Consolidated Edison reported second-quarter 2026 net income of $308 million, up from $246 million a year earlier, as higher electric and gas rate bases boosted earnings at its main New York utility business.

Earnings per share rose to $0.83 from $0.68 in the second quarter of 2025. On an adjusted basis, earnings were also $308 million, or $0.83 per share, compared with $240 million, or $0.67 per share, a year earlier.

The biggest contributor to the year-over-year improvement was Consolidated Edison Company of New York, or CECONY, which provides electricity to New York City and Westchester County as well as natural gas and steam services in parts of its territory.

CECONY contributed a $74 million year-over-year increase in quarterly net income. Higher electric rate base and the timing of billing for a rate increase added $25 million, while higher gas rate base and rate timing contributed another $23 million. Lower interest expense and lower electric operations and maintenance costs each added $9 million.

Those gains were partly offset at the parent and transmission businesses, leaving Con Edison's reported quarterly net income $62 million above the year-earlier period.

The results highlight the role of regulated infrastructure investment in Con Edison's earnings growth. Unlike commodity-exposed energy companies, the utility's earnings are primarily tied to regulated rates and investment in its electric and gas systems. New York revenue-decoupling mechanisms also mean utility delivery revenues are generally insulated from changes in electricity and gas volumes relative to levels assumed in approved rates.

Con Edison said it continues to invest in reliability and grid resilience, including preparations for extreme heat and infrastructure needed to support increasing electrification. The company expects to have 28 new substations operating by 2035 and plans tens of billions of dollars of additional capital investment.

For the first six months of 2026, reported net income rose to $1.23 billion from $1.04 billion a year earlier. That increase included a $134 million after-tax gain from the sale of Con Edison's equity interest in the Mountain Valley Pipeline.

Excluding that gain and other specified items, first-half adjusted earnings increased more modestly to $1.10 billion from $1.03 billion.

Con Edison reaffirmed its full-year 2026 adjusted earnings guidance of $6.00 to $6.20 per share.

The company operates primarily through CECONY and Orange and Rockland Utilities, which provide regulated electricity and natural gas services in New York and northern New Jersey, as well as Con Edison Transmission, which invests in regulated transmission infrastructure.

By Charles Kennedy for Oilprice.com

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