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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

☒ | Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934

FOR THE QUARTERLY PERIOD ENDED September 30, 2025
OR

☐ | Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from to

Commission File Number |  | Exact name of registrant as specified in its charter and principal executive office address and telephone number |  | State of Incorporation |  | I.R.S. Employer ID. Number
1-14514 |  | Consolidated Edison, Inc. |  | New York |  | 13-3965100
|  | 4 Irving Place, | New York, | New York | 10003 |  |  |  |
|  | (212) | 460-4600 |  |  |  |  |  |
1-01217 |  | Consolidated Edison Company of New York, Inc. |  | New York |  | 13-5009340
|  | 4 Irving Place, | New York, | New York | 10003 |  |  |  |
|  | (212) | 460-4600 |  |  |  |  |  |

Securities Registered Pursuant to Section 12(b) of the Act:

Title of each class |  | Trading Symbol |  | Name of each exchange on which registered
Consolidated Edison, Inc. |  | ED |  | New York Stock Exchange
Common Shares ($.10 par value) |  |  |  |

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Consolidated Edison, Inc. (Con Edison) | Yes | ☒ | No ☐
Consolidated Edison Company of New York, Inc. (CECONY) | Yes | ☒ | No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Con Edison | Yes | ☒ | No ☐
CECONY | Yes | ☒ | No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Con Edison
Large accelerated filer | ☒ |  | Accelerated filer ☐ |  | Non-accelerated filer | ☐
Smaller reporting company | ☐ | Emerging growth company | ☐ |  |
CECONY
Large accelerated filer | ☐ |  | Accelerated filer ☐ |  | Non-accelerated filer | ☒
Smaller reporting company | ☐ | Emerging growth company | ☐ |  |

1

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Con Edison | Yes | ☐ | No | ☒
CECONY | Yes | ☐ | No | ☒

As of October 31, 2025, Con Edison had outstanding 360,935,608 Common Shares ($.10 par value). All of the outstanding common equity of CECONY is held by Con Edison.
Filing Format
This Quarterly Report on Form 10-Q is a combined report being filed separately by two different registrants: Consolidated Edison, Inc. (Con Edison) and Consolidated Edison Company of New York, Inc. (CECONY). CECONY is a wholly-owned subsidiary of Con Edison and, as such, the information in this report about CECONY also applies to Con Edison. As used in this report, the term the “Companies” refers to Con Edison and CECONY. However, CECONY makes no representation as to the information contained in this report relating to Con Edison or the subsidiaries of Con Edison other than itself.

2

Glossary of Terms
The following is a glossary of abbreviations or acronyms that are used in the Companies’ SEC reports:

Con Edison Companies
Con Edison |  | Consolidated Edison, Inc.
CECONY |  | Consolidated Edison Company of New York, Inc.
Clean Energy Businesses |  | Con Edison Clean Energy Businesses, Inc., a former subsidiary of Con Edison
Con Edison Transmission |  | Con Edison Transmission, Inc., together with its subsidiaries
O&R |  | Orange and Rockland Utilities, Inc.
RECO |  | Rockland Electric Company
The Companies |  | Con Edison and CECONY
The Utilities |  | CECONY and O&R
Regulatory Agencies, Government Agencies and Other Organizations
FASB |  | Financial Accounting Standards Board
FERC |  | Federal Energy Regulatory Commission
IRS |  | Internal Revenue Service
NJBPU |  | New Jersey Board of Public Utilities
NYISO |  | New York Independent System Operator
NYPA |  | New York Power Authority
NYSDPS |  | New York State Department of Public Service
NYSPSC |  | New York State Public Service Commission
SEC |  | U.S. Securities and Exchange Commission
Accounting |  |
AFUDC |  | Allowance for Funds Used During Construction
ASC |  | Accounting Standards Codification Topic
ASU |  | Accounting Standards Update
GAAP |  | Generally Accepted Accounting Principles in the United States of America
HLBV |  | Hypothetical Liquidation at Book Value
VIE |  | Variable Interest Entity

3

Environmental |  |
GHG |  | Greenhouse gases
Superfund |  | Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes
Units of Measure |  |
Dt |  | Dekatherm
kV |  | Kilovolt
kWh |  | Kilowatt-hour
MMlb |  | Million pounds
MW |  | Megawatt or thousand kilowatts
MWh |  | Megawatt hour
Other |  |
COVID-19 |  | Coronavirus Di sease 2019 and any mutations or variants thereof
Third Quarter Financial Statements |  | Consolidated financial statements included in the Companies' Quarterly Report on Form 10-Q for the quarterly period ended September 30 of the current year
IRA |  | The federal Inflation Reduction Act, as enacted on August 16, 2022
OBBBA |  | The federal One Big Beautiful Bill Act, as enacted on July 4, 2025
TCJA |  | The federal Tax Cuts and Jobs Act of 2017, as enacted on December 22, 2017

4

TABLE OF CONTENTS

|  | PAGE
PART I—Financial Information |
ITEM 1 | Financial Statements (Unaudited) |
| Con Edison |
| Consolidated Income Statement | 7
| Consolidated Statement of Comprehensive Income | 8
| Consolidated Statement of Cash Flows | 9
| Consolidated Balance Sheet | 10
| Consolidated Statement of Shareholders' Equity | 12
| CECONY |
| Consolidated Income Statement | 13
| Consolidated Statement of Comprehensive Income | 14
| Consolidated Statement of Cash Flows | 15
| Consolidated Balance Sheet | 16
| Consolidated Statement of Shareholder’s Equity | 18
| Notes to the Financial Statements (Unaudited) | 19
| Note A - Summary of Significant Accounting Policies | 19
| Note B - Regulatory Matters | 21
| Note C - Capitalization | 28
| Note D - Short-Term Borrowing | 28
| Note E - Pension Benefits | 29
| Note F - Other Postretirement Benefits | 30
| Note G - Environmental Matters | 30
| Note H - Material Contingencies | 33
| Note I - Leases | 34
| Note J - Income Tax | 34
| Note K - Revenue Recognition | 36
| Note L - Current Expected Credit Losses | 37
| Note M - Financial Information by Business Segment | 39
| Note N - Derivative Instruments and Hedging Activities | 43
| Note O - Fair Value Measurements | 45
| Note P - Related Party Transactions | 48
| Note Q - Dispositions | 49
| Note R - New Financial Accounting Standards | 50
ITEM 2 | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 51
ITEM 3 | Quantitative and Qualitative Disclosures About Market Risk | 84
ITEM 4 | Controls and Procedures | 84
PART II—Other Information | 85
ITEM 1 | Legal Proceedings | 85
ITEM 1A | Risk Factors | 85
ITEM 6 | Exhibits | 85
| Signatures | 86

5

FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as “forecasts,” “expects,” “estimates,” “anticipates,” “intends,” “believes,” “plans,” “will,” “target,” “guidance,” “potential,” "goal," “consider” and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time. Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports the Companies have filed with the Securities and Exchange Commission, including, but not limited to:
•the Companies are extensively regulated and may be subject to substantial penalties;
•the Utilities’ rate plans may not provide a reasonable return;
•the Companies may be adversely affected by changes to the Utilities’ rate plans;
•the failure of, or damage to, the Companies’ facilities could adversely affect the Companies;
•a cyber attack could adversely affect the Companies;
•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 are exposed to risks from the environmental consequences of their operations, including increased costs related to climate change;
•Con Edison’s ability to pay dividends or interest depends on dividends from its subsidiaries;
•changes to tax laws could adversely affect the Companies;
•the Companies require access to capital markets to satisfy funding requirements;
•a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect the Companies;
•the Companies face risks related to health epidemics and other outbreaks;
•the Companies’ strategies may not be effective to address changes in the external business environment;
•the Companies face risks related to supply chain disruptions, inflation and the imposition of tariffs (or subsequent changes to tariffs once announced or implemented); and
•the Companies also face other risks that are beyond their control.
This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. The Companies assume no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
6

Consolidated Edison, Inc.
CONSOLIDATED INCOME STATEMENT (UNAUDITED)

| For the Three Months Ended September 30, | For the Nine Months Ended September 30,
(Millions of Dollars/Except Share Data) | 2025 | 2024 | 2025 | 2024
OPERATING REVENUES |  |  |  |
Electric | $4,040 | $3,669 | $9,718 | $8,849
Gas | 433 | 373 | 2,686 | 2,312
Steam | 56 | 49 | 517 | 423
Non-utility | 1 | 1 | 3 | 3
TOTAL OPERATING REVENUES | 4,530 | 4,092 | 12,924 | 11,587
OPERATING EXPENSES |  |  |  |
Purchased power | 905 | 743 | 2,276 | 1,942
Fuel | 40 | 27 | 194 | 130
Gas purchased for resale | 113 | 67 | 646 | 402
Other operations and maintenance | 965 | 986 | 2,840 | 2,841
Depreciation and amortization | 586 | 550 | 1,726 | 1,601
Taxes, other than income taxes | 953 | 857 | 2,794 | 2,448
TOTAL OPERATING EXPENSES | 3,562 | 3,230 | 10,476 | 9,364
Loss on sale of the Clean Energy Businesses | — | — | — | (30)
OPERATING INCOME | 968 | 862 | 2,448 | 2,193
OTHER INCOME (DEDUCTIONS) |  |  |  |
Investment income | 18 | 17 | 51 | 46
Other income | 208 | 157 | 623 | 476
Allowance for equity funds used during construction | 16 | 8 | 52 | 29
Other deductions | (11) | (17) | (33) | (44)
TOTAL OTHER INCOME | 231 | 165 | 693 | 507
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 1,199 | 1,027 | 3,141 | 2,700
INTEREST EXPENSE (INCOME) |  |  |  |
Interest on long-term debt | 292 | 275 | 875 | 797
Other interest expense | 31 | 47 | 96 | 131
Allowance for borrowed funds used during construction | (14) | (16) | (49) | (45)
NET INTEREST EXPENSE | 309 | 306 | 922 | 883
INCOME BEFORE INCOME TAX EXPENSE | 890 | 721 | 2,219 | 1,817
INCOME TAX EXPENSE | 202 | 133 | 493 | 307
NET INCOME FOR COMMON STOCK | $688 | $588 | $1,726 | $1,510
Net income per common share - basic | $1.91 | $1.70 | $4.84 | $4.37
Net income per common share - diluted | $1.90 | $1.69 | $4.83 | $4.35
AVERAGE NUMBER OF SHARES OUTSTANDING—BASIC (IN MILLIONS) | 360.7 | 346.2 | 356.4 | 345.9
AVERAGE NUMBER OF SHARES OUTSTANDING—DILUTED (IN MILLIONS) | 361.9 | 347.5 | 357.6 | 347.2

The accompanying notes are an integral part of these financial statements.
7

Consolidated Edison, Inc.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

| Three Months Ended September 30, | Nine Months Ended September 30,
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
NET INCOME | $688 | $588 | $1,726 | $1,510
OTHER COMPREHENSIVE LOSS, NET OF TAXES |  |  |  |
Pension and other postretirement benefit plan liability adjustments, net of taxes | — | — | (12) | (4)
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAXES | — | — | (12) | (4)
COMPREHENSIVE INCOME | $688 | $588 | $1,714 | $1,506

The accompanying notes are an integral part of these financial statements.
8

Consolidated Edison, Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

| For the Nine Months Ended September 30, |
(Millions of Dollars) | 2025 | 2024 |
OPERATING ACTIVITIES |  |  |
Net income | $1,726 | $1,510 |
PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOME |  |  |
Depreciation and amortization | 1,726 | 1,601 |
Deferred income taxes | 498 | 448 |
Rate case amortization and accruals | 194 | 174 |
Pre-tax loss on sale of the Clean Energy Businesses | — | 30 |
Other non-cash items, net | (159) | (107) |
CHANGES IN ASSETS AND LIABILITIES |  |  |
Accounts receivable – customers, net | 103 | (230) |
Other receivables, net and other current assets | 173 | 244 |
Taxes receivable | 144 | — |
Unbilled revenue and net unbilled revenue deferrals | 18 | 31 |
Prepayments | (700) | (902) |
Accounts payable | (128) | (199) |
Pensions and retiree benefits obligations, net | (423) | (185) |
Pensions and retiree benefits contributions | (20) | (21) |
Accrued taxes | (4) | (14) |
Accrued interest | 138 | 159 |
Superfund and other environmental costs, net | (10) | (27) |
Distributions from equity investments | 51 | 15 |
Deferred charges, noncurrent assets, leases, net and other regulatory assets | (265) | (553) |
Deferred credits, noncurrent liabilities and other regulatory liabilities | 181 | 400 |
Other current liabilities | 77 | (70) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 3,320 | 2,304 |
INVESTING ACTIVITIES |  |  |
Utility capital expenditures | (3,460) | (3,533) |
Cost of removal less salvage | (335) | (335) |
Proceeds from sale of Broken Bow II, net of cash and cash equivalents sold | 45 | — |
Other investing activities | (36) | (21) |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,786) | (3,889) |
FINANCING ACTIVITIES |  |  |
Net payment of short-term debt | (1,618) | (229) |
Issuance of long-term debt | 250 | 1,525 |
Borrowing under term loan | 200 | — |
Debt issuance costs | (3) | (25) |
Common stock dividends | (871) | (824) |
Issuance of common shares - public offering | 1,308 | — |
Issuance of common shares for stock plans | 49 | 45 |
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | (685) | 492 |
CASH, TEMPORARY CASH INVESTMENTS, AND RESTRICTED CASH: |  |  |
NET CHANGE FOR THE PERIOD | (1,151) | (1,093) |
BALANCE AT BEGINNING OF PERIOD | 1,333 | 1,195 |
BALANCE AT END OF PERIOD | $182 | $102 |
LESS: CHANGE IN CASH AND RESTRICTED CASH BALANCES HELD FOR SALE | — | 9 |
BALANCE AT END OF PERIOD EXCLUDING HELD FOR SALE | $182 | $93 |
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION |  |  |
Cash paid (received) during the period for: |  |  |
Interest, net of capitalized interest | $726 | $657 |
Income taxes | $(167) | $6 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION |  |  |
Capital expenditures in accounts payable | $720 | $496 |
Issuance of common shares for dividend reinvestment | $37 | $37 |
Equipment acquired but unpaid as of end of period | $— | $6 |

The accompanying notes are an integral part of these financial statements.
9

Consolidated Edison, Inc.
CONSOLIDATED BALANCE SHEET (UNAUDITED)

(Millions of Dollars) | September 30, 2025 | December 31, 2024
ASSETS |  |
CURRENT ASSETS |  |
Cash and temporary cash investments | $181 | $1,324
Accounts receivable – customers, net allowance for uncollectible accounts of $610 and $620 in 2025 and 2024, respectively | 2,347 | 2,440
Other receivables, net allowance for uncollectible accounts of $60 and $41 in 2025 and 2024, respectively | 169 | 292
Accrued unbilled revenue | 652 | 848
Taxes receivable | 1 | 145
Fuel oil, gas in storage, materials and supplies, at average cost | 516 | 485
Prepayments | 1,145 | 445
Regulatory assets | 118 | 141
Restricted cash | 1 | —
Revenue decoupling mechanism receivable | 177 | 202
Fair value of derivative assets | 14 | 15
Assets held for sale | — | 133
Other current assets | 139 | 194
TOTAL CURRENT ASSETS | 5,460 | 6,664
INVESTMENTS | 1,229 | 1,126
UTILITY PLANT, AT ORIGINAL COST |  |
Electric | 43,387 | 41,206
Gas | 15,740 | 15,127
Steam | 3,220 | 3,187
General | 5,021 | 4,851
TOTAL | 67,368 | 64,371
Less: Accumulated depreciation | 16,160 | 15,384
Net | 51,208 | 48,987
Construction work in progress | 3,177 | 3,165
NET UTILITY PLANT | 54,385 | 52,152
NON-UTILITY PLANT |  |
Non-utility property, net accumulated depreciation of $25 in 2025 and 2024 | 11 | 12
Construction work in progress | 1 | 1
NET PLANT | 54,397 | 52,165
OTHER NONCURRENT ASSETS |  |
Goodwill | 408 | 408
Regulatory assets | 5,554 | 5,523
Pension and retiree benefits | 3,913 | 3,791
Operating lease right-of-use asset | 466 | 493
Fair value of derivative assets | 37 | 27
Other deferred charges and noncurrent assets | 380 | 365
TOTAL OTHER NONCURRENT ASSETS | 10,758 | 10,607
TOTAL ASSETS | $71,844 | $70,562

The accompanying notes are an integral part of these financial statements.
10

Consolidated Edison, Inc.
CONSOLIDATED BALANCE SHEET (UNAUDITED)

(Millions of Dollars) | September 30, 2025 | December 31, 2024
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |
CURRENT LIABILITIES |  |
Term loan | $700 | $500
Notes payable | 552 | 2,170
Accounts payable | 1,583 | 1,676
Customer deposits | 484 | 412
Accrued taxes | 67 | 70
Accrued interest | 337 | 199
Accrued wages | 147 | 127
Fair value of derivative liabilities | 73 | 52
Regulatory liabilities | 123 | 102
System benefit charge | 438 | 447
Operating lease liabilities | 120 | 118
Liabilities held for sale | — | 79
Other current liabilities | 455 | 481
TOTAL CURRENT LIABILITIES | 5,079 | 6,433
NONCURRENT LIABILITIES |  |
Provision for injuries and damages | 174 | 181
Pensions and retiree benefits | 552 | 551
Superfund and other environmental costs | 1,029 | 1,037
Asset retirement obligations | 467 | 453
Fair value of derivative liabilities | 56 | 96
Deferred income taxes and unamortized investment tax credits | 9,493 | 8,874
Operating lease liabilities | 394 | 386
Regulatory liabilities | 4,946 | 5,444
Other deferred credits and noncurrent liabilities | 577 | 494
TOTAL NONCURRENT LIABILITIES | 17,688 | 17,516
LONG-TERM DEBT | 24,909 | 24,651
COMMITMENTS, CONTINGENCIES, AND GUARANTEES (Note B, Note G, and Note H) |  |
SHAREHOLDERS' EQUITY (See Consolidated Statement of Shareholders' Equity) | 24,168 | 21,962
TOTAL LIABILITIES AND EQUITY | $71,844 | $70,562

The accompanying notes are an integral part of these financial statements.
11

Consolidated Edison, Inc.
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED)

(In Millions, except for dividends per share) | Common Stock | Additional Paid-In Capital | Retained Earnings | Treasury Stock | Capital Stock Expense | Accumulated Other Comprehensive Income (Loss) | Total
Shares | Amount | Shares | Amount
BALANCE AS OF DECEMBER 31, 2023 | 345 | $37 | $9,861 | $13,377 | 34 | $(2,017) | $(122) | $22 | $21,158
Net income |  |  |  | 720 |  |  |  |  | 720
Common stock dividends ($0.83 per share) |  |  |  | (287) |  |  |  |  | (287)
Issuance of common shares for stock plans | 1 | 1 | 27 |  |  |  |  |  | 28
Other comprehensive loss |  |  |  |  |  |  |  | (4) | (4)
BALANCE AS OF MARCH 31, 2024 | 346 | $38 | $9,888 | $13,810 | 34 | $(2,017) | $(122) | $18 | $21,615
Net income |  |  |  | 202 |  |  |  |  | 202
Common stock dividends ($0.83 per share) |  |  |  | (287) |  |  |  |  | (287)
Issuance of common shares for stock plans |  |  | 30 |  |  |  |  |  | 30
BALANCE AS OF JUNE 30, 2024 | 346 | $38 | $9,918 | $13,725 | 34 | $(2,017) | $(122) | $18 | $21,560
Net income |  |  |  | 588 |  |  |  |  | 588
Common stock dividends ($0.83 per share) |  |  |  | (287) |  |  |  |  | (287)
Issuance of common shares for stock plans |  |  | 26 |  |  |  |  |  | 26
Stock awards |  |  | 11 |  |  |  |  |  | 11
BALANCE AS OF SEPTEMBER 30, 2024 | 346 | $38 | $9,955 | $14,026 | 34 | $(2,017) | $(122) | $18 | $21,898
BALANCE AS OF DECEMBER 31, 2024 | 347 | $38 | $9,986 | $14,048 | 34 | $(2,017) | $(122) | $29 | $21,962
Net income |  |  |  | 791 |  |  |  |  | 791
Common stock dividends ($0.85 per share) |  |  |  | (295) |  |  |  |  | (295)
Issuance of common shares - public offering | 13 |  | 1,326 |  |  |  | (18) |  | 1,308
Issuance of common shares for stock plans |  | 1 | 28 |  |  |  |  |  | 29
Other comprehensive loss |  |  |  |  |  |  |  | (12) | (12)
BALANCE AS OF MARCH 31, 2025 | 360 | $39 | $11,340 | $14,544 | 34 | $(2,017) | $(140) | $17 | $23,783
Net income |  |  |  | 246 |  |  |  |  | 246
Common stock dividends ($0.85 per share) |  |  |  | (306) |  |  |  |  | (306)
Issuance of common shares for stock plans | 1 |  | 30 |  |  |  |  |  | 30
Stock awards |  |  | 3 |  |  |  |  |  | 3
BALANCE AS OF JUNE 30, 2025 | 361 | $39 | $11,373 | $14,484 | 34 | $(2,017) | $(140) | $17 | $23,756
Net income |  |  |  | 688 |  |  |  |  | 688
Common stock dividends ($0.85 per share) |  |  |  | (307) |  |  |  |  | (307)
Issuance of common shares for stock plans |  |  | 29 |  |  |  |  |  | 29
Stock awards |  |  | 2 |  |  |  |  |  | 2
BALANCE AS OF SEPTEMBER 30, 2025 | 361 | $39 | $11,404 | $14,865 | 34 | $(2,017) | $(140) | $17 | $24,168

The accompanying notes are an integral part of these financial statements.
12

Consolidated Edison Company of New York, Inc.
CONSOLIDATED INCOME STATEMENT (UNAUDITED)

| For the Three Months Ended September 30, | For the Nine Months Ended September 30,
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
OPERATING REVENUES |  |  |  |
Electric | $3,733 | $3,376 | $9,000 | $8,188
Gas | 392 | 337 | 2,446 | 2,119
Steam | 56 | 49 | 517 | 423
TOTAL OPERATING REVENUES | 4,181 | 3,762 | 11,963 | 10,730
OPERATING EXPENSES |  |  |  |
Purchased power | 777 | 642 | 1,991 | 1,718
Fuel | 40 | 27 | 194 | 130
Gas purchased for resale | 97 | 59 | 551 | 352
Other operations and maintenance | 871 | 880 | 2,551 | 2,539
Depreciation and amortization | 554 | 520 | 1,631 | 1,512
Taxes, other than income taxes | 928 | 831 | 2,717 | 2,372
TOTAL OPERATING EXPENSES | 3,267 | 2,959 | 9,635 | 8,623
OPERATING INCOME | 914 | 803 | 2,328 | 2,107
OTHER INCOME (DEDUCTIONS) |  |  |  |
Investment and other income | 198 | 149 | 590 | 452
Allowance for equity funds used during construction | 14 | 7 | 48 | 25
Other deductions | (11) | (18) | (30) | (41)
TOTAL OTHER INCOME | 201 | 138 | 608 | 436
INCOME BEFORE INTEREST AND INCOME TAX EXPENSE | 1,115 | 941 | 2,936 | 2,543
INTEREST EXPENSE (INCOME) |  |  |  |
Interest on long-term debt | 276 | 262 | 830 | 757
Other interest expense | 25 | 38 | 83 | 108
Allowance for borrowed funds used during construction | (12) | (15) | (45) | (40)
NET INTEREST EXPENSE | 289 | 285 | 868 | 825
INCOME BEFORE INCOME TAX EXPENSE | 826 | 656 | 2,068 | 1,718
INCOME TAX EXPENSE | 187 | 119 | 462 | 301
NET INCOME | $639 | $537 | $1,606 | $1,417

The accompanying notes are an integral part of these financial statements.
13

Consolidated Edison Company of New York, Inc.
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (UNAUDITED)

| For the Three Months Ended September 30, | For the Nine Months Ended September 30,
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
NET INCOME | $639 | $537 | $1,606 | $1,417
OTHER COMPREHENSIVE LOSS, NET OF TAXES |  |  |  |
Pension and other postretirement benefit plan liability adjustments, net of taxes | — | — | (8) | —
TOTAL OTHER COMPREHENSIVE LOSS, NET OF TAXES | — | — | (8) | —
COMPREHENSIVE INCOME | $639 | $537 | $1,598 | $1,417

The accompanying notes are an integral part of these financial statements.
14

Consolidated Edison Company of New York, Inc.
CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED)

| For the Nine Months Ended September 30, |
(Millions of Dollars) | 2025 | 2024 |
OPERATING ACTIVITIES |  |  |
Net income | $1,606 | $1,417 |
PRINCIPAL NON-CASH CHARGES (CREDITS) TO INCOME |  |  |
Depreciation and amortization | 1,631 | 1,512 |
Deferred income taxes | 365 | 553 |
Rate case amortization and accruals | 197 | 156 |
Other non-cash items, net | (108) | (58) |
CHANGES IN ASSETS AND LIABILITIES |  |  |
Accounts receivable – customers, net | 104 | (221) |
Other receivables, net and other current assets | 99 | 186 |
Unbilled revenue and net unbilled revenue deferrals | 12 | 37 |
Accounts receivable from (to) affiliated companies | 321 | (335) |
Prepayments | (668) | (714) |
Accounts payable | (114) | (206) |
Accounts payable from (to) affiliated companies | (4) | 2 |
Pensions and retiree benefits obligations, net | (404) | (196) |
Pensions and retiree benefits contributions | (20) | (21) |
Superfund and other environmental costs, net | (13) | (27) |
Accrued taxes | (4) | (7) |
Accrued interest | 133 | 156 |
Deferred charges, noncurrent assets, leases, net and other regulatory assets | (283) | (444) |
Deferred credits, noncurrent liabilities and other regulatory liabilities | 172 | 363 |
Other current liabilities | 89 | (66) |
NET CASH FLOWS FROM OPERATING ACTIVITIES | 3,111 | 2,087 |
INVESTING ACTIVITIES |  |  |
Utility capital expenditures | (3,169) | (3,312) |
Cost of removal less salvage | (328) | (330) |
NET CASH FLOWS USED IN INVESTING ACTIVITIES | (3,497) | (3,642) |
FINANCING ACTIVITIES |  |  |
Net payment of short-term debt | (1,450) | (227) |
Borrowing under term loan | 200 | — |
Issuance of long-term debt | — | 1,400 |
Debt issuance costs | (2) | (24) |
Capital contribution by Con Edison | 1,275 | 105 |
Dividend to Con Edison | (852) | (804) |
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | (829) | 450 |
CASH AND TEMPORARY CASH INVESTMENTS |  |  |
NET CHANGE FOR THE PERIOD | (1,215) | (1,105) |
BALANCE AT BEGINNING OF PERIOD | 1,254 | 1,138 |
BALANCE AT END OF PERIOD | $39 | $33 |
SUPPLEMENTAL DISCLOSURE OF CASH INFORMATION |  |  |
Cash paid (received) during the period for: |  |  |
Interest, net of capitalized interest | $677 | $607 |
Income taxes | $(183) | $64 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INFORMATION |  |  |
Capital expenditures in accounts payable | $658 | $469 |
Equipment acquired but unpaid as of end of period | $— | $6 |

