[ED] Con Edison: Q3 2026 Earnings Test the New Rate Plan and Share Dilution

Con Edison, the regulated electric, gas and steam utility holding company serving New York City and its surrounding area, is scheduled to report Con Edison Q3 2026 earnings on 2026-11-05, covering the third quarter 2026, the three months ended September 30, 2026 [1]. The latest disclosed quarter is the second quarter of 2026: consolidated operating revenues were $4.069 billion, up $474 million from a year earlier [2]; adjusted earnings were $308 million, or $0.83 a share, against $0.67 a share a year earlier, and first-half adjusted earnings per share totaled $3.00 against $2.91 [3]. On August 6 the company reaffirmed 2026 adjusted EPS guidance of $6.00 to $6.20 [4], which, after the $3.00 earned in the first half, leaves $3.00 to $3.20 for the second half. As of November 3, 2026, the Drillr compilation shows a mean of $2.03 per share (range $2.00 to $2.06) from 7 analysts for third-quarter adjusted EPS, a mean of $4.749 billion from 4 analysts for third-quarter revenue and a mean of $6.11 from 9 analysts for full-year adjusted EPS [5].

Three things matter most in this report. First, whether the electric business can hold its summer earnings in the first year of the new rate plan: the third quarter is the electric earnings peak, yet the 2026 electric rate increase is only $222 million [6], the rate plan added only $34 million of revenue in the second quarter [7], and the 12-month earned electric ROE through June was 9.04%, below the 9.33% authorized level [8]. Second, whether the excess return in gas can last: the 2026 gas rate change is negative $46 million [6], yet the rolling 12-month gas ROE reached 10.51% [8], above the 9.90% earnings-sharing threshold [9], and third-quarter results will show whether that return reflects better operations or billing timing. Third, how much new-share dilution and higher interest take out of EPS: dilution cut first-half EPS by $0.09, nearly offsetting the $0.16 contributed by electric and gas rate base growth [10], and third-quarter share count, interest and operating cash flow will shape how the full-year guidance is met.

Company Background and Business Structure

Con Edison earns almost all of its profit from regulated delivery businesses, and its core subsidiary is CECONY. CECONY provides electric service to approximately 3.7 million customers in all of New York City (except part of Queens) and most of Westchester County, delivers gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens and most of Westchester County, and operates the largest steam distribution system in the United States, serving approximately 1,490 customers in parts of Manhattan [11]. O&R and its subsidiary RECO serve approximately 0.3 million electric customers and more than 0.1 million gas customers in southeastern New York and northern New Jersey, while Con Edison Transmission invests in electric transmission [11].

The company keeps shrinking its non-utility assets so that earnings concentrate further in regulated businesses. It sold all of the stock of its former subsidiary, Con Edison Clean Energy Businesses, in 2023 [3]; in January 2026 Con Edison Transmission completed the sale of approximately 40% of its approximately 6.6% interest in Mountain Valley Pipeline (MVP) [6], received $358 million of MVP sale proceeds in the first half [12], and recognized an after-tax gain of $134 million, or $0.37 a share, in the first quarter [13]. The company is also conducting a strategic alternatives review of its equity interests in MVP and Honeoye Storage Corporation, and related transaction costs are excluded from adjusted results [3].

CECONY is the group's main source of revenue and profit, and its electric business contributes about three quarters of operating income. In 2025 CECONY had operating revenues of $15.651 billion, of which electric was $11.670 billion, gas $3.278 billion and steam $703 million; operating income was $2.812 billion, of which electric was $2.056 billion, gas $751 million and steam only $5 million [14]. Because revenues include purchased power, fuel and gas costs passed through at cost, revenue mix only indicates scale and cannot measure each business's profit contribution.

Customers can buy electricity and gas from other suppliers, but the utilities still provide delivery, so the company earns a return on its network rather than an energy margin. In 2025, 56% of the electricity and 33% of the gas CECONY delivered, and 39% of the electricity and 20% of the gas O&R delivered, was purchased by customers from other suppliers [15]; CECONY recovers the cost of the electricity it supplies without a margin, and its electric delivery revenues are subject to revenue decoupling, so they generally do not move with delivery volumes [16]. The company's second-quarter presentation projects 2026 average rate base of about $48.957 billion, including CECONY electric at $32.935 billion, gas at $11.485 billion and steam at $1.946 billion, and O&R at $2.591 billion in total [17].

