025 and 2024 were as follows: (Millions of Dollars,except per share amounts)Net Income forCommon StockEarnings per Share 2025202420252024CECONY$1,906$1,748$5.33$5.05O&R1081040.300.30Con Edison Transmission (a)14450.040.13Other (b)(5)(77)(0.01)(0.22)Con Edison (c)$2,023$1,820$5.66$5.26 (a)Net income for common stock and earnings per share for the year ended December 31, 2025 includes $9 million or $0.03 a share (after-tax) for accretion of the basis difference of Con Edison's equity investment in MVP.\"", "Reworded sentence: \"Net income for common stock and earnings per share for the year ended December 31, 2024 also includes $(3) million (after-tax) or $(0.01) a share (after-tax) of income tax impact on the effects of HLBV accounting for tax equity interests in certain renewable electric projects.\"", "Reworded sentence: \"See Note X to the financial statements in Item 8.\"", "Reworded sentence: \"The following table presents the estimated effect of major factors on earnings per share and net income for common stock for the year ended December 31, 2025 as compared with 2024.\"", "Reworded sentence: \"(b)Other includes the parent company, Con Edison's tax equity 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 completed in January 2025.\"" ], "current_body": "Net income for common stock and earnings per share for the years ended December 31, 2025 and 2024 were as follows: (Millions of Dollars,except per share amounts)Net Income forCommon StockEarnings per Share 2025202420252024CECONY$1,906$1,748$5.33$5.05O&R1081040.300.30Con Edison Transmission (a)14450.040.13Other (b)(5)(77)(0.01)(0.22)Con Edison (c)$2,023$1,820$5.66$5.26 (a)Net income for common stock and earnings per share for the year ended December 31, 2025 includes $9 million or $0.03 a share (after-tax) for accretion of the basis difference of Con Edison's equity investment in MVP. Net Income for common stock and earnings per share for the year ended December 31, 2025 also include $(10) million or $(0.03) a share (after-tax) for the impairment loss related to Con Edison’s investment in Honeoye. Net Income for common stock and earnings per share for the year ended December 31, 2025 also include $(7) million or $(0.02) a share (net of federal income taxes) for the remeasurement of deferred state income taxes related to the previously recorded impairment of MVP. Net Income for common stock and earnings per share for the year ended December 31, 2025 also includes $(12) million or $(0.03) a share (after-tax) for transaction costs associated with strategic alternatives review of Con Edison's equity investments in MVP and Honeoye. See “Investment in MVP” in Note A to the financial statements in Item 8. Net income for common stock and earnings per share for the year ended December 31, 2024 includes $5 million or $0.01 a share (after-tax) for accretion of the basis difference of Con Edison's equity investment in MVP. See “Investment in MVP” in Note A to the financial statements in Item 8. (b) Other includes the parent company, Con Edison’s tax equity 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 completed in January 2025. Net Income for common stock and earnings per share for the year ended December 31, 2025 also includes $3 million or $0.01 a share (after-tax) for the gain on the sale of an interest in a solar electric production project. Net income for common stock for the year ended December 31, 2025 also includes $1 million (after-tax) for an adjustment related to the sale of all of the stock of the Clean Energy Businesses and $1 million (after-tax) on the effects of HLBV accounting for tax equity interests in certain renewable electric projects. See Note X to the financial statements in Item 8. Net income for common stock and earnings per share for the year ended December 31, 2024 includes $(46) million (after-tax) or $(0.13) a share (after-tax) for adjustments related to the sale of all of the stock of the Clean Energy Businesses. Net income for common stock and earnings per share for the year ended December 31, 2024 also includes $(3) million (after-tax) or $(0.01) a share (after-tax) of income tax impact on the effects of HLBV accounting for tax equity interests in certain renewable electric projects. Impact of the sale of the Clean Energy Businesses on the changes in state unitary tax apportionments (net of federal taxes) for the year ended December 31, 2024 is $(3 million) or $(0.01) per share. See Note X to the financial statements in Item 8. (c) Earnings per share on a diluted basis were $5.64 a share and $5.24 a share in 2025 and 2024, respectively. See \"Earnings Per Common Share\" in Note A to the financial statements in Item 8. The following table presents the estimated effect of major factors on earnings per share and net income for common stock for the year ended December 31, 2025 as compared with 2024. CON EDISON ANNUAL REPORT 2025 57 CON EDISON ANNUAL REPORT 2025 57 CON EDISON ANNUAL REPORT 2025 57 CON EDISON ANNUAL REPORT 2025 57 Variation for the Year Ended December 31, 2025 vs. 2024Net Income for Common Stock (Net of Tax) (Millions of Dollars)Earnings per ShareCECONY (a)Higher electric rate base$97$0.28Higher income from allowance for funds used during construction310.09Higher gas rate base200.06Lower other corporate expenses30.01Dilutive effect of issuance of common shares—(0.18)Higher interest expense(38)(0.11)Impact of the May 2024 NYSPSC order denying CECONY's request to capitalize costs to implement its new customer billing and information system370.11Other80.02Total CECONY1580.28O&R (a)Gas base rate increase100.03Higher interest expense on long-term debt(6)(0.02)Other—(0.01)Total O&R4—Con Edison TransmissionTransaction 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)(0.02)Accretion of the basis difference of Con Edison's equity investment in MVP40.02Other(1)(0.01)Total Con Edison Transmission(31)(0.09)Other, including parent company expenses (b)Loss (gain) and other impacts related to the sale of the Clean Energy Businesses510.14Lower accrued commitment to Consolidated Edison Foundation, Inc.90.03Lower taxes other than income taxes50.01HLBV effects40.01Gain on the sale of an interest in a solar electric production project30.01Other—0.01Total Other, including parent company expenses720.21Total Reported (GAAP basis)$203$0.40(a)Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY’s steam sales are 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)Other includes the parent company, Con Edison's tax equity 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 completed in January 2025. See Note W to the financial statements in Item 8. Transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and Honeoye (a)Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY’s steam sales are 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)Other includes the parent company, Con Edison's tax equity 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 completed in January 2025. See Note W to the financial statements in Item 8. 58CON EDISON ANNUAL REPORT 2025 58CON EDISON ANNUAL REPORT 2025 58CON EDISON ANNUAL REPORT 2025 58 CON EDISON ANNUAL REPORT 2025 The Companies’ other operations and maintenance expenses for the years ended December 31, 2025 and 2024 were as follows: (Millions of Dollars)20252024CECONYOperations$2,002$1,918Pensions and other postretirement benefits28138Health care and other benefits212192Regulatory fees and assessments (a)467461Other (b)685644Total CECONY3,3943,353O&R380387Con Edison Transmission2911Other (c)1—Total other operations and maintenance expenses$3,804$3,751 (a)Includes Demand Side Management, System Benefit Charges and Public Service Law 18A assessments that are collected in revenues. (b)Other includes the impact of the May 2024 NYSPSC order denying CECONY's request to capitalize costs to implement its new customer billing and information system in 2024 ($51 million). (c)Other includes the parent company, Con Edison’s tax equity 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 completed in January 2025. See Note X to the financial statements in Item 8. Con Edison’s principal business segments are CECONY’s regulated utility activities, O&R’s regulated utility activities and Con Edison Transmission. CECONY’s principal business segments are its regulated electric, gas and steam utility activities. A discussion of the results of operations by principal business segment for the years ended December 31, 2025 and 2024 follows. For additional business segment financial information, see Note P to the financial statements in Item 8. CON EDISON ANNUAL REPORT 2025 59 CON EDISON ANNUAL REPORT 2025 59 CON EDISON ANNUAL REPORT 2025 59 CON EDISON ANNUAL REPORT 2025 59 The Companies’ results of operations for the years ended December 31, 2025 and 2024 were: CECONYO&RCon Edison TransmissionOther (a)Con Edison (b)(Millions of Dollars)2025202420252024202520242025202420252024Operating revenues$15,651$14,129$1,265$1,125$4$4$(2)$(2)$16,918$15,256Purchased power2,5662,279379290————2,9452,569Fuel261170——————261170Gas purchased for resale 77052412975————899599Other operations and maintenance3,3943,35338038729111—3,8043,751Depreciation and amortization2,1932,03712711711——2,3212,155Taxes, other than income taxes3,6553,1739695——6123,7573,280Loss on sale of the Clean Energy Businesses———————(62)—(62)Gain on the sale of an interest in a solar electric production project——————4—4—Operating income (loss)$2,812$2,593$154$161$(26)$(8)$(5)$(76)$2,935$2,670Other income (deductions)797578463246616(16)895655Net interest expense1,1591,1096560——9181,2331,187Income before income tax expense (benefit)2,4502,0621351332053(8)(110)2,5972,138Income tax expense (benefit)544314272998(6)(33)574318Net income (loss)$1,906$1,748$108$104$11$45$(2)$(77)$2,023$1,820Income (loss) attributable to non-controlling interest————3—(3)———Net income (loss) from common stock$1,906$1,748$108$104$14$45$(5)$(77)$2,023$1,820 CECONY", "prior_body": "Net income for common stock and earnings per share for the years ended December 31, 2024 and 2023 were as follows: (Millions of Dollars,except per share amounts)Net Income forCommon StockEarnings per Share 2024202320242023CECONY$1,748$1,606$5.05 $4.62 O&R104960.30 0.28 Clean Energy Businesses (a)—22— 0.07 Con Edison Transmission (b)45370.13 0.11 Other (c)(77)758(0.22)2.17 Con Edison (d)$1,820$2,519$5.26 $7.25 Clean Energy Businesses (a) (a)Net income for common stock and earnings per share from the Clean Energy Businesses for the year ended December 31, 2023 reflects $2 million or $0.01 a share (after-tax) of the effects of HLBV accounting for tax equity investments in certain renewable electric projects. Net income for common stock and earnings per share from the Clean Energy Businesses also includes $(9) million or $(0.03) a share of net after-tax mark-to-market effects in 2023. Depreciation and amortization expenses on their assets of $31 million or $0.08 a share (after-tax) were not recorded for the year ended December 31, 2023. 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. See Note S to the financial statements in Item 8. (b) Net income for common stock and earnings per share from Con Edison Transmission for the year ended December 31, 2024 includes $5 million or $0.01 a share (after-tax) for accretion of the basis difference of Con Edison's equity investment in Mountain Valley Pipeline, LLC. See “Investment in Mountain Valley Pipeline, LLC (MVP)” in Note A to the financial statements in Item 8. (c) Other includes the parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. See Note X to the financial statements in Item 8. Net income for common stock and earnings per share for the year ended December 31, 2024 includes $(46) million (after-tax) or $(0.13) a share (after-tax) for adjustments related to the sale of all of the stock of the Clean Energy Businesses. Net income for common stock and earnings per share for the year ended December 31, 2024 also includes $(3) million (after-tax) or $(0.01) a share (after-tax) of income tax impact on the effects of HLBV accounting for tax equity investments in certain renewable electric projects. Impact of the sale of the Clean Energy Businesses on the changes in state unitary tax apportionments (net of federal taxes) for the year ended December 31, 2024 is $(3 million) or $(0.01) per share. Net income for common stock and earnings per share for the year ended December 31, 2023 includes $(11) million or $(0.03) a share (after-tax) of income tax impact on the effects of HLBV accounting for tax equity investments in certain renewable electric projects and an immaterial amount or $0.00 a share of income tax impact on the net after-tax mark-to-market effects. Net income for common stock for the year ended December 31, 2023 also includes $(14) million and $(0.04) a share of transaction costs and other accruals related to the sale of the Clean Energy Businesses (net of tax). Impact of the sale of the Clean Energy Businesses on the changes in state unitary tax apportionments (net of federal taxes) for the year ended December 31, 2023 is $(7 million) or $(0.02) per share. Depreciation and amortization expenses on the assets of the Clean Energy Businesses $(3) million or $(0.01) a share (after-tax) were not recorded for the year ended December 31, 2023. Net income for common stock for the year ended December 31, 2023 includes $767 million or $2.21 per share (after-tax) for the gain on the sale of the Clean Energy Businesses. See Note W and Note X to the financial statements in Item 8. (d) Earnings per share on a diluted basis were $5.24 a share and $7.21 a share in 2024 and 2023 , respectively. See \"Earnings Per Common Share\" in Note A to the financial statements in Item 8. The following table presents the estimated effect of major factors on earnings per share and net income for common stock for the year ended December 31, 2024 as compared with 2023. 58CON EDISON ANNUAL REPORT 2024 58CON EDISON ANNUAL REPORT 2024 58CON EDISON ANNUAL REPORT 2024 58 Variation for the Year Ended December 31, 2024 vs. 2023Net Income for Common Stock (Net of Tax) (Millions of Dollars)Earnings per ShareCECONY (a)Higher electric rate base$115$0.33Steam rate plan effective November 2023720.21Higher gas rate base190.05Change in incentives earned under the electric and gas earnings adjustment mechanisms140.04Higher electric, gas and steam operations and maintenance costs(54)(0.16)Higher regulatory commission expense and other corporate expenses(16)(0.04)Impact of the NYSPSC order denying an April 2023 petition by CECONY that requested permission to capitalize costs to implement its new customer billing and information system(10)(0.03)Accretive effect of share repurchase—0.03Other2—Total CECONY1420.43O&R (a)Electric base rate increase210.06Gas base rate increase2—Higher interest expense(6)(0.02)Other(9)(0.02)Total O&R80.02Clean Energy Businesses (b)Total Clean Energy Businesses(22)(0.07)Con Edison TransmissionIncome tax adjustment due to AFUDC from MVP50.01Accretion of the basis difference of Con Edison's equity investment in MVP50.01Other(2)—Total Con Edison Transmission80.02Other, including parent company expenses Gain and other impacts related to the sale of the Clean Energy Businesses(795)(2.28)Lower interest income(23)(0.07)Higher taxes other than income taxes(10)(0.03)Higher interest expense(3)(0.01)HLBV effects80.02Other(12)(0.02)Total Other, including parent company expenses (c)(835)(2.39)Total Reported (GAAP basis)$(699)$(1.99)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 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 includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. 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 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 includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. CON EDISON ANNUAL REPORT 202459 CON EDISON ANNUAL REPORT 202459 CON EDISON ANNUAL REPORT 202459 59 The Companies’ other operations and maintenance expenses for the years ended December 31, 2024 and 2023 were as follows: (Millions of Dollars)20242023CECONYOperations$1,918$1,845Pensions and other postretirement benefits138338Health care and other benefits192172Regulatory fees and assessments (a)461380Other (b)644441Total CECONY3,3533,176O&R387375Clean Energy Businesses (c)—48Con Edison Transmission1111Other (d)—(4)Total other operations and maintenance expenses$3,751$3,606 Clean Energy Businesses (c) Other (d) (a)Includes Demand Side Management, System Benefit Charges and Public Service Law 18A assessments that are collected in revenues. (b)Other includes 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 and information system in 2024 and 2023 were ($51 million) and ($38 million), respectively. (c)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. (d)Other includes the parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. See Note X to the financial statements in Item 8. Con Edison’s principal business segments are CECONY’s regulated utility activities, O&R’s regulated utility activities and Con Edison Transmission. 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. CECONY’s principal business segments are its regulated electric, gas and steam utility activities. A discussion of the results of operations by principal business segment for the years ended December 31, 2024 and 2023 follows. For additional business segment financial information, see Note P to the financial statements in Item 8. 60CON EDISON ANNUAL REPORT 2024 60CON EDISON ANNUAL REPORT 2024 60CON EDISON ANNUAL REPORT 2024 60 The Companies’ results of operations for the years ended December 31, 2024 and 2023 were: CECONYO&RClean Energy (c) BusinessesCon Edison TransmissionOther (a)Con Edison (b)(Millions of Dollars)202420232024202320242023202420232024202320242023Operating revenues$14,129$13,476$1,125$1,056$—$129$4$4$(2)$(2)$15,256$14,663Purchased power2,2792,294290247——————2,5692,541Fuel170282————————170282Gas purchased for resale 52467775111—41————599829Other operations and maintenance3,3533,176387375—481111—(4)3,7513,606Depreciation and amortization2,0371,924117106——11——2,1552,031Taxes, other than income taxes3,1732,9469591—3—11223,2803,043Gain (loss) on sale of the Clean Energy Businesses————————(62)865(62)865Operating income (loss)2,5932,177161126—37(8)(9)(76)8652,6703,196Other income (deductions)5787323249—16162(16)(14)655830Net interest expense (income)1,1099456051—16—21891,1871,023Income before income tax expense2,0621,964133124—225351(110)8422,1383,003Income tax expense (benefit)3143582928—3814(33)84318487Net income (loss)$1,748$1,606$104$96$—$19$45$37$(77)$758$1,820$2,516Income (loss) attributable to non-controlling interest—————(3)—————(3)Net income (loss) from common stock$1,748$1,606$104$96$—$22$45$37$(77)$758$1,820$2,519 CECONY" }, { "status": "MODIFIED", "current_title": "Other Income", "prior_title": "Other Income", "similarity_score": 0.777, "confidence": "high", "key_changes": [ "Reworded sentence: \"Other income increased $219 million in 2025 compared with 2024 primarily due to higher credits associated with components of pension and other postretirement benefits other than service cost ($204 million) and an increase in AFUDC ($31 million), offset in part by a decrease in the revenue decoupling mechanism interest accrual ($7 million).\"" ], "current_body": "Other income increased $219 million in 2025 compared with 2024 primarily due to higher credits associated with components of pension and other postretirement benefits other than service cost ($204 million) and an increase in AFUDC ($31 million), offset in part by a decrease in the revenue decoupling mechanism interest accrual ($7 million).", "prior_body": "Other income decreased $154 million in 2024 compared with 2023 primarily due to lower credits associated with components of pension and other postretirement benefits other than service cost ($176 million), offset in part by an increase in AFUDC ($11 million) and an increase in the revenue decoupling mechanism interest accrual ($6 million)." }, { "status": "MODIFIED", "current_title": "Consolidated Statement of Capitalization", "prior_title": "Consolidated Statement of Capitalization", "similarity_score": 0.769, "confidence": "high", "key_changes": [ "Reworded sentence: \"LONG-TERM DEBT (Millions of Dollars) At December 31,MaturityInterest RateSeries20252024DEBENTURES:20262.902016B$250$25020276.501997F808020273.1252017B35035020274.254(a)2024C35035020283.802018A30030020284.002018D50050020292.942019B444420303.352020A60060020302.022020A353520312.402021A90090020312.312021A454520325.702022A10010020335.8752003A17517520335.102003C20020020335.202023A50050020345.702004B20020020345.502023B60060020345.3752024A40040020355.302005A35035020355.252005B12512520355.1252024D45045020365.852006A40040020366.202006B40040020365.702006E25025020376.302007A52552520386.752008B60060020396.002009B606020395.502009C60060020393.462019C383820405.702010B35035020405.502010B11511520424.202012A40040020433.952013A70070020444.452014A85085020454.502015A65065020454.952015A12012020454.692015B10010020463.852016A55055020463.882016A757520473.8752017A50050020484.652018E60060020484.352018A12512520484.352018B252520494.1252019A70070020493.732019A434320503.952020B1,0001,00020503.242020B404020513.172021B303020513.202021C60060020526.152022A70070020535.902023C900900\"" ], "current_body": "Shares outstandingDecember 31,At December 31,(In Millions)2025202420252024TOTAL SHAREHOLDERS' EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE INCOME361347$24,175$21,933Pension and other postretirement benefit plan liability adjustments, net of taxes1630Unrealized losses on derivatives qualified as cash flow hedges, less reclassification adjustment for gains (losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes(1)(1)TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAXES1529Total Shareholders' Equity (See Consolidated Statement of Shareholders' Equity)$24,190$21,962", "prior_body": "Shares outstandingDecember 31,At December 31,(In Millions)2024202320242023TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE INCOME 347345$21,933$21,136Pension and other postretirement benefit plan liability adjustments, net of taxes3023Unrealized losses on derivatives qualified as cash flow hedges, less reclassification adjustment for gains (losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes (1)(1)TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAXES2922TOTAL EQUITY (See Statement of Equity) $21,962$21,158" }, { "status": "MODIFIED", "current_title": "Consolidated Statement of Capitalization", "prior_title": "Consolidated Statement of Capitalization", "similarity_score": 0.767, "confidence": "high", "key_changes": [ "Reworded sentence: \"Shares outstandingDecember 31,At December 31,(In Millions)2025202420252024TOTAL SHAREHOLDERS' EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE INCOME361347$24,175$21,933Pension and other postretirement benefit plan liability adjustments, net of taxes1630Unrealized losses on derivatives qualified as cash flow hedges, less reclassification adjustment for gains (losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes(1)(1)TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAXES1529Total Shareholders' Equity (See Consolidated Statement of Shareholders' Equity)$24,190$21,962\"" ], "current_body": "Shares outstandingDecember 31,At December 31,(In Millions)2025202420252024TOTAL SHAREHOLDERS' EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE INCOME361347$24,175$21,933Pension and other postretirement benefit plan liability adjustments, net of taxes1630Unrealized losses on derivatives qualified as cash flow hedges, less reclassification adjustment for gains (losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes(1)(1)TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAXES1529Total Shareholders' Equity (See Consolidated Statement of Shareholders' Equity)$24,190$21,962", "prior_body": "Shares outstandingDecember 31,At December 31,(In Millions)2024202320242023TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE INCOME 347345$21,933$21,136Pension and other postretirement benefit plan liability adjustments, net of taxes3023Unrealized losses on derivatives qualified as cash flow hedges, less reclassification adjustment for gains (losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes (1)(1)TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAXES2922TOTAL EQUITY (See Statement of Equity) $21,962$21,158" }, { "status": "MODIFIED", "current_title": "Other Income", "prior_title": "Other Income", "similarity_score": 0.754, "confidence": "high", "key_changes": [ "Reworded sentence: \"Other income increased $14 million in 2025 compared with 2024 primarily due to higher credits associated with components of pension and other postretirement benefits other than service cost ($14 million).\"" ], "current_body": "Other income increased $219 million in 2025 compared with 2024 primarily due to higher credits associated with components of pension and other postretirement benefits other than service cost ($204 million) and an increase in AFUDC ($31 million), offset in part by a decrease in the revenue decoupling mechanism interest accrual ($7 million).", "prior_body": "Other income decreased $154 million in 2024 compared with 2023 primarily due to lower credits associated with components of pension and other postretirement benefits other than service cost ($176 million), offset in part by an increase in AFUDC ($11 million) and an increase in the revenue decoupling mechanism interest accrual ($6 million)." }, { "status": "MODIFIED", "current_title": "Cash Flows From Financing Activities", "prior_title": "Cash Flows From (Used In) Financing Activities", "similarity_score": 0.738, "confidence": "medium", "key_changes": [ "Reworded sentence: \"The following table summarizes key components of Con Edison's cash flows from financing activities for the years ended December 31, 2025 and December 31, 2024.\"" ], "current_body": "The following table summarizes key components of Con Edison's cash flows from financing activities for the years ended December 31, 2025 and December 31, 2024. For the Year Ended December 31,(Millions of Dollars)20252024VarianceFINANCING ACTIVITIESNet payment of short-term debt (Maturities 90 days or less)$(895)$(118)$(777)Issuance of short-term debt (Maturities greater than 90 days)300—300Borrowing under term loan200500(300)Repayment of term loan(200)—(200)Issuance of long-term debt1,1502,975(1,825)Retirement of long-term debt—(477)477Debt issuance costs(15)(43)28Common stock dividends(1,166)(1,100)(66)Issuance of common shares - public offering1,308—1,308Issuance of common shares for stock plans64604NET CASH FLOWS FROM FINANCING ACTIVITIES$746$1,797$(1,051) Net cash flows from financing activities for Con Edison were $1,051 million lower for the year ended December 31, 2025 compared with the 2024 period and reflect the following transactions: CON EDISON ANNUAL REPORT 2025 71 CON EDISON ANNUAL REPORT 2025 71 CON EDISON ANNUAL REPORT 2025 71 CON EDISON ANNUAL REPORT 2025 71 •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); •an increase in the net payment of short-term debt (maturities 90 days or less) of $777 million; and •a decrease in term loan borrowings of $300 million, see Note D to the financial statements in Item 8; Offset in part by •an increase in the issuance of common shares of ($1,308 million); and •a decrease in the retirement of long-term debt of ($477 million). Con Edison’s cash flows from financing activities in 2025 and 2024 also reflect the proceeds, and reduction in cash used for reinvested dividends, resulting from the issuance of common shares under the company’s dividend reinvestment, stock purchase and long term incentive plans of $112 million and $109 million, respectively. The following table summarizes key components of CECONY's cash flows from (used in) financing activities for the years ended December 31, 2025 and December 31, 2024. For the Year Ended December 31,(Millions of Dollars)20252024VarianceFINANCING ACTIVITIESNet payment of short-term debt (Maturities 90 days or less)$(754)$(209)$(545)Issuance of short-term debt (Maturities greater than 90 days)300—300Borrowing under term loan200500(300)Repayment of term loan(200)—(200)Issuance of long-term debt9002,850(1,950)Retirement of long-term debt—(475)475Debt issuance costs(14)(42)28Capital contribution by Con Edison1,3001301,170Dividend to Con Edison(1,134)(1,073)(61)NET CASH FLOWS FROM FINANCING ACTIVITIES$598$1,681$(1,083) Net cash flows from financing activities for CECONY were $1,083 million lower for the year ended December 31, 2025 compared with the 2024 period and reflect the following transactions: •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); •an increase in the net payment of short-term debt (maturities 90 days or less) of $545 million; and •a decrease in term loan borrowings of $300 million, see Note D to the financial statements in Item 8; Offset in part by •an increase in contributed equity from Con Edison of ($1,170 million); and •a decrease in the retirement of long-term debt of ($475 million). The following table summarizes key components of O&R's cash flows from financing activities for the years ended December 31, 2025 and December 31, 2024. For the Year Ended December 31,(Millions of Dollars)20252024VarianceFINANCING ACTIVITIESNet issuance (payment) of short-term debt$(108)$82$(190)Issuance of long-term debt250125125Debt issuance costs(2)(1)(1)Capital contribution by Con Edison1104565Dividend to Con Edison(68)(68)—NET CASH FLOWS FROM FINANCING ACTIVITIES$182$183$(1) Net cash flows from financing activities for O&R were $1 million lower for the year ended December 31, 2025 compared with the 2024 period and reflect the following transactions: •a decrease in the net issuance (payment) of short-term debt of $190 million; Offset in part by •an increase in long-term debt issuance of ($125 million) (reflecting an issuance of $250 million aggregate principal amount of debentures in September 2025); and •an increase in contributed equity from Con Edison of ($65 million). 