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Consolidated Edison Q1 Earnings Miss Estimates, Revenues Rise Y/Y
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Key Takeaways
ED Q1 adjusted EPS missed estimates, while revenues rose 6.2% year over year to $5.1 billion.
Consolidated Edison completed the sale of its 6.6% stake in MVP for $357.5 million.
ED reaffirmed 2026 adjusted EPS guidance of $6.00-$6.20 and plans $38B in investments.
Consolidated Edison, Inc. (ED - Free Report) reported first-quarter 2026 adjusted earnings of $2.17 per share, which missed the Zacks Consensus Estimate of $2.32 by 6.6%. The bottom line declined 3.6% from $2.25 recorded in the prior-year quarter.
The company reported GAAP earnings of $2.55 per share, up from $2.26 recorded in the year-ago quarter.
ED’s Total Revenues
In the reported quarter, Consolidated Edison's total operating revenues of $5.1 billion surpassed the Zacks Consensus Estimate of $4.95 billion by 3%. The top line increased 6.2% from $4.8 billion reported in the year-ago quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Electric revenues totaled $3.04 billion, which increased 4.8% from the year-ago quarter’s figure of $2.9 billion.
Gas revenues amounted to $1.62 billion, which surged 5.2% from the year-ago quarter’s figure of $1.54 billion.
Steam revenues totaled $432 million, which rose 22% from the year-ago quarter’s figure of $354 million.
Non-utility revenues amounted to $1 million compared to nil revenues in the year-ago quarter.
ED: Highlights of the Release
Total operating expenses in the first quarter increased 6.8% year over year to $3.92 billion.
Purchase power costs rose 4.9%. Other operations and maintenance expenses decreased 1.3%. Depreciation and amortization expenses jumped 1.4%. Taxes, other than income taxes, went up 9.3% year over year. Fuel expenses surged 48.8% year over year and the cost of gas purchased for resale rose 17.7%.
The company’s first-quarter operating income went up 4.6% year over year to $1.18 billion. During the first quarter, the company completed the sale of its nearly 6.6% interest in Mountain Valley Pipeline, LLC (“MVP”) to the two founding members of MVP for total aggregate consideration of $357.5 million, before certain closing adjustments and expenses.
ED’s Financials
Cash and temporary cash investments as of March 31, 2026, totaled $0.15 billion compared with $1.63 billion as of Dec. 31, 2025.
The company’s long-term debt was $25.554 billion as of March 31, 2026, compared with $25.551 billion as of 2025-end.
Cash from operating activities in the first three months of 2026 amounted to $128 million compared with $763 million in the prior-year period.
ED’s 2026 Guidance
Consolidated Edison has reaffirmed its 2026 guidance. It expects adjusted earnings to be in the range of $6.00-$6.20 per share. The Zacks Consensus Estimate for 2026 earnings is pegged at $6.07 per share, which is lower than the midpoint of the company’s guided range.
The company expects capital investments of $38 billion during the 2026-2030 period.
Duke Energy Corporation's (DUK - Free Report) first-quarter 2026 earnings of $1.93 per share surpassed the Zacks Consensus Estimate of $1.79 by 7.6%. The bottom line increased 9.7% from $1.76 reported in the year-ago quarter.
DUK’s total operating revenues were $9.18 billion, which beat the Zacks Consensus Estimate of $8.4 billion by 9%. The top line increased 11.3% from $8.25 billion in the year-ago period.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2026 earnings of $1.13 per share, which beat the Zacks Consensus Estimate of $1.11 by 1.8%. The bottom line also increased 10.8% from $1.02 in the prior-year quarter.
CMS’ operating revenues totaled $2.73 billion, which topped the Zacks Consensus Estimate of $2.53 billion by 8.1%. The top line also increased 11.6% from $2.45 billion in the prior-year quarter.
Edison International (EIX - Free Report) posted quarterly earnings of $1.42 per share, which beat the Zacks Consensus Estimate of $1.32 by 7.6%. The bottom line also increased 3.7% from $1.37 in the year-ago quarter.
Edison International's first-quarter operating revenues totaled $4.1 billion, which beat the Zacks Consensus Estimate of $3.99 billion by 2.8%. The top line increased 7.6% from the year-ago quarter’s figure of $3.81 billion.
