Con Edison narrows full-year forecast as quarterly profit matches estimates

Con Edison posted third-quarter adjusted earnings of $2.07 per share, in line with the $2.09 consensus estimate, and narrowed its 2026 adjusted EPS forecast.

Shares fell 1.5% at 9:50 a.m. ET, from a $121.44 close.

Here's how the company did:

• Adjusted EPS: $2.07 vs. $1.90 a year earlier, $2.09 expected
• Revenue: $4.91 billion vs. $4.53 billion a year earlier, $4.89 billion expected
• Net income: $766 million vs. $688 million a year earlier

GAAP earnings per share were also $2.07, against $1.91 a year earlier.

Guidance narrowed

Con Edison now expects 2026 adjusted earnings per share of $6.05 to $6.15. Its previous forecast was $6.00 to $6.20.

The forecast excludes the Mountain Valley Pipeline, LLC (MVP) equity sale gain, 37 cents a share after tax.

For the first nine months, adjusted earnings were $1.86 billion, or $5.08 a share, against $1.72 billion, or $4.82 a share, a year earlier.

What drove the quarter

CECONY, the regulated utility, added 17 cents a share to adjusted earnings, mainly from a higher electric rate base. Dilution from issuing common shares took off 5 cents.

Lower health care costs in operation and maintenance expense added 2 cents a share. Higher income from allowance for equity funds used during construction added 3 cents.

Con Edison Transmission was flat on an adjusted basis.

Steam rate plan and Honeoye sale

CECONY reached a joint proposal with state staff and other parties for a three-year steam rate plan starting Nov. 1, 2026. It reflects a 9.5% return on equity and a 48% equity ratio, and is subject to approval by the New York State Public Service Commission.

In October, Con Edison and its transmission unit completed the sale of their Honeoye interests for $5 million in aggregate, before closing adjustments and expenses.

The company plans to invest about $797 million in climate resilience from 2026 through 2030.