Consolidated Edison

2025 operating cash flow was about 4.8 billion dollars; long-term debt at year-end was roughly 25.6 billion dollars and consolidated equity about 24.2 billion dollars. Credit profiles remain investment-grade (A-/BBB+ at operating utilities), and agency frameworks cite CFO pre-working-capital to debt near the high teens as a guardrail.

That said, free cash flow is negative after capex, necessitating ongoing debt and equity issuance under the multi-year capital plan. Liquidity is adequate with CP programs and revolvers, but rising rates and arrears can pressure metrics. Sources: 2025 year-end cash flow and balance sheet slides, 2025 Q3 10-Q debt tables, rating commentary.