The accompanying notes are an integral part of these financial statements.
15

Consolidated Edison Company of New York, Inc.
CONSOLIDATED BALANCE SHEET (UNAUDITED)

(Millions of Dollars) | September 30, 2025 | December 31, 2024
ASSETS |  |
CURRENT ASSETS |  |
Cash and temporary cash investments | $39 | $1,254
Accounts receivable – customers, net allowance for uncollectible accounts of $600 and $605 in 2025 and 2024, respectively | 2,243 | 2,342
Other receivables, net allowance for uncollectible accounts of $53 and $38 in 2025 and 2024, respectively | 143 | 216
Accrued unbilled revenue | 606 | 803
Accounts receivable from affiliated companies | 63 | 384
Fuel oil, gas in storage, materials and supplies, at average cost | 462 | 429
Prepayments | 1,063 | 395
Regulatory assets | 110 | 106
Revenue decoupling mechanism receivable | 168 | 177
Fair value of derivative assets | 11 | 11
Other current assets | 131 | 181
TOTAL CURRENT ASSETS | 5,039 | 6,298
INVESTMENTS | 753 | 684
UTILITY PLANT, AT ORIGINAL COST |  |
Electric | 40,816 | 38,747
Gas | 14,486 | 13,934
Steam | 3,220 | 3,187
General | 4,684 | 4,520
TOTAL | 63,206 | 60,388
Less: Accumulated depreciation | 15,048 | 14,319
Net | 48,158 | 46,069
Construction work in progress | 2,822 | 2,912
NET UTILITY PLANT | 50,980 | 48,981
NON-UTILITY PROPERTY |  |
Non-utility property, net accumulated depreciation of $25 in 2025 and 2024 | 2 | 2
NET PLANT | 50,982 | 48,983
OTHER NONCURRENT ASSETS |  |
Regulatory assets | 5,197 | 5,158
Operating lease right-of-use asset | 465 | 492
Pension and retiree benefits | 3,821 | 3,692
Fair value of derivative assets | 33 | 25
Other deferred charges and noncurrent assets | 346 | 318
TOTAL OTHER NONCURRENT ASSETS | 9,862 | 9,685
TOTAL ASSETS | $66,636 | $65,650

The accompanying notes are an integral part of these financial statements.
16

Consolidated Edison Company of New York, Inc.
CONSOLIDATED BALANCE SHEET (UNAUDITED)

(Millions of Dollars) | September 30, 2025 | December 31, 2024
LIABILITIES AND SHAREHOLDER’S EQUITY |  |
CURRENT LIABILITIES |  |
Term Loan | $700 | $500
Notes payable | 244 | 1,694
Accounts payable | 1,434 | 1,534
Accounts payable to affiliated companies | 18 | 22
Customer deposits | 469 | 397
Accrued taxes | 61 | 65
Accrued taxes to affiliated companies | 1 | 1
Accrued interest | 318 | 185
Accrued wages | 134 | 116
Fair value of derivative liabilities | 66 | 44
Regulatory liabilities | 73 | 40
System benefit charge | 400 | 406
Operating lease liabilities | 120 | 118
Other current liabilities | 420 | 437
TOTAL CURRENT LIABILITIES | 4,458 | 5,559
NONCURRENT LIABILITIES |  |
Provision for injuries and damages | 170 | 176
Pensions and retiree benefits | 509 | 506
Superfund and other environmental costs | 935 | 942
Asset retirement obligations | 466 | 452
Fair value of derivative liabilities | 49 | 84
Deferred income taxes and unamortized investment tax credits | 9,298 | 8,819
Operating lease liabilities | 393 | 386
Regulatory liabilities | 4,466 | 4,940
Other deferred credits and noncurrent liabilities | 477 | 406
TOTAL NONCURRENT LIABILITIES | 16,763 | 16,711
LONG-TERM DEBT | 23,418 | 23,409
COMMITMENTS AND CONTINGENCIES (Note B, Note G and Note H) |  |
SHAREHOLDER’S EQUITY (See Consolidated Statement of Shareholder’s Equity) | 21,997 | 19,971
TOTAL LIABILITIES AND SHAREHOLDER’S EQUITY | $66,636 | $65,650

The accompanying notes are an integral part of these financial statements.
17

Consolidated Edison Company of New York, Inc.
CONSOLIDATED STATEMENT OF SHAREHOLDER’S EQUITY (UNAUDITED)

| Common Stock | Additional Paid-In Capital | Retained Earnings | Repurchased Con Edison Stock | Capital Stock Expense | Accumulated Other Comprehensive Income (Loss) | Total
(In Millions/Except Share Data) | Shares | Amount
BALANCE AS OF DECEMBER 31, 2023 | 235 | $589 | $9,139 | $10,440 | $(962) | $(62) | $2 | $19,146
Net income |  |  |  | 694 |  |  |  | 694
Common stock dividend to Con Edison |  |  |  | (268) |  |  |  | (268)
Capital contribution by Con Edison |  |  | 25 |  |  |  |  | 25
BALANCE AS OF MARCH 31, 2024 | 235 | $589 | $9,164 | $10,866 | $(962) | $(62) | $2 | $19,597
Net income |  |  |  | 186 |  |  |  | 186
Common stock dividend to Con Edison |  |  |  | (268) |  |  |  | (268)
Capital contribution by Con Edison |  |  | 55 |  |  |  |  | 55
BALANCE AS OF JUNE 30, 2024 | 235 | $589 | $9,219 | $10,784 | $(962) | $(62) | $2 | $19,570
Net income |  |  |  | 537 |  |  |  | 537
Common stock dividend to Con Edison |  |  |  | (268) |  |  |  | (268)
Capital contribution by Con Edison |  |  | 25 |  |  |  |  | 25
Stock awards |  |  | 9 |  |  |  |  | 9
BALANCE AS OF SEPTEMBER 30, 2024 | 235 | $589 | $9,253 | $11,053 | $(962) | $(62) | $2 | $19,873
BALANCE AS OF DECEMBER 31, 2024 | 235 | $589 | $9,281 | $11,115 | $(962) | $(62) | $10 | $19,971
Net income |  |  |  | 745 |  |  |  | 745
Common stock dividend to Con Edison |  |  |  | (284) |  |  |  | (284)
Capital contribution by Con Edison |  |  | 1,241 |  |  | (16) |  | 1,225
Other comprehensive loss |  |  |  |  |  |  | (8) | (8)
BALANCE AS OF MARCH 31, 2025 | 235 | $589 | $10,522 | $11,576 | $(962) | $(78) | $2 | $21,649
Net income |  |  |  | 222 |  |  |  | 222
Common stock dividend to Con Edison |  |  |  | (284) |  |  |  | (284)
Capital contribution by Con Edison |  |  | 25 |  |  |  |  | 25
Stock awards |  |  | 3 |  |  |  |  | 3
BALANCE AS OF JUNE 30, 2025 | 235 | $589 | $10,550 | $11,514 | $(962) | $(78) | $2 | $21,615
Net income |  |  |  | 639 |  |  |  | 639
Common stock dividend to Con Edison |  |  |  | (284) |  |  |  | (284)
Capital contribution by Con Edison |  |  | 25 |  |  |  |  | 25
Stock awards |  |  | 2 |  |  |  |  | 2
BALANCE AS OF SEPTEMBER 30, 2025 | 235 | $589 | $10,577 | $11,869 | $(962) | $(78) | $2 | $21,997

The accompanying notes are an integral part of these financial statements.
18

NOTES TO THE FINANCIAL STATEMENTS (UNAUDITED)
General
These combined notes accompany and form an integral part of the separate interim consolidated financial statements of each of the two separate registrants: Consolidated Edison, Inc. and its subsidiaries (Con Edison) and Consolidated Edison Company of New York, Inc. and its subsidiaries (CECONY). CECONY is a subsidiary of Con Edison and as such its financial condition and results of operations and cash flows, that are presented separately in the CECONY consolidated financial statements, are also consolidated, along with those of Orange and Rockland Utilities, Inc. (O&R) and Con Edison Transmission, Inc. (together with its subsidiaries, Con Edison Transmission) in Con Edison’s consolidated financial statements. The term “Utilities” is used in these notes to refer to CECONY and O&R.
As used in these notes, the term “Companies” refers to Con Edison and CECONY and, except as otherwise noted, the information in these combined notes relates to each of the Companies. However, CECONY makes no representation as to informat ion contained in these combined notes relatin g to Con Edison or the subsidiaries of Con Edison other than itself.
The separate interim consolidated financial statements of each of the Companies are unaudited but, in the opinion of their respective managements, reflect all adjustments (which include only normally recurring adjustments) necessary for a fair statement of the results for the interim periods presented. The Companies’ separate interim consolidated financial statements should be read together with their separate audited financial statements (including the combined notes thereto) included in Item 8 of their combined Annual Report on Form 10-K for the year ended December 31, 2024, and their separate unaudited financial statements (including the combined notes thereto) included in Part 1, Item 1 of their combined Quarterly Report on Form 10-Q for the quarterly periods ended March 31, 2025 and June 30, 2025.
Con Edison has two regulated utility subsidiaries: CECONY and O&R. CECONY provides electric service and gas service in New York City and Westchester County. The company also provides steam service in parts of Manhattan. O&R, along with its regulated utility subsidiary, provides electric service in southeastern New York and northern New Jersey and gas service in southeastern New York. 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. See “Investments” in Note A.
Note A – Summary of Significant Accounting Policies and Other Matters
Accounting Policies
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 FERC and the state regulators having jurisdiction.
Investments
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.
Con Edison Transmission is considering strategic alternatives with respect to its investment in Mountain Valley Pipeline, LLC (MVP) and both Con Edison Transmission and CECONY are considering strategic alternatives with respect to their investments in Honeoye Storage Corporation.
Investment in MVP
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 approximatel y $8,100 million (excluding allowance for funds used during construction (AFUDC)). As of September 30, 2025, Con Edison Transmission's interest in MVP, the company that developed the project, is approximately 6.6 percent based on Con Edison Transmission's previous capping of its cash contributions. At September 30, 2025, the carrying value of Con Edison Transmission's investment in MVP was $162 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 differen ce and income taxes, on its consolidated income statement. Co n Edison's pro rata share of earnings from its equity investment in MVP, adjusted for accretion of the basis difference, was $8 million ($6 million after-tax) and $22 million ($16 million after-tax) for the three and nine months ended September 30, 2025, respectively.
19

Reclassification
Certain prior period amounts have been reclassified to conform with the current period presentation.
Earnings Per Share
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.
For the three and nine months ended September 30, 2025 and 2024, basic and diluted EPS for Con Edison are calculated as follows:

| For the Three Months Ended September 30, | For the Nine Months Ended September 30,
(Millions of Dollars, except per share amounts/Shares in Millions) | 2025 | 2024 | 2025 | 2024
Net income for common stock | $688 | $588 | $1,726 | $1,510
Weighted average common shares outstanding – basic | 360.7 | 346.2 | 356.4 | 345.9
Add: Incremental shares attributable to effect of potentially dilutive securities | 1.2 | 1.3 | 1.2 | 1.3
Adjusted weighted average common shares outstanding – diluted | 361.9 | 347.5 | 357.6 | 347.2
Net Income per common share – basic | $1.91 | $1.70 | $4.84 | $4.37
Net Income per common share – diluted | $1.90 | $1.69 | $4.83 | $4.35

The computation of diluted EPS for the three and nine months ended September 30, 2024 and September 30, 2025 excluded an immaterial amount of performance share awards because of their anti-dilutive effect.
Reconciliation of Cash, Temporary Cash Investments and Restricted Cash
Cash, temporary cash investments and restricted cash are presented on a combined basis in the Companies’ consolidated statements of cash flows. At September 30, 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 September 30, 2025 and 2024:

| At September 30,
| Con Edison
(Millions of Dollars) | 2025 | 2024 (a)
Cash and temporary cash investments | $181 | $93
Restricted cash | 1 | 9
Total cash, temporary cash investments and restricted cash | $182 | $102

(a)On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note Q. 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 2024 period primarily included restricted cash of Broken Bow II, which was classified as held for sale as of September 30, 2024. The sale and transfer of Broken Bow II, including the related debt, was completed in January 2025. See N ote Q.
Variable Interest Entities
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.
20

CECONY has an ongoing long-term electricity purchase agreement with Brooklyn Navy Yard Cogeneration Partners, LP, a potential VIE. In 2024, a request was made of this counterparty for information necessary to determine whether the entity was a VIE and whether CECONY is the primary beneficiary; however, the information was not made available. The payments for this contract constitute CECONY’s maximum exposure to loss with respect to the potential VIE.
Note B – Regulatory Matters
Rate Plans
CECONY – Electric and Gas
On November 5, 2025, CECONY, the New York State Department of Public Service (NYSDPS) and other parties entered into a Joint Proposal for CECONY electric and gas rate plans for the three-year period January 2026 through December 2028 (the Joint Proposal). The Joint Proposal is subject to approval by the New York State Public Service Commission (NYSPSC). The following tables contain a summary of the Joint Proposal.

CECONY – Electric |
Effective period | January 2026 – December 2028
Base rate changes | Yr. 1 – $222 million (a) Yr. 2 – $473 million (a) Yr. 3 – $329 million (a)
Capital expenditures | Yr. 1 - $4,550 million Yr. 2 - $4,474 million Yr. 3 - $4,712 million
Amortizations to income of net liabilities | Yr. 1 – $88 million (b) Yr. 2 – $81 million (b) Yr. 3 – $78 million (b)
Other revenue sources | 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
Revenue decoupling mechanisms | Continuation of reconciliation of actual to authorized electric delivery revenues.
Recoverable energy costs | Continuation of current rate recovery of purchased power and fuel costs.
Negative revenue adjustments | Potential charges if certain performance targets relating to service, reliability, safety and other matters are not met: Yr. 1 – $653 million Yr. 2 – $688 million Yr. 3 – $745 million
Regulatory reconciliations | Reconciliation of late payment charges and expenses for uncollectibles (c), 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).
Net utility plant reconciliations | 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
Average rate base | Yr. 1 – $32,935 million Yr. 2 – $35,149 million Yr. 3 – $39,174 million
Weighted average cost of capital (after-tax) | Yr. 1 – 6.98 percent Yr. 2 – 7.04 percent Yr. 3 – 7.10 percent
Authorized return on common equity | 9.40 percent
Earnings sharing | 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 debt | Yr. 1 – 4.78 percent Yr. 2 – 4.90 percent Yr. 3 – 5.01 percent
Common equity ratio | 48 percent

21

(a) 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. New rates will be effective as of January 1, 2026. CECONY will begin billing customers at the new shaped rate once the Joint Proposal is approved by the NYSPSC. Any shortfall in revenues due to the timing of billing to customers will be collected through a surcharge including a carrying charge on the outstanding balance.
(b) 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.
(c) 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.
(d) 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.
(e) 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 amounts 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 NYSDPS 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.
22

CECONY – Gas |
Effective period | January 2026 – December 2028
Base rate changes | Yr. 1 – $(46) million (a) Yr. 2 – $170 million (a) Yr. 3 – $93 million (a)
Capital expenditures | Yr. 1 – $1,093 million Yr. 2 – $1,057 million Yr. 3 – $1,065 million
Amortizations to income of net liabilities | Yr. 1 – $90 million (b) Yr. 2 – $88 million (b) Yr. 3 – $86 million (b)
Other revenue sources | 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 mechanisms | Continuation of reconciliation of actual to authorized gas delivery revenues calculated based upon revenue per customer class.
Recoverable energy costs | Continuation of current rate recovery of purchased gas costs.
Negative revenue adjustments (c) | Potential charges if performance targets relating to service, safety and other matters are not met: Yr. 1 – $133 million (h) Yr. 2 – $140 million (h) Yr. 3 – $149 million (h)
Regulatory reconciliations | Reconciliation of late payment charges and expenses for uncollectibles (d), expenses for pension and other postretirement benefits, variable-rate debt, property taxes (e), municipal infrastructure support costs (f), the impact of new laws and environmental site investigation and remediation to amounts reflected in rates (g).
Net utility plant reconciliations | 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
Average rate base | Yr. 1 – $11,485 million Yr. 2 – $12,050 million Yr. 3 – $12,615 million
Weighted average cost of capital (after-tax) | Yr. 1 – 6.98 percent Yr. 2 – 7.04 percent Yr. 3 – 7.10 percent
Authorized return on common equity | 9.40 percent
Earnings sharing | 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 debt | Yr. 1 – 4.78 percent Yr. 2 – 4.90 percent Yr. 3 – 5.01 percent
Common equity ratio | 48 percent

(a) The gas base rate increases shown above will be implemented on a shaped bill impact basis resulting in a consistent total bill impact of 2.01% each year with corresponding base rate increases of $28 million in Yr. 1; $69 million in Yr. 2; and $70 million in Yr. 3. New rates will be effective as of January 1, 2026. CECONY will begin billing customers at the new shaped rate once the Joint Proposal is approved by the NYSPSC. Any shortfall in revenues due to the timing of billing to customers will be collected through a surcharge including a carrying charge on the outstanding balance.
(b) Reflects regulatory liability amortization of $48 million in Yr. 1, $46 million in Yr. 2, and $45 million in Yr. 3; amortization of the protected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers of $6 million in Yr. 1, $6 million in Yr. 2, and $5 million in Yr. 3; and amortization of the unprotected portion of the regulatory liability for excess deferred income taxes allocable to CECONY’s gas customers of $36 million in Yr. 1, $36 million in Yr. 2, and $36 million in Yr. 3.
(c) $33.33 million in annual gas revenue requirement ($100 million over three years) will be recovered through a rate adjustment mechanism, subject to refund to customers relating to NYSDPS's review of CECONY's gas main welds. See "Other Regulatory Matters," below
(d) 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 $1.5 million in Yr. 1; $2.25 million in Yr. 2; and $3 million in Yr. 3; as a regulatory asset for recovery via surcharge.
(e) 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.
(f) 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 amounts 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.
(g) In addition, the NYSDPS 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.
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(h) The rate plan includes the potential for CECONY to earn Offsetting Credit Adjustments (OCAs) to offset any gas negative revenue adjustments. OCAs may only be applied in the calendar year they are earned. Potential OCAs that may be earned are $12 million in Yr. 1, $13 million in Yr. 2, and $14 million in Yr. 3.
CECONY – Steam
In May 2025, CECONY filed a petition with the NYSPSC for authorization and cost recovery for the early deployment of four steam decarbonization projects at an estimated cost of $332 million and for authorization to implement a low carbon fuels pilot program that will procure locally-sourced renewable natural gas for use in generating steam.
O&R New York – Electric and Gas
In March 2025, the NYSPSC approved the November 2024 Joint Proposal for new electric and gas rates. The Joint Proposal provides for an electric rate change of $(13.1) million, $24.8 million, and $44.1 million, effective January 1, 2025, 2026 and 2027, respectively. The rate changes will be implemented on a shaped basis, with no change for 2025, and annual increases of $17.7 million, effective January 1, 2026 and 2027. The Joint Proposal provides for gas rate increases of $3.6 million, $18 million and $16.5 million, effective January 1, 2025, 2026 and 2027, respectively. The rate increases will be implemented on a levelized basis, with annual increases of $10.4 million effective January 1, 2025, 2026 and 2027.
Rockland Electric Company (RECO)
In October 2025, RECO further updated its June and August 2025 requests to the New Jersey Board of Public Utilities (NJBPU) for an electric rate increase, effective January 1, 2026. T he company increased its requested rate increase to $31.8 million and changed the common equity ratio to 50.04 percent. The October 2025 updated filing continues to reflect a return on common equity of 10.30 percent.
In September and October 2025, RECO issued credits of $6.6 million in aggregate to its residential electric customers pursuant to an order issued by the NJBPU that established a residential universal bill credit funded by New Jersey.
In August 2025, the NJBPU issued an order authorizing RECO to defer incremental preparation costs of $5 million associated with six storms that occurred during 2023 and 2024. The prudence of these costs, the manner and time period of recovery, along with carrying costs, are being considered in RECO’s next base rate case.
Other Regulatory Matters
In January 2023, CECONY initiated a review of welds on certain gas and steam mains following the company’s discovery of a leak from a ga s main weld in Queens, New York. During the course of its review thus far, CECONY discovered non-conforming gas and steam main welds. The non-confirming welds are not expected to have a significant impact on operations. New York regulations require utilities to perform and record weld films for certain gas and steam main welds. Upon reviewing these films, CECONY determined that in some instances third-party contractors engaged in misconduct by substituting duplicate weld films for different welds, while another third-party contractor had created poor quality weld films. CECONY voluntarily disclosed its initial review and findings to the NYSDPS which, in turn, initiated its own investigation into CECONY’s compliance with weld requirements under the New York State Public Service Law and the prudence of CECONY’s oversight of the weld testing process that could result in adverse regulatory action against the company. CECONY continues to investigate this matter, is remediating and monitoring non-conforming welds and continues to cooperate with the NYSDPS in its investigation. During the time period CECONY disclosed the issue to the NYSDPS, it also reported the contractors’ misconduct to law enforcement. In August 2025, two employees of the third-party contractors were indicted in the U.S. District Court for the Southern District of New York for wire fraud arising out of their scheme to defraud CECONY. Given the nature of the non-conforming welds identified, CECONY does not anticipate significant impact to the operation of its gas and steam mains. In November 2025, CECONY, the NYSDPS and other parties entered into a joint proposal for a new CECONY gas rate plan that, subject to approval by the NYSPSC, provides that $33.3 million in annual gas revenue requirement ($100 million in aggregate from 2026 through 2028) will be recovered through a rate adjustment mechanism that is subject to refund to customers relating to this matter. See “Rate Plans,” above. CECONY is unable to estimate the amount or range of its possible loss, if any, related to this matter. At September 30, 2025, CECONY had not accrued a liability related to this matter and is unable to determine the outcome of this matter at this time.
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In May 2024, the NYSPSC issued an order denying an April 2023 petition by CECONY that requested permission to capitalize costs to implement its new customer billing and information system to the extent those costs exceeded the $421 million cap established in CECONY’s 2020 – 2022 electric and gas rate plans. CECONY’s final costs for the new system were $510 million ($89 million above the $421 million cap in the rate plans). CECONY believes that the incremental costs were both prudent and necessary for the successful deployment of the system for the benefit of its customers. In May 2024, CECONY expensed incremental costs of $51 million for the new system that were previously capitalized, in addition to a $38 million reserve established at December 31, 2023. In June 2024, CECONY filed a petition for rehearing with the NYSPSC. CECONY is unable to predict the NYSPSC's response to its rehearing petition.
In January 2018, the NYSPSC issued an order initiating a focused operations audit of the Utilities’ financial accounting for income taxes. The audit is investigating the Utilities’ inadvertent understatement of a portion, the amount of which may be material, of their calculation of total federal income tax expense for ratemaking purposes related to the calculation of plant retirement-related cost of removal. As a result of such understatement, the Utilities accumulated significant income tax regulatory assets ($1,042 million and $10 million for CECONY and O&R, respectively, as of September 30, 2025 and $1,078 million and $14 million for CECONY and O&R, respectively, as of December 31, 2024) which are not earning a return. While the Utilities have properly calculated and paid their federal income taxes and there is no uncertain tax position related to this matter, this understatement of historical income tax expense materially reduced the amount of revenue collected from the Utilities' customers in the past relative to what it should have been. The Utilities’ rate plans have reflected the correct amount of federal income taxes recoverable from customers, including a proportionate recovery of the regulatory asset, beginning with O&R’s rate plans effective November 2015, CECONY’s electric and gas rate plans effective January 2017, and CECONY’s steam plan effective November 2023. As part of the audit, the Utilities plan to pursue a private letter ruling from the Internal Revenue Service (IRS) confirming that the Utilities’ inadvertent understatement of prior years’ income tax expense constitutes a normalization violation that can be cured through an increase in future years’ revenue requirements until such time as the regulatory asset is fully recovered in rates, and not through a write-down of all or a portion of the Utilities’ regulatory asset. Under Accounting Standards Codification Topic (ASC) 740, the Utilities recorded an unfunded deferred federal income tax liability (with a gross-up amount) and a corresponding regulatory asset. The income tax regulatory assets are netted against the related regulatory liability for future income tax and are shown in the line “Future income tax” in the following table of Regulatory Assets and Liabilities and on the Companies’ consolidated balance sheets in the line “Regulatory liabilities.” Management’s assessment is that the income tax regulatory ass ets as of September 30, 2025 are probable of collection through future rates. The IRS provides safe harbor relief for inadvertent normalization violations through the jurisdictional rate setting process of including in rates adequate revenue to fully recover the deferred tax balance. However, the Utilities would record a liability or impair a portion of the regulatory assets associated with this understatement if the NYSPSC were to issue an order that required the Utilities to write off all or a portion of their existing regulatory asset. The Utilities are unable to estimate the amount or range of their possible loss, if any, related to this matter. At September 30, 2025, the Utilities had not accrued a liabil ity related to this matter.
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Regulatory Assets and Liabilities
Regulatory assets and liabilities at September 30, 2025 and December 31, 2024 were comprised of the following items:

| Con Edison |  | CECONY
(Millions of Dollars) | 2025 | 2024 |  | 2025 | 2024
Regulatory assets |  |  |  |  |
Energy efficiency and other clean energy programs (a) | $1,772 | $1,675 |  | $1,680 | $1,601
Customer account deferrals (b) | 1,178 | 1,073 |  | 1,169 | 1,058
Environmental investigation and remediation costs | 1,024 | 1,038 |  | 937 | 952
Revenue taxes | 616 | 540 |  | 589 | 517
Legacy meters (c) | 390 | 413 |  | 377 | 398
Property tax reconciliation (d) | 111 | 131 |  | 109 | 131
Deferred storm costs (e) | 88 | 147 |  | 10 | 53
Deferred derivative losses - long term | 64 | 106 |  | 57 | 94
Unrecognized pension and other postretirement costs (f) | 21 | — |  | 13 | —
MTA power reliability deferral (g) | 8 | 31 |  | 8 | 31
Pension and other postretirement benefits deferrals | — | 2 |  | — | 2
Other | 282 | 367 |  | 248 | 321
Regulatory assets – noncurrent | 5,554 | 5,523 |  | 5,197 | 5,158
Deferred derivative losses - short term | 116 | 102 |  | 108 | 92
Recoverable energy costs | 2 | 39 |  | 2 | 14
Regulatory assets – current | 118 | 141 |  | 110 | 106
Total Regulatory Assets | $5,672 | $5,664 |  | $5,307 | $5,264
Regulatory liabilities |  |  |  |  |
Allowance for cost of removal less salvage (h) | $1,597 | $1,527 |  | $1,383 | $1,322
Future income tax* | 1,146 | 1,224 |  | 1,039 | 1,112
Unrecognized pension and other postretirement costs (f) | 736 | 1,054 |  | 684 | 984
Pension and other postretirement benefit deferrals | 373 | 368 |  | 324 | 304
Net unbilled revenue deferrals | 296 | 436 |  | 296 | 436
Late payment charge deferral | 223 | 231 |  | 219 | 224
System benefit charge carrying charge | 103 | 115 |  | 96 | 110
Deferred derivative gains - long term | 16 | 8 |  | 12 | 6
Settlement of prudence proceeding (i) | 9 | 10 |  | 9 | 10
Other | 447 | 471 |  | 404 | 432
Regulatory liabilities – noncurrent | 4,946 | 5,444 |  | 4,466 | 4,940
Refundable energy costs | 84 | 59 |  | 55 | 18
Deferred derivative gains - short term | 22 | 25 |  | 18 | 22
Revenue decoupling mechanism | 17 | 18 |  | — | —
Regulatory liabilities – current | 123 | 102 |  | 73 | 40
Total Regulatory Liabilities | $5,069 | $5,546 |  | $4,539 | $4,980

