ED · Consolidated Edison, Inc.

Consolidated Edison's Q1 2026 results showed GAAP net income rising 17% to $924 million ($2.55/share) from $791 million ($2.26/share) a year ago, primarily due to a $134 million after-tax gain from selling its 6.6% equity interest in Mountain Valley Pipeline, LLC (MVP) for $357.5 million. Excluding this gain, transaction costs from the strategic review of MVP and Honeoye Storage investments, MVP basis accretion, and prior-year HLBV effects, adjusted earnings dipped slightly to $790 million ($2.18/share) from $792 million ($2.26/share). Attachment B details drivers: CECONY faced $28 million higher O&M expenses and $9 million higher interest, partially offset by $15 million and $14 million electric/gas rate base growth, netting $(0.11) EPS impact; O&R added $0.01 EPS from rate increases; Transmission contributed the MVP gain. Management, led by CEO Tim Cawley, highlighted regulated business strength, electrification-driven growth, and operational excellence supporting reaffirmed full-year adjusted EPS guidance of $6.00-$6.20. CFO Kirk Andrews emphasized execution of the three-year investment plan amid rising demand. The company settled a forward sale for 7 million shares ($776M proceeds) and entered a new $3.5B revolving credit facility. Balance sheet remains solid with $74.7B assets and $25.6B equity as of March 31, 2026, positioning for continued infrastructure investments in a high-growth urban market.