Consolidated Edison — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported net income for the third quarter of 2026 was $766 million ($2.07 per share), compared to $688 million ($1.91 per share) in the same period in 2025.
• Adjusted earnings (non-GAAP) for the third quarter of 2026 were $766 million ($2.07 per share), compared to $686 million ($1.90 per share) in 2025.
• For the first nine months of 2026, reported net income was $1,998 million ($5.44 per share), compared to $1,726 million ($4.84 per share) in the first nine months of 2025.
• Adjusted earnings (non-GAAP) for the first nine months of 2026 were $1,864 million ($5.08 per share), compared to $1,718 million ($4.82 per share) in the first nine months of 2025.
• Third-quarter 2026 adjusted earnings exclude the gain on the sale of Con Edison's equity interest in Mountain Valley Pipeline, LLC (MVP), accretion of the basis difference of Con Edison's equity interest in MVP, transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye Storage Corporation, and the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments.

Guidance and Future Outlook:

• For the full year 2026, Con Edison expects adjusted earnings per share (non-GAAP) to be in the range of $6.05 to $6.15, narrowing the previous forecast range of $6.00 to $6.20.
• The company plans to invest approximately $797 million in climate resilience from 2026 through 2030.
• Management anticipates expanding the earnings base through strategic upgrades to energy delivery systems to maintain industry-leading reliability and provide steady earnings opportunities.

Business Segments and Product Lines:

• CECONY: Third-quarter earnings growth was driven by a higher electric rate base ($62 million impact), higher income from the allowance for equity funds used during construction ($9 million), and lower operation and maintenance expenses from health care costs ($8 million). For the nine months, growth was driven by higher electric rate bases ($99 million), higher gas rate bases ($29 million), and higher income from the allowance for equity funds used during construction ($15 million).
• O&R: Third-quarter earnings were impacted by an electric base rate increase ($11 million), partially offset by higher electric and gas operation and maintenance expenses ($5 million) and other factors ($3 million). For the nine months, growth was driven by electric ($19 million) and gas ($5 million) base rate increases, partially offset by higher interest expense on long-term debt ($8 million) and higher operation and maintenance expenses ($5 million).
• Con Edison Transmission: Third-quarter results were negatively impacted by lower investment income primarily due to the sale of the equity interest in MVP ($5 million) and accretion of the basis difference of the equity interest in MVP ($2 million). For the nine months, results included a gain on the sale of the equity interest in MVP ($134 million), partially offset by accretion of the basis difference ($5 million), transaction costs associated with the strategic alternatives review ($3 million), and other factors ($1 million).

Other Key Points:

• Con Edison reached an agreement with regulators and other stakeholders on a new investment plan for its Steam business, which is awaiting approval.
• The company sold its equity interest in Mountain Valley Pipeline, LLC (MVP), resulting in a net gain of $134 million for the nine months ended September 30, 2026.
• The company sold its former subsidiary, Con Edison Clean Energy Businesses, Inc., in 2023, with related impacts excluded from adjusted earnings.
• Transaction costs associated with the strategic alternatives review of Con Edison's equity interests in MVP and Honeoye Storage Corporation were incurred during the nine-month period.
• The company's 2026 Third Quarter Form 10-Q is being filed with the Securities and Exchange Commission.