72CON EDISON ANNUAL REPORT 2025 72CON EDISON ANNUAL REPORT 2025 72CON EDISON ANNUAL REPORT 2025 72 CON EDISON ANNUAL REPORT 2025 Cash flows from financing activities of the Companies also reflect commercial paper issuance and repayments. The commercial paper amounts outstanding at December 31, 2025 and 2024 and the average daily balances for 2025 and 2024 for Con Edison and CECONY were as follows: 20252024(Millions of Dollars, exceptWeighted Average Yield)Outstanding atDecember 31DailyaverageOutstanding atDecember 31DailyaverageCon Edison$1,575$804$2,170$1,842CECONY$1,240$430$1,694$1,393Weighted average yield3.9%4.5%4.7%5.4%", "prior_body": "The following table summarizes key components of Con Edison's cash flows from (used in) financing activities for the years ended December 31, 2024 and December 31, 2023. For the Year Ended December 31,(Millions of Dollars)20242023VarianceFINANCING ACTIVITIESNet issuance (payment) of short-term debt$(118)$(202)$84Issuance of term loan500200300Retirement of term loan—(750)750Issuance of long-term debt2,9752,050925Retirement of long-term debt(477)(710)233Debt issuance costs(43)(32)(11)Common stock dividends(1,100)(1,096)(4)Issuance of common shares for stock plans60564Repurchase of common shares—(1,000)1,000Distribution to noncontrolling interest—(4)4NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES$1,797$(1,488)$3,285 Issuance of term loan Retirement of term loan 72CON EDISON ANNUAL REPORT 2024 72CON EDISON ANNUAL REPORT 2024 72CON EDISON ANNUAL REPORT 2024 72 Net cash flows from financing activities for Con Edison were $3,285 million higher for the year ended December 31, 2024 compared with the 2023 period and reflect the following transactions: •the repurchase of common shares of $1,000 million in the 2023 period; •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; •retirement of term loans of $750 million in the 2023 period; •an increase in the issuance of term loan of $300 million; •a decrease in the retirement of long-term debt of $233 million; and •an increase in the net issuance (payment) of short-term debt of $84 million. Con Edison’s cash flows from financing activities in 2024 and 2023 also reflect the proceeds, and reduction in cash used for reinvested dividends, resulting from the issuance of common shares under the company’s dividend reinvestment, stock purchase and long-term incentive plans of $109 million and $87 million, respectively. The following table summarizes key components of CECONY's cash flows from (used in) financing activities for the years ended December 21, 2024 and December 31, 2023. For the Year Ended December 31,(Millions of Dollars)20242023VarianceFINANCING ACTIVITIESNet issuance (payment) of short-term debt$(209)$(397)$188Issuance of term loan500—500Issuance of long-term debt2,8502,000850Retirement of long-term debt(475)—(475)Debt issuance costs(42)(31)(11)Capital contribution by Con Edison1301,720(1,590)Dividend to Con Edison(1,073)(1,056)(17)NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES$1,681$2,236$(555) Issuance of term loan Net cash flows from financing activities for CECONY were $555 million lower for the year ended December 31, 2024 compared with the 2023 period and reflect the following transactions: •a decrease in contributed equity from Con Edison of $1,590 million; and •an increase in the retirement of long-term debt of $475 million; Offset in part by •an increase in proceeds in long-term debt of ($850 million) as described above; •an increase in the issuance of term loan ($500 million); and •an increase in the net issuance (payment) of short-term debt of ($188 million). The following table summarizes key components of O&R's cash flows from financing activities for the years ended December 31, 2024 and December 31, 2023. For the Year Ended December 31,(Millions of Dollars)20242023VarianceFINANCING ACTIVITIESNet issuance (payment) of short-term debt$82$(13)$95Issuance of long-term debt1255075Debt issuance costs(1)—(1)Capital contribution by Con Edison45100(55)Dividend to Con Edison(68)(64)(4)NET CASH FLOWS FROM FINANCING ACTIVITIES$183$73$110 Net cash flows from financing activities for O&R were $110 million higher for the year ended December 31, 2024 compared with the 2023 period and reflect the following transactions: CON EDISON ANNUAL REPORT 202473 CON EDISON ANNUAL REPORT 202473 CON EDISON ANNUAL REPORT 202473 73 •an increase in the net issuance (payment) of short-term debt of $95 million; and •an increase in the proceeds in long-term debt of $75 million as described above; Offset in part by •a decrease in contributed equity from Con Edison ($55 million). 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. Cash flows from financing activities of the Companies also reflect commercial paper issuance. The commercial paper amounts outstanding at December 31, 2024 and 2023 and the average daily balances for 2024 and 2023 for Con Edison and CECONY were as follows: 20242023(Millions of Dollars, exceptWeighted Average Yield)Outstanding atDecember 31DailyaverageOutstanding atDecember 31DailyaverageCon Edison$2,170$1,842$2,288$1,446CECONY$1,694$1,393$1,903$1,377Weighted average yield4.7 %5.4 %5.6 %5.3 %" }, { "status": "MODIFIED", "current_title": "Reclassification", "prior_title": "Reclassification", "similarity_score": 0.733, "confidence": "medium", "key_changes": [ "Removed sentence: \"These reclassifications include short-term debt activity within the financing section of the Con Edison Statement of Cash Flows.\"" ], "current_body": "Certain prior period amounts have been reclassified to conform with current period presentation.", "prior_body": "Certain prior period amounts have been reclassified to conform with current period presentation. These reclassifications include short-term debt activity within the financing section of the Con Edison Statement of Cash Flows." }, { "status": "MODIFIED", "current_title": "Consolidated Statement of Shareholders' Equity", "prior_title": "Consolidated Statement of Equity", "similarity_score": 0.732, "confidence": "medium", "key_changes": [ "Reworded sentence: \"(In Millions, except for dividends per share)Common StockAdditionalPaid-InCapitalRetainedEarningsTreasury StockCapitalStockExpenseAccumulatedOtherComprehensiveIncome (Loss)Non-controllingInterestSharesAmountSharesAmountTotalBALANCE AS OF DECEMBER 31, 2022355$37$9,803$11,98523($1,038)($122)$22$202$20,889Net income (loss)2,519(3)2,516Common stock dividends ($3.24 per share)(1,127)(1,127)Issuance of common shares for stock plans18989Common stock repurchases(11)(31)11(979)(1,010)Distributions to noncontrolling interests(4)(4)Disposal of the Clean Energy Businesses(195)(195)BALANCE AS OF DECEMBER 31, 2023345$37$9,861$13,37734($2,017)($122)$22$—$21,158Net income1,8201,820Common stock dividends ($3.32 per share)(1,149)(1,149)Issuance of common shares for stock plans21112113Other comprehensive income77Stock Awards1313BALANCE AS OF DECEMBER 31, 2024347$38$9,986$14,04834($2,017)($122)$29$—$21,962Net income2,0232,023Common stock dividends ($3.40 per share)(1,214)(1,214)Issuance of common shares - public offering131,326(18)1,308Issuance of common shares for stock plans11116117Other comprehensive loss(14)(14)Stock Awards88BALANCE AS OF DECEMBER 31, 2025361$39$11,436$14,85734($2,017)($140)$15$—$24,190 Additional Paid-In Capital Retained Earnings Capital Stock Expense BALANCE AS OF DECEMBER 31, 2022 Common stock dividends ($3.24 per share) Common stock dividends ($3.32 per share) Stock Awards Common stock dividends ($3.40 per share) Stock Awards The accompanying notes are an integral part of these financial statements.\"" ], "current_body": "(In Millions, except for dividends per share)Common StockAdditionalPaid-InCapitalRetainedEarningsTreasury StockCapitalStockExpenseAccumulatedOtherComprehensiveIncome (Loss)Non-controllingInterestSharesAmountSharesAmountTotalBALANCE AS OF DECEMBER 31, 2022355$37$9,803$11,98523($1,038)($122)$22$202$20,889Net income (loss)2,519(3)2,516Common stock dividends ($3.24 per share)(1,127)(1,127)Issuance of common shares for stock plans18989Common stock repurchases(11)(31)11(979)(1,010)Distributions to noncontrolling interests(4)(4)Disposal of the Clean Energy Businesses(195)(195)BALANCE AS OF DECEMBER 31, 2023345$37$9,861$13,37734($2,017)($122)$22$—$21,158Net income1,8201,820Common stock dividends ($3.32 per share)(1,149)(1,149)Issuance of common shares for stock plans21112113Other comprehensive income77Stock Awards1313BALANCE AS OF DECEMBER 31, 2024347$38$9,986$14,04834($2,017)($122)$29$—$21,962Net income2,0232,023Common stock dividends ($3.40 per share)(1,214)(1,214)Issuance of common shares - public offering131,326(18)1,308Issuance of common shares for stock plans11116117Other comprehensive loss(14)(14)Stock Awards88BALANCE AS OF DECEMBER 31, 2025361$39$11,436$14,85734($2,017)($140)$15$—$24,190 Additional Paid-In Capital Retained Earnings Capital Stock Expense BALANCE AS OF DECEMBER 31, 2022 Common stock dividends ($3.24 per share) Common stock dividends ($3.32 per share) Stock Awards Common stock dividends ($3.40 per share) Stock Awards The accompanying notes are an integral part of these financial statements. 89CON EDISON ANNUAL REPORT 2025 89CON EDISON ANNUAL REPORT 2025 89CON EDISON ANNUAL REPORT 2025 89 CON EDISON ANNUAL REPORT 2025", "prior_body": "(In Millions, except for dividends per share)Common StockAdditionalPaid-InCapitalRetainedEarningsTreasury StockCapitalStockExpenseAccumulatedOtherComprehensiveIncomeNon-controllingInterestSharesAmountSharesAmountTotalBALANCE AS OF DECEMBER 31, 2021354$37$9,710$11,44523$(1,038)$(122)$5$299$20,336Net income (loss)1,660(60)1,600Common stock dividends ($3.16 per share)(1,120)(1,120)Issuance of common shares for stock plans19393Other comprehensive income1717Distributions to noncontrolling interests(37)(37)BALANCE AS OF DECEMBER 31, 2022355$37$9,803$11,98523$(1,038)$(122)$22$202$20,889Net income (loss)2,519(3)2,516Common stock dividends ($3.24 per share)(1,127)(1,127)Issuance of common shares for stock plans18989Common stock repurchases(11)(31)11(979)(1,010)Distributions to noncontrolling interests(4)(4)Disposal of Clean Energy Businesses(195)(195)BALANCE AS OF DECEMBER 31, 2023345$37$9,861$13,37734$(2,017)$(122)$22$—$21,158Net income1,8201,820Common stock dividends ($3.32 per share)(1,149)(1,149)Issuance of common shares for stock plans21112113Other comprehensive income77Stock Awards1313BALANCE AS OF DECEMBER 31, 2024347$38$9,986$14,04834$(2,017)$(122)$29$—$21,962" }, { "status": "MODIFIED", "current_title": "Notes to the Financial Statements", "prior_title": "Notes to the Financial Statements", "similarity_score": 0.731, "confidence": "medium", "key_changes": [ "Reworded sentence: \"105 Note A - Summary of Significant Accounting Policies and Other Matters 106 Note B - Regulatory Matters 112 Note C - Capitalization 130 Note D - Short-Term Borrowing 131 Note E - Pension Benefits 132 Note F - Other Postretirement Benefits 138 Note G - Environmental Matters 143 Note H - Material Contingencies 145 Note I - Electricity and Gas Purchase Agreements 145 Note J - Leases 147 Note K - Goodwill 148 Note L - Income Tax 149 Note M - Revenue Recognition 154 Note N - Current Expected Credit Losses 155 Note O - Stock-Based Compensation 156 Note P - Financial Information by Business Segment 160 Note Q - Derivative Instruments and Hedging Activities 163 Note R - Fair Value Measurements 165 Note S - Variable Interest Entities 167 Note T - Asset Retirement Obligations 168 Note U - Related Party Transactions 169 Note V - New Financial Accounting Standards 170 Note W - Dispositions 170 Note X - Held-for-Sale Treatment of the Clean Energy Businesses 172\"" ], "current_body": "105 Note A - Summary of Significant Accounting Policies and Other Matters 106 Note B - Regulatory Matters 112 Note C - Capitalization 130 Note D - Short-Term Borrowing 131 Note E - Pension Benefits 132 Note F - Other Postretirement Benefits 138 Note G - Environmental Matters 143 Note H - Material Contingencies 145 Note I - Electricity and Gas Purchase Agreements 145 Note J - Leases 147 Note K - Goodwill 148 Note L - Income Tax 149 Note M - Revenue Recognition 154 Note N - Current Expected Credit Losses 155 Note O - Stock-Based Compensation 156 Note P - Financial Information by Business Segment 160 Note Q - Derivative Instruments and Hedging Activities 163 Note R - Fair Value Measurements 165 Note S - Variable Interest Entities 167 Note T - Asset Retirement Obligations 168 Note U - Related Party Transactions 169 Note V - New Financial Accounting Standards 170 Note W - Dispositions 170 Note X - Held-for-Sale Treatment of the Clean Energy Businesses 172", "prior_body": "107 Note A - Summary of Significant Accounting Policies 108 Note B - Regulatory Matters 115 Note C - Capitalization 133 Note D - Short-Term Borrowing 135 Note E - Pension Benefits 136 Note F - Other Postretirement Benefits 141 Note G - Environmental Matters 146 Note H - Material Contingencies 148 Note I - Electricity and Gas Purchase Agreements 149 Note J - Leases 150 Note K - Goodwill 152 Note L - Income Tax 152 Note M - Revenue Recognition 156 Note N - Current Expected Credit Losses 157 Note O - Stock-Based Compensation 158 Note P - Financial Information by Business Segment 162 Note Q - Derivative Instruments and Hedging Activities 165 Note R - Fair Value Measurements 167 Note S - Variable Interest Entities 170 Note T - Asset Retirement Obligations 171 Note U - Related Party Transactions 172 Note V - New Financial Accounting Standards 173 Note W - Dispositions 173 Note X - Held-for-Sale Treatment of the Clean Energy Businesses 175" }, { "status": "MODIFIED", "current_title": "Inflation Reduction Act", "prior_title": "Inflation Reduction Act", "similarity_score": 0.725, "confidence": "medium", "key_changes": [ "Removed sentence: \"Under the IRA, a corporation is subject to the CAMT if its average annual adjusted financial statement income for the three taxable year period ending prior to the taxable year exceeds $1,000 million, and applies to tax years beginning after December 31, 2022.\"", "Reworded sentence: \"This amount can be carried forward indefinitely and used in future years when regular tax liability exceeds the CAMT liability.\"", "Added sentence: \"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.\"", "Added sentence: \"This interim guidance is retroactive to the beginning of the IRA provisions in calculating the Companies’ CAMT liability.\"", "Added sentence: \"CON EDISON ANNUAL REPORT 2025 55 CON EDISON ANNUAL REPORT 2025 55 CON EDISON ANNUAL REPORT 2025 55 CON EDISON ANNUAL REPORT 2025 55 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.\"" ], "current_body": "On August 16, 2022, the Inflation Reduction Act (IRA) was signed into law and implemented a new corporate alternative minimum tax (CAMT) that imposes a 15 percent tax on modified GAAP net income. Pursuant to the IRA, corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax liability exceeds the CAMT liability. Beginning in 2024, based on the existing statute, the Companies are subject to and report the CAMT in their Consolidated Income Statements, Consolidated Statements of Cash Flows and the Consolidated Balance Sheets. At December 31, 2025, Con Edison has a CAMT credit carryforward of $205 million ($213 million of which is for CECONY). For the year ended December 31, 2025, the Companies accrued a CAMT liability of $88 million ($109 million of which is for CECONY) before the application of general business credits, with an offsetting deferred tax asset representing the minimum tax credit carryforward. The deferred tax asset related to the minimum tax credit carryforward will be realized to the extent the Companies’ consolidated deferred tax liabilities exceed the minimum tax credit carryforward. The Companies’ deferred tax liabilities are expected to exceed the minimum tax credit carryforward for the foreseeable future and thus no valuation allowance is required. The Companies are continuing to assess the impacts of the IRA on their financial statements and will update estimates based on future guidance to be issued by the Department of the Treasury. 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. CON EDISON ANNUAL REPORT 2025 55 CON EDISON ANNUAL REPORT 2025 55 CON EDISON ANNUAL REPORT 2025 55 CON EDISON ANNUAL REPORT 2025 55 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.", "prior_body": "On August 16, 2022, the Inflation Reduction Act (IRA) was signed into law and implemented a new corporate alternative minimum tax (CAMT) that imposes a 15 percent tax on modified GAAP net income. Under the IRA, a corporation is subject to the CAMT if its average annual adjusted financial statement income for the three taxable year period ending prior to the taxable year exceeds $1,000 million, and applies to tax years beginning after December 31, 2022. Pursuant to the IRA, corporations are entitled to a tax credit (minimum tax credit) to the extent the CAMT liability exceeds the regular tax liability. This amount can be carried forward indefinitely and used in future years when regular tax exceeds the CAMT. Beginning in 2024, based on the existing statue, the Companies are subject to and report the CAMT in their Consolidated Income Statements, Consolidated Statements of Cash Flows and the Consolidated Balance Sheets. The Companies accrued a CAMT liability of $139 million, $111 million of which is for CECONY, before the application of general business credits with an offsetting deferred tax asset representing the minimum tax credit carryforward, for the year ended December 31, 2024. The Companies are continuing to assess the impacts of the IRA on their financial statements and will update estimates based on future guidance to be issued by the Department of the Treasury." }, { "status": "MODIFIED", "current_title": "Year Ended December 31, 2025 Compared with Year Ended December 31, 2024", "prior_title": "Year Ended December 31, 2024 Compared with Year Ended December 31, 2023", "similarity_score": 0.705, "confidence": "medium", "key_changes": [ "Reworded sentence: \"CECONY For the Year Ended December 31, 2025 For the Year Ended December 31, 2024 (Millions of Dollars)ElectricGasSteam2025 TotalElectricGasSteam2024 Total2025-2024 VariationOperating revenues$11,670$3,278$703$15,651$10,717$2,834$578$14,129$1,522Purchased power2,525—412,5662,248—312,279287Fuel173—88261126—4417091Gas purchased for resale—770—770—524—524246Other operations and maintenance2,6145562243,3942,6225282033,35341Depreciation and amortization1,5974821142,1931,4714581082,037156Taxes, other than income taxes2,7057192313,6552,4185761793,173482Operating income$2,056$751$5$2,812$1,832$748$13$2,593$219 Electric CECONY’s results of electric operations for the year ended December 31, 2025 compared with the year ended December 31, 2024 were as follows: For the Years Ended December 31,(Millions of Dollars)20252024VariationOperating revenues$11,670$10,717$953Purchased power2,5252,248277Fuel17312647Other operations and maintenance2,6142,622(8)Depreciation and amortization1,5971,471126Taxes, other than income taxes2,7052,418287Electric operating income$2,056$1,832$224 CECONY’s electric sales and deliveries in 2025 compared with 2024 were: Millions of kWh DeliveredRevenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2025December 31, 2024VariationPercentVariationDecember 31, 2025December 31, 2024VariationPercentVariationResidential/Religious (b)12,43711,8905474.6%$4,569$4,240$3297.8%Commercial/Industrial10,94010,2676736.6 3,3182,91140714.0 Retail choice customers20,78520,715700.3 2,7772,697803.0 NYPA, Municipal Agency and other sales9,6369,555810.8 910876343.9 Other operating revenues (c)————96(7)103LargeTotal53,79852,4271,3712.6%(d)$11,670$10,717$9538.9% Percent Variation Percent Variation NYPA, Municipal Agency and other sales (a)Revenues from electric sales are subject to a revenue decoupling mechanism, as a result of which, delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved.\"", "Reworded sentence: \"(d)After adjusting for variations, primarily weather and billing days, electric delivery volumes in CECONY’s service area increased 2.5 percent in 2025 compared with 2024.\"", "Reworded sentence: \"(c)After adjusting for variations, primarily weather and billing days, steam sales and deliveries in the company’s service area decreased 3.4 percent in 2025 compared with 2024.\"" ], "current_body": "CECONY For the Year Ended December 31, 2025 For the Year Ended December 31, 2024 (Millions of Dollars)ElectricGasSteam2025 TotalElectricGasSteam2024 Total2025-2024 VariationOperating revenues$11,670$3,278$703$15,651$10,717$2,834$578$14,129$1,522Purchased power2,525—412,5662,248—312,279287Fuel173—88261126—4417091Gas purchased for resale—770—770—524—524246Other operations and maintenance2,6145562243,3942,6225282033,35341Depreciation and amortization1,5974821142,1931,4714581082,037156Taxes, other than income taxes2,7057192313,6552,4185761793,173482Operating income$2,056$751$5$2,812$1,832$748$13$2,593$219 Electric CECONY’s results of electric operations for the year ended December 31, 2025 compared with the year ended December 31, 2024 were as follows: For the Years Ended December 31,(Millions of Dollars)20252024VariationOperating revenues$11,670$10,717$953Purchased power2,5252,248277Fuel17312647Other operations and maintenance2,6142,622(8)Depreciation and amortization1,5971,471126Taxes, other than income taxes2,7052,418287Electric operating income$2,056$1,832$224 CECONY’s electric sales and deliveries in 2025 compared with 2024 were: Millions of kWh DeliveredRevenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2025December 31, 2024VariationPercentVariationDecember 31, 2025December 31, 2024VariationPercentVariationResidential/Religious (b)12,43711,8905474.6%$4,569$4,240$3297.8%Commercial/Industrial10,94010,2676736.6 3,3182,91140714.0 Retail choice customers20,78520,715700.3 2,7772,697803.0 NYPA, Municipal Agency and other sales9,6369,555810.8 910876343.9 Other operating revenues (c)————96(7)103LargeTotal53,79852,4271,3712.6%(d)$11,670$10,717$9538.9% Percent Variation Percent Variation NYPA, Municipal Agency and other sales (a)Revenues from electric sales are subject to a revenue decoupling mechanism, as a result of which, delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. (b)“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations. (c)Other electric operating revenues generally reflect changes in the revenue decoupling mechanism current asset or regulatory liability and changes in regulatory assets and liabilities in accordance with other provisions of CECONY’s rate plan. (d)After adjusting for variations, primarily weather and billing days, electric delivery volumes in CECONY’s service area increased 2.5 percent in 2025 compared with 2024. Operating revenues increased $953 million in 2025 compared with 2024 primarily due to an increase in revenues from the electric rate plan ($584 million), higher purchased power expenses ($277 million) and higher fuel expenses ($47 million). CON EDISON ANNUAL REPORT 2025 61 CON EDISON ANNUAL REPORT 2025 61 CON EDISON ANNUAL REPORT 2025 61 CON EDISON ANNUAL REPORT 2025 61 Purchased power expenses increased $277 million in 2025 compared with 2024 due to higher unit costs ($217 million) and higher purchased volume ($60 million). Fuel expenses increased $47 million in 2025 compared with 2024 due to higher unit costs ($56 million), offset in part by lower purchased volumes from the company’s electric generating facilities ($9 million). Other operations and maintenance expenses decreased $8 million in 2025 compared with 2024 primarily due to the impact of the May 2024 NYSPSC order denying CECONY's request to capitalize costs to implement its new customer billing and information system ($37 million), offset in part by higher costs for injuries and damages ($23 million) and an increase in municipal infrastructure support ($7 million). Depreciation and amortization expenses increased $126 million in 2025 compared with 2024 primarily due to higher electric utility plant balances. Taxes, other than income taxes increased $287 million in 2025 compared with 2024 primarily due to higher property taxes ($236 million), a lower deferral of under-collected property taxes ($31 million) and higher other taxes ($12 million). Gas CECONY’s results of gas operations for the year ended December 31, 2025 compared with the year ended December 31, 2024 were as follows: For the Years Ended December 31,(Millions of Dollars)20252024VariationOperating revenues$3,278$2,834$444Gas purchased for resale770524246Other operations and maintenance55652828Depreciation and amortization48245824Taxes, other than income taxes719576143Gas operating income$751$748$3 CECONY’s gas sales and deliveries, excluding off-system sales, in 2025 compared with 2024 were: Thousands of Dt Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2025December 31, 2024VariationPercentVariationDecember 31, 2025December 31, 2024VariationPercentVariationResidential52,015 44,280 7,735 17.5 %$1,352$1,148$20417.8 %General37,514 30,223 7,291 24.1 81964017928.0 Firm transportation79,874 71,521 8,353 11.7 965914515.6 Total firm sales and transportation169,403 146,024 23,379 16.0 (b)3,1362,70243416.1 Interruptible sales3,574 2,959 615 20.8 %2828——NYPA40,877 56,291 (15,414)(27.4)22——Generation plants66,730 61,250 5,480 8.9 2222——Other18,408 18,680 (272)(1.5)403825.3 Other operating revenues (c)— — — —5042819.0 Total298,992 285,204 13,788 4.8 %$3,278$2,834$44415.7 % Percent Variation Percent Variation Interruptible sales Other operating revenues (c) (a)Revenues from gas sales are subject to a weather normalization clause and a revenue decoupling mechanism, as a result of which, delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. (b)After adjusting for variations, primarily billing days, firm gas sales and transportation volumes in CECONY’s service area increased 6.5 percent in 2025 compared with 2024. (c)Other gas operating revenues generally reflect changes in the revenue decoupling mechanism and weather normalization clause current asset or regulatory liability and changes in regulatory assets and liabilities in accordance with other provisions of CECONY’s rate plan. Operating revenues increased $444 million in 2025 compared with 2024 primarily due to higher gas purchased for resale expense ($246 million) and an increase in gas revenues under the company's gas rate plan ($185 million). Gas purchased for resale increased $246 million in 2025 compared with 2024 due to higher unit costs ($236 million) and higher purchased volumes ($10 million). 