Consolidated Edison | 8-K: FY2026 Q2 EPS Beats Estimate at USD 0.83

EPS: As of FY2026 Q2, the actual value is USD 0.83, beating the estimate of USD 0.7453.

Second Quarter 2026 Financial Performance

Consolidated Edison, Inc. reported Net Income for Common Stock of $308 million for the second quarter of 2026, compared to $246 million in the 2025 second quarter. Adjusted Earnings (non-GAAP) were $308 million, compared to $240 million in the 2025 period.

First Six Months 2026 Financial Performance

Net Income for Common Stock was $1,232 million for the first six months of 2026, compared to $1,038 million in the first six months of 2025. Adjusted Earnings were $1,098 million, compared to $1,032 million in the 2025 period.

Factors Affecting Net Income for Common Stock (Net of Tax) - Three Months Ended June 30, 2026 vs. 2025

CECONY saw a total increase of $74 million. O&R had a total net change of $0 million. Con Edison Transmission experienced a total decrease of - $3 million. Other, including parent company expenses, showed a total decrease of - $9 million. The Total Reported (GAAP basis) increase was $62 million.

Factors Affecting Net Income for Common Stock (Net of Tax) - Six Months Ended June 30, 2026 vs. 2025

CECONY experienced a total increase of $62 million. O&R had a total increase of $6 million. Con Edison Transmission saw a total increase of $130 million. Other, including parent company expenses, showed a total decrease of - $4 million. The Total Reported (GAAP basis) increase was $194 million.

Operating Results (Three Months Ended June 30, 2026)

Total Operating Revenues were $4,069 million, including $3,805 million from CECONY, $263 million from O&R, and $1 million from Con Edison Transmission. Total Operating Expenses were $3,517 million, comprising $3,266 million for CECONY, $247 million for O&R, and $2 million for Con Edison Transmission, with depreciation and amortization accounting for $578 million. Operating Income was $552 million, with CECONY contributing $539 million, O&R contributing $16 million, and Con Edison Transmission reporting an operating loss of - $1 million. Interest Expense was $314 million, with CECONY at $294 million and O&R at $18 million. Income Tax Expense was $100 million, including $98 million for CECONY and $3 million for Con Edison Transmission, while ‘Other’ reported an income tax benefit of - $1 million.

Operating Results (Six Months Ended June 30, 2026)

Total Operating Revenues were $9,164 million, including $8,459 million from CECONY and $704 million from O&R. Total Operating Expenses were $7,434 million, comprising $6,813 million for CECONY and $612 million for O&R, with depreciation and amortization accounting for $1,150 million. Operating Income was $1,730 million, with CECONY contributing $1,646 million, O&R contributing $92 million, and Con Edison Transmission reporting an operating loss of - $3 million. The Gain on Sale of Interest in MVP was $189 million. Interest Expense was $622 million, with CECONY at $580 million and O&R at $36 million. Income Tax Expense was $403 million, including $329 million for CECONY and $62 million for Con Edison Transmission, while ‘Other’ reported an income tax benefit of - $4 million.

Operations and Maintenance Expenses (CECONY and O&R)

Actual O&M expenses for 2025 were $2,211 million. The 2026E Forecast is $2,329 million, with 2026 YTD Actuals at $1,153 million.

Capital Investments

Actual capital investments for 2025 were $4,946 million. Forecasted capital investments are $6,533 million for 2026E, $6,592 million for 2027E, $6,939 million for 2028E, $8,524 million for 2029E, and $8,571 million for 2030E.

Rate Base Balances

Actual rate base balance for 2025 was $46,352 million. Forecasted rate base balances are $48,957 million for 2026E and $67,154 million for 2030E. The Average Investment Earnings Base showed an 8.8% five-year CAGR.

Financing Activities (Six Months Ended June 30, 2026)

Net Cash Flows from Operating Activities were $1,971 million, including $1,766 million for CECONY and $143 million for O&R. Net Cash Flows from Investing Activities were - $2,354 million, including - $2,449 million for CECONY and - $232 million for O&R, offset by $328 million for Con Edison Transmission. Net Cash Flows from Financing Activities were $223 million, including $520 million for CECONY and $94 million for O&R, offset by - $332 million for Con Edison Transmission and - $59 million for ‘Other’. Consolidated Edison, Inc. issued 7,000,000 common shares for approximately $776 million in March 2026 and 1,018,307 shares for approximately $108 million in June 2026. CECONY issued $1,300 million in long-term debt during the second quarter of 2026.

Dividends

Consolidated Edison, Inc. declared a quarterly dividend of 88.75 cents per share on its common stock on July 16, 2026. The company has achieved 52 consecutive years of dividend increases, with a 4.4% annualized dividend increase in 2026 and a CAGR of 5.56%.

Operational Metrics

CECONY electric customer bills are $228 less annually (16% lower) than the peer average and $276 less annually (20% lower) than the peer median, contributing to customer affordability. In 2025, over 500,000 income-eligible customers in New York and New Jersey received $268 million in bill discounts, demonstrating customer support efforts. Electrification growth included new buildings in CECONY’s service territory showing a 20% to 25% increase in electric demand requests, and 20 MW of fast-charging capacity installed in 2025, an 18% growth from 2024 installations. Substation projections indicate 9 new substations for CECONY and 19 for O&R from 2026 to 2035. Smart meters are projected to result in $3.2 billion in net savings over their lifetime. Strategic sourcing realized benefits of $10.8 million in 2025 from negotiated rebates. Customer Accounts Receivables (Aged, >60 days) for CECONY were $1,385 million and for O&R were $31 million as of June 30, 2026, compared to $408 million for CECONY and $15 million for O&R as of February 28, 2020.

Outlook / Guidance

Consolidated Edison, Inc. reaffirmed its adjusted earnings per share (non-GAAP) guidance for 2026 to be in the range of $6.00 to $6.20 per share. The company forecasts significant capital investments, increasing from $6,533 million in 2026 to $8,571 million in 2030, and expects its average rate base to grow from $48,957 million in 2026 to $67,154 million in 2030. Consolidated Edison, Inc. plans common equity issuances of up to $1,100 million in 2026, up to $1,200 million in 2027, and up to $3,300 million from 2028-2030, alongside long-term debt issuances totaling up to $16,100 million over the same period.