ED — Q2 2026 Financial Report Analysis

Overview

Consolidated Edison (Con Edison), the holding company for the regulated utility serving New York City and Westchester (CECONY) plus Orange & Rockland (O&R) north of the city, earned $308 million, or $0.83 per diluted share, in the second quarter of 2026. A year earlier it earned $246 million, or $0.68. Nearly all of the $62 million increase came from CECONY. It is now earning a return on a larger asset base under its electric and gas rate plans, and the rate increases that took effect in January are being billed.

Revenue rose 13.2% to $4,069 million, but most of that increase is energy cost passed through to customers, not profit. The largest single item in CECONY's $353 million electric revenue increase is $185 million of higher purchased-power costs. The utility buys that power on the wholesale market and recovers it from customers at cost, so the same amount also shows up as an expense. Under New York's rate plans, profit comes from the return the regulator allows on the utility's invested capital (its "rate base"), not from how much energy it sells.

This quarter has no one-off items to strip out. The company's non-GAAP "adjusted" EPS is also $0.83, against an adjusted $0.67 a year earlier, according to the August 6, 2026 earnings release (Form 8-K, Exhibit 99.1). The first-half comparison is different. GAAP profit for the six months includes a $134 million after-tax gain ($0.37 a share) from selling the 6.6% stake in Mountain Valley Pipeline (MVP) in the first quarter, so first-half GAAP EPS of $3.36 overstates the underlying trend.

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