Consolidated Edison, Inc., through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,490 customers in parts of Manhattan. It also supplies electricity to approximately 0.3 million customers in southeastern New York and northern New Jersey; and gas to approximately 0.1 million customers in southeastern New York. In addition, the company operates 552 circuit miles of transmission lines; 16 transmission substations; 63 distribution substations; 89,675 in-service line transformers; 3,764 pole miles of overhead distribution lines; and 2,417 miles of underground distribution lines, as well as 4,374 miles of mains and 379, 939 service lines for natural gas distribution. Further, it invests in electric and gas transmission projects. The company primarily sells electricity to industrial, commercial, residential, and government customers. Consolidated Edison, Inc. was founded in 1823 and is based in New York, New York.
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Four Dividend Kings Report Earnings: BDX, ED, EMR, PH
Four Dividend Kings—Becton, Dickinson and Company, Consolidated Edison, Emerson Electric, and Parker-Hannifin—reported quarterly earnings last week, with all four currently carrying a Zacks Rank #3 (Hold). Becton Dickinson beat fiscal third-quarter adjusted earnings estimates with $3.23 per share versus $3.14 expected, raised its fiscal 2026 adjusted EPS midpoint to $12.62-$12.72, and saw year-to-date free cash flow rise over 44% to $1.7 billion. Consolidated Edison posted second-quarter adjusted earnings of 83 cents per share, ahead of the 74-cent estimate, and reaffirmed its fiscal 2026 adjusted EPS guidance of $6.00-$6.20 while planning nearly $38 billion in capital expenditures from 2026 through 2030. Emerson Electric's fiscal third-quarter adjusted EPS rose over 12% to $1.71, beating estimates by 3 cents, and the company raised its fiscal 2026 outlook to approximately $19 billion in net sales and adjusted EPS of around $6.55. Parker-Hannifin's fiscal fourth-quarter adjusted earnings surged 20% to $9.27 per share, easily topping the $8.29 estimate, with orders soaring 19% year over year, and management guided fiscal 2027 adjusted EPS to $34.25-$35.25 excluding pending acquisitions.
Con Edison Q2 profit rises 25% on higher electric and gas rate base
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, while adjusted 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 was Consolidated Edison Company of New York, or CECONY, which added $74 million to the year-over-year increase in quarterly net income, with higher electric rate base and rate timing contributing $25 million and higher gas rate base and rate timing adding $23 million. Con Edison reaffirmed its full-year 2026 adjusted earnings guidance of $6.00 to $6.20 per share.
Consolidated Edison Trades Near Fair Value Ahead of Earnings
Consolidated Edison shares are trading near their estimated fair value as the company approaches its June 2026 quarter earnings report. The stock currently changes hands at US$108.85, slightly above a Simply Wall St discounted cash flow model fair value of about $106.88 per share. Its price-to-earnings ratio of 18.6x sits below the broader US market multiple of 19.3x and above the global integrated utilities average of 18.2x, while analysts note that earnings are growing at a moderate pace. The company scores only 2 on an internal value score, yet the current P/E is below an estimated fair P/E of 22x, suggesting the market is applying a cautious multiple. Investors are also watching for regulatory decisions, shifts in allowed returns, and higher financing costs that could pressure the earnings profile.
Consolidated Edison Faces Heat-Driven Grid Strain and Adds Regulatory Expertise to Board
Consolidated Edison recently managed an extreme heat wave that caused record power demand, leading to targeted outages, voltage reductions, and conservation appeals across New York City boroughs and nearby suburbs. The company also elected former prosecutor Tali Farhadian Weinstein to its Board, where she will serve on governance and sustainability committees. These developments highlight near-term operational risks and potential regulatory scrutiny, though the share price reaction suggests investors do not yet see a material change to the core investment thesis.
Con Edison Stock Looks Fairly Valued at Current Levels
Consolidated Edison stock appears fairly valued at current levels, with a Dividend Discount Model suggesting a roughly 7% overvaluation while a P/E multiple indicates modest undervaluation. The DDM estimates an intrinsic value of about $107 per share based on a $3.80 dividend, 8.73% return on equity, and 3.54% dividend growth, placing the stock slightly above fair value. In contrast, the stock trades at about 19.5 times earnings, below a fair P/E estimate of around 22.1 times and the peer group average of 22.0 times, signaling potential undervaluation on an earnings basis. The stock has returned 85.2% over five years but lagged peers with a 17.4% gain in the past year, while recent grid reliability concerns during a heat dome highlight both infrastructure investment needs and regulatory risks. Overall, the mixed valuation picture suggests the stock is priced near fair value without a clear margin of safety.
