Consolidated Edison Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 5 November 2026: press release. Guidance figures: 1 kept. The quarter’s numbers.

Key takeaways

Third-quarter reported net income rose: Reported net income for the quarter was $766 million, or $2.07 a share, up from $688 million, or $1.91 a share, in the 2025 third quarter. Adjusted earnings were $2.07 a share against $1.90. Source
Nine-month adjusted earnings reached $1,864 million: Adjusted earnings for the first nine months were $1,864 million, or $5.08 a share, against $1,718 million, or $4.82 a share, a year earlier. Reported nine-month net income was $1,998 million, or $5.44 a share. Source
CECONY variance led by rate base: CECONY's quarterly variance was $80 million, or $0.17 a share, led by $62 million from higher electric rate base and $9 million from higher allowance for equity funds used during construction. Source
Nine-month results include MVP sale gain: The gain on the sale of Con Edison's equity interest in MVP was $189 million pre-tax and $134 million after tax, or $0.37 a share. It is excluded from adjusted results. Source
Climate resilience spending planned through 2030: Management plans about $797 million of climate resilience investment from 2026 through 2030, citing increasingly extreme weather as the reason. Source
Steam investment plan agreed, awaiting approval: Management reported agreement with its regulator and other stakeholders on a new Steam investment plan. The plan is awaiting approval. Source

“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

Guidance

Area	Period	Figure	Against last quarter
Adjusted earnings per share (non-GAAP) Source	full year 2026	$6.05 to $6.15 per share
Excluded items from adjusted EPS (MVP sale gain and MVP basis-difference accretion) Source	full year 2026	$(0.37) and $(0.01) a share after-tax	Kept

What changed from last quarter

New: Management reported an agreement with its regulator and other stakeholders on a new Steam business investment plan, which is awaiting approval. Source

Quarter and nine-month earnings

Third-quarter reported net income rose: Reported net income for the quarter was $766 million, or $2.07 a share, up from $688 million, or $1.91 a share, in the 2025 third quarter. Adjusted earnings were $2.07 a share against $1.90. Source
Nine-month adjusted earnings reached $1,864 million: Adjusted earnings for the first nine months were $1,864 million, or $5.08 a share, against $1,718 million, or $4.82 a share, a year earlier. Reported nine-month net income was $1,998 million, or $5.44 a share. Source
Health care costs lowered operating expense: Lower operation and maintenance expense from health care costs added $8 million, or $0.02 a share, to CECONY's quarterly variance. Source

Utility segments and rate base

CECONY variance led by rate base: CECONY's quarterly variance was $80 million, or $0.17 a share, led by $62 million from higher electric rate base and $9 million from higher allowance for equity funds used during construction. Source
O&R electric rate increase partly offset: O&R's quarterly variance was $3 million, or $0.01 a share. An $11 million electric base rate increase was partly offset by $5 million of higher electric and gas operation and maintenance expense. Source
Transmission income fell after MVP sale: Con Edison Transmission's quarterly variance was $(5) million, or $(0.02) a share, mainly from lower investment income after the sale of its MVP equity interest. Source

“We see a bright future as we expand our earnings base with strategic upgrades to our energy delivery systems that help us maintain our industry-leading reliability”
Kirk Andrews, Senior Vice President and CFO

Adjusted earnings reconciliation

Quarter reported-to-adjusted bridge: The reported quarterly variance of $78 million, or $0.16 a share, becomes $80 million, or $0.17 a share, on an adjusted basis after adding $2 million of MVP basis-difference accretion. Source
Nine-month results include MVP sale gain: The gain on the sale of Con Edison's equity interest in MVP was $189 million pre-tax and $134 million after tax, or $0.37 a share. It is excluded from adjusted results. Source
Strategic review costs excluded from adjusted: Transaction costs of the strategic alternatives review of the MVP and Honeoye equity interests were $3 million, or $0.01 a share, for nine months and are excluded from adjusted earnings. Source

Capital plan and climate resilience

Climate resilience spending planned through 2030: Management plans about $797 million of climate resilience investment from 2026 through 2030, citing increasingly extreme weather as the reason. Source
Capital investment weighed against customer costs: The CEO described robust capital investments that modernize the system while balancing customer costs and supporting stable returns for investors. Source
Share issuance diluted per-share earnings: Issuance of common shares reduced CECONY's nine-month earnings per share variance by $0.14 a share, and its third-quarter variance by $0.05 a share. Source

