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Consolidated Edison Q3 Earnings Lag Estimates, Revenues Rise Y/Y
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Key Takeaways
Consolidated Edison's Q3 earnings rose 8.4% to $2.06 per share, narrowly missing estimates.
Revenues increased 8.5% to $4.91 billion, driven by growth in electric, gas and steam sales.
ED narrowed 2026 adjusted EPS guidance to $6.05-$6.15 and plans $38 billion in 2026-2030 investments.
Consolidated Edison, Inc. (ED - Free Report) reported third-quarter 2026 earnings of $2.06 per share, which missed the Zacks Consensus Estimate of $2.07 by 0.5%. The bottom line increased 8.4% from $1.90 in the prior-year quarter. Higher electric rate base and lower operation and maintenance expenses at CECONY supported earnings growth.
ED’s Q3 Revenue Discussion
Revenues of $4.91 billion increased 8.5% year over year and surpassed the Zacks Consensus Estimate of $4.77 billion by 3.1%.
CECONY generated operating revenues of $4.55 billion, up 8.8% from $4.18 billion in the year-ago quarter.
O&R reported revenues of $365 million, up 4.6% from $349 million in the prior-year period.
Consolidated Edison Inc Price, Consensus and EPS Surprise
Electric revenues totaled $4.40 billion, up 8.8% from $4.04 billion in the third quarter of 2025. Electric operations remained the primary contributor to consolidated revenues.
Gas revenues increased 5.1% to $455 million from $433 million. Steam revenues rose 10.7% year over year to $62 million. The non-utility business generated revenues of $1 million, unchanged from the prior-year quarter.
At CECONY, electric operating income increased to $1.31 billion from $1.12 billion. Meanwhile, the gas business reported an operating loss of $107 million, narrower than the year-ago loss of $122 million. Steam operating loss widened to $96 million from $88 million.
ED's Operating Expenses and Profitability
Total operating expenses increased 5.1% year over year to $3.74 billion from $3.56 billion, primarily reflecting higher purchased power costs and taxes other than income taxes.
Purchased power expenses increased 14.9% to $1.04 billion, while fuel expenses rose to $42 million from $40 million. Gas purchased for resale increased to $114 million from $113 million. Taxes other than income taxes rose 6.7% to $1.02 billion.
However, other operations and maintenance expenses declined 2.5% to $941 million from $965 million. Depreciation and amortization expenses increased marginally to $589 million from $586 million.
ED’s Financials
Cash and temporary cash investments totaled $100 million as of Sept. 30, 2026, compared with $1.63 billion at the end of 2025. Long-term debt increased to $26.84 billion from $25.55 billion over the same period.
Cash flow from operating activities was $2.83 billion during the first nine months of 2026, down 14.9% from $3.32 billion in the year-ago period.
Utility capital expenditures totaled $4.05 billion during the first nine months of 2026 compared with $3.46 billion a year earlier, reflecting continued investments in utility infrastructure.
ED’s 2026 Guidance
Consolidated Edison narrowed its 2026 adjusted earnings guidance to $6.05-$6.15 per share from the previous projection of $6.00-$6.20. The Zacks Consensus Estimate for 2026 earnings is pegged at $6.10 per share, which is in line with the midpoint of the company’s guided range.
The company expects capital investments of approximately $38 billion during 2026-2030. Its investment plans focus on maintaining reliability, accommodating growing electricity demand and strengthening infrastructure resilience.
Entergy Corporation (ETR - Free Report) reported third-quarter 2026 earnings of $1.98 per share, which beat the Zacks Consensus Estimate of $1.71 by 15.8%. The bottom line increased 29.4% from the year-ago quarter's figure of $1.53.
ETR’s revenues rose 14.5% year over year to $4.37 billion and surpassed the consensus mark of $4.16 billion by 5.1%.
Edison International (EIX - Free Report) reported third-quarter 2026 core earnings of $1.92 per share, beating the Zacks Consensus Estimate of $1.83 by 4.9%. However, the bottom line declined 17.9% from $2.34 in the year-ago quarter.
EIX’s operating revenues totaled $4.89 billion, missing the Zacks Consensus Estimate of $5.53 billion by 11.7%. The top line also declined 15% from the year-ago quarter's figure of $5.75 billion.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2026 adjusted earnings of $1.44 per share, which surpassed the Zacks Consensus Estimate of $1.34 by 7.5%. The bottom line increased 54.8% from 93 cents in the year-ago quarter.
