CON EDISON REPORTS 2026 FIRST QUARTER EARNINGS
Rhea-AI Summary
Con Edison (NYSE: ED) reported 2026 first-quarter net income for common stock of $924 million or $2.55 per share, versus $791 million or $2.26 per share in Q1 2025. Adjusted EPS was $2.18 in Q1 2026 versus $2.26 in Q1 2025. The company reaffirmed 2026 adjusted EPS guidance of $6.00–$6.20. Con Edison completed the sale of its interest in Mountain Valley Pipeline for $357.5 million and settled a forward sale of 7 million shares to support system investments.
Positive
- Net income $924 million Q1 2026
- GAAP EPS $2.55 Q1 2026
- Reaffirmed adjusted EPS guidance $6.00–$6.20 for 2026
- Proceeds of $357.5 million from MVP sale
- Completed forward sale of 7 million shares
Negative
- Adjusted EPS declined to $2.18 from $2.26 YoY in Q1
- Adjusted EPS excludes a $0.37 per-share gain from MVP sale
Key Figures
Market Reality Check
Peers on Argus
ED is down about 2% while key peers show smaller, mixed moves: WEC, ETR and PEG are modestly negative, PCG is slightly positive, and XEL is nearly flat. With no peers in the momentum scanner, the reaction appears more stock-specific than sector-driven.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 16 | Dividend declaration | Positive | -0.3% | Quarterly common stock dividend maintained, reinforcing cash-return policy. |
| Apr 08 | Earnings date set | Neutral | +1.2% | Announcement of scheduled 1Q26 earnings release timing. |
| Mar 11 | Investor meetings | Neutral | +1.2% | Executives planning March investor meetings with supporting materials. |
| Feb 23 | Equity offering | Negative | -1.0% | Public offering of 7,000,000 common shares via forward sale agreement. |
| Feb 19 | Full-year earnings | Positive | -1.9% | 2025 earnings growth and multi‑year EPS and capex outlook issued. |
Recent history shows occasional pressure on ED shares following positive fundamental updates (earnings, dividend), while capital-raising announcements have also coincided with modest declines.
Over the last few months, Con Edison has focused on capital planning, dividends, and earnings visibility. In February 2026, it reported stronger 2025 results and issued 2026 adjusted EPS guidance of $6.00–$6.20, yet the stock fell. A subsequent common share offering with a forward component also saw a negative reaction. Dividend and investor-relations updates in March–April 2026 produced only modest share moves. Today’s first-quarter earnings update fits into this pattern of steady but sometimes underappreciated fundamentals.
Market Pulse Summary
This announcement highlights stronger GAAP results, slightly lower adjusted earnings, and a reaffirmed 2026 adjusted EPS range of $6.00–$6.20. It also notes settlement of a 7 million-share forward sale and $357.5 million in proceeds from the MVP stake sale, supporting a large investment program. In context of recent capital‑raising and dividend actions, investors may watch future quarters for adjusted EPS trends and funding mix for planned infrastructure spending.
Key Terms
adjusted earnings financial
non-gaap financial
hypothetical liquidation at book value financial
hlbv accounting financial
form 10-q regulatory
generally accepted accounting principles financial
gaap financial
forward sale agreement financial
AI-generated analysis. Not financial advice.
"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," said Tim Cawley, Chairman and CEO of Con Edison. "We deliver essential energy services to the nation's largest and most economically significant market, and the performance of our system underscores the value of disciplined investment.
"Electrification of heating and transportation is accelerating at an unprecedented pace, driven by years of state and local policy that have been reinforced by strong customer preference and sustained economic growth in our region," Cawley added. "We are investing proactively to meet this growth - building new substations, maintaining robust design standards in our networks and fortifying our system against extreme weather - while managing costs and supporting affordability. Our dedicated team, technical expertise, operational efficiency, and investment strategy continue to drive long-term value for our investors, customers and communities."
"As our customers adopt cleaner energy technologies, we remain focused in 2026 on delivering value for customers and shareholders through disciplined execution of our three-year investment plan at Con Edison of
"Based on our results for the quarter and outlook for the remainder of the year we are reaffirming our Adjusted EPS guidance range for 2026," Andrews added. "During the first quarter, we settled a forward sale agreement for 7 million shares of common stock, generating proceeds to support investment in our energy systems. We also completed the sale of our interest in Mountain Valley Pipeline, LLC for total consideration of
For the year of 2026, Con Edison reaffirmed its adjusted earnings per share (non-GAAP) to be in the range of
CON EDISON REPORTS 2026 FIRST QUARTER EARNINGS
See Attachment A to this press release for a reconciliation of Con Edison's reported earnings per share to adjusted earnings per share and reported net income for common stock to adjusted earnings for the three months ended March 31, 2026 and 2025. See Attachment B for the estimated effect of major factors resulting in variations in earnings per share and net income for common stock for the three months ended March 31, 2026 compared to the 2025 period.
The company's 2026 First Quarter Form 10-Q is being filed with the Securities and Exchange Commission. A first quarter 2026 earnings release presentation will be available at www.conedison.com. (Select "For Investors" and then select "Press Releases.")
CON EDISON REPORTS 2026 FIRST QUARTER EARNINGS
This press release contains forward-looking statements that are intended to qualify for the safe-harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are statements of future expectations and not facts. Words such as "forecasts," "expects," "estimates," "anticipates," "intends," "believes," "plans," "will," "target," "guidance," "potential," "goal," "consider" and similar expressions identify forward-looking statements. The forward-looking statements reflect information available and assumptions at the time the statements are made, and accordingly speak only as of that time.
