NEW YORK – November 05, 2026 -- Consolidated Edison (NYSE: ED) reported third-quarter 2026 net income of $766 million, or $2.07 a share, up from $688 million, or $1.91 a share, a year earlier, and narrowed its full-year adjusted earnings forecast to $6.05-$6.15 a share.
Adjusted quarterly earnings climb 12% year on year
Third-quarter adjusted earnings (non-GAAP) were $766 million, or $2.07 a share, against $686 million, or $1.90 a share, in the 2025 quarter. That is roughly 12% growth in adjusted earnings and 9% in adjusted earnings per share. The 2025 figures exclude accretion of the basis difference of Con Edison's equity interest in Mountain Valley Pipeline, LLC (MVP).
Nine-month net income reaches $1,998 million on MVP sale gain
For the first nine months of 2026, net income was $1,998 million, or $5.44 a share, compared with $1,726 million, or $4.84 a share, in the same period of 2025. Adjusted earnings were $1,864 million, or $5.08 a share, versus $1,718 million, or $4.82 a share.
The gap between reported and adjusted results comes from items excluded in 2026: the gain on the sale of Con Edison's MVP equity interest, transaction costs from the strategic alternatives review of its MVP and Honeoye Storage Corporation interests, and hypothetical liquidation at book value (HLBV) accounting effects for tax equity investments. Both years also exclude MVP basis-difference accretion. The 2025 period additionally excludes adjustments tied to the 2023 sale of Con Edison Clean Energy Businesses, Inc.
Con Edison tightens 2026 adjusted EPS range to $6.05-$6.15
The company narrowed its 2026 adjusted EPS forecast from $6.00-$6.20. Both ranges share a $6.10 midpoint. The guidance excludes the MVP sale gain ($0.37 a share after tax) and MVP accretion ($0.01 a share after tax). Transaction costs and HLBV effects will not be determinable until year-end, so Con Edison cannot provide equivalent GAAP measures.
Utility earmarks $797 million for climate resilience through 2030
Chairman and CEO Tim Cawley said Con Edison plans to invest approximately $797 million in climate resilience from 2026 through 2030 to protect equipment and customers from increasingly extreme weather. He described the utility as being at the center of "one of the nation's largest electrification efforts." Cawley said the capital program modernizes the system for changing energy needs while balancing customer costs and supporting stable investor returns.
Steam investment plan awaits regulatory approval
CFO Kirk Andrews said Con Edison has reached agreement with its regulator and other stakeholders on a new investment plan for its Steam business. The plan is awaiting approval. Andrews tied upgrades to the energy delivery systems to expansion of the company's earnings base.
The company is filing its third-quarter 2026 Form 10-Q with the U.S. Securities and Exchange Commission. Con Edison's regulated units include Consolidated Edison Company of New York, Inc. and Orange and Rockland Utilities, Inc., which serves a 1,300-square-mile area across southeastern New York State and northern New Jersey.