Financial History and Current Position

The annual record shows Con Edison's earnings rising steadily with rate base, but the share count has been rising at the same time. Net income for common stock was $1.820 billion ($5.26 basic EPS) in 2024 and $2.023 billion ($5.66 basic EPS) in 2025, while weighted average basic shares increased from 346.0 million to 357.4 million [18]; adjusted earnings were $2.038 billion ($5.70 a share) in 2025 and $1.868 billion ($5.40 a share) in 2024 [19]. CECONY operating revenues rose from $14.129 billion in 2024 to $15.651 billion in 2025, and operating income rose from $2.593 billion to $2.812 billion [14].

Operating cash flow roughly covered capital spending in 2025 but could not also cover dividends and a still larger investment program. Consolidated operating cash flow was $4.800 billion in 2025 against $3.614 billion in 2024, investing activities used $5.249 billion and financing activities provided $746 million [20]; utility capital expenditures on a cash basis were $4.764 billion [21], while on an investment basis the utilities invested $4.946 billion and Con Edison Transmission $50 million [19].

Interim results for 2026 show a clear gap between GAAP and adjusted earnings because the MVP sale gain counts only in the former. First-quarter net income for common stock was $924 million ($2.55 a share), and adjusted earnings were $790 million ($2.18 a share) against $2.26 a share a year earlier [22]. Second-quarter GAAP and adjusted earnings were both $308 million ($0.83 a share); first-half GAAP net income was $1.232 billion ($3.37 a share), and adjusted earnings were $1.098 billion ($3.00 a share) against $1.032 billion ($2.91 a share) a year earlier [3].

First-half cash flow weakened, while the capital structure and credit outlook constrain the financing plan. First-half operating cash flow was $1.971 billion against $2.816 billion a year earlier, and the $845 million decline mainly reflected a $264 million decrease in accounts payable, a $262 million increase in other receivables and current assets, $197 million of higher taxes receivable and a $130 million increase in prepayments [23]. At June 30, Con Edison's debt (including the current portion and excluding notes payable) was $27.093 billion and equity was $25.719 billion, putting debt at 51% of capital, with no debt at the parent level; Moody's rates Con Edison's issuer credit Baa1 and CECONY A3, with a negative outlook on both, while S&P and Fitch have stable outlooks [24].

Operating Model

On the revenue side, the core is delivery revenue set by the rate plans, while pass-through costs enlarge revenue without generating profit. Each business's revenue equals delivery revenue plus passed-through purchased power, fuel and gas costs, plus or minus deferred-cost amortization and decoupling adjustments; CECONY electric revenues rose $353 million in the second quarter, of which $185 million came from passed-through purchased power [7]. The new three-year plans provide electric increases of $222 million, $473 million and $329 million and gas changes of negative $46 million, $170 million and $93 million, all billed on a shaped basis so that electric bills rise 2.80% and gas bills 2.01% each year [6], which means quarterly revenue increments do not map one-to-one onto annual approved increases.

On the profit side, earnings depend on rate base growth and on the gap between earned and authorized ROE. Operating income roughly equals delivery revenue minus operations and maintenance, depreciation and property and other taxes, and net income then adds other income and subtracts interest and income tax; the new electric plan authorizes a 9.40% ROE on a 48% equity ratio, and most annual earnings above 9.90% are applied to reduce regulatory assets [9]. CECONY electric average rate base is projected to grow from $31.456 billion in 2025 to $32.935 billion in 2026, about 4.7% [17]; second-quarter CECONY operating income was $539 million, including $425 million from electric, $172 million from gas and negative $58 million from steam [25], and CECONY net income was $296 million [2].

On the cash side, the key is that capital spending comes first and rate recovery arrives later, and that lag has to be bridged with outside financing. Operating cash flow roughly equals net income plus depreciation and amortization, plus or minus regulatory deferrals, the timing of pass-through recovery and working capital; the utilities plan to invest $6.533 billion in 2026, and the company plans to issue up to $3.2 billion of long-term debt and up to $1.1 billion of common equity in 2026, excluding equity issued under its dividend reinvestment and other plans [19]. CECONY electric investment is projected to rise from $3.201 billion in 2025 to $4.766 billion in 2026 [26], and once new investment enters service it brings depreciation and interest first, with the next rate increase converting it into revenue.

