Consolidated Edison, Inc. (ED) reported 2026 third-quarter net income of $766 million, or $2.07 a share, compared with $688 million, or $1.91 a share, a year earlier. Adjusted earnings on a non-GAAP basis were also $766 million, or $2.07 a share.

The New York energy holding company narrowed its full-year 2026 adjusted earnings-per-share outlook to $6.05 to $6.15 from the $6.00 to $6.20 range it had reaffirmed after the first and second quarters. Adjusted earnings per share exclude the after-tax gain on the sale of the company’s equity interest in Mountain Valley Pipeline, LLC, accretion of the basis difference on that interest, transaction costs tied to a strategic alternatives review of its MVP and Honeoye Storage Corporation stakes, and hypothetical liquidation at book value effects on tax equity investments.

GAAP earnings per share rose to $2.07 in the third quarter from $0.83 in the second quarter, after a first-quarter print of $2.55 that included the Mountain Valley Pipeline sale. Adjusted earnings per share followed the same path, rising to $2.07 from $0.83 after $2.18 in the first quarter.

Consolidated Edison Company of New York, Inc., the regulated electric, gas and steam utility, accounted for $80 million, or $0.17 a share, of the third-quarter GAAP earnings increase versus 2025. Higher electric rate base contributed $62 million, or $0.17 a share. Higher income from the allowance for equity funds used during construction added $9 million, or $0.03 a share, and lower health-care operation and maintenance expense added $8 million, or $0.02 a share. A dilutive effect of common-share issuance reduced earnings by $0.05 a share.

Orange and Rockland Utilities, Inc., the southeastern New York and northern New Jersey utility, added $3 million, or $0.01 a share. An $11 million, or $0.03 a share, electric base-rate increase was offset by $5 million, or $0.01 a share, of higher electric and gas operation and maintenance expense and $3 million, or $0.01 a share, of other items.

Con Edison Transmission reduced third-quarter earnings by $5 million, or $0.02 a share, versus 2025, including $5 million, or $0.01 a share, of lower investment income primarily from the sale of the MVP equity interest and $2 million, or $0.01 a share, of MVP accretion.

Chairman and Chief Executive Officer Tim Cawley said the company plans to invest approximately $797 million in climate resilience from 2026 through 2030. He said Con Edison is at the center of one of the nation’s largest electrification efforts and remains focused on reliability while building capacity and resilience.

CECONY entered into a joint proposal for the Steam rate plan reflecting a 9.50% return on equity and a 48% equity ratio. Cawley said the company reached agreement with the regulator and other stakeholders on a new Steam investment plan that is awaiting approval.

Senior Vice President and Chief Financial Officer Kirk Andrews said the company sees a bright future as it expands its earnings base with strategic upgrades to energy delivery systems.