Consolidated Edison Inc

Consolidated Edison delivered a mixed first quarter for 2026, beating on revenue while falling short on the bottom line, as rising costs weighed on its core utility operations. The New York utility posted adjusted earnings of $2.18 per share, missing the $2.27 consensus estimate by 3.83%, even as revenue climbed 6.2% year-over-year to $5.09 billion, exceeding the $4.94 billion Wall Street had anticipated. The earnings shortfall traced primarily to CECONY, the company's dominant subsidiary, where higher electric, gas, and steam operations and maintenance expenses, elevated long-term debt interest costs, and dilution from fresh share issuances collectively pressured adjusted results. On a GAAP basis, results looked considerably stronger, lifted by a $134 million after-tax gain on the sale of Con Edison's roughly 6.6% stake in Mountain Valley Pipeline for $357.50 million. Alongside its results, the company announced a $2 billion at-the-market equity offering, underscoring the capital intensity of its growth agenda, while reaffirming 2026 full-year adjusted EPS guidance of $6.00 to $6.20 per share as it targets an 8.8% five-year CAGR in its regulated investment base.