Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Consolidated Edison, Inc. (ED) Halal?

FAIL

Consolidated Edison, Inc. · NYSE: ED · Utilities

The short answer

No - Consolidated Edison, Inc. (ED) fails this Shariah stock screen on the debt gate alone. Con Edison, the New York City-area regulated utility (electric, gas, and steam service through CECONY, O&R, and Con Edison Transmission; Q2 2026 operating revenues $4,069M; FY2025 revenue $16,918M) - none of which involve alcohol, tobacco, gambling, weapons, adult entertainment, pork, or conventional finance as a core activity. The financial ratios are decisive: total interest-bearing debt of $27,814M is about 73.21% of its ~$38.0B market cap (October 2026), far above the ~33% ceiling. Interest income is about 0.37% (Zoya: $63M FY2025 on $16,918M revenue), below the 5% ceiling. Musaffa independently rates Con Edison NOT HALAL. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

Gate 1 — Business activity: PASS

Consolidated Edison, Inc. (NYSE: ED), headquartered at 4 Irving Place, New York, NY (founded 1823; CEO Tim Cawley), is a regulated energy holding company. Per its filings (Q2 2026 Form 10-Q filed August 2026; August 6, 2026 earnings release; figures cross-verified via stocktitan's filing transcription), it operates through three subsidiaries: CECONY - regulated electric service in New York City and New York's Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; O&R - regulated electric and gas service in southeastern New York and northern New Jersey (~1,300 square miles); and Con Edison Transmission - regulated electric transmission projects under FERC oversight. The former Clean Energy Businesses were sold in 2023 and the Mountain Valley Pipeline equity interest was sold in H1 2026 (gain of $189M). Q2 2026 operating revenues were $4,069M (electric $3,139M + gas $811M + steam $118M); six months 2026: $9,164M. Business-screen implication (factual): regulated electric, gas, and steam utility service - utility generation, transmission, distribution, and steam service are not haram activities under standard Shariah screens; no alcohol, tobacco, gambling, weapons/defense, pork, adult entertainment, or conventional finance as a core activity. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: FAIL

Per Con Edison's Q2 2026 Form 10-Q (Consolidated Balance Sheet, June 30, 2026; $ millions; cross-verified via stocktitan's filing transcription and the August 6, 2026 earnings release), total interest-bearing debt at June 30, 2026 was: notes payable $721M + term loan $0 (repaid in H1 2026; was $500M at Dec 31, 2025) + long-term debt due within one year $250M + long-term debt $26,843M = $27,814M (the earnings release independently states long-term debt including current portion was $27,093M = $26,843M + $250M). Against a market cap of about $38.0B (Finnhub, October 2026; sanity check: 369.8M shares outstanding at ~$102.78 = about $38.0B - exact), debt / market cap is about 73.21% - far above the ~33% ceiling. Cash and temporary cash investments of $1,470M is about 3.87% of market cap. Total shareholders' equity was $25,719M. Gate 2 fails. Facts only.

Gate 3 — Non-compliant income: PASS

Per Con Edison's Q2 2026 Form 10-Q Consolidated Income Statement ($ millions), NO separate interest-income line is disclosed - the closest lines are 'Investment income' ($29M six months 2026) and 'Other income' ($289M six months 2026), with interest reported only as expense ('Interest on long-term debt' $621M six months 2026; net interest expense $622M). Zoya independently records Con Edison's FY2025 interest income as $63M on revenue of $16,918,000,000 (from the FY2025 annual report) - about 0.37% of revenue, below the 5% non-compliant income ceiling. Treating the filed 'Investment income' line ($29M on six-month revenue of $9,164M) as an interest-like upper bound gives 0.32% - the same conclusion. Gate 3 passes. Facts only - no interest-income figure is asserted beyond what the filings and Zoya's disclosed data show.

Key figures used

Frequently asked questions

What does Con Edison do?