* See "Other Regulatory Matters" above.
(a) Energy Efficiency and Other Clean Energy Programs represent programs designed to increase energy efficiency achievements and other clean energy transformation efforts.
(b) Customer account deferrals include (1) the amount to be collected from customers related to the Emergency Summer Cooling Credits program for CECONY, (2) deferrals under CECONY and O&R's electric and gas rate plans for the reconciliation of write-offs of customer accounts receivable balances to amounts reflected in rates as well as for increases to the allowance for uncollectible accounts receivable and (3) deferral related to the arrears relief programs. Amounts deferred under the arrears relief programs w ere $279.3 million and $1.2 million for CECONY and O&R at September 30, 2025, respectively, and $323.7 million and $1.4 million at December 31, 2024, respectively, and receive a return at the pre-tax weighted average cost of capital. The Phase I and Phase II Arrears relief programs' recovery periods end in August 2026 and April 2033, respectively. The Emergency Summer Cooling Credits program recovery period ends in December 2025.
(c) Pursuant to their rate plans, CECONY and O&R are recovering the costs of legacy meters over a 15-year period beginning January 1, 2024 and a 12-year period beginning January 1, 2022, respectively.
(d) Property tax reconciliation represents the amount deferred between actual property taxes incurred and the level included in rates subject to the provisions of the respective rate plans.
(e) Deferred storm costs represent response and restoration costs, other than capital expenditures, in connection with Tropical Storm Isaias and other major storms that were deferred by the Utilities.
(f) Unrecognized pension and other postretirement costs represent the deferrals associated with the accounting rules for retirement benefits.
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(g) MTA power reliability deferral represents CECONY’s costs in excess of those reflected in its prior electric rate plan to take certain actions relating to the electrical equipment that serves the Metropolitan Transportation Authority (MTA) subway system. The company is recovering this regulatory asset pursuant to its current electric rate plan.
(h) Allowance for cost of removal less salvage represents cash previously collected from customers to fund future anticipated removal expenditures.
(i) Settlement of prudence proceeding represents the remaining amount to be credited to customers pursuant to a Joint Proposal, approved by the NYSPSC in April 2016, with respect to the prudence of certain CECONY expenditures and related matters.
In general, the Utilities receive or are being credited with a return at the Other Customer-Provided Capital rate for regulatory assets that have not been included in rate base, and receive or are being credited with a return at the pre-tax weighted average cost of capital once the asset is included in rate base. Similarly, the Utilities pay to or credit customers with a return at the Other Customer-Provided Capital rate for regulatory liabilities that have not been included in rate base, and pay to or credit customers with a return at the pre-tax weighted average cost of capital once the liability is included in rate base. The Other Customer-Provided Capital rate was 4.75% percent and 5.95% percent for the 2025 and 2024 rate years, respectively.
In general, the Ut ilities are receiving or being credited with a return on their regulatory assets for which a cash outflow has been made ($3,220 million and $3,262 million for Con Edison, and $3,008 million and $3,024 million for CECONY at September 30, 2025 and December 31, 2024, respectively). Regulatory liabilities are treated in a consistent manner. Regulatory assets of RECO for which a cash outflow has been made ($33 million at September 30, 2025 and $28 million at December 31, 2024) are not receiving or being credited with a return. RECO recovers regulatory assets over a period of up to four years or until th ey are addressed in its next base rate case in accordance with the rate provisions approved by the NJBPU. Regulatory liabilities are treated in a consistent manner.
Regulatory assets that represent future financial obligations and were deferred in accordance with the Utilities’ rate plans or orders issued by state regulators do not earn a return until such time as a cash outlay has been made. Regulatory liabilities are treated in a consistent manner. At September 30, 2025 and December 31, 2024, regulatory assets for Con Edison and CECONY that did not earn a return consisted of the following items:
Regulatory Assets Not Earning a Return*

| Con Edison | CECONY |
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024 |
Environmental investigation and remediation costs | $1,022 | $1,037 | $935 | $942 |
Revenue taxes | 612 | 567 | 586 | 543 |
UB deferral for uncollectible accounts receivable | 541 | 551 | 536 | 541 |
Deferred derivative losses - short-term | 116 | 102 | 108 | 92 |
Deferred derivative losses - long-term | 64 | 106 | 57 | 94 |
Unrecognized pension and other postretirement costs | 21 | — | 13 | — |
Other | 76 | 39 | 64 | 28 |
Total | $2,452 | $2,402 | $2,299 | $2,240 |

*This table presents regulatory assets not earning a return for which no cash outlay has been made.
The recovery periods for regulatory assets for which a cash outflow has not been made and that do not earn a return have not yet been determined, except as noted below, and are expected to be determined pursuant to the Utilities’ future rate plans to be filed or orders issued by the state regulators in connection therewith.
The Utilities recover unrecognized pension and other postretirement costs over 10 years, and the portion of investment gains or losses is recognized in expense over 15 years, pursuant to NYSPSC policy.
The deferral for revenue taxes represents the New York State metropolitan transportation business tax surcharge on the cumulative temporary differences between the book and tax basis of assets and liabilities of the Utilities, as well as the difference between taxes collected and paid by the Utilities to fund mass transportation. The Utilities recover the majority of the revenue taxes over the remaining book lives of the electric and gas plant assets, as well as the steam plant assets for CECONY.
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The Utilities recover deferred derivative losses – current within one year, and noncurrent generally within three years.
Note C – Capitalization
In September 2025, O&R issued $250 million aggregate principal amount of 5.99 percent debentures, due 2055.
In March 2025, Con Edison issued 7,000,000 shares of its common stock for approximately $677 million upon physical settlement of a forward sale agreement entered into by the company in December 2024. Also in March 2025, Con Edison issued 6,300,000 shares of its common stock resulting in net proceeds of approximately $631 million.
The carrying amounts and fair values of long-term debt at September 30, 2025 and December 31, 2024 were:

(Millions of Dollars) | 2025 |  | 2024 |
Long-Term Debt (including current portion) (a) | Carrying Amount |  | Fair Value |  | Carrying Amount |  | Fair Value |
Con Edison (b) | $24,909 |  | $22,995 |  | $24,651 |  | $21,997 |
CECONY | $23,418 |  | $21,640 |  | $23,409 |  | $20,915 |

(a)Amounts shown are net of unamortized debt expense and unamortized debt discount of $241 million and $232 million for Con Edison and CECONY, respectively, as of September 30, 2025 and $249 million and $241 million for Con Edison and CECONY, respectively, as of December 31, 2024.
(b)Amounts shown exclude $59 million of debt for Broken Bow II, a deferred project that was classified as held for sale as of December 31, 2024 and was sold and transferred in January 2025. The sale and transfer of Broken Bow II, including the related debt, was completed in January 2025. See Note Q.
The fair values of the Companies' long-term debt have been estimated primarily using available market information and at September 30, 2025 are classified as Level 2 liabilities. See Note O.
Note D – Short-Term Borrowing
In March 2025, CECONY entered into a 364-Day Revolving Credit Agreement (the CECONY Credit Agreement) that replaced a March 2024 CECONY 364-Day Credit Agreement under which banks are committed to provide loans up to $500 million on a revolving credit basis. The CECONY Credit Agreement expires in March 2026 and supports CECONY’s commercial paper program. Loans issued under the CECONY Credit Agreement may also be used for other general corporate purposes. Any borrowings under the CECONY Credit Agreement would generally be at variable interest rates.
The banks’ commitments to make loans to CECONY under the CECONY Credit Agreement are subject to certain conditions, including that there be no event of default or event which with notice or the lapse of time would become an event of default with respect to CECONY. The commitments are not subject to maintenance of credit rating levels or the absence of a material adverse change. Upon a change of control of CECONY or Con Edison, or upon an event of default by CECONY, the banks may terminate their commitments and declare the aggregate unpaid principal amount of the loans outstanding (together with accrued interest thereon and other amounts due and owing thereunder) under the CECONY Credit Agreement immediately due and payable. Events of default include, among other things, CECONY's failure to pay any principal of any loan issued pursuant to the CECONY Credit Agreement; CECONY's failure to pay any interest or fees pursuant to the CECONY Credit Agreement within five days; CECONY's failure to meet certain covenants, including covenants that CECONY's ratio of consolidated debt to consolidated total capital not at any time exceed 0.65 to 1 and that CECONY will not create, assume or suffer a lien or other encumbrance on its assets exceeding 10 percent of CECONY's consolidated net tangible assets; CECONY or its material subsidiaries failing to make one or more payments in respect of material financial obligations (in excess of $150 million in aggregate of debt or derivative obligations other than non-recourse debt); the occurrence of an event or condition which results in the acceleration of the maturity of any material debt (in excess of $150 million in aggregate of debt other than non-recourse debt) or enables the holders of such debt to accelerate the maturity thereof; and other customary events of default.
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. CECONY intends to use borrowings under the CECONY Term Loan Credit Agreement for general corporate purposes. Upon a change of control of CECONY or Con Edison, or upon an event of default by CECONY, the banks may declare the loans outstanding under the CECONY Term Loan Credit Agreement immediately due and payable. Events of default include, among other things, CECONY exceeding at any time a ratio of consolidated debt to
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consolidated total capital of 0.65 to 1; CECONY or its subsidiaries having liens on its or their assets in an aggregate amount exceeding 10 percent of CECONY’s consolidated net tangible assets; CECONY or its material subsidiaries failing to make one or more payments in respect of material financial obligations (in excess of $150 million in aggregate of debt or derivative obligations other than non-recourse debt); the occurrence of an event or condition which results in the acceleration of the maturity of any material debt (in excess of $150 million in aggregate of debt other than non-recourse debt) or enables the holders of such debt to accelerate the maturity thereof; and other customary events of default.
At September 30, 2025, Con Edison had $552 million of commercial paper outstanding, of which $244 million of commercial paper was outstanding under CECONY’s program. The weighted average interest rate at September 30, 2025 was 4.3 percent for Con Edison. At December 31, 2024, Con Edison had $2,170 million of commercial paper outstanding, of which $1,694 million was outstanding under CECONY’s program. The weighted average interest rate at December 31, 2024 was 4.7 percent for both Con Edison and CECONY.
At September 30, 2025 and December 31, 2024, no loans or letters of credit were outstanding under the Companies’ $2,500 million revolving credit agreement, and no loans were outstanding under the CECONY Credit Agreement. The Companies were in compliance with their significant debt covenants at September 30, 2025.
Note E – Pension Benefits
Total Periodic Benefit Credit
The components of the Companies’ total periodic benefit credit for the three and nine months ended September 30, 2025 and 2024 were as follows:

| For the Three Months Ended September 30,
| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Service cost – including administrative expenses | $41 | $44 | $39 | $42
Interest cost on projected benefit obligation | 169 | 160 | 159 | 151
Expected return on plan assets | (279) | (282) | (266) | (269)
Recognition of net actuarial gain | (66) | (1) | (63) | (2)
Recognition of prior service credit | (4) | (4) | (5) | (5)
TOTAL PERIODIC BENEFIT CREDIT | $(139) | $(83) | $(136) | $(83)
Cost capitalized | (25) | (22) | (24) | (21)
Reconciliation to rate level | (12) | 12 | (12) | 10
Total credit recognized | $(176) | $(93) | $(172) | $(94)

| For the Nine Months Ended September 30,
| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Service cost – including administrative expenses | $125 | $133 | $118 | $126
Interest cost on projected benefit obligation | 507 | 481 | 477 | 453
Expected return on plan assets | (837) | (846) | (799) | (807)
Recognition of net actuarial gain | (199) | (4) | (189) | (5)
Recognition of prior service credit | (13) | (13) | (15) | (15)
TOTAL PERIODIC BENEFIT CREDIT | $(417) | $(249) | $(408) | $(248)
Cost capitalized | (70) | (68) | (67) | (65)
Reconciliation to rate level | (41) | 39 | (42) | 31
Total credit recognized | $(528) | $(278) | $(517) | $(282)

Components of net periodic benefit credit other than service cost are presented outside of operating income on the Companies’ consolidated income statements, and only the service cost component is eligible for capitalization. Accordingly, the service cost components are included in the line "Other operations and maintenance" and the non-service cost components are included in the lines "Other income" or "Other deductions" in the Companies' consolidated income statements.
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Expected Contributions
Based on estimates as of September 30, 2025, the Companies expect to make contributions to the pension plans during 2025 of $65 million (of which $61 million is to be made by CECONY). The Companies’ policy is to fund the total periodic benefit cost of the qualified plan to the extent tax deductible and to also contribute to the non-qualified supplemental pension plans. No funding is anticipated for the qualified plan during 2025, and during the first nine months of 2025, the Companies contributed $14 million to the non-qualified supplemental pension plans, $12 million of which was contributed by CECONY.
Note F – Other Postretirement Benefits
Total Periodic Benefit Credit
The components of the Companies’ total periodic other postretirement benefit credit for the three and nine months ended September 30, 2025 and 2024 were as follows:

| For the Three Months Ended September 30,
| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Service cost - including administrative expenses | $3 | $3 | $2 | $3
Interest cost on projected other postretirement benefit obligation | 12 | 12 | 10 | 10
Expected return on plan assets | (17) | (17) | (13) | (14)
Recognition of net actuarial gain | (7) | (5) | (4) | (4)
TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT | $(9) | $(7) | $(5) | $(5)
Cost capitalized | (1) | (2) | (1) | (1)
Reconciliation to rate level | 3 | 4 | 2 | 3
Total credit recognized | $(7) | $(5) | $(4) | $(3)

| For the Nine Months Ended September 30,
| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Service cost - including administrative expenses | $8 | $9 | $7 | $8
Interest cost on projected other postretirement benefit obligation | 36 | 35 | 31 | 30
Expected return on plan assets | (50) | (51) | (40) | (41)
Recognition of net actuarial gain | (20) | (14) | (13) | (11)
Recognition of prior service credit | (1) | (1) | — | —
TOTAL PERIODIC OTHER POSTRETIREMENT CREDIT | $(27) | $(22) | $(15) | $(14)
Cost capitalized | (4) | (4) | (3) | (4)
Reconciliation to rate level | 9 | 12 | 6 | 10
Total credit recognized | $(22) | $(14) | $(12) | $(8)

The components of total periodic other postretirement credit are presented in the Companies' consolidated income statements consistent with the description of the c omponents of net periodic benefit credit in Note E.
Expected Contributions
As of September 30, 2025, the Companies contribu ted $7 million (all of w hich was contributed by CECONY) to the other postretirement benefit plans in 2025. The Companies’ policy is to fund the total periodic benefit cost of the plans to the extent tax deductible.
Note G – Environmental Matters
Superfund Sites
Hazardous substances, such as asbestos, polychlorinated biphenyls (PCBs) and coal tar, have been used or generated in the course of operations of the Utilities and their predecessors and are present at sites and in facilities and equipment they currently or previously owned, including sites at which gas was manufactured or stored.
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The Federal Comprehensive Environmental Response, Compensation and Liability Act of 1980 and similar state statutes (Superfund) impose joint and several liability, regardless of fault, upon generators of hazardous substances for investigation and remediation costs (which include costs of demolition, removal, disposal, storage, replacement, containment and monitoring) and natural resource damages. Liability under these laws can be material and may be imposed for contamination from past acts, even though such past acts may have been lawful at the time they occurred. The sites at which the Utilities have been asserted to have liability under these laws, including their manufactured gas plant sites and any neighboring areas to which contamination may have migrated, are referred to herein as “Superfund Sites.”
For Superfund Sites where there are other potentially responsible parties and the Utilities are not managing the site investigation and remediation, the accrued liability represents an estimate of the amount the Utilities will need to pay to investigate and, where determinable, discharge their related obligations. For Superfund Sites (including the manufactured gas plant sites) for which one of the Utilities is managing the investigation and remediation, the accrued liability represents an estimate of the company's share of the undiscounted cost to investigate the sites and, for sites that have been investigated in whole or in part, the cost to remediate the sites, if remediation is necessary and if a reasonable estimate of such cost can be made. Remediation costs are estimated in light of the information available, applicable remediation standards and experience with similar sites.
The accrued liabilities and regulatory assets related to Superfund Sites at September 30, 2025 and December 31, 2024 were as follows:

| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Accrued Liabilities: |  |  |  |
Manufactured gas plant sites | $939 | $941 | $845 | $846
Other Superfund Sites | 90 | 96 | 90 | 96
Total | $1,029 | $1,037 | $935 | $942
Regulatory assets | $1,024 | $1,038 | $937 | $952

Most of the accrued Superfund Site liability relates to sites that have been investigated, in whole or in part. However, for some of the sites, the extent and associated cost of the required remediation has not yet been determined. As investigations progress and information pertaining to the required remediation becomes available, the Utilities expect that additional liability may be accrued, the amount of which is not presently determinable but may be material. The Utilities defer prudently incurred investigation and remediation costs as regulatory assets (for subsequent recovery through rates).
Environm ental investigation and remediation costs incurred related to Superfund Sites for the three and nine months ended September 30, 2025 and 2024 were as follows:

| For the Three Months Ended September 30,
| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Investigation and remediation costs incurred | $— | $12 | $— | $12

| For the Nine Months Ended September 30,
| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Investigation and remediation costs incurred | $12 | $27 | $11 | $27

Insurance and other third-party recoveries received by Con Edison or CECONY were immaterial for the three and nine months ended September 30, 2025 and 2024.
Con Edison and CECONY estimated that for their manufactured gas plant sites (including CECONY’s Astoria site), the aggregate undiscounted potential liability for the investigation and remediation of coal tar and/or other environmental contaminants could range up to $3,391 million and $3,237 million, respectively. These estimates were based on the assumption that there is contamination at all sites, including those that have not yet been fully
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investigated and additional assumptions about the extent of the contamination and the type and extent of the remediation that may be required. Actual experience may be materially different.
Asbestos Proceedings
Suits have been brought in New York State and federal courts against the Utilities and many other defendants, wherein a large number of plaintiffs sought large amounts of compensatory and punitive damages for deaths and injuries allegedly caused by exposure to asbestos at various premises of the Utilities. The suits that have been resolved, that are many, have been resolved without any payment by the Utilities, or for amounts that were not, in the aggregate, material to them. The amounts specified in all the remaining thousands of suits total billions of dollars; however, the Utilities believe that these amounts are greatly exaggerated, based on the disposition of previous claims. At September 30, 2025 and December 31, 2024, Con Edison and CECONY have accrued their estimated aggregate undiscounted potential liabilities for these suits and additional suits that may be brought through 2035 as shown in the following table. These estimates were based upon a combination of modeling, historical data analysis and risk factor assessment. Courts have applied, and may continue to apply, different standards for determining liability in asbestos suits than the standard that applied historically. As a result, the Companies currently believe that there is a reasonable possibility of an exposure to loss in excess of the liability accrued for the suits. The Companies are unable to estimate the amount or range of such loss. In addition, certain current and former employees have claimed or are claiming workers’ compensation benefits based on alleged disability from exposure to asbestos. CECONY is permitted to defer as regulatory assets (for subsequent recovery through rates) costs incurred for its asbestos lawsuits and workers’ compensation claims.
The accrued liability for asbestos suits and workers’ compensation proceedings (including those related to asbestos exposure) and the amounts deferred as regulatory assets or liabilities for the Companies at September 30, 2025 and December 31, 2024 were as follows:

| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Accrued liability – asbestos suits | $8 | $8 | $7 | $7
Regulatory assets – asbestos suits | 8 | 8 | 7 | 7
Accrued liability – workers’ compensation | 52 | 53 | 49 | 51
Regulatory liabilities – workers’ compensation | 21 | 20 | 21 | 20

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Note H – Material Contingencies
Manhattan Explosion and Fire
On March 12, 2014, two multi-use five-story tall buildings located on Park Avenue between 116 th and 117 th Streets in Manhattan were destroyed by an explosion and fire. CECONY had delivered gas to the buildings through service lines from a distribution main located below ground on Park Avenue. Eight people died and more than 50 people were injured. Additional buildings were also damaged. The National Transportation Safety Board (NTSB) investigated. The parties to the investigation included CECONY, the City of New York, the Pipeline and Hazardous Materials Safety Administration and the NYSPSC. In June 2015, the NTSB issued a final report concerning the incident, its probable cause and safety recommendations. The NTSB determined that the probable cause of the incident was (1) the failure of a defective fusion joint at a service tee (which joined a plastic service line to a plastic distribution main) installed by CECONY that allowed gas to leak from the distribution main and migrate into a building where it ignited and (2) a breach in a city sewer line that allowed groundwater and soil to flow into the sewer, resulting in a loss of support for the distribution main, that caused it to sag and overstressed the defective fusion joint. The NTSB also made safety recommendations, including recommendations to CECONY that addressed its procedures for the preparation and examination of plastic fusions, training of its staff on conditions for notifications to the city’s Fire Department and extension of its gas main isolation valve installation program. In February 2017, the NYSPSC approved a settlement agreement with CECONY related to the NYSPSC's investigations of the incident and the practices of qualifying persons to perform plastic fusions. Pursuant to the agreement, CECONY provided $27 million of future benefits to customers (for which it accrued a regulatory liability) and did not recover from customers $126 million of costs for gas emergency response activities that it had previously incurred and expensed. Lawsuits are pending against CECONY seeking generally unspecified damages and, in some cases, punitive damages, for wrongful death, personal injury, property damage and business interruption. CECONY notified its insurers of the incident and believes that the policies in force at the time of the incident will cover CECONY’s costs, in excess of a required retention (the amount of which is not material), to satisfy any liability it may have for damages in connection with the incident. During 2020, CECONY accrued its estimated liability for the suits of $40 million and an insurance receivable in the same amount, and such estimated liability and receivable did not change as of September 30, 2025.
Other Contingencies
For additional contingencies, see "Other Regulatory Matters" in Note B, Note G and “Uncertain Tax Positions” in Note J.
Guarantees
Con Edison and its subsidiaries have entered into various agreements providing financial or performance assurance primarily to third parties on behalf of their subsidiaries. Maximum amounts guaranteed by Con Edison and its subsidiaries under these agreements t otaled $58 million at September 30, 2025 and December 31, 2024.
A summary, by type and term, of Con Edison's total guarantees under these agreements at September 30, 2025 is as follows:

Guarantee Type | 0 – 3 years | Total
| (Millions of Dollars)
Con Edison Transmission | $58 | $58
Total | $58 | $58

Con Edison Transmission — Con Edison has guaranteed payment by Con Edison Transmission of the contributions Con Edison Transmission agreed to make to New York Transco LLC (New York Transco). Con Edison Transmission owns a 45.7 percent i nterest in New York Transco’s New York Energy Solution project, the majority of which has been completed. The guarantee amount shown in the table above includes the maximum possible required amount of Con Edison Transmission's contributions for the remainder of this project as calculated based on the assumptions that the project is completed a t 175 percent of its estimated remaining costs and New York Transco does not use any debt financing for the project.
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Note I – Leases
Operating lease cost and cash paid for amounts included in the measurement of lease liabilities for the three and nine months ended September 30, 2025 and 2024 were as follows:

| For the Three Months Ended September 30,
| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Operating lease cost | $17 | $17 | $17 | $17
Operating lease cash flows | $7 | $6 | $6 | $6

| For the Nine Months Ended September 30,
| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Operating lease cost | $51 | $50 | $51 | $49
Operating lease cash flows | $15 | $15 | $15 | $14

As of September 30, 2025, CECONY has four lease agreements for clean energy facilities that have not yet commenced operation, for which the total present value is $443 million. These clean energy facility leases have lease terms of 15 years and are expected to commence operation in 2025, 2026 and 2028.
Right-of-use assets obtained in exchange for operating lease obligations for Con Edison and CECONY were $2 million and $11 million for the three and nine months ended September 30, 2025, respectively. Additionally, there were no material lease terminations for the three and nine months ended September 30, 2025. For the three and nine months ended September 30, 2024, there were no material right-of-use assets obtained in exchange for operating lease obligations for Con Edison and CECONY, nor any material lease terminations.
Note J – Income Tax
Con Edison’s income tax expense was $202 million and $133 million for the three months ended September 30, 2025 and 2024, respectively.
CECONY’s income tax expense was $187 million and $119 million for the three months ended September 30, 2025 and 2024, respectively.
Reconciliation of the difference between income tax expense and the amount computed by applying the prevailing statutory income tax rate to income before income taxes for the three months ended September 30, 2025 and 2024 is as follows:

| For the Three Months Ended September 30,
| Con Edison | CECONY
| 2025 | 2024 | 2025 | 2024
(Millions of Dollars) (% of Pre-tax income) | $ | % | $ | % | $ | % | $ | %
STATUTORY TAX RATE |  |  |  |  |  |  |  |
Federal | $187 | 21.0 | % | $152 | 21.0 | % | $173 | 21.0 | % | $138 | 21.0 | %
Changes in computed taxes resulting from: |  |  |  |  |  |  |  |
State income taxes, net of federal income taxes (a) | 47 | 5.3 |  | 39 | 5.5 |  | 43 | 5.2 |  | 34 | 5.2 |
MTA Surcredit amortization, net of federal taxes | (5) | (0.6) |  | — | — |  | (5) | (0.6) |  | 1 | 0.2 |
Tax Credits | (4) | (0.5) |  | (7) | (1.0) |  | (3) | (0.4) |  | (4) | (0.6) |
Changes in unrecognized tax benefits | 1 | 0.1 |  | 1 | 0.1 |  | 1 | 0.1 |  | 1 | 0.1 |
Amortization of excess deferred federal income taxes (b) | (11) | (1.3) |  | (50) | (6.9) |  | (9) | (1.1) |  | (48) | (7.4) |
Allowance for uncollectible accounts, net of regulatory recovery | (15) | (1.6) |  | (10) | (1.4) |  | (15) | (1.8) |  | (9) | (1.4) |
Cost of removal | 10 | 1.1 |  | 10 | 1.4 |  | 9 | 1.1 |  | 9 | 1.4 |
Other | (8) | (0.8) |  | (2) | (0.2) |  | (7) | (0.8) |  | (3) | (0.3) |
Effective tax rate | $202 | 22.7 | % | $133 | 18.5 | % | $187 | 22.7 | % | $119 | 18.2 | %

