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ED · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Consolidated Edison, Inc. (ED) stock moving?
Consolidated Edison beat Q3 2026 expectations on November 5, with adjusted EPS of $2.07 versus a $2.03 estimate and sales of $4.91B versus $4.75B. The company narrowed FY2026 adjusted EPS guidance to $6.05-$6.15 from $6.00-$6.20, leaving the $6.10 midpoint in line with consensus, so the quarter improved visibility rather than raising the outlook. It also reached an agreement on a Steam business investment plan of about $797M in climate resilience spending from 2026 to 2030, which still awaits regulatory approval. Analysts reacted mostly positively: Wells Fargo raised its target to $134 and keeps Overweight, and Mizuho raised its target to $124 from $108, while Barclays stays Underweight with a $108 target. Price action has been choppy. The stock rose into the report, peaked at $122.75 on November 5 on 4.6M shares, roughly double the recent average volume, then slipped to $118.39 on November 9 before closing at $119.28 on November 10. Over the last 30 sessions the stock has traded mostly between $114 and $123, and the post-earnings pullback has left it inside that range rather than near the high.
News behind the analysis
- Consolidated Edison, Inc. Reports Third-Quarter 2026 Earnings and Steam Business Investment PlanConsolidated Edison reported third-quarter adjusted EPS of $2.07, above estimates, and reached an agreement with its regulator and stakeholders on a new Steam business investment plan that still awaits approval.
- Barclays Maintains Underweight on Consolidated Edison, Raises Price Target to $108Barclays kept its Underweight rating on ED and raised its price target to $108, which remains well below the recent trading range near $118-$122.
- Wells Fargo Maintains Overweight on Consolidated Edison, Raises Price Target to $134Wells Fargo kept its Overweight rating on ED and raised its price target to $134 after the quarter.
- Mizuho Adjusts Price Target on Consolidated Edison to $124 From $108Mizuho raised its price target on Consolidated Edison from $108 to $124.
- Consolidated Edison Reports 2026 Third Quarter EarningsConsolidated Edison reported third-quarter 2026 revenue of $4.91 billion and adjusted EPS of $2.07.
- Consolidated Edison Says Reached Agreement With Our Regulator, Other Stakeholders On New Investment Plan For Our Steam Business That Is Awaiting Approval; : Plans To Invest ~$797M In Climate Resilience From 2026 Through 2030The company reached a Steam investment plan agreement with its regulator and stakeholders, planning about $797M of climate resilience spending from 2026 to 2030; the plan still needs approval.
- Consolidated Edison Q3 Adj. EPS $2.07 Beats $2.03 Estimate, Sales $4.913B Beat $4.748B EstimateQ3 adjusted EPS of $2.07 beat the $2.03 estimate, and sales of $4.913B beat the $4.748B estimate.
- Consolidated Edison Narrows FY2026 Adj EPS Guidance from $6.00-$6.20 to $6.05-$6.15 vs $6.10 EstThe FY2026 adjusted EPS guidance range was narrowed to $6.05-$6.15 from $6.00-$6.20, with the midpoint of $6.10 in line with the estimate.
About Consolidated Edison, Inc.
Consolidated Edison (Con Edison) is a holding company whose main business, Consolidated Edison Company of New York (CECONY), delivers electricity, natural gas and steam to New York City and Westchester County; a smaller utility, Orange & Rockland, serves parts of New York and New Jersey. It is almost entirely a regulated utility, has a long record of raising its dividend every year, and is selling off its stakes in gas pipelines and storage, including Mountain Valley Pipeline.
How it makes money
Most of its revenue and earnings come from CECONY, which charges customers rates set by the New York Public Service Commission. Those rates are designed to let it earn a return on the money it invests in its grid. Electric delivery is the largest piece, followed by gas, with steam a small share. Orange & Rockland adds a smaller amount of regulated revenue. Annual revenue is roughly $17–18 billion (approximate, trailing 12 months). The company plans to grow its regulated investment base by about 9% a year (approximate) through 2030, paid for with both new debt and new shares.
What usually moves ED
- New York rate case decisions and allowed returns
- Interest rates and bond yields
- Capital spending plans and new share issuance
- Weather, storms and grid reliability events
- Power demand growth and clean-energy mandates in New York