CONSOLIDATED EDISON INC (ED): Results of Operations and Financial Condition
CONSOLIDATED EDISON INC (ED) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Media Relations Consolidated Edison, Inc. 212 460 4111 (24 hours) 4 Irving Place New York, NY 10003 www.conEdison.com FOR IMMEDIATE RELEASE Contact: Allan Drury August 6, 2026 212-460-4111 CON EDISON REPORTS 2026 SECOND QUARTER EARNINGS NEW YORK - C onsolidated Ediso
How this was made
The 30-second read
Why it matters
Traders can update ED’s earnings model using the reported Q2 figures and the reaffirmed 2026 adjusted EPS guidance ($6.00 to $6.20). The filing also reiterates a multi-year capex and reliability plan (including 28 new substations by 2035), which can affect longer-dated expectations for regulated returns.
Market read
Fresh quarterly earnings plus explicit full-year adjusted EPS reaffirmation typically drives near-term positioning in regulated utilities and affects expectations for earnings durability.
What to watch
The release notes transaction costs and tax-equity accounting effects that are not determinable until year-end, which can create volatility around the guidance bridge and GAAP-to-non-GAAP reconciliation.
Con Edison reported 2026 second quarter net income for common stock of $308 million, or $0.83 a share, and reaffirmed 2026 adjusted earnings per share guidance of $6.00 to $6.20 per share.
Second-quarter GAAP net income for common stock and adjusted earnings each increased versus the 2025 second quarter, while the company reaffirmed its full-year adjusted EPS range.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net income for common stockGAAP | $308 million | – | – |
| Earnings per share (basic)GAAP | $0.83 | – | – |
| Adjusted earningsnon-GAAP | $308 million | – | – |
| Adjusted earnings per sharenon-GAAP | $0.83 | – | – |
| Net income for common stockGAAP | $1,232 million | – | – |
| Earnings per share (basic)GAAP | $3.37 | – | – |
| Adjusted earningsnon-GAAP | $1,098 million | – | – |
| Adjusted earnings per sharenon-GAAP | $3.00 | – | – |
year of 2026 outlook
- NoteAdjusted earnings per share (non-GAAP): $6.00 to $6.20 per share
- NoteAdjusted earnings per share excludes the gain on the sale of Con Edison's equity interest in MVP ($(0.37) a share after-tax), accretion of the basis difference of Con Edison's equity interest in MVP ($(0.01) a share after-tax), transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye and the effects of HLBV accounting for tax equity investments.
What drove it
- Management cited nation-leading electric service reliability, disciplined infrastructure investments, and workforce dedication and expertise.
- The company is investing to strengthen reliability and system resilience, including preparing its network for periods of extreme heat.
- Management cited its vibrant market and growing momentum for the electrification of buildings and transportation.
- The company expects to have 28 new substations in service by 2035, along with tens of billions of dollars in other capital investments planned to meet customers’ need for energy.
Concerns
- Adjusted earnings exclude transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye and the effects of HLBV accounting for tax equity investments.
- The amounts for transaction costs associated with the strategic alternatives review of MVP and Honeoye and the effects of HLBV accounting for tax equity investments will not be determinable until year-end.
- The filing identifies risks including rate plans, facility failures or damage, cyber attacks, climate-change-related costs, capital-market access, wholesale energy market disruption, supply-chain disruptions, inflation and tariffs.
What to watch
- Progress toward the reaffirmed $6.00 to $6.20 per share 2026 adjusted EPS range.
- The ultimate year-end amounts of transaction costs related to the MVP and Honeoye strategic alternatives review and HLBV accounting effects.
- Execution of planned reliability, resilience, substation, and other capital investments.
- Developments in the strategic alternatives review of the company's equity interests in MVP and Honeoye.
Analysis
Con Edison reported second-quarter GAAP net income for common stock of $308 million, or $0.83 a share, compared with $246 million, or $0.68 a share, in the 2025 second quarter. Adjusted earnings were $308 million, or $0.83 a share, compared with $240 million, or $0.67 a share. The reported and adjusted results were identical in the 2026 second quarter, although the company identified transaction costs associated with the strategic alternatives review of MVP and Honeoye and HLBV accounting for tax equity investments as adjusted items.