Industry and Competitive Position

CECONY has no direct competitor in delivery; competition occurs only in energy supply. After industry restructuring, the two utilities sold all of their generating facilities other than those that also produce steam, allowed all customers to buy electricity and gas from the utilities or other suppliers, and no longer control or operate bulk power transmission facilities, which the New York Independent System Operator handles [15]. Under revenue decoupling, delivery revenues are generally not affected by volumes deviating from the levels assumed in rates [16].

Demand is growing slowly while the investment plan is expanding sharply, which makes affordability the main industry-level constraint. CECONY forecasts average annual peak demand growth over the next five years of about 0.7% for electricity and 0.2% for gas, and an average annual decline of about 0.9% for steam; O&R forecasts about 4.1% and 1.2% annual growth in electric and gas peak demand [27]. Total CECONY franchise-area electric deliveries were 53,798 million kWh in 2025 against 52,427 million kWh in 2024 [16], while the utilities' investment plan for 2026 through 2030 is $6.533 billion, $6.592 billion, $6.939 billion, $8.524 billion and $8.571 billion, about $37.159 billion in total [19].

The available material allows comparison of returns across the group's own businesses but not of CECONY against outside peers. For the 12 months through June, O&R's earned electric and gas ROEs were 9.17% and 9.35%, below the 9.75% authorized level, RECO's was 7.88% (authorized 9.60%), and CECONY steam earned only 6.34% (authorized 9.25%) [8]; the material contains no peer data on rates, reliability or returns, so CECONY's cost position relative to peers cannot be judged. The regulatory environment is also tightening: Chapter 58, enacted by New York State in May 2026, changes the rules for rate cases filed after 2027 begins [28].

Core Debates

The first year of Con Edison's new electric rate plan delivers a smaller increase than last year. Can electric earnings in the peak summer quarter still keep pace with rate base growth?

This question matters because electric is CECONY's largest profit source and the third quarter is its annual earnings peak. Electric operating income was $2.056 billion in 2025, about three quarters of CECONY's $2.812 billion operating income [14]; according to the company's prior-year results published in November 2025, third-quarter 2025 electric operating income was $1.124 billion, more than half of the annual total, and adjusted EPS for that quarter was $1.90, about a third of the full-year $5.70. The new plan raises 2026 electric rates by $222 million (with a corresponding base rate increase of $234 million) [6], while the previous plan, to levelize bills, implemented increases of $457 million in each of its three years [9], so whether the third quarter keeps growing directly affects how full-year guidance is met.

The evidence so far shows strong first-half electric earnings growth, but little of it came from the rate plan itself. First-half electric operating income was $760 million, up $158 million from $602 million a year earlier [29]; second-quarter electric operating income was $425 million against $312 million [25]. Of the second-quarter electric revenue increase, the rate plan contributed only $34 million, deferred-cost amortization $45 million and unbilled revenue $44 million, while weather- and billing-day-adjusted deliveries rose 0.9% [7]; the rate plan's first-half revenue increment totaled $47 million [30]. In its second-quarter EPS walk, the company combined "higher electric rate base and timing of billing of rate increase" into a single +$0.07 [31], while the 12-month earned electric ROE through June was 9.04%, below the 9.33% authorized level [8].

The financial chain runs from capital spending entering service, which lifts 2026 average electric rate base by about 4.7% [17], to approved rate-plan revenue, then electric operating income after property taxes, operations and maintenance and depreciation, and finally CECONY net income and adjusted EPS. What remains unresolved is the nature of the first-half growth: an alternative explanation holds that it mainly reflects timing effects from shaped billing and deferred amortization that weaken or even reverse from the third quarter, and second-quarter electric taxes other than income taxes were already $59 million higher than a year earlier [25], so a small first-year increase combined with rising costs could leave electric earnings growing more slowly than rate base. Earned electric ROE under the previous plan was 9.46%, 9.21% and 9.36% in its three years [9], showing returns fluctuating around the authorized level, so a single quarter may not separate trend from timing.

Four measures matter next: whether third-quarter electric operating income is at least $1.177 billion (the third-quarter 2025 base plus about 4.7% rate base growth), whether the third-quarter rate-plan revenue increment exceeds the second quarter's $34 million, whether the rolling 12-month earned electric ROE recovers from 9.04%, and whether CECONY capital spending for the first nine months reaches $4 billion (first-half spending was $2.246 billion against $2.233 billion a year earlier [12]). A year-over-year decline in third-quarter electric operating income would show the rate increase being absorbed by costs, and a rolling ROE below 8.90% would show widening regulatory lag; either outcome would weaken the view that earnings track rate base growth.