(a) State income taxes in New York account for the majority of the tax eﬀect in this category.
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(b) For CECONY, the amortization of excess deferred federal income taxes is lower in the three months ended September 30, 2025, due to the completion of regulatory amortization of non-plant and certain plant-related excess deferred federal income taxes as of December 31, 2024, representing an accelerated refund of the related regulatory liability under its current New York electric and gas rate plans.
Con Edison’s income tax expense was $493 million and $307 million for the nine months ended September 30, 2025 and 2024, respectively.
CECONY’s income tax expense was $462 million and $301 million for the nine months ended September 30, 2025 and 2024, respectively.
Reconciliation of the difference between income tax expense and the amount computed by applying the prevailing statutory income tax rate to income before income taxes for the nine months ended September 30, 2025 and 2024 is as follows:

| For the Nine Months Ended September 30,
| Con Edison | CECONY
| 2025 | 2024 | 2025 | 2024
(Millions of Dollars) (% of Pre-tax income) | $ | % | $ | % | $ | % | $ | %
STATUTORY TAX RATE |  |  |  |  |  |  |  |
Federal | $466 | 21.0 | % | $382 | 21.0 | % | $434 | 21.0 | % | $361 | 21.0 | %
Changes in computed taxes resulting from: |  |  |  |  |  |  |  |
State income taxes, net of federal income taxes (a) | 116 | 5.2 |  | 91 | 5.0 |  | 108.0 | 5.2 |  | 89.0 | 5.2 |
MTA Surcredit amortization, net of federal taxes | (26) | (1.2) |  | (2) | (0.1) |  | (25.0) | (1.2) |  | (1.0) | (0.1) |
Tax Credits | (13) | (0.6) |  | (20) | (1.1) |  | (10.0) | (0.5) |  | (10.0) | (0.6) |
Changes in unrecognized tax benefits | 2 | 0.1 |  | 2 | 0.1 |  | 2.0 | 0.2 |  | 2.0 | 0.1 |
Amortization of excess deferred federal income taxes (b) | (34) | (1.5) |  | (152) | (8.3) |  | (28.0) | (1.3) |  | (147.0) | (8.5) |
Allowance for uncollectible accounts, net of regulatory recovery | (36) | (1.6) |  | (14) | (0.8) |  | (36.0) | (1.8) |  | (13.0) | (0.8) |
Cost of removal | 29 | 1.3 |  | 30 | 1.7 |  | 26.0 | 1.3 |  | 27.0 | 1.6 |
Other | (11) | (0.5) |  | (10) | (0.6) |  | (9) | (0.5) |  | (7) | (0.4) |
Effective tax rate | $493 | 22.2 | % | $307 | 16.9 | % | $462 | 22.4 | % | $301 | 17.5 | %

(a) State income taxes in New York account for the majority of the tax eﬀect in this category.
(b) For CECONY, the amortization of excess deferred federal income taxes is lower in the nine months ended September 30, 2025, due to the completion of regulatory amortization of non-plant and certain plant-related excess deferred federal income taxes as of December 31, 2024, representing an accelerated refund of the related regulatory liability under its current New York electric and gas rate plans.
One Big Beautiful Bill Act
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 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 are assessing 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.
Corporate Alternative Minimum Tax
On August 16, 2022, the 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. As of September 30, 2025 and 2024, Con Edison accrued a CAMT liability of $66 million ($89 million for CECONY) and $73 million ($64 million for CECONY), respectively, 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.
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Uncertain Tax Positions
Under the accounting rules for income taxes, the Companies are not permitted to recognize the tax benefit attributable to a tax position unless such position is more likely than not to be sustained upon examination by taxing authorities, including resolution of any related appeals and litigation processes, based solely on the technical merits of the position.
At September 30, 2025, the estimated uncertain tax positions for Con Edison was $12 million ($8 million of which is for CECONY). For the nine months ended September 30, 2025, Con Edison recognized $3 million of income tax expense related to current year positions ($2 million of which is for CECONY). The total amount of unrecognized tax benefits, if recognized, that would reduce Con Edison’s effective tax rate is $12 million ($11 million, net of federal taxes) with $8 million attributable to CECONY.
The Companies recognize interest on liabilities for uncertain tax positions in interest expense and would recognize penalties, if any, in operating expenses in the Companies’ consolidated income statements. For the nine months ended September 30, 2025 and 2024, the Companies recognized an immaterial amount of interest expense and no penalties for uncertain tax positions in their consolidated income statements. At September 30, 2025 and December 31, 2024, the Companies recognized an immaterial amount of accrued interest on their consolidated balance sheets.
Note K – Revenue Recognition
The following table presents, for the three and nine months ended September 30, 2025 and 2024, revenue from contracts with customers as defined in ASC Topic 606, "Revenue from Contracts with Customers," as well as additional revenue from sources other than contracts with customers, disaggregated by major source.

| For the Three Months Ended September 30, 2025 | For the Three Months Ended September 30, 2024
(Millions of Dollars) | Revenues from contracts with customers |  | Other revenues (a) | Total operating revenues | Revenues from contracts with customers |  | Other revenues (a) | Total operating revenues
CECONY |  |  |  |  |  |  |  |
Electric | $3,722 |  | $11 | $3,733 | $3,493 |  | ($117) | $3,376
Gas | 421 |  | (29) | 392 | 364 |  | (27) | 337
Steam | 57 |  | (1) | 56 | 52 |  | (3) | 49
Total CECONY | $4,200 |  | $(19) | $4,181 | $3,909 |  | $(147) | $3,762
O&R |  |  |  |  |  |  |  |
Electric | $325 |  | $(17) | $308 | $309 |  | $(16) | $293
Gas | 42 |  | (1) | 41 | 6 |  | 30 | 36
Total O&R | $367 |  | $(18) | $349 | $315 |  | $14 | $329
Con Edison Transmission | 1 |  | — | 1 | 1 |  | — | 1
Other (b) | — |  | (1) | (1) | — |  |  | — | —
Total Con Edison | $4,568 |  | $(38) | $4,530 | $4,225 |  | $(133) | $4,092

(a) For the Utilities, this includes primarily revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans, and negative revenue adjustments.
(b) Other includes the parent company, Con Edison’s tax equity investments, 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 Q.
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| For the Nine Months Ended September 30, 2025 | For the Nine Months Ended September 30, 2024
(Millions of Dollars) | Revenues from contracts with customers |  | Other revenues (a) | Total operating revenues | Revenues from contracts with customers |  | Other revenues (a) | Total operating revenues
CECONY |  |  |  |  |  |  |  |
Electric | $9,055 |  | $(55) | $9,000 | $8,300 |  | $(112) | $8,188
Gas | 2,515 |  | (69) | 2,446 | 2,177 |  | (58) | 2,119
Steam | 521 |  | (4) | 517 | 436 |  | (13) | 423
Total CECONY | $12,091 |  | $(128) | $11,963 | $10,913 |  | $(183) | $10,730
O&R |  |  |  |  |  |  |  |
Electric | $739 |  | $(20) | $719 | $688 |  | $(26) | $662
Gas | 252 |  | (12) | 240 | 173 |  | 20 | 193
Total O&R | $991 |  | $(32) | $959 | $861 |  | $(6) | $855
Con Edison Transmission | 3 |  | — | 3 | 3 |  | — | 3
Other (b) | — |  | (1) | (1) | — |  |  | (1) | (1)
Total Con Edison | $13,085 |  | $(161) | $12,924 | $11,777 |  | $(190) | $11,587

(a) For the Utilities, this includes primarily revenue from alternative revenue programs, such as the revenue decoupling mechanisms under their New York electric and gas rate plans, and negative revenue adjustments.
(b) Other includes the parent company, Con Edison’s tax equity investments, 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 Q.
Note L – Current Expected Credit Losses
Allowance for Uncollectible Accounts
The Utilities’ “Account receivable – customers” balance consists of utility bills due (bills are generally due the month following billing) from customers who have energy delivered, generated, or services provided by the Utilities. The balance also reflects the Utilities’ purchase of receivables from energy service companies to support the retail choice programs.
The “Other receivables” balance generally reflects costs billed by the Utilities for goods and services provided to external parties, such as accommodation work for private parties and certain governmental entities, real estate rental and pole attachments.
The Companies develop expected loss estimates using past events data and consider current conditions and future reasonable and supportable forecasts. Changes to the Utilities’ reserve balances that result in write-offs of customer accounts receivable balances above existing rate allowances are not reflected in rates during the term of the current rate plans. 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 th e level of write-offs and recoveries. The change to the allowance for customer uncollectible accounts for Con Edison and CECONY was $(5) million for the three months ended September 30, 2025 and $(10) million and $(5) million respectively, for the nine months ended September 30, 2025. The increases to the allowance for customer uncollectible accounts for Con Edison and CECONY were $27 million and $29 million, respectively, for t he three months ended September 30, 2024 and $101 million and $95 million, respectively, for the nine months ended September 30, 2024. Generally, the Utilities write off customer accounts receivable as uncollectible 90 days after the account is disconnected for non-payment, or the account is closed during the collection process.
Other receivables allowance for uncollectible accounts is calculated based on a historical average of collections relative to total other receivables, including current receivables. Current macro- and micro-economic conditions are also considered when calculating the current reserve. Probable outcomes of pending litigation, whether favorable or unfavorable to the Companies, are also included in the consideration.
Customer accounts receivable and the associated allowance for uncollectible accounts are included in the line “Accounts receivable – customers” on the Companies’ consolidated balance sheets. Other receivables and the associated allowance for uncollectible accounts are included in “Other receivables” on the Companies’ consolidated balance sheets.
The table below presents a rollforward by major portfolio segment type for the three and nine months ended September 30, 2025 and 2024:
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| For the Three Months Ended September 30,
| Con Edison | CECONY
| Accounts receivable - customers | Other receivables | Accounts receivable - customers | Other receivables
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 |  | 2024
Allowance for credit losses |  |  |  |  |  |  |  |  |
Beginning Balance at July 1, | $615 | $434 | $42 | $25 | $605 | $419 | $35 |  | $21
Recoveries | 8 | — | — | — | 7 | — | — |  | —
Write-offs | (134) | (65) | (2) | — | (132) | (63) | (1) |  | —
Reserve adjustments | 121 | 92 | 20 | (1) | 120 | 92 | 19 |  | —
Ending Balance September 30, | $610 | $461 | $60 | $24 | $600 | $448 | $53 |  | $21

| For the Nine Months Ended September 30,
| Con Edison | CECONY
| Accounts receivable - customers | Other receivables | Accounts receivable - customers | Other receivables
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
Allowance for credit losses |  |  |  |  |  |  |  |
Beginning Balance at January 1, | $620 | $360 | $41 | $13 | $605 | $353 | $38 | $9
Recoveries | 31 | 17 | — | — | 30 | 13 | — | —
Write-offs | (352) | (160) | (6) | — | (346) | (152) | (5) | —
Reserve adjustments | 311 | 244 | 25 | 11 | 311 | 234 | 20 | 12
Ending Balance September 30, | $610 | $461 | $60 | $24 | $600 | $448 | $53 | $21

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Note M – Financial Information by Business Segment
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. The financial data for the business segments as of and for the three and nine months ended September 30, 2025 and 2024 were as follows:

| As of and for the Three Months Ended September 30, 2025
| Operating revenues | Inter-segment revenues | Other operations and maintenance (b) | Depreciation and amortization | Other operating expense (b) | Operating income (loss) | Other Income (deductions) | Interest Expense | Allowance for borrowed funds used during construction | Income Tax Expense | Total assets | Capital expenditures
(Millions of Dollars) |  |  |  |  |  |  |  |  |  |  |  |
CECONY |  |  |  |  |  |  |  |  |  |  |  |
Electric | $3,733 | $5 | $686 | $403 | $1,520 | $1,124 | $153 | $213 | $(7) | $256 | $47,820 | $780
Gas | 392 | 2 | 132 | 122 | 260 | (122) | 36 | 74 | (5) | (44) | 16,080 | 282
Steam | 56 | 19 | 53 | 29 | 62 | (88) | 12 | 14 | — | (24) | 2,736 | 27
Consolidation adjustments | — | (26) | — | — | — | — | — | — | — | — | — | —
Total CECONY | $4,181 | $— | $871 | $554 | $1,842 | $914 | $201 | $301 | $(12) | $188 | $66,636 | $1,089
O&R |  |  |  |  |  |  |  |  |  |  |  |
Electric | 308 | — | 71 | 22 | 144 | 71 | 8 | 12 | (2) | 17 | 2,869 | 95
Gas | 41 | — | 21 | 10 | 24 | (14) | 3 | 6 | — | (5) | 1,472 | 39
Total O&R | $349 | $— | $92 | $32 | $168 | $57 | $11 | $18 | $(2) | $12 | $4,341 | $134
Con Edison Transmission | 1 | — | 4 | — | — | (1) | 16 | — | — | 4 | 505 | 8
Other (a) | (1) | — | — | — | 1 | (2) | 3 | 4 | — | (2) | 362 | —
Total Con Edison | $4,530 | $— | $967 | $586 | $2,011 | $968 | $231 | $323 | $(14) | $202 | $71,844 | $1,231

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| As of and for the Three Months Ended September 30, 2024
| Operating revenues | Inter-segment revenues | Other operations and maintenance (b) | Depreciation and amortization | Other operating expense (b) | Operating income (loss) | Other Income (deductions) | Interest Expense | Allowance for borrowed funds used during construction | Income Tax Expense | Total assets | Capital expenditures
(Millions of Dollars) |  |  |  |  |  |  |  |  |  |  |  |
CECONY |  |  |  |  |  |  |  |  |  |  |  |
Electric | $3,376 | $5 | $686 | $376 | $696 | $998 | $105 | $213 | $(10) | $187 | $44,828 | $756
Gas | 337 | 2 | 132 | 117 | 132 | (112) | 24 | 73 | (4) | (43) | 16,116 | 292
Steam | 49 | 19 | 53 | 27 | 52 | (83) | 9 | 14 | (1) | (25) | 2,905 | 34
Consolidation adjustments | — | (26) | — | — | — | — | — | — | — | — | — | —
Total CECONY | $3,762 | $— | $871 | $520 | $880 | $803 | $138 | $300 | $(15) | $119 | $63,849 | $1,082
O&R |  |  |  |  |  |  |  |  |  |  |  |
Electric | 293 | — | 71 | 21 | 83 | 72 | 6 | 12 | (1) | 17 | 2,529 | 47
Gas | 36 | — | 21 | 9 | 21 | (9) | 2 | 6 | — | (5) | 1,441 | 25
Total O&R | $329 | $— | $92 | $30 | $104 | $63 | $8 | $18 | $(1) | $12 | $3,970 | $72
Con Edison Transmission | 1 | — | 2 | — | 2 | (1) | 16 | — | — | 4 | 456 | 9
Other (a) | — |  | — | — | — | — | (3) | 3 | 4 | — | (2) | 370 | —
Total Con Edison | $4,092 | $— | $965 | $550 | $986 | $862 | $165 | $322 | $(16) | $133 | $68,645 | $1,163

(a) Other includes the parent company, Con Edison’s tax equity investments, 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 Q.
(b) Other operations and maintenance expenses constitute significant segment expenses which are regularly provided to the chief operating decision makers. Other operating expense includes other segment items (purchased power, fuel, gas purchased for resale, taxes other than income taxes).
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| As of and for the Nine Months Ended September 30, 2025
| Operating revenues | Inter-segment revenues | Other operations and maintenance (b) | Depreciation and amortization | Other operating expense (b) | Operating income (loss) | Other Income (deductions) | Interest Expense | Allowance for borrowed funds used during construction | Income Tax Expense | Total assets | Capital expenditures
(Millions of Dollars) |  |  |  |  |  |  |  |  |  |  |  |
CECONY |  |  |  |  |  |  |  |  |  |  |  |
Electric | $9,000 | $15 | $1,980 | $1,187 | $4,105 | $1,728 | $466 | $644 | ($31) | $343 | $47,820 | $2,285
Gas | 2,446 | 6 | 406 | 359 | 1,080 | 601 | 105 | 226 | (13) | 125 | 16,080 | 867
Steam | 517 | 58 | 165 | 85 | 268 | (1) | 37 | 43 | (1) | (6) | 2,736 | 82
Consolidation adjustments | — | (79) | — | — | — | — | — | — | — | — | — | —
Total CECONY | $11,963 | $— | $2,551 | $1,631 | $5,453 | $2,328 | $608 | $913 | ($45) | $462 | $66,636 | $3,234
O&R |  |  |  |  |  |  |  |  |  |  |  |
Electric | 719 | — | 219 | 65 | 332 | 103 | 26 | 34 | (4) | 22 | 2,869 | 218
Gas | 240 | — | 61 | 29 | 121 | 29 | 8 | 17 | — | 3 | 1,472 | 97
Total O&R | $959 | $— | $280 | $94 | $453 | $132 | $34 | $51 | ($4) | $25 | $4,341 | $315
Con Edison Transmission | 3 | — | 8 | 1 | — | (6) | 49 | — | — | 12 | 505 | 37
Other (a) | (1) | — | 1 | — | 4 | (6) | 2 | 7 | — | (6) | 362 | —
Total Con Edison | $12,924 | $— | $2,840 | $1,726 | $5,910 | $2,448 | $693 | $971 | ($49) | $493 | $71,844 | $3,586

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| As of and for the Nine Months Ended September 30, 2024
| Operating revenues | Inter-segment revenues | Other operations and maintenance (b) | Depreciation and amortization | Other operating expense (b) | Operating income (loss) | Other Income (deductions) | Interest Expense | Allowance for borrowed funds used during construction | Income Tax Expense | Total assets | Capital expenditures
(Millions of Dollars) |  |  |  |  |  |  |  |  |  |  |  |
CECONY |  |  |  |  |  |  |  |  |  |  |  |
Electric | $8,188 | $15 | $1,979 | $1,090 | $3,608 | $1,511 | $332 | $612 | $(28) | $191 | $44,828 | $2,269
Gas | 2,119 | 7 | 407 | 343 | 781 | 588 | 78 | 213 | (12) | 117 | 16,116 | 854
Steam | 423 | 56 | 153 | 79 | 183 | 8 | 26 | 40 | (1) | (7) | 2,905 | 104
Consolidation adjustments | — | (78) | — | — | — | — | — | — | — | — | — | —
Total CECONY | $10,730 | $— | $2,539 | $1,512 | $4,572 | $2,107 | $436 | $865 | $(41) | $301 | $63,849 | $3,227
O&R |  |  |  |  |  |  |  |  |  |  |  |
Electric | 662 | — | 233 | 61 | 271 | 97 | 19 | 31 | (4) | 22 | 2,529 | 148
Gas | 193 | — | 61 | 26 | 76 | 30 | 5 | 17 | — | 3 | 1,441 | 68
Total O&R | $855 | $— | $294 | $87 | $347 | $127 | $24 | $48 | $(4) | $25 | $3,970 | $216
Con Edison Transmission | 3 | — | 8 | 1 | — | (6) | 46 | — | — | 5 | 456 | 22
Other (a) | (1) | — | — | 1 | 33 | (35) | 1 | 15 | — | (24) | 370 | —
Total Con Edison | $11,587 | $— | $2,841 | $1,601 | $4,952 | $2,193 | $507 | $928 | $(45) | $307 | $68,645 | $3,465

(a) Other includes the parent company, Con Edison’s tax equity investments, 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 Q.
(b) Other operations and maintenance expenses constitute significant segment expenses which are regularly provided to the chief operating decision makers. Other operating expense includes other segment items (purchased power, fuel, gas purchased for resale, taxes other than income taxes).
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Note N – Derivative Instruments and Hedging Activities
Con Edison’s subsidiaries hedge market price fluctuations associated with physical purchases and sales of electricity, natural gas, steam and, to a lesser extent, refined fuels by using derivative instruments including futures, forwards, basis swaps, options, transmission congestion contracts and financial transmission rights contracts. These are economic hedges, for which the Utilities do not elect hedge accounting. The Companies use economic hedges to manage commodity price risk in accordance with provisions set by state regulators. The volume of hedging activity at the Utilities depends upon the forecasted volume of physical commodity supply to meet customer needs, and program costs or benefits are recovered from or credited to full-service customers, respectively. Derivatives are recognized on the consolidated balance sheet at fair value (see Note O), unless an exception is available under the accounting rules for derivatives and hedging. Qualifying derivative contracts that have been designated as normal purchases or normal sales contracts are not reported at fair value under the accounting rules.
The fair values of the Companies’ derivatives, including the offsetting of assets and liabilities on the consolidated balance sheets at September 30, 2025 and December 31, 2024 were:

(Millions of Dollars) | 2025 |  | 2024 |
Balance Sheet Location | Gross Amounts of Recognized Assets (Liabilities) | Gross Amounts Offset | Net Amounts of Assets (Liabilities) (a) |  | Gross Amounts of Recognized Assets (Liabilities) | Gross Amounts Offset | Net Amounts of Assets (Liabilities) (a) |
Con Edison |  |  |  |  |  |  |  |
Fair value of derivative assets |  |  |  |  |  |  |  |
Current | $52 | $(39) | $13 | (b) | $56 | $(41) | $15 |
Noncurrent | 54 | (17) | 37 |  | 39 | (12) | 27 |
Total fair value of derivative assets | $106 | $(56) | $50 |  | $95 | $(53) | $42 |
Fair value of derivative liabilities |  |  |  |  |  |  |  |
Current | $(109) | $39 | $(70) | (b) | $(92) | $44 | $(48) | (b)
Noncurrent | (71) | 15 | (56) |  | (108) | 12 | (96) |
Total fair value of derivative liabilities | $(180) | $54 | $(126) |  | $(200) | $56 | $(144) |
Net fair value derivative assets (liabilities) | $(74) | $(2) | $(76) |  | $(105) | $3 | $(102) |
CECONY |  |  |  |  |  |  |  |
Fair value of derivative assets |  |  |  |  |  |  |  |
Current | $45 | $(35) | $10 | (b) | $51 | $(40) | $11 |
Noncurrent | 45 | (12) | 33 |  | 36 | (11) | 25 |
Total fair value of derivative assets | $90 | $(47) | $43 |  | $87 | $(51) | $36 |
Fair value of derivative liabilities |  |  |  |  |  |  |  |
Current | $(100) | $36 | $(64) | (b) | $(84) | $42 | $(42) | (b)
Noncurrent | (61) | 12 | (49) |  | (95) | 11 | (84) |
Total fair value of derivative liabilities | $(161) | $48 | $(113) |  | $(179) | $53 | $(126) |
Net fair value derivative assets (liabilities) | $(71) | $1 | $(70) |  | $(92) | $2 | $(90) |

(a)Derivative instruments and collateral were offset on the consolidated balance sheet as applicable under the accounting rules. The Companies enter into master agreements for their commodity derivatives. These agreements typically provide offset in the event of contract termination. In such case, generally the non-defaulting party’s payable will be offset by the defaulting party’s payable. The non-defaulting party will customarily notify the defaulting party within a specific time period and come to an agreement on the early termination amount.
(b)At September 30, 2025, collateral and margin deposits for Con Edison and CECONY of $(3) million and $(2) million, respectively, were classified as derivative liabilities on the consolidated balance sheets, but not included in the table. Collateral and margin deposits for Con Edison and CECONY of $1 million were classified as derivative assets on the consolidated balance sheets, but not included in the table. At December 31, 2024, collateral and margin deposits for Con Edison and CECONY of $(4) million and $(2) million, respectively, were classified as derivative liabilities on the consolidated balance sheets, but not included in the table. Margin is collateral, typically cash, that the holder of a derivative instrument is required to deposit in order to transact on an exchange and to cover its potential losses with its broker or the exchange.
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The Utilities generally recover their prudently incurred fuel, purchased power and gas costs, including hedging gains and losses, in accordance with rate provisions approved by the applicable state utility regulators. In accordance with the accounting rules for regulated operations, the Utilities record a regulatory asset or regulatory liability to defer recognition of unrealized gains and losses on their electric and gas derivatives. As gains and losses are realized in future periods, they will be recognized as purchased power, gas and fuel costs in the Companies’ consolidated income statements.
The following table presents the realized and unrealized gains or losses on derivatives that have been deferred or recognized in earnings for the three and nine months ended September 30, 2025 and 2024:

|  | For the Three Months Ended September 30,
|  | Con Edison |  | CECONY
(Millions of Dollars) | Financial Statement Location | 2025 | 2024 |  | 2025 | 2024
Pre-tax gains (losses) deferred in accordance with accounting rules for regulated operations: |  |  |
Current | Regulatory liabilities | $(5) | $(31) |  | $(5) | $(27)
Noncurrent | Regulatory liabilities | (10) | (7) |  | (11) | (5)
Total deferred gains (losses) |  | $(15) | $(38) |  | $(16) | $(32)
Current | Regulatory assets | $(9) | $(18) |  | $(11) | $(15)
Current | Recoverable energy costs | (13) | (81) |  | (13) | (75)
Noncurrent | Regulatory assets | 41 | (39) |  | 36 | (34)
Total deferred gains (losses) |  | $19 | $(138) |  | $12 | $(124)
Net deferred gains (losses) (a) |  | $4 | $(176) |  | $(4) | $(156)
Pre-tax gains (losses) recognized in income |  |  |  |  |
| Other operations and maintenance expense | $— | $(1) |  | $— | $(1)
Total pre-tax gains (losses) recognized in income | $— | $(1) |  | $— | $(1)

