Consolidated Edison reported first quarter 2026 revenue of $5.1 billion, beating analyst estimates. The company posted GAAP EPS of $2.55, up from $2.26 in the prior-year period, largely due to a gain on an asset sale. Adjusted EPS was $2.18, a decrease from $2.26 in the first quarter of 2025 and below expectations of $2.32.
Key Highlights
- Management reaffirmed its full-year 2026 adjusted EPS guidance range of $6.00 to $6.20 per share.
- The company completed the sale of its equity interest in the Mountain Valley Pipeline (MVP) for total consideration of $357.5 million, which resulted in a gain that accounted for the difference between GAAP and adjusted earnings.
- Adjusted earnings were impacted by a $0.11 per share decline from the core CECONY segment, driven by higher operations & maintenance expenses and share dilution, which more than offset the benefit from a higher rate base.