Con Edison's gas rates were set lower for this year, yet first-half gas earnings rose and returns exceeded the authorized level. Can that excess return hold in the third quarter, or will it be shared back at year-end?

Gas is Con Edison's second-largest profit source, and CECONY gas operating income was $751 million in 2025 [14]. The new plan sets the 2026 gas rate change at negative $46 million and the 2027 change at positive $170 million [6], and it also provides about $90 million a year of net regulatory asset and liability amortization to income [32], so the first year should have been the low point for gas earnings. If the strong first-half return came mainly from non-firm customer revenue, deferred amortization and billing timing, third-quarter results and year-end earnings sharing could offset it.

First-half data show a clear improvement in gas earnings, with returns already above the sharing threshold. First-half gas operating income was $793 million, up $67 million from $726 million a year earlier [29]; second-quarter gas operating income was $172 million, double the $86 million a year earlier [25]. Of the second-quarter gas revenue increase, non-firm customer revenue contributed $37 million, the rate plan $31 million, deferred-cost amortization $17 million and unbilled revenue $11 million, while weather-adjusted gas sales and transportation volumes fell 2.9% [33]; the rate plan added only $17 million for the first half [34], implying roughly negative $14 million in the first quarter. The 12-month earned gas ROE through June was 10.51%, above the 9.33% authorized level [8] and above the 9.90% sharing threshold [9].

The financial chain runs from the gas rate plan (negative $46 million in the first year, with a shaped base rate increase of $28 million) plus retained non-firm revenue, plus or minus deferred amortization, to gas delivery revenue, then gas operating income after operations and maintenance, depreciation and property taxes, with most annual returns above 9.90% shared. An alternative explanation holds that the gas improvement reflects variable non-firm revenue and intra-year billing timing, while the plan lets the company retain only up to $65 million a year of non-firm revenue and 15% of any amount above that [32], and most annual earnings above 9.90% go to reduce regulatory assets [9], so the first half cannot be extrapolated. In addition, $33.3 million a year of gas revenue ($100 million in aggregate for 2026 through 2028) is recovered through a mechanism subject to refund, depending on the New York State Department of Public Service review of CECONY's gas main welds [6].

The measures to watch are whether the third-quarter gas operating loss is no worse than the negative $122 million of the third quarter of 2025 (the third quarter is a seasonal loss quarter for gas, and the base comes from the company's prior-year disclosure), whether the third-quarter gas rate-plan increment stays positive, whether the non-firm revenue increment keeps growing, and whether the rolling gas ROE falls back below 9.90%. If gas ROE stays above 9.90%, the excess will be shared at year-end and the first-half improvement cannot be fully retained; if the weld review sends refundable revenue back to customers, the base for gas earnings will also move lower.

Con Edison is sharply raising investment this year and funding the gap with new shares and debt. After dilution and higher interest, can third-quarter earnings per share still support full-year guidance of $6.00 to $6.20?

Utility earnings grow with rate base, but shareholders ultimately see earnings per share, so the financing mix decides how much of that growth reaches each share. Con Edison plans to issue up to $1.1 billion of common equity in 2026, about $1.2 billion in 2027 and up to $3.3 billion in aggregate during 2028 through 2030, about $5.6 billion over five years [19]; first-half dilution from new shares already reduced EPS by $0.09, nearly offsetting the $0.16 from electric and gas rate base growth [10]. The third quarter is the largest earnings quarter of the year, so dilution and interest show up most directly there.

The evidence shows dilution and interest steadily holding back EPS growth. First-quarter adjusted EPS was $2.18, down from $2.26 a year earlier [22], with dilution from new shares at negative $0.08, higher operations and maintenance expense at negative $0.08 and higher long-term debt interest at negative $0.03 [13]; second-quarter adjusted EPS was $0.83 against $0.67 [3], with dilution still at negative $0.02 [31]. Weighted average basic shares were 368.8 million in the second quarter against 360.4 million a year earlier [35], about 2.2% more than the 360.7 million for the third quarter of 2025 in the company's prior-year disclosure. In the first half the company issued 7 million shares for about $776 million in March and delivered about 1.018 million shares through ATM forward settlement for about $108 million in June, and in June CECONY also issued $450 million of debentures due 2036 and $850 million due 2056 [36], bringing equity issued so far to about $884 million [37]. Second-quarter CECONY net interest expense was $294 million against $286 million, including a $17 million increase in long-term debt interest from higher debt balances [38]; as of November 3, the mean of 7 analysts for third-quarter adjusted EPS was $2.03 (range $2.00 to $2.06) [5].