62CON EDISON ANNUAL REPORT 2025 62CON EDISON ANNUAL REPORT 2025 62CON EDISON ANNUAL REPORT 2025 62 CON EDISON ANNUAL REPORT 2025 Other operations and maintenance expenses increased $28 million in 2025 compared with 2024 primarily due to the higher gas operations maintenance activities ($12 million), total surcharges for assessments and fees that are collected in revenues from customers ($8 million) and higher uncollectible expenses ($6 million). Depreciation and amortization expenses increased $24 million in 2025 compared with 2024 primarily due to higher gas utility plant balances. Taxes, other than income taxes increased $143 million in 2025 compared with 2024 primarily due to a lower deferral of under-collected property taxes ($90 million), higher property taxes ($31 million) and higher state and local revenue taxes ($11 million). Steam CECONY’s results of steam operations for the year ended December 31, 2025 compared with the year ended December 31, 2024 were as follows: For the Years Ended December 31,(Millions of Dollars)20252024VariationOperating revenues$703$578$125Purchased power413110Fuel884444Other operations and maintenance22420321Depreciation and amortization1141086Taxes, other than income taxes23117952Steam operating income$5$13$(8) CECONY’s steam sales and deliveries in 2025 compared with 2024 were: Millions of Pounds DeliveredRevenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2025December 31, 2024VariationPercentVariationDecember 31, 2025December 31, 2024VariationPercentVariationGeneral502 428 74 17.3%$36$31$516.1%Apartment house5,303 4,880 423 8.7 1991623722.8 Annual power11,170 10,186 984 9.7 4703957519.0 Other operating revenues (b)— — — —(2)(10)880.0 Total16,975 15,494 1,481 9.6%(c)$703$578$12521.6% Percent Variation (a)Revenues from steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. (b)Other steam operating revenues generally reflect changes in regulatory assets and liabilities in accordance with CECONY’s rate plan. (c)After adjusting for variations, primarily weather and billing days, steam sales and deliveries in the company’s service area decreased 3.4 percent in 2025 compared with 2024. Operating revenues increased $125 million in 2025 compared with 2024 primarily due to the benefit from the steam rate plan ($67 million), higher fuel expenses ($44 million) and higher purchased power expenses ($10 million). Purchased power expenses increased $10 million in 2025 compared with 2024 due to higher unit costs ($14 million), offset in part by lower purchased volumes ($4 million). Fuel expenses increased $44 million in 2025 compared with 2024 due to higher unit costs ($38 million) and higher purchased volumes used from the company’s steam generating facilities ($6 million). Other operations and maintenance expenses increased $21 million in 2025 compared with 2024 primarily due to higher steam operations maintenance activities ($9 million), higher costs for pension and other postretirement benefits, reflecting reconciliation to the rate plan level ($8 million) and higher total surcharges for assessments and fees that are collected in revenues from customers ($3 million). Depreciation and amortization expenses increased $6 million in 2025 compared with 2024 primarily due to higher steam utility plant balances. Taxes, other than income taxes increased $52 million in 2025 compared with 2024 primarily due to a lower deferral of under-collected property taxes ($50 million) and higher state and local revenue taxes ($2 million). CON EDISON ANNUAL REPORT 2025 63 CON EDISON ANNUAL REPORT 2025 63 CON EDISON ANNUAL REPORT 2025 63 CON EDISON ANNUAL REPORT 2025 63", "prior_body": "CECONY For the Year Ended December 31, 2024 For the Year Ended December 31, 2023 (Millions of Dollars)ElectricGasSteam2024 TotalElectricGasSteam2023 Total2024-2023 VariationOperating revenues$10,717$2,834$578$14,129$10,078$2,829$569$13,476$653Purchased power2,248—312,2792,254—402,294(15)Fuel126—44170157—125282(112)Gas purchased for resale—524—524—677—677(153)Other operations and maintenance2,6225282033,3532,4185272313,176177Depreciation and amortization1,4714581082,0371,3954291001,924113Taxes, other than income taxes2,4185761793,1732,2865141462,946227Operating income$1,832$748$13$2,593$1,568$682$(73)$2,177$416 Electric CECONY’s results of electric operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$10,717$10,078$639Purchased power2,2482,254(6)Fuel126157(31)Other operations and maintenance2,6222,418204Depreciation and amortization1,4711,39576Taxes, other than income taxes2,4182,286132Electric operating income$1,832$1,568$264 CECONY’s electric sales and deliveries in 2024 compared with 2023 were: Millions of kWh DeliveredRevenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2024December 31, 2023VariationPercentVariationDecember 31, 2024December 31, 2023VariationPercentVariationResidential/Religious (b)11,89011,574316 2.7 %$4,240$3,483$75721.7 %Commercial/Industrial10,26710,895(628)(5.8)2,9112,7731385.0 Retail choice customers20,71520,3154002.0 2,6972,39430312.7 NYPA, Municipal Agency and other sales9,5559,472830.9 876807698.6 Other operating revenues (c)——— —(7)621(628)LargeTotal52,42752,256171 0.3 %(d)$10,717$10,078$6396.3 % Percent Variation Percent Variation NYPA, Municipal Agency and other sales (a)Revenues from electric sales are subject to a revenue decoupling mechanism, as a result of which, delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. (b)“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations. (c)Other electric operating revenues generally reflect changes in the revenue decoupling mechanism current asset or regulatory liability and changes in regulatory assets and liabilities in accordance with other provisions of CECONY’s rate plan. (d)After adjusting for variations, primarily weather and billing days, electric delivery volumes in CECONY’s service area increased 1.3 percent in 2024 compared with 2023. Operating revenues increased $639 million in 2024 compared with 2023 primarily due to an increase in revenues from the electric rate plan ($558 million) and a change in incentives earned under the earnings adjustment mechanisms ($18 million). Purchased power expenses decreased $6 million in 2024 compared with 2023 due to lower unit costs ($88 million), offset in part by higher purchased volume ($82 million). 62CON EDISON ANNUAL REPORT 2024 62CON EDISON ANNUAL REPORT 2024 62CON EDISON ANNUAL REPORT 2024 62 Fuel expenses decreased $31 million in 2024 compared with 2023 due to lower unit costs ($23 million) and lower purchased volumes from the company’s electric generating facilities ($8 million). Other operations and maintenance expenses increased $204 million in 2024 compared with 2023 primarily due to higher total surcharges for assessments and fees that are collected in revenues from customers ($83 million), uncollectible expenses ($35 million), electric operations maintenance activities ($22 million), costs for injuries and damages ($11 million) and 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 and information system in 2024 ($6 million) and higher health care costs ($4 million). Depreciation and amortization expenses increased $76 million in 2024 compared with 2023 primarily due to higher electric utility plant balances. Taxes, other than income taxes increased $132 million in 2024 compared with 2023 primarily due to higher property taxes ($185 million) and higher state and local revenue taxes ($25 million), offset in part by a higher deferral of under-collected property taxes ($82 million). Gas CECONY’s results of gas operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$2,834$2,829$5Gas purchased for resale524677(153)Other operations and maintenance5285271Depreciation and amortization45842929Taxes, other than income taxes57651462Gas operating income$748$682$66 CECONY’s gas sales and deliveries, excluding off-system sales, in 2024 compared with 2023 were: Thousands of Dt Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2024December 31, 2023VariationPercentVariationDecember 31, 2024December 31, 2023VariationPercentVariationResidential44,280 45,741 (1,461)(3.2)%$1,148$1,218$(70)(5.7)%General30,223 31,784 (1,561)(4.9)640573 6711.7 Firm transportation71,521 72,740 (1,219)(1.7)914853 617.2 Total firm sales and transportation146,024 150,265 (4,241)(2.8)(b)2,7022,644 582.2 Interruptible sales2,959 7,892 (4,933)(62.5)%2849 (21)(42.9)%NYPA56,291 53,541 2,750 5.1 22 ——Generation plants61,250 61,453 (203)(0.3)2224 (2)(8.3)Other18,680 18,925 (245)(1.3)3834 411.8 Other operating revenues (c)— — — —4276 (34)(44.7)Total285,204 292,076 (6,872)(2.4)%$2,834$2,829$50.2 % Percent Variation Percent Variation Interruptible sales Other operating revenues (c) (a)Revenues from gas sales are subject to a weather normalization clause and a revenue decoupling mechanism, as a result of which, delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. (b)After adjusting for variations, primarily billing days, firm gas sales and transportation volumes in CECONY’s service area decreased 4.0 percent in 2024 compared with 2023. (c)Other gas operating revenues generally reflect changes in the revenue decoupling mechanism and weather normalization clause current asset or regulatory liability and changes in regulatory assets and liabilities in accordance with other provisions of CECONY’s rate plans. Operating revenues increased $5 million in 2024 compared with 2023 primarily due to an increase in gas revenues under the company's gas rate plan ($215 million), offset in part by lower gas purchased for resale expense ($153 million), lower unbilled revenue accrual ($24 million), higher interest accrual on net plant reconciliation ($16 million) and timing of a gas revenue reconciliation ($11 million). Gas purchased for resale decreased $153 million in 2024 compared with 2023 due to lower unit costs ($219 million), offset in part by higher purchased volumes ($66 million). CON EDISON ANNUAL REPORT 202463 CON EDISON ANNUAL REPORT 202463 CON EDISON ANNUAL REPORT 202463 63 Depreciation and amortization expenses increased $29 million in 2024 compared with 2023 primarily due to higher gas utility plant balances. Taxes, other than income taxes increased $62 million in 2024 compared with 2023 primarily due to higher property taxes ($44 million) and lower deferral of under-collected property taxes ($24 million), offset in part by lower state and local revenue taxes ($6 million). Steam CECONY’s results of steam operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$578$569$9Purchased power3140(9)Fuel44125(81)Other operations and maintenance203231(28)Depreciation and amortization1081008Taxes, other than income taxes17914633Steam operating income$13$(73)$86 CECONY’s steam sales and deliveries in 2024 compared with 2023 were: Millions of Pounds DeliveredRevenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2024December 31, 2023VariationPercentVariationDecember 31, 2024December 31, 2023VariationPercentVariationGeneral428 428 — —$31$25$624.0 %Apartment house4,880 4,657 223 4.8 162150 128.0 Annual power10,186 10,359 (173)(1.7)395363328.8 Other operating revenues (b)— — — —(10)31 (41)LargeTotal15,494 15,444 50 0.3 %(c)$578$569$91.6 % Percent Variation Percent Variation (a)Effective November 1, 2023, revenues from steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. (b)Other steam operating revenues generally reflect changes in regulatory assets and liabilities in accordance with CECONY’s rate plan. (c)After adjusting for variations, primarily weather prior to November 1, 2023, and billing days, steam sales and deliveries in the company’s service area decreased 3.1 percent in 2024 compared with 2023. Operating revenues increased $9 million in 2024 compared with 2023 primarily due to the benefit from the new steam rate plan ($97 million), offset in part by lower fuel expenses ($81 million) and lower purchased power expenses ($9 million). Purchased power expenses decreased $9 million in 2024 compared with 2023 due to lower unit costs ($9 million). Fuel expenses decreased $81 million in 2024 compared with 2023 due to lower unit costs ($83 million), offset in part by higher purchased volumes used from the company’s steam generating facilities ($2 million). Other operations and maintenance expenses decreased $28 million in 2024 compared with 2023 primarily due to lower 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 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 million). Depreciation and amortization expenses increased $8 million in 2024 compared with 2023 primarily due to higher steam utility plant balances. Taxes, other than income taxes increased $33 million in 2024 compared with 2023 primarily due to a lower deferral of under-collected property taxes ($24 million), higher property taxes ($6 million) and higher state and local taxes ($2 million). 64CON EDISON ANNUAL REPORT 2024 64CON EDISON ANNUAL REPORT 2024 64CON EDISON ANNUAL REPORT 2024 64" }, { "status": "MODIFIED", "current_title": "Supplementary Financial Information", "prior_title": "Supplementary Financial Information", "similarity_score": 0.699, "confidence": "medium", "key_changes": [ "Reworded sentence: \"Con Edison Report of Management on Internal Control Over Financial Reporting 81 Report of Independent Registered Public Accounting Firm (PCAOB ID 238) 82 Consolidated Income Statement for the years ended December 31, 2025, 2024, and 2023 84 Consolidated Statement of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023 85 Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024, and 2023 86 Consolidated Balance Sheet at December 31, 2025 and 2024 87 Consolidated Statement of Shareholders' Equity for the years ended December 31, 2025, 2024, and 2023 89 Consolidated Statement of Capitalization at December 31, 2025 and 2024 90 CECONY Report of Management on Internal Control Over Financial Reporting 93 Report of Independent Registered Public Accounting Firm (PCAOB ID 238) 94 Consolidated Income Statement for the years ended December 31, 2025, 2024, and 2023 96 Consolidated Statement of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023 97 Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024, and 2023 98 Consolidated Balance Sheet at December 31, 2025 and 2024 99 Consolidated Statement of Shareholder’s Equity for the years ended December 31, 2025, 2024, and 2023 101 Consolidated Statement of Capitalization at December 31, 2025 and 2024 102\"" ], "current_body": "Con Edison Report of Management on Internal Control Over Financial Reporting 81 Report of Independent Registered Public Accounting Firm (PCAOB ID 238) 82 Consolidated Income Statement for the years ended December 31, 2025, 2024, and 2023 84 Consolidated Statement of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023 85 Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024, and 2023 86 Consolidated Balance Sheet at December 31, 2025 and 2024 87 Consolidated Statement of Shareholders' Equity for the years ended December 31, 2025, 2024, and 2023 89 Consolidated Statement of Capitalization at December 31, 2025 and 2024 90 CECONY Report of Management on Internal Control Over Financial Reporting 93 Report of Independent Registered Public Accounting Firm (PCAOB ID 238) 94 Consolidated Income Statement for the years ended December 31, 2025, 2024, and 2023 96 Consolidated Statement of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023 97 Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024, and 2023 98 Consolidated Balance Sheet at December 31, 2025 and 2024 99 Consolidated Statement of Shareholder’s Equity for the years ended December 31, 2025, 2024, and 2023 101 Consolidated Statement of Capitalization at December 31, 2025 and 2024 102", "prior_body": "Con Edison Report of Management on Internal Control Over Financial Reporting 84 Report of Independent Registered Public Accounting Firm (PCAOB ID 238) 85 Consolidated Income Statement for the years ended December 31, 2024, 2023, and 2022 87 Consolidated Statement of Comprehensive Income for the years ended December 31, 2024, 2023, and 2022 88 Consolidated Statement of Cash Flows for the years ended December 31, 2024, 2023, and 2022 89 Consolidated Balance Sheet at December 31, 2024 and 2023 90 Consolidated Statement of Equity for the years ended December 31, 2024, 2023, and 2022 92 Consolidated Statement of Capitalization at December 31, 2024 and 2023 93 CECONY Report of Management on Internal Control Over Financial Reporting 96 Report of Independent Registered Public Accounting Firm (PCAOB ID 238) 97 Consolidated Income Statement for the years ended December 31, 2024, 2023, and 2022 99 Consolidated Statement of Comprehensive Income for the years ended December 31, 2024, 2023, and 2022 100 Consolidated Statement of Cash Flows for the years ended December 31, 2024, 2023, and 2022 101 Consolidated Balance Sheet at December 31, 2024 and 2023 102 Consolidated Statement of Shareholder’s Equity for the years ended December 31, 2024, 2023, and 2022 104 Consolidated Statement of Capitalization at December 31, 2024 and 2023 105" }, { "status": "MODIFIED", "current_title": "Material Contingencies", "prior_title": "Material Contingencies", "similarity_score": 0.698, "confidence": "medium", "key_changes": [ "Reworded sentence: \"Item 7A: Quantitative and Qualitative Disclosures about Market Risk Con Edison For information about Con Edison’s primary market risks associated with activities in derivative financial instruments, other financial instruments and derivative commodity instruments, see “Financial and Commodity Market Risks,” in Item 7 (which information is incorporated herein by reference).\"", "Reworded sentence: \"CON EDISON ANNUAL REPORT 2025 79 CON EDISON ANNUAL REPORT 2025 79 CON EDISON ANNUAL REPORT 2025 79 CON EDISON ANNUAL REPORT 2025 79 Item 8: Financial Statements and Supplementary Data Financial StatementsPageSupplementary Financial InformationCon EdisonReport of Management on Internal Control Over Financial Reporting81Report of Independent Registered Public Accounting Firm (PCAOB ID 238)82Consolidated Income Statement for the years ended December 31, 2025, 2024, and 202384Consolidated Statement of Comprehensive Income for the years ended December 31, 2025, 2024, and 202385Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024, and 202386Consolidated Balance Sheet at December 31, 2025 and 202487Consolidated Statement of Shareholders' Equity for the years ended December 31, 2025, 2024, and 202389Consolidated Statement of Capitalization at December 31, 2025 and 202490CECONYReport of Management on Internal Control Over Financial Reporting93Report of Independent Registered Public Accounting Firm (PCAOB ID 238)94Consolidated Income Statement for the years ended December 31, 2025, 2024, and 202396Consolidated Statement of Comprehensive Income for the years ended December 31, 2025, 2024, and 202397Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024, and 202398Consolidated Balance Sheet at December 31, 2025 and 202499Consolidated Statement of Shareholder’s Equity for the years ended December 31, 2025, 2024, and 2023101Consolidated Statement of Capitalization at December 31, 2025 and 2024102Notes to the Financial Statements105Note A - Summary of Significant Accounting Policies and Other Matters106Note B - Regulatory Matters112Note C - Capitalization130Note D - Short-Term Borrowing131Note E - Pension Benefits132Note F - Other Postretirement Benefits138Note G - Environmental Matters143Note H - Material Contingencies145Note I - Electricity and Gas Purchase Agreements145Note J - Leases147Note K - Goodwill148Note L - Income Tax149Note M - Revenue Recognition154Note N - Current Expected Credit Losses155Note O - Stock-Based Compensation156Note P - Financial Information by Business Segment160Note Q - Derivative Instruments and Hedging Activities163Note R - Fair Value Measurements165Note S - Variable Interest Entities167Note T - Asset Retirement Obligations168Note U - Related Party Transactions169Note V - New Financial Accounting Standards170Note W - Dispositions170Note X - Held-for-Sale Treatment of the Clean Energy Businesses172Financial Statement SchedulesCon EdisonSchedule I - Condensed Financial Information of Consolidated Edison, Inc.\"" ], "current_body": "For information concerning potential liabilities arising from the Companies’ material contingencies, see “Critical Accounting Estimates – Accounting for Contingencies,” above, and Notes B, G and H to the financial statements in Item 8. Item 7A: Quantitative and Qualitative Disclosures about Market Risk Con Edison For information about Con Edison’s primary market risks associated with activities in derivative financial instruments, other financial instruments and derivative commodity instruments, see “Financial and Commodity Market Risks,” in Item 7 (which information is incorporated herein by reference). See also “The Companies Require Access To Capital Markets To Satisfy Funding Requirements,” in Item 1A. CECONY For information about CECONY’s primary market risks associated with activities in derivative financial instruments, other financial instruments and derivative commodity instruments, see “Financial and Commodity Market Risks” in Item 7 (which information is incorporated herein by reference). See also “The Companies Require Access To Capital Markets To Satisfy Funding Requirements,” in Item 1A. CON EDISON ANNUAL REPORT 2025 79 CON EDISON ANNUAL REPORT 2025 79 CON EDISON ANNUAL REPORT 2025 79 CON EDISON ANNUAL REPORT 2025 79 Item 8: Financial Statements and Supplementary Data Financial StatementsPageSupplementary Financial InformationCon EdisonReport of Management on Internal Control Over Financial Reporting81Report of Independent Registered Public Accounting Firm (PCAOB ID 238)82Consolidated Income Statement for the years ended December 31, 2025, 2024, and 202384Consolidated Statement of Comprehensive Income for the years ended December 31, 2025, 2024, and 202385Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024, and 202386Consolidated Balance Sheet at December 31, 2025 and 202487Consolidated Statement of Shareholders' Equity for the years ended December 31, 2025, 2024, and 202389Consolidated Statement of Capitalization at December 31, 2025 and 202490CECONYReport of Management on Internal Control Over Financial Reporting93Report of Independent Registered Public Accounting Firm (PCAOB ID 238)94Consolidated Income Statement for the years ended December 31, 2025, 2024, and 202396Consolidated Statement of Comprehensive Income for the years ended December 31, 2025, 2024, and 202397Consolidated Statement of Cash Flows for the years ended December 31, 2025, 2024, and 202398Consolidated Balance Sheet at December 31, 2025 and 202499Consolidated Statement of Shareholder’s Equity for the years ended December 31, 2025, 2024, and 2023101Consolidated Statement of Capitalization at December 31, 2025 and 2024102Notes to the Financial Statements105Note A - Summary of Significant Accounting Policies and Other Matters106Note B - Regulatory Matters112Note C - Capitalization130Note D - Short-Term Borrowing131Note E - Pension Benefits132Note F - Other Postretirement Benefits138Note G - Environmental Matters143Note H - Material Contingencies145Note I - Electricity and Gas Purchase Agreements145Note J - Leases147Note K - Goodwill148Note L - Income Tax149Note M - Revenue Recognition154Note N - Current Expected Credit Losses155Note O - Stock-Based Compensation156Note P - Financial Information by Business Segment160Note Q - Derivative Instruments and Hedging Activities163Note R - Fair Value Measurements165Note S - Variable Interest Entities167Note T - Asset Retirement Obligations168Note U - Related Party Transactions169Note V - New Financial Accounting Standards170Note W - Dispositions170Note X - Held-for-Sale Treatment of the Clean Energy Businesses172Financial Statement SchedulesCon EdisonSchedule I - Condensed Financial Information of Consolidated Edison, Inc. at December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024, and 2023174", "prior_body": "For information concerning potential liabilities arising from the Companies’ material contingencies, see “Critical Accounting Estimates – Accounting for Contingencies,” above, and Notes B, G and H to the financial statements in Item 8. CON EDISON ANNUAL REPORT 202481 CON EDISON ANNUAL REPORT 202481 CON EDISON ANNUAL REPORT 202481 81 Item 7A: Quantitative and Qualitative Disclosures about Market Risk Con Edison For information about Con Edison’s primary market risks associated with activities in derivative financial instruments, other financial instruments and derivative commodity instruments, see “Financial and Commodity Market Risks,” in Item 7 (which information is incorporated herein by reference). See also “The Companies Require Access To Capital Markets To Satisfy Funding Requirements,” in Item 1A. CECONY For information about CECONY’s primary market risks associated with activities in derivative financial instruments, other financial instruments and derivative commodity instruments, see “Financial and Commodity Market Risks” in Item 7 (which information is incorporated herein by reference). See also “The Companies Require Access To Capital Markets To Satisfy Funding Requirements,” in Item 1A. 82CON EDISON ANNUAL REPORT 2024 82CON EDISON ANNUAL REPORT 2024 82CON EDISON ANNUAL REPORT 2024 82 Item 8: Financial Statements and Supplementary Data Financial StatementsPageSupplementary Financial InformationCon EdisonReport of Management on Internal Control Over Financial Reporting84Report of Independent Registered Public Accounting Firm (PCAOB ID 238)85Consolidated Income Statement for the years ended December 31, 2024, 2023, and 202287Consolidated Statement of Comprehensive Income for the years ended December 31, 2024, 2023, and 202288Consolidated Statement of Cash Flows for the years ended December 31, 2024, 2023, and 202289Consolidated Balance Sheet at December 31, 2024 and 202390Consolidated Statement of Equity for the years ended December 31, 2024, 2023, and 202292Consolidated Statement of Capitalization at December 31, 2024 and 202393CECONYReport of Management on Internal Control Over Financial Reporting96Report of Independent Registered Public Accounting Firm (PCAOB ID 238)97Consolidated Income Statement for the years ended December 31, 2024, 2023, and 202299Consolidated Statement of Comprehensive Income for the years ended December 31, 2024, 2023, and 2022100Consolidated Statement of Cash Flows for the years ended December 31, 2024, 2023, and 2022101Consolidated Balance Sheet at December 31, 2024 and 2023102Consolidated Statement of Shareholder’s Equity for the years ended December 31, 2024, 2023, and 2022104Consolidated Statement of Capitalization at December 31, 2024 and 2023105Notes to the Financial Statements107Note A - Summary of Significant Accounting Policies108Note B - Regulatory Matters115Note C - Capitalization133Note D - Short-Term Borrowing135Note E - Pension Benefits136Note F - Other Postretirement Benefits141Note G - Environmental Matters146Note H - Material Contingencies148Note I - Electricity and Gas Purchase Agreements149Note J - Leases150Note K - Goodwill152Note L - Income Tax152Note M - Revenue Recognition156Note N - Current Expected Credit Losses157Note O - Stock-Based Compensation158Note P - Financial Information by Business Segment162Note Q - Derivative Instruments and Hedging Activities165Note R - Fair Value Measurements167Note S - Variable Interest Entities170Note T - Asset Retirement Obligations171Note U - Related Party Transactions172Note V - New Financial Accounting Standards173Note W - Dispositions173Note X - Held-for-Sale Treatment of the Clean Energy Businesses175Financial Statement SchedulesCon EdisonSchedule I - Condensed Financial Information of Consolidated Edison, Inc. at December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023, and 2022176" }, { "status": "MODIFIED", "current_title": "Net Interest Expense", "prior_title": "Net Interest Expense", "similarity_score": 0.694, "confidence": "medium", "key_changes": [ "Reworded sentence: \"Net interest expense increased $50 million in 2025 compared with 2024 primarily due to higher interest expense for long-term debt ($82 million), primarily attributable to timing of long-term debt issuances issued in 2024, offset in part by lower interest on commercial paper ($30 million) and a decrease in the carrying charges and interest on regulatory liability balances ($6 million).\"" ], "current_body": "Net interest expense increased $50 million in 2025 compared with 2024 primarily due to higher interest expense for long-term debt ($82 million), primarily attributable to timing of long-term debt issuances issued in 2024, offset in part by lower interest on commercial paper ($30 million) and a decrease in the carrying charges and interest on regulatory liability balances ($6 million).", "prior_body": "Net interest expense increased $164 million in 2024 compared with 2023 primarily due to higher interest expense for long-term debt due to higher debt balances ($142 million) and short-term debt ($3 million)." }, { "status": "MODIFIED", "current_title": "Summary of Investment Balances", "prior_title": "Summary of Investment Balances", "similarity_score": 0.693, "confidence": "medium", "key_changes": [ "Reworded sentence: \"The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2025 and 2024: Con EdisonCECONY(Millions of Dollars)2025202420252024Supplemental retirement income plan assets (b)$620$583$598$560Con Edison Transmission's investment in New York Transco (d)294254——Con Edison Transmission's investment in MVP (a) (d)168166——Deferred income plan assets125116125116Virginia Tax Equity Interest (c)54——Other1328Total investments$1,213$1,126$725$684 (a)At December 31, 2025 and 2024, Con Edison Transmission's cash investment in MVP was $530 million.\"", "Reworded sentence: \"(d)At December 31, 2025 and 2024, Con Edison had undistributed earnings from MVP of $121 million and $127 million, respectively, and undistributed earnings from New York Transco of $13 million and $16 million, respectively.