ED Stock: Insider Activity, Filings & Research

Consolidated Edison, Inc. (ED) — Drillr’s hub for ED insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, ED insiders filed 1 open-market buy and 1 sale (SEC Form 4).

Sentiment

0/100

Buys (3m)

Sells (3m)

Net (3m)

-$218.9K

Insiders buying

Insider trades by month Buys Sells

Dec

Mar

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Sep

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Mar

Context3-month price -8%Institutions accumulating (13F)

Date	Insider	Type	Shares	Price
May 20, 2026	Cavanagh Brendan Thomasdirector	Grant	1,596	$106.51
May 20, 2026	KILLIAN JOHN Fdirector	Grant	1,596	$106.51
May 20, 2026	SUTHERLAND L FREDERICKdirector	Grant	1,596	$106.51
May 20, 2026	MULROW WILLIAM Jdirector	Grant	1,596	$106.51
May 20, 2026	Zoi Catherinedirector	Grant	1,596	$106.51
May 20, 2026	RANGER MICHAEL Wdirector	Grant	1,596	$106.51
May 20, 2026	SANFORD LINDA Sdirector	Grant	1,596	$106.51
May 20, 2026	Stanley Deirdredirector	Grant	1,596	$106.51
May 20, 2026	Mason Karol Vdirector	Grant	1,596	$106.51
May 20, 2026	McBride Dwight Adirector	Grant	1,596	$106.51
Mar 17, 2026	Miller Josephofficer: VP & Controller	Buy	1	$115.55
Mar 13, 2026	Donnley Deneen Lofficer: SVP and General Counsel	Sell	1,922	$113.94
Mar 2, 2026	MULROW WILLIAM Jdirector	Sell	7,912	$112.81
Feb 20, 2026	Donnley Deneen Lofficer: SVP and General Counsel	Option	6,405	—
Feb 20, 2026	Hensley Jenniferofficer: SVP, Corporate Affairs	Option	2,782	—

Source: ED SEC Form 4 filings, latest May 20, 2026. For informational purposes only — not investment advice.

Overview

Consolidated Edison, Inc. (NYSE:ED) is one of the oldest and largest investor-owned energy companies in the United States, tracing its origins back to 1823 when it was founded as the New York Gas Light Company. The company has evolved through numerous mergers and acquisitions over nearly two centuries to become the primary utility serving New York City and surrounding areas. Today, Con Edison operates as a regulated utility holding company that delivers electricity, natural gas, and steam to millions of customers in one of the most densely populated regions of the country. The company went public in its current form in 2001 and has established itself as a cornerstone utility provider in the New York metropolitan area.

Business

Consolidated Edison operates in the regulated utilities sector, specifically focusing on the transmission and distribution of essential energy services. The company functions as a monopoly utility provider in its designated service territories, which is typical for the utilities industry where natural monopolies exist due to the enormous infrastructure costs required to build and maintain power grids, gas pipelines, and steam systems. The company's operations are divided into several key segments. Electric service represents the largest portion of the business, serving approximately 3.5 million customers across New York City and Westchester County with electricity distribution. This segment likely accounts for roughly 60-70% of total revenues based on typical utility mix patterns. The company operates an extensive electrical infrastructure including 533 circuit miles of transmission lines, 15 transmission substations, 64 distribution substations, and thousands of transformers and distribution lines. Natural gas distribution forms the second major segment, providing gas service to approximately 1.2 million customers across Manhattan, the Bronx, parts of Queens, Westchester County, and southeastern New York. This segment typically represents about 25-30% of revenues and involves maintaining over 4,350 miles of gas mains and nearly 378,000 service lines. Steam service represents a unique and specialized segment, serving approximately 1,555 customers in Manhattan with district heating and cooling. This is one of the largest steam systems in the world and serves many of New York City's iconic buildings and institutions. While serving fewer customers, this segment provides higher-margin services and likely accounts for 5-10% of revenues. The company also has a smaller competitive energy services segment that develops renewable energy projects and provides energy-related products and services to wholesale and retail customers, though this represents a minor portion of overall business.

Revenue model

Consolidated Edison operates under a regulated utility business model, which means its rates and returns are set by state public utility commissions rather than competitive market forces. The company makes money primarily through rate-based revenues where regulators allow the utility to recover its costs plus earn a regulated return on invested capital. The revenue structure works through several mechanisms. For electricity and gas, customers pay both a delivery charge (which goes to Con Edison for maintaining the infrastructure) and a supply charge (for the actual commodity). Con Edison typically earns money on the delivery portion, while commodity costs are often passed through to customers. Steam customers pay for both the steam production and delivery services directly to Con Edison. The regulatory framework allows Con Edison to file rate cases periodically to adjust prices based on changes in operating costs, capital investments, and authorized returns on equity. This provides relatively predictable cash flows but also caps potential returns. The company's allowed return on equity typically ranges from 9-10%, as set by the New York Public Service Commission. Several factors can impact the company's margins and profitability. Weather patterns significantly affect demand, with hot summers driving air conditioning usage and cold winters increasing heating demand. Capital investment cycles influence both costs and the rate base upon which returns are calculated - more infrastructure investment generally leads to higher allowed revenues. Regulatory decisions on rate cases, cost recovery mechanisms, and allowed returns directly impact profitability. Energy efficiency programs and distributed generation like rooftop solar can reduce demand growth. Commodity price volatility affects bad debt levels and working capital needs, even though most commodity costs are passed through to customers. Economic conditions in the New York area influence both residential and commercial demand patterns.

