Track market-moving stories before they get noisy

, /PRNewswire/ -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2026 second quarter 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 (non-GAAP) were $308 million or $0.83 a share in the 2026 period compared with $240 million or $0.67 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 Mountain Valley Pipeline, LLC (MVP) and Honeoye Storage Corporation (Honeoye). Adjusted earnings and adjusted earnings per share in the 2026 and 2025 periods exclude the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments. Adjusted earnings and adjusted earnings per share in the 2025 period exclude accretion of the basis difference of Con Edison's equity interest in MVP, adjustments to the gain and other impacts related to the sale of all of the stock of its former subsidiary, Con Edison Clean Energy Businesses, Inc. (the Clean Energy Businesses) in 2023.

For the first six months of 2026, 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. Adjusted earnings were $1,098 million or $3.00 a share in the 2026 period compared with $1,032 million or $2.91 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, the gain on the sale of Con Edison's equity interest in MVP and the effects of 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 the Clean Energy Businesses in 2023.

"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," said Tim Cawley, Chairman and CEO of Con Edison. "We are investing to further strengthen reliability and system resilience, including preparing our network for periods of extreme heat, and redoubling our efforts to keep our service affordable for all customers while continuing to support New York's clean energy transition. Our targeted investments benefit our customers, support economic growth, and provide a foundation for stable, long-term returns for investors."

"Our second-quarter results reflect the strength and resilience of our business and reinforce confidence in our long-term strategy," said Kirk Andrews, Senior Vice President and CFO of Con Edison. "Year-to-date results continue to be in line with expectations. Our vibrant market and the growing momentum for the electrification of buildings and transportation support our confidence that we will provide solid shareholder value for years to come. We expect to have 28 new substations in service by 2035, along with tens of billions of dollars in other capital investments we plan to make to meet our customers' need for energy."

For the year of 2026, Con Edison reaffirmed its adjusted earnings per share (non-GAAP) to be in the range of $6.00 to $6.20 per share. Adjusted earnings per share excludes the gain on the sale of Con Edison's equity interest in MVP ($(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, 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 for common stock to adjusted earnings for the three and six months ended June 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 common stock for the three and six months ended June 30, 2026 compared to the respective 2025 periods.

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

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.

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 for common stock 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 for common stock 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.

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 invests in electric transmission projects and owns interests in electric assets.

Attachment A

For the Three Months Ended

For the Six Months Ended

June 30,

June 30,

Earnings

per Share

Net Income for
Common Stock

(Millions of
Dollars)

Earnings

per Share

Net Income for
Common Stock

(Millions of
Dollars)

2026

2025

2026

2025

2026

2025

2026

2025

Reported earnings per share (basic) and net income for common stock (GAAP basis)

$0.83

$0.68

$308

$246

$3.37

$2.93

$1,232

$1,038

Loss and other impacts related to the sale of the Clean Energy Businesses in 2025 (pre-tax)

—

—

—

—

—

—

—

—

Income taxes

—

—

—

(1)

—

—

—

(1)

Loss and other impacts related to the sale of the Clean Energy Businesses in 2025 (net of tax)

—

—

—

(1)

—

—

—

(1)

Accretion of the basis difference of Con Edison's equity interest in MVP (pre-tax)

—

(0.01)

—

(3)

(0.01)

(0.02)

(3)

(6)

Income taxes (a)

—

—

—

1

—

—

1

1

Accretion of the basis difference of Con Edison's equity interest in MVP (net of tax)

—

(0.01)

—

(2)

(0.01)

(0.02)

(2)

(5)

Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye (pre-tax)

—

—

1

—

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)

—

—

1

—

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)

(4)

—

—

(1)

—

Income taxes (d)

—

—

—

1

—

—

—

—

HLBV effects (net of tax)

—

—

(1)

(3)

—

—

(1)

—

Adjusted earnings per share and adjusted earnings (non-GAAP basis)

$0.83

$0.67

$308

$240

$3.00

$2.91

$1,098

$1,032

(a) 

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

(b) 

The amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the three and six months ended June 30, 2026.

(c) 

The amount of income taxes was calculated using a combined federal and state income tax rate of 29% for the six months ended June 30, 2026.

(d) 

The amount of income taxes was calculated using a combined federal and state income tax rate of 26% for the three and six months ended June 30, 2026 and 23% for the three months ended June 30, 2025.

Attachment B

Variation for the Three Months Ended June 30, 2026 vs. 2025

Net Income for
Common Stock
(Net of Tax) 
(Millions of
Dollars)

Earnings

per Share

CECONY (a)

Higher electric rate base and timing of billing of rate increase

$25

$0.07

Higher gas rate base and timing of billing of rate increase

23

0.06

Lower other interest expense

9

0.03

Lower electric operations and maintenance expense

9

0.02

Higher income from allowance for funds used during construction

4

0.01

Dilutive effect of issuance of common shares

—

(0.02)

Other

4

0.01

Total CECONY

74

0.18

O&R (a)

Electric base rate increase

3

0.01

Gas base rate increase

2

—

Higher interest expense on long-term debt

(3)

(0.01)

Other

(2)

—

Total O&R

—

—

Con Edison Transmission

Accretion of the basis difference of Con Edison's equity interest in MVP

(2)

(0.01)

Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye

(1)

—

Total Con Edison Transmission

(3)

(0.01)

Other, including parent company expenses (b)

Higher other interest expense

(2)

(0.01)

HLBV effects

(2)

—

Loss and other impacts related to the sale of the Clean Energy Businesses in 2025

(1)

—

Higher income tax expense

(1)

—

Other

(3)

(0.01)

Total Other, including parent company expenses

(9)

(0.02)

Total Reported (GAAP basis)

$62

$0.15

Accretion of the basis difference of Con Edison's equity interest in MVP

2

0.01

HLBV effects

2

—

Loss and other impacts related to the sale of the Clean Energy Businesses in 2025

1

—

Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye

1

—

Total Adjusted (Non-GAAP basis)

$68

$0.16

(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 and consolidation adjustments.