Steam business investment plan

Steam investment plan agreed, awaiting approval: Management reported agreement with its regulator and other stakeholders on a new Steam investment plan. The plan is awaiting approval. Source
Plan framed as consensus with stakeholders: The CFO said the agreement reflects the company's ability to work with diverse parties to find consensus. Source
No Steam dollar amount or timing: The release gives no dollar amount, capital figure or approval date for the Steam plan. Source

Electrification, reliability and earnings base

Company positioned in electrification effort: The CEO said the company is at the center of one of the nation's largest electrification efforts, serving a region with unique needs and complex infrastructure. Source
Reliability remains the stated focus: The CEO said the company remains focused on world-class reliability while building the capacity and resilience New York needs to grow. Source
Earnings base to grow through upgrades: The CFO said strategic upgrades to energy delivery systems expand the earnings base and help maintain industry-leading reliability. Source

Coming up, as management said on 5 November 2026

Third-quarter Form 10-Q filing: The company's 2026 third-quarter Form 10-Q is being filed with the Securities and Exchange Commission. Source
Earnings presentation posted online: A third-quarter 2026 earnings release presentation will be available on the company website. Source
Year-end determination of excluded amounts: Amounts for MVP and Honeoye transaction costs and HLBV effects will not be determinable until year-end. Source

Figures management reported

Figure	Reported
Rate base growth, CECONY electric Source	$62 million, $0.17 a share, third quarter 2026 vs 2025
Rate base growth, CECONY gas Source	$29 million, $0.08 a share, nine months 2026 vs 2025
Rate case, O&R electric base rate increase Source	$11 million, $0.03 a share, third quarter 2026 vs 2025
Capital plan, climate resilience Source	approximately $797 million, 2026 through 2030

Risks management discussed

External: Management cited increasingly extreme weather as a risk to its equipment and customers, which drives the climate resilience spending. Source
Regulatory: The Steam business investment plan remains subject to regulatory approval, and the release gives no approval date. Source
Financial: Issuance of common shares diluted per-share earnings in the nine-month variance. Source

Earlier plans management reported on

Not stated: Management stated a plan for climate resilience investment over 2026 through 2030. The release gives no progress against it. Source
Not stated: Management said it remains focused on reliability. No measured status is given in the release. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

CON EDISON REPORTS 2026 THIRD QUARTER EARNINGS

NEW YORK - Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2026 third quarter net income of $766 million or $2.07 a share compared with $688 million or $1.91 a share in the 2025 third quarter. Adjusted earnings (non-GAAP) were $766 million or $2.07 a share in the 2026 period compared with $686 million or $1.90 a share in the 2025 period. Adjusted earnings and adjusted earnings per share in the 2025 period exclude accretion of the basis difference of Con Edison’s equity interest in Mountain Valley Pipeline, LLC (MVP).

For the first nine months of 2026, net income was $1,998 million or $5.44 a share compared with $1,726 million or $4.84 a share in the first nine months of 2025. Adjusted earnings were $1,864 million or $5.08 a share in the 2026 period compared with $1,718 million or $4.82 a share in the 2025 period. Adjusted earnings and adjusted earnings per share in the 2026 period exclude transaction costs associated with the strategic alternatives review of Con Edison’s equity interests in MVP and Honeoye Storage Corporation (Honeoye), the gain on the sale of Con Edison’s equity interest in MVP and the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments. Adjusted earnings and adjusted earnings per share in the 2026 and 2025 periods exclude accretion of the basis difference of Con Edison’s equity interest in MVP. Adjusted earnings and adjusted earnings per share in the 2025 period exclude adjustments to the gain and other impacts related to the sale of all of the stock of Con Edison’s former subsidiary, Con Edison Clean Energy Businesses, Inc. (the Clean Energy Businesses), in 2023.

“Con Edison is a durable, long-term investment, supported by consistent performance, financial strength, and our ability to navigate an evolving landscape,” said Tim Cawley, Chairman and CEO of Con Edison. “We’re at the center of one of the nation’s largest electrification efforts, serving a region with unique needs, complex infrastructure, and vital national assets. We remain focused on delivering world-class reliability to our customers while building the capacity and resilience New York needs to grow.

