ED earnings analysis
What we found in ED's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Consolidated Edison reported strong Q1 2026 results with revenue increasing to $5.1 billion, a 6.2% rise from Q1 2025. Net income rose to $924 million, with diluted EPS climbing to $2.54, an increase from $2.25. Major drivers of performance included higher revenues from electric and gas delivery, alongside the successful sale of its Mountain Valley Pipeline stake.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Strong Revenue Growth
- Total revenue reached $5.1 billion, up 6.2% from $4.8 billion in Q1 2025.
- Improved EPS
- Diluted EPS rose to $2.54, compared to $2.25 in the prior-year quarter.
- Significant Operating Income
- Operating income increased to $1.177 billion from $1.125 billion year-over-year.
- Successful Asset Sale
- Gained $189 million from the sale of interest in Mountain Valley Pipeline.
- Lower Interest Expense
- Net interest expense decreased to $308 million from $313 million.
- Effective Cash Management
- Operating cash flow improved to $174 million from $837 million.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Aged Receivables
- Aged receivables exceeded $1.35 billion as of March 31, 2026, raising concerns about collection.
- Higher Operational Expenses
- Other operations and maintenance expenses climbed to $940 million, reflecting increased costs.
- Regulatory Risks
- Ongoing investigations related to weld quality compliance could result in regulatory penalties.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $2.54
- Gross margin
- 60.96%
- Operating margin
- 23.06%
- Segment
- Electric
- Segment
- Gas
- Segment
- Steam
- Segment
- Non-utility
What they said about what is next.
Management states they expect to maintain revenue growth and improve operational efficiencies in upcoming quarters.
The filing reads better than the one before it.
What came before.
- 10-Q · November 6, 2025
- Consolidated Edison, Inc. reported strong financial performance for Q3 2025, with revenues of $4.53 billion, a 10.7% increase from $4.09 billion in Q3 2024. Adjusted diluted EPS rose to $1.90, beating consensus…
- 10-Q · August 7, 2025
- Consolidated Edison, Inc. reported fiscal Q2 2025 results showcasing a 10.7% revenue increase to $3.6 billion compared to Q2 2024, alongside diluted EPS of $0.68, up from $0.58 in the prior year. Operating performance…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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