Consolidated Edison (ED)
NYSEUtilitiesRegulated ElectricSnapshot 2026-09-04
$107.29-1.34%
Close 2026-09-04 · 1-day change
NYSEUtilitiesRegulated ElectricSnapshot 2026-09-04
Broken: Recent financial performance freshly dropped to the bottom half of its industry.
Consolidated Edison invests about $6.6 billion in 2026 to modernize its grid. It aims for adjusted EPS of $6.00 to $6.20 in 2026. The company manages costs well, with operating income rising to $1.18 billion in Q1 2026. These support steady earnings and dividend income.
Growth and valuation concerns led to a recent analyst downgrade. The company cut EPS guidance and missed Q1 earnings. Rising costs or regulatory challenges could pressure profits and investments.
The market prices about 4% revenue growth and values shares slightly above our fair value near $107. Our view aligns with consensus but sees risk from the recent guidance cut and earnings miss.
Breaks if: capital expenditures fall below $6,595 million in FY26
Continue proactive investments to strengthen grid reliability, resilience, and support clean energy transition.
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a utility company with a focus on long-term stability and infrastructure investment. The current thesis state is weakened due to recent performance shifts and mixed signals from management priorities.
The market currently prices ED as cheap compared to its peers, reflecting a justified valuation. However, there is a low expectations gap, indicating that investors are not anticipating significant growth in the near term.
Fundamentals are likely to remain stable, supported by robust earnings quality and low risk. However, recent financial performance has shifted to the lower half of its industry, which may impact future results.
The thesis hinges on management's ability to reaffirm guidance and control costs while navigating sector headwinds. Additionally, external factors like Federal Reserve rate cuts and performance of sector peers could influence future outcomes.
The most important moves since the prior daily snapshot.
Yes, our read has weakened. Recent financial performance dropped from the top half to the bottom half of its industry. This change indicates the reason to own it has weakened. The latest earnings beat and plans for new substations support some growth objectives, but overall standing has declined.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Stated as a priority in 3 of last 4 quarters. Management emphasizes ongoing investments to strengthen grid reliability and resilience, including preparing for extreme weather and supporting electrification. Capital investments are forecasted at $6,595 million in 2026 and $6,759 million in 2027, reflecting substantial investment. The trajectory shows active delivery of this priority.
“We are investing to further strengthen reliability and system resilience, including preparing our network for periods of extreme heat.”
“We are investing proactively to meet this growth - building new substations, maintaining robust design standards and fortifying our system against extreme weather.”
“Demand remains for a modern, resilient grid as customers continue to electrify their homes, businesses and vehicles. We are investing proactively to support stable, long-term returns.”
Breaks if: adjusted EPS falls below $6.00 in FY26
Maintain and deliver adjusted earnings per share guidance for 2026 in the range of $6.00 to $6.20.
Stated as a priority in 4 of last 4 quarters. Con Edison has consistently reaffirmed its 2026 adjusted EPS guidance range of $6.00 to $6.20. This aligns with the financial reality where adjusted EPS for the first half of 2026 was $3.00 per share, supporting the full-year guidance. The trajectory is delivering as management maintains confidence in meeting this EPS range.
“For the year of 2026, Con Edison reaffirmed its adjusted earnings per share (non-GAAP) to be in the range of $6.00 to $6.20 per share.”
“For the year of 2026, Con Edison reaffirmed its adjusted earnings per share (non-GAAP) to be in the range of $6.00 to $6.20 per share.”
“For the year of 2026, Con Edison expects its adjusted earnings per share (non-GAAP) to be in the range of $6.00 to $6.20 per share.”
“For the year of 2026, Con Edison expects its adjusted earnings per share (non-GAAP) to be in the range of $6.00 to $6.20 per share.”
Target a compounded annual adjusted EPS growth rate of 6% to 7% over five years based on 2026 guidance midpoint.
Breaks if: operating income falls below $1.1 billion quarterly
Focus on managing costs effectively while making critical investments for clean energy transition.
Stated as a priority in 2 of last 4 quarters. Management highlights cost management alongside investments. Operating expenses and net income have shown variability but adjusted EPS remains stable, indicating disciplined cost control. The trajectory is consistent with management's stated focus on cost discipline.
“We are investing proactively to meet this growth while managing costs and supporting affordability.”
“We remain focused on managing costs while making the critical investments required for the clean energy transition.”
Over the next 1 to 3 years, ED's performance will depend on management execution and external economic conditions. Not investment advice.