Con Edison Beats Q2 Estimates, Reaffirms 2026 Guidance; ATM Program Update

summarizeSummary

Con Edison reported Q2 adjusted EPS of $0.83, beating estimates, and reaffirmed its 2026 adjusted EPS guidance of $6.00–$6.20. The company also updated progress on its $2 billion ATM equity program and disclosed $1.3 billion in new long-term debt at CECONY.

check_boxKey Events · Earnings and Guidance · ED

• Q2 Earnings Beat

  Adjusted EPS of $0.83 exceeded the $0.75 consensus, driven by higher electric and gas rate base revenues at CECONY.

• 2026 Guidance Reaffirmed

  Management reiterated full-year adjusted EPS guidance of $6.00 to $6.20, reflecting confidence in regulated earnings growth.

• ATM Equity Program Update

  In June 2026, Con Edison settled 1,018,307 shares under its $2 billion ATM program for net proceeds of ~$108 million; ~$1.8 billion remains available for future issuance.

• CECONY Debt Issuance

  CECONY issued $1.3 billion of long-term debt in Q2 2026, including $450 million of 5.15% debentures due 2036 and $850 million of 5.875% debentures due 2056.

auto_awesomeAnalysis · ED · Energy & Transportation

Con Edison delivered Q2 adjusted EPS of $0.83, topping the $0.75 consensus, driven by higher electric and gas rate base revenues at its CECONY subsidiary. Management reaffirmed full-year adjusted EPS guidance of $6.00–$6.20, signaling confidence in the regulated utility's earnings trajectory. The filing also updates the $2 billion ATM equity program: $108 million was raised in June via forward settlement, with $1.8 billion still available — a potential overhang but one that is part of a previously disclosed financing plan. Additionally, CECONY issued $1.3 billion in long-term debt to fund its capital program, and RECO secured a constructive rate order in New Jersey. For a $40 billion utility, these are steady, predictable results that reinforce the investment thesis, though the ongoing equity issuance warrants attention.