“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,” Cawley added. “Our robust capital investments modernize our system for customers’ changing energy needs while balancing customer costs and supporting stable returns for investors.”

“We see a bright future as we expand our earnings base with strategic upgrades to our energy delivery systems that help us maintain our industry-leading reliability and provide attractive, steady earnings opportunities,” said Kirk Andrews, Senior Vice President and CFO. “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.”

CON EDISON REPORTS 2026 THIRD QUARTER EARNINGS

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For the year of 2026, Con Edison expects its adjusted earnings per share (non-GAAP) to be in the range of $6.05 to $6.15 per share. Con Edison’s previous forecast was in the range of $6.00 to $6.20 per share. Adjusted earnings per share exclude the gain on the sale of Con Edison’s equity interest in MVP ($(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, the amounts of which will not be determinable until year-end. Accordingly, the company is unable to provide equivalent measures determined in accordance with generally accepted accounting principles in the United States of America (GAAP).

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 to adjusted earnings for the three and nine months ended September 30, 2026 and 2025. See Attachments B and C for the estimated effect of major factors resulting in variations in earnings per share and net income for the three and nine months ended September 30, 2026 compared to the respective 2025 periods.

The company’s 2026 Third Quarter Form 10-Q is being filed with the Securities and Exchange Commission. A third quarter 2026 earnings release presentation will be available at www.conedison.com (Select “For Investors” and then select “Press Releases”).

CON EDISON REPORTS 2026 THIRD QUARTER EARNINGS

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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.

Forward-looking statements notice

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 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 and net income per share, respectively, certain items that Con Edison does not consider indicative of its ongoing financial performance such as the gain on the sale of Con Edison’s equity interest in MVP, 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 interests in MVP and Honeoye and the effects of HLBV accounting for tax equity investments. Management uses these non-GAAP financial measures to facilitate the analysis of Con Edison’s financial performance as compared to its internal budgets and previous financial results and to communicate to investors and others Con Edison’s expectations regarding its future earnings and dividends on its common stock. Management believes that these non-GAAP financial measures are also useful and meaningful to investors to facilitate their analysis of Con Edison’s financial performance.

CON EDISON REPORTS 2026 THIRD QUARTER EARNINGS

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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 New York, Inc. (CECONY), a regulated utility providing electric service in New York City and New York’s Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile area in southeastern New York State and northern New Jersey; and Con Edison Transmission, Inc., a regulated company primarily under the oversight of the Federal Energy Regulatory Commission, that develops and owns interests in electric transmission projects.

Attachment A

	For the Three Months Ended				For the Nine Months Ended
	September 30,				September 30,
	Earnings per Share		Net Income (Millions of Dollars)		Earnings per Share		Net Income (Millions of Dollars)
	2026	2025	2026	2025	2026	2025	2026	2025
Reported earnings per share (basic) and net income (GAAP basis)	$2.07	$1.91	$766	$688	$5.44	$4.84	$1,998	$1,726
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (pre-tax)	-	-	-	-	-	-	-	-
Income taxes	-	-	-	-	-	-	-	(1)
Loss (gain) and other impacts related to the sale of the Clean Energy Businesses (net of tax)	-	-	-	-	-	-	-	(1)
Accretion of the basis difference of Con Edison's equity interest in MVP (pre-tax)	-	(0.01)	-	(3)	-	(0.02)	(3)	(9)
Income taxes (a)	-	-	-	1	-	-	1	2
Accretion of the basis difference of Con Edison's equity interest in MVP (net of tax)	-	(0.01)	-	(2)	-	(0.02)	(2)	(7)
Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye (pre-tax)	-	-	-	-	0.01	-	4	-
Income taxes (b)	-	-	-	-	-	-	(1)	-
Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye (net of tax)	-	-	-	-	0.01	-	3	-
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)	-	-	-	-	-	-	(1)	-
Income taxes	-	-	-	-	-	-	-	-
HLBV effects (net of tax)	-	-	-	-	-	-	(1)	-
Adjusted earnings per share and adjusted earnings (non-GAAP basis)	$2.07	$1.90	$766	$686	$5.08	$4.82	$1,864	$1,718

(a)The amount of income taxes was calculated using a combined federal and state income tax rate of 25% for the nine months ended September 30, 2026 and 21% for the three and nine months ended September 30, 2025.

