Monitor the pace of ATM issuances and use of proceeds. The capital raise suggests higher-than-expected capex and may pressure EPS. Watch for any related guidance updates or credit rating changes.
Price Chart
Executive Summary
Con Edison entered into an equity distribution agreement to sell up to $2.0 billion of common shares through an at-the-market (ATM) offering, confirmed by a same-day prospectus supplement. The large equity raise signals significant capital needs for infrastructure investment and will dilute existing shareholders by approximately 5% at the current market cap.
Key Financial Metrics
Key Facts
- ATM program for up to $2,000,000,000 in common shares
- Forward sale structure allows deferred receipt of proceeds
- Sales agents' commissions capped at 1.0% of gross proceeds
- Forward sellers' compensation also capped at 1.0%
- Proceeds expected to fund infrastructure investments
Financial Impact
Up to $2.0 billion equity raise, representing ~5.1% dilution based on $39.2B market cap
Risk Factors
- Dilution to existing shareholders
- Downward pressure on stock price from increased supply
- Potential for accelerated issuances if capital needs intensify
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 7 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-214767 |
| Document: d147037dex10.htm | 0001193125-26-214767 |
| Document: d147037d8k.htm | 0001193125-26-214767 |
| Document: d147037dex5.htm | 0001193125-26-214767 |
| Document: 0001193125-26-214767-index-headers.html | 0001193125-26-214767 |
| Document: 0001193125-26-214767-index.html | 0001193125-26-214767 |
| Document: 0001193125-26-214767.txt | 0001193125-26-214767 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | Press Release | $107.98 $107.29 | ▼ −0.64% | ▼ −0.24% | $103.94 (−3.74%) |
Jul 15, 2026 11w ago | Press Release | $112.39 $108.39 | ▼ −3.56% | ▼ −7.18% | $103.94 (−7.52%) |
Jun 3, 2026 17w ago | 8-K | $103.48 $113.99 | ▲ +10.16% | ▲ +11.16% | $103.94 (+0.44%) |
May 8, 2026 20w ago | 8-K | $106.21 $106.40 | ▼ −0.18% | ▼ −0.48% | $103.94 (+2.14%) |
May 8, 2026 20w ago | 424B5 | $106.21 $106.40 | ▼ −0.18% | ▼ −0.48% | $103.94 (+2.14%) |
Apr 8, 2026 25w ago | DEFA14A | $114.98 $106.87 | ▼ −7.05% | ▼ −14.62% | $103.94 (−9.60%) |
Apr 2, 2026 26w ago | Court Ruling | $115.43 $111.49 | ▼ −3.41% | ▼ −13.29% | $103.94 (−9.95%) |
Mar 12, 2026 29w ago | Insider Cluster | $113.13 $113.56 | ▲ +0.38% | ▼ −1.59% | $103.94 (−8.12%) |
Mar 11, 2026 29w ago | 8-K | $113.13 $113.56 | ▲ +0.38% | ▼ −1.59% | $103.94 (−8.12%) |
Mar 10, 2026 29w ago | Court Ruling | $111.30 $113.57 | ▲ +2.04% | ▲ +2.19% | $103.94 (−6.61%) |
US Market Status
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