\"" ], "current_body": "The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2025 and 2024: Con EdisonCECONY(Millions of Dollars)2025202420252024Supplemental retirement income plan assets (b)$620$583$598$560Con Edison Transmission's investment in New York Transco (d)294254——Con Edison Transmission's investment in MVP (a) (d)168166——Deferred income plan assets125116125116Virginia Tax Equity Interest (c)54——Other1328Total investments$1,213$1,126$725$684 (a)At December 31, 2025 and 2024, Con Edison Transmission's cash investment in MVP was $530 million. In June 2024, MVP entered service at an overall project cost of approximately $8,100 million excluding allowance for funds used during construction. See \"Investment in Mountain Valley Pipeline, LLC (MVP)\" above. (b)See Note E. (c)See Note S. (d)At December 31, 2025 and 2024, Con Edison had undistributed earnings from MVP of $121 million and $127 million, respectively, and undistributed earnings from New York Transco of $13 million and $16 million, respectively. Con Edison's pro rata share of earnings from its equity investment in New York Transco, was $29 million ($21 million after-tax) for the twelve months ended December 31, 2025. (d) At December 31, 2025 and 2024 , Con Edison had undistributed earnings from MVP of $121 million a nd $127 million, respectively, and undistributed earnings from New York Transc o of $13 million and $16 million , respectively.", "prior_body": "The following investment assets are included in the Companies' consolidated balance sheets at December 31, 2024 and 2023: CON EDISON ANNUAL REPORT 2024111 CON EDISON ANNUAL REPORT 2024111 CON EDISON ANNUAL REPORT 2024111 111 Con EdisonCECONY(Millions of Dollars)2024202320242023Supplemental retirement income plan assets (b)$583$524$560$502Con Edison Transmission's investment in New York Transco (d)254221—— Con Edison Transmission's investment in MVP (a) (d)166144——Deferred income plan assets1169911699Virginia Tax Equity Projects (c)48—— Other3387Total investments$1,126$999$684$608 (a)At December 31, 2024 and 2023, Con Edison Transmission's cash investment in MVP was $530 million. In June 2024, MVP entered service at an overall project cost of approximately $8,100 million excluding allowance for funds used during construction. See \"Investment in Mountain Valley Pipeline, LLC (MVP)\" above. (b)See Note E. (c)See Note S. (d)At December 31, 2024 and 2023, Con Edison had undistributed earnings from MVP of $127 million and $114 million, respectively, and undistributed earnings from New York Transco of $16 million and $13 million, respectively. (d)" }, { "status": "MODIFIED", "current_title": "Consolidated Statement of Capitalization", "prior_title": "Consolidated Statement of Capitalization", "similarity_score": 0.69, "confidence": "medium", "key_changes": [ "Reworded sentence: \"Shares outstanding December 31,At December 31,(In Millions)2025202420252024TOTAL SHAREHOLDER'S EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE INCOME235235$22,040$19,961Pension and other postretirement benefit plan liability adjustments, net of taxes(3)11Unrealized losses on derivatives qualified as cash flow hedges, less reclassification adjustment for gains (losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes —(1)TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAXES (3)10Total Shareholder's Equity (See Consolidated Statement of Shareholder’s Equity) $22,037$19,971 The accompanying notes are an integral part of these financial statements.\"" ], "current_body": "Shares outstandingDecember 31,At December 31,(In Millions)2025202420252024TOTAL SHAREHOLDERS' EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE INCOME361347$24,175$21,933Pension and other postretirement benefit plan liability adjustments, net of taxes1630Unrealized losses on derivatives qualified as cash flow hedges, less reclassification adjustment for gains (losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes(1)(1)TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAXES1529Total Shareholders' Equity (See Consolidated Statement of Shareholders' Equity)$24,190$21,962", "prior_body": "Shares outstandingDecember 31,At December 31,(In Millions)2024202320242023TOTAL EQUITY BEFORE ACCUMULATED OTHER COMPREHENSIVE INCOME 347345$21,933$21,136Pension and other postretirement benefit plan liability adjustments, net of taxes3023Unrealized losses on derivatives qualified as cash flow hedges, less reclassification adjustment for gains (losses) included in net income and reclassification adjustment for unrealized losses included in regulatory assets, net of taxes (1)(1)TOTAL ACCUMULATED OTHER COMPREHENSIVE INCOME, NET OF TAXES2922TOTAL EQUITY (See Statement of Equity) $21,962$21,158" }, { "status": "MODIFIED", "current_title": "Taxes, Other Than Income Taxes", "prior_title": "Taxes, Other Than Income Taxes", "similarity_score": 0.686, "confidence": "medium", "key_changes": [ "Reworded sentence: \"Taxes, other than income taxes decreased $6 million in 2025 compared with 2024 primarily due to a decrease in the New York State Capital Tax ($7 million).\"" ], "current_body": "At $3,655 million, taxes other than income taxes remain one of CECONY’s largest operating expenses. The principal components of, and variations in, taxes other than income taxes were: For the Years Ended December 31,(Millions of Dollars)20252024VariationProperty taxes$3,004$2,738$266State and local taxes related to revenue receipts44542916Payroll taxes91838Other taxes (b)115(77)192Total$3,655(a)$3,173(a)$482 (a)Including sales tax on customers’ bills, total taxes other than income taxes in 2025 and 2024 were $4,488 million and $3,915 million, respectively. (b)Including the deferral of under-collected property taxes in 2025 and 2024 of $88 million and $83 million, respectively.", "prior_body": "At $3,173 million, taxes other than income taxes remain one of CECONY’s largest operating expenses. The principal components of, and variations in, taxes other than income taxes were: For the Years Ended December 31,(Millions of Dollars)20242023VariationProperty taxes$2,738$2,503$235State and local taxes related to revenue receipts42940920Payroll taxes83776Other taxes (b)(77)(43)(34)Total$3,173(a)$2,946(a)$227 (a)Including sales tax on customers’ bills, total taxes other than income taxes in 2024 and 2023 were $3,915 million and $3,652 million, respectively. (b)Including the deferral of under-collected property taxes in 2024 and 2023 of $83 million and $50 million, respectively." }, { "status": "MODIFIED", "current_title": "Consolidated Statement of Comprehensive Income", "prior_title": "Consolidated Statement of Comprehensive Income", "similarity_score": 0.682, "confidence": "medium", "key_changes": [ "Reworded sentence: \"For the Years Ended December 31,(Millions of Dollars)202520242023NET INCOME$2,023$1,820$2,516LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST——3OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXESPension and other postretirement benefit plan liability adjustments, net of taxes(14)7—TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES(14)7—COMPREHENSIVE INCOME$2,009$1,827$2,519\"" ], "current_body": "For the Years Ended December 31,(Millions of Dollars)202520242023NET INCOME$2,023$1,820$2,516LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST——3OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXESPension and other postretirement benefit plan liability adjustments, net of taxes(14)7—TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES(14)7—COMPREHENSIVE INCOME$2,009$1,827$2,519", "prior_body": "For the Years Ended December 31,(Millions of Dollars)202420232022NET INCOME$1,820$2,516$1,600LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST —360OTHER COMPREHENSIVE INCOME, NET OF TAXESPension and other postretirement benefit plan liability adjustments, net of taxes7—16Other income, net of taxes ——1TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES7—17COMPREHENSIVE INCOME$1,827$2,519$1,677" }, { "status": "MODIFIED", "current_title": "Income Tax Expense", "prior_title": "Income Tax Expense", "similarity_score": 0.676, "confidence": "medium", "key_changes": [ "Reworded sentence: \"Income taxes increased $230 million in 2025 compared with 2024 primarily due to lower amortization of excess deferred federal income taxes ($153 million) and higher income before income tax expense ($102 million), offset in part by higher write-offs of uncollectible accounts ($19 million).\"", "Reworded sentence: \"(d)After adjusting for weather and other variations, electric delivery volumes in O&R’s service area increased 2.2 percent in 2025 compared with 2024.\"" ], "current_body": "Income taxes increased $230 million in 2025 compared with 2024 primarily due to lower amortization of excess deferred federal income taxes ($153 million) and higher income before income tax expense ($102 million), offset in part by higher write-offs of uncollectible accounts ($19 million). O&R For the Year Ended December 31, 2025 For the Year Ended December 31, 2024 (Millions of Dollars)ElectricGas2025 TotalElectricGas2024 Total2025-2024VariationOperating revenues$934$331$1,265$852$273$1,125$140Purchased power379—379290—29089Gas purchased for resale—129129—757554Other operations and maintenance2978338030681387(7)Depreciation and amortization8740127823511710Taxes, other than income taxes6234966233951Operating income$109$45$154$112$49$161$(7) Electric O&R’s results of electric operations for the year ended December 31, 2025 compared with the year ended December 31, 2024 were as follows: For the Years Ended December 31,(Millions of Dollars)20252024VariationOperating revenues$934$852$82Purchased power37929089Other operations and maintenance297306(9)Depreciation and amortization87825Taxes, other than income taxes6262—Electric operating income$109$112$(3) 64CON EDISON ANNUAL REPORT 2025 64CON EDISON ANNUAL REPORT 2025 64CON EDISON ANNUAL REPORT 2025 64 CON EDISON ANNUAL REPORT 2025 O&R’s electric sales and deliveries in 2025 compared with 2024 were: Millions of kWh Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2025December 31, 2024VariationPercentVariation December 31, 2025December 31, 2024VariationPercentVariationResidential/Religious (b)2,307 2,133 174 8.2%$584$474$11023.2%Commercial/Industrial1,118 965 153 15.9 2101674325.7 Retail choice customers2,234 2,522 (288)(11.4)159198(39)(19.7)Public authorities116 114 2 1.8 1512325.0 Other operating revenues (c)— — — —(34)1(35)LargeTotal5,775 5,734 41 0.7%(d)$934$852$829.6% Percent Variation Percent Variation (a)O&R’s New York electric delivery revenues are subject to a revenue decoupling mechanism, as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The majority of O&R’s electric distribution revenues in New Jersey are subject to a conservation incentive program, as a result of which distribution revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. O&R’s electric transmission revenues in New Jersey are not subject to a conservation incentive program, and as a result, changes in such volumes do impact revenues. (b)“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations. (c)Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with O&R’s electric rate plan. (d)After adjusting for weather and other variations, electric delivery volumes in O&R’s service area increased 2.2 percent in 2025 compared with 2024. Operating revenues increased $82 million in 2025 compared with 2024 primarily due to higher purchased power expenses ($89 million), offset in part by lower revenues from the New York electric rate plan ($7 million). Purchased power expenses increased $89 million in 2025 compared with 2024 due to higher unit costs ($56 million) and higher purchased volumes ($33 million). Other operations and maintenance expenses decreased $9 million in 2025 compared with 2024 primarily due to lower non-deferred storm costs. Depreciation and amortization expenses increased $5 million in 2025 compared with 2024 primarily due to higher electric utility plant balances. Gas O&R’s results of gas operations for the year ended December 31, 2025 compared with the year ended December 31, 2024 were as follows: For the Years Ended December 31,(Millions of Dollars)20252024VariationOperating revenues$331$273$58Gas purchased for resale1297554Other operations and maintenance83812Depreciation and amortization40355Taxes, other than income taxes34331Gas operating income$45$49$(4) O&R’s gas sales and deliveries, excluding off-system sales, in 2025 compared with 2024 were: CON EDISON ANNUAL REPORT 2025 65 CON EDISON ANNUAL REPORT 2025 65 CON EDISON ANNUAL REPORT 2025 65 CON EDISON ANNUAL REPORT 2025 65 Thousands of Dt Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2025December 31, 2024VariationPercentVariationDecember 31, 2025December 31, 2024VariationPercentVariationResidential13,578 10,749 2,829 26.3 %$237$166$7142.8 %General2,980 1,767 1,213 68.6 40211990.5 Firm transportation5,300 4,623 677 14.6 4134720.6 Total firm sales and transportation21,858 17,139 4,719 27.5 (b) 3182219743.9 Interruptible sales3,630 3,712 (82)(2.2)77——Generation plants2 10 (8)(80.0)————Other744 710 34 4.8 11——Other gas revenues— — — —544(39)(88.6)Total26,234 21,571 4,663 21.6 %$331$273$5821.2 % Percent Variation (a)Revenues from New York gas sales are subject to a weather normalization clause and a revenue decoupling mechanism, as a result of which, delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. (b)After adjusting for weather and other variations, firm sales and transportation volumes in O&R’s service area increased 1.9 percent in 2025 compared with 2024. Operating revenues increased $58 million in 2025 compared with 2024 primarily due to higher gas purchased for resale ($54 million) and higher revenues from the New York gas rate plan ($1 million). Gas purchased for resale increased $54 million in 2025 compared with 2024 due to higher unit costs ($33 million) and higher purchased volumes ($21 million). Depreciation and amortization expenses increased $5 million in 2025 compared with 2024 primarily due to higher gas utility plant balances.", "prior_body": "Income taxes decreased $44 million in 2024 compared with 2023 primarily due to higher amortization of excess deferred federal income taxes ($31 million) and the absence in 2024 of a remeasurement of state deferred income tax assets and liabilities as a result of the enacted New York State legislation in 2023 ($10 million). O&R For the Year Ended December 31, 2024 For the Year Ended December 31, 2023 (Millions of Dollars)ElectricGas2024 TotalElectricGas2023 Total2024-2023VariationOperating revenues$852$273$1,125$759$297$1,056$69Purchased power290—290247—24743Gas purchased for resale—7575—111111(36)Other operations and maintenance306813872928337512Depreciation and amortization8235117763010611Taxes, other than income taxes6233955932914Operating income$112$49$161$85$41$126$35 Electric O&R’s results of electric operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$852$759$93Purchased power29024743Other operations and maintenance30629214Depreciation and amortization82766Taxes, other than income taxes62593Electric operating income$112$85$27 O&R’s electric sales and deliveries in 2024 compared with 2023 were: CON EDISON ANNUAL REPORT 202465 CON EDISON ANNUAL REPORT 202465 CON EDISON ANNUAL REPORT 202465 65 Millions of kWh Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2024December 31, 2023VariationPercentVariation December 31, 2024December 31, 2023VariationPercentVariationResidential/Religious (b)2,133 1,917 216 11.3 %$474$419$5513.1 %Commercial/Industrial965 958 7 0.7 1671472013.6 Retail choice customers2,522 2,397 125 5.2 1981722615.1 Public authorities114 113 1 0.9 1212——Other operating revenues (c)— — — —19(8)(88.9)Total5,734 5,385 349 6.5 %(d)$852$759$9312.3 % Percent Variation Percent Variation (a)O&R’s New York electric delivery revenues are subject to a revenue decoupling mechanism, as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The majority of O&R’s electric distribution revenues in New Jersey are subject to a conservation incentive program, as a result of which distribution revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. O&R’s electric transmission revenues in New Jersey are not subject to a conservation incentive program, and as a result, changes in such volumes do impact revenues. (b)“Residential/Religious” generally includes single-family dwellings, individual apartments in multi-family dwellings, religious organizations and certain other not-for-profit organizations. (c)Other electric operating revenues generally reflect changes in regulatory assets and liabilities in accordance with O&R’s electric rate plan. (d)After adjusting for weather and other variations, electric delivery volumes in O&R’s service area increased 2.7 percent in 2024 compared with 2023. Operating revenues increased $93 million in 2024 compared with 2023 primarily due to higher purchased power expenses ($43 million) and higher revenues from the New York electric rate plan ($39 million), higher revenue related to the Clean Energy Act ($3 million) and a change in incentives earned under the earnings adjustment mechanisms ($1 million). Purchased power expenses increased $43 million in 2024 compared with 2023 due to higher purchased volumes ($35 million) and unit costs ($8 million). Other operations and maintenance expenses increased $14 million in 2024 compared with 2023 primarily due to higher regulatory System Benefit Charges ($6 million), higher regulatory amortizations ($4 million), higher expenses associated with the New Jersey Clean Energy Act ($3 million) and higher tree trimming costs ($2 million). Depreciation and amortization expenses increased $6 million in 2024 compared with 2023 primarily due to higher electric utility plant balances. Taxes, other than income taxes increased $3 million in 2024 compared with 2023 primarily due to higher property taxes ($2 million) and higher state and local revenue taxes ($1 million). Gas O&R’s results of gas operations for the year ended December 31, 2024 compared with the year ended December 31, 2023 were as follows: For the Years Ended December 31,(Millions of Dollars)20242023VariationOperating revenues$273$297$(24)Gas purchased for resale75111(36)Other operations and maintenance8183(2)Depreciation and amortization35305Taxes, other than income taxes33321Gas operating income$49$41$8 O&R’s gas sales and deliveries, excluding off-system sales, in 2024 compared with 2023 were: 66CON EDISON ANNUAL REPORT 2024 66CON EDISON ANNUAL REPORT 2024 66CON EDISON ANNUAL REPORT 2024 66 Thousands of Dt Delivered Revenues in Millions (a) For the Years Ended For the Years Ended DescriptionDecember 31, 2024December 31, 2023VariationPercentVariationDecember 31, 2024December 31, 2023VariationPercentVariationResidential10,749 11,428 (679)(5.9)%$166$193$(27)(14.0)%General1,767 2,929 (1,162)(39.7)2137(16)(43.2)Firm transportation4,623 5,055 (432)(8.5)3438(4)(10.5)Total firm sales and transportation17,139 19,412 (2,273)(11.7)(b) 221268(47)(17.5)Interruptible sales3,712 3,301 411 12.5 %76116.7 %Generation plants10 4 6 Large————Other710 672 38 5.7 11 — —Other gas revenues— — — —442222LargeTotal21,571 23,389 (1,818)(7.8)%$273$297$(24)(8.1)% Percent Variation (a)Revenues from New York gas sales are subject to a weather normalization clause and a revenue decoupling mechanism, as a result of which, delivery revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. (b)After adjusting for weather and other variations, firm sales and transportation volumes in O&R’s service area decreased 1.4 percent in 2024 compared with 2023. Operating revenues decreased $24 million in 2024 compared with 2023 primarily due to lower gas purchased for resale ($36 million), offset in part by higher revenues from the New York gas rate plan ($3 million) and a change in incentives earned under the earnings adjustment mechanisms ($2 million). Gas purchased for resale decreased $36 million in 2024 compared with 2023 due to lower purchased volumes ($18 million) and unit cost ($18 million). Other operations and maintenance expenses decreased $2 million in 2024 compared with 2023 primarily due to lower pension costs. Depreciation and amortization expenses increased $5 million in 2024 compared with 2023 primarily due to higher gas utility plant balances." }, { "status": "MODIFIED", "current_title": "Financial Statement Schedules", "prior_title": "Financial Statement Schedules", "similarity_score": 0.671, "confidence": "medium", "key_changes": [ "Reworded sentence: \"at December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024, and 2023 174 All other schedules are omitted because they are not applicable or the required information is shown in financial statements or notes thereto.\"" ], "current_body": "Schedule I - Condensed Financial Information of Consolidated Edison, Inc. at December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024, and 2023 174 All other schedules are omitted because they are not applicable or the required information is shown in financial statements or notes thereto. 80CON EDISON ANNUAL REPORT 2025 80CON EDISON ANNUAL REPORT 2025 80CON EDISON ANNUAL REPORT 2025 80 CON EDISON ANNUAL REPORT 2025", "prior_body": "Schedule I - Condensed Financial Information of Consolidated Edison, Inc. at December 31, 2024 and 2023 and for the years ended December 31, 2024, 2023, and 2022 176 All other schedules are omitted because they are not applicable or the required information is shown in financial statements or notes thereto. CON EDISON ANNUAL REPORT 202483 CON EDISON ANNUAL REPORT 202483 CON EDISON ANNUAL REPORT 202483 83" }, { "status": "MODIFIED", "current_title": "Consolidated Statement of Cash Flows", "prior_title": "Consolidated Statement of Cash Flows", "similarity_score": 0.627, "confidence": "medium", "key_changes": [ "Reworded sentence: \"For the Years Ended December 31,(Millions of Dollars)202520242023OPERATING ACTIVITIESNet income$2,023$1,820$2,516PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOMEDepreciation and amortization2,3212,1552,031Deferred income taxes590416132Rate case amortization and accruals25820192Net derivatives losses——12Pre-tax loss (gain) on sale of the Clean Energy Businesses—62(865)Other non-cash items, net(55)(85)(93)CHANGES IN ASSETS AND LIABILITIESAccounts receivable – customers, net(30)(263)(275)Unbilled revenue and net unbilled revenue deferrals1575(48)Other receivables, net and other current assets(33)71140Taxes receivable134(144)3Prepayments6425(200)Accounts payable161(1)(285)Pensions and retiree benefits obligations, net(582)(284)(179)Pensions and retiree benefits contributions(61)(26)(33)Accrued taxes33(5)(13)Accrued interest2428(7)Superfund and other environmental costs, net(22)(43)(12)Distributions from equity investments703531Deferred charges, noncurrent assets, leases, net and other regulatory assets(721)(797)(1,200)Deferred credits, noncurrent liabilities and other regulatory liabilities448475196Other current liabilities163(101)213NET CASH FLOWS FROM OPERATING ACTIVITIES4,8003,6142,156INVESTING ACTIVITIESUtility capital expenditures (4,764)(4,770)(4,353)Cost of removal less salvage(481)(474)(387)Non-utility capital expenditures—(1)(141)Proceeds from sale of Broken Bow II, net of cash and cash equivalents sold45—3,927Other investing activities(49)(28)(49)NET CASH FLOWS USED IN INVESTING ACTIVITIES(5,249)(5,273)(1,003)FINANCING ACTIVITIESNet payment of short-term debt (Maturities 90 days or less)(895)(118)(202)Issuance of short-term debt (Maturities greater than 90 days)300——Borrowing under term loan200500200Repayment of term loan(200)—(750)Issuance of long-term debt1,1502,9752,050Retirement of long-term debt—(477)(710)Debt issuance costs(15)(43)(32)Common stock dividends(1,166)(1,100)(1,096)Issuance of common shares - public offering1,308——Issuance of common shares for stock plans646056Repurchase of common shares——(1,000)Distribution to noncontrolling interest——(4)NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES7461,797(1,488)CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:NET CHANGE FOR THE PERIOD297138(335)BALANCE AT BEGINNING OF PERIOD1,3331,1951,530BALANCE AT END OF PERIOD$1,630$1,333$1,195LESS: CASH AND RESTRICTED CASH BALANCES HELD FOR SALE—95BALANCE AT END OF PERIOD EXCLUDING HELD FOR SALE$1,630$1,324$1,190SUPPLEMENTAL DISCLOSURE OF CASH INFORMATIONCash paid (received) during the period for:Interest, net of capitalized interest$1,147$1,072$987SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATIONCapital expenditures in accounts payable$794$501$598Issuance of common shares for dividend reinvestment$48$49$31Equipment acquired but unpaid as of end of period$—$6$11 The accompanying notes are an integral part of these financial statements.\"" ], "current_body": "For the Years Ended December 31,(Millions of Dollars)202520242023OPERATING ACTIVITIESNet income$2,023$1,820$2,516PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOMEDepreciation and amortization2,3212,1552,031Deferred income taxes590416132Rate case amortization and accruals25820192Net derivatives losses——12Pre-tax loss (gain) on sale of the Clean Energy Businesses—62(865)Other non-cash items, net(55)(85)(93)CHANGES IN ASSETS AND LIABILITIESAccounts receivable – customers, net(30)(263)(275)Unbilled revenue and net unbilled revenue deferrals1575(48)Other receivables, net and other current assets(33)71140Taxes receivable134(144)3Prepayments6425(200)Accounts payable161(1)(285)Pensions and retiree benefits obligations, net(582)(284)(179)Pensions and retiree benefits contributions(61)(26)(33)Accrued taxes33(5)(13)Accrued interest2428(7)Superfund and other environmental costs, net(22)(43)(12)Distributions from equity investments703531Deferred charges, noncurrent assets, leases, net and other regulatory assets(721)(797)(1,200)Deferred credits, noncurrent liabilities and other regulatory liabilities448475196Other current liabilities163(101)213NET CASH FLOWS FROM OPERATING ACTIVITIES4,8003,6142,156INVESTING ACTIVITIESUtility capital expenditures (4,764)(4,770)(4,353)Cost of removal less salvage(481)(474)(387)Non-utility capital expenditures—(1)(141)Proceeds from sale of Broken Bow II, net of cash and cash equivalents sold45—3,927Other investing activities(49)(28)(49)NET CASH FLOWS USED IN INVESTING ACTIVITIES(5,249)(5,273)(1,003)FINANCING ACTIVITIESNet payment of short-term debt (Maturities 90 days or less)(895)(118)(202)Issuance of short-term debt (Maturities greater than 90 days)300——Borrowing under term loan200500200Repayment of term loan(200)—(750)Issuance of long-term debt1,1502,9752,050Retirement of long-term debt—(477)(710)Debt issuance costs(15)(43)(32)Common stock dividends(1,166)(1,100)(1,096)Issuance of common shares - public offering1,308——Issuance of common shares for stock plans646056Repurchase of common shares——(1,000)Distribution to noncontrolling interest——(4)NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES7461,797(1,488)CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:NET CHANGE FOR THE PERIOD297138(335)BALANCE AT BEGINNING OF PERIOD1,3331,1951,530BALANCE AT END OF PERIOD$1,630$1,333$1,195LESS: CASH AND RESTRICTED CASH BALANCES HELD FOR SALE—95BALANCE AT END OF PERIOD EXCLUDING HELD FOR SALE$1,630$1,324$1,190SUPPLEMENTAL DISCLOSURE OF CASH INFORMATIONCash paid (received) during the period for:Interest, net of capitalized interest$1,147$1,072$987SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATIONCapital expenditures in accounts payable$794$501$598Issuance of common shares for dividend reinvestment$48$49$31Equipment acquired but unpaid as of end of period$—$6$11 The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 2025 86 CON EDISON ANNUAL REPORT 2025 86 CON EDISON ANNUAL REPORT 2025 86 CON EDISON ANNUAL REPORT 2025 86", "prior_body": "For the Years Ended December 31,(Millions of Dollars)202420232022OPERATING ACTIVITIESNet income$1,820$2,516$1,600PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOMEDepreciation and amortization2,1552,0312,056Deferred income taxes416132435Rate case amortization and accruals2019273Net derivative (gains) losses—12(181)Pre-tax loss (gain) on sale of the Clean Energy Businesses62(865)—Other non-cash items, net(85)(93)102CHANGES IN ASSETS AND LIABILITIESAccounts receivable - customers, net(263)(275)(296)Unbilled revenue and net unbilled revenue deferrals75(48)(96)Materials and supplies, including fuel oil and gas in storage(16)38(111)Revenue decoupling mechanism receivable —(39)26Other receivables, net and other current assets87141(36)Taxes receivable(144)33Prepayments25(200)26Accounts payable(1)(285)558Pensions and retiree benefits obligations, net(284)(179)155Pensions and retiree benefits contributions(26)(33)(39)Accrued taxes(5)(13)7Accrued interest28(7)42Superfund and environmental remediation costs, net(43)(12)(22)Distributions from equity investments 353120Deferred charges, noncurrent assets, leases, net and other regulatory assets(797)(1,200)(833)Deferred credits, noncurrent liabilities and other regulatory liabilities475196445Other current liabilities(101)2131NET CASH FLOWS FROM OPERATING ACTIVITIES3,6142,1563,935INVESTING ACTIVITIESUtility capital expenditures(4,770)(4,353)(3,824)Cost of removal less salvage(474)(387)(337)Non-utility capital expenditures(1)(141)(344)Proceeds from sale of the Clean Energy Businesses, net of cash and cash equivalents sold—3,927—Other investing activities(28)(49)(60)NET CASH FLOWS USED IN INVESTING ACTIVITIES(5,273)(1,003)(4,565)FINANCING ACTIVITIESNet issuance (payment) of short-term debt(118)(202)1,152Issuance of term loan500200550Retirement of term loan—(750)—Issuance of long-term debt2,9752,050800Retirement of long-term debt(477)(710)(406)Debt issuance costs(43)(32)(13)Common stock dividends(1,100)(1,096)(1,089)Issuance of common shares for stock plans605657Repurchase of common shares—(1,000)—Distribution to noncontrolling interest—(4)(37)NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES1,797(1,488)1,014CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH:NET CHANGE FOR THE PERIOD138(335)384BALANCE AT BEGINNING OF PERIOD1,1951,5301,146BALANCE AT END OF PERIOD$1,333$1,195$1,530LESS: CASH AND RESTRICTED CASH BALANCES HELD FOR SALE9 5 248BALANCE AT END OF PERIOD EXCLUDING HELD FOR SALE$1,324$1,190$1,282SUPPLEMENTAL DISCLOSURE OF CASH INFORMATIONCash paid during the period for:Interest, net of capitalized interest$1,072$987$900Income taxes$7$397$47SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATIONCapital expenditures in accounts payable$501$598$681Issuance of common shares for dividend reinvestment$49$31$31Software licenses acquired but unpaid as of end of period$—$—$2Equipment acquired but unpaid as of end of period $6$11$17 The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 202489 CON EDISON ANNUAL REPORT 202489 CON EDISON ANNUAL REPORT 202489 89" }, { "status": "MODIFIED", "current_title": "(Millions of Dollars)", "prior_title": "(Millions of Dollars)", "similarity_score": 0.611, "confidence": "medium", "key_changes": [ "Reworded sentence: \"(a) Other includes the parent company, Con Edison’s tax equity interests, consolidation adjustments and Broken Bow II, the deferred project held for sale at December 31, 2024, with the sale and transfer completed in January 2025.