Consolidated Edison Q2 Earnings Top Estimates, Revenues Rise Y/Y

Consolidated Edison, Inc. ED reported second-quarter 2026 adjusted earnings of 83 cents per share, which beat the Zacks Consensus Estimate of 74 cents by 12.2%. The bottom line improved 23.9% from 67 cents in the prior-year quarter. Higher electric and gas rate bases at CECONY supported the improvement.

ED’s Q2 Revenue Discussion

Revenues of $4.07 billion increased 13.2% year over year and beat the Zacks Consensus Estimate of $3.75 billion by 8.7%. Con Edison’s total average rate base was $47.34 billion as of June 30, 2026.

CECONY generated operating revenues of $3.81 billion, up 13.9% from $3.34 billion in the second quarter of 2025. Net income for common stock jumped 33.3% to $296 million from $222 million.

O&R revenues increased 3.5% to $263 million from $254 million, while net income remained unchanged at $8 million. Con Edison Transmission reported net income of $7 million compared with $10 million a year earlier.

ED’s Segmental Details

Electric revenues totaled $3.14 billion, up 13.0% from $2.78 billion in the year-ago period. Gas revenues increased 14.1% to $811 million from $711 million.

Steam revenues rose 11.3% year over year to $118 million. The Non-utility segment generated revenues of $1 million, which remained unchanged from the prior-year quarter’s level. Overall, growth across ED’s electric, gas and steam businesses supported the year-over-year increase in consolidated revenues, while non-utility revenues remained stable.

ED: Highlights of the Release

Total operating expenses increased 8.5% year over year to $3.52 billion, trailing the pace of revenue growth. Purchased power costs rose 29.0% to $837 million, while fuel expenses more than doubled to $56 million. Taxes other than income taxes increased 9.3% to $977 million.

Other operations and maintenance expenses declined 1.1% to $913 million, and gas purchased for resale fell 8.8% to $156 million. Depreciation and amortization expenses were nearly flat at $578 million. Consequently, operating income surged 55.5% to $552 million from $355 million.

ED’s Financials

Cash and temporary cash investments totaled $1.47 billion as of June 30, 2026, compared with $1.63 billion at the end of 2025. Long-term debt increased to $26.84 billion from $25.55 billion over the same period.

Cash flow from operating activities was $1.97 billion during the first six months of 2026, down 30.0% year over year.

ED’s 2026 Guidance

Consolidated Edison has reaffirmed its 2026 guidance. It expects adjusted earnings to be in the range of $6.00-$6.20 per share. The Zacks Consensus Estimate for 2026 earnings is pegged at $6.09 per share, which is lower than the midpoint of the company’s guided range.

The company expects capital investments of nearly $38 billion during the 2026-2030 period.

ED’s Zacks Rank

Consolidated Edison currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

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