Operating revenues totaled $2.183 billion, which beat the Zacks Consensus Estimate of $2.178 billion by 0.2%. The top line also rose 8% from $2.02 billion in the prior-year quarter.
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Consolidated Edison Q3 Earnings Lag Estimates, Revenues Rise Y/Y
Key Takeaways
Consolidated Edison, Inc. (ED - Free Report) reported third-quarter 2026 earnings of $2.06 per share, which missed the Zacks Consensus Estimate of $2.07 by 0.5%. The bottom line increased 8.4% from $1.90 in the prior-year quarter. Higher electric rate base and lower operation and maintenance expenses at CECONY supported earnings growth.
ED’s Q3 Revenue Discussion
Revenues of $4.91 billion increased 8.5% year over year and surpassed the Zacks Consensus Estimate of $4.77 billion by 3.1%.
CECONY generated operating revenues of $4.55 billion, up 8.8% from $4.18 billion in the year-ago quarter.
O&R reported revenues of $365 million, up 4.6% from $349 million in the prior-year period.
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 $4.40 billion, up 8.8% from $4.04 billion in the third quarter of 2025. Electric operations remained the primary contributor to consolidated revenues.
Gas revenues increased 5.1% to $455 million from $433 million. Steam revenues rose 10.7% year over year to $62 million. The non-utility business generated revenues of $1 million, unchanged from the prior-year quarter.
At CECONY, electric operating income increased to $1.31 billion from $1.12 billion. Meanwhile, the gas business reported an operating loss of $107 million, narrower than the year-ago loss of $122 million. Steam operating loss widened to $96 million from $88 million.
ED's Operating Expenses and Profitability
Total operating expenses increased 5.1% year over year to $3.74 billion from $3.56 billion, primarily reflecting higher purchased power costs and taxes other than income taxes.
Purchased power expenses increased 14.9% to $1.04 billion, while fuel expenses rose to $42 million from $40 million. Gas purchased for resale increased to $114 million from $113 million. Taxes other than income taxes rose 6.7% to $1.02 billion.
However, other operations and maintenance expenses declined 2.5% to $941 million from $965 million. Depreciation and amortization expenses increased marginally to $589 million from $586 million.
ED’s Financials
Cash and temporary cash investments totaled $100 million as of Sept. 30, 2026, compared with $1.63 billion at the end of 2025. Long-term debt increased to $26.84 billion from $25.55 billion over the same period.
Cash flow from operating activities was $2.83 billion during the first nine months of 2026, down 14.9% from $3.32 billion in the year-ago period.
Utility capital expenditures totaled $4.05 billion during the first nine months of 2026 compared with $3.46 billion a year earlier, reflecting continued investments in utility infrastructure.
ED’s 2026 Guidance
Consolidated Edison narrowed its 2026 adjusted earnings guidance to $6.05-$6.15 per share from the previous projection of $6.00-$6.20. The Zacks Consensus Estimate for 2026 earnings is pegged at $6.10 per share, which is in line with the midpoint of the company’s guided range.
The company expects capital investments of approximately $38 billion during 2026-2030. Its investment plans focus on maintaining reliability, accommodating growing electricity demand and strengthening infrastructure resilience.
ED’s Zacks Rank
Consolidated Edison currently carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
Recent Utility Releases
Entergy Corporation (ETR - Free Report) reported third-quarter 2026 earnings of $1.98 per share, which beat the Zacks Consensus Estimate of $1.71 by 15.8%. The bottom line increased 29.4% from the year-ago quarter's figure of $1.53.
ETR’s revenues rose 14.5% year over year to $4.37 billion and surpassed the consensus mark of $4.16 billion by 5.1%.
Edison International (EIX - Free Report) reported third-quarter 2026 core earnings of $1.92 per share, beating the Zacks Consensus Estimate of $1.83 by 4.9%. However, the bottom line declined 17.9% from $2.34 in the year-ago quarter.
EIX’s operating revenues totaled $4.89 billion, missing the Zacks Consensus Estimate of $5.53 billion by 11.7%. The top line also declined 15% from the year-ago quarter's figure of $5.75 billion.
CMS Energy Corporation (CMS - Free Report) reported third-quarter 2026 adjusted earnings of $1.44 per share, which surpassed the Zacks Consensus Estimate of $1.34 by 7.5%. The bottom line increased 54.8% from 93 cents in the year-ago quarter.
Operating revenues totaled $2.183 billion, which beat the Zacks Consensus Estimate of $2.178 billion by 0.2%. The top line also rose 8% from $2.02 billion in the prior-year quarter.