(a)Unrealized net deferred gains on electric and gas derivatives for the Utilities increased as a result of higher electric and gas commodity prices during the three months ended September 30, 2025. Upon settlement, short-term deferred derivative losses generally increase the recoverable costs of electric and gas purchases.

|  | For the Nine Months Ended September 30,
|  | Con Edison |  | CECONY
(Millions of Dollars) | Financial Statement Location | 2025 | 2024 |  | 2025 | 2024
Pre-tax gains (losses) deferred in accordance with accounting rules for regulated operations: |  |  |
Current | Regulatory liabilities | $(3) | $(45) |  | $(4) | $(42)
Noncurrent | Regulatory liabilities | 8 | (30) |  | 6 | (30)
Total deferred gains (losses) |  | $5 | $(75) |  | $2 | $(72)
Current | Regulatory assets | $(14) | $104 |  | $(16) | $102
Current | Recoverable energy costs | 41 | (269) |  | 38 | (247)
Noncurrent | Regulatory assets | 42 | 9 |  | 36 | 9
Total deferred gains (losses) |  | $69 | $(156) |  | $58 | $(136)
Net deferred gains (losses) (a) |  | $74 | $(231) |  | $60 | $(208)

(a)Unrealized net deferred gains on electric and gas derivatives for the Utilities increased as a result of higher electric and gas commodity prices during the nine months ended September 30, 2025. Upon settlement, short-term deferred derivative losses generally increase the recoverable costs of electric and gas purchases.
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The following table presents the hedged volume of Con Edison’s and CECONY’s commodity derivative transactions at September 30, 2025:

| Electric Energy (MWh) (a)(b) | Capacity (MW-mos) (a) | Natural Gas (Dt) (a)(b) | Refined Fuels (gallons)
Con Edison | 31,734,340 | 25,200 | 340,270,000 | 3,528,000
CECONY | 29,204,950 | 14,100 | 319,960,000 | 3,528,000

(a)Volumes are reported net of long and short positions, except natural gas collars where the volumes of long positions are reported.
(b)Excludes electric congestion and gas basis swap contracts which are associated with electric and gas contracts and hedged volumes.
The Companies are exposed to credit risk related to transactions entered into primarily for the various energy supply and hedging activities by the Utilities. Credit risk relates to the loss that may result from a counterparty’s nonperformance. The Companies use credit policies to manage this risk, including an established credit approval process, monitoring of counterparty limits, netting provisions within agreements, collateral or prepayment arrangements, credit insurance and credit default swaps. The Companies measure credit risk exposure as the replacement cost for open energy commodity and derivative positions plus amounts owed from counterparties for settled transactions. The replacement cost of open positions represents unrealized gains, net of any unrealized losses where the Companies have a legally enforceable right to offset.
At September 30, 2025, Con Edison and CECONY had $33 million and $28 million, respectively, of credit exposure in connection with open energy supply net receivables and hedging activities, net of collateral. Con Edison’s net credit exposure consisted of $10 million with investment-grade counterparties, $21 million with commodity exchange brokers, and $2 million with non-investment grade/non-rated counterparties. CECONY’s net credit exposure consisted of $7 million with investment-grade counterparties and $21 million with commodity exchange brokers.
The collateral requirements associated with, and settlement of, derivative transactions are included in net cash flows from operating activities in the Companies’ consolidated statements of cash flows. Most derivative instrument contracts contain provisions that may require a party to provide collateral on its derivative instruments that are in a net liability position. The amount of collateral to be provided will depend on the fair value of the derivative instruments and the party’s credit ratings.
The following table presents the aggregate fair value of the Companies’ derivative instruments with credit-risk-related contingent features that are in a net liability position, the collateral posted including cash and letters of credit for such positions and the additional cash collateral that would have been required to be posted had the lowest applicable credit rating been reduced one level and to below investment grade at September 30, 2025:

(Millions of Dollars) | Con Edison (a) |  | CECONY (a) |
Aggregate fair value – net liabilities | $113 |  | $103 |
Collateral posted | 107 |  | 105 |
Additional collateral (b) (downgrade one level from current ratings) | 5 |  | — |
Additional collateral (b)(c) (downgrade to below investment grade from current ratings) | 133 |  | 117 |

(a)Non-derivative transactions for the purchase and sale of electricity and gas and qualifying derivative instruments, that have been designated as normal purchases or normal sales, are excluded from the table. These transactions primarily include purchases of electricity from independent system operators. In the event the Utilities are no longer extended unsecured credit for such purchases, the Companies would be required to post additional cash collateral of $2 million at September 30, 2025. For certain other such non-derivative transactions, the Companies could be required to post cash collateral under certain circumstances, including in the event counterparties had reasonable grounds for insecurity.
(b)The Companies measure the collateral requirements by taking into consideration the fair value amounts of derivative instruments that contain credit-risk-related contingent features that are in a net liability position plus amounts owed to counterparties for settled transactions and amounts required by counterparties for minimum financial security. The fair value amounts represent unrealized losses, net of any unrealized gains where the Companies have a legally enforceable right to offset.
(c)Derivative instruments that are net assets have been excluded from the table. At September 30, 2025, if Con Edison had been downgraded to below investment grade, it would have been required to post additional cash collateral for such derivative instruments of $7 million.
Note O – Fair Value Measurements
The accounting rules for fair value measurements and disclosures define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, that refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable firm inputs. The
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Companies often make certain assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. The Companies use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs.
The accounting rules for fair value measurements and disclosures established a fair value hierarchy, that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The rules require that assets and liabilities be classified in their entirety based on the level of input that is significant to the fair value measurement. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and their placement within the fair value hierarchy. The Companies classify fair value balances based on the fair value hierarchy defined by the accounting rules for fair value measurements and disclosures as follows:
•Level 1 – Consists of assets or liabilities whose value is based on unadjusted quoted prices in active markets at the measurement date. An active market is one in which transactions for assets or liabilities occur with sufficient frequency and volume to provide pricing information on an ongoing basis. This category includes contracts traded on active exchange markets valued using unadjusted prices quoted directly from the exchange.
•Level 2 – Consists of assets or liabilities valued using industry standard models and based on prices, other than quoted prices within Level 1, that are either directly or indirectly observable as of the measurement date. The industry standard models consider observable assumptions including time value, volatility factors and current market and contractual prices for the underlying commodities, in addition to other economic measures. This category includes contracts traded on active exchanges or in over-the-counter markets priced with industry standard models.
•Level 3 – Consists of assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost benefit constraints. This category includes contracts priced using models that are internally developed and contracts placed in illiquid markets. It also includes contracts that expire after the period of time for which quoted prices are available and internal models are used to determine a significant portion of the value.
Assets and liabilities measured at fair value on a recurring basis as of September 30, 2025 and December 31, 2024 are summarized below.

| 2025 | 2024
(Millions of Dollars) | Level 1 | Level 2 | Level 3 | Netting Adjustment (d) | Total | Level 1 | Level 2 | Level 3 | Netting Adjustment (d) | Total
Con Edison |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |
Commodity (a)(b)(c) | $22 | $64 | $5 | $(40) | $51 | $9 | $81 | $1 | $(49) | $42
Mutual Funds (a)(b) | 633 | — | — | — | 633 | 570 | — | — | — | 570
Cash Value of Life Insurance Policies (a)(b) | — | 134 | — | — | 134 | — | 129 | — | — | 129
Total assets | $655 | $198 | $5 | $(40) | $818 | $579 | $210 | $1 | $(49) | $741
Derivative liabilities: |  |  |  |  |  |  |  |  |  |
Commodity (a)(b)(c) | $3 | $143 | $17 | $(34) | 129 | $5 | $175 | $16 | $(48) | $148
CECONY |  |  |  |  |  |  |  |  |  |
Derivative assets: |  |  |  |  |  |  |  |  |  |
Commodity (a)(b)(c) | $22 | $56 | $1 | $(35) | $44 | $9 | $74 | $1 | $(48) | $36
Mutual Funds (a)(b) | 618 | — | — | — | 618 | 553 | — | — | — | 553
Cash Value of Life Insurance Policies (a)(b) | — | 128 | — | — | 128 | — | 123 | — | — | 123
Total assets | $640 | $184 | $1 | $(35) | $790 | $562 | $197 | $1 | $(48) | $712
Derivative liabilities: |  |  |  |  |  |  |  |  |  |
Commodity (a)(b)(c) | $3 | $137 | $8 | $(33) | $115 | $4 | $164 | $7 | $(47) | $128

(a)The Companies’ policy is to review the fair value hierarchy and recognize transfers into and transfers out of the levels at the end of each reporting period. Transfers out of Level 3 represent assets and liabilities that were previously classified as Level 3 for which the inputs
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became observable for classification in Level 2. The inputs are now observable because of availability of observable market data due to the decrease in the terms of certain contracts from beyond three years to less than three years.
(b)Level 2 assets and liabilities include investments held in the deferred compensation plan and/or non-qualified retirement plans, exchange-traded contracts where there is insufficient market liquidity to warrant inclusion in Level 1, and certain over-the-counter derivative instruments for electricity, refined products and natural gas. Derivative instruments classified as Level 2 are valued using industry standard models that incorporate corroborated observable inputs, such as pricing services or prices from similar instruments that trade in liquid markets, time value and volatility factors.
(c)The accounting rules for fair value measurements and disclosures require consideration of the impact of nonperformance risk (including credit risk) from a market participant perspective in the measurement of the fair value of assets and liabilities. At September 30, 2025 and December 31, 2024, the Companies determined that nonperformance risk would have no material impact on their financial position or results of operations.
(d)Amounts represent the impact of legally-enforceable master netting agreements that allow the Companies to net gain and loss positions and cash collateral held or placed with the same counterparties.
The employees in the Companies’ risk management group develop and maintain the Companies’ valuation policies and procedures for, and verify pricing and fair value valuation of, commodity derivatives. Under the Companies’ policies and procedures, multiple independent sources of information are obtained for forward price curves used to value commodity derivatives. Fair value and changes in fair value of commodity derivatives are reported monthly to the Companies’ risk committees, comprised of officers and employees of the Companies that oversee energy hedging at the Utilities. The risk management group reports to the Companies’ Vice President and Treasurer.

| Fair Value of Level 3 at September 30, 2025 | Valuation Techniques | Unobservable Inputs | Range | Average Market Price
| (Millions of Dollars)
Con Edison – Commodity
Electricity | $— | Discounted Cash Flow | Forward energy prices ($/MWh) (a) | $33.35 - $107.30 per MWh | $57.58
Electricity | (13) | Discounted Cash Flow | Forward capacity prices ($/kW-month) (a) | $0.73 - $8.37 per kW-month | $3.65
Transmission Congestion Contracts | 1 | Discounted Cash Flow | Inter-zonal forward price curves adjusted for historical zonal losses ($/MWh) (b) | $(0.03) -$2.85 per MWh | $1.06
Total Con Edison—Commodity | $(12) |  |  |  |
CECONY – Commodity
Electricity | $(1) | Discounted Cash Flow | Forward energy prices ($/MWh) (a) | $34.45 - $107.30 per MWh | $57.96
Electricity | (7) | Discounted Cash Flow | Forward capacity prices ($/kW-month) (a) | $0.73 - $7.14 per kW-month | $3.27
Transmission Congestion Contracts | 1 | Discounted Cash Flow | Inter-zonal forward price curves adjusted for historical zonal losses ($/MWh) (b) | $(0.03) -$2.85 per MWh | $1.06
Total CECONY—Commodity | $(7) |  |  |  |

(a)Generally, increases (decreases) in this input in isolation would result in a higher (lower) fair value measurement.
(b)Generally, increases (decreases) in this input in isolation would result in a lower (higher) fair value measurement.
The table listed below provides a reconciliation of the beginning and ending net balances for assets and liabilities measured at fair value as of September 30, 2025 and 2024 and classified as Level 3 in the fair value hierarchy:

| For the Three Months Ended September 30,
| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Beginning balance as of July 1, | $(17) | $(11) | $(8) | $(6)
Included in earnings | 2 | (1) | 1 | —
Included in regulatory assets and liabilities | 5 | (15) | 1 | (12)
Settlements | (2) | 2 | (1) | 1
Ending balance as of September 30, | $(12) | $(25) | $(7) | $(17)

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| For the Nine Months Ended September 30,
| Con Edison | CECONY
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
Beginning balance as of January 1, | $(15) | $(8) | $(6) | $(5)
Included in earnings | (1) | (6) | 1 | (2)
Included in regulatory assets and liabilities | 3 | (13) | (1) | (8)
Settlements | 1 | 7 | (1) | 3
Transfer out of level 3 | — | (5) | — | (5)
Ending balance as of September 30, | $(12) | $(25) | $(7) | $(17)

Realized gains and losses on the Utilities' Level 3 commodity derivative assets and liabilities are reported as part of purchased power, gas and fuel costs. The Utilities generally recover these costs in accordance with rate provisions approved by the applicable state public utilities regulators. See Note A. Unrealized gains and losses for commodity derivatives are generally deferred on the Companies' consolidated balance sheets in accordance with the accounting rules for regulated operations.
Note P – Related Party Transactions
The NYSPSC generally requires that the Utilities and Con Edison’s other subsidiaries be operated as separate entities. The Utilities and the other subsidiaries are required to have separate operating employees and operating officers of the Utilities may not be operating officers of the other subsidiaries. The Utilities may provide administrative and other services to, and receive such services from, Con Edison and its other subsidiaries only pursuant to cost allocation procedures approved by the NYSPSC. Transfers of assets between the Utilities and Con Edison or its other subsidiaries may be made only as approved by the NYSPSC. The debt of the Utilities is to be raised directly by the Utilities and not derived from Con Edison. Without the prior permission of the NYSPSC, the Utilities may not make loans to, guarantee the obligations of, or pledge assets as security for the indebtedness of Con Edison or its other subsidiaries. The NYSPSC limits the dividends that the Utilities may pay Con Edison. As a result, substantially all of the net assets of CECONY and O&R ($21,997 million and $1,291 million, respectively), at September 30, 2025, are considered restricted net assets. The NYSPSC may impose additional measures to separate, or “ring fence,” the Utilities from Con Edison and its other subsidiaries.
The costs of administrative and other services provided by CECONY to, and received by it from, Con Edison and its other subsidiaries for the three and nine months ended September 30, 2025 and 2024 were as follows:

| For the Three Months Ended September 30,
| CECONY
(Millions of Dollars) | 2025 | 2024
Cost of services provided | $41 | $39
Cost of services received | $21 | $21

| For the Nine Months Ended September 30,
| CECONY
(Millions of Dollars) | 2025 | 2024
Cost of services provided | $118 | $106
Cost of services received | $64 | $62

In addition, CECONY and O&R have joint gas supply arrangements pursuant to which CECONY sold to, or acted as agent to purchase for, O&R, $16 million and $14 million of natural gas for the three months ended September 30, 2025 and 2024, respectively, and $80 million and $52 million of natural gas for the nine months ended September 30, 2025 and 2024, respectively. These amounts are net of the effect of related hedging transactions.
At September 30, 2025 and December 31, 2024, CECONY's net receivable from Con Edison for income taxes were $35 and $344 million, respectively.
The Utilities perform work and incur expenses on behalf of New York Transco, a company in which Con Edison Transmission owns an interest. The Utilities bill New York Transco for such work and expenses in accordance with established policies. For the three months ended September 30, 2025 and 2024, the amounts billed (refunded) by
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the Utilities to New York Transco were immaterial. For the nine months ended September 30, 2025 and 2024, the amounts billed by the Utilities to New York Transco were immaterial.
CECONY has a 20-year transportation contract with MVP, a company in which Con Edison Transmission owns an interest, for 200,000 Dts per day of capacity. See "Investment in MVP" in Note A. In October 2017, the Environmental Defense Fund and the Natural Resource Defense Council requested the NYSPSC to prohibit CECONY from recovering costs under its contract with MVP unless CECONY can demonstrate that the contract is in the public interest. CECONY advised the NYSPSC that it would respond to the request if the NYSPSC were to open a proceeding to consider this request. For the three and nine months ended September 30, 2025, the amounts billed by MVP to CECONY were $14 million and $41 million, respectively.
The FERC has authorized CECONY to lend funds to O&R for a period of not more than 12 months, in an amount not to exceed $250 million, at prevailing market rates. At September 30, 2025 and December 31, 2024 there were no outstanding loans to O&R.
The Consolidated Edison Foundation, Inc. (the Foundation), established in December 2023, is a non-consolidated not-for-profit corporation funded by Con Edison that makes contributions to selected charitable organizations. In March 2025, Con Edison made a contribution of $12 million that Con Edison accrued as an expense in "Other Income and Deductions" within its consolidated income statement for the year ended December 31, 2024.
Note Q – Dispositions
During the first nine months of 2022, Con Edison considered strategic alternatives with respect to the Clean Energy Businesses. On October 1, 2022, following the conclusion of such review and to allow for continued focus on the Utilities and their clean energy transition, Con Edison entered into a purchase and sale agreement pursuant to which Con Edison agreed to sell all of the stock of the Clean Energy Businesses to RWE Renewables Americas, LLC, a subsidiary of RWE for a total of $6,800 million, subject to closing adjustments. On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses to RWE for $3,993 million. The preliminary purchase price at closing was adjusted (i) upward for certain cash and cash equivalents, (ii) downward for certain indebtedness and debt-like items, (iii) downward for certain transaction expenses, (iv) downward to the extent that the net working capital varied from a set target, (v) upward to the extent that capital expenditures incurred prior to the closing of the transaction varied from a set budget, and (vi) downward by the value allocated to Broken Bow II, a project that was not able to be conveyed to RWE upon closing of the transaction. The process to finalize the purchase price was completed during the second quarter of 2024. The final purchase price was subject to customary adjustments for timing differences and a final valuation report, among other factors. The transaction was completed at arm’s length and RWE was not, and will not be, considered a related party to Con Edison.
The sale on March 1, 2023 included all assets, operations and projects of the Clean Energy Businesses with the exception of tax equity interests in three projects, described below, and one deferred project, Broken Bow II, a 75 MW nameplate capacity wind power project located in Nebraska.
Cumulatively through September 30, 2024, the gain on the sale of all of the stock of the Clean Energy Businesses was $835 million ($745 million, after tax), reflecting a downward adjustment of $30 million ($22 million after-tax) for the nine months then ended, resulting from certain customary closing adjustments. Cumulatively through September 30, 2025, the gain on the sale of all of the stock of the Clean Energy Businesses was $803 million ($722 million after tax), resulting from certain customary closing adjustments. The portion of the gain attributable to the non-controlling interest retained in certain tax-equity projects was not material.
In January 2025, Con Edison completed the sale and transfer of Broken Bow II to RWE and the corresponding value of $54 million (net of assumed debt and other final adjustments) was paid to Con Edison. RWE Renewables Americas, LLC operated the facility on behalf of Con Edison until the sale and transfer to RWE pursuant to certain service agreements, for which the fees were not material.
Con Edison retained the Clean Energy Businesses' tax equity investment interest in the Crane solar project and another tax equity investment interest in two solar projects located in Virginia. These tax equity partnerships produced renewable energy tax credits that can be used to reduce Con Edison’s federal income tax. These tax credits are subject to recapture, in whole or in part, if the assets are sold within a five-year period beginning on the date on which the assets are placed in service. Con Edison will conti nue to employ HLBV accounting for its tax equity investment interest in the two solar projects located in Virginia. Con Edison sold its tax equity investment interest in the Crane solar project to another member in October 2025 after holding it for a five-year period. The
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combined carrying value of the retained tax equity interests was $4 million at September 30, 2025 and December 31, 2024.
Con Edison also retained any post-sale deferred income taxes (federal and state income taxes, including tax attributes), any valuation allowances associated with the deferred tax assets, all current federal taxes and New York State taxes and the estimated liability for uncertain tax positions. The unamortized deferred investment tax credits of the Clean Energy Businesses were recognized in full upon the completion of the sale of all of the stock of the Clean Energy Businesses.
Following the sale of all of the stock of the Clean Energy Businesses and pursuant to a reimbursement and indemnity agreement with RWE, Con Edison remains responsible for certain potential costs related to a battery storage project located in Imperial County, California. Con Edison's exposure under the agreement could range up to approximate ly $172 million. As of September 30, 2025, no material amounts were recorded as liabilities on Con Edison's consolidated balance sheet related to this agreement.
Note R – New Financial Accounting Standards
In September 2025, the Financial Accounting Standards Board (FASB) issued amendments to the guidance on accounting for Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) through ASU 2025-06. The guidance modernizes and clarifies the threshold for when an entity is required to start capitalizing software costs and is based on when (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The amendments in ASU 2025-06 are effective for fiscal years beginning after December 15, 2027, and interim reporting periods, with early adoption permitted as of the beginning of an annual reporting period. The Companies are evaluating the potential impact of this new standard on their financial position, results of operations and liquidity.
In September 2025, the FASB issued amendments to the guidance on accounting for Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) through ASU 2025-07. The guidance refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. The guidance also provides clarification under Topic 606 for share-based payments in a revenue contract with a customer. The amendments in ASU 2025-07 are effective for fiscal years beginning after December 15, 2026, and interim reporting periods, with early adoption permitted. The Companies are evaluating the potential impact of this new standard on their financial position, results of operations and liquidity.
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Item 2: 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 (the Third Quarter Financial Statements) included in this report of two separate registrants: Consolidated Edison, Inc. (Con Edison) and Consolidated Edison Company of New York, Inc. (CECONY). 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 MD&A about CECONY applies to Con Edison.
This MD&A should be read in conjunction with the Third Quarter Financial Statements and the notes thereto and the MD&A in Item 7 of the Companies’ combined Annual Report on Form 10-K for the year ended December 31, 2024 (File Nos.1-14514 and 1-01217, the Form 10-K) and the MD&A in Part 1, Item 2 of the Companies' combined Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2025 and June 30, 2025 (File Nos. 1-14514 and 1-01217).
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.
Con Edison, incorporated in New York State in 1997, is a holding company that owns all of the outstanding common stock of CECONY, Orange and Rockland Utilities, Inc. (O&R) and Con Edison Transmission, Inc. (together with its subsidiaries, “Con Edison Transmission”). As used in this report, the term the “Utilities” refers to CECONY and O&R.

|  |  | Con Edison |  |  |  |  |  |  |
CECONY |  | O&R |  |  |  |  | Con Edison Transmission
|  | •RECO |  |  |  |  |

Con Edison’s principal business operations are those of the Utilities and Con Edison Transmission. CECONY’s principal business operations are its regulated electric, gas and steam delivery businesses. O&R’s principal business operations are its regulated electric and gas delivery businesses. Con Edison Transmis sion, 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 is considering strategic alternatives with respect to its investment in Mountain Valley Pipeline, LLC (MVP) and both Con Edison Transmission and CECONY are considering strategic alternatives with respect to their investments in Honeoye Storage Corporation (Honeoye). See “Investments” in Note A to the Third Quarter Financial Statements and “Con Edison Transmission” below.
Con Edison seeks to provide shareholder value through continued dividend growth, supported by earnings growth in regulated utilities and electric transmission assets. Con Edison invests to provide reliable, resilient, safe and clean energy critical for its New York and New Jersey customers. Con Edison is a responsible neighbor, helping the communities it serves become more sustainable.
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 Third Quarter Financial Statements, the Companies’ management considers the following events, trends, and uncertainties to be important to understanding the Companies’ current and future financial condition.
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Aged Accounts Receivable Balances
At September 30, 2025, CECONY’s and O&R’s customer accounts receivables balances of $2,843 million and $121 million, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,511 million and $28 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 2023 - 2025 electric and gas rate plans include reconciliation of late payment charges (from January 1, 2023 through December 31, 2025 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 milli on 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. CECONY’s November 2025 joint proposal, that is subject to approval by the NYSPSC, includes reconciliation of 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.
O&R’s 2025 – 2027 rate plans include 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/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 increase in accounts receivable balances has impacted and is expected to continue to impac t the Companies’ liquidity. See “Liquidity and Capital Resources,” below, and Note B and Note L to the Third Quarter Financial Statements.
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 recently having hired additional field collectors and increasing collector efficiency and employing additional call center representatives to handle in-bound call volumes a nd to place outbound calls to customers regarding collections. O&R's collection strategy aligns with that of CEC ONY's in many respects.
Electric Supply
Most of the electricity sold by CECONY to its full-service customers in 2025 was purchased through the wholesale electricity market administered by the NYISO. To reduce the volatility of its full-service customers’ electric energy costs, the company enters into derivative transactions to hedge the costs of a portion of its expected purchases through the NYISO’s wholesale electricity market.
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The NYISO is interconnected with two Canadian system operators, Ontario’s Independent Electricity System Operator and Hydro-Québec, allowing for up to approximately 2500 MW and 2100 MW of imports from Ontario to New York and from Quebec to New York, respectively.
Beginning in February 2025, the President of the United States issued an executive order imposing a 10 percent tariff on most Canadian imports to the United States of “energy or energy resources.” This executive order took effect on March 4, 2025 with an exemption for goods compliant with the United States-Mexico-Canada Agreement. The federal government has not provided guidance regarding the applicability of tariffs to imported Canadian electricity and, as of September 30, 2025, no tariffs are being applied to electricity sales. In March 2025, Ontario announced a 25 percent surcharge on all U.S.-bound electricity that was subsequently paused. See "Federal Regulation," below.
These tariffs, if implemented, may result in increases in electric commodity prices. The Utilities do not make any margin or profit on the electricity they sell and generally recover these costs pursuant to their rate plans. See "Aged Accounts Receivable Balances," above and "Commodity Price Risk," below.
The Companies continue to monitor these developments closely to assess any potential impact on the Companies. The Companies are unable to predict changes in regulations, regulatory guidance, legal interpretations, policy positions and implementation actions that may result from these governmental actions.
Federal Regulation
Beginning in January 2025, a series of executive orders, presidential memoranda and proclamations were issued (collectively, Presidential Actions) designed to address areas such as tariffs, environm ental and energy regulations, domestic energy production and retention of domestic generation resources, among other things. The situation remains fluid and is subject to rapid change.
In April 2025, an executive order was issued by the President of the United States that directs the Attorney General to identify and take action against state laws and policies that burden the use of domestic energy resources and that are unconstitutional, preempted by federal law, or otherwise unenforceable (the April 2025 Executive Order). The April 2025 Executive Order directs the Attorney General to identify and stop the enforcement of laws and policies purporting to address climate change or involving environmental, social and governance initiatives, environmental justice, carbon or greenhouse gas emissions and funds to collect carbon penalties or carbon taxes.
During 2025, the federal government has issued numerous executive orders imposing tariffs on imports, many of which have since been modified, stayed, or are the subject of litigation. Although these tariffs have not had a significant impact on the Companies’ operations or financial condition to date, the cost of materials have increased during 2025 across various supply chain contract portfolios. If the tariffs remain in place, the cost of materials is anticipated to continue to increase and also may lead to supply chain disruptions. The Companies continue to monitor these developments closely to assess any potential additional impact on the Companies. The Companies are unable to predict changes in regulations, regulatory guidance, legal interpretations, policy positions and i mplementation actions that may result from the Presidential Actions and the April 2025 Executive Order.
Clean Energy Goals
The success of the Companies’ efforts to meet federal, state and city 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 federal, state and local 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,” above.
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Con Edison Transmission
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. See the table under "Con Edison Transmission," below. Con Edison Transmission also participates in competitive solicitations to develop additional electric projects. The success of Con Edison Transmission’s efforts in these competitive solicitations and to grow its electric transmission portfolio may impact Con Edison’s future capital requirements. In January 2025, the President of the United States issued an executive order temporarily withdrawing all areas on the outer continental shelf from new offshore wind leasing, pending review by the new Administration, noting that nothing in this withdrawal affects rights under existing leases in the withdrawn areas, and further that with respect to such existing leases, the Secretary of the Interior, in consultation with the Attorney General as needed, shall conduct a comprehensive review of the ecological, economic, and environmental necessity of terminating or amending any existing wind energy leases. In July 2025, the NYSPSC issued an order withdrawing the public policy transmission need (PPTN) process given actions taken by the federal government that reduced the prospects for the construction of the offshore wind resources that were anticipated to be served by the proposed transmission solutions. See “Federal Regulation,” above and “Environmental Matters – Offshore Wind,” below.
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.
CECONY
Electric
CECONY provides electric service to approximat ely 3.8 millio n customers in all of New York City (except a part of Queens) and most of Westchester County, an approximately 660 square mile service area with a population of more than nine million.
During the summer of 2025, electric peak demand in CECONY's service area was 12,530 MW (which occurred on June 25, 2025). At design conditions, electric peak demand in CECONY's service area would have been approximately 12,600 MW in 2025 compared to CECONY's forecast of 12,610 MW.
Gas
CECONY delivers gas to approxima tely 1.1 million customers in Manhattan, the Bronx, parts of Queens and most of Westchester County.
In June 2025, CECONY increased its five-year forecast of average annual growth of the firm peak gas demand in its service area at de sign conditions from approximately 0.1 percent (for 2025 to 2029) to approximately 0.2 percent (for 2026 to 2030).
Steam
CECONY operates the largest steam distribution system in the United States by producing and delivering approximately 15,494 MMlb of steam annually to approximately 1,500 customers in parts of Manhattan.
In June 2025, CECONY changed its five-year forecast of the average annual peak steam demand in its service area at design conditions from a 0.4 percent decrease (for 2025 to 2029) to a 0.9 percent decrease (for 2026 to 2030). This percent change indicates increased levels of energy efficiency within the next five years along with lower customer retention for the steam system due to policy and regulations.
O&R
Electric
O&R and its utility subsidiary, Rockland Electric Company (RECO) (together referred to herein as O&R) provide electric service to approxi mately 0.3 million customers in southeastern New York and northern New Jersey an approximately 1,300 square mile service area.
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During the summer of 2025, electric peak demand in O&R's service area was 1,553 MW (which occurred on June 23, 2025). At design conditions, electric peak demand in O&R's service area would have been approximately 1,523 MW in 2025 compared to O&R's forecast of 1,605 MW.
Gas
O&R delivers gas to o ver 0.1 m illion customers in southeastern New York.
In June 2025, O&R increased its five-year forecast of the average annual firm peak gas demand in its service area at design conditions from a 0.1 percent decrease (for 2025 to 2029) to a 1.2 percent increase (for 2026 to 2030). This change reflects an increase in new business within the next five years.
Certain financial data of Con Edison’s businesses are presented below:

