Con Edison earnings date and guidance
Con Edison’s next results are expected on November 5, 2026. Watch whether Con Edison’s investment program earns its planned return.
What has Con Edison guided for 2026?
For 2026, management guides to adjusted EPS of $6.00–$6.20 per share. It excludes the one-time gain from selling its Mountain Valley Pipeline investment because utility earnings are meant to show the continuing business.
The plan calls for $6,595 million of capital investment in 2026. It rises to $6,759 million in 2027. Con Edison may issue up to $3,200 million of long-term debt and $1,100 million of common equity in 2026, followed by up to $3,000 million of debt and $1,200 million of equity in 2027.
| period guided | low | high | date given | |
|---|---|---|---|---|
| Adjusted earnings per share (non-GAAP) | Year to Dec 2026 | 6.00 | 6.20 | Aug 6, 2026 |
| Capital investments — 2026 (US$ millions) | Year to Dec 2026 | 6,595 | 6,595 | Aug 6, 2026 |
| Capital investments — 2027 (US$ millions) | Year to Dec 2027 | 6,759 | 6,759 | Aug 6, 2026 |
| Issuance of long-term debt — 2026 (US$ millions) | Year to Dec 2026 | 3,200 | Feb 19, 2026 | |
| Issuance of common equity — 2026 (US$ millions) | Year to Dec 2026 | 1,100 | Feb 19, 2026 | |
| Total capital requirements — 2026 (US$ millions) | Year to Dec 2026 | 6,845 | 6,845 | Feb 19, 2026 |
Did Con Edison keep its past promises?
Management forecast adjusted earnings of US$5.50–US$5.70 per share for 2025. It delivered US$5.70. Five-year adjusted earnings growth was 6.4%, above the earlier forecast of 3%–5%. Those results support the performance case, but they do not prove that every project earned an adequate return.
What do Con Edison’s last eight quarters show?
Revenue reached $4,069 million in the June 2026 quarter, versus $3,595 million in the June 2025 quarter. Operating income rose from $355 million to $552 million. Net income increased from $246 million to $308 million, while diluted EPS rose from $0.68 to $0.83. Purchased-energy pass-throughs lowered gross margin even as regulated delivery earnings improved.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 4,069 | 5,095 | 3,995 | 4,530 | 3,595 | 4,798 | 3,669 | 4,092 |
| Operating income | 552 | 1,177 | 487 | 968 | 355 | 1,125 | 477 | 862 |
| Net income | 308 | 924 | 297 | 688 | 246 | 791 | 310 | 588 |
| EPS, diluted | 0.83 | 2.54 | 0.82 | 1.90 | 0.68 | 2.25 | 0.89 | 1.69 |
| = Free cash flow | 394 | -1,105 | 30 | -619 | 569 | -425 | -67 | -866 |
What this means. Free cash flow can be negative even when the company brings in cash because it spent more on equipment and buildings than its daily business generated.
What should investors watch in Con Edison’s next results?
Con Edison plans to release third-quarter results after the market closes on November 5, 2026. Investors should look for updated guidance, construction spending, operating cash and completed share issuance. A maintained earnings range matters more if the project and financing schedules also hold.