Consolidated Edison (ED) Q1 2026 Earnings
Reported May 7, 2026 at 4:28 PM ET · SEC Source
Q1 26 EPS
$2.18
MISS 3.83%
Est. $2.27
Q1 26 Revenue
$5.10B
BEAT +3.13%
Est. $4.94B
vs S&P Since Q1 26
+7.5%
BEATING MARKET
ED +8.4% vs S&P +1.0%
Market Reaction
Did ED Beat Earnings? Q1 2026 Results
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… Read more 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.
Key Takeaways
- • Higher electric and gas rate base at CECONY contributed $0.04 each to EPS
- • Electric and gas base rate increases at O&R
- • $134 million after-tax gain on the sale of MVP equity interest
- • Revenue decoupling mechanisms insulate from delivery volume fluctuations
- • Weather normalization clause for gas and steam sales
ED Forward Guidance & Outlook
Con Edison reaffirmed its 2026 full-year adjusted EPS guidance range of $6.00 to $6.20 per share (non-GAAP). This excludes the gain on the MVP sale ($0.37/share after-tax), MVP basis difference accretion ($0.01/share after-tax), transaction costs from the strategic alternatives review of MVP and Honeoye, and HLBV accounting for tax equity investments (amounts not determinable until year-end). The company projects an 8.8% five-year CAGR in its regulated investment base from 2025 through 2030, with capital investments forecast at $6.6 billion in 2026 rising to approximately $8.6 billion by 2030. The financing plan includes up to $1.1 billion in common equity issuance and up to $3.2 billion in long-term debt for 2026.
ED YoY Financials
Q1 2026 vs Q1 2025, source: SEC Filings
ED Revenue by Segment
With YoY comparisons, source: SEC Filings
“Our first-quarter results reflect the strength and durability of our regulated businesses, with reaffirmed adjusted earnings per share guidance driven by continued operational excellence and industry-leading reliability.”
— Tim Cawley, Q1 2026 Earnings Press Release
ED Earnings Trends
ED vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ED EPS Trend
Earnings per share: estimate vs actual
ED Revenue Trend
Quarterly revenue: estimate vs actual
ED Quarterly Results
4 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q1 26 MISS | $2.27 | $2.18 | -3.83% | $5.10B | +3.13% |
| Q4 25 BEAT FY | $0.86 | $0.89 | +3.44% | $4.00B | +7.65% |
| FY Full Year | — | $5.70 | — | $16.92B | — |
| Q3 25 BEAT | $1.75 | $1.90 | +8.66% | $4.53B | +7.34% |
| Q2 25 BEAT | $0.66 | $0.67 | +1.45% | $3.60B | +4.33% |