| For the Three Months Ended September 30, 2025 | For the Nine Months Ended September 30, 2025 | At September 30, 2025
(Millions of Dollars, except percentages) | Operating Revenues | Net Income for Common Stock | Operating Revenues | Net Income for Common Stock | Assets
CECONY | $4,181 | 92 | % | $639 | 93 | % | $11,963 | 93 | % | $1,606 | 93 | % | $66,636 | 93 | %
O&R | 349 | 8 |  | 41 | 6 |  | 959 | 7 |  | 94 | 5 |  | 4,341 | 5 |
Total Utilities | $4,530 | 100 | % | $680 | 99 | % | $12,922 | 100 | % | $1,700 | 98 | % | $70,977 | 98 | %
Con Edison Transmission | 1 | — |  | 11 | 1 |  | 3 | — |  | 31 | 2 |  | 505 | 1 |
Other (a) | (1) | — |  | (3) | — |  | (1) | — |  | (5) | — |  | 362 | 1 |
Total Con Edison | $4,530 | 100 | % | $688 | 100 | % | $12,924 | 100 | % | $1,726 | 100 | % | $71,844 | 100 | %

(a)Other includes the parent company, Con Edison’s tax equity investments, 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 Q to the Third Quarter Financial Statements.
One Big Beautiful Bill Act
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 are assessing 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 preliminary assessment, the provisions in the OBBBA are not expected to have a material impact on the Companies’ financial position, results of operations or liquidity.
Inflation Reduction Act
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. As of September 30, 2025 and 2024, Con Edison accrued a CAMT liability of $66 million ($89 million for CECONY) and $73 million ($64 million for CECONY), respectively, 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.
New York Legislation
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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 does not expect to be subject to the higher tax rate of 7.25 percent in 2025.
Results of Operations
Net income for common stock and earnings per share for the three and nine months ended September 30, 2025 and 2024 were as follows:

| For the Three Months Ended September 30, | For the Nine Months Ended September 30,
| 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
(Millions of Dollars, except per share amounts) | Net Income for Common Stock | Earnings per Share | Net Income for Common Stock | Earnings per Share
CECONY | $639 | $537 | $1.77 | $1.55 | $1,606 | $1,417 | $4.51 | $4.10
O&R | 41 | 42 | 0.11 | 0.12 | 94 | 82 | 0.26 | 0.24
Con Edison Transmission (a) | 11 | 11 | 0.04 | 0.03 | 31 | 35 | 0.09 | 0.10
Other (b) | (3) | (2) | (0.01) | — | (5) | (24) | (0.02) | (0.07)
Con Edison (c) | $688 | $588 | $1.91 | $1.70 | $1,726 | $1,510 | $4.84 | $4.37

(a)Net income for common stock and earnings per share for the three and nine months ended September 30, 2025 includes $2 million or $0.01 a share (after-tax) and $7 million or $0.02 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 Third Quarter Financial Statements.
Net income for common stock and earnings per share for the three and nine months ended September 30, 2024 includes $3 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 Third Quarter Financial Statements.
(b) Other includes the parent company, Con Edison’s tax equity investments, 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 for the nine months ended September 30, 2025 includes $1 million (after-tax) for an adjustment related to the sale of all of the stock of the Clean Energy Businesses. See Note Q to the Third Quarter Financial Statements.
Net income for common stock and earnings per share for the nine months ended September 30, 2024 includes $(22) million (after-tax) or $(0.07) a share (after-tax) for an adjustment related to the sale of all of the stock of the Clean Energy Businesses. See Note Q to the Third Quarter Financial Statements. Net income for common stock and earnings per share for the three and nine months ended September 30, 2024 also included $2 million or $0.01 a share (after-tax) and $1 million or $0.01 a share (after-tax), respectively, net of the effects of HLBV accounting for tax equity investments in certain renewable electric projects.
(c) Earnings per share on a diluted basis were $1.90 a share and $1.69 a share for the three months ended September 30, 2025 and 2024, respectively, and $4.83 a share and $4.35 a share for the nine months ended September 30, 2025 and 2024, respectively.
The following tables present the estimated effect of major factors on earnings per share and net income for common stock for the three and nine months ended September 30, 2025 as compared with the 2024 period.
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Variation for the Three Months Ended September 30, 2025 vs. 2024 |
| Net Income for Common Stock (Net of Tax) (Millions of Dollars) | Earnings per Share |
CECONY (a) |  |  |
Higher electric rate base | $37 | $0.11 |
Lower effective income tax for certain items | 16 | 0.05 |
Lower commercial paper interest expense | 14 | 0.04 |
Lower stock based compensation | 13 | 0.04 |
Lower state and local taxes other than income | 7 | 0.02 |
Higher income from allowance for funds used during construction | 7 | 0.02 |
Lower other corporate expenses | 6 | 0.02 |
Dilutive effect of issuance of common shares | — | (0.08) |
Other | 2 | — |
Total CECONY | 102 | 0.22 |
O&R (a) |  |  |
Lower electric base rate change | (1) | (0.01) |
Total O&R | (1) | (0.01) |
Con Edison Transmission |  |  |
Accretion of the basis difference of Con Edison's equity investment in MVP | (1) | — |
Other | 1 | 0.01 |
Total Con Edison Transmission | — | 0.01 |
Other, including parent company expenses (b) |  |  |
HLBV effects | (2) | (0.01) |
Other | 1 | — |
Total Other, including parent company expenses | (1) | (0.01) |
Total Reported (GAAP basis) | $100 | $0.21 |
(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. 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 investments, 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 Q to the Third Quarter Financial Statements. |

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Variation for the Nine Months Ended September 30, 2025 vs. 2024
| Net Income for Common Stock (Net of Tax) (Millions of Dollars) | Earnings per Share
CECONY (a) |  |
Higher electric rate base | $57 | $0.16
Lower commercial paper interest expense | 34 | 0.10
Higher gas rate base | 24 | 0.07
Higher income from allowance for funds used during construction | 23 | 0.07
Higher other revenue primarily from asset management arrangements | 12 | 0.03
Lower other corporate expenses | 3 | 0.01
Dilutive effect of issuance of common shares | — | (0.14)
Impact of the May 2024 NYSPSC order denying CECONY's request to capitalize costs to implement its new customer billing and information system | 37 | 0.11
Other | (1) | —
Total CECONY | 189 | 0.41
O&R (a) |  |
Gas base rate increase | 7 | 0.02
Other | 5 | —
Total O&R | 12 | 0.02
Con Edison Transmission |  |
Accretion of the basis difference of Con Edison's equity investment in MVP | 4 | 0.01
Income tax adjustment in 2024 due to AFUDC from MVP | (5) | (0.02)
Other | (3) | —
Total Con Edison Transmission | (4) | (0.01)
Other, including parent company expenses (b) |  |
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses | 23 | 0.07
HLBV effects | (1) | (0.01)
Other | (3) | (0.01)
Total Other, including parent company expenses | 19 | 0.05
Total Reported (GAAP basis) | $216 | $0.47
(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 investments, 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 Q to the Third Quarter Financial Statements.

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The Companies’ other operations and maintenance expenses for the three and nine months ended September 30, 2025 and 2024 were as follows:

| For the Three Months Ended September 30, | For the Nine Months Ended September 30,
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024
CECONY |  |  |  |
Operations | $500 | $472 | $1,494 | $1,457
Pensions and other postretirement benefits | 7 | 35 | 20 | 104
Health care and other benefits | 60 | 53 | 159 | 140
Regulatory fees and assessments (a) | 125 | 136 | 367 | 350
Other (b) | 179 | 184 | 511 | 488
Total CECONY | $871 | $880 | $2,551 | $2,539
O&R | 92 | 104 | 280 | 294
Con Edison Transmission | 2 | 2 | 8 | 8
Other (c) | — | — | 1 | —
Total other operations and maintenance expenses | $965 | $986 | $2,840 | $2,841

(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 ($51 million).
(c)Other includes the parent company, Con Edison’s tax equity investments, 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 Q to the Third Quarter Financial Statements.
A discussion of the results of operations by principal business segment for the three and nine months ended September 30, 2025 and 2024 follows. For additional business segment financial information, see Note M to the Third Quarter Financial Statements.
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The Companies’ results of operations for the three months ended September 30, 2025 and 2024 were as follows:

| CECONY | O&R |  | Con Edison Transmission | Other (a) | Con Edison (b)
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024 |  |  | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
Operating revenues | $4,181 | $3,762 | $349 | $329 |  |  | $1 | $1 | $(1) | $— | $4,530 | $4,092
Purchased power | 777 | 642 | 128 | 101 |  |  | — | — | — | — | 905 | 743
Fuel | 40 | 27 | — | — |  |  | — | — | — | — | 40 | 27
Gas purchased for resale | 97 | 59 | 16 | 7 |  |  | — | — | — | 1 | 113 | 67
Other operations and maintenance | 871 | 880 | 92 | 104 |  |  | 2 | 2 | — | — | 965 | 986
Depreciation and amortization | 554 | 520 | 32 | 30 |  |  | — | — | — | — | 586 | 550
Taxes, other than income taxes | 928 | 831 | 24 | 24 |  |  | — | — | 1 | 2 | 953 | 857
Operating income (loss) | 914 | 803 | 57 | 63 |  |  | (1) | (1) | (2) | (3) | 968 | 862
Other income | 201 | 138 | 12 | 8 |  |  | 16 | 16 | 2 | 3 | 231 | 165
Net interest expense | 289 | 285 | 16 | 17 |  |  | — | — | 4 | 4 | 309 | 306
Income (loss) before income tax expense | 826 | 656 | 53 | 54 |  |  | 15 | 15 | (4) | (4) | 890 | 721
Income tax expense (benefit) | 187 | 119 | 12 | 12 |  |  | 4 | 4 | (1) | (2) | 202 | 133
Net income (loss) for common stock | $639 | $537 | $41 | $42 |  |  | $11 | $11 | $(3) | $(2) | $688 | $588

(a)Other includes the parent company, Con Edison’s tax equity investments, 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 Q to the Third Quarter Financial Statements.
(b)Represents the consolidated results of operations of Con Edison and its businesses.
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CECONY

| For the Three Months Ended September 30, 2025 |  | For the Three Months Ended September 30, 2024 |  |
(Millions of Dollars) | Electric | Gas | Steam | 2025 Total | Electric | Gas | Steam | 2024 Total | 2025-2024 Variation
Operating revenues | $3,733 | $392 | $56 | $4,181 | $3,376 | $337 | $49 | $3,762 | $419
Purchased power | 769 | — | 8 | 777 | 637 | — | 5 | 642 | 135
Fuel | 41 | — | (1) | 40 | 27 | — | — | 27 | 13
Gas purchased for resale | — | 97 | — | 97 | — | 59 | — | 59 | 38
Other operations and maintenance | 686 | 132 | 53 | 871 | 696 | 132 | 52 | 880 | (9)
Depreciation and amortization | 403 | 122 | 29 | 554 | 376 | 117 | 27 | 520 | 34
Taxes, other than income taxes | 710 | 163 | 55 | 928 | 642 | 141 | 48 | 831 | 97
Operating income (loss) | $1,124 | $(122) | $(88) | $914 | $998 | $(112) | $(83) | $803 | $111

Electric
CECONY’s results of electric operations for the three months ended September 30, 2025 compared with the 2024 period were as follows:

| For the Three Months Ended |
(Millions of Dollars) | September 30, 2025 | September 30, 2024 | Variation
Operating revenues | $3,733 | $3,376 | $357
Purchased power | 769 | 637 | 132
Fuel | 41 | 27 | 14
Other operations and maintenance | 686 | 696 | (10)
Depreciation and amortization | 403 | 376 | 27
Taxes, other than income taxes | 710 | 642 | 68
Electric operating income | $1,124 | $998 | $126

CECONY’s electric sales and deliveries for the three months ended September 30, 2025 compared with the 2024 period were:

| Millions of kWh Delivered |  | Revenues in Millions (a)
| For the Three Months Ended |  |  | For the Three Months Ended |
Description | September 30, 2025 | September 30, 2024 | Variation | Percent Variation |  | September 30, 2025 | September 30, 2024 | Variation | Percent Variation
Residential/Religious (b) | 4,158 | 4,155 | 3 | 0.1 | % |  | $1,514 | $1,438 | $76 | 5.3 | %
Commercial/Industrial | 3,035 | 2,947 | 88 | 3.0 |  |  | 964 | 846 | 118 | 13.9 |
Retail choice customers | 5,928 | 6,168 | (240) | (3.9) |  |  | 954 | 940 | 14 | 1.5 |
NYPA, Municipal Agency and other sales | 2,571 | 2,653 | (82) | (3.1) |  |  | 293 | 290 | 3 | 1.0 |
Other operating revenues (c) | — |  | — |  | — |  | — |  | 8 | (138) | 146 | Large
Total | 15,692 | 15,923 | (231) | (1.5) | % | (d) | $3,733 | $3,376 | $357 | 10.6 | %

(a)Revenues from electric sales are subject to a revenue decoupling mechanism, as a result of which delivery revenues generally are 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 ser vice area increased 0.3 percent in the three months ended September 30, 2025 compared with the 2024 period.
Operating revenues increased $357 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to an increase in revenues from the electric rate plan ($205 million), higher purchased power expenses ($132 million) and higher fuel expenses ($14 million).
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Purchased power expenses increased $132 million in the three months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($97 million) and higher purchased volume s ($35 million).
Fuel expenses increased $14 million in the three months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($17 million), offset in part by lower purchased volumes from the company's electric generating facilities ($3 million).
Other operations and maintenance expenses decreased $10 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to total surcredits for assessments and fees that are collected in revenues from customers ($9 million).
Depreciation and amortization expenses increased $27 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher electric utility plant balances.
Taxes, other than income taxes increased $68 million in the three months ended September 30, 2025 compared with the 2024 period due to lower deferral of under-collected property taxes ($49 million), higher property taxes ($21 million), offset in part by lower state and local revenue taxes ($3 million).
Gas
CECONY’s results of gas operations for the three months ended September 30, 2025 compared with the 2024 period were as follows:

| For the Three Months Ended |
(Millions of Dollars) | September 30, 2025 | September 30, 2024 | Variation
Operating revenues | $392 | $337 | $55
Gas purchased for resale | 97 | 59 | 38
Other operations and maintenance | 132 | 132 | —
Depreciation and amortization | 122 | 117 | 5
Taxes, other than income taxes | 163 | 141 | 22
Gas operating loss | $(122) | $(112) | $(10)

CECONY’s gas sales and deliveries, excluding off-system sales, for the three months ended September 30, 2025 compared with the 2024 period were:

| Thousands of Dt Delivered |  | Revenues in Millions (a)
| For the Three Months Ended |  |  | For the Three Months Ended |
Description | September 30, 2025 | September 30, 2024 | Variation | Percent Variation |  | September 30, 2025 | September 30, 2024 | Variation | Percent Variation
Residential | 3,896 |  | 3,557 |  | 339 |  | 9.5 | % |  | $157 | $133 | $24 | 18.0 | %
General | 4,891 |  | 3,252 |  | 1,639 |  | 50.4 |  |  | 105 | 72 | 33 | 45.8 |
Firm transportation | 9,014 |  | 9,726 |  | (712) |  | (7.3) |  |  | 109 | 103 | 6 | 5.8 |
Total firm sales and transportation | 17,801 |  | 16,535 |  | 1,266 |  | 7.7 | % | (b) | $371 | $308 | $63 | 20.5 | %
Interruptible sales | 663 |  | 496 |  | 167 |  | 33.7 |  |  | 4 | 5 | (1) | (20.0) |
NYPA | 13,036 |  | 15,611 |  | (2,575) |  | (16.5) |  |  | 1 | 1 | — | —
Generation plants | 24,107 |  | 21,255 |  | 2,852 |  | 13.4 |  |  | 7 | 8 | (1) | (12.5) |
Other | 3,932 |  | 3,966 |  | (34) |  | (0.9) |  |  | 6 | 6 | — | —
Other operating revenues (c) | — |  | — |  | — |  | — |  | 3 | 9 | (6) | (66.7) |
Total | 59,539 |  | 57,863 |  | 1,676 |  | 2.9 | % |  | $392 | $337 | $55 | 16.3 | %

(a)Revenues from gas sales are subject to a revenue decoupling mechanism as a r esult 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 transporta tion volumes in CECONY’s service area decreased 0.3 percent in the three months ended September 30, 2025 compared with the 2024 period.
(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 $55 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher gas purchased for resale ($38 million) and an increase in gas revenues under the
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company's gas rate plan ($30 million), offset in part by higher interest accrual on net plant reconciliations ($3 million).
Gas purchased for resale increased $38 million in the three months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($24 million) and purchased volumes ($14 million).
Depreciation and amortization expenses increased $5 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher gas utility plant balances.
Taxes, other than income taxes increased $22 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to lower deferral of under-collected property taxes ($21 million) and higher state and local revenue taxes ($1 million).
Steam
CECONY’s results of steam operations for the three months ended September 30, 2025 compared with the 2024 period were as follows:

| For the Three Months Ended |
(Millions of Dollars) | September 30, 2025 | September 30, 2024 | Variation
Operating revenues | $56 | $49 | $7
Purchased power | 8 | 5 | 3
Fuel | (1) | — | (1)
Other operations and maintenance | 53 | 52 | 1
Depreciation and amortization | 29 | 27 | 2
Taxes, other than income taxes | 55 | 48 | 7
Steam operating loss | $(88) | $(83) | $(5)

CECONY’s steam sales and deliveries for the three months ended September 30, 2025 compared with the 2024 period were:

| Millions of Pounds Delivered |  | Revenues in Millions
| For the Three Months Ended |  |  | For the Three Months Ended |
Description | September 30, 2025 | September 30, 2024 | Variation | Percent Variation |  | September 30, 2025 | September 30, 2024 | Variation | Percent Variation
General | 9 |  | 15 |  | (6) |  | (40.0) | % |  | $2 | $2 | $— | — | %
Apartment house | 583 |  | 591 |  | (8) |  | (1.4) |  |  | 16 | 14 | 2 | 14.3 |
Annual power | 1,682 |  | 1,677 |  | 5 |  | 0.3 |  |  | 39 | 34 | 5 | 14.7 |
Other operating revenues (a) | — |  | — |  | — |  | — |  | (1) | (1) | — | —
Total | 2,274 |  | 2,283 |  | (9) |  | (0.4) | % | (b) | $56 | $49 | $7 | 14.3 | %

(a)Other steam operating revenues gen erally reflect changes in regulatory assets and liabilities in accordance with CECONY’s rate plan.
(b)After adjusting for variations, primarily weather and billing days, steam sales and deliveries in the company's servi ce area increased 0.7 percent in the th ree months ended September 30, 2025 compared with the 2024 period.
Operating revenues increased $7 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to an increase in steam revenues under the company's steam rate plan ($4 million) and higher purchased power expenses ($3 million).
Taxes, other than income taxes increased $7 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to a lower deferral of under-collected property taxes ($11 million), offset in part by lower property taxes ($4 million).
Taxes, Other Than Income Taxes
At $928 million, taxes other than income taxes remain one of CECONY’s largest operating expenses for the three months ended September 30, 2025. The principal components of, and variations in, taxes other than income taxes were:
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| For the Three Months Ended September 30, |
(Millions of Dollars) | 2025 |  | 2024 |  | Variation
Property taxes | $787 |  | $772 |  | $15
State and local taxes related to revenue receipts | 115 |  | 115 |  | —
Payroll taxes | 20 |  | 20 |  | —
Other taxes (b) | 6 |  | (76) |  | 82
Total | $928 | (a) | $831 | (a) | $97

(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2025 and 2024 were $1,136 million and $1,025 million, respectively.
(b)Including the deferral of over-collected property taxes in 2025 of $4 million and the deferral of under-collected property taxes in 2024 of $78 million, respectively.
Other Income (Deductions)
Other income increased $63 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher credits associated with components of pension and other postretirement benefits other than service cost ($51 million), an increase in AFUDC ($7 million) and lower expenses resulting from investment performance in the deferred compensation plan ($2 million).
Net Interest Expense
Net interest expense increased $4 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher interest on long-term debt resulting from increased debt balances ($15 million), offset in part by lower other interest expense ($10 million).
Income Tax Expense
Income taxes increased $68 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to lower amortization of excess deferred federal income taxes ($39 million) and higher income before income tax expense ($44 million), offset in part by a higher benefit from the annual amortization of Metropolitan Transportation Authority (MTA) tax surcredit ($6 million), higher write-offs of uncollectible accounts ($5 million) and a lower reserve for injuries and damages ($4 million).
O&R

| For the Three Months Ended September 30, 2025 |  | For the Three Months Ended September 30, 2024 |  |
(Millions of Dollars) | Electric | Gas | 2025 Total | Electric | Gas | 2024 Total | 2025-2024 Variation
Operating revenues | $308 | $41 | $349 | $293 | $36 | $329 | $20
Purchased power | 128 | — | 128 | 101 | — | 101 | 27
Gas purchased for resale | — | 16 | 16 | — | 7 | 7 | 9
Other operations and maintenance | 71 | 21 | 92 | 83 | 21 | 104 | (12)
Depreciation and amortization | 22 | 10 | 32 | 21 | 9 | 30 | 2
Taxes, other than income taxes | 16 | 8 | 24 | 16 | 8 | 24 | —
Operating income (loss) | $71 | $(14) | $57 | $72 | $(9) | $63 | $(6)

Electric
O&R’s results of electric operations for the three months ended September 30, 2025 compared with the 2024 period were as follows:

| For the Three Months Ended |
(Millions of Dollars) | September 30, 2025 | September 30, 2024 | Variation
Operating revenues | $308 | $293 | $15
Purchased power | 128 | 101 | 27
Other operations and maintenance | 71 | 83 | (12)
Depreciation and amortization | 22 | 21 | 1
Taxes, other than income taxes | 16 | 16 | —
Electric operating income | $71 | $72 | $(1)

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O&R’s electric sales and deliveries for the three months ended September 30, 2025 compared with the 2024 period were:

| Millions of kWh Delivered |  | Revenues in Millions (a)
| For the Three Months Ended |  |  | For the Three Months Ended |
Description | September 30, 2025 | September 30, 2024 | Variation | Percent Variation |  | September 30, 2025 | September 30, 2024 | Variation | Percent Variation
Residential/Religious (b) | 796 |  | 691 |  | 105 |  | 15.2 | % |  | $210 | $162 | $48 | 29.6 | %
Commercial/Industrial | 303 |  | 269 |  | 34 |  | 12.6 |  |  | 61 | 57 | 4 | 7.0 |
Retail choice customers | 624 |  | 721 |  | (97) |  | (13.5) |  |  | 54 | 68 | (14) | (20.6) |
Public authorities | 32 |  | 31 |  | 1 |  | 3.2 |  |  | 4 | 4 | — | —
Other operating revenues (c) | — |  | — |  | — |  | — |  | (21) | 2 | (23) | Large
Total | 1,755 |  | 1,712 |  | 43 |  | 2.5 | % | (d) | $308 | $293 | $15 | 5.1 | %