\"", "Reworded sentence: \"(b) Represents the consolidated results of operations of Con Edison and its businesses.\"" ], "current_body": "(a) Other includes the parent company, Con Edison’s tax equity interests, consolidation adjustments and Broken Bow II, the deferred project held for sale at December 31, 2024, with the sale and transfer completed in January 2025. See Note X to the financial statements in Item 8. (b) Represents the consolidated results of operations of Con Edison and its businesses. (c) See \"Reconciliation of Cash, Temporary Cash Investments and Restricted Cash\" in Note A to the financial statements in Item 8. CON EDISON ANNUAL REPORT 2025 69 CON EDISON ANNUAL REPORT 2025 69 CON EDISON ANNUAL REPORT 2025 69 CON EDISON ANNUAL REPORT 2025 69", "prior_body": "(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. (b) Other includes the parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. See Note X to the financial statements in Item 8. (c) Represents the consolidated results of operations of Con Edison and its businesses. (d) See \"Reconciliation of Cash, Temporary Cash Investments and Restricted Cash\" in Note A to the financial statements in Item 8. 70CON EDISON ANNUAL REPORT 2024 70CON EDISON ANNUAL REPORT 2024 70CON EDISON ANNUAL REPORT 2024 70" }, { "status": "MODIFIED", "current_title": "Consolidated Statement of Comprehensive Income", "prior_title": "Consolidated Statement of Comprehensive Income", "similarity_score": 0.598, "confidence": "low", "key_changes": [ "Reworded sentence: \"For the Years Ended December 31,(Millions of Dollars)202520242023NET INCOME$1,906$1,748$1,606OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXESPension and other postretirement benefit plan liability adjustments, net of taxes(13)8(2)TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES(13)8(2)COMPREHENSIVE INCOME$1,893$1,756$1,604 The accompanying notes are an integral part of these financial statements.\"" ], "current_body": "For the Years Ended December 31,(Millions of Dollars)202520242023NET INCOME$2,023$1,820$2,516LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST——3OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXESPension and other postretirement benefit plan liability adjustments, net of taxes(14)7—TOTAL OTHER COMPREHENSIVE INCOME (LOSS), NET OF TAXES(14)7—COMPREHENSIVE INCOME$2,009$1,827$2,519", "prior_body": "For the Years Ended December 31,(Millions of Dollars)202420232022NET INCOME$1,820$2,516$1,600LOSS ATTRIBUTABLE TO NON-CONTROLLING INTEREST —360OTHER COMPREHENSIVE INCOME, NET OF TAXESPension and other postretirement benefit plan liability adjustments, net of taxes7—16Other income, net of taxes ——1TOTAL OTHER COMPREHENSIVE INCOME, NET OF TAXES7—17COMPREHENSIVE INCOME$1,827$2,519$1,677" }, { "status": "MODIFIED", "current_title": "Con Edison Transmission", "prior_title": "Con Edison Transmission", "similarity_score": 0.59, "confidence": "low", "key_changes": [ "Reworded sentence: \"Investments at December 31, 2025 were $43 million higher than at December 31, 2024.\"" ], "current_body": "Con Edison Transmission has no properties. Con Edison Transmission has ownership interests in electric and gas transmission companies. For information about these companies, see \"Con Edison Transmission\" in Item 1 (which information is incorporated herein by reference). Item 3: Legal Proceedings For information about certain legal proceedings affecting the Companies, see “Other Regulatory Matters” in Note B and “Superfund Sites” and “Asbestos Proceedings” in Note G and \"Manhattan Explosion and Fire\" in Note H to the financial statements in Item 8 and “Environmental Matters – CECONY” and “Environmental Matters – O&R” in Item 1 of this report, which information is incorporated herein by reference. Item 4: Mine Safety Disclosures Not applicable. CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49", "prior_body": "Con Edison Transmission has no properties. Con Edison Transmission has ownership interests in electric and gas transmission companies. For information about these companies, see \"Con Edison Transmission\" in Item 1 (which information is incorporated herein by reference). Item 3: Legal Proceedings For information about certain legal proceedings affecting the Companies, see “Other Regulatory Matters” in Note B and “Superfund Sites” and “Asbestos Proceedings” in Note G and \"Manhattan Explosion and Fire\" in Note H to the financial statements in Item 8 and “Environmental Matters – CECONY” and “Environmental Matters – O&R” in Item 1 of this report, which information is incorporated herein by reference. Item 4: Mine Safety Disclosures Not applicable. CON EDISON ANNUAL REPORT 202451 CON EDISON ANNUAL REPORT 202451 CON EDISON ANNUAL REPORT 202451 51" }, { "status": "MODIFIED", "current_title": "Consolidated Edison Company of New York, Inc.", "prior_title": "Consolidated Edison Company of New York, Inc.", "similarity_score": 0.584, "confidence": "low", "key_changes": [ "Reworded sentence: \"Consolidated Statement of Cash Flows For the Years Ended December 31,(Millions of Dollars)202520242023OPERATING ACTIVITIESNet income$1,906$1,748$1,606PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOMEDepreciation and amortization2,1932,0371,924Deferred income taxes435464556Rate case amortization and accruals26317972Other non-cash items, net(5)(27)(42)CHANGES IN ASSETS AND LIABILITIESAccounts receivable – customers, net(23)(264)(270)Unbilled revenue and net unbilled revenue deferrals1564(47)Other receivables, net and other current assets(105)92(142)Accounts receivable from (to) affiliated companies314(238)(100)Prepayments66(66)(106)Accounts payable1518(137)Accounts payable from (to) affiliated companies136(1)Pensions and retiree benefits obligations, net(553)(283)(181)Pensions and retiree benefits contributions(61)(26)(33)Superfund and other environmental costs, net(23)(43)(12)Accrued taxes3010(35)Accrued taxes to affiliated companies1—(88)Accrued interest212625Deferred charges, noncurrent assets, leases, net and other regulatory assets(699)(677)(1,142)Deferred credits, noncurrent liabilities and other regulatory liabilities414447199Other current liabilities176(99)239NET CASH FLOWS FROM OPERATING ACTIVITIES4,5293,3582,285INVESTING ACTIVITIESUtility capital expenditures(4,331)(4,456)(4,059)Cost of removal less salvage(469)(467)(380)NET CASH FLOWS USED IN INVESTING ACTIVITIES(4,800)(4,923)(4,439)FINANCING ACTIVITIESNet payment of short-term debt (Maturities 90 days or less)(754)(209)(397)Issuance of short-term debt (Maturities greater than 90 days)300——Borrowing under term loan200500—Repayment of term loan(200)——Issuance of long-term debt9002,8502,000Retirement of long-term debt—(475)—Debt issuance costs(14)(42)(31)Capital contribution by Con Edison1,3001301,720Dividend to Con Edison(1,134)(1,073)(1,056)NET CASH FLOWS FROM FINANCING ACTIVITIES5981,6812,236CASH AND TEMPORARY CASH INVESTMENTSNET CHANGE FOR THE PERIOD32711682BALANCE AT BEGINNING OF PERIOD1,2541,1381,056BALANCE AT END OF PERIOD$1,581$1,254$1,138SUPPLEMENTAL DISCLOSURE OF CASH INFORMATIONCash paid (received) during the period for:Interest, net of capitalized interest$1,077$1,001$882SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATIONCapital expenditures in accounts payable$711$461$564Equipment acquired but unpaid as of end of period$—$6$11 The accompanying notes are an integral part of these financial statements.\"" ], "current_body": "Consolidated Statement of Cash Flows For the Years Ended December 31,(Millions of Dollars)202520242023OPERATING ACTIVITIESNet income$1,906$1,748$1,606PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOMEDepreciation and amortization2,1932,0371,924Deferred income taxes435464556Rate case amortization and accruals26317972Other non-cash items, net(5)(27)(42)CHANGES IN ASSETS AND LIABILITIESAccounts receivable – customers, net(23)(264)(270)Unbilled revenue and net unbilled revenue deferrals1564(47)Other receivables, net and other current assets(105)92(142)Accounts receivable from (to) affiliated companies314(238)(100)Prepayments66(66)(106)Accounts payable1518(137)Accounts payable from (to) affiliated companies136(1)Pensions and retiree benefits obligations, net(553)(283)(181)Pensions and retiree benefits contributions(61)(26)(33)Superfund and other environmental costs, net(23)(43)(12)Accrued taxes3010(35)Accrued taxes to affiliated companies1—(88)Accrued interest212625Deferred charges, noncurrent assets, leases, net and other regulatory assets(699)(677)(1,142)Deferred credits, noncurrent liabilities and other regulatory liabilities414447199Other current liabilities176(99)239NET CASH FLOWS FROM OPERATING ACTIVITIES4,5293,3582,285INVESTING ACTIVITIESUtility capital expenditures(4,331)(4,456)(4,059)Cost of removal less salvage(469)(467)(380)NET CASH FLOWS USED IN INVESTING ACTIVITIES(4,800)(4,923)(4,439)FINANCING ACTIVITIESNet payment of short-term debt (Maturities 90 days or less)(754)(209)(397)Issuance of short-term debt (Maturities greater than 90 days)300——Borrowing under term loan200500—Repayment of term loan(200)——Issuance of long-term debt9002,8502,000Retirement of long-term debt—(475)—Debt issuance costs(14)(42)(31)Capital contribution by Con Edison1,3001301,720Dividend to Con Edison(1,134)(1,073)(1,056)NET CASH FLOWS FROM FINANCING ACTIVITIES5981,6812,236CASH AND TEMPORARY CASH INVESTMENTSNET CHANGE FOR THE PERIOD32711682BALANCE AT BEGINNING OF PERIOD1,2541,1381,056BALANCE AT END OF PERIOD$1,581$1,254$1,138SUPPLEMENTAL DISCLOSURE OF CASH INFORMATIONCash paid (received) during the period for:Interest, net of capitalized interest$1,077$1,001$882SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATIONCapital expenditures in accounts payable$711$461$564Equipment acquired but unpaid as of end of period$—$6$11 The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 2025 98 CON EDISON ANNUAL REPORT 2025 98 CON EDISON ANNUAL REPORT 2025 98 CON EDISON ANNUAL REPORT 2025 98", "prior_body": "Consolidated Statement of Cash Flows For the Years Ended December 31,(Millions of Dollars)202420232022OPERATING ACTIVITIESNet income$1,748$1,606$1,390PRINCIPAL NON-CASH CHARGES/(CREDITS) TO INCOMEDepreciation and amortization2,0371,9241,778Deferred income taxes46455685Rate case amortization and accruals1797255Other non-cash items, net(27)(42)160CHANGES IN ASSETS AND LIABILITIESAccounts receivable - customers, net(264)(270)(276)Materials and supplies, including fuel oil and gas in storage(7)18(71)Revenue decoupling mechanism receivable 13(26)27Other receivables, net and other current assets86(134)99Accounts receivables from (to) affiliated companies(238)(100)(8)Unbilled revenue and net unbilled revenue deferrals64(47)(28)Prepayments(66)(106)(11)Accounts payable8(137)322Accounts payable from (to) affiliated companies6(1)(1)Pensions and retiree benefits obligations, net(283)(181)162Pensions and retiree benefits contributions(26)(33)(26)Superfund and environmental remediation costs, net(43)(12)(20)Accrued taxes10(35)15Accrued taxes from (to) affiliated companies—(88)79Accrued interest26257Deferred charges, noncurrent assets, leases, net and other regulatory assets(677)(1,142)(814)Deferred credits, noncurrent liabilities and other regulatory liabilities447199332Other current liabilities(99)2397NET CASH FLOWS FROM OPERATING ACTIVITIES3,3582,2853,263INVESTING ACTIVITIESUtility capital expenditures(4,456)(4,059)(3,596)Cost of removal less salvage(467)(380)(330)NET CASH FLOWS USED IN INVESTING ACTIVITIES(4,923)(4,439)(3,926)FINANCING ACTIVITIESNet issuance (payment) of short-term debt(209)(397)939Issuance of term loan500——Issuance of long-term debt2,8502,000700Retirement of long-term debt(475)——Debt issuance costs(42)(31)(12)Capital contribution by Con Edison1301,720150Dividend to Con Edison(1,073)(1,056)(978)NET CASH FLOWS FROM FINANCING ACTIVITIES1,6812,236799CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASHNET CHANGE FOR THE PERIOD11682136BALANCE AT BEGINNING OF PERIOD1,1381,056920BALANCE AT END OF PERIOD$1,254$1,138$1,056SUPPLEMENTAL DISCLOSURE OF CASH INFORMATIONCash paid (received) during the period for:Interest, net of capitalized interest$1,001$882$755Income taxes$63$(27)$87SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATIONCapital expenditures in accounts payable$461$564$561Software licenses acquired but unpaid as of end of period$—$—$2Equipment acquired but unpaid as of end of period$6$11$17 The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 2024101 CON EDISON ANNUAL REPORT 2024101 CON EDISON ANNUAL REPORT 2024101 101" }, { "status": "MODIFIED", "current_title": "Con Edison Transmission", "prior_title": "Con Edison Transmission", "similarity_score": 0.579, "confidence": "low", "key_changes": [ "Reworded sentence: \"54CON EDISON ANNUAL REPORT 2025 54CON EDISON ANNUAL REPORT 2025 54CON EDISON ANNUAL REPORT 2025 54 CON EDISON ANNUAL REPORT 2025 Con Edison Transmission, through its New York Transco partnership and jointly with the New York Power Authority (NYPA), is developing the Propel NY Energy transmission project, a 90-mile electric transmission project that is expected to increase high voltage transmission connections between Long Island and the rest of New York State.\"", "Reworded sentence: \"Certain financial data of Con Edison’s businesses are presented below: For the Year Ended December 31, 2025At December 31, 2025(Millions of Dollars,except percentages)OperatingRevenuesNet Income for Common StockAssetsCECONY$15,65193%$1,90694%$69,31693%O&R1,2657%1085%4,4206%Total Utilities16,916100%2,01499%73,73699%Con Edison Transmission4—%141%4881%Other (a)(2)—%(5)— %3791%Total Con Edison$16,918100%$2,023100%$74,603101% (a)Other includes the parent company, Con Edison’s tax equity 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 completed in January 2025.\"" ], "current_body": "Con Edison Transmission has no properties. Con Edison Transmission has ownership interests in electric and gas transmission companies. For information about these companies, see \"Con Edison Transmission\" in Item 1 (which information is incorporated herein by reference). Item 3: Legal Proceedings For information about certain legal proceedings affecting the Companies, see “Other Regulatory Matters” in Note B and “Superfund Sites” and “Asbestos Proceedings” in Note G and \"Manhattan Explosion and Fire\" in Note H to the financial statements in Item 8 and “Environmental Matters – CECONY” and “Environmental Matters – O&R” in Item 1 of this report, which information is incorporated herein by reference. Item 4: Mine Safety Disclosures Not applicable. CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49 CON EDISON ANNUAL REPORT 2025 49", "prior_body": "Con Edison Transmission has no properties. Con Edison Transmission has ownership interests in electric and gas transmission companies. For information about these companies, see \"Con Edison Transmission\" in Item 1 (which information is incorporated herein by reference). Item 3: Legal Proceedings For information about certain legal proceedings affecting the Companies, see “Other Regulatory Matters” in Note B and “Superfund Sites” and “Asbestos Proceedings” in Note G and \"Manhattan Explosion and Fire\" in Note H to the financial statements in Item 8 and “Environmental Matters – CECONY” and “Environmental Matters – O&R” in Item 1 of this report, which information is incorporated herein by reference. Item 4: Mine Safety Disclosures Not applicable. CON EDISON ANNUAL REPORT 202451 CON EDISON ANNUAL REPORT 202451 CON EDISON ANNUAL REPORT 202451 51" }, { "status": "MODIFIED", "current_title": "LONG-TERM DEBT (Millions of Dollars)", "prior_title": "LONG-TERM DEBT (Millions of Dollars)", "similarity_score": 0.552, "confidence": "low", "key_changes": [ "Reworded sentence: \"91CON EDISON ANNUAL REPORT 2025 91CON EDISON ANNUAL REPORT 2025 91CON EDISON ANNUAL REPORT 2025 91 CON EDISON ANNUAL REPORT 2025 20536.592023A505020545.702024B1,0001,00020545.412024A12512520544.6252014C75075020555.502024E65065020555.992025A250—20555.752025A900—20564.302016C50050020574.002017C35035020584.502018B70070020593.702019B60060020603.002020C60060020613.602021B750750TOTAL DEBENTURES$25,825$24,675TAX-EXEMPT DEBT - Notes issued to New York State Energy Research and Development Authority for Facilities Revenue Bonds:20392.23(b)2004C999920392.20(b)2005A126126TOTAL TAX-EXEMPT DEBT22522520394.82(c)Broken Bow II—59TOTAL PROJECT DEBT—59Unamortized debt expense(179)(179)Unamortized debt discount(70)(70)TOTAL25,80124,710Less: Long-term debt due within one year250—TOTAL LONG-TERM DEBT25,55124,710Less: Held for sale project debt, net (c)—59TOTAL LONG-TERM DEBT EXCLUDING HELD FOR SALE25,55124,651TOTAL CAPITALIZATION$49,741$46,613 (a) Rates reset quarterly; December 31, 2025 floating rate equals SOFR+0.52 percent.\"", "Reworded sentence: \"CON EDISON ANNUAL REPORT 2025 92 CON EDISON ANNUAL REPORT 2025 92 CON EDISON ANNUAL REPORT 2025 92 CON EDISON ANNUAL REPORT 2025 92\"" ], "current_body": "91CON EDISON ANNUAL REPORT 2025 91CON EDISON ANNUAL REPORT 2025 91CON EDISON ANNUAL REPORT 2025 91 CON EDISON ANNUAL REPORT 2025 20536.592023A505020545.702024B1,0001,00020545.412024A12512520544.6252014C75075020555.502024E65065020555.992025A250—20555.752025A900—20564.302016C50050020574.002017C35035020584.502018B70070020593.702019B60060020603.002020C60060020613.602021B750750TOTAL DEBENTURES$25,825$24,675TAX-EXEMPT DEBT - Notes issued to New York State Energy Research and Development Authority for Facilities Revenue Bonds:20392.23(b)2004C999920392.20(b)2005A126126TOTAL TAX-EXEMPT DEBT22522520394.82(c)Broken Bow II—59TOTAL PROJECT DEBT—59Unamortized debt expense(179)(179)Unamortized debt discount(70)(70)TOTAL25,80124,710Less: Long-term debt due within one year250—TOTAL LONG-TERM DEBT25,55124,710Less: Held for sale project debt, net (c)—59TOTAL LONG-TERM DEBT EXCLUDING HELD FOR SALE25,55124,651TOTAL CAPITALIZATION$49,741$46,613 (a) Rates reset quarterly; December 31, 2025 floating rate equals SOFR+0.52 percent. (b) Rates reset weekly; December 31, 2025 rates shown (c) The sale and transfer of Broken Bow II, including the related debt, was completed in January 2025. See Notes C, W and X. The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 2025 92 CON EDISON ANNUAL REPORT 2025 92 CON EDISON ANNUAL REPORT 2025 92 CON EDISON ANNUAL REPORT 2025 92", "prior_body": "94CON EDISON ANNUAL REPORT 2024 94CON EDISON ANNUAL REPORT 2024 94CON EDISON ANNUAL REPORT 2024 94 20535.902023C90090020536.592023A505020545.702024B1,000—20545.412024A125—20544.6252014C75075020555.502024E650—20564.302016C50050020574.002017C35035020584.502018B70070020593.702019B60060020603.002020C60060020613.602021B750750TOTAL DEBENTURES$24,675$21,950TAX-EXEMPT DEBT - Notes issued to New York State Energy Research and Development Authority for Facilities Revenue Bonds:20363.23(b)2010A$—$22520393.47(c)2004C999920393.40(c)2005A126126TOTAL TAX-EXEMPT DEBT 22545020394.82(d)Broken Bow II5962TOTAL PROJECT DEBT 5962Unamortized debt expense(179)(162)Unamortized debt discount (70)(60)TOTAL24,71022,240Less: Long-term debt due within one year —251TOTAL LONG-TERM DEBT 24,71021,989Less: Held for sale project debt, net (c)5962TOTAL LONG-TERM DEBT EXCLUDING HELD FOR SALE24,65121,927TOTAL CAPITALIZATION $46,613$43,085 (d) (a) Rates reset quarterly; December 31, 2024 floating rate equals SOFR+0.52 percent. (b) 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. (c) Rates reset weekly; December 31, 2024 rates shown (d) The sale and transfer of Broken Bow II, including the related debt, was completed in January 2025. See Notes C, W and X. The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 202495 CON EDISON ANNUAL REPORT 202495 CON EDISON ANNUAL REPORT 202495 95" }, { "status": "MODIFIED", "current_title": "Con Edison (b)", "prior_title": "Con Edison (b)", "similarity_score": 0.54, "confidence": "low", "key_changes": [ "Reworded sentence: \"Gain on the sale of an interest in a solar electric production project (a) Other includes the parent company, Con Edison’s tax equity 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 completed in January 2025.\"", "Reworded sentence: \"60CON EDISON ANNUAL REPORT 2025 60CON EDISON ANNUAL REPORT 2025 60CON EDISON ANNUAL REPORT 2025 60 CON EDISON ANNUAL REPORT 2025\"" ], "current_body": "Gain on the sale of an interest in a solar electric production project (a) Other includes the parent company, Con Edison’s tax equity 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 completed in January 2025. See Note X to the financial statements in Item 8. (b) Represents the consolidated results of operations of Con Edison and its businesses. 60CON EDISON ANNUAL REPORT 2025 60CON EDISON ANNUAL REPORT 2025 60CON EDISON ANNUAL REPORT 2025 60 CON EDISON ANNUAL REPORT 2025", "prior_body": "(a) Other includes the parent company, Con Edison’s tax equity investments, consolidation adjustments and Broken Bow II, the deferred project held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. See Note X to the financial statements in Item 8. (b) Represents the consolidated results of operations of Con Edison and its businesses. (c) 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. CON EDISON ANNUAL REPORT 202461 CON EDISON ANNUAL REPORT 202461 CON EDISON ANNUAL REPORT 202461 61" }, { "status": "MODIFIED", "current_title": "Consolidated Income Statement", "prior_title": "Consolidated Income Statement", "similarity_score": 0.481, "confidence": "low", "key_changes": [ "Reworded sentence: \"For the Years Ended December 31,(Millions of Dollars/Except Share Data)202520242023OPERATING REVENUESElectric$12,602$11,568$10,835Gas3,6103,1073,127Steam703578569Non-utility33132TOTAL OPERATING REVENUES16,91815,25614,663OPERATING EXPENSESPurchased power2,9452,5692,541Fuel261170282Gas purchased for resale899599829Other operations and maintenance3,8043,7513,606Depreciation and amortization2,3212,1552,031Taxes, other than income taxes3,7573,2803,043TOTAL OPERATING EXPENSES13,98712,52412,332Gain (Loss) on sale of the Clean Energy Businesses—(62)865Gain on the sale of an interest in a solar electric production project4——OPERATING INCOME2,9352,6703,196OTHER INCOME (DEDUCTIONS)Investment income636262Other income837635834Allowance for equity funds used during construction693826Other deductions(74)(80)(92)TOTAL OTHER INCOME895655830INCOME BEFORE INTEREST AND INCOME TAX EXPENSE3,8303,3254,026INTEREST EXPENSE (INCOME)Interest on long-term debt1,1761,084962Other interest expense119166113Allowance for borrowed funds used during construction(62)(63)(52)NET INTEREST EXPENSE1,2331,1871,023INCOME BEFORE INCOME TAX EXPENSE2,5972,1383,003INCOME TAX EXPENSE574318487NET INCOME$2,023$1,820$2,516Loss attributable to non-controlling interest——(3)NET INCOME FOR COMMON STOCK$2,023$1,820$2,519Net income per common share - basic$5.66$5.26$7.25Net income per common share - diluted$5.64$5.24$7.21AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS)357.4346.0347.7AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS)358.7347.3349.3 The accompanying notes are an integral part of these financial statements.\"" ], "current_body": "For the Years Ended December 31,(Millions of Dollars/Except Share Data)202520242023OPERATING REVENUESElectric$12,602$11,568$10,835Gas3,6103,1073,127Steam703578569Non-utility33132TOTAL OPERATING REVENUES16,91815,25614,663OPERATING EXPENSESPurchased power2,9452,5692,541Fuel261170282Gas purchased for resale899599829Other operations and maintenance3,8043,7513,606Depreciation and amortization2,3212,1552,031Taxes, other than income taxes3,7573,2803,043TOTAL OPERATING EXPENSES13,98712,52412,332Gain (Loss) on sale of the Clean Energy Businesses—(62)865Gain on the sale of an interest in a solar electric production project4——OPERATING INCOME2,9352,6703,196OTHER INCOME (DEDUCTIONS)Investment income636262Other income837635834Allowance for equity funds used during construction693826Other deductions(74)(80)(92)TOTAL OTHER INCOME895655830INCOME BEFORE INTEREST AND INCOME TAX EXPENSE3,8303,3254,026INTEREST EXPENSE (INCOME)Interest on long-term debt1,1761,084962Other interest expense119166113Allowance for borrowed funds used during construction(62)(63)(52)NET INTEREST EXPENSE1,2331,1871,023INCOME BEFORE INCOME TAX EXPENSE2,5972,1383,003INCOME TAX EXPENSE574318487NET INCOME$2,023$1,820$2,516Loss attributable to non-controlling interest——(3)NET INCOME FOR COMMON STOCK$2,023$1,820$2,519Net income per common share - basic$5.66$5.26$7.25Net income per common share - diluted$5.64$5.24$7.21AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS)357.4346.0347.7AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS)358.7347.3349.3 The accompanying notes are an integral part of these financial statements. 84CON EDISON ANNUAL REPORT 2025 84CON EDISON ANNUAL REPORT 2025 84CON EDISON ANNUAL REPORT 2025 84 CON EDISON ANNUAL REPORT 2025", "prior_body": "For the Years Ended December 31,(Millions of Dollars/Except Share Data)202420232022OPERATING REVENUESElectric$11,568$10,835$10,522Gas3,1073,1273,237Steam578569593Non-utility31321,318TOTAL OPERATING REVENUES15,25614,66315,670OPERATING EXPENSESPurchased power2,5692,5412,479Fuel170282356Gas purchased for resale5998291,245Other operations and maintenance3,7513,6063,905Depreciation and amortization2,1552,0312,056Taxes, other than income taxes3,2803,0433,005TOTAL OPERATING EXPENSES12,52412,33213,046Gain (Loss) on sale of the Clean Energy Businesses(62)865—OPERATING INCOME2,6703,1962,624OTHER INCOME (DEDUCTIONS)Investment income626220Other income635834402Allowance for equity funds used during construction382619Other deductions(80)(92)(115)TOTAL OTHER INCOME655830326INCOME BEFORE INTEREST AND INCOME TAX EXPENSE3,3254,0262,950INTEREST EXPENSE (INCOME)Interest on long-term debt1,084962987Other interest expense (income)166113(99)Allowance for borrowed funds used during construction(63)(52)(36)NET INTEREST EXPENSE1,1871,023852INCOME BEFORE INCOME TAX EXPENSE2,1383,0032,098INCOME TAX EXPENSE318487498NET INCOME$1,820$2,516$1,600Loss attributable to non-controlling interest$—$(3)$(60)NET INCOME FOR COMMON STOCK$1,820$2,519$1,660Net income per common share — basic$5.26$7.25$4.68Net income per common share — diluted$5.24$7.21$4.66AVERAGE NUMBER OF SHARES OUTSTANDING — BASIC (IN MILLIONS)346.0347.7354.5AVERAGE NUMBER OF SHARES OUTSTANDING — DILUTED (IN MILLIONS)347.3349.3355.8 The accompanying notes are an integral part of these financial statements. CON EDISON ANNUAL REPORT 202487 CON EDISON ANNUAL REPORT 202487 CON EDISON ANNUAL REPORT 202487 87" }, { "status": "MODIFIED", "current_title": "Consolidated Balance Sheet", "prior_title": "Consolidated Balance Sheet", "similarity_score": 0.475, "confidence": "low", "key_changes": [ "Reworded sentence: \"(Millions)December 31, 2025December 31, 2024ASSETSCURRENT ASSETSCash and temporary cash investments$1,581$1,254Accounts receivable – customers, net allowance for uncollectible accounts of $500 and $605 in 2025 and 2024, respectively2,4702,342Other receivables, net allowance for uncollectible accounts of $27 and $38 in 2025 and 2024, respectively213216Accrued unbilled revenue769803Accounts receivable from affiliated companies70384Fuel oil, gas in storage, materials and supplies, at average cost477429Prepayments329395Regulatory assets95106Revenue decoupling mechanism receivable 202177Fair value of derivative assets7411Other current assets153181TOTAL CURRENT ASSETS6,4336,298INVESTMENTS725684UTILITY PLANT, AT ORIGINAL COSTElectric41,85338,747Gas14,85113,934Steam3,2603,187General4,2264,520TOTAL64,19060,388Less: Accumulated depreciation15,32114,319Net48,86946,069Construction work in progress2,9912,912NET UTILITY PLANT51,86048,981NON-UTILITY PROPERTYNon-utility property, net accumulated depreciation of $25 in 2025 and 202412NET PLANT51,86148,983OTHER NONCURRENT ASSETSRegulatory assets5,2355,158Operating lease right-of-use asset488492Pension and retiree benefits4,1063,692Fair value of derivative assets11725Other deferred charges and noncurrent assets351318TOTAL OTHER NONCURRENT ASSETS10,2979,685TOTAL ASSETS$69,316$65,650 Accounts receivable – customers, net allowance for uncollectible accounts of $500 and $605 in 2025 and 2024, respectively Other receivables, net allowance for uncollectible accounts of $27 and $38 in 2025 and 2024, respectively Non-utility property, net accumulated depreciation of $25 in 2025 and 2024 The accompanying notes are an integral part of these financial statements.