Consolidated Edison (ED) Q2 2026 earnings summary

Executive summary

• Q2 2026 net income for common stock was $308 million ($0.83 per share), up from $246 million ($0.68 per share) in Q2 2025, with adjusted EPS also rising to $0.83 from $0.67, driven by higher electric and gas rate bases and lower O&M expenses.

• For the first six months of 2026, net income was $1,232 million ($3.37 per share), up from $1,038 million ($2.93 per share) in 2025.

• Dividend increased 4.4% annualized, marking 52 consecutive years of growth.

• Results benefited from higher electric and gas rate bases, increased revenues, and a $189 million gain on the sale of the Mountain Valley Pipeline equity interest.

• Management highlighted ongoing infrastructure investments, reliability, and support for New York's clean energy transition.

Financial highlights

• Q2 2026 operating revenues were $4,069 million, up from $3,595 million year-over-year; six-month revenues reached $9,164 million, up from $8,393 million.

• Operating income for Q2 2026 was $552 million, up from $355 million; for six months, $1,730 million, up from $1,480 million.

• YTD 2026 adjusted EPS was $3.00, up from $2.91 YTD 2025.

• CECONY contributed $0.80 to Q2 2026 adjusted EPS, O&R $0.02, CET $0.02.

• Q2 2026 revenue increases driven by higher electric and gas rate bases and timing of rate increases.

Outlook and guidance

• 2026 adjusted EPS guidance reaffirmed at $6.00–$6.20 per share (non-GAAP), excluding one-time items.

• Capital investment forecast for 2026–2030 totals $39 billion, focused on reliability, electrification, and resiliency.

• Average utility rate base projected to grow at 8.8% CAGR over five years.

• Management expects continued earnings growth supported by regulated utility and transmission investments.

• Plans to have 28 new substations in service by 2035 and tens of billions in capital investments.