(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 ser vice area remained constant in t he three months ended September 30, 2025 compared with the 2024 period.
Operating revenues increased $15 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher purchased power expenses ($27 million), offset in part by lower revenues from the company's New York electric rate plan ($9 million).
Purchased power expense increased $27 million in the three months ended September 30, 2025 compared with the 2024 period due to higher unit costs($30 million), offset in part by lower purchased volumes ($3 million).
Other operations and maintenance decreased $12 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to lower non-deferred storm costs ($7 million), lower costs to comply with the NJ Clean Energy Act ($2 million) and lower pension costs ($2 million).
Gas
O&R’s results of gas operations for the three months ended September 30, 2025 compared with the 2024 period were as follows:

| For the Three Months Ended |
(Millions of Dollars) | September 30, 2025 | September 30, 2024 | Variation
Operating revenues | $41 | $36 | $5
Gas purchased for resale | 16 | 7 | 9
Other operations and maintenance | 21 | 21 | —
Depreciation and amortization | 10 | 9 | 1
Taxes, other than income taxes | 8 | 8 | —
Gas operating income (loss) | $(14) | $(9) | $(5)

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O&R’s gas sales and deliveries, excluding off-system sales, for the three months ended September 30, 2025 compared with the 2024 period were:

| Thousands of Dt Delivered |  | Revenues in Millions (a)
| For the Three Months Ended |  |  | For the Three Months Ended |
Description | September 30, 2025 | September 30, 2024 | Variation | Percent Variation |  | September 30, 2025 | September 30, 2024 | Variation | Percent Variation
Residential | 913 |  | 863 |  | 50 |  | 5.8 | % |  | $22 | $16 | $6 | 37.5 | %
General | 268 |  | 184 |  | 84 |  | 45.7 |  |  | 5 | 3 | 2 | 66.7 |
Firm transportation | 454 |  | 542 |  | (88) |  | (16.2) |  |  | 4 | 5 | (1) | (20.0) |
Total firm sales and transportation | 1,635 |  | 1,589 |  | 46 |  | 2.9 | % | (b) | $31 | $24 | $7 | 29.2 | %
Interruptible sales | 826 |  | 108 |  | 718 |  | Large |  | 1 | 1 | — | — |
Generation plants | — |  | 3 |  | (3) |  | Large |  | — | 1 | (1) | Large
Other | 69 |  | 6 |  | 63 |  | Large |  | 1 | 1 | — | — |
Other gas revenues | — |  | — |  | — |  | — |  | 9 | 9 | — | Large
Total | 2,530 |  | 1,706 |  | 824 |  | 48.3 | % |  | $42 | $36 | $6 | 16.7 | %

(a)Revenues from New York gas sales are subj ect to a revenue d ecoupling mechanism as a result of which delivery revenues are generally not affected by changes in delivery volumes from levels assum ed when rates were approved.
(b)After adjusting for weather and other variations, firm sales and transportation volumes in O&R's service area increased 3.4 percent in the three months ended September 30, 2025 compared with the 2024 period.
Operating revenues increased $5 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher gas purchased for resale ($9 million), offset in part by lower revenues from the company's New York gas rate plan ($1 million).
Gas purchased for resale increased $9 million in the three months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($5 million) and higher purchased volumes ($4 million).
Taxes, Other Than Income Taxes
Taxes, other than income taxes, remained consistent in 2025 compared with 2024 for the three months ended September 30, 2025. The principal components of taxes, other than income taxes, were:

| For the Three Months Ended September 30,
(Millions of Dollars) | 2025 |  | 2024 |  | Variation
Property taxes | $18 |  | $19 |  | $(1)
State and local taxes related to revenue receipts | 4 |  | 3 |  | 1
Payroll taxes | 2 |  | 2 |  | —
Total | $24 | (a) | $24 | (a) | $—

(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2025 and 2024 w ere $35 million and $35 million, respectively.
Other Income (Deductions)
Other income increased $4 million in the three months ended September 30, 2025 compared with the 2024 period primarily due to higher credits associated with components of pension and other postretirement benefits other than service cost ($3 million).
66

The Companies’ results of operations for the nine months ended September 30, 2025 and 2024 were as follows:

| CECONY | O&R | Con Edison Transmission | Other (a) | Con Edison (b)
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
Operating revenues | $11,963 | $10,730 | $959 | $855 | $3 | $3 | $(1) | $(1) | $12,924 | $11,587
Purchased power | 1,991 | 1,718 | 285 | 224 | — | — | — | — | 2,276 | 1,942
Fuel | 194 | 130 | — | — | — | — | — | — | 194 | 130
Gas purchased for resale | 551 | 352 | 96 | 51 | — | — | (1) | (1) | 646 | 402
Other operations and maintenance | 2,551 | 2,539 | 280 | 294 | 8 | 8 | 1 | — | 2,840 | 2,841
Depreciation and amortization | 1,631 | 1,512 | 94 | 87 | 1 | 1 | — | 1 | 1,726 | 1,601
Taxes, other than income taxes | 2,717 | 2,372 | 72 | 72 | — | — | 5 | 4 | 2,794 | 2,448
Loss on sale of the Clean Energy Businesses | — | — | — | — | — | — | — | (30) | — | (30)
Operating income (loss) | 2,328 | 2,107 | 132 | 127 | (6) | (6) | (6) | (35) | 2,448 | 2,193
Other income | 608 | 436 | 35 | 24 | 49 | 46 | 1 | 1 | 693 | 507
Net interest expense | 868 | 825 | 47 | 44 | — | — | 7 | 14 | 922 | 883
Income before income tax expense (benefit) | 2,068 | 1,718 | 120 | 107 | 43 | 40 | (12) | (48) | 2,219 | 1,817
Income tax expense (benefit) | 462 | 301 | 26 | 25 | 12 | 5 | (7) | (24) | 493 | 307
Net income for common stock | $1,606 | $1,417 | $94 | $82 | $31 | $35 | ($5) | $(24) | $1,726 | $1,510

(a)Other includes the parent company, Con Edison’s tax equity investments, 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 Q to the Third Quarter Financial Statements.
(b)Represents the consolidated results of operations of Con Edison and its businesses.
67

CECONY

| For the Nine Months Ended September 30, 2025 |  | For the Nine Months Ended September 30, 2024 |  |
(Millions of Dollars) | Electric | Gas | Steam | 2025 Total | Electric | Gas | Steam | 2024 Total | 2025-2024 Variation
Operating revenues | $9,000 | $2,446 | $517 | $11,963 | $8,188 | $2,119 | $423 | $10,730 | $1,233
Purchased power | 1,962 | — | 29 | 1,991 | 1,697 | — | 21 | 1,718 | 273
Fuel | 122 | — | 72 | 194 | 96 | — | 34 | 130 | 64
Gas purchased for resale | — | 551 | — | 551 | — | 352 | — | 352 | 199
Other operations and maintenance | 1,980 | 406 | 165 | 2,551 | 1,979 | 407 | 153 | 2,539 | 12
Depreciation and amortization | 1,187 | 359 | 85 | 1,631 | 1,090 | 343 | 79 | 1,512 | 119
Taxes, other than income taxes | 2,021 | 529 | 167 | 2,717 | 1,815 | 429 | 128 | 2,372 | 345
Operating income (loss) | $1,728 | $601 | $(1) | $2,328 | $1,511 | $588 | $8 | $2,107 | $221

Electric
CECONY’s results of electric operations for the nine months ended September 30, 2025 compared with the 2024 period were as follows:

| For the Nine Months Ended |
(Millions of Dollars) | September 30, 2025 | September 30, 2024 | Variation
Operating revenues | $9,000 | $8,188 | $812
Purchased power | 1,962 | 1,697 | 265
Fuel | 122 | 96 | 26
Other operations and maintenance | 1,980 | 1,979 | 1
Depreciation and amortization | 1,187 | 1,090 | 97
Taxes, other than income taxes | 2,021 | 1,815 | 206
Electric operating income | $1,728 | $1,511 | $217

CECONY’s electric sales and deliveries for the nine months ended September 30, 2025 compared with the 2024 period were:

| Millions of kWh Delivered |  | Revenues in Millions (a)
| For the Nine Months Ended |  |  | For the Nine Months Ended |
Description | September 30, 2025 | September 30, 2024 | Variation | Percent Variation |  | September 30, 2025 | September 30, 2024 | Variation | Percent Variation
Residential/Religious (b) | 9,662 |  | 9,266 |  | 396 |  | 4.3 | % |  | $3,566 | $3,304 | $262 | 7.9 | %
Commercial/Industrial | 8,367 |  | 7,827 |  | 540 |  | 6.9 |  |  | 2,555 | 2,205 | 350 | 15.9 |
Retail choice customers | 15,833 |  | 15,788 |  | 45 |  | 0.3 |  |  | 2,160 | 2,069 | 91 | 4.4 |
NYPA, Municipal Agency and other sales | 7,338 |  | 7,216 |  | 122 |  | 1.7 |  |  | 710 | 673 | 37 | 5.5 |
Other operating revenues (c) | — |  | — |  | — |  | — |  | 9 | (63) | 72 | Large
Total | 41,200 |  | 40,097 |  | 1,103 |  | 2.8 | % | (d) | $9,000 | $8,188 | $812 | 9.9 | %

(a)Revenues from electric sales are subject to a revenue decoupling mechanism, as a result of which delivery revenues generally are 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 servic e area increased 2.8 per cent in the nine months ended September 30, 2025 compared with the 2024 period.
Operating revenues increased $812 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to an increase in revenues from the electric rate plan ($486 million), higher purchased power expenses ($265 million) and higher fuel expenses ($26 million).
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Purchased Power expenses increased $265 million in the nine months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($216 million) and higher purchased volumes ($49 million).
Fuel expenses increased $26 million in the nine months ended September 30, 2025 compared with the 2024 period due to higher purchased volumes from CECONY's electric generating facilities ($70 million), offset in part by lower unit costs ($44 million).
Depreciation and amortization expenses increased $97 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher electric utility plant balances.
Taxes, other than in come taxes increased $206 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher property taxes ($150 million), lower deferral of under-collected property taxes ($48 million) and higher state and local revenue taxes ($5 million).
Gas
CECONY’s results of gas operations for the nine months ended September 30, 2025 compared with the 2024 period were as follows:

| For the Nine Months Ended |
(Millions of Dollars) | September 30, 2025 | September 30, 2024 | Variation
Operating revenues | $2,446 | $2,119 | $327
Gas purchased for resale | 551 | 352 | 199
Other operations and maintenance | 406 | 407 | (1)
Depreciation and amortization | 359 | 343 | 16
Taxes, other than income taxes | 529 | 429 | 100
Gas operating income | $601 | $588 | $13

CECONY’s gas sales and deliveries, excluding off-system sales, for the nine months ended September 30, 2025 compared with the 2024 period were:

| Thousands of Dt Delivered |  | Revenues in Millions (a)
| For the Nine Months Ended |  |  | For the Nine Months Ended |
Description | September 30, 2025 | September 30, 2024 | Variation | Percent Variation |  | September 30, 2025 | September 30, 2024 | Variation | Percent Variation
Residential | 39,411 |  | 34,026 |  | 5,385 |  | 15.8 | % |  | $1,032 | $878 | $154 | 17.5 | %
General | 28,434 |  | 22,485 |  | 5,949 |  | 26.5 |  |  | 635 | 487 | 148 | 30.4 |
Firm transportation | 60,688 |  | 55,110 |  | 5,578 |  | 10.1 |  |  | 743 | 705 | 38 | 5.4 |
Total firm sales and transportation | 128,533 |  | 111,621 |  | 16,912 |  | 15.2 |  | (b) | 2,410 | 2,070 | 340 | 16.4 |
Interruptible sales | 2,831 |  | 2,483 |  | 348 |  | 14.0 |  |  | 23 | 24 | (1) | (4.2) |
NYPA | 32,632 |  | 44,014 |  | (11,382) |  | (25.9) |  |  | 2 | 2 | — | —
Generation plants | 51,377 |  | 48,169 |  | 3,208 |  | 6.7 |  |  | 16 | 18 | (2) | (11.1) |
Other | 14,449 |  | 14,871 |  | (422) |  | (2.8) |  |  | 32 | 31 | 1 | 3.2 |
Other operating revenues (c) | — |  | — |  | — |  | — |  | (37) | (26) | (11) | 42.3 |
Total | 229,822 |  | 221,158 |  | 8,664 |  | 3.9 | % |  | $2,446 | $2,119 | $327 | 15.4 | %

(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 5.1 percent in the nine months ended September 30, 2025 compared with the 2024 period.
(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 $327 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to an increase in gas purchased for resale ($199 million), an increase in revenues from the gas rate pla n ($146 million), offset in part by higher interest accrual on net plant reconciliations ($14 million).
Gas purchased for resale increased $199 million in the nine months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($269 million), offset in part by lower purchased volumes ($70 million).
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Depreciation and amortization expenses increased $16 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher gas utility plant balances.
Taxes, other than income taxes increased $100 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to a lower deferral of under-collected property taxes ($73 million), higher property taxes ($17 million) and higher state and local taxes ($9 million).
Steam
CECONY’s results of steam operations for the nine months ended September 30, 2025 compared with the 2024 period were as follows:

| For the Nine Months Ended |
(Millions of Dollars) | September 30, 2025 | September 30, 2024 | Variation
Operating revenues | $517 | $423 | $94
Purchased power | 29 | 21 | 8
Fuel | 72 | 34 | 38
Other operations and maintenance | 165 | 153 | 12
Depreciation and amortization | 85 | 79 | 6
Taxes, other than income taxes | 167 | 128 | 39
Steam operating income (loss) | $(1) | $8 | $(9)

CECONY’s steam sales and deliveries for the nine months ended September 30, 2025 compared with the 2024 period were:

| Millions of Pounds Delivered |  | Revenues in Millions (a)
| For the Nine Months Ended |  |  | For the Nine Months Ended |
Description | September 30, 2025 | September 30, 2024 | Variation | Percent Variation |  | September 30, 2025 | September 30, 2024 | Variation | Percent Variation
General | 373 |  | 330 |  | 43 |  | 13.0 | % |  | $28 | $23 | $5 | 21.7 | %
Apartment house | 3,818 |  | 3,612 |  | 206 |  | 5.7 |  |  | 145 | 119 | 26 | 21.8 |
Annual power | 8,442 |  | 7,820 |  | 622 |  | 8.0 |  |  | 352 | 297 | 55 | 18.5 |
Other operating revenues (b) | — |  | — |  | — |  | — |  | (8) | (16) | 8 | (50.0) |
Total | 12,633 |  | 11,762 |  | 871 |  | 7.4 | % | (c) | $517 | $423 | $94 | 22.2 | %

(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)Afte r adjusting for variations, primarily weather and billing days, steam sales and deliveries in the company's service area decreased 3.8 percent in the nine months ended September 30, 2025 compared with the 2024 period.
Operating revenues increased $94 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to increase in steam revenues under the company's steam rate plan ($43 million), higher fuel expenses ($38 million) and higher purchased power expenses ($8 million).
Purchased power expenses increased $8 million in the nine months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($25 million), offset in part by lower purchased volumes ($17 million).
Fuel expenses increased $38 million in the nine months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($52 million), offset in part by lower purchased volumes from CECONY’s steam generating facilities ($14 million).
Other operations and maintenance expenses increased $12 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher steam operations maintenance activities ($9 million), an increase in municipal infrastructure support ($5 million) and higher costs for pension and other postretirement benefits, reflecting reconciliation to the rate plan level ($4 million), offset in part by the impact of the May 2024 NYSPSC order denying CECONY's request to capitalize costs to implement its new customer billing and information system ($6 million).
Depreciation and amortization expenses increased $6 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher steam utility plant balances.
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Taxes, other than income taxes increased $39 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to lower deferral of under-collected property taxes ($39 million).
Taxes, Other Than Income Taxes
At $2,717 million, taxes other than income taxes remain one of CECONY’s largest operating expenses for the nine months ended September 30, 2025. The principal components of, and variations in, taxes other than income taxes were:

| For the Nine Months Ended September 30, |
(Millions of Dollars) | 2025 |  | 2024 |  | Variation
Property taxes | $2,235 |  | $2,071 |  | $164
State and local taxes related to revenue receipts | 345 |  | 329 |  | 16
Payroll taxes | 77 |  | 71 |  | 6
Other taxes (b) | 60 |  | (99) |  | 159
Total | $2,717 | (a) | $2,372 | (a) | $345

(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2025 and 2024 were $3,342 million an d $2,923 million, respectively.
(b)Including the deferral of over-collected property taxes in 2025 of $56 million and the deferral of under-collected property taxes in 2024 of $104 million, respectively.
Other Income (Deductions)
Other income increased $172 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher credits associated with components of pension and other postretirement benefits other than service cost ($154 million) and an increase in AFUDC ($23 million), offset in part by higher expenses resulting from investment performance in the deferred compensation plan ($7 million).
Net Interest Expense
Net interest expense increased $43 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher interest expense for long-term debt ($72 million), offset in part by lower other interest expense ($1 8 million) and a decrease in the carrying charges and interest on regulatory liability balances ($3 million).
Income Tax Expense
Income taxes increased $161 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to lower amortization of excess deferred federal income taxes ($119 million) and higher income before income tax expense ($92 million), offset in part by a higher benefit from the annual amortization of Metropolitan Transportation Authority (MTA) tax surcredit ($24 million) and higher write-offs of uncollectible accounts ($23 million).
O&R

| For the Nine Months Ended September 30, 2025 |  | For the Nine Months Ended September 30, 2024 |  |
(Millions of Dollars) | Electric | Gas | 2025 Total | Electric | Gas | 2024 Total | 2025-2024 Variation
Operating revenues | $719 | $240 | $959 | $662 | $193 | $855 | $104
Purchased power | 285 | — | 285 | 224 | — | 224 | 61
Gas purchased for resale | — | 96 | 96 | — | 51 | 51 | 45
Other operations and maintenance | 219 | 61 | 280 | 233 | 61 | 294 | (14)
Depreciation and amortization | 65 | 29 | 94 | 61 | 26 | 87 | 7
Taxes, other than income taxes | 47 | 25 | 72 | 47 | 25 | 72 | —
Operating income | $103 | $29 | $132 | $97 | $30 | $127 | $5

Electric
O&R’s results of electric operations for the nine months ended September 30, 2025 compared with the 2024 period were as follows:
71

| For the Nine Months Ended |
(Millions of Dollars) | September 30, 2025 | September 30, 2024 | Variation
Operating revenues | $719 | $662 | $57
Purchased power | 285 | 224 | 61
Other operations and maintenance | 219 | 233 | (14)
Depreciation and amortization | 65 | 61 | 4
Taxes, other than income taxes | 47 | 47 | —
Electric operating income | $103 | $97 | $6

O&R’s electric sales and deliveries for the nine months ended September 30, 2025 compared with the 2024 period were:

| Millions of kWh Delivered |  | Revenues in Millions (a)
| For the Nine Months Ended |  |  | For the Nine Months Ended |
Description | September 30, 2025 | September 30, 2024 | Variation | Percent Variation |  | September 30, 2025 | September 30, 2024 | Variation | Percent Variation
Residential/Religious (b) | 1,829 |  | 1,668 |  | 161 | 9.7 | % |  | $450 | $365 | $85 | 23.3 | %
Commercial/Industrial | 837 |  | 730 |  | 107 | 14.7 |  |  | 160 | 131 | 29 | 22.1 |
Retail choice customers | 1,686 |  | 1,938 |  | (252) | (13.0) |  |  | 125 | 157 | (32) | (20.4) |
Public authorities | 88 |  | 86 |  | 2 | 2.3 |  |  | 11 | 9 | 2 | 22.2 |
Other operating revenues (c) | — |  | — |  | — |  | — |  | (27) | — | (27) | Large
Total | 4,440 |  | 4,422 |  | 18 |  | 0.4 | % | (d) | $719 | $662 | $57 | 8.6 | %

(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 1.7 percen t in the nine months ended September 30, 2025 compared with the 2024 period.
Operating revenues increased $57 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher purchased power expenses ($61 million), offset in part by lower revenues from the New York electric rate plan ($3 million).
Purchased power expenses increased $61 million in the nine months ended September 30, 2025 compared with the 2024 period due to unit costs ($41 million) and higher purchased volumes ($20 million).
Other operations and maintenance decreased $14 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to lower non-deferred storm costs ($11 million) and lower pension costs ($6 million).
Depreciation and amortization expenses increased $4 million in the nine months ended September 30, 2025 compared with the 2024 period due to higher electric utility plant balances.
Gas
O&R’s results of gas operations for the nine months ended September 30, 2025 compared with the 2024 period were as follows:
72

| For the Nine Months Ended |
(Millions of Dollars) | September 30, 2025 | September 30, 2024 | Variation
Operating revenues | $240 | $193 | $47
Gas purchased for resale | 96 | 51 | 45
Other operations and maintenance | 61 | 61 | —
Depreciation and amortization | 29 | 26 | 3
Taxes, other than income taxes | 25 | 25 | —
Gas operating income | $29 | $30 | $(1)

O&R’s gas sales and deliveries, excluding off-system sales, for the nine months ended September 30, 2025 compared with the 2024 period were:

| Thousands of Dt Delivered |  | Revenues in Millions (a)
| For the Nine Months Ended |  |  | For the Nine Months Ended |
Description | September 30, 2025 | September 30, 2024 | Variation | Percent Variation |  | September 30, 2025 | September 30, 2024 | Variation | Percent Variation
Residential | 9,727 |  | 8,620 |  | 1,107 |  | 12.8 | % |  | $172 | $133 | $39 | 29.3 | %
General | 2,177 |  | 1,377 |  | 800 |  | 58.1 |  |  | 30 | 17 | 13 | 76.5 |
Firm transportation | 3,826 |  | 3,869 |  | (43) |  | (1.1) |  |  | 30 | 29 | 1 | 3.4 |
Total firm sales and transportation | 15,730 |  | 13,866 |  | 1,864 |  | 13.4 |  | (b) | $232 | $179 | $53 | 29.6 |
Interruptible sales | 2,755 |  | 1,411 |  | 1,344 |  | 95.3 |  |  | 5 | 5 | — | — |
Generation plants | 2 |  | 4 |  | (2) |  | (50.0) |  |  | — | 1 | (1) | Large
Other | 524 |  | 49 |  | 475 |  | Large |  | 1 | 1 | — | — |
Other gas revenues | — |  | — |  | — |  | — |  | 2 | 7 | (5) | (71.4) |
Total | 19,011 |  | 15,330 |  | 3,681 |  | 24.0 | % |  | $240 | $193 | $47 | 24.4 | %

(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 ser vice area increased 3.5 per cent in the nine months ended September 30, 2025 compared with the 2024 period.
Operating revenues increased $47 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to an increase in gas purchased for resale ($45 million) and higher revenues from the New York gas rate plan ($1 million).
Gas purchased for resale increased $45 million in the nine months ended September 30, 2025 compared with the 2024 period due to higher unit costs ($24 million) and higher purchased volumes ($21 million).
Depreciation and amortization ex penses increased $3 million in the nine months ended September 30, 2025 compared with the 2024 period due to higher gas utility plant balances.
Taxes, Other Than Income Taxes
Taxes, other than income taxes, remained consistent in 2025 compared with 2024 for the nine months ended September 30, 2025. The principal components of taxes, other than income taxes, were:

| For the Nine Months Ended September 30, |
(Millions of Dollars) | 2025 |  | 2024 |  | Variation
Property taxes | $53 |  | $54 |  | $(1)
State and local taxes related to revenue receipts | 11 |  | 10 |  | 1
Payroll taxes | 8 |  | 8 |  | —
Total | $72 | (a) | $72 | (a) | $—

(a)Including sales tax on customers’ bills, total taxes other than income taxes in 2025 and 2024 we re $100 million and $97 million, respectively.
73

Other Income (Deductions)
Other income increased $11 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher credits associated with components of pension and other postretirement benefits other than service cost ($10 million).
Con Edison Transmission
Income Tax Expense
Income taxes increased $7 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher income before income tax expense ($3 million) and the absence of flow through tax benefits in 2024 for plant related items ($5 million).
Other
Income Tax Expense
Income taxes increased $17 million in the nine months ended September 30, 2025 compared with the 2024 period primarily due to higher income before income tax expense ($12 million) and the absence of production tax credits in 2025 related to the Broken Bow II wind project ($6 million).
Liquidity and Capital Resources
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. See Note D to the Third Quarter Financial Statements.
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.
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.
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The Companies’ cash, temporary cash investments and restricted cash resulting from operating, investing and financing activities for the nine months ended September 30, 2025 and 2024 are summarized as follows:

| For the Nine Months Ended September 30,
| CECONY | O&R | Con Edison Transmission | Other (a)(b) | Con Edison (b)
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
Operating activities | $3,111 | $2,087 | $204 | $121 | $33 | $13 | $(28) | $83 | $3,320 | $2,304
Investing activities | (3,497) | (3,642) | (297) | (226) | (36) | (23) | 44 | 2 | (3,786) | (3,889)
Financing activities | (829) | 450 | 180 | 121 | (5) | (2) | (31) | (77) | (685) | 492
Net change for the period | (1,215) | (1,105) | 87 | 16 | (8) | (12) | (15) | 8 | (1,151) | (1,093)
Balance at beginning of period | 1,254 | 1,138 | 38 | 23 | 23 | 25 | 18 | 9 | 1,333 | 1,195
Balance at end of period (c) | $39 | $33 | $125 | $39 | $15 | $13 | $3 | $17 | $182 | $102
Less: Balance held for sale (d) | — | — | — | — | — | — | — | 9 | — | 9
Balance at end of period excluding held for sale | $39 | $33 | $125 | $39 | $15 | $13 | $3 | $8 | $182 | $93

(a) Other includes the parent company, Con Edison’s tax equity investments, 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 Q to the Third Quarter Financial Statements.
(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 Third Quarter Financial Statements.
(d) On March 1, 2023, Con Edison completed the sale of all of the stock of the Clean Energy Businesses. See Note Q to the Third Quarter Financial Statements.
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Cash Flows from Operating Activities
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.
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 Note J to the Third Quarter Financial Statements.
In general, the Utilities suspended service disconnections during the COVID-19 pandemic and have since resumed such activities in accordance with applicable law. At September 30, 2025, CECONY's and O&R's customer accounts receivables balances of $2,843 million and $121 mil lion, respectively, included aged accounts receivables (balances outstanding in excess of 60 days) of $1,511 million and $28 million, respectively. A continued increase in 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.
Net cash flows from operating activities for the nine months ended September 30, 2025 for Con Edison were $1,016 million higher than in the 2024 period. The change in net cash flows for Con Edison primarily reflects:
•lower accounts receivable – customers, net of $333 million;
•a decrease in prepayments of $202 million;
•an increase in other current liabilities of $147 million;
•a decrease in taxes receivable of $144 million;
•an increase in accounts payable of $71 million; and
•lower net deferred charges, noncurrent assets, leases, net and other regulatory assets balances of $69 million.
Net cash flows from operating activities for the nine months ended September 30, 2025 for CECONY were $1,024 million higher than in the 2024 period. The change in net cash flows for CECONY primarily reflects:
•a decrease in accounts receivable from (to) affiliated companies of $656 million;
•lower accounts receivable – customers, net of $325 million; and
•an increase in accounts payable $92 million;
Offset in part by
•lower net deferred credits, noncurrent liabilities, leases, and other regulatory liabilities balances of ($30 million).
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Cash Flows Used in Investing Activities
The following table summarizes key components of Con Edison’s investing cash flows.