Actual results or developments might differ materially from those included in the forward-looking statements because of various factors such as those identified in reports Con Edison has filed with the Securities and Exchange Commission, including that Con Edison's subsidiaries are extensively regulated and may be subject to substantial penalties; its utility subsidiaries' rate plans may not provide a reasonable return; it may be adversely affected by changes to the utility subsidiaries' rate plans; the failure of, or damage to, its subsidiaries' facilities could adversely affect it; a cyber attack could adversely affect it; artificial intelligence is an emerging area of technology that has the potential to impact various aspects of its and its subsidiaries' business operations and customer interactions; the failure of processes and systems, the failure to retain and attract employees and contractors, and their negative performance could adversely affect it; it is exposed to risks from the environmental consequences of its subsidiaries' operations, including increased costs related to climate change; its ability to pay dividends or interest depends on dividends from its subsidiaries; changes to tax laws could adversely affect it; it requires access to capital markets to satisfy funding requirements; a disruption in the wholesale energy markets, increased commodity costs or failure by an energy supplier or customer could adversely affect it; it faces risks related to health epidemics and other outbreaks; its strategies may not be effective to address changes in the external business environment; it faces risks related to supply chain disruptions, inflation and the imposition of tariffs (or subsequent changes to tariffs once announced or implemented); and it also faces other risks that are beyond its control. This list of factors is not all-inclusive because it is not possible to predict all factors that could cause actual results or developments to differ from the forward-looking statements. Con Edison assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
This press release also contains financial measures, adjusted earnings and adjusted earnings per share, that are not determined in accordance with GAAP. These non-GAAP financial measures should not be considered as an alternative to net income for common stock or net income per share, respectively, each of which is an indicator of financial performance determined in accordance with GAAP. Adjusted earnings and adjusted earnings per share exclude from net income for common stock and net income per share, respectively, certain items that Con Edison does not consider indicative of its ongoing financial performance such as the effects of HLBV accounting for tax equity investments and accretion of the basis difference of Con Edison's equity interest in MVP, transaction costs associated with the strategic alternatives review of Con Edison's equity investments in MVP and
CON EDISON REPORTS 2026 FIRST QUARTER EARNINGS
Consolidated Edison, Inc. is a holding company that provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of
Attachment A | ||||
For the Three Months Ended | ||||
March 31, | ||||
Earnings per Share | Net Income for (Millions of Dollars) | |||
2026 | 2025 | 2026 | 2025 | |
Reported earnings per share (basic) and net income for common stock (GAAP basis) | ||||
Accretion of the basis difference of Con Edison's equity investment in | (0.01) | (0.01) | (3) | (3) |
Income taxes (a) | — | — | 1 | 1 |
Accretion of the basis difference of Con Edison's equity investment in MVP | (0.01) | (0.01) | (2) | (2) |
Transaction costs associated with the strategic alternatives review of | 0.01 | — | 3 | — |
Income taxes (b) | — | — | (1) | — |
Transaction costs associated with the strategic alternatives review of Con | 0.01 | — | 2 | — |
Gain on the sale of Con Edison's equity interest in MVP (pre-tax) | (0.52) | — | (189) | — |
Income taxes (c) | 0.15 | — | 55 | — |
Gain on the sale of Con Edison's equity interest in MVP (net of tax) | (0.37) | — | (134) | — |
HLBV effects (pre-tax) | — | 0.01 | — | 4 |
Income taxes (d) | — | — | — | (1) |
HLBV effects (net of tax) | — | 0.01 | — | 3 |
Adjusted earnings per share and adjusted earnings (non-GAAP basis) | ||||
(a) | The amount of income taxes was calculated using a combined federal and state income tax rate of |
(b) | The amount of income taxes was calculated using a combined federal and state income tax rate of |
(c) | The amount of income taxes was calculated using a combined federal and state income tax rate of |
(d) | The amount of income taxes was calculated using a combined federal and state income tax rate of |
Attachment B | ||
Variation for the Three Months Ended March 31, 2026 vs. 2025 | ||
Net Income for | Earnings per Share | |
CECONY (a) | ||
Higher electric rate base | ||
Higher gas rate base | 14 | 0.04 |
Higher income from allowance for funds used during construction | 2 | 0.01 |
Higher electric, gas and steam operations and maintenance expense | (28) | (0.08) |
Higher interest expense on long-term debt | (9) | (0.03) |
Higher corporate expenses | (5) | (0.01) |
Dilutive effect of issuance of common shares | — | (0.08) |
Other | (1) | — |
Total CECONY | (12) | (0.11) |
O&R (a) | ||
Electric base rate increase | 5 | 0.01 |
Gas base rate increase | 3 | 0.01 |
Higher interest expense on long-term debt | (3) | (0.01) |
Other | 2 | — |
Total O&R | 7 | 0.01 |
Con Edison Transmission | ||
Gain on the sale of Con Edison's equity interest in MVP | 134 | 0.37 |
Transaction costs associated with the strategic alternatives review of Con Edison's equity | (2) | (0.01) |
Other | 1 | 0.01 |
Total Con Edison Transmission | 133 | 0.37 |
Other, including parent company expenses (b) | ||
HLBV effects | 3 | 0.01 |
Other | 2 | 0.01 |
Total Other, including parent company expenses | 5 | 0.02 |
Total Reported (GAAP basis) | ||
Gain on the sale of Con Edison's interest in MVP | (134) | (0.37) |
HLBV effects | (3) | (0.01) |
Transaction costs associated with the strategic alternatives review of Con Edison's equity | 2 | 0.01 |
Total Adjusted (Non-GAAP basis) | ||
(a) | Under the revenue decoupling mechanisms in the Utilities' |
(b) | Other includes the parent company, Con Edison's tax equity investments, consolidation adjustments and Broken Bow II, the deferred project that was classified as held for sale at December 31, 2024, the sale and transfer of which was completed in January 2025. |
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SOURCE Consolidated Edison, Inc.