\"" ], "current_body": "(Millions)December 31, 2025December 31, 2024ASSETSCURRENT ASSETSCash and temporary cash investments$1,629$1,324Accounts receivable – customers, net allowance for uncollectible accounts of $507 and $620 in 2025 and 2024, respectively2,5832,440Other receivables, net allowance for uncollectible accounts of $35 and $41 in 2025 and 2024, respectively232292Taxes receivable11145Accrued unbilled revenue821848Fuel oil, gas in storage, materials and supplies, at average cost530485Prepayments381445Regulatory assets103141Revenue decoupling mechanism receivable213202Fair value of derivative assets8615Assets held for sale—133Other current assets161194TOTAL CURRENT ASSETS6,7506,664INVESTMENTS1,2131,126UTILITY PLANT, AT ORIGINAL COSTElectric44,48841,206Gas16,12715,127Steam3,2603,187General4,5764,851TOTAL68,45164,371Less: Accumulated depreciation16,46315,384Net51,98848,987Construction work in progress3,4143,165NET UTILITY PLANT55,40252,152NON-UTILITY PLANTNon-utility property, net accumulated depreciation of $25 in 2025 and 2024112Construction work in progress—1NET PLANT55,40352,165OTHER NONCURRENT ASSETSGoodwill406408Regulatory assets5,5995,523Pension and retiree benefits4,2273,791Operating lease right-of-use asset489493Fair value of derivative assets12627Other deferred charges and noncurrent assets390365TOTAL OTHER NONCURRENT ASSETS11,23710,607TOTAL ASSETS$74,603$70,562 Accounts receivable – customers, net allowance for uncollectible accounts of $507 and $620 in 2025 and 2024, respectively Other receivables, net allowance for uncollectible accounts of $35 and $41 in 2025 and 2024, respectively Taxes receivable Non-utility property, net accumulated depreciation of $25 in 2025 and 2024 The accompanying notes are an integral part of these financial statements. 87CON EDISON ANNUAL REPORT 2025 87CON EDISON ANNUAL REPORT 2025 87CON EDISON ANNUAL REPORT 2025 87 CON EDISON ANNUAL REPORT 2025", "prior_body": "(Millions of Dollars)December 31, 2024December 31, 2023ASSETSCURRENT ASSETSCash and temporary cash investments$1,324$1,189Accounts receivable — customers, net allowance for uncollectible accounts of $620 and $360 in 2024 and 2023, respectively2,4402,418Other receivables, net allowance for uncollectible accounts of $41 and $13 in 2024 and 2023, respectively292444Accrued unbilled revenue848722Taxes receivable1451Fuel oil, gas in storage, materials and supplies, at average cost485469Prepayments445470Regulatory assets141281Revenue decoupling mechanism receivable202203Fair value of derivative assets1552Assets held for sale133163Other current assets 194125TOTAL CURRENT ASSETS6,6646,537INVESTMENTS1,126999UTILITY PLANT, AT ORIGINAL COSTElectric41,20639,071Gas15,12714,318Steam3,1873,085General4,8514,835TOTAL64,37161,309Less: Accumulated depreciation15,38414,157Net48,98747,152Construction work in progress3,1652,442NET UTILITY PLANT52,15249,594NON-UTILITY PLANTNon-utility property, net accumulated depreciation of $25 and $24 in 2024 and 2023, respectively1213Construction work in progress11NET PLANT52,16549,608OTHER NONCURRENT ASSETSGoodwill408408Operating lease right-of-use-asset493533 Regulatory assets5,5234,607Pension and retiree benefits3,7913,275Fair value of derivative assets2748Other deferred charges and noncurrent assets 365316TOTAL OTHER NONCURRENT ASSETS10,6079,187TOTAL ASSETS$70,562$66,331 Accounts receivable — customers, net allowance for uncollectible accounts of $620 and $360 in 2024 and 2023, respectively Other receivables, net allowance for uncollectible accounts of $41 and $13 in 2024 and 2023, respectively Non-utility property, net accumulated depreciation of $25 and $24 in 2024 and 2023, respectively The accompanying notes are an integral part of these financial statements. 90CON EDISON ANNUAL REPORT 2024 90CON EDISON ANNUAL REPORT 2024 90CON EDISON ANNUAL REPORT 2024 90" }, { "status": "UNCHANGED", "current_title": "Basis for Opinions", "prior_title": "Basis for Opinions", "current_body": "The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions." }, { "status": "UNCHANGED", "current_title": "Basis for Opinions", "prior_title": "Basis for Opinions", "current_body": "The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control Over Financial Reporting. Our responsibility is to express opinions on the Company’s consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects. Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions." }, { "status": "UNCHANGED", "current_title": "Federal Income Tax", "prior_title": "Federal Income Tax", "current_body": "In accordance with accounting rules for income taxes, the Companies have recorded an accumulated deferred federal income tax liability at current tax rates for temporary differences between the book and tax basis of assets and liabilities. In accordance with rate plans, the Utilities have recovered amounts from customers for a portion of the tax liability they will pay in the future as a result of the reversal or “turn-around” of these temporary differences. As to the remaining deferred tax liability, the Utilities had established regulatory assets for the net revenue requirements to be recovered from customers for the related future tax expense pursuant to the NYSPSC's 1993 Policy Statement approving accounting procedures consistent with accounting rules for income taxes and providing assurances that these future increases in taxes will be recoverable in rates. Accumulated deferred investment tax credits are amortized ratably over the lives of the related properties and applied as a reduction to future federal income tax expense. Con Edison and its subsidiaries file a consolidated federal income tax return. The consolidated income tax liability is allocated to each member of the consolidated group using the separate return method. Each member pays or receives an amount based on its own taxable income or loss in accordance with a consolidated tax allocation agreement. Tax loss and tax credit carryforwards are allocated among members in accordance with consolidated tax return regulations." }, { "status": "UNCHANGED", "current_title": "Assets Held for Sale", "prior_title": "Assets Held for Sale", "current_body": "Generally, a long-lived asset or business to be sold is classified as held for sale in the period in which management, with approval from the Board of Directors, commits to a plan to sell, and a sale is expected to be completed within one year. Con Edison records assets and liabilities, once held for sale, at the lower of their carrying value or their estimated fair value less cost to sell, and also stops recording depreciation and amortization on assets held for sale. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses (which was classified as held for sale as of December 31, 2022) with the exception of two tax equity interests and one deferred project, Broken Bow II. In January 2025, Con Edison completed the sale and transfer of Broken Bow II to RWE. For further information, see Note W and Note X. The sale of the Clean Energy Businesses did not represent a strategic shift that had or would have had a major effect on Con Edison, and as such, the sale did not qualify for treatment as a discontinued operation. For further information, see Note W and Note X." }, { "status": "UNCHANGED", "current_title": "Accounting for Derivative Instruments", "prior_title": "Accounting for Derivative Instruments", "current_body": "The Companies apply the accounting rules for derivatives and hedging to their derivative financial instruments. The Companies use derivative financial instruments to hedge market price fluctuations in related underlying transactions for the physical purchase and sale of electricity and gas. The Utilities are permitted by their respective regulators to reflect in rates all reasonably incurred gains and losses on these instruments. See “Financial and Commodity Market Risks,” below and Note Q to the financial statements in Item 8. Where the Companies are required to make mark-to-market estimates pursuant to the accounting rules, the estimates of gains and losses at a particular period end do not reflect the end results of particular transactions and will most likely not reflect the actual gain or loss at the conclusion of a transaction. Substantially all of the estimated gains or losses are based on prices supplied by external sources such as the fair value of exchange-traded futures and options and the fair value of positions for which price quotations are available through or derived from brokers or other market sources. See Note Q to the financial statements in Item 8." }, { "status": "UNCHANGED", "current_title": "Report of Independent Registered Public Accounting Firm", "prior_title": "Report of Independent Registered Public Accounting Firm", "current_body": "To the Board of Directors and Shareholders of Consolidated Edison, Inc." }, { "status": "UNCHANGED", "current_title": "Recoverable Energy Costs", "prior_title": "Recoverable Energy Costs", "current_body": "The Utilities generally recover all of their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state public utility regulators. If the actual energy supply costs for a given month are more or less than the amounts billed to customers for that month, the difference in most cases is recoverable from or refundable to customers. Differences between actual and billed electric and steam supply costs are generally deferred for charge or refund to customers during the next billing cycle (normally within one or two months). For the Utilities’ gas costs, differences between actual and billed gas costs during the 12-month period ending each August are charged or refunded to customers during a subsequent 12-month period. one" }, { "status": "UNCHANGED", "current_title": "Environmental Matters", "prior_title": "Environmental Matters", "current_body": "For information concerning climate change, environmental sustainability, potential liabilities arising from laws and regulations protecting the environment and other environmental matters, see “Environmental Matters” in Item 1 and Note G to the financial statements in Item 8." }, { "status": "UNCHANGED", "current_title": "Financial and Commodity Market Risks", "prior_title": "Financial and Commodity Market Risks", "current_body": "The Companies are subject to various risks and uncertainties associated with financial and commodity markets. The most significant market risks include interest rate risk, commodity price risk and investment risk." }, { "status": "UNCHANGED", "current_title": "Regulatory Matters", "prior_title": "Regulatory Matters", "current_body": "For information about the Utilities’ rate plans and other regulatory matters affecting the Companies, see “Utility Regulation” in Item 1 and Note B to the financial statements in Item 8." }, { "status": "UNCHANGED", "current_title": "Capital Requirements and Resources", "prior_title": "Capital Requirements and Resources", "current_body": "For information about capital requirements, contractual obligations and capital resources, see “Capital Requirements and Resources” in Item 1." }, { "status": "UNCHANGED", "current_title": "Principles of Consolidation", "prior_title": "Principles of Consolidation", "current_body": "The Companies’ consolidated financial statements include the accounts of their respective majority-owned subsidiaries, and variable interest entities (see Note S), as required. All intercompany balances and intercompany transactions have been eliminated." }, { "status": "UNCHANGED", "current_title": "December 31", "prior_title": "December 31", "current_body": "Daily average Daily average Common stock issuances and external borrowings are sources of liquidity that could be affected by changes in credit ratings, financial performance and capital market conditions. For information about the Companies’ credit ratings and certain financial ratios, see “Capital Requirements and Resources” in Item 1." }, { "status": "UNCHANGED", "current_title": "Report of Independent Registered Public Accounting Firm", "prior_title": "Report of Independent Registered Public Accounting Firm", "current_body": "To the Board of Directors and Shareholders of Consolidated Edison, Inc." }, { "status": "UNCHANGED", "current_title": "Critical Accounting Estimates", "prior_title": "Critical Accounting Estimates", "current_body": "The Companies’ financial statements reflect the application of certain critical accounting estimates, which conform to accounting principles generally accepted in the United States of America. The Companies’ critical accounting estimates include assumptions applied to accounting for: pensions and other postretirement benefits, contingencies, derivative instruments, allowance for uncollectible accounts receivable, asset retirement obligations and income taxes. Also, see “Summary of Significant Accounting Policies and Other Matters” in Note A to the financial statements in Item 8." }, { "status": "UNCHANGED", "current_title": "Risk Factors", "prior_title": "Risk Factors", "current_body": "The Companies’ businesses are influenced by many factors that are difficult to predict, that may be beyond their control and that involve uncertainties that may materially affect actual operating results, cash flows and financial condition. See “Risk Factors” in Item 1A." }, { "status": "UNCHANGED", "current_title": "New York Independent System Operator (NYISO)", "prior_title": "New York Independent System Operator (NYISO)", "current_body": "The Utilities purchase electricity through the wholesale electricity market administered by the NYISO. The difference between purchased power and related costs initially billed to the Utilities by the NYISO and the actual cost of power subsequently calculated by the NYISO is refunded by the NYISO to the Utilities, or paid to the NYISO by the Utilities. The reconciliation payments or receipts are recoverable from or refundable to the Utilities’ customers. Certain other payments to or receipts from the NYISO are also subject to reconciliation, with shortfalls or amounts in excess of specified rate allowances recoverable from or refundable to customers. These include proceeds from the sale through the NYISO of transmission rights on CECONY’s transmission system (transmission congestion contracts)." }, { "status": "UNCHANGED", "current_title": "Environmental Risks:", "prior_title": "Environmental Risks:", "current_body": "The Companies Are Exposed To Risks From The Environmental Consequences Of Their Operations, Including Increased Costs Related To Climate Change. The Companies are exposed to risks relating to climate change and related matters. In 2023, CECONY and O&R each completed a climate change vulnerability study that evaluated their respective future climate change adaptation strategies and each developed a climate change resilience plan to address projected physical climate risks and outline proposed resilience investments. See “Environmental Matters – Climate Change” in Item 1. CECONY may also be impacted by environmental regulations regarding emissions reductions such as New York’s CLCPA and New York City’s Climate Mobilization Act and compliance with such regulations is expected to require significant capital expenditures. In addition, the Companies are unable to predict changes in regulations, regulatory guidance, legal interpretations, policy positions and implementation actions (including executive orders, memoranda and proclamations from the federal administration) relating to climate change that may result from the change in presidential administrations. The Utilities are also responsible for hazardous substances, such as oil, asbestos, PCBs and coal tar, that have been used or produced in the course of the Utilities’ operations and are present on properties or in facilities and equipment currently or previously owned by them. The Companies could be adversely affected if a causal relationship between electric and magnetic fields and adverse health effects were to be established. The Companies may also be adversely affected by developments to legal or public policy doctrines regarding cable that contains lead. See “Environmental Matters” in Item 1 and Note G to the financial statements in Item 8." }, { "status": "UNCHANGED", "current_title": "Accounting Policies", "prior_title": "Accounting Policies", "current_body": "The accounting policies of Con Edison and its subsidiaries conform to generally accepted accounting principles in the United States of America (GAAP). For the Utilities, these accounting principles include the accounting rules for regulated operations and the accounting requirements of the Federal Energy Regulatory Commission (FERC) and the state regulators having jurisdiction. The accounting rules for regulated operations specify the economic effects that result from the causal relationship of costs and revenues in the rate-regulated environment and how these effects are to be accounted for by a regulated enterprise. Revenues intended to cover some costs may be recorded either before or after the costs are incurred. If regulation provides assurance that incurred costs will be recovered in the future, these costs would be recorded as deferred charges or “regulatory assets” under the accounting rules for regulated operations. If revenues are recorded for costs that are expected to be incurred in the future, these revenues would be recorded as deferred credits or “regulatory liabilities” under the accounting rules for regulated operations. The Utilities’ principal regulatory assets and liabilities are detailed in Note B. In general, the Utilities are receiving or being credited with a return on their regulatory assets for which a cash outflow has been made, and are paying or being charged with a return on their regulatory liabilities for which a cash inflow has been received. The Utilities’ regulatory assets and liabilities at December 31, 2025 are recoverable from customers, or to be applied for customer benefit, in accordance with rate provisions that have been approved by state regulators. Other significant accounting policies of the Companies are referenced below in this Note A and in the notes that follow. Revenues CECONY’s electric and gas rate plans and O&R’s New York electric and gas rate plans each contain a revenue decoupling mechanism, that covers all residential and most commercial customers, under which the company’s actual energy delivery revenues are compared with the authorized delivery revenues and the difference accrued, with interest, for refund to, or recovery from, customers, as applicable. See “Rate Plans” in Note B. The NYSPSC requires utilities to record gross receipts tax revenues and expenses on a gross income statement presentation basis (i.e., included in both revenue and expense). The recovery of these taxes is generally provided for in the revenue requirement within each of the respective NYSPSC-approved rate plans. Total excise taxes (inclusive of gross receipts taxes) recorded in operating revenues were as follows: For the Years Ended December 31,(Millions of Dollars)202520242023Con Edison$464$437$409CECONY451425396 For information about the Companies' revenue recognition policies, see Note M." }, { "status": "UNCHANGED", "current_title": "Opinions on the Financial Statements and Internal Control over Financial Reporting", "prior_title": "Opinions on the Financial Statements and Internal Control over Financial Reporting", "current_body": "We have audited the consolidated financial statements, including the related notes and financial statement schedule, of Consolidated Edison, Inc. and its subsidiaries (the “Company”) as listed in the index appearing under Item 8 (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO." }, { "status": "UNCHANGED", "current_title": "Opinions on the Financial Statements and Internal Control over Financial Reporting", "prior_title": "Opinions on the Financial Statements and Internal Control over Financial Reporting", "current_body": "We have audited the consolidated financial statements, including the related notes and financial statement schedule, of Consolidated Edison, Inc. and its subsidiaries (the “Company”) as listed in the index appearing under Item 8 (collectively referred to as the “consolidated financial statements”). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO." }, { "status": "UNCHANGED", "current_title": "Regulatory/Compliance Risks:", "prior_title": "Regulatory/Compliance Risks:", "current_body": "The Companies Are Extensively Regulated And May Be Subject To Substantial Penalties. The Companies’ operations require numerous permits, approvals and certificates from various federal, state and local governmental agencies. State utility regulators may seek to impose substantial penalties on the Utilities for violations of state utility laws, regulations or orders or limit the Utilities from recovering costs incurred above amounts set forth in their rate plans. See “Other Regulatory Matters” in Note B to the financial statements in Item 8. The Utilities are also subject to recurring, independent, third-party audits with respect to these regulations and standards. In February 2025, the NYSPSC issued an order directing the NYSDPS to conduct a state-wide audit on the design of utilities' non-executive incentive compensation programs. In addition, the Utilities' rate plans usually include negative revenue adjustments for failing to meet certain operating and customer satisfaction standards. The FERC has the authority to impose penalties on the Utilities and the projects that Con Edison Transmission invests in, which could be substantial, for violations of the Federal Power Act, the Natural Gas Act or related rules, including reliability and cybersecurity rules. Environmental agencies may seek penalties for failure to comply with laws, regulations or permits. The Companies may also be subject to penalties from other regulatory agencies. The Companies may be subject to new laws, regulations or other requirements or the revision or reinterpretation of such laws, regulations or requirements, which could adversely affect them. See “Utility Regulation,\" \"Competition\" and “Environmental Matters – Climate Change\" and \"Environmental Matters - Other Federal, State and Local Environmental Provisions” in Item 1, “Critical Accounting Estimates” in Item 7 and “Other Regulatory Matters” in Note B to the financial statements in Item 8. The Utilities’ Rate Plans May Not Provide A Reasonable Return. The Utilities have rate plans approved by state utility regulators that limit the rates they can charge their customers. The rates are generally designed for, but do not guarantee, the recovery of the Utilities’ cost of providing service (including a return on equity). See “Utility Regulation – State Utility Regulation – Rate Plans” in Item 1 and “Rate Plans” in Note B to the financial statements in Item 8. Rates usually may not be changed during the specified terms of the rate plans other than to recover energy costs and limited other exceptions. The Utilities’ actual costs may exceed levels provided for such costs in the rate plans. State utility regulators can initiate proceedings to prohibit the Utilities from recovering from their customers the cost of service (including energy costs and storm restoration costs) that the regulators determine to have been imprudently incurred. The Utilities have from time to time entered into settlement agreements to resolve various prudence proceedings. CON EDISON ANNUAL REPORT 2025 43 CON EDISON ANNUAL REPORT 2025 43 CON EDISON ANNUAL REPORT 2025 43 CON EDISON ANNUAL REPORT 2025 43 The Companies May Be Adversely Affected By Changes To The Utilities’ Rate Plans. The Utilities’ rate plans typically require action by regulators at their expiration dates, which may include approval of new plans with different provisions. 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, while maintaining affordability of services for the Utilities' customers. The Utilities’ current rate plans generally include reconciliation of write-offs of customer accounts receivable balances for specified periods to amounts reflected in rates, with recovery/refund from or to customers via surcharge/sur-credit. Although these regulatory mechanisms are currently in place, the Utilities’ ability to effectively manage their customer accounts receivable balances, and obtain recovery in rates for their respective carrying costs and any related write-offs could have a material impact on the Companies’ businesses. In addition, a continued slow recovery of accounts receivable balances has impacted and is expected to continue to impact the Companies’ liquidity. See “Aged Accounts Receivable Balances” in Item 7. The Utilities’ New York electric and gas rate plans also include revenue decoupling mechanisms, CECONY’s steam rate plan includes a weather normalization adjustment and the Utilities' New York electric, gas and steam rate plans include provisions for the recovery of energy costs and reconciliation of the actual amount of pension and other postretirement, environmental and certain other costs to amounts reflected in rates. Also, accounting credits for pension and other postretirement benefit plans could lead to a reduction in cash received from the Utilities’ revenue requirement. See “Rate Plans” in Note B to the financial statements in Item 8." }, { "status": "UNCHANGED", "current_title": "Net Interest Expense", "prior_title": "Net Interest Expense", "current_body": "Net interest expense increased $50 million in 2025 compared with 2024 primarily due to higher interest expense for long-term debt ($82 million), primarily attributable to timing of long-term debt issuances issued in 2024, offset in part by lower interest on commercial paper ($30 million) and a decrease in the carrying charges and interest on regulatory liability balances ($6 million)." }, { "status": "UNCHANGED", "current_title": "Role of Board of Directors and Board of Trustees in Cybersecurity Risk Management", "prior_title": "Role of Board of Directors and Board of Trustees in Cybersecurity Risk Management", "current_body": "Con Edison’s Board of Directors and CECONY’s Board of Trustees (collectively, the Board) and their respective Audit Committees oversee the management of risks from cybersecurity threats, including the policies, processes and practices that management implements to address risks from cybersecurity threats. There is a process in place for the Board and the Audit Committee to receive quarterly updates and information from the Senior Vice President and Chief Information Officer and the Vice President and Chief Information Security Officer, regarding significant and potentially significant cybersecurity incidents and a range of cybersecurity metrics. The Board receives an annual presentation and report on cybersecurity risks from the Senior Vice President and Chief Information Officer and the Vice President and Chief Information Security Officer that addresses various topics, such as recent developments, vulnerability assessments and third-party and independent reviews. The Audit Committee also meets annually with the Senior Vice President and Chief Information Officer in executive session, without management present. 