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Consolidated Edison

Consolidated Edison (ED) Q2 2026 Earnings

Reported Aug 6, 2026 at 5:09 PM ET · SEC Source

Q2 26 EPS Adjusted

$0.83

BEAT +7.37%

Est. $0.77

Q2 26 Revenue

$4.07B

BEAT +14.80%

Est. $3.54B

vs S&P Since Q2 26

-0.5%

TRAILING MARKET

ED -0.6% vs S&P -0.1%

Market Reaction

Did ED Beat Earnings? Q2 2026 Results

Consolidated Edison delivered a strong second quarter for 2026, posting adjusted earnings of $0.83 per share against a consensus estimate of $0.77, a beat of 7.37%, while revenue of $4.07 billion cleared the $3.54 billion estimate by 14.80% and grew … Read more Consolidated Edison delivered a strong second quarter for 2026, posting adjusted earnings of $0.83 per share against a consensus estimate of $0.77, a beat of 7.37%, while revenue of $4.07 billion cleared the $3.54 billion estimate by 14.80% and grew 13.2% from a year earlier. The results were underpinned by GAAP net income of $308 million, up sharply from $246 million in Q2 2025, with the primary engine of improvement being CECONY's regulated operations, where a higher electric rate base and the timing of billing on rate increases combined with gas rate base gains to drive incremental per-share contribution. The quarter stands in contrast to some regional peers that struggled to meet estimates, reinforcing Con Edison's positioning as electrification demand across its New York City and Westchester service territory continues to accelerate, with new buildings showing 20-25% higher electric demand requests. Management reaffirmed full-year 2026 adjusted EPS guidance of $6.00 to $6.20 and maintained its projection of an 8.8% five-year CAGR in its regulated investment base, growing toward approximately $67.15 billion by 2030.

Key Takeaways

  • • Higher CECONY electric rate base and timing of billing of rate increase contributed $0.07/share
  • • Higher CECONY gas rate base and timing of billing of rate increase contributed $0.06/share
  • • Lower other interest expense at CECONY contributed $0.03/share
  • • Lower CECONY electric operations and maintenance expense contributed $0.02/share
  • • Higher income from allowance for funds used during construction contributed $0.01/share
  • • Dilutive effect of issuance of common shares reduced EPS by $0.02/share
  • • O&R electric and gas base rate increases offset by higher long-term debt interest

ED Forward Guidance & Outlook

Con Edison reaffirmed its 2026 adjusted earnings per share guidance range of $6.00 to $6.20 (non-GAAP), excluding the $0.37/share after-tax gain on MVP sale, $0.01/share MVP accretion, transaction costs for the MVP/Honeoye strategic alternatives review, and HLBV effects. The company projects an 8.8% five-year CAGR in its regulated investment base, growing from $46.4 billion in 2025 to approximately $67.2 billion by 2030. Capital investments are forecast at $6.6 billion in 2026 rising to $8.6 billion by 2030. The company plans to issue up to $1.1 billion in common equity and up to $3.2 billion in long-term debt in 2026. CFO Kirk Andrews noted growing momentum for building and transportation electrification and expects 28 new substations in service by 2035.

24/7 Wall St

ED YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

ED Revenue by Segment

With YoY comparisons, source: SEC Filings

Q2 25 Q2 26

“Con Edison continues to deliver nation-leading electric service reliability, reflecting the strength of our business model, disciplined infrastructure investments, and the dedication and expertise of our workforce. We are investing to further strengthen reliability and system resilience, including preparing our network for periods of extreme heat, and redoubling our efforts to keep our service affordable for all customers while continuing to support New York's clean energy transition. Our targeted investments benefit our customers, support economic growth, and provide a foundation for stable, long-term returns for investors.”

— Tim Cawley, Q2 2026 Earnings Press Release

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