The financial chain runs from capital spending exceeding operating cash flow, to a gap filled with new shares (ATM and forward settlement) and utility debt, to a higher weighted share count and higher interest expense, and finally to adjusted EPS, which is adjusted earnings after interest divided by more shares. An alternative explanation holds that the $845 million first-half decline in operating cash flow mainly reflects working-capital timing in payables, receivables and prepayments [23] that should reverse in the second half, and that third-quarter share growth is smaller than in the first quarter, so dilution pressure has already peaked. What remains unresolved is the credit constraint: Moody's keeps a negative outlook on Con Edison and CECONY [24], and if credit metrics require more equity support, later issuance could exceed the plan.

The measures to watch are where third-quarter adjusted EPS lands relative to the $2.00 to $2.06 analyst range, whether third-quarter weighted average basic shares stay at or below 370 million, whether CECONY net interest expense stays at or below $305 million, and whether the year-over-year gap in nine-month operating cash flow narrows. Full-year issuance above the $1.1 billion plan would deepen dilution, and quarterly interest expense above $310 million would show financing costs growing faster than earnings; either outcome would weaken support for guidance.

Risks and Falsifiers

The first risk is New York State's affordability legislation, which could change rate-plan rules after 2027. Chapter 58, enacted in May 2026, requires base rate filings submitted after January 1, 2027 to include a budget-constrained rate plan that limits aggregate revenue increases to average Consumer Price Index growth over the prior three years, and directs the utilities to return revenues above the authorized ROE, with retention of up to 0.25% over the authorized ROE if certain criteria are met [28]. The exposure is CECONY's electric and gas plans from 2029, the ability to retain excess gas returns, and the rate growth needed to support about $24.034 billion of utility investment planned for 2028 through 2030 [19]; the risk would be falsified if the New York State Public Service Commission's implementing rules leave current plans unchanged and the company keeps its 2026-2030 investment and financing plan.

The second risk is regulatory lag combined with rising costs. The first-year electric increase under the new plan is small, while property taxes, operations and maintenance and depreciation keep rising with capital spending; CECONY's first-half capital spending did not accelerate, so if spending concentrates in the second half, depreciation and financing costs will arrive before the next year's rate increase. The exposure is CECONY electric operating income ($2.056 billion in 2025) [14] and earned ROE; based on 2025 average electric rate base of $31.456 billion [17] and a 48% equity ratio [9], each 0.1 percentage point of lower ROE reduces annual net income by about $15 million. The risk would be falsified if third-quarter electric operating income grows at least 4.7% year over year and rolling ROE recovers to 9.33%.

The third risk is a clawback of excess gas returns, along with refunds from the weld review. Under the new plan most annual earnings above a 9.90% ROE go to reduce regulatory assets [9], and $33.3 million a year of gas revenue is recovered through a refundable mechanism that depends on the review of gas main welds [6]. The exposure is CECONY gas operating income ($751 million in 2025) and up to $33.3 million a year of refundable revenue; the risk would be falsified if rolling gas ROE returns to 9.40%-9.90% and the company discloses no refund or reserve from the weld review.

The fourth risk is equity dilution combined with credit pressure. The company plans to issue about $5.6 billion of new equity from 2026 through 2030 [19], and Moody's outlook on Con Edison and CECONY is negative [24]; if the operating cash flow gap persists or capital spending is raised, the company will need more equity or more expensive debt. The exposure is adjusted EPS (first-half dilution of negative $0.09 a share [10]) and CECONY interest expense ($294 million in the second quarter [38]); the risk would be falsified if year-end equity issuance stays at or below $1.1 billion, third-quarter dilution stays at or below $0.05 a share and Moody's does not downgrade.