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. The Audit Committee oversees the ERM program and reviews more in-depth cybersecurity matters and risks on a semi-annual basis. At each regular Board meeting, the Item 2: Properties Con Edison Con Edison has no significant properties other than those of the Utilities. For information about the capitalized cost of the Companies’ utility plant, net of accumulated depreciation, see “Plant and Depreciation” in Note A to the financial statements in Item 8 (which information is incorporated herein by reference). CECONY For a discussion of CECONY’s electric, gas and steam facilities, see “CECONY – Electric Operations – Electric Facilities,” “CECONY – Gas Operations – Gas Facilities” and “CECONY – Steam Operations – Steam Facilities” in Item 1 (which information is incorporated herein by reference). O&R For a discussion of O&R’s electric and gas facilities, see “O&R – Electric Operations – Electric Facilities” and “O&R – Gas Operations – Gas Facilities” in Item 1 (which information is incorporated herein by reference)." }, { "status": "UNCHANGED", "current_title": "Pension and Other Postretirement Benefits", "prior_title": "Pension and Other Postretirement Benefits", "current_body": "The accounting rules for retirement benefits require an employer to recognize an asset or liability for the overfunded or underfunded status of its pension and other postretirement benefit plans. For a pension plan, the asset or liability is the difference between the fair value of the plan’s assets and the projected benefit obligation. For any other postretirement benefit plan, the asset or liability is the difference between the fair value of the plan’s assets and the accumulated postretirement benefit obligation. The accounting rules generally require employers to recognize all unrecognized prior service costs and credits and unrecognized actuarial gains and losses in accumulated other comprehensive income/(loss) (OCI), net of tax. Such amounts will be adjusted as they are subsequently recognized as components of total periodic benefit cost or income pursuant to the current recognition and amortization provisions. 109CON EDISON ANNUAL REPORT 2025 109CON EDISON ANNUAL REPORT 2025 109CON EDISON ANNUAL REPORT 2025 109 CON EDISON ANNUAL REPORT 2025 For the Utilities’ pension and other postretirement benefit plans, regulatory accounting treatment is generally applied in accordance with the accounting rules for regulated operations. Unrecognized prior service costs or credits and unrecognized actuarial gains and losses are recorded to regulatory assets or liabilities, rather than OCI. See Notes E and F. The total periodic benefit costs are recognized in accordance with the accounting rules for retirement benefits. Investment gains and losses are recognized in expense over a 15-year period and other actuarial gains and losses are recognized in expense over a 10-year period, subject to the deferral provisions in the rate plans. In accordance with the Statement of Policy issued by the NYSPSC and its electric, gas and steam rate plans, CECONY defers for payment to or recovery from customers the difference between such expenses and the amounts for such expenses reflected in rates. O&R also defers such difference pursuant to its New York rate plans. See Note B. The Companies calculate the expected return on pension and other postretirement benefit plan assets by multiplying the expected rate of return on plan assets by the market-related value (MRV) of plan assets at the beginning of the year, taking into consideration anticipated contributions and benefit payments that are to be made during the year. The accounting rules allow the MRV of plan assets to be either fair value or a calculated value that recognizes changes in fair value in a systematic and rational manner over not more than five years. The Companies use a calculated value when determining the MRV of the plan assets that adjusts for 20 percent of the difference between fair value and expected MRV of plan assets. This calculated value has the effect of stabilizing variability in assets to which the Companies apply the expected return." }, { "status": "UNCHANGED", "current_title": "Accounting for Income Taxes", "prior_title": "Accounting for Income Taxes", "current_body": "The Companies record provisions for income taxes, deferred tax assets and liabilities, valuation allowances against net deferred tax assets, if any, and reserves for uncertain tax positions. The reporting of tax-related assets and liabilities requires the use of estimates and significant judgments by management. Deferred federal and state tax assets and liabilities are recorded to represent future effects on income taxes for temporary differences between the basis of assets for financial reporting and tax purposes. Although management believes that current estimates for deferred tax assets and liabilities are reasonable, actual results could differ from these estimates for several reasons, including, but not limited to: a change in forecasted financial condition and/or results of operations; changes in income tax laws, enacted tax rates or amounts subject to income tax or state apportionments; the form, CON EDISON ANNUAL REPORT 2025 77 CON EDISON ANNUAL REPORT 2025 77 CON EDISON ANNUAL REPORT 2025 77 CON EDISON ANNUAL REPORT 2025 77 structure, and timing of asset or stock sales or dispositions; changes in the regulatory treatment of any tax reform benefits; and changes resulting from audits and examinations by taxing authorities. Valuation allowances against deferred tax assets are recorded when management concludes it is more likely than not such tax benefit will not be realized in future periods. Accounting for income taxes also requires that only tax benefits for positions taken or expected to be taken on tax returns that meet the more-likely-than-not recognition threshold can be recognized or continue to be recognized. Management evaluates each position solely on the technical merits and facts and circumstances of the position, assuming that the position will be examined by a taxing authority that has full knowledge of all relevant information. Significant judgment is required to determine recognition thresholds and the related amount of tax benefits to be recognized. At each period end, and as new developments occur, management reevaluates its tax positions. Additional interpretations, regulations, amendments, or technical corrections related to the federal income tax code as a result of the Inflation Reduction Act, may impact the estimates for income taxes discussed above. See “Changes To Tax Laws Could Adversely Affect the Companies” in Item 1A, “Inflation Reduction Act” above, “Federal Income Tax” and “State Income Tax” in Note A and Note L to the financial statements in Item 8." }, { "status": "UNCHANGED", "current_title": "Role of Management in Cybersecurity Risk Management", "prior_title": "Role of Management in Cybersecurity Risk Management", "current_body": "The Companies have 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. The cybersecurity team is led by the Vice President and Chief Information Security Officer, a technology leader with over 15 years of experience in information technology and cybersecurity. The cybersecurity team reports to a multidisciplinary team of executives and senior officers including personnel from the technology and operations departments who are responsible for the review and approval of changes in cybersecurity risk assessment and have oversight of risk mitigation and monitoring strategies. The executive and senior officer team is led by the Senior Vice President and Chief Information Officer, a senior global technology and operations leader with over 30 years of experience in the technology field and who is responsible for the Companies’ information technology and corporate security departments. The cybersecurity team’s processes to protect the personal information of the Companies’ customers and employees are supported by a privacy compliance team. The privacy compliance team is led by the Chief Privacy Officer, a professional with over 18 years of experience in data privacy risk and compliance and who is a Certified Information Privacy Professional and a Certified Information Privacy Manager and is designated as a Fellow in Privacy. The Chief Privacy Officer reports to the Vice President and Chief Ethics and Compliance Officer, an attorney and executive who has over 25 years of experience in the legal, ethics, and compliance fields and is responsible for the company’s ethics and compliance program and department, including data privacy compliance. 48CON EDISON ANNUAL REPORT 2025 48CON EDISON ANNUAL REPORT 2025 48CON EDISON ANNUAL REPORT 2025 48 CON EDISON ANNUAL REPORT 2025 The Chief Ethics and Compliance Officer reports to the Senior Vice President and General Counsel, the Companies’ lead attorney and a senior executive with over 20 years of risk management, corporate governance and team leadership experience." }, { "status": "UNCHANGED", "current_title": "Interest Rate Risk", "prior_title": "Interest Rate Risk", "current_body": "The Companies' interest rate risk primarily relates to new debt financing needed to fund capital requirements, including the capital expenditures of the Utilities and maturing debt securities, and variable-rate debt. Con Edison and its subsidiaries manage interest rate risk through the issuance of mostly fixed-rate debt with varying maturities and through opportunistic refinancing of debt. Con Edison and CECONY estimate that at December 31, 2025, a 10 percent increase in interest rates applicable to its variable rate debt would result in an increase in annual interest expense of $10 million and $9 million, respectively. At December 31, 2024, Con Edison and CECONY estimated that a 10 percent increase in interest rates applicable to its variable rate debt would result in an increase in annual interest expense of $15 million and $12 million, respectively. Under CECONY’s electric, gas and steam rate plans, variations in actual variable rate tax-exempt debt interest expense, including costs associated with the refinancing of the variable rate tax-exempt debt, are reconciled to levels reflected in rates. Higher interest rates have resulted in increased interest expense on commercial paper, variable-rate debt and long-term debt issuances." }, { "status": "UNCHANGED", "current_title": "Clean Energy Goals", "prior_title": "Clean Energy Goals", "current_body": "The success of the Companies’ efforts to meet clean energy policy goals and the impact of energy consumers' efforts to meet such goals on CECONY’s electric, gas and steam businesses and O&R’s electric and gas businesses may impact the Companies’ future financial condition. The Utilities expect electric usage to increase and gas and steam usage to decrease in their service territories as laws and policies are enacted and implemented that aim to reduce the carbon intensity of the energy that is consumed in their respective jurisdictions. The Utilities’ and their regulators’ efforts to maintain electric reliability in their service territories as electric usage increases may also impact the Companies’ future financial condition. The long-term future of the Utilities’ gas businesses depends upon the role that natural gas or other gaseous fuels will play in facilitating New York State’s and New York City’s climate goals. In addition, the impact and costs from climate change impacts on the Utilities’ systems and the success of the Utilities’ efforts to maintain system reliability and manage service interruptions resulting from severe weather may impact the Companies’ future financial condition, results of operations and liquidity. See “Federal Regulation,” \"Environmental Matters - Clean Energy Future\" and \"Environmental Matters - Climate Change\" in Item 1." }, { "status": "UNCHANGED", "current_title": "Financial and Market Risks:", "prior_title": "Financial and Market Risks:", "current_body": "Con Edison’s Ability To Pay Dividends Or Interest Depends On Dividends From Its Subsidiaries. Con Edison’s ability to pay dividends on its common shares or interest on its external borrowings depends primarily on the dividends and other distributions it receives from its subsidiaries. The dividends that the Utilities may pay to Con Edison are limited by the NYSPSC to not more than 100 percent of their respective income available for dividends calculated on a two-year rolling average basis, with certain exceptions. See “Dividends” in Note C and Note U to the financial statements in Item 8. Changes To Tax Laws Could Adversely Affect the Companies. Changes to tax laws, regulations or interpretations thereof could have a material adverse impact on the Companies. Depending on the extent of these CON EDISON ANNUAL REPORT 2025 45 CON EDISON ANNUAL REPORT 2025 45 CON EDISON ANNUAL REPORT 2025 45 CON EDISON ANNUAL REPORT 2025 45 changes, the changes could also adversely impact the Companies’ credit ratings and liquidity. See “Capital Requirements and Resources – Capital Resources” in Item 1, “Liquidity and Capital Resources – Cash Flows from Operating Activities” in Item 7, \"Rate Plans\" and \"Other Regulatory Matters\" in Note B and Note L to the financial statements in Item 8. The Companies Require Access To Capital Markets To Satisfy Funding Requirements. The Utilities estimate that their capital expenditures will exceed $37,100 million over the next five years. The Utilities use internally-generated funds, equity contributions from Con Edison, if any, and external borrowings to fund capital expenditures. Con Edison expects to finance its capital requirements primarily through internally generated funds, the sale of its common shares or external borrowings. Changes in financial market conditions or in the Companies’ credit ratings could adversely affect their ability to raise new capital and the cost thereof. See “Capital Requirements and Resources” in Item 1. A Disruption In The Wholesale Energy Markets, Increased Commodity Costs Or Failure By An Energy Supplier or Customer Could Adversely Affect The Companies. Almost all the electricity and gas the Utilities sell to their full-service customers is purchased through the wholesale energy markets or pursuant to contracts with energy suppliers. See the description of the Utilities’ energy supply in Item 1. A disruption in the wholesale energy markets or a failure on the part of the Utilities’ energy suppliers or operators of energy delivery systems that connect to the Utilities’ energy facilities could adversely affect their ability to meet their customers’ energy needs and adversely affect the Companies. The Utilities' ability to gain access to additional energy supplies, if needed, depends on effective markets and siting approvals for developer projects, which the Utilities do not control. Extreme cold weather has negatively impacted, and may in the future negatively impact, energy infrastructure in the northeastern United States, including the interstate natural gas system. During such extreme cold weather, the Utilities could face supply interruptions or operating issues (e.g., compressor failures, low pressures) on the interstate natural gas pipelines that they rely upon to deliver gas to their customers. Such disruptions to the interstate natural gas system could, in turn, result in unprecedented large-scale gas outages within the Utilities’ service territories. In the event of a large-scale outage, the Utilities could be required to pay substantial amounts to restore service, compensate others for injury or death or other damages and settle any proceedings initiated by regulatory agencies. Although the Utilities’ rate plans provide for recovery of purchased power costs, increases in electric and gas commodity prices may contribute to a slower recovery of cash from outstanding customer accounts receivable balances. See \"Aged Accounts Receivable Balances\" and “Financial and Commodity Market Risks – Commodity Price Risk” in Item 7." }, { "status": "UNCHANGED", "current_title": "Use of Hypothetical Liquidation at Book Value", "prior_title": "Use of Hypothetical Liquidation at Book Value", "current_body": "For certain investments of the Clean Energy Businesses and of Con Edison, Con Edison has determined that the use of HLBV accounting is reasonable and appropriate to attribute income and loss to the tax equity investors. Using the HLBV method, the company's earnings from the projects are adjusted to reflect the income or loss allocable to the tax equity investors calculated based on how the project would allocate and distribute its cash if it were to sell all of its assets for their carrying amounts and liquidate at a particular point in time. Under the HLBV method, the company calculates the liquidation value allocable to the tax equity investors at the beginning and end of each period based on the contractual liquidation waterfall and adjusts its income for the period to reflect the change in the liquidation value allocable to the tax equity investors based on the terms of the partnerships' operating agreements. See Note S. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note W." }, { "status": "UNCHANGED", "current_title": "Other Risks:", "prior_title": "Other Risks:", "current_body": "The Companies Face Risks Related To Health Epidemics And Other Outbreaks. Pandemic illness could disrupt the Utilities' employees and contractors from providing essential utility services and adversely impact the Companies' liquidity, financial condition and results of operations. See “Aged Accounts Receivable Balances” in Item 7. The Companies’ Strategies May Not Be Effective To Address Changes In The External Business Environment. The failure to identify, plan and execute strategies to address changes in the external business environment could have a material adverse impact on the Companies. Con Edison seeks to provide shareholder value through continued dividend growth, supported by earnings growth in regulated utilities and electric transmission projects. Changes to the competitive landscape, public policy, laws or regulations (or interpretations thereof), customer behavior or technology could significantly impact the value of the Utilities’ energy delivery facilities and Con Edison Transmission's investment in electric transmission projects. Such changes could also affect the Companies’ opportunities to make additional investments in such assets and the potential return on the investments. The Utilities' gas delivery customers and CECONY's steam delivery customers have alternatives, such as electricity and oil. Distributed energy resources, and demand reduction and energy efficiency investments, provide ways for the energy consumers within the Utilities’ service areas to manage their energy usage. The Companies expect distributed energy resources and electric alternatives to gas and steam to increase, and for gas and steam usage to decrease, as the CLCPA and the Climate Mobilization Act continue to be implemented. See \"Con Edison Transmission,\" \"Environmental Matters - Clean Energy Future\" and \"Environmental Matters - Climate Change,\" “Competition” and \"CECONY - Gas Peak Demand\" in Item 1. The Companies Face Risks Related To Supply Chain Disruptions, Inflation and the Imposition of 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 46CON EDISON ANNUAL REPORT 2025 46CON EDISON ANNUAL REPORT 2025 46CON EDISON ANNUAL REPORT 2025 46 CON EDISON ANNUAL REPORT 2025 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, 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 disruptions 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 (or subsequent changes to the tariffs once announced or implemented). 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. The Companies Also Face Other Risks That Are Beyond Their Control. The Companies’ results of operations can be affected by circumstances or events that are beyond their control. Weather and energy efficiency efforts directly influence the demand for electricity, gas and steam service, and can affect the price of energy commodities. Terrorist or other physical attacks or acts of war could damage the Companies' facilities. Economic conditions can affect customers’ demand and ability to pay for service, which could adversely affect the Companies. See \"Energy Affordability\" in Item 7. Item 1B: Unresolved Staff Comments Con Edison Con Edison has no unresolved comments from the SEC staff. CECONY CECONY has no unresolved comments from the SEC staff. Item 1C: Cybersecurity" }, { "status": "UNCHANGED", "current_title": "Asset Retirement Obligations (AROs)", "prior_title": "Asset Retirement Obligations (AROs)", "current_body": "AROs are computed as the present value of the estimated costs for an asset's future retirement and are recorded in the period in which the liability is incurred. The estimated costs are capitalized as part of the related long-lived asset and depreciated over the asset's useful life. CECONY and O&R, as rate-regulated entities, recognize Regulatory Assets or Liabilities as a result of timing differences between the recording of costs and costs recovered through the ratemaking process. Because quoted market prices are not available for AROs, the Companies estimate the fair value of AROs by calculating discounted cash flows that are dependent upon various assumptions including estimated retirement dates, discount rates, inflation rates, the timing and amount of future cash outlays, and currently available technologies. The Companies recorded asset retirement obligations associated with the removal of asbestos and asbestos-containing material in their buildings (other than the structures enclosing generating stations and substations), electric equipment and steam and gas distribution systems. The Companies also recorded asset retirement obligations relating to gas and oil pipelines abandoned in place and municipal infrastructure support. See Note T to the financial statements in Item 8. A 1 percent increase in the assumed inflation rate used to value the ARO liability as of December 31, 2025 would increase the liability by $29 million for Con Edison and CECONY." }, { "status": "UNCHANGED", "current_title": "Commodity Price Risk", "prior_title": "Commodity Price Risk", "current_body": "Con Edison’s commodity price risk primarily relates to the purchase and sale of electricity, gas and related derivative instruments. The Utilities apply risk management strategies to mitigate their related exposures. See Note Q to the financial statements in Item 8. Con Edison estimates that, as of December 31, 2025, a 10 percent decline in market prices would result in a decline in fair value of $191 million for the derivative instruments used by the Utilities to hedge purchases of electricity and gas, of which $175 million is for CECONY and $16 million is for O&R. As of December 31, 2024, Con Edison estimated that a 10 percent decline in market prices would result in a decline in fair value of $150 million for the derivative instruments used by the Utilities to hedge purchases of electricity and gas, of which $137 million is for CECONY and $13 million is for O&R. Con Edison expects that any such change in fair value would be largely offset by directionally opposite changes in the cost of the electricity and gas purchased. The Utilities do not make any margin or profit on the electricity or gas they sell. In accordance with provisions approved by state regulators, the Utilities generally recover from full-service customers the costs they incur for energy purchased for those customers, including gains and losses on certain derivative instruments used to hedge energy purchased and related costs. See “Recoverable Energy Costs” in Note A to the financial statements in Item 8. However, increases in electric and gas commodity prices may contribute to a slower recovery of cash from outstanding customer accounts receivable balances." }, { "status": "UNCHANGED", "current_title": "Information about our Executive Officers", "prior_title": "Information about our Executive Officers", "current_body": "The following table sets forth certain information about the executive officers of Con Edison as of February 19, 2026. The term of office of each officer, is until the next election of directors (trustees) of their company and until his or her successor is chosen and qualifies. Officers are subject to removal at any time by the board of directors (trustees) of their company. NameAgeOffices and Positions During Past Five YearsTimothy P. Cawley611/22 to present - Chairman of the Board, President and Chief Executive Officer and Director of Con Edison, Chairman of the Board, Chief Executive Officer and Trustee of CECONY12/20 to 12/21 – President and Chief Executive Officer and Director of Con Edison and Chief Executive Officer and Trustee of CECONY1/18 to 12/20 – President of CECONYKirkland Andrews587/24 to present – Senior Vice President and Chief Financial Officer of Con Edison and CECONY2/21 to 6/24 – Executive Vice President and Chief Financial Officer of Evergy Inc9/11 to 1/21 – Executive Vice President and Chief Financial Officer of NRG Energy, Inc. Matthew Ketschke541/21 to present – President of CECONY11/17 to 12/20 – Senior Vice President – Customer Energy SolutionsMichele O'Connell504/24 to present – President and Chief Executive Officer of O&RRobert Sanchez604/24 to present – President, Shared Services of CECONY12/17 to 4/24 – President and Chief Executive Officer of O&RStuart Nachmias611/20 to present – President and Chief Executive Officer of Con Edison TransmissionDeneen L. Donnley611/20 to present – Senior Vice President and General Counsel of Con Edison and CECONYJennifer Hensley479/22 to present – Senior Vice President – Corporate Affairs of CECONY7/22 to 9/22 – Senior Vice President of CECONY1/21 to 7/22 - Vice President, Head of Government Relations - Lyft9/19 to 1/21 - Senior Director, Public Policy - LyftJoseph Miller631/21 to present – Vice President and Controller of Con Edison and CECONY1/21 to present – Chief Financial Officer and Controller of O&R8/06 to 12/20 – Assistant Controller of Corporate Accounting of CECONYKamran Ziaee6012/24 to present – Senior Vice President and Chief Information Officer of Con Edison and CECONY08/19 to 11/24 – Senior Vice President, Technology Strategy & Planning - Verizon 1/22 to present - Chairman of the Board, President and Chief Executive Officer and Director of Con Edison, Chairman of the Board, Chief Executive Officer and Trustee of CECONY 12/20 to 12/21 – President and Chief Executive Officer and Director of Con Edison and Chief Executive Officer and Trustee of CECONY 2/21 to 6/24 – Executive Vice President and Chief Financial Officer of Evergy Inc 9/11 to 1/21 – Executive Vice President and Chief Financial Officer of NRG Energy, Inc. 1/20 to present – President and Chief Executive Officer of Con Edison Transmission 50CON EDISON ANNUAL REPORT 2025 50CON EDISON ANNUAL REPORT 2025 50CON EDISON ANNUAL REPORT 2025 50 CON EDISON ANNUAL REPORT 2025 Part II Item 5: Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Con Edison Con Edison’s common shares ($.10 par value), the only class of common equity of Con Edison, are traded on the New York Stock Exchange under the trading symbol \"ED.