2026 third quarter
Filed Nov 5, 2026Con Edison reported 2026 third quarter net income of $766 million or $2.07 a share and maintained 2026 adjusted EPS guidance at $6.05 to $6.15 per share.
Third-quarter GAAP and adjusted earnings exceeded the respective 2025-period figures, while utility rate-base and rate-increase items supported earnings and full-year adjusted EPS guidance was narrowed.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Third-quarter reported net incomeGAAP | $766M | – | $78 million |
| Third-quarter reported earnings per share (basic)GAAP | $2.07 | – | $0.16 |
| Third-quarter adjusted earningsnon-GAAP | $766M | – | $80 million |
| Third-quarter adjusted earnings per sharenon-GAAP | $2.07 | – | $0.17 |
| First nine months reported net incomeGAAP | $2.00B | – | $272 million |
| First nine months reported earnings per share (basic)GAAP | $5.44 | – | $0.60 |
| First nine months adjusted earningsnon-GAAP | $1.86B | – | $146 million |
| First nine months adjusted earnings per sharenon-GAAP | $5.08 | – | $0.26 |
| Nine-month gain on sale of Con Edison’s equity interest in MVP, net of taxnon-GAAP | −$134M | – | – |
| Nine-month gain on sale of Con Edison’s equity interest in MVP, net of tax earnings per share effectnon-GAAP | $(0.37) a share | – | – |
For the year of 2026 outlook
- NoteAdjusted earnings per share (non-GAAP): $6.05 to $6.15 per share.
- NoteAdjusted earnings per share exclude the gain on the sale of Con Edison’s equity interest in MVP ($(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
- CECONY third-quarter net-income variation included higher electric rate base of $62 and $0.17 per share, higher income from allowance for equity funds used during construction of $9 and $0.03 per share, and lower operation and maintenance expense from health care costs of $8 and $0.02 per share.
- CECONY third-quarter results reflected a dilutive effect of issuance of common shares of $(0.05) per share.
- O&R third-quarter net-income variation included an electric base rate increase of $11 and $0.03 per share, partly offset by higher electric and gas operation and maintenance expense of $(5) and $(0.01) per share.
- Con Edison Transmission third-quarter net-income variation reflected lower investment income primarily due to the sale of Con Edison’s equity interest in MVP of $(5) and $(0.01) per share, and accretion of the basis difference of Con Edison’s equity interest in MVP of $(2) and $(0.01) per share.
- For the first nine months, CECONY variation included higher electric rate base of $99 and $0.27 per share, higher gas rate base of $29 and $0.08 per share, and higher income from allowance for equity funds used during construction of $15 and $0.04 per share.
- For the first nine months, O&R variation included an electric base rate increase of $19 and $0.05 per share and a gas base rate increase of $5 and $0.01 per share, partly offset by higher interest expense on long-term debt of $(8) and $(0.02) per share.
- For the first nine months, Con Edison Transmission variation included the gain on the sale of Con Edison’s equity interest in MVP of $134 and $0.37 per share, partly offset by accretion of the basis difference of Con Edison’s equity interest in MVP of $(5) and $(0.02) per share and transaction costs of $(3) and $(0.01) per share.
- The company stated that, under revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from the levels assumed when rates were approved.
Concerns
- The company cited increasingly extreme weather and plans to invest approximately $797 million in climate resilience from 2026 through 2030.
- The Steam business investment plan is awaiting approval.
- The company cited higher electric and gas operation and maintenance expense at O&R and higher interest expense on long-term debt at O&R in the first nine months.
- 2026 adjusted results exclude transaction costs associated with the strategic alternatives review of Con Edison’s equity interests in MVP and Honeoye and HLBV accounting effects, the amounts of which will not be determinable until year-end.
- The company identified risks including regulation, rate-plan returns, facility damage, cyber attacks, climate-related costs, capital-market access, commodity costs, supply chain disruptions, inflation and tariffs.
What to watch
- Approval of the new investment plan for the Steam business.
- Execution of approximately $797 million in climate-resilience investment from 2026 through 2030.
- The ultimate year-end amount of transaction costs associated with the strategic alternatives review of MVP and Honeoye and the effects of HLBV accounting for tax equity investments.
- Delivery of adjusted earnings per share within the $6.05 to $6.15 per share 2026 outlook range.
Analysis
Con Edison reported third-quarter GAAP net income of $766 million, or $2.07 a share, compared with $688 million, or $1.91 a share, in the 2025 third quarter. Third-quarter adjusted earnings were also $766 million, or $2.07 a share, compared with $686 million, or $1.90 a share. The difference between reported and adjusted results in the 2025 quarter reflects accretion of the basis difference of the company’s equity interest in MVP.
Management, verbatim
Con Edison is a durable, long-term investment, supported by consistent performance, financial strength, and our ability to navigate an evolving landscape.
Tim Cawley, Chairman and CEO of Con Edison
We have a responsibility to protect our equipment and customers from increasingly extreme weather and plan to invest approximately $797 million in climate resilience from 2026 through 2030.
Tim Cawley, Chairman and CEO of Con Edison
We’ve reached agreement with our regulator and other stakeholders on a new investment plan for our Steam business that is awaiting approval, demonstrating our strong ability to work with diverse parties to find consensus and make our region stronger.
Kirk Andrews, Senior Vice President and CFO
Not in the filing
stated, not guessed- Total revenue
- Segment revenue
- Gross margin
- Operating income
- Operating expenses
- Cash flow from operations
- Free cash flow
- Cash balance
- Debt balance
- Share repurchases
- Dividends
- Revenue guidance
- Gross-margin guidance
- Operating-expense guidance
- Tax-rate guidance
- Prior-quarter comparisons
- Previous-release outlook for comparison with actual results
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.