Consolidated Edison (ED) Q1 2026 earnings summary

Executive summary

• Q1 2026 net income for common stock was $924 million ($2.55 per share GAAP, $2.18 per share adjusted), up from $791 million ($2.26 per share) in Q1 2025, driven by higher revenues and the MVP sale gain.

• Adjusted EPS guidance for 2026 reaffirmed at $6.00–$6.20, excluding non-recurring items such as MVP sale gains and related transaction costs.

• Completed sale of Mountain Valley Pipeline (MVP) equity interest in Q1 2026, contributing a $0.37 per share after-tax gain to GAAP EPS.

• Executed a $776 million equity forward issuance for 7 million shares in Q1 2026 and declared a quarterly dividend of $0.8875 per share, marking a 52-year streak of annual dividend increases.

• CECONY contributed the majority of operating revenues and net income for the quarter.

Financial highlights

• Q1 2026 operating revenues were $5,095 million, with operating income of $1,177 million, both up year-over-year.

• Net income for Q1 2026 was $924 million; adjusted net income was $790 million.

• Utility capital expenditures were $1,172 million, up $17 million year-over-year.

• Adjusted EPS declined year-over-year due to higher O&M and dilutive share issuance, offset by higher rate base and allowance for funds used during construction.

• Net cash flows from operating activities were $174 million, down from $837 million, mainly due to higher recoverable energy costs and increased prepayments.

Outlook and guidance

• 2026 adjusted EPS guidance reaffirmed at $6.00–$6.20, excluding MVP sale gains and related adjustments.

• Capital investment plans through 2030 project up to $8.6 billion annually for reliability, resiliency, and electrification.

• Management expects continued earnings growth supported by regulated utilities and transmission assets.

• Clean energy policy and electrification are expected to increase electric usage and decrease gas and steam usage over time.

• The company is monitoring energy affordability, supply chain disruptions, and regulatory changes, but does not expect recent federal tax law changes to materially impact financials.