Key Highlights

● Second-quarter earnings were $308 million, or $0.83 per share, versus $0.68 a year earlier.

● CECONY contributed $74 million of the $62 million increase in GAAP earnings.

● Management reaffirmed 2026 adjusted earnings guidance of $6.00 to $6.20 per share.

● The board declared a quarterly dividend of 88.75 cents per share.

Consolidated Edison, Inc. (NYSE:ED), known as Con Edison, is a New York-based energy delivery group. Its main subsidiary, Consolidated Edison Company of New York (CECONY), delivers electricity, gas and steam to customers in New York City and Westchester County. Because most of its earnings come from regulated networks, results tend to follow the growth of its rate base, meaning the asset value on which regulators allow a return, rather than commodity prices. Con Edison is an S&P 500 constituent.

What the second-quarter figures show

Con Edison reported second-quarter 2026 results on August 6, 2026. Net income for common stock was $308 million, or $0.83 per share, compared with $246 million, or $0.68 per share, a year earlier. On an adjusted basis, which strips out items management regards as unrepresentative, earnings were also $308 million, or $0.83 per share, against $240 million, or $0.67 per share, in the second quarter of 2025.

Of the $62 million increase in GAAP earnings, CECONY contributed $74 million. The company attributed this mainly to a higher electric rate base and the timing of a rate increase billing, worth $25 million, together with a higher gas rate base, worth $23 million. Con Edison Transmission subtracted $3 million and the Other category subtracted $9 million.

For the first six months, GAAP earnings were $1,232 million, or $3.37 per share, versus $1,038 million, or $2.93, in 2025. Adjusted earnings were $1,098 million, or $3.00 per share, versus $1,032 million, or $2.91. The gap between the two measures reflects a gain on the sale of the group's equity interest in Mountain Valley Pipeline, which the company put at $134 million after tax, or $0.37 per share. The quarterly filing separately shows proceeds of $358 million in the half-year and a $189 million gain, a pre-tax figure that is not directly comparable with the after-tax number in the earnings release.

Guidance and the capital program

Management reaffirmed its 2026 adjusted earnings guidance of $6.00 to $6.20 per share. That is management guidance, not a reported result, and the company declined to give a GAAP range because year-end amounts for excluded items are not yet determinable. Chief financial officer Kirk Andrews described year-to-date performance as in line with expectations.

The company also pointed to a large investment program, including 28 new substations in service by 2035 and tens of billions of dollars of other capital spending. In a regulated model, such spending is the principal route to earnings growth, though the pace depends on regulatory approvals and on how customer bills are affected.

Dividend and cover

The board declared a quarterly dividend of 88.75 cents per share, payable on September 15, 2026 to holders of record on August 19, 2026. Set against the guidance range for adjusted earnings, the annualized payout ratio would equal roughly 57% to 59%.

Rate Cases, Financing Costs and Asset Sales

Key risks include regulatory outcomes on rates, the cost of delivering a heavy capital program, interest rates affecting financing costs, severe weather and the execution of asset disposals.

Regulated networks are often described as defensive, yet they carry sensitivity to financing costs.