01—Abstract
Summary
Summary of the 10-Q filed November 5, 2026. Cited figures are marked; the original filing is the authoritative source.
Consolidated Edison, Inc. (ED) reported solid financial results for the nine months ended September 30, 2026.
Total operating revenues increased to $14.078 billiona, a 9% rise compared to the same period in 2025, driven primarily by electric and gas revenue growth. Net income rose to $1.998 billion, a 15.7% increase year-over-year, resulting in diluted earnings per share of $5.42, up from $4.83 in the prior year. This performance was bolstered by a significant gain on the sale of equity interest in Mountain Valley Pipeline, LLC, contributing $189 million before taxes.
Operating expenses also saw an increase, largely due to higher purchased power and fuel costs. The company continues to invest heavily in utility capital expenditures, totaling $4.051 billionb for the nine months ended September 30, 2026, a notable increase from the previous year, reflecting ongoing infrastructure improvements and grid modernization efforts. Despite increased operating expenses and capital investments, Con Edison maintained a strong common equity ratio of 49.5% as of September 30, 2026, indicating a robust capital structure.
02—Key points
Key Highlights
- Total operating revenues for the nine months ended September 30, 2026, increased by 9% to $14.078 billion, compared to $12.924 billion in the prior year.
- Net income for the nine months ended September 30, 2026, grew by 15.7% to $1.998 billion, from $1.726 billion in the same period of 2025.
- Diluted earnings per share (EPS) for the nine months ended September 30, 2026, were $5.42, an increase from $4.83 in the prior year.
- The company recorded a gain of $189 million on the sale of its equity interest in Mountain Valley Pipeline, LLC during the first nine months of 2026.
- Utility capital expenditures for the nine months ended September 30, 2026, increased significantly to $4.051 billion, compared to $3.460 billion in the prior year.
- Con Edison maintained a strong common equity ratio of 49.5% as of September 30, 2026, indicating a healthy financial structure.
- The company's balance sheet shows total assets of $77.190 billion as of September 30, 2026, with total liabilities and shareholders' equity of the same amount.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2026filed November 5, 2026Financial Statements
Q3 FY2026 against Q3 FY2025
| Line item | Q3 FY2026Q3 FY2025 | Change |
|---|---|---|
| Revenue | $4.86B$4.57B | +6.5% |
| Operating Expenses | $3.74B$3.56B | +5.1% |
| Operating Income | $1.17B$968.00M | +20.9% |
| Interest Expense | $326.00M$309.00M | +5.5% |
| Net Income | $766.00M$688.00M | +11.3% |
| EPS (Basic) | $2.07$1.91 | +8.4% |
| EPS (Diluted) | $2.06$1.90 | +8.4% |
| Shares Outstanding (Basic) | 370.10M360.70M | +2.6% |
| Shares Outstanding (Diluted) | 371.70M361.90M | +2.7% |
05—Questions
Frequently Asked Questions
What drove the increase in operating revenues?
Operating revenues increased primarily due to higher electric and gas revenues. For the nine months ended September 30, 2026, electric revenues were $10.573 billion, up from $9.718 billion in the prior year, and gas revenues were $2.890 billion, up from $2.686 billion.
How did the gain from the sale of the Mountain Valley Pipeline interest impact net income?
The gain on the sale of the equity interest in Mountain Valley Pipeline, LLC was $189 million before income taxes, contributing positively to the overall net income for the nine months ended September 30, 2026. This gain was a significant factor in the year-over-year increase in net income.
What is the company's outlook regarding capital expenditures?
Con Edison is significantly increasing its investment in utility capital expenditures, with $4.051 billion spent in the first nine months of 2026, up from $3.460 billion in the same period of 2025. This reflects ongoing investment in infrastructure, reliability, and clean energy initiatives. The company has also updated its capital requirements forecast for the coming years, indicating continued significant investment.
Are there any significant regulatory developments impacting the company?
Yes, CECONY has entered into a joint proposal for a steam rate plan for the period November 2026 through October 2029, which is subject to NYSPSC approval. RECO received approval for an electric rate increase effective July 1, 2026. Additionally, new legislation in New York State (Chapter 58 of the Laws of 2026) introduces new requirements for utility rate cases, focusing on affordability and limiting revenue increases.
06—Continue