Con Edison Q3 Profit Rises to $766 Million as Guidance Tightens

Con Edison reported third-quarter net income of $766 million, or $2.07 per share, on November 5, 2026, up from $688 million, or $1.91 per share, in the 2025 third quarter. The company also narrowed its full-year adjusted earnings-per-share forecast, while a higher electric rate base and utility rate increases underpinned the quarterly improvement.

The company’s adjusted earnings matched reported net income in the 2026 quarter. The comparable 2025 measure was $686 million, or $1.90 per share, excluding accretion of the basis difference in Con Edison’s equity interest in Mountain Valley Pipeline. Con Edison uses adjusted earnings to exclude items it does not consider indicative of ongoing financial performance.

Consolidated Edison (ED ) Company of New York accounted for an $80 million year-over-year improvement in net income. A higher electric rate base contributed $62 million, higher income from allowance for equity funds used during construction added $9 million, and lower health-care operation and maintenance expense added $8 million. Common-share issuance had a $0.05-per-share dilutive effect, partly limiting how much of the utility’s improvement reached per-share earnings.

Orange and Rockland Utilities contributed a $3 million improvement. An $11 million benefit from an electric base-rate increase was partly offset by $5 million of higher electric and gas operation and maintenance expense and $3 million of other negative effects. Con Edison Transmission recorded a $5 million decline, including $5 million of lower investment income primarily resulting from the sale of the Mountain Valley Pipeline interest.

The rate-plan structure helps explain those drivers. Under the utilities’ New York electric and gas rate plans, revenue-decoupling mechanisms generally insulate revenues from delivery-volume changes relative to the levels assumed when rates were approved. Fuel, gas purchased for resale and purchased-power costs for full-service customers are generally recovered on a current basis and therefore generally do not affect operating results. The earnings increase consequently reflects rate bases, rates and costs rather than simply higher energy deliveries.

Pipeline Gain Shapes Nine-Month Results

For the first nine months of 2026, reported net income was $1.998 billion, or $5.44 per share, compared with $1.726 billion, or $4.84 per share, in the corresponding 2025 period. Adjusted earnings were $1.864 billion, or $5.08 per share, versus $1.718 billion, or $4.82 per share, a year earlier.

The reconciliation excludes a $134 million after-tax gain, or $0.37 per share, from the Mountain Valley Pipeline sale, along with strategic-review transaction costs, basis-difference accretion and hypothetical liquidation at book value accounting effects for tax-equity investments. This distinguishes the disposal gain from the earnings Con Edison uses to assess ongoing performance. The sale also had a continuing consequence: lower transmission investment income reduced third-quarter earnings.

Guidance and Investment Plans

Con Edison expects full-year 2026 adjusted earnings of $6.05 to $6.15 per share, narrowing its previous forecast of $6.00 to $6.20. The company said it cannot provide equivalent GAAP guidance because some excluded amounts will not be determinable until year-end. The adjusted forecast excludes the pipeline-sale gain and basis-difference accretion, as well as strategic-review transaction costs and tax-equity accounting effects.

Chairman and CEO Tim Cawley connected the company’s spending plans to system resilience. “We have a responsibility to protect our equipment and customers from increasingly extreme weather and plan to invest approximately $797 million in climate resilience from 2026 through 2030,” Cawley said. He characterized the broader capital program as modernizing the system for customers’ changing energy needs while balancing customer costs and supporting stable investor returns.

Senior Vice President and CFO Kirk Andrews said Con Edison had reached agreement with its regulator and other stakeholders on a new Steam business investment plan, but that plan is still awaiting approval. The agreement therefore establishes consensus among the parties, not final regulatory clearance.

The results show regulated rate-base growth supporting current utility earnings, while the pipeline disposal lifted reported nine-month profit and reduced subsequent transmission investment income. The next phase of Con Edison’s capital program now carries both execution and regulatory requirements: delivering the planned resilience work through 2030 and securing approval for the Steam investment plan.