Attachment C

Variation for the Six Months Ended June 30, 2026 vs. 2025

Net Income for
Common Stock
(Net of Tax)
  (Millions of
Dollars)

Earnings

per Share

CECONY (a)

Higher electric rate base

33

0.09

Higher gas rate base

26

0.07

Higher income from allowance for funds used during construction

6

0.02

Dilutive effect of issuance of common shares

—

(0.09)

Other

(3)

(0.01)

Total CECONY

62

0.08

O&R (a)

Electric base rate increase

8

0.02

Gas base rate increase

4

0.01

Higher interest expense on long-term debt

(6)

(0.02)

Total O&R

6

0.01

Con Edison Transmission

Gain on the sale of Con Edison's equity interest in MVP

134

0.37

Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye

(3)

(0.01)

Accretion of the basis difference of Con Edison's equity interest in MVP

(3)

(0.01)

Other

2

0.01

Total Con Edison Transmission

130

0.36

Other, including parent company expenses (b)

Higher income tax expense

(3)

(0.01)

Higher other interest expense

(2)

(0.01)

Loss and other impacts related to the sale of the Clean Energy Businesses in 2025

(1)

—

HLBV effects

1

—

Other

1

0.01

Total Other, including parent company expenses

(4)

(0.01)

Total Reported (GAAP basis)

$194

$0.44

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

3

0.01

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 in 2025

1

—

Total Adjusted (Non-GAAP basis)

$66

$0.09

(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.

SOURCE Consolidated Edison, Inc.

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Consolidated Edison, Inc. (Con Edison) (NYSE: ED) declared a quarterly dividend of 88.75 cents a share on its common stock, payable September 15, 2026 to stockholders of record as of August 19, 2026.

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 invests in electric transmission projects and owns interests in both electric and gas assets.

SOURCE Consolidated Edison, Inc.

Also from this source

© Bet_Noire / Getty Images

Few stocks earn their place in a retiree’s portfolio the way Consolidated Edison (NYSE:ED | ED Price Prediction) has. The New York utility delivers electricity, gas, and steam to roughly 3.7 million electric customers across the country’s busiest commercial district and just notched its 52nd consecutive year of dividend increases. Is that streak built to last another decade?

Dividend Snapshot Metric Value Annual Dividend $3.55 per share Dividend Yield 3.17% Consecutive Years of Increases 52 years Most Recent Increase 4.4% (January 2026) Dividend King Status Yes Payout Ratios Leave Room, but Free Cash Flow Is the Catch Con Ed paid $1.166 billion in dividends in 2025 against $4.8 billion in operating cash flow, an OCF payout ratio of just 24.3%. On an earnings basis, the $5.93 trailing EPS easily covers the $3.55 payout, and management’s 2026 adjusted EPS guidance of $6.00 to $6.20 drops the forward earnings payout ratio near 58%.

Metric Value Assessment Earnings Payout Ratio (TTM) ~60% Healthy Forward Earnings Payout Ratio ~58% Healthy OCF Coverage 4.1x Strong The catch: capex hit $4.764 billion in 2025, leaving free cash flow flat and historically negative. Like every regulated utility, Con Ed funds growth with fresh debt and equity, which is why the FCF payout ratio is not a clean signal here.

Leverage Is Elevated and Moody’s Is Watching Metric Value Assessment Total Liabilities / Equity $50.4B / $24.2B Aggressive (utility norm) EV/EBITDA 10.47x Manageable Cash on Hand (Q1 2026) $147M Thin Credit Outlook Moody’s Negative Watch item Con Ed is funding its $6.6 billion 2026 capex plan with up to $1.1B in common equity and $3.2B in long-term debt. That dilution is the price retirees pay for grid investment.

The Streak: 52 Years and Counting Year Annual Dividend 2026 $3.55 2025 $3.40 2024 $3.32 2023 $3.24 2022 $3.16 The 5-year CAGR sits near 3%, barely ahead of the recent CPI run rate. The 2026 hike of 4.4% is the largest in years.

Management Sounds Confident on the Investment Cycle CEO Tim Cawley framed the setup on the Q1 2026 call: “Our first-quarter results reflect the strength and durability of our regulated businesses, with reaffirmed adjusted earnings per share guidance driven by continued operational excellence and industry-leading reliability.” Reaffirmed guidance after a Q1 EPS miss signals confidence. The dividend isn’t in question.

The Verdict: Safe With Caveats Dividend Safety Rating: Safe. A 58% forward payout ratio, an 8.8% rate base CAGR through 2030, and 52 years of raises make a cut unlikely. Con Ed works for income if you want New York regulated cash flows and a yield that beats most bond ladders after tax. The risk to monitor: if rates stay near 4.49% on the 10-year and Moody’s downgrades, equity dilution would accelerate. For a retiree’s core income sleeve, this dividend earns its keep.