10-QPeriod: Q1 FY2026

CONSOLIDATED EDISON INC Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 7, 2026For Securities:ED

Summary

Consolidated Edison, Inc. (ED) reported solid financial results for the first quarter of 2026, driven by its regulated utility operations (CECONY and O&R) and transmission segment. The company experienced a significant increase in net income for common stock, largely attributed to a substantial gain from the sale of its equity interest in Mountain Valley Pipeline, LLC (MVP). Operating revenues saw a healthy increase, particularly from CECONY's electric and gas segments, supported by higher rates and increased customer volumes. While the company navigates challenges such as aged accounts receivable and evolving regulatory landscapes, its strategic focus on reliable, resilient, and clean energy investments for its New York and New Jersey customers remains a key priority. Con Edison continues to invest in infrastructure to meet clean energy goals and maintain system reliability, while also actively managing financial risks like interest rate fluctuations. The company's robust liquidity position and established credit facilities provide a stable foundation for ongoing operations and future growth initiatives.

Financial Highlights

41 data points
Beta

Revenue

$5.23B

Net Income

$924.00M

17.7% Net Margin

EPS (Diluted)

$2.54

Total Assets

$74.74B

Cash & Equivalents

$147.00M

Free Cash Flow

$174.00M

Financial Statements
Beta
Revenue$5.23B
Operating Expenses$3.92B
Operating Income$1.18B
Interest Expense$308.00M
Net Income$924.00M
EPS (Basic)$2.55
EPS (Diluted)$2.54
Shares Outstanding (Basic)363.00M
Shares Outstanding (Diluted)364.40M

Key Highlights

  • 1Net income for common stock increased significantly to $924 million for Q1 2026, up from $791 million in Q1 2025, boosted by a $134 million gain from the sale of the MVP equity interest.
  • 2Operating revenues grew to $5,095 million in Q1 2026, compared to $4,798 million in Q1 2025, reflecting increases in CECONY and O&R's utility businesses.
  • 3CECONY's electric operations saw a $45 million increase in operating income, driven by higher revenues and effective management of purchased power and fuel costs.
  • 4CECONY's gas operations experienced a $19 million decrease in operating income, primarily due to higher gas purchased for resale costs, despite an increase in operating revenues.
  • 5O&R's electric operations showed a strong increase in operating income by $9 million, supported by higher revenues and purchased power volumes.
  • 6Con Edison Transmission completed the sale of its MVP equity interest for $358 million, contributing significantly to investing activities and overall financial performance.
  • 7The company's common equity ratio remains strong, standing at 50.0% for Con Edison and 49.3% for CECONY at March 31, 2026, indicating a healthy balance sheet.

Frequently Asked Questions

The primary driver of the increase in net income for Con Edison in the first quarter of 2026 was the substantial gain of $134 million from the sale of its equity interest in Mountain Valley Pipeline, LLC (MVP).

Aged accounts receivable balances, representing outstanding balances over 60 days, have impacted and are expected to continue to impact the Companies' liquidity. Con Edison is implementing an integrated collections strategy to mitigate this issue.

Key regulatory developments include new cybersecurity regulations from the NYSPSC effective June 1, 2026, requiring enhanced cybersecurity programs. Additionally, there are ongoing discussions and legislative activity regarding energy affordability and clean energy goals which could impact future financial conditions.

Con Edison manages interest rate risk primarily through the issuance of mostly fixed-rate debt with varying maturities and opportunistic refinancing. The company estimates that a 10% increase in interest rates on variable rate debt would result in a modest increase in annual interest expense.