Skip to navigationSkip to main contentSkip to right columnADVERTISEMENTAlex SiroisSat, June 27, 2026 at 2:59 PM GMT+2 3 min readQuick ReadCon Ed (ED) extended its Dividend King streak to 52 years with a 4.4% raise, backed by a conservative 58% forward payout ratio.A Moody's negative outlook and $6.6 billion capex plan requiring $1.1 billion in new equity signal meaningful dilution risk if interest rates stay elevated.Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Consolidated Edison didn't make the cut. Grab the names FREE today.Few stocks earn their place in a retiree's portfolio the way Consolidated Edison (NYSE:ED) has. The New York utility delivers electricity, gas, and steam to roughly 3.7 million electric customers across the country's busiest commercial district and just notched its 52nd consecutive year of dividend increases. Is that streak built to last another decade?Bet_Noire / Getty ImagesDividend SnapshotMetricValueAnnual Dividend$3.55 per shareDividend Yield3.17%Consecutive Years of Increases52 yearsMost Recent Increase4.4% (January 2026)Dividend King StatusYesPayout Ratios Leave Room, but Free Cash Flow Is the CatchCon Ed paid $1.166 billion in dividends in 2025 against $4.8 billion in operating cash flow, an OCF payout ratio of just 24.3%. On an earnings basis, the $5.93 trailing EPS easily covers the $3.55 payout, and management's 2026 adjusted EPS guidance of $6.00 to $6.20 drops the forward earnings payout ratio near 58%.MetricValueAssessmentEarnings Payout Ratio (TTM)~60%HealthyForward Earnings Payout Ratio~58%HealthyOCF Coverage4.1xStrongThe catch: capex hit $4.764 billion in 2025, leaving free cash flow flat and historically negative. Like every regulated utility, Con Ed funds growth with fresh debt and equity, which is why the FCF payout ratio is not a clean signal here.Act now: the analyst who called NVIDIA in 2010 just named his top 10 AI stocks — and Consolidated Edison didn't make the cut. Grab the names FREE today.Leverage Is Elevated and Moody's Is WatchingMetricValueAssessmentTotal Liabilities / Equity$50.4B / $24.2BAggressive (utility norm)EV/EBITDA10.47xManageableCash on Hand (Q1 2026)$147MThinCredit OutlookMoody's NegativeWatch itemCon Ed is funding its $6.6 billion 2026 capex plan with up to $1.1B in common equity and $3.2B in long-term debt. That dilution is the price retirees pay for grid investment.The Streak: 52 Years and CountingYearAnnual Dividend2026$3.552025$3.402024$3.322023$3.242022$3.16The 5-year CAGR sits near 3%, barely ahead of the recent CPI run rate. The 2026 hike of 4.4% is the largest in years.Management Sounds Confident on the Investment CycleTerms and Privacy PolicyEU DSA contactPrivacy & Cookie SettingsMore Info