What to Watch Next

• Electric rate plan, first year: third-quarter CECONY electric operating income against the $1.124 billion base for the third quarter of 2025; at least $1.177 billion confirms, a year-over-year decline means the rate increase is being absorbed by costs.
• Electric rate plan, first year: the rate-plan revenue increment ($34 million in the second quarter, $47 million for the first half); a third-quarter figure above $34 million supports the plan, a clear drop points to first-half timing effects.
• Electric rate plan, first year: rolling 12-month earned electric ROE at 9.04% (authorized 9.33%); a recovery supports the view, a drop below 8.90% signals widening regulatory lag.
• Electric rate plan, first year: CECONY year-to-date capital spending ($2.246 billion in the first half); reaching $4 billion for nine months means costs may rise ahead of rates.
• Gas excess return: third-quarter CECONY gas operating income against negative $122 million in the third quarter of 2025; a wider loss means the first-half gain cannot be extrapolated.
• Gas excess return: gas rate-plan and non-firm revenue increments ($31 million and $37 million in the second quarter); a negative rate-plan increment means the first-year rate cut is showing through.
• Gas excess return: rolling 12-month earned gas ROE at 10.51% against the 9.90% sharing threshold; staying above 9.90% means the excess will be shared at year-end.
• Dilution and interest: third-quarter adjusted EPS against $1.90 a year earlier and the $2.03 analyst mean; a result below the $2.00 to $2.06 range means dilution and interest weigh more heavily than anticipated.
• Dilution and interest: weighted average basic shares (368.8 million in the second quarter); 370 million or less is consistent with plan, issuance above $1.1 billion for the year deepens dilution.
• Dilution and interest: CECONY quarterly net interest expense ($294 million in the second quarter); $305 million or less is consistent, above $310 million means financing costs outpace earnings.
• Dilution and interest: year-to-date operating cash flow ($1.971 billion in the first half, $845 million lower year over year); a narrower nine-month gap eases financing needs, a wider one means more outside funding.

Conclusion

Con Edison's results are driven by regulated rate base: CECONY electric average rate base is projected to grow about 4.7% in 2026 to $32.935 billion [17], adjusted EPS was $5.70 in 2025 [19] and $3.00 in the first half of 2026 [3], and the company has reaffirmed full-year guidance of $6.00 to $6.20 [4]. Its current financial condition combines steady earnings growth, tight cash flow and a sharply expanding capital program, with debt at 51% of capital and a negative Moody's outlook [24]. The central unresolved relationship is how much rate base growth can turn into earnings per share while the first-year electric increase is small, the gas rate change is negative, and both share count and interest are rising.

Between the August 6, 2026 second-quarter release and this report, the Con Edison coverage found consisted mainly of dividend declarations, director appointments, an economic impact report, institutional ownership changes and credit rating actions, and none of it was a signed, independently argued commentary with a verifiable date. That leaves no outside interpretation to cite, so the three core debates can be tested only against the company's own disclosures, and the analyst means listed above are a numerical compilation rather than a judgment on these debates.

The combination that would materially strengthen the current understanding is third-quarter electric operating income of at least $1.177 billion with a recovering rolling electric ROE, gas ROE moving back toward 9.90% with an operating loss no worse than a year earlier, and weighted shares at or below 370 million, CECONY net interest at or below $305 million and a narrower nine-month operating cash flow gap. Conversely, a year-over-year decline in electric earnings, a rolling electric ROE below 8.90%, a large year-end sharing of excess gas returns, and equity issuance above $1.1 billion or quarterly interest above $310 million would weaken the view that rate base growth is enough to support earnings per share.

Sources

[1] ED earnings calendar updated 2026-11-03 · 2026-11-03 · Drillr earnings calendar

[2] ED 10-Q filed 2026-08-06 (Q2 2026) · Q2 results by company · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[3] ED 8-K filed 2026-08-06 (Q2 2026 earnings release) · Q2 and first-half results · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000143/ed-20260630xexx991.htm

[4] ED 8-K filed 2026-08-06 (Q2 2026 earnings release) · 2026 adjusted EPS guidance reaffirmed · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000143/ed-20260630xexx991.htm

[5] Drillr analyst estimates ED Q3 2026 retrieved 2026-11-03 · 2026-11-03 · Drillr 分析师预测汇总 · https://gateway.drillr.ai/mcp/private

