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Consolidated Edison Q2 profit rises 25% on higher electric and gas rate base
Second-quarter adjusted earnings matched reported net income of $308 million, or $0.83 per share, helped by a $74 million year-over-year gain at its CECONY utility unit.
Consolidated Edison reported second-quarter 2026 net income of $308 million, up from $246 million a year earlier, as higher electric and gas rate bases boosted earnings at its main New York utility business. Earnings per share rose to $0.83 from $0.68 in the second quarter of 2025, and adjusted earnings were also $308 million, or $0.83 per share, versus $240 million, or $0.67 per share, a year earlier.
The year-over-year improvement was driven primarily by Consolidated Edison Company of New York, or CECONY, which serves New York City and Westchester County with electricity and also provides natural gas and steam services in parts of its territory. CECONY contributed a $74 million year-over-year increase in quarterly net income, including $25 million from a higher electric rate base and the timing of billing for a rate increase, and another $23 million from higher gas rate base and rate timing.
Con Edison's results also reflected lower costs, with lower interest expense and lower electric operations and maintenance each adding $9 million. Gains were partially offset at the parent and transmission businesses, leaving reported quarterly net income $62 million above the year-earlier period.
The company said its earnings growth reflects the role of regulated infrastructure investment, rather than commodity exposure. Con Edison also cited New York revenue-decoupling mechanisms that help insulate utility delivery revenues from volume changes versus approved-rate assumptions, and it outlined plans to invest in grid resilience, including preparations for extreme heat and additional substations and capital through 2035.
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