For the first six months of 2026, GAAP net income for common stock was $1,232 million, or $3.37 a share, compared with $1,038 million, or $2.93 a share, in the first six months of 2025. First-half adjusted earnings were $1,098 million, or $3.00 a share, compared with $1,032 million, or $2.91 a share. The difference between reported and adjusted first-half results reflects exclusions that include the MVP sale gain, MVP basis-difference accretion, transaction costs related to the MVP and Honeoye review, and HLBV accounting effects.
Management framed demand and investment around electric-service reliability, system resilience, preparation for extreme heat, electrification of buildings and transportation, and its vibrant market. The company said it expects 28 new substations in service by 2035 and plans tens of billions of dollars in other capital investments. The release does not provide segment revenue, revenue, gross margin, operating income, cash flow, cash, debt, dividend, or share-repurchase metrics.
The company reaffirmed full-year 2026 adjusted EPS guidance of $6.00 to $6.20 per share. This non-GAAP guide excludes the after-tax gain on the sale of its MVP equity interest of $(0.37) a share, after-tax MVP basis-difference accretion of $(0.01) a share, transaction costs associated with the MVP and Honeoye strategic alternatives review, and HLBV accounting effects. Management said the latter amounts will not be determinable until year-end, so it cannot provide equivalent GAAP measures.
The primary figures to monitor are the conversion of first-half adjusted EPS of $3.00 into the reiterated annual range, the year-end size of the exclusions not yet determinable, and progress on the stated reliability and capital-investment program. The filing also identifies regulatory rate-plan outcomes, capital-market access, supply-chain disruption, inflation, tariffs, commodity costs, and climate-related costs as potential risks.
Management, verbatim
Con Edison continues to deliver nation-leading electric service reliability, reflecting the strength of our business model, disciplined infrastructure investments, and the dedication and expertise of our workforce.
Tim Cawley, Chairman and CEO of Con Edison
Our second-quarter results reflect the strength and resilience of our business and reinforce confidence in our long-term strategy.
Kirk Andrews, Senior Vice President and CFO of Con Edison
Year-to-date results continue to be in line with expectations.
Kirk Andrews, Senior Vice President and CFO of Con Edison
Not in the filing
stated, not guessed- Total revenue
- Revenue growth
- Segment revenue and segment growth
- Gross margin
- Operating income
- Operating margin
- Diluted earnings per share
- Operating cash flow
- Free cash flow
- Cash balance
- Debt balance
- Dividends
- Share repurchases
- Prior-quarter comparisons
- Revenue, gross margin, operating expenses, and tax-rate guidance
- Previous-release outlook needed to compare actual results with prior guidance
- Complete Attachment A reconciliation, which is truncated in the provided filing text
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This is an SEC 8-K with Exhibit 99.1 covering Con Edison’s 2026 second-quarter results and financial condition, including non-GAAP adjusted earnings and a reaffirmed full-year adjusted EPS range.
Ticker impact
Con Edison reported 2026 Q2 net income of $308 million ($0.83/share) and reaffirmed 2026 adjusted EPS guidance of $6.00 to $6.20.
Moderately positive bias for the next few sessions as traders digest the reaffirmed $6.00 to $6.20 adjusted EPS range and the capital plan.
The filing provides fresh quarterly results plus explicit full-year guidance, which typically drives utility earnings expectations and valuation multiples. The release also highlights ongoing capital investment and reliability spending, but the most actionable datapoint is the reaffirmed EPS range.
Market effects
Reinforces the regulated-utility narrative of stable, long-term returns supported by infrastructure capex and reliability investments.
Highlights New York grid resilience and affordability efforts, which can influence local rate-case and reliability expectations.
Limited direct global spillover; primarily impacts US regulated utility earnings expectations.
Counterpoint
Adjusted EPS excludes multiple items tied to the Mountain Valley Pipeline and Honeoye strategic alternatives review, so GAAP earnings quality and timing of excluded impacts could still disappoint.
Key entities
- companyConsolidated Edison, Inc.
NYSE-listed utility reporting 2026 Q2 results and reaffirming 2026 adjusted EPS guidance.
- business_interestMountain Valley Pipeline, LLC (MVP)
Equity interest subject to a strategic alternatives review; transaction costs and gains are excluded from adjusted EPS.
- business_interestHoneoye Storage Corporation (Honeoye)
Equity interest subject to strategic alternatives review; related transaction costs are excluded from adjusted EPS.