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Consolidated Edison Q1 Earnings Miss Estimates, Revenues Rise Y/Y
Key Takeaways
Consolidated Edison, Inc. (ED - Free Report) reported first-quarter 2026 adjusted earnings of $2.17 per share, which missed the Zacks Consensus Estimate of $2.32 by 6.6%. The bottom line declined 3.6% from $2.25 recorded in the prior-year quarter.
The company reported GAAP earnings of $2.55 per share, up from $2.26 recorded in the year-ago quarter.
ED’s Total Revenues
In the reported quarter, Consolidated Edison's total operating revenues of $5.1 billion surpassed the Zacks Consensus Estimate of $4.95 billion by 3%. The top line increased 6.2% from $4.8 billion reported in the year-ago quarter.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Consolidated Edison Inc price-consensus-eps-surprise-chart | Consolidated Edison Inc Quote
ED’s Segmental Details
Electric revenues totaled $3.04 billion, which increased 4.8% from the year-ago quarter’s figure of $2.9 billion.
Gas revenues amounted to $1.62 billion, which surged 5.2% from the year-ago quarter’s figure of $1.54 billion.
Steam revenues totaled $432 million, which rose 22% from the year-ago quarter’s figure of $354 million.
Non-utility revenues amounted to $1 million compared to nil revenues in the year-ago quarter.
ED: Highlights of the Release
Total operating expenses in the first quarter increased 6.8% year over year to $3.92 billion.
Purchase power costs rose 4.9%. Other operations and maintenance expenses decreased 1.3%. Depreciation and amortization expenses jumped 1.4%. Taxes, other than income taxes, went up 9.3% year over year. Fuel expenses surged 48.8% year over year and the cost of gas purchased for resale rose 17.7%.
The company’s first-quarter operating income went up 4.6% year over year to $1.18 billion.
During the first quarter, the company completed the sale of its nearly 6.6% interest in Mountain Valley Pipeline, LLC (“MVP”) to the two founding members of MVP for total aggregate consideration of $357.5 million, before certain closing adjustments and expenses.
ED’s Financials
Cash and temporary cash investments as of March 31, 2026, totaled $0.15 billion compared with $1.63 billion as of Dec. 31, 2025.
The company’s long-term debt was $25.554 billion as of March 31, 2026, compared with $25.551 billion as of 2025-end.
Cash from operating activities in the first three months of 2026 amounted to $128 million compared with $763 million in the prior-year period.
ED’s 2026 Guidance
Consolidated Edison has reaffirmed its 2026 guidance. It expects adjusted earnings to be in the range of $6.00-$6.20 per share. The Zacks Consensus Estimate for 2026 earnings is pegged at $6.07 per share, which is lower than the midpoint of the company’s guided range.
The company expects capital investments of $38 billion during the 2026-2030 period.
ED’s Zacks Rank
Consolidated Edison currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Duke Energy Corporation's (DUK - Free Report) first-quarter 2026 earnings of $1.93 per share surpassed the Zacks Consensus Estimate of $1.79 by 7.6%. The bottom line increased 9.7% from $1.76 reported in the year-ago quarter.
DUK’s total operating revenues were $9.18 billion, which beat the Zacks Consensus Estimate of $8.4 billion by 9%. The top line increased 11.3% from $8.25 billion in the year-ago period.
CMS Energy Corporation (CMS - Free Report) reported first-quarter 2026 earnings of $1.13 per share, which beat the Zacks Consensus Estimate of $1.11 by 1.8%. The bottom line also increased 10.8% from $1.02 in the prior-year quarter.
CMS’ operating revenues totaled $2.73 billion, which topped the Zacks Consensus Estimate of $2.53 billion by 8.1%. The top line also increased 11.6% from $2.45 billion in the prior-year quarter.
Edison International (EIX - Free Report) posted quarterly earnings of $1.42 per share, which beat the Zacks Consensus Estimate of $1.32 by 7.6%. The bottom line also increased 3.7% from $1.37 in the year-ago quarter.
Edison International's first-quarter operating revenues totaled $4.1 billion, which beat the Zacks Consensus Estimate of $3.99 billion by 2.8%. The top line increased 7.6% from the year-ago quarter’s figure of $3.81 billion.