(b)The amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the nine months ended September 30, 2026.

(c)The amount of income taxes was calculated using a combined federal and state income tax rate of 29% for the nine months ended September 30, 2026.

Attachment B

	Net Income (Net of Tax) (Millions of Dollars)	Earnings per Share
Variation for the Three Months Ended September 30, 2026 vs. 2025
CECONY (a)
Higher electric rate base	$62	$0.17
Higher income from allowance for equity funds used during construction	9	0.03
Lower operation and maintenance expense from health care costs	8	0.02
Dilutive effect of issuance of common shares	-	(0.05)
Other	1	-
Total CECONY	80	0.17
O&R (a)
Electric base rate increase	11	0.03
Higher electric and gas operation and maintenance expense	(5)	(0.01)
Other	(3)	(0.01)
Total O&R	3	0.01
Con Edison Transmission
Lower investment income primarily due to the sale of Con Edison's equity interest in MVP	(5)	(0.01)
Accretion of the basis difference of Con Edison's equity interest in MVP	(2)	(0.01)
Other	2	-
Total Con Edison Transmission	(5)	(0.02)
Other, including parent company expenses (b)
Total Other, including parent company expenses	-	-
Total Reported (GAAP basis)	$78	$0.16
Accretion of the basis difference of Con Edison's equity interest in MVP	2	0.01
Total Adjusted (Non-GAAP basis)	$80	$0.17
(a)Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations. (b)Other includes the parent company, Con Edison's tax equity investments and consolidation adjustments.

Attachment C

	Net Income (Net of Tax) (Millions of Dollars)	Earnings per Share
Variation for the Nine Months Ended September 30, 2026 vs. 2025
CECONY (a)
Higher electric rate base	$99	$0.27
Higher gas rate base	29	0.08
Higher income from allowance for equity funds used during construction	15	0.04
Dilutive effect of issuance of common shares	-	(0.14)
Other	(1)	-
Total CECONY	142	0.25
O&R (a)
Electric base rate increase	19	0.05
Gas base rate increase	5	0.01
Higher interest expense on long-term debt	(8)	(0.02)
Higher electric and gas operation and maintenance expense	(5)	(0.01)
Other	(2)	(0.01)
Total O&R	9	0.02
Con Edison Transmission
Gain on the sale of Con Edison's equity interest in MVP	134	0.37
Accretion of the basis difference of Con Edison's equity interest in MVP	(5)	(0.02)
Transaction costs associated with strategic alternatives review of Con Edison's equity interests in MVP and Honeoye	(3)	(0.01)
Other	(1)	(0.01)
Total Con Edison Transmission	125	0.33
Other, including parent company expenses (b)
Higher other interest expense	(1)	-
Loss and other impacts related to the sale of the Clean Energy Businesses	(1)	-
HLBV effects	1	-
Other	(3)	-
Total Other, including parent company expenses	(4)	-
Total Reported (GAAP basis)	$272	$0.60
Gain on the sale of Con Edison's equity interest in MVP	(134)	(0.37)
HLBV effects	(1)	-
Accretion of the basis difference of Con Edison's equity interest in MVP	5	0.02
Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye	3	0.01
Loss and other impacts related to the sale of the Clean Energy Businesses	1	-
Total Adjusted (Non-GAAP basis)	$146	$0.26
(a)Under the revenue decoupling mechanisms in the Utilities’ New York electric and gas rate plans, revenues are generally not affected by changes in delivery volumes from levels assumed when rates were approved. The Utilities' gas and CECONY’s steam sales are subject to a weather normalization clause, as a result of which, delivery revenues reflect normal weather conditions during the heating season. In general, the Utilities recover on a current basis the fuel, gas purchased for resale and purchased power costs they incur in supplying energy to their full-service customers. Accordingly, such costs do not generally affect Con Edison’s results of operations. (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.

Contacts
Media Relations
Consolidated Edison, Inc.
212 460 4111 (24 hours)
4 Irving Place
New York, NY 10003 www.conEdison.com
November 5, 2026
Allan Drury · 212-460-4111