Con Edison Elects Tali Farhadian to Board of Directors
Consolidated Edison announced that its Board of Directors elected Tali Farhadian as a new board member, effective July 1, 2026. Ms. Farhadian is an accomplished lawyer and former prosecutor with deep legal and regulatory experience, and she serves as a Trustee of the New York Public Library. She will become the Chief Executive Officer of the Museum of Jewish Heritage effective September 8, 2026. Her career includes clerking for U.S. Supreme Court Justice Sandra Day O'Connor and serving in the U.S. Attorney General's office.
Argus lowered its price target on Consolidated Edison from $118 to $112 while reaffirming a Buy rating. The firm cited the stock's recent surge to a five-year high as the reason for the reduced target, noting that the new level implies fair value at current prices. Argus highlighted that earnings growth has been driven by regulatory increases, with further rate hikes filed for early 2026, and expects the stock to benefit from improving fundamentals and a positive sector rotation amid anticipated interest rate cuts. Consolidated Edison serves 10 million customers in New York City and Westchester County and has raised its dividend for 54 consecutive years, currently yielding 3.17%.
Con Ed Extends Dividend King Streak to 52 Years With 4.4% Raise
Consolidated Edison extended its Dividend King streak to 52 years with a 4.4% dividend increase, bringing the annual payout to $3.55 per share. The forward earnings payout ratio stands at a conservative 58%, supported by 2026 adjusted EPS guidance of $6.00 to $6.20. However, the company's $6.6 billion capital expenditure plan for 2026 includes up to $1.1 billion in new common equity, which could accelerate dilution if interest rates remain elevated. Moody's has a negative outlook on the utility, which carries $50.4 billion in total liabilities against $24.2 billion in equity. CEO Tim Cawley reaffirmed guidance after a first-quarter EPS miss, citing operational strength and reliability.
Con Edison CEO urges grid equipment upsizing for longer, hotter heat waves
Consolidated Edison CEO Tim Cawley said the utility must upsize parts of its grid equipment to withstand longer and hotter heat waves while avoiding a fundamental system overhaul. Speaking at the Reuters Global Energy Forum in New York, Cawley said New York should instead make better use of rooftop solar, batteries, demand response, and grid data to improve efficiency and contain costs. He noted that data center demand is about 60 megawatts, far below the 800-megawatt scale cited by some utilities, with electrification of transport and heating remaining the main drivers of load growth. Cawley also expressed support for utility-owned large-scale renewables, especially upstate projects linked by transmission to downstate demand centers, and said artificial intelligence and enhanced real-time grid visibility could optimize voltage, reduce consumption, cut emissions, and lower customer bills while maintaining reliability.
Zacks Highlights Four Low-Beta Defensive Stocks After Fed Holds Rates Steady
The Federal Reserve kept its benchmark interest rate unchanged in the 3.5–3.75% range at its June policy meeting, while signaling a possible rate cut later this year amid persistent inflation. Against this backdrop, Zacks Investment Research recommends four low-beta defensive stocks from the consumer staples sector that have seen positive earnings estimate revisions in the past 60 days and carry a Zacks Rank #2, or Buy. The picks are American States Water Company, with a beta of 0.60 and a dividend yield of 2.61%; Consolidated Edison, with a beta of 0.27 and a yield of 3.34%; The Coca-Cola Company, with a beta of 0.35 and a yield of 2.67%; and The New York Times Company, with a beta of 0.95 and a yield of 1.26%. The Fed removed earlier wording that had hinted at additional rate cuts, and policymakers suggested future rate increases could still be on the table if needed, after cutting rates by 75 basis points at the end of 2025. Inflation remains a key concern, with the Consumer Price Index rising 0.5% in May following a 0.6% increase in April, and the Iran conflict pushing oil prices to record levels.
Con Edison energizes New York State's largest electric school bus fleet for GVC
Con Edison has energized the largest fleet of electric school buses in New York State for student transport company GVC. The project includes 45 new electric buses and 23 dual-port chargers at GVC's depot in the South Bronx, replacing fossil fuel-powered vehicles. Con Edison provided a $450,000 incentive from its MHD Make-Ready Pilot program and upgraded the site's electric service. The initiative is expected to prevent the emission of 1 million pounds of carbon each school year, benefiting a community where childhood asthma rates are more than twice the national average. The New York School Bus Incentive Program, administered by NYSERDA, also supported the project by funding 20 of the buses and all 23 chargers.