| For the Nine Months Ended September 30, |
(Millions of Dollars) | 2025 | 2024 | Variance
INVESTING ACTIVITIES |  |  |
Utility capital expenditures | $(3,460) | $(3,533) | $73
Cost of removal less salvage | (335) | (335) | —
Proceeds from sale of Broken Bow II, net of cash and cash equivalents sold | 45 | — | 45
Other investing activities | (36) | (21) | (15)
NET CASH FLOWS USED IN INVESTING ACTIVITIES | $(3,786) | $(3,889) | $103

Net cash flows used in investing activities for Con Edison were $103 million lower for the nine months ended September 30, 2025 compared with the 2024 period. The change for Con Edison primarily reflects:
•a decrease in utility capital expenditures of $73 million; and
•the proceeds from the sale of Broken Bow II, net of cash and cash equivalents sold in 2025 of $45 million.
The following table summarizes key components of CECONY’s investing cash flows.

| For the Nine Months Ended September 30, |
(Millions of Dollars) | 2025 | 2024 | Variance
INVESTING ACTIVITIES |  |  |
Utility capital expenditures | $(3,169) | $(3,312) | $143
Cost of removal less salvage | (328) | (330) | 2
NET CASH FLOWS USED IN INVESTING ACTIVITIES | $(3,497) | $(3,642) | $145

Net cash flows used in investing activities for CECONY were $145 million lower for the nine months ended September 30, 2025 compared with the 2024 period. The change for CECONY primarily reflects:
•a decrease in utility capital expenditures of $143 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 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.
Cash Flows Used In Financing Activities
The following table summarizes key components of Con Edison’s financing cash flows.

| For the Nine Months Ended September 30, |
(Millions of Dollars) | 2025 | 2024 | Variance
FINANCING ACTIVITIES |  |  |
Net payment of short-term debt | $(1,618) | $(229) | $(1,389)
Issuance of long-term debt | 250 | 1,525 | $(1,275)
Borrowing under term loan | 200 | — | 200
Debt issuance costs | (3) | (25) | 22
Common stock dividends | (871) | (824) | (47)
Issuance of common shares - public offering | 1,308 | — | 1,308
Issuance of common shares for stock plans | 49 | 45 | 4
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | $(685) | $492 | $(1,177)

Net cash flows used in financing activities for Con Edison were $1,177 million higher for the nine months ended September 30, 2025 compared with the 2024 period and reflect the following transactions:
•an increase in the net payment of short-term debt of $1,389 million;
Offset in part by
•an increase in the borrowing under term loan ($200 million).
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The following table summarizes key components of CECONY’s financing cash flows.

| For the Nine Months Ended September 30, |
(Millions of Dollars) | 2025 | 2024 | Variance
FINANCING ACTIVITIES |  |  |
Net payment of short-term debt | $(1,450) | $(227) | $(1,223)
Issuance of long-term debt | — | 1,400 | $(1,400)
Borrowing under term loan | 200 | — | 200
Debt issuance costs | (2) | (24) | 22
Capital contribution by Con Edison | 1,275 | 105 | 1,170
Dividend to Con Edison | (852) | (804) | (48)
NET CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES | $(829) | $450 | $(1,279)

Net cash flows used in financing activities fo r CECONY were $1,279 million higher for the nine months ended September 30, 2025 compared with the 2024 period and reflects the following transactions:
•an increase in the net payment of short-term debt of $1,223 million.
Cash flows from financing activities of the Companies also reflect commercial paper issuances and repayments. The commercial paper amounts outstanding at September 30, 2025 and 2024 and the average daily balances for the nine months ended September 30, 2025 and 2024 for Con Edison and CECONY were as follows:

| 2025 | 2024
(Millions of Dollars, except Weighted Average Yield) | Outstanding at September 30, | Daily average | Outstanding at September 30, | Daily average
Con Edison | $552 | $879 | $2,059 | $1,939
CECONY | $244 | $484 | $1,676 | $1,487
Weighted average yield | 4.3 | % | 4.6 | % | 5.1 | % | 5.5 | %

Capital Requirements and Resources
Capital Requirements
The following table contains CECONY's updated capital requirements for 2028 through 2026:

(Millions of Dollars) | 2028 | 2027 | 2026
CECONY (a) |  |  |
Electric | $5,016 | $4,850 | $4,770
Gas | $1,065 | $1,057 | $1,094

(a) CECONY's capital expenditures include surcharge recovery programs that are not in base rates for CECONY of $304 million, $376 million and $216 million for 2028, 2027 and 2026, respectively.
Capital Resources
For each of the Companies, the common equity ratio at September 30, 2025 and December 31, 2024 was:

| Common Equity Ratio (Percent of total capitalization)
| September 30, 2025 | December 31, 2024
Con Edison | 49.2 | 47.1
CECONY | 48.4 | 46.0

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Assets, Liabilities and Equity
The Companies' assets, liabilities, and equity at September 30, 2025 and December 31, 2024 are summarized as follows.

| CECONY | O&R | Con Edison Transmission | Other (a) | Con Edison (b)
(Millions of Dollars) | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024
ASSETS |  |  |  |  |  |  |  |  |  |
Current assets | $5,039 | $6,298 | $437 | $385 | $28 | $26 | $(44) | $(45) | $5,460 | $6,664
Investments | 753 | 684 | 22 | 23 | 454 | 419 | — | — | 1,229 | 1,126
Net plant | 50,982 | 48,983 | 3,399 | 3,166 | 16 | 17 | — | (1) | 54,397 | 52,165
Other noncurrent assets | 9,862 | 9,685 | 483 | 486 | 7 | 7 | 406 | 429 | 10,758 | 10,607
Total Assets | $66,636 | $65,650 | $4,341 | $4,060 | $505 | $469 | $362 | $383 | $71,844 | $70,562
LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |  |  |  |  |  |
Current liabilities | $4,458 | $5,559 | $332 | $467 | $3 | $7 | $286 | $400 | $5,079 | $6,433
Noncurrent liabilities | 16,763 | 16,711 | 1,227 | 1,209 | (51) | (65) | (251) | (339) | 17,688 | 17,516
Long-term debt | 23,418 | 23,409 | 1,491 | 1,242 | — | — | — | — | 24,909 | 24,651
Equity | 21,997 | 19,971 | 1,291 | 1,142 | 553 | 527 | 327 | 322 | 24,168 | 21,962
Total Liabilities and Equity | $66,636 | $65,650 | $4,341 | $4,060 | $505 | $469 | $362 | $383 | $71,844 | $70,562

(a) Other includes the parent company, Con Edison’s tax equity investments, 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 Q to the Third Quarter Financial Statements.
(b) Represents the consolidated results of operations of Con Edison and its businesses.
CECONY
Current assets at September 30, 2025 were $1,259 million lower than at December 31, 2024. The change in current assets primarily reflects a decrease in cash and temporary cash investments ($1,215 million), accounts receivable from affiliated companies ($321 million), accrued unbilled revenue ($197 million) and a decrease in customer accounts receivable, net of allowance for uncollectible account ($99 million) (see "Aged Accounts Receivable Balances,” above), offset in part by higher prepayments ($668 million).
Investments at September 30, 2025 were $69 million higher than at December 31, 2024. The change in investments primarily reflects increases in supplemental retirement income plan assets ($64 million) and deferred income plan assets ($5 million). See Note E to the Third Quarter Financial Statements.
Net plant at September 30, 2025 was $1,999 million higher than at December 31, 2024. The change in net plant primarily reflects an increase in electric ($2,069 million), gas ($552 million), steam ($33 million) and general ($164 million) plant balances, offset in part by an increase in accumulated depreciation ($729 million) and a decrease in construction work in progress ($90 million).
Other noncurrent assets at September 30, 2025 were $177 million higher than at December 31, 2024. The change in other noncurrent assets primarily reflects an increase in customer account deferrals ($111 million) and energy efficiency and other clean energy programs ($79 million), offset in part by lower environmental investigation and remediation costs ($15 million). See Note B to the Third Quarter Financial Statements.
Current liabilities at September 30, 2025 were $1,101 million lower than at December 31, 2024. The change in current liabilities primarily reflects a decrease in notes payable ($1,450 million), offset in part by an increase in the borrowing under term loan ($200 million) and a ccrued interest ($133 million).
Equity at September 30, 2025 was $2,026 million higher than at December 31, 2024. The change in equity primarily reflects net income for the nine months ended September 30, 2025 ($1,606 million), capital contributions from Con Edison ($1,275 million) in 2025 and a change in stock awards ($5 million), offset in part by common stock dividends to Con Edison ($852 million) in 2025 and a decrease in other comprehensive income ($8 million).
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O&R
Current assets at September 30, 2025 were $52 million higher than at December 31, 2024. The change in current assets primarily reflects an increase in cash and temporary cash investments ($86 million), offset in part by a decrease in regulatory assets ($27 million) and other current assets ($5 million).
Net plant at September 30, 2025 was $233 million higher than at December 31, 2024. The change in net plant primarily reflects an increase in electric ($111 million), gas ($61 million) and general ($7 million) plant balances and an increase in construction work in progress ($102 million), offset in part by an increase in accumulated depreciation ($48 million).
Current liabilities at September 30, 2025 were $135 million lower than at December 31, 2024. The change in current liabilities primarily reflects a decrease in notes payable ($128 million).
Other noncurrent liabilities at September 30, 2025 were $18 million higher than at December 31, 2024. The change in other noncurrent liabilities primarily reflects an increase in deferred income taxes and unamortized investment tax credits ($24 million), offset in part by a decrease in fair value of derivative liabilities ($5 million).
Long-term debt at September 30, 2025 was $249 million higher than at December 31, 2024. The change in long-term debt primarily reflects the 2025 issuance of debentures ($250 million). See "Liquidity and Capital Resources - Cash Flows Used in Financing Activities" above and Note C to the T hird Quarter Financial Statements.
Equity at September 30, 2025 was $149 million higher than at December 31, 2024. The change in equity primarily reflects net income for the nine months ended September 30, 2025 ($94 million) and capital contributions from Con Edison ($110 million) in 2025, offset in part by common stock dividends to Con Edison ($51 million) in 2025 and a decrease in other comprehensive income ($4 million).
Con Edison Transmission
Investments a t September 30, 2025 were $35 million higher than at December 31, 2024. The increase in investments primarily reflects additional investment in New York Transco ($38 million).
Other noncurrent liabilities at September 30, 2025 were $14 million higher than at December 31, 2024. The change in other noncurrent liabilities primarily reflects an increase in the accumulated deferred income taxes on earnings from investments in New York Transco and MVP ($12 million).
Equity at September 30, 2025 was $26 million higher than at December 31, 2024. The change in equity primarily reflects net income for the nine months ended September 30, 2025 ($31 million), offset in part by common stock dividends to Con Edison ($5 million).
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Con Edison Transmission
The following table presents Con Edison Transmission's ownership interests in New York Transco's electric transmission projects.

| Ownership Interest | In-Service Date/Anticipated | Base Return on Common Equity (ROE) | Incentives | Effective Total ROE | Common Equity Ratio
Transmission Owner Transmission Solutions (TOTS) (a) | 45.7% | 2016 | 9.50% | 0.50% | 10% | 53%
New York Energy Solution (NYES) (b) | 45.7% | 2023/2025 | 9.65% | 0.50% - 1% | 10.55% | 53%
Propel NY Energy (c) | 41.7% of New York Transco's Share | 2030 | 10.30% | 1% | 11.3% | 53%

(a)TOTS is a group of three electric power bulk transmission projects ($217 million total cost) constructed on the New York bulk transmission system to increase transfer capability between upstate and downstate New York. In October 2025, NY Transco entered into a settlement agreement, subject to approval by the FERC, that increases the base return on equity for TOTS from 9.50 percent to 9.99 percent and the common equity ratio used for ratemaking purposes from 53 percent to 54 percent, retroactive to March 12, 2025.
(b)The NYES project was constructed to relieve transmission congestion between upstate and downstate (estimated cost of approximately $800 million). In June 2024, construction of the Dover Station, an additional network upgrade to support the NYES project, resumed following the reissuance of its permits and is anticipated to be completed during the fourth quarter of 2025. The effective total ROE includes a 0.03 percent decrease as a result of cost sharing provisions. In October 2025, NY Transco entered into a settlement agreement, subject to approval by the FERC, that increases the base return on equity for the NYES project from 9.65 percent to 9.99 percent and the common equity ratio used for ratemaking purposes from 53 percent to 54 percent, retroactive to March 12, 2025.
(c)Propel NY Energy, a project that is under development jointly with the NYPA, is 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. New York Transco’s share of the estimated cost of the Propel NY Energy project is $2,200 million, excluding interconnection costs and the cost of projects expected to be built by local transmission owners, including CECONY. The siting, construction and operation of the project will require approvals and permits from the appropriate governmental agencies and authorities, including the NYSPSC. The FERC also authorized the project to receive an abandoned plant incentive if the project is cancelled or abandoned for reasons beyond Propel NY Energy’s control and to recover construction work in progress in rate base during the development and construction phase of the project.
Con Edison Transmission owns an interest of approximately 71.2 percent in Honeoye, a company that operates a gas storage facility in upstate New York and in which CECONY owns the remaining interest. Con Edison Transmission and CECONY are considering strategic alternatives with respect to their investments in Honeoye.
Con Edison Transmission owns an interest of approximately 6.6 percent in MVP as of September 30, 20 25. M VP is a joint venture among five partners, including Con Edison Transmission, that constructed and operates the Mountain Valley Pipeline, a 303-mile gas transmission project in West Virginia and Virginia that entered service in June 2024. In October 2025, the operator of the Mountain Valley Pipeline filed a petition with the FERC for approval of the expansion of the Mountain Valley Pipeline Mainline System (MVP Boost), a project expected to increase the capacity of the pipeline by 600 MDth/d by adding compression at three existing compressor stations in West Virginia and constructing a new compressor station in Virginia. MVP Boost is estimated to cost $468.4 million, with Con Edison Transmission’s 6.6 percent ownership interest estimated to be $31 million. Con Edison Transmission is considering strategic alternatives with respect to its investment in MVP.
In June 2024, construction of the Dover Station, an additional network upgrade to support the NYES project, resumed following the reissuance of its permits and is anticipated to be comple ted during the fourth quarter of 2025.
Environmental Matters
Clean Energy Future
In September 2025, the NYSPSC issued an order adopting a proactive planning framework for upgraded electric grid infrastructure for New York utilities, including CECONY and O&R. The order sets forth a framework to annually identify upgrades necessary to support building and transportation electrification, as well as distributed energy resources (DER). Although DER, including energy storage, has the ability to reduce load on the system, increased deployment of bidirectional DER may lead to DER hotspots that trigger system upgrades. The order directs New York utilities to incorporate both existing and forecasted quantities of DER into the load forecasts utilized in the proactive planning framework. The order also requires New York utilities to, among other things, file: a methodology document detailing areas of agreement and divergence in how they conduct load studies; a report that includes the next portfolio of proposed urgent projects; and an annual report explaining how load studies developed for proactive planning are integrated in the coordinated grid planning process cycles, sales forecasts, gas planning, and future rate cases.
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In August 2025, the NYSPSC issued an order denying NYPA’s petition to designate the Clean Path New York transmission proposal as a priority transmission project under the Accelerated Renewables Act. The project was proposed to bring renewable energy to New York City by interconnecting to CECONY’s high-voltage transmission system.
In July 2025, the FERC granted CECONY’s request for the abandoned plant and construction work in progress (CWIP) incentives for certain breakers at the Rainey substation in Queens, New York that CECONY has been designated to construct as part of the Propel NY Energy project that is being developed by NYPA and New York Transco, effective July 14, 2025. See “Con Edison Transmission,” above. CECONY will recover all of its prudently incurred costs associated with the breakers if the installation is cancelled or abandoned for reasons beyond CECONY’s control and CECONY will recover all of the CWIP incentive in rate base during the development and construction phase of the breakers.
In June 2025, the NYSPSC approved five of the nine urgent proactive planning projects proposed by CECONY in its November 2024 filing for grid upgrades needed to meet anticipated demand from transportation and building heating electrification. The total estimated capital costs for the five new urgent projects are $439.9 million. The NYSPSC indicated that the remaining urgent projects not approved may be pursued as part of a rate case, through the proactive planning framework study process discussed above, or through another relevant generic proceeding. All nine proposed projects were included in the CECONY 2025 rate filing.
In May 2025, CECONY and O&R submitted the annual update to their combined gas system long-term plan (GSLTP) that was filed in November 2023. In addition to the annual updates, the filing contained a system planning update with details on potential long-term impacts to revenue requirements, load forecasts, program changes, data on actual customer usage, a framework for scaling back the Utilities’ long-term contracts for natural gas supply, updates on disadvantaged communities and development of a definition of “hard-to-electrify customers.” The Utilities are required to periodically file these long-term plans and the next iteration of the GSLTP is due in August 2027.
Offshore Wind
In July 2025, the NYSPSC issued an order withdrawing the PPTN process given actions taken by the federal government that reduced the prospects for the construction of the offshore wind resources that were anticipated to be served by the proposed transmission solutions. The NYSPSC’s decision does not, however, affect previously permitted offshore wind projects in New York, including Sunrise Wind (924 MW), a project that began construction in June 2024 and is expected to enter commercial operation in 2026 and Empire Wind 1 (810 MW), a project that is expected to enter commercial operation in 2027 and connect to the New York City electrical grid at CECONY’s Gowanus substation.
In May 2025, construction of relevant marine activities associated with the Empire Wind 1 offshore wind project (810 MW) resumed after a suspension that began in April 2025 in compliance with a stop work order issued by the United States Bureau of Ocean Energy Management. See "Federal Regulation," above.
Energy Efficiency and Building Electrification
In May 2025, the NYSPSC issued two orders that established budgets for CECONY’s and O&R’s energy efficiency and building electrification programs (formerly known as New Efficiency New York) for 2026-2030 with aggregate budgets of approximately $2,140 million and $110 million, respectively. The aggregate amounts are comprised of average annual budgets of: $300 million and $19 million for electric energy efficiency and heat pump programs for CECONY and O&R, respectively, and $128 million and $3 million for gas energy efficiency programs for CECONY and O&R, respectively. Energy efficiency and building electrification expenditures are treated as regulatory assets with recovery including the weighted average cost of capital and beginning in 2026 via a surcharge rather than included in base rates.
Thermal Energy Networks
In July 2025, CECONY and O&R filed with the NYSPSC their final Pilot Engineering Design and Customer Protection Plans (Stage 2 Filings) for the utility-scale thermal energy network (UTEN) pilot project. CECONY and O&R requested authorization to proceed to Stage 3 (Customer Enrollment and Construction). The total estimated costs for the UTEN projects have increased to $415 million (from $255 million) and $112 million (from $46 million) for CECONY and O&R, respectively. CECONY and O&R were previously authorized to incur costs of $23.1 million
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and $4.6 million, respectively. The remaining proposed budget amounts in excess of the previously authorized amounts are subject to approval by the NYSPSC.
Energy Affordability
In July 2025, the NYSPSC issued an order adopting an enhanced energy affordability policy, which will expand eligibility for New York utilities’ Energy Affordability Programs (EAP). These changes are expected to take effect in 2026. In an effort to address growing affordability concerns, the 2023-24 New York State budget tasked the NYSPSC with developing a discount program for residential electric and gas customers who do not qualify for the existing EAP but whose income is below the state or area median income to help additional households with energy bills. The order establishes three additional benefit tiers in a new Enhanced EAP (EEAP) alongside the current EAP and increases the total budget for these programs from 2 percent to 3 percent of each New York utility’s total annual revenue, with 0.5 percent set aside for the three new EEAP. The Utilities are required, among other things, to file cost recovery plans detailing the cost to implement the program, update EAP budgets accordingly, and track enrollment and participation in the EEAP over an initial two-year pilot period.
Electric Reliability Needs
CECONY and O&R monitor the adequacy of the electric capacity resources and related developments in their service areas and work with other parties on long-term resource adequacy and transmission security within the framework of the NYISO reliability planning process. In October 2025, the NYISO issued its 2025 Q3 Short-Term Assessment of Reliability (STAR) that identifies a bulk power system electric reliability need in New York City beginning in the summer of 2026 and continuing through 2030. The need is primarily driven by forecasted increases in peak demand, deactivation notices of existing generation on the Gowanus and Narrows barges and uncertainty as to whether or not certain planned projects are completed and energized within the forecasted time period (the Gowanus-Greenwood 345-138 kV feeder and the Champlain Hudson Power Express in May 2026, Empire Wind in July 2027 and Propel NY in May 2030). The NYISO is expected to issue a solicitation for both market-based and regulated solutions. CECONY, as the Responsible Transmission Owner, would propose a regulated backstop solution.
Financial and Commodity Market Risks
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.
Interest Rate Risk
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 September 30, 2025, a 10 percent increase in interest rates applicable to its variable rate debt would result in an increase in annual interest expen se of $7 million and $6 million, respectively. Un der CECONY’s current 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.
Commodity Price Risk
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 N to the Third Quarter Financial Statements.
Con Edison estimates that, as of September 30, 2025, a 10 percent decline in market prices would result in a decline in fair value of $162 million for the derivative instruments used by the Utilities to hedge purchases of electricity and gas, of which $148 million is for CECONY and $14 million is for O&R. As of September 30, 2024, Con Edison estimated that a 10 percent decline in market prices would result in a decline in fair value of $148 million for the derivative instruments used by the Utilities to hedge purchases of electricity and gas, of which $136 million is for CECONY and $12 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.
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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. However, increases in electric and gas commodity prices may contribute to a slower recovery of cash from outstanding customer accounts receivable balances. See “Electric Supply” and “Aged Accounts Receivable Balances,” above.
Investment Risk
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 "Investments" in Note A to the Third Quarter Financial Statements.
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 and 14 to 30 percent alternatives. At September 30, 2025, the pension plan investments consisted of 27 percent equity securities, 50 percent debt securities and 23 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.
Material Contingencies
For information concerning potential liabilities arising from the Companies’ material contingencies, see "Other Regulatory Matters" in Note B and Notes G and H to the Third Quarter Financial Statements.
Item 3: Quantitative and Qualitative Disclosures About Market Risk
For information about the Companies’ primary market risks associated with activities in derivative financial instruments, other financial instruments and derivative commodity instruments, see “Financial and Commodity Market Risks,” in Part I, Item 2 of this report, that is incorporated herein by reference.
Item 4: Controls and Procedures
The Companies maintain disclosure controls and procedures designed to provide reasonable assurance that the information required to be disclosed in the reports that they submit to the Securities and Exchange Commission (SEC) is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to the issuer’s management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure. For each of the Companies, its management, with the participation of its principal executive officer and principal financial officer, has evaluated its disclosure controls and procedures as of the end of the period covered by this report and, based on such evaluation, has concluded that the controls and procedures are effective to provide such reasonable assurance. Reasonable assurance is not absolute assurance, however, and there can be no assurance that any design of controls or procedures would be effective under all potential future conditions, regardless of how remote.
There was no change in the Companies’ internal control over financial reporting that occurred during the Companies’ most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Companies’ internal control over financial reporting.
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Part II Other Information
Item 1: Legal Proceedings
For information about certain legal proceedings affecting the Companies, see "Other Regulatory Matters" in Note B and Notes G and H to the financial statements in Part I, Item 1 of this report, that is incorporated herein by reference.
Item 1A: Risk Factors
There were no material changes in the Companies’ risk factors compared to those disclosed in Item 1A of the Form 10-K.
Item 5: Other Information
During the three months ended September 30, 2025, no director or officer (as defined in Rule 16a-1(f) of the Securities Exchange Act of 1934, as amended) adopted, terminated or modified any Rule 10b5-1 or non-Rule 10b5-1 trading arrangement (as defined in Item 408(a) of Regulation S-K).
Item 6: Exhibits
Con Edison

Exhibit 31.1.1 | Rule 13a-14(a)/15d-14(a) Certifications – Chief Executive Officer.
Exhibit 31.1.2 | Rule 13a-14(a)/15d-14(a) Certifications – Chief Financial Officer.
Exhibit 32.1.1 | Section 1350 Certifications – Chief Executive Officer.
Exhibit 32.1.2 | Section 1350 Certifications – Chief Financial Officer.
Exhibit 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101.SCH | XBRL Taxonomy Extension Schema.
Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase.
Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase.
Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase.
Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase.
Exhibit 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

CECONY

Exhibit 31.2.1 | Rule 13a-14(a)/15d-14(a) Certifications – Chief Executive Officer.
Exhibit 31.2.2 | Rule 13a-14(a)/15d-14(a) Certifications – Chief Financial Officer.
Exhibit 32.2.1 | Section 1350 Certifications – Chief Executive Officer.
Exhibit 32.2.2 | Section 1350 Certifications – Chief Financial Officer.
Exhibit 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
Exhibit 101.SCH | XBRL Taxonomy Extension Schema.
Exhibit 101.CAL | XBRL Taxonomy Extension Calculation Linkbase.
Exhibit 101.DEF | XBRL Taxonomy Extension Definition Linkbase.
Exhibit 101.LAB | XBRL Taxonomy Extension Label Linkbase.
Exhibit 101.PRE | XBRL Taxonomy Extension Presentation Linkbase.
Exhibit 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document.

Pursuant to Item 601(b)(4)(iii)(A) of Regulation S-K, instruments defining the rights of holders of long-term debt of Con Edison’s subsidiaries other than CECONY, the total amount of which does not exceed ten percent of the total assets of Con Edison and its subsidiaries on a consolidated basis, are not filed as exhibits to Con Edison’s Form 10-K or Form 10-Q. Con Edison agrees to furnish to the SEC upon request a copy of any such instrument.
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Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, each Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

| Consolidated Edison, Inc.
| Consolidated Edison Company of New York, Inc.
Date: November 6, 2025 | By | /s/ Kirkland B. Andrews
|  | Kirkland B. Andrews Senior Vice President, Chief Financial Officer and Duly Authorized Officer

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