Con Edison’s Q2 2026 Earnings Show Solid EPS Momentum Amid Strategic Adjustments

Executive snapshot

Consolidated Edison, Inc. (ticker: ED) reported its 2026 second quarter earnings with a clear current: net income rose year over year and EPS moved higher. The official release places equal emphasis on GAAP results and adjusted metrics, a common utility-earnings play to show underlying performance while acknowledging one-off items.

• Q2 2026 net income: $308 million, or $0.83 per share (EPS), versus $246 million, or $0.68 in Q2 2025.
• Q2 2026 adjusted earnings: $308 million, or $0.83 per share, versus $240 million, or $0.67 in Q2 2025.
• The company notes that the adjusted results exclude transaction costs tied to its strategic review of MVP (Mountain Valley Pipeline) and Honeoye, and also exclude certain HL-BV accounting effects for tax equity investments.
• First six months 2026: net income $1,232 million, or $3.37 per share; adjusted earnings $1,098 million, or $3.00 per share.
• First six months 2025: net income $1,038 million, or $2.93 per share; adjusted earnings were $1,032 million, or $2.91 per share.
• Notes on methodology emphasize the contrast between GAAP results and non‑GAAP, non‑cash or one-time adjustments.
• The release references ongoing investments in reliability and the energy transition, signaling a continued capital program rooted in a regulated framework.

There is no explicit revenue forecast presented in the release, and the document does not provide a direct EPS consensus or earnings surprise comparison from external analysts. Analysts watching ED will be left to harmonize these numbers with estimates and guidance once consensus data emerge.

Management commentary

Tim Cawley, Chairman and CEO of Con Edison, framed the quarter within the utility’s ongoing mission: “Con Edison continues to deliver nation-leading electric service reliability, reflecting the strength of our business model, disciplined infrastructure investments, and the dedication and expertise of our workforce. We are investing to further strengthen reliability and system resilience, including preparing our network for periods of extreme heat, and redoubling our efforts to keep our service affordable for all customers while continuing to support New York's clean energy transition. Our targeted investments benefit our customers, support economic growth, and provide a foundation for stable, long-term returns for investors.”

Kirk Andrews, Senior Vice President and CFO, added a forward-looking cadence: “Our second-quarter results reflect the strength and resilience of our business and reinforce confidence in our long-term strategy. Year-to-date results continue to be in line with expectations. Our vibrant market and the growing momentum for the electrification of buildings and transportation support our confidence that we will provide solid shareholder value for years to come. We expect to have 28 new subst...,”

In other words, the company is trading a steady baseline for a future where the grid can power more electrification and more ambitious infrastructure goals, even as the accounting for a few big, non-operational considerations mutates the headline numbers.

One-time items and structural context

The press release highlights several adjustments that shape the “adjusted” earnings story, including:

• Transaction costs tied to the strategic review of Con Edison’s equity interests in MVP and Honeoye.
• HLBV (hypothetical liquidation at book value) accounting effects related to tax equity investments.
• Historical items from 2023 such as the sale of the former subsidiary, Con Edison Clean Energy Businesses, which appear in prior-period comparisons.

Taken together, the non-GAAP framing aims to communicate the company’s operating trajectory separate from sizable one-off and accounting-driven adjustments. For readers, that means EPS and adjusted EPS can diverge meaningfully depending on how the business and the capital stack evolve, especially around regulated rate base and project-driven investments.

What this could portend for the sector and ED peers

The quarter underscores several enduring themes for regulated utilities: a steady cash-flow engine anchored to rate bases, a capital-intensive growth path, and a willingness to use non-operating items to calibrate reported earnings for investors focused on operating performance. For ED peers—think DTE, Exelon/BGE, Xcel, or NextEra—the balance between GAAP headlines and adjusted metrics will continue to shape sentiment, especially as regulators approve rate cases that fund reliability and decarbonization initiatives.

In the near term, the focus will be on how MVP/Honeoye dynamics resolve, how HL-BV accounting evolves with tax equity investments, and how the market prices the pipeline of deliberate infrastructure investments in an environment where electrification and resilience are policy priorities. If ED’s core earnings hold up while one-off costs retreat, the odds of a supportive read-through for sector multiples could improve—provided the capital programs stay on plan and regulatory timing remains favorable.

Bottom line for investors

ED’s Q2 2026 results paint a picture of a utility with a reliable earnings backbone, even as it navigates strategic realignments and complex accounting. EPS moved higher under GAAP, and adjusted figures echoed that strength, but the emphasis on one-time items and HL-BV effects cautions readers to look beyond the surface. For readers tracking the press release, the key numbers to watch next will be how ED’s regulatory environment translates into rate-base growth, the pace of its capital program (including any expansion in grid modernization), and how the MVP/Honeoye considerations resolve in terms of asset values and future earnings power.

In the shorthand of market watchers: ticker ED, EPS momentum, and the comparison against an evolving revenue forecast landscape will shape the stock’s trajectory. The quarterly print is less a verdict on the business than a signal about the levers the company believes will drive earnings in a capital-heavy, policy-sensitive industry.

Disclosure and disclosures

Contact details and the press-release format follow standard SEC filing conventions for a company press release. As always, readers should align these results with regulatory filings, earnings calls, and guidance updates for a complete view.