\" As of January 31, 2026, there were 32,907 holders of record of Con Edison’s common shares. Con Edison paid quarterly dividends of 83 cents per Common Share in 2024 and quarterly dividends of 85 cents per common share in 2025. On January 27, 2026, Con Edison declared a quarterly dividend of 88.75 cents per common share that is payable on March 16, 2026. Con Edison expects to pay dividends to its shareholders primarily from dividends and other distributions it receives from its subsidiaries. The payment of future dividends is subject to approval and declaration by Con Edison’s Board of Directors and will depend on a variety of factors including business, financial and regulatory considerations. For additional information about the payment of dividends by the Utilities to Con Edison, and restrictions thereon, see “Dividends” in Note C to the financial statements in Item 8 (which information is incorporated herein by reference). During 2025, the market price of Con Edison’s common shares increased by 11.31 percent (from $89.23 at year-end 2024 to $99.32 at year-end 2025). By comparison, the S&P 500 Index increased 16.39 percent and the S&P 500 Utilities Index increased 12.69 percent. The total return to Con Edison’s common shareholders during 2025, including both investment of dividends and the change in price, was 15.16 percent. By comparison, the total returns for the S&P 500 Index and the S&P 500 Utilities Index were 17.86 percent and 16.04 percent, respectively. For the five-year period 2021 through 2025 inclusive, Con Edison’s shareholders’ total return was 64.48 percent, compared with total returns for the S&P 500 Index and the S&P 500 Utilities Index of 95.98 percent and 59.06 percent, respectively. Years Ended December 31, Company / Index202020212022202320242025Consolidated Edison, Inc.100.00122.96142.21140.61142.79164.42S&P 500 Index100.00128.71105.40133.10166.40196.16S&P Utilities100.00117.67119.51111.05137.07159.06 CON EDISON ANNUAL REPORT 2025 51 CON EDISON ANNUAL REPORT 2025 51 CON EDISON ANNUAL REPORT 2025 51 CON EDISON ANNUAL REPORT 2025 51 Based on $100 invested at December 31, 2020, reinvestment of all dividends in equivalent shares of stock and market price changes on all such shares. CECONY The outstanding shares of CECONY’s Common Stock ($2.50 par value) are the only class of common equity of CECONY. They are held by Con Edison and are not traded. The dividends declared by CECONY in 2024 and 2025 are shown in its Consolidated Statement of Shareholder’s Equity included in Item 8 (which information is incorporated herein by reference). For additional information about the payment of dividends by CECONY, and restrictions thereon, see “Dividends” in Note C to the financial statements in Item 8 (which information is incorporated herein by reference). Item 6: [Reserved] 52CON EDISON ANNUAL REPORT 2025 52CON EDISON ANNUAL REPORT 2025 52CON EDISON ANNUAL REPORT 2025 52 CON EDISON ANNUAL REPORT 2025 Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations This combined management’s discussion and analysis of financial condition and results of operations (MD&A) relates to the consolidated financial statements included in this report of two separate registrants: Con Edison and CECONY, and should be read in conjunction with the financial statements and the notes thereto. As used in this report, the term the “Companies” refers to Con Edison and CECONY. CECONY is a subsidiary of Con Edison and, as such, information in this management’s discussion and analysis about CECONY applies to Con Edison. This combined MD&A generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. For discussions of 2023 items and year-to-year comparisons between 2024 and 2023, see “Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations,” in Con Edison’s and CECONY’s combined Annual Report on Form 10-K for the year ended December 31, 2024, filed with the SEC on February 20, 2025. Information in any item of this report referred to in this discussion and analysis is incorporated by reference herein. The use of terms such as “see” or “refer to” shall be deemed to incorporate by reference into this discussion and analysis the information to which reference is made." }, { "status": "UNCHANGED", "current_title": "Critical Audit Matters", "prior_title": "Critical Audit Matters", "current_body": "The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Accounting for the Effects of Regulatory Matters As described in Notes A and B to the consolidated financial statements, the Company applies the accounting rules for regulated operations, which specifies the economic effects that result from the causal relationship of costs and revenues in the rate-regulated environment and how these effects are to be accounted for by a regulated enterprise. As of December 31, 2025, there were $5,702 million of deferred costs included in regulatory assets and $5,623 million of regulatory liabilities awaiting potential refund or future rate reductions. Under regulatory accounting rules, if it is probable that incurred costs will be recovered in the future, those costs would be recorded as deferred charges or “regulatory assets.” Similarly, if revenues are recorded for costs expected to be incurred in the future, these revenues would be recorded as deferred credits or “regulatory liabilities.” The Company’s regulatory assets and liabilities are recoverable from customers, or to be applied for customer benefit, in accordance with rate provisions that have been approved by state regulators. The principal considerations for our determination that performing procedures relating to the accounting for the effects of regulatory matters is a critical audit matter are (i) the significant judgment by management in determining the recoverability of certain regulatory assets and (ii) a high degree of auditor judgment and subjectivity in performing procedures and evaluating audit evidence related to the recognition of regulatory assets and regulatory liabilities, including evaluating management’s judgments relating to the recoverability of certain regulatory assets. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s assessment of regulatory proceedings and the implementation of new regulatory orders or changes to existing regulatory balances. These procedures also included, among others (i) evaluating the reasonableness of management’s assessment of impacts arising from correspondence with regulators and changes in laws and regulations; (ii) evaluating management’s judgments related to the recoverability of regulatory assets and the establishment of regulatory liabilities; and (iii) recalculating regulatory assets and liabilities based on provisions and formulas outlined in rate orders and other correspondence with regulators. /s/ PricewaterhouseCoopers LLP New York, New York February 19, 2026 We have served as the Company’s auditor since 1938. CON EDISON ANNUAL REPORT 2025 83 CON EDISON ANNUAL REPORT 2025 83 CON EDISON ANNUAL REPORT 2025 83 CON EDISON ANNUAL REPORT 2025 83" }, { "status": "UNCHANGED", "current_title": "Cybersecurity Risk Management", "prior_title": "Cybersecurity Risk Management", "current_body": "The Companies have identified cybersecurity as a key enterprise risk. As operators of critical energy infrastructure, the Companies require the continuous operation and availability of information systems and network infrastructure while protecting confidentiality and integrity of the data. Cybersecurity threats are assessed, identified and managed through the Companies' Cybersecurity Program, which is an integral part of the Companies’ corporate-wide Enterprise Risk Management (ERM) program. 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. The Cybersecurity program is aligned with, and audited against, the National Institute of Standards and Technology (NIST) Cybersecurity Framework (CSF) and the International Organization for Standardization (ISO) 27001/27002. In accordance with the Companies’ ERM program, management has established a multidisciplinary cybersecurity team including personnel from the technology, operations, legal, compliance, and risk management departments that identifies, assesses and remediates cybersecurity risks. The Companies employ several processes to manage their cybersecurity risks, including, but not limited to, the following: •Incident Detection and Prevention: The Companies deploy safeguards designed to protect their operational and information systems, the personal information of their customers and employees and other critical information from cybersecurity threats. These safeguards include, among other things, intrusion prevention and detection systems, anti-malware functionality and ongoing vulnerability assessments, and a dedicated 24/7/365 Cybersecurity Operations Center that monitors the Companies’ assets and networks. •Review and Assessment: The Companies assess the severity, likelihood and controllability of cybersecurity threats and consider risk outlook, recent external and internal cybersecurity events and audit findings to assess their overall cybersecurity risk management process. The Companies then use the findings from these assessments to inform cybersecurity risk mitigation activities, including long-term strategic and short-term tactical efforts, and capital allocation decisions. •Independent Advisors; Regulatory Audits: The Companies engage consultants to assess, identify and manage material risks from cybersecurity threats on a regular basis. 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; provide threat emulation 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. Specific portions of the Companies’ cybersecurity policies, processes, and standards are audited by the CON EDISON ANNUAL REPORT 2025 47 CON EDISON ANNUAL REPORT 2025 47 CON EDISON ANNUAL REPORT 2025 47 CON EDISON ANNUAL REPORT 2025 47 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. •Third-Party Risk Assessments: The Companies’ vendors and suppliers participate in a third-party risk assessment to periodically validate such party’s profile across multiple risk domains. A cybersecurity risk assessment is performed by the Companies’ Information Technology department to assess the controls of high-risk third parties that, among other things, possess the Companies’ sensitive information and the personal information of their customers and employees. In addition, the Companies typically impose contractual obligations on their vendors and suppliers related to privacy, confidentiality, and data security based on their access to the Companies’ data, operational and information technology systems and sensitive information and the personal information of their customers and employees. The Companies also maintain insurance for cybersecurity incidents, with scope and limits evaluated annually. Third-Party Risk Assessments : The Companies’ vendors and suppliers participate in a third-party risk assessment to periodically validate such party’s profile across multiple risk domains. A cybersecurity risk assessment is performed by the Companies’ Information Technology department to assess the controls of high-risk third parties that, among other things, possess the Companies’ sensitive information and the personal information of their customers and employees. In addition, the Companies typically impose contractual obligations on their vendors and suppliers related to privacy, confidentiality, and data security based on their access to the Companies’ data, operational and information technology systems and sensitive information and the personal information of their customers and employees. The Companies also maintain insurance for cybersecurity incidents, with scope and limits evaluated annually. •Disclosure Controls and Procedures: Management has developed protocols and procedures to share information regarding cybersecurity incidents with the Chief Information Security Officer, Chief Privacy Officer, the Companies’ Disclosure Committee and the Law Department to enable assessments related to disclosure and reporting obligations in compliance with federal and state cybersecurity and data privacy regulations. •Incident Response: The Companies have established and maintain incident response plans aligned with NIST Special Publication 800-61r3 that set forth procedures for their response to cybersecurity incidents and data breaches and test and evaluate such plans on an ongoing basis. •Training and Compliance: The Companies train employees regularly on potential cybersecurity threats; monitor network and computing systems; collaborate with government and industry partners on threat mitigation; collaborate with local, state and federal agencies and utility industry colleagues to identify and employ tools that seek to protect the Companies’ operational and information systems and the personal information of their customers and employees from cybersecurity threats; and regularly conduct and participate in exercises to test and further develop prevention and responses to potential cyber and physical threats, both internally and through sector-level and cross-sector exercises led by industry or the U.S. government. The Companies have experienced cybersecurity incidents and attacks in the past and expect to experience them in the future. The Companies have not experienced any cybersecurity incidents in the last three years that have materially affected the business strategy, results of operations, or financial condition of the Companies. Although the Companies have established processes to assess, identify and manage cybersecurity risks, such processes do not provide absolute assurance against a cybersecurity attack that could materially impact the Companies. In the event of a significant cybersecurity incident or attack, the Companies’ business strategy, results of operations or financial condition could be materially affected. Such an incident could materially disrupt the Companies’ or their customers’ operations, cause damage to the Companies’ properties, financial and other information systems and network infrastructure and could result in the theft of the Companies’, their employees’ or customers’ information. See “A Cyber Attack Could Adversely Affect the Companies” in Item 1A." }, { "status": "UNCHANGED", "current_title": "Accounting for Contingencies", "prior_title": "Accounting for Contingencies", "current_body": "The accounting rules for contingencies apply to an existing condition, situation or set of circumstances involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. Known material contingencies, which are described in the notes to the financial statements, include certain regulatory matters (Note B), the Utilities’ responsibility for hazardous substances, such as asbestos, PCBs and coal tar that have been used or generated in the course of operations (Note G) and other contingencies (Note H). Inputs to the estimation of the liability for such environmental remediation include the possible selected remedy for each site where investigation is ongoing, the inflation rate related to the cost of inputs to the remediation process, and for those sites where there are other potentially responsible parties, the allocation of costs to the Companies. Inputs to the estimation of the liability for certain regulatory matters include facts specific to each item and the status and progress of discussions with the applicable state regulator. Inputs to the estimation of the liability for other contingencies may include liabilities incurred for similar circumstances and the outcome of legal proceedings. In accordance with the accounting rules, the Companies have accrued estimates of losses relating to the contingencies as to which loss is probable and can be reasonably estimated, and no liability has been accrued for contingencies as to which loss is not probable or cannot be reasonably estimated. 76CON EDISON ANNUAL REPORT 2025 76CON EDISON ANNUAL REPORT 2025 76CON EDISON ANNUAL REPORT 2025 76 CON EDISON ANNUAL REPORT 2025 The Utilities recover costs for asbestos lawsuits, workers’ compensation and environmental remediation pursuant to their rate plans. Generally, changes during the terms of the rate plans to the amounts accrued for these contingencies would not impact earnings." }, { "status": "UNCHANGED", "current_title": "Critical Audit Matters", "prior_title": "Critical Audit Matters", "current_body": "The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates. Accounting for the Effects of Regulatory Matters As described in Notes A and B to the consolidated financial statements, the Company applies the accounting rules for regulated operations, which specifies the economic effects that result from the causal relationship of costs and revenues in the rate-regulated environment and how these effects are to be accounted for by a regulated enterprise. As of December 31, 2025, there were $5,702 million of deferred costs included in regulatory assets and $5,623 million of regulatory liabilities awaiting potential refund or future rate reductions. Under regulatory accounting rules, if it is probable that incurred costs will be recovered in the future, those costs would be recorded as deferred charges or “regulatory assets.” Similarly, if revenues are recorded for costs expected to be incurred in the future, these revenues would be recorded as deferred credits or “regulatory liabilities.” The Company’s regulatory assets and liabilities are recoverable from customers, or to be applied for customer benefit, in accordance with rate provisions that have been approved by state regulators. The principal considerations for our determination that performing procedures relating to the accounting for the effects of regulatory matters is a critical audit matter are (i) the significant judgment by management in determining the recoverability of certain regulatory assets and (ii) a high degree of auditor judgment and subjectivity in performing procedures and evaluating audit evidence related to the recognition of regulatory assets and regulatory liabilities, including evaluating management’s judgments relating to the recoverability of certain regulatory assets. Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management’s assessment of regulatory proceedings and the implementation of new regulatory orders or changes to existing regulatory balances. These procedures also included, among others (i) evaluating the reasonableness of management’s assessment of impacts arising from correspondence with regulators and changes in laws and regulations; (ii) evaluating management’s judgments related to the recoverability of regulatory assets and the establishment of regulatory liabilities; and (iii) recalculating regulatory assets and liabilities based on provisions and formulas outlined in rate orders and other correspondence with regulators. /s/ PricewaterhouseCoopers LLP New York, New York February 19, 2026 We have served as the Company’s auditor since 1938. CON EDISON ANNUAL REPORT 2025 83 CON EDISON ANNUAL REPORT 2025 83 CON EDISON ANNUAL REPORT 2025 83 CON EDISON ANNUAL REPORT 2025 83" }, { "status": "UNCHANGED", "current_title": "Earnings Per Share", "prior_title": "Earnings Per Share", "current_body": "Con Edison presents basic and diluted earnings per share (EPS) on the face of its consolidated income statement. Basic EPS is calculated by dividing earnings available to common shareholders (“Net income for common stock” on Con Edison’s consolidated income statement) by the weighted average number of Con Edison common shares outstanding during the period. In the calculation of diluted EPS, weighted average shares outstanding are increased for additional shares that would be outstanding if potentially dilutive securities were converted to common stock. Potentially dilutive securities for Con Edison consist of restricted stock units and deferred stock units for which the average market price of the common shares for the period was greater than the estimated vesting price (see Note O) and its common shares that were subject to a forward sale agreement that settled in March 2025. Before the issuance of common shares upon settlement of the forward sale agreement, the shares were reflected in the company’s diluted earnings per share calculations using the treasury stock method. Under this method, the number of common shares used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares that would be issued upon physical settlement of the forward sale agreement over the number of shares that could be purchased by the company in the market (based on the average market price during the period) using the proceeds due upon physical settlement (based on the adjusted forward sale price at the end of the reporting period). Basic and diluted EPS for Con Edison are calculated as follows: For the Years Ended December 31,(Millions of Dollars, except per share amounts/Shares in Millions)202520242023Net income for common stock$2,023$1,820$2,519Weighted average common shares outstanding – basic357.4346.0347.7Add: Incremental shares attributable to effect of potentially dilutive securities1.31.31.6Adjusted weighted average common shares outstanding – diluted358.7347.3349.3Net Income per common share – basic$5.66$5.26$7.25Net Income per common share – diluted$5.64$5.24$7.21 The computation of diluted EPS for the years ended December 31, 2025 and 2024 excludes immaterial amounts of performance share awards that were not included because of their anti-dilutive effect. Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates." }, { "status": "UNCHANGED", "current_title": "Cash Flows from Operating Activities", "prior_title": "Cash Flows from Operating Activities", "current_body": "The Utilities’ cash flows from operating activities primarily reflect their energy sales and deliveries and cost of operations. The volume of energy sales and deliveries is primarily affected by factors external to the Utilities, such as customer demand, weather, market prices for energy and economic conditions. Measures that promote distributed energy resources, such as distributed generation, demand reduction and energy efficiency, also affect the volume of energy sales and deliveries. See \"Competition\" and \"Environmental Matters – Clean Energy Future\" and “Environmental Matters – Climate Change” in Item 1. Pursuant to their rate plans, the Utilities have recovered from customers a portion of the tax liability they will pay in the future as a result of temporary differences between the book and tax basis of assets and liabilities. These temporary differences affect the timing of cash flows, but not net income, as the Companies are required to record deferred tax assets and liabilities at the current corporate tax rate for the temporary differences. For the Utilities, credits to their customers of the net benefits of the TCJA, including the reduction of the corporate tax rate to 21 percent, decrease cash flows from operating activities. Pursuant to their rate plans, the Utilities also recover from customers the amount of property taxes they will pay. The payment of property taxes by the Utilities affects the timing of cash flows and increases the amount of short-term borrowings issued by the Utilities when property taxes are due and as property taxes increase, but generally does not impact net income. See “Changes To Tax Laws Could Adversely Affect the Companies” in Item 1A, “Federal Income Tax” in Note A, “Rate Plans” in Note B, “Other Regulatory Matters” in Note B and Note L to the financial statements in Item 8. In general, the Utilities suspended service disconnections during the COVID-19 pandemic and have since resumed such activities in accordance with applicable law. At December 31, 2025, CECONY’s and O&R’s customer accounts receivables balances of $2,970 million and $120 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,427 million and $27 million, respectively. A continued slow recovery of accounts receivable balances has impacted and is expected to continue to impact the Companies’ liquidity. See “Aged Accounts Receivable Balances,” above. Net income is the result of cash and non-cash (or accrual) transactions. Only cash transactions affect the Companies’ cash flows from operating activities. Principal non-cash charges or credits include depreciation, deferred income tax expense, amortizations of certain regulatory assets and liabilities and accrued unbilled revenue. Non-cash charges or credits may also be accrued under the revenue decoupling and cost reconciliation mechanisms in the Utilities’ New York electric and gas rate plans. See “Rate Plans – CECONY– Electric and Gas\" and \"Rate Plans – O&R New York – Electric and Gas” in Note B to the financial statements in Item 8. Certain prior period amounts have been reclassified within the Companies' cash flows from operating activities to conform with current period presentation. Net cash flows from operating activities in 2025 for Con Edison were $1,186 million higher than in 2024. The changes in net cash flows for Con Edison primarily reflect: •a decrease in taxes receivable of $278 million; •an increase in other current liabilities of $264 million; •lower accounts receivable – customers, net of $233 million; •an increase in accounts payable of $162 million; •lower net deferred charges, noncurrent assets, leases, net and other regulatory assets balances of $49 million; •a decrease in prepayments of $39 million; •an increase in accrued taxes of $38 million; and •a change in distribution from equity investments $35 million. Net cash flows from operating activities in 2025 for CECONY were $1,171 million higher than in 2024. The changes in net cash flows for CECONY primarily reflect: •a decrease in accounts receivable from (to) affiliated companies of $552 million; •an increase in other current liabilities of $275 million; •lower accounts receivable – customers, net of $241 million; and •an increase in accounts payable of $143 million. The change in net cash flows also reflects the timing of payments for and recovery of energy costs. This timing is reflected within changes to accounts receivable – customers, recoverable and refundable energy costs within other regulatory assets and liabilities and accounts payable balances." }, { "status": "UNCHANGED", "current_title": "Report of Management on Internal Control Over Financial Reporting", "prior_title": "Report of Management on Internal Control Over Financial Reporting", "current_body": "Management of Consolidated Edison, Inc. and its subsidiaries (the Company) is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable, but not absolute, assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of the effectiveness of controls to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate. Management of the Company assessed the effectiveness of internal control over financial reporting as of December 31, 2025, using the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework (2013). Based on that assessment, management has concluded that the Company had effective internal control over financial reporting as of December 31, 2025. The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025, has been audited by PricewaterhouseCoopers LLP, the Company’s independent registered public accounting firm, as stated in their report which appears on the following page of this Annual Report on Form 10-K. /s/ Timothy P. CawleyTimothy P. Cawley Chairman, President and Chief Executive Officer /s/ Kirkland B. AndrewsKirkland B. Andrews Senior Vice President and Chief Financial Officer February 19, 2026 CON EDISON ANNUAL REPORT 2025 81 CON EDISON ANNUAL REPORT 2025 81 CON EDISON ANNUAL REPORT 2025 81 CON EDISON ANNUAL REPORT 2025 81" }, { "status": "UNCHANGED", "current_title": "Definition and Limitations of Internal Control over Financial Reporting", "prior_title": "Definition and Limitations of Internal Control over Financial Reporting", "current_body": "A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. 82CON EDISON ANNUAL REPORT 2025 82CON EDISON ANNUAL REPORT 2025 82CON EDISON ANNUAL REPORT 2025 82 CON EDISON ANNUAL REPORT 2025 Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate." }, { "status": "UNCHANGED", "current_title": "Report of Management on Internal Control Over Financial Reporting", "prior_title": "Report of Management on Internal Control Over Financial Reporting", "current_body": "Management of Consolidated Edison, Inc. and its subsidiaries (the Company) is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable, but not absolute, assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of the effectiveness of controls to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with policies or procedures may deteriorate. Management of the Company assessed the effectiveness of internal control over financial reporting as of December 31, 2025, using the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in Internal Control — Integrated Framework (2013). Based on that assessment, management has concluded that the Company had effective internal control over financial reporting as of December 31, 2025. The effectiveness of the Company’s internal control over financial reporting as of December 31, 2025, has been audited by PricewaterhouseCoopers LLP, the Company’s independent registered public accounting firm, as stated in their report which appears on the following page of this Annual Report on Form 10-K. /s/ Timothy P. CawleyTimothy P. Cawley Chairman, President and Chief Executive Officer /s/ Kirkland B. AndrewsKirkland B. Andrews Senior Vice President and Chief Financial Officer February 19, 2026 CON EDISON ANNUAL REPORT 2025 81 CON EDISON ANNUAL REPORT 2025 81 CON EDISON ANNUAL REPORT 2025 81 CON EDISON ANNUAL REPORT 2025 81" }, { "status": "UNCHANGED", "current_title": "Accounting for Investments", "prior_title": "Accounting for Investments", "current_body": "Con Edison’s investments consist primarily of the investments of Con Edison Transmission that are accounted for under the equity method and the fair value of the Utilities’ supplemental retirement income plan and deferred income plan assets. The accounting rules require Con Edison to evaluate its investments periodically to determine whether they are impaired. The standard for determining whether an impairment exists and must be recorded is whether an other-than-temporary decline in carrying value has occurred. Changes in economic conditions, forecasted cash flows and the regulatory environment, among other factors, could require equity method investments to recognize a decrease in carrying value for an other-than-temporary decline. When management believes such a decline may have occurred, the fair value of the investment is estimated using market inputs, when observable, or a valuation model such as a discounted cash flow analysis. The fair value is compared to the carrying value of the investment in order to determine the amount of impairment to record, if any. The evaluation and measurement of impairments involve uncertainties. The judgments that Con Edison makes to estimate the fair value of its equity method investments are based on assumptions that management believes are CON EDISON ANNUAL REPORT 2025 108 CON EDISON ANNUAL REPORT 2025 108 CON EDISON ANNUAL REPORT 2025 108 CON EDISON ANNUAL REPORT 2025 108 reasonable, and variations in these estimates or the underlying assumptions, or the receipt of additional market information, could have a material impact on whether a triggering event is determined to exist or the amount of any such impairment. Additionally, if the projects in which Con Edison holds these investments recognize an impairment, Con Edison may record a share of that impairment loss and would evaluate its investment for an other-than-temporary decline in carrying value as described above." } ] }