Holly HerreraConsolidated Edison (NYSE:ED) supplies electricity, natural gas and steam to millions of customers across New York City, Westchester County and parts of New Jersey through its regulated utility subsidiaries. The con edison profit 2024 comparisons resurfaced this week after the company posted second quarter 2026 net income of $308 million, up sharply from $246 million a year earlier, as rate base growth at its core utility lifted results.
Earnings per share climbed to $0.83 from $0.68 in the same quarter last year. On an adjusted basis, the company also reported $308 million, or $0.83 per share, versus $240 million, or $0.67 per share, a year earlier. Shares last traded at 107.98 dollars, down 0.89% on the day, giving the company a market cap of 39.93 billion dollars. The stock trades within a 52 week range of 102.82 to 115.26 dollars, carries a price to earnings ratio of 17.67 and pays a dividend yield of 3.29%.
| Price | 107.98 USD |
|---|---|
| Day change | -0.97 (-0.89%) |
| 52-week range | 102.82 – 115.26 |
| Market cap | $39.93B |
| P/E ratio | 17.67 |
| EPS (ttm) | 6.11 |
| Dividend yield | 3.29% |
| RSI (14) | 41.68 |
| Volume | 2,160,788 |
CECONY Drives the Bulk of the Gain
Consolidated Edison Company of New York, the utility that serves electric customers in the city and Westchester County plus gas and steam in certain areas, contributed a $74 million year over year increase in quarterly net income. Higher electric rate base combined with billing timing tied to a rate increase added $25 million. Higher gas rate base and related timing added another $23 million. Lower interest expense and reduced electric operations and maintenance costs each contributed $9 million more. Losses at the parent company and the transmission segment trimmed some of that gain, leaving overall reported net income $62 million above the prior year quarter.
Revenue decoupling mechanisms in New York shield the utility's delivery revenue from swings in how much electricity or gas customers actually use compared to what regulators assumed when setting rates. That structure, paired with steady investment in poles, wires, pipes and substations, is why Con Edison's earnings track regulated capital spending more than commodity prices.
Valuation, Momentum and Yield at Consolidated Edison
The stock's RSI reading of 41.68 suggests shares have cooled off from any overbought extremes and now sit in fairly neutral territory, neither stretched nor deeply oversold. At a P/E of 17.67, the market is pricing in continued but unspectacular earnings growth for a company whose profits depend on regulatory approvals rather than market swings. The bull case rests on the utility's planned buildout: 28 new substations by 2035 and tens of billions in additional capital investment aimed at grid resilience and electrification, spending that regulators typically allow the company to earn a return on. The 3.29% dividend yield adds an income cushion that has long attracted investors seeking steady payouts from regulated utilities.The bear case centers on rate case risk and financing costs. Heavy capital programs require frequent rate filings, and regulators in New York don't always grant full requested increases. Rising interest rates would also raise the cost of funding that infrastructure spending, a factor that could offset some of the recent benefit from lower interest expense seen this quarter.
First Half Results and Full Year Guidance
For the six months ended in June, reported net income rose to $1.23 billion from $1.04 billion a year earlier, a jump that included a $134 million after tax gain from selling Con Edison's equity stake in the Mountain Valley Pipeline. Strip out that one time gain and other specified items, and adjusted first half earnings rose more modestly, to $1.10 billion from $1.03 billion. Management reaffirmed full year 2026 adjusted earnings guidance of $6.00 to $6.20 per share, a range that assumes continued rate base growth across CECONY, Orange and Rockland Utilities and Con Edison Transmission.
Frequently Asked Questions
Is Con Edison a monopoly?
Con Edison operates as a regulated monopoly for electric, gas and steam delivery within its New York and New Jersey service territories, meaning customers there have no alternative provider for those delivery services, though rates and terms are overseen by state regulators.
Is Con Edison a private company?
No, Consolidated Edison is a publicly traded company listed on the New York Stock Exchange under the ticker ED, with shares available to any investor.
Is Con Edison a Fortune 500 company?
Yes, Consolidated Edison has ranked among the Fortune 500 in recent years based on its annual revenue, which places it among the largest publicly traded companies in the United States.
How much does Con Edison make a year?
For the first half of 2026 alone, Con Edison reported net income of $1.23 billion, and the company has guided full year 2026 adjusted earnings per share to a range of $6.00 to $6.20.
James Stephens
Jake Fox