Analysis for ED

📈 Growth & Financial Trajectory

Eight quarters show revenue around $4.0B–$4.5B, ending at $4.069B in Q2 2026 versus $4.092B in 2024 Q3; essentially flat with occasional spikes (e.g., $4.80B in 2025 Q1). Net income fluctuated from a high of $791M (2025 Q1) to roughly $246–308M in other periods; start value was $588M (2024 Q3). Operating income remains in the mid-hundreds of millions, while cash flow from ops stays robust; Q2 2026 net cash from operating activities is about $1.80B. Free cash flow is intermittently positive as investing outflows near $1.0–$1.4B offset by financing.

💰 Margins & Cash Flow

Margins are supported by revenues around $4.0–$4.6B and operating earnings in the hundreds of millions. Cash flow from operations is consistently positive, near $1.0–$1.8B in quarters; investing cash flow is negative (~$1.0–$1.4B), with financing activity often offsetting, yielding net positive cash flow in several periods.

🛡️ Balance Sheet & Liquidity

Total assets about $76.5B; liabilities around $50.7B; equity near $25.7B. Current assets $6.8B vs current liabilities $5.35B yields a solid current ratio (~1.3). Long-term debt around $25.8B; operating cash flow supports debt service.

⚠️ Key Drivers & Risks

• Drivers: Regulated rate-base growth; grid reliability and energy transition investments.
• Risks: Regulatory/rate-case outcomes; interest-rate sensitivity and weather-driven demand variability.