Competitive moat

Consolidated Edison possesses a very strong economic moat based on its status as a regulated natural monopoly in one of the most valuable utility territories in the United States. The company's moat stems from several key factors that create virtually insurmountable barriers to entry. The primary moat comes from exclusive franchise rights granted by regulators to serve specific geographic territories. It would be economically impossible and legally prohibited for competitors to duplicate the massive infrastructure of power lines, gas pipelines, and steam distribution systems already in place. The capital requirements to build parallel infrastructure would be enormous, and regulators would not permit such duplication due to the inefficiency it would create. Geographic advantages further strengthen the moat. Con Edison serves New York City and surrounding dense urban areas where land costs are extremely high and space is severely constrained. The complexity of operating utility infrastructure in such a dense, congested environment creates additional barriers that would be difficult for any potential competitor to overcome. The regulatory relationship also provides protection, as Con Edison has developed deep expertise in navigating New York's regulatory environment over decades. This institutional knowledge and established relationships with regulators create switching costs that would be difficult for newcomers to replicate. However, the moat faces some potential challenges. Distributed energy resources like rooftop solar, battery storage, and microgrids could reduce dependence on the central utility grid over time. Regulatory pressure for lower rates or changes in utility business models could impact returns. Climate change mandates requiring rapid transitions to renewable energy sources may require massive capital investments that could strain returns or face political opposition. Despite these challenges, the fundamental natural monopoly characteristics and exclusive territorial rights provide a very strong competitive position that is likely to persist for decades.

Risks & safety

Consolidated Edison demonstrates a moderate margin of safety typical of regulated utilities, with some areas of strength and others requiring attention. Overall Assessment: The company maintains adequate financial stability with predictable cash flows from regulated operations, though high capital intensity and debt levels require monitoring. Cash Flow and Debt: • Operating cash flow of $3.6 billion in 2024 provides solid coverage of operations • Free cash flow has been consistently negative ($1.2 billion in 2024, $2.3 billion in 2023) due to heavy capital expenditure programs • Debt-to-equity ratio of 1.27 is elevated but typical for capital-intensive utilities • Current ratio of 1.04 indicates tight short-term liquidity management Valuation Metrics: • P/E ratio of 17.0x appears reasonable for a stable utility • EV/EBITDA of 10.5x is within normal utility ranges • Price-to-book ratio of 1.41x suggests modest premium to book value • Dividend yield and coverage metrics would need monitoring given negative free cash flow Other Considerations: • Regulated utility status provides earnings stability and predictability • Geographic concentration in high-value New York market supports premium valuations • Large ongoing capital investment program creates near-term cash flow pressure but supports long-term rate base growth • Regulatory recovery mechanisms help mitigate some investment risks

Recent development

Based on the available financial data, Consolidated Edison has been navigating a period of significant capital investment and infrastructure modernization over recent years. The most notable development has been the company's substantial capital expenditure program, evidenced by consistently negative free cash flow despite strong operating cash generation. In 2024, the company generated $3.6 billion in operating cash flow but had negative free cash flow of $1.2 billion, indicating major infrastructure investments. The company has been expanding its asset base significantly, with total assets growing from $66.3 billion in 2023 to $70.6 billion in 2024. This expansion reflects ongoing investments in grid modernization, system reliability improvements, and likely preparations for clean energy transitions mandated by New York State's climate goals. Revenue performance has shown some volatility, with 2024 revenues of $15.3 billion compared to $14.7 billion in 2023 and $15.7 billion in 2022. This pattern reflects the impact of weather variations, economic conditions, and rate case outcomes on utility revenues. The company's earnings have also fluctuated, with net income of $1.8 billion in 2024 compared to $2.5 billion in 2023, suggesting either higher costs, rate case timing effects, or one-time charges impacting profitability. The balance sheet has remained relatively stable with debt levels consistent with utility industry norms, though the debt-to-equity ratio has increased slightly to 1.27 by 2024. The company has maintained adequate liquidity with cash and short-term investments, though working capital management appears tight with current ratios just above 1.0.

ED company profile · for informational purposes only — not investment advice.

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