Consolidated Edison (ED) Q3 2026 earnings summary

Executive summary

• Q3 net income was $766M and adjusted EPS was $2.07, versus $688M and $1.90 in Q3 2025; 2026 adjusted EPS guidance narrowed to $6.05–$6.15.

• Nine-month net income was $1.998B and adjusted earnings were $1.864B; reported results included a $134M after-tax gain from the MVP sale.

• Priorities include reliable earnings growth, infrastructure investment, system reliability, and affordability amid electrification and changing energy needs.

Financial highlights

• Q3 revenue was $4.913B versus $4.530B, and operating income was $1.170B versus $968M year over year.

• Nine-month revenue was $14.078B versus $12.924B, and operating income was $2.900B versus $2.448B.

• Nine-month adjusted EPS was $5.08 versus $4.82; adjusted earnings rose $146M year over year after specified exclusions.

• Nine-month operating cash flow was $2.825B versus $3.320B; utility capital expenditures were $4.051B versus $3.460B.

Outlook and guidance

• 2026 adjusted EPS guidance narrowed to $6.05–$6.15 from $6.00–$6.20; it excludes MVP sale gains, basis-difference accretion, strategic review costs, and HLBV effects.

• Average investment earnings base is forecast to reach $71.393B in 2030, with a stated five-year CAGR of 8.7%.

• Estimated capital requirements for 2027–2029 were reduced to $7.489B, $7.877B, and $8.546B, respectively; utility capital investment forecasts are $8.571B in 2027 and $8.588B in 2028.

• CECONY forecasts New York City electric reliability needs of 125 MW from 2033, rising to 675 MW by 2036; proposed storage and clean-energy procurement are subject to approval.

• CECONY's three-year steam rate proposal covers November 2026–October 2029, with requested base-rate changes of $13M, $42M, and $39M by year; approval is pending.