[6] ED 10-K filed 2026-02-19 · CECONY 2026-2028 electric and gas rate plans · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[7] ED 10-Q filed 2026-08-06 (Q2 2026) · CECONY electric Q2 revenue drivers and weather-adjusted deliveries · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[8] ED 8-K filed 2026-08-06 (Q2 2026 earnings presentation) · earned versus authorized ROE, 12 months to June 2026 · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000143/a2q2026earningsreleasepr.htm

[9] ED 10-K filed 2026-02-19 · CECONY electric rate plan ROE and earnings sharing · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[10] ED 8-K filed 2026-08-06 (Q2 2026 earnings presentation) · first-half EPS walk · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000143/a2q2026earningsreleasepr.htm

[11] ED 10-K filed 2026-02-19 · CECONY and O&R service territories · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[12] ED 10-Q filed 2026-08-06 (Q2 2026) · six-month capital expenditures and MVP proceeds · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[13] ED 8-K filed 2026-05-07 (Q1 2026 earnings release) · Q1 EPS variance by driver · 2026-05-07 · 8-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000092/ed-20260331xexx991.htm

[14] ED 10-K filed 2026-02-19 · CECONY 2025 results by electric, gas and steam · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[15] ED 10-K filed 2026-02-19 · retail choice share of deliveries · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[16] ED 10-K filed 2026-02-19 · electric supply pass-through and revenue decoupling · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[17] ED 8-K filed 2026-08-06 (Q2 2026 earnings presentation) · average rate base 2021-2030E · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000143/a2q2026earningsreleasepr.htm

[18] ED 10-K filed 2026-02-19 · 2025 net income and EPS · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[19] ED 10-K filed 2026-02-19 · 2026-2030 capital and financing plan · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[20] ED 10-K filed 2026-02-19 · 2025 cash flows by company · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[21] ED 10-K filed 2026-02-19 · 2025 utility capital expenditures · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[22] ED 8-K filed 2026-05-07 (Q1 2026 earnings release) · Q1 results · 2026-05-07 · 8-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000092/ed-20260331xexx991.htm

[23] ED 10-Q filed 2026-08-06 (Q2 2026) · six-month operating cash flow change · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[24] ED 8-K filed 2026-08-06 (Q2 2026 earnings presentation) · credit ratings and outlooks · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000143/a2q2026earningsreleasepr.htm

[25] ED 10-Q filed 2026-08-06 (Q2 2026) · CECONY Q2 results by electric, gas and steam · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[26] ED 8-K filed 2026-08-06 (Q2 2026 earnings presentation) · CECONY capital investment by business 2021-2030E · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000143/a2q2026earningsreleasepr.htm

[27] ED 10-K filed 2026-02-19 · five-year peak demand forecast · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[28] ED 10-Q filed 2026-08-06 (Q2 2026) · New York Chapter 58 rate case and affordability law · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[29] ED 10-Q filed 2026-08-06 (Q2 2026) · CECONY six-month results and rate-plan revenue · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[30] ED 10-Q filed 2026-08-06 (Q2 2026) · CECONY electric six-month revenue drivers · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[31] ED 8-K filed 2026-08-06 (Q2 2026 earnings presentation) · Q2 EPS walk · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000143/a2q2026earningsreleasepr.htm

[32] ED 10-K filed 2026-02-19 · CECONY gas rate plan ROE, decoupling and non-firm revenue retention · 2026-02-19 · 10-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000031/ed-20251231.htm

[33] ED 10-Q filed 2026-08-06 (Q2 2026) · CECONY gas Q2 revenue drivers and weather-adjusted firm volumes · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[34] ED 10-Q filed 2026-08-06 (Q2 2026) · CECONY gas six-month revenue drivers · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[35] ED 10-Q filed 2026-08-06 (Q2 2026) · weighted average shares · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[36] ED 10-Q filed 2026-08-06 (Q2 2026) · 2026 equity issuance and new debentures · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm

[37] ED 8-K filed 2026-08-06 (Q2 2026 earnings presentation) · 2026 financing activity versus plan · 2026-08-06 · 8-K · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000143/a2q2026earningsreleasepr.htm

[38] ED 10-Q filed 2026-08-06 (Q2 2026) · CECONY Q2 other income, interest and income tax · 2026-08-06 · 10-Q · https://www.sec.gov/Archives/edgar/data/1047862/000104786226000142/ed-20260630.htm