Consolidated Edison, Inc. (NYSE: ED), headquartered at 4 Irving Place, New York, NY (founded 1823; CEO Tim Cawley), is a regulated energy holding company. Per its Q2 2026 Form 10-Q (filed August 2026; figures cross-verified via stocktitan's filing transcription and the company's August 6, 2026 earnings release): subsidiaries are Consolidated Edison Company of New York, Inc. (CECONY) - regulated electric service in New York City and Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R) - regulated electric and gas service in southeastern New York and northern New Jersey; and Con Edison Transmission, Inc. - regulated electric transmission projects (FERC oversight). Q2 2026 operating revenues were $4,069M (electric $3,139M + gas $811M + steam $118M + non-utility $1M); six months 2026: $9,164M. Its common stock trades on the New York Stock Exchange (ticker ED). FY2025 total revenue was $16,918M (per Zoya's company data from the FY2025 annual report).

Why does Con Edison fail this Shariah stock screen?

Con Edison fails this Shariah stock screen on the debt gate alone. Gate 1 (business activity): regulated electric, gas, and steam utility service - generation, transmission, and distribution of electricity, gas distribution, and steam service are not haram activities under standard Shariah screens; the company sold its Clean Energy Businesses in 2023 and sold its Mountain Valley Pipeline equity interest in H1 2026 (booked a $189M gain), leaving regulated utility operations; no alcohol, tobacco, gambling, weapons/defense, pork, adult entertainment, or conventional finance as a core activity - a clean business. Gate 2 (debt): total interest-bearing debt of $27,814M is about 73.21% of its ~$38.0B market cap (October 2026), far above the ~33% ceiling - fails. Gate 3 (non-compliant income): no separate interest-income line is filed, but Zoya independently records FY2025 interest income of $63M on revenue of $16,918M - about 0.37%, below the 5% ceiling - passes. Result: FAIL on the debt gate alone. This is a factual screen, not a religious ruling - consult a qualified scholar for personal rulings.

What is Con Edison's interest-bearing debt ratio?

Per Con Edison's Q2 2026 Form 10-Q (Consolidated Balance Sheet, June 30, 2026; $ millions; cross-verified via stocktitan's filing transcription and the August 6, 2026 earnings release), total interest-bearing debt at June 30, 2026 was: notes payable $721M + term loan $0 (repaid in H1 2026; was $500M at Dec 31, 2025) + long-term debt due within one year $250M + long-term debt $26,843M = $27,814M (the earnings release states long-term debt including current portion was $27,093M, which matches $26,843M + $250M). Against a market cap of about $38.0B (Finnhub, October 2026; sanity check: 369.8M shares outstanding at ~$102.78 = about $38.0B - exact), debt / market cap is about 73.21% - far above the ~33% ceiling. Cash and temporary cash investments of $1,470M is about 3.87% of market cap. Total shareholders' equity was $25,719M. Gate 2 fails. Facts only.

How much interest income does Con Edison earn?

Per Con Edison's Q2 2026 Form 10-Q Consolidated Income Statement ($ millions), NO separate interest-income line is disclosed - the closest lines are 'Investment income' ($29M six months 2026, $11M Q2 2026) and 'Interest on long-term debt' / 'Other interest expense' reported only as expenses (net interest expense $622M six months 2026). Zoya independently records Con Edison's FY2025 interest income as $63M on revenue of $16,918,000,000 (from the FY2025 annual report) - about 0.37% of revenue, below the 5% non-compliant income ceiling. Treating the filed 'Investment income' line ($29M on six-month revenue of $9,164M) as an interest-like upper bound gives 0.32% - the same conclusion. So interest income is about 0.37% on the evidence available. Gate 3 passes. Facts only - no interest-income figure is asserted beyond what the filings and Zoya's disclosed data show.

Do Zoya, Musaffa, or ShariaPortfolio cover Con Edison?

Zoya covers Con Edison at zoya.finance/stocks/ed, but its auto-generated FAQ text is internally contradictory (one fragment renders 'not Shariah-compliant and therefore considered halal to invest in' alongside 'not Shariah-compliant and therefore not considered halal to invest in'; one fragment reports FY2025 interest income of $63M on revenue of $16,918M (0.37%), another fragment reports no interest income disclosed) - no clean Zoya rating or quote can be given, and none is quoted here. The consistent headline wording across fragments is 'not Shariah-compliant' / 'flagged as not Shariah-compliant' (likely driven by the debt ratio). Musaffa covers ED at musaffa.com/stock/ED/: 'As of October 2026, Consolidated Edison Inc is classified as not halal. NOT HALAL' (AAOIFI methodology). No dedicated ShariaPortfolio stock-screener page for ED was found via search; no ShariaPortfolio rating is quoted.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).