Consolidated Edison (ED)

NYSEUtilitiesRegulated ElectricSnapshot 2026-10-15

$112.26+2.18%

Close 2026-10-16 · 1-day change

Read the published Living FV report summary

Investment OutlookAs of Oct 15, 2026

What could strengthen or challenge Consolidated Edison’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

+0.2%

+10% or more+5%0%−5%−10% or less

6.49 → 6.50 EPS · FY ending Dec 31, 2027 · 10 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 15, 2026 to Oct 15, 2026: (new ÷ prior − 1). Contributor count changed from 9 to 10; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Living FV™

Living Fair Value by QuarterlyIQ

A valuation that evolves as the business changes.

A published Living FV snapshot is not available yet. The valuation workflow remains discoverable; a market target cannot supply the missing evidence.

View Living FV report and workflow

What the Thesis Depends On

Three key conditions need to be met for the investment thesis to play out.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Invest at least $6.6 billion in capital expenditures for grid modernization in 2026	Consolidated Edison invests about $6.6 billion in 2026 to modernize its grid.	Under Pressure	capital expenditures fall below $6,595 million in FY26	Capital expenditures: $1.173B FY2026-Q2; GAAP. Published target: >= $6,595 million. Target period is not explicitly aligned with this observation. Source published Aug 6, 20261,173,000,000 USD · source valueSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 3 of last 4 quarters. Management emphasizes ongoing investments to strengthen grid reliability and resilience, including preparing for extreme weather and supporting electrification. Capital investments are forecasted at $6,595 million in 2026 and $6,759 million in 2027, reflecting substantial investment. The trajectory shows active delivery of this priority. Delivery assessment Oct 15, 2026
Deliver adjusted EPS in range $6.00 to $6.20 in 2026	It aims for adjusted EPS of $6.00 to $6.20 in 2026.	Under Pressure	adjusted EPS falls below $6.00 in FY26	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 15, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Con Edison has consistently reaffirmed its 2026 adjusted EPS guidance range of $6.00 to $6.20. This aligns with the financial reality where adjusted EPS for the first half of 2026 was $3.00 per share, supporting the full-year guidance. The trajectory is delivering as management maintains confidence in meeting this EPS range. Delivery assessment Oct 15, 2026
Maintain or improve operating income above $1.1 billion quarterly	The company manages costs well, with operating income rising to $1.18 billion in Q1 2026.	Intact	operating income falls below $1.1 billion quarterly	Operating income: $552M FY2026-Q2; GAAP. Published target: >= $1.1 billion per quarter. Target period is not explicitly aligned with this observation. Source published Aug 6, 2026552,000,000 USD · source valueSource reportLast status assessment Oct 15, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 218e5b00-2de2-431b-ae7e-58ca4773108a. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 2 of last 4 quarters. Management highlights cost management alongside investments. Operating expenses and net income have shown variability but adjusted EPS remains stable, indicating disciplined cost control. The trajectory is consistent with management's stated focus on cost discipline. Delivery assessment Oct 15, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$6.50

$6.48 → $6.50 · observed estimates

FY2027 revenue$18.37B

$18.21B → $18.37B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$6.48	$18,212,859,129	9 / 10
2026-07-25	$6.49	$18,304,470,490	15 / 15
2026-07-26	$6.49	$18,304,470,490	15 / 15
2026-07-27	$6.49	$18,249,649,796	9 / 11
2026-07-28	$6.49	$18,304,470,490	15 / 15
2026-07-29	$6.49	$18,249,649,796	9 / 11
2026-07-30	$6.49	$18,249,649,796	9 / 11
2026-07-31	$6.49	$18,249,649,796	9 / 11
2026-08-01	$6.49	$18,249,649,796	9 / 11
2026-08-02	$6.49	$18,249,649,796	10 / 11
2026-08-03	$6.49	$18,304,470,490	15 / 15
2026-08-04	$6.49	$18,249,649,796	10 / 11
2026-08-05	$6.49	$18,304,470,490	15 / 15
2026-08-06	$6.49	$18,304,470,490	15 / 15
2026-08-07	$6.49	$18,249,611,334	10 / 11
2026-08-08	$6.49	$18,304,470,490	15 / 15
2026-08-09	$6.49	$18,304,470,490	15 / 15
2026-08-10	$6.49	$18,304,470,490	15 / 15
2026-08-11	$6.49	$18,310,763,160	15 / 15
2026-08-12	$6.49	$18,249,611,334	10 / 11
2026-08-13	$6.49	$18,308,909,880	15 / 15
2026-08-14	$6.49	$18,249,611,334	10 / 11
2026-08-15	$6.49	$18,249,611,334	10 / 11
2026-08-16	$6.49	$18,249,611,334	10 / 11
2026-08-17	$6.49	$18,249,611,334	10 / 11
2026-08-18	$6.49	$18,249,611,334	10 / 11
2026-08-19	$6.49	$18,249,611,334	10 / 11
2026-08-20	$6.48	$18,261,654,688	9 / 11
2026-08-21	$6.48	$18,281,803,150	9 / 11
2026-08-22	$6.48	$18,281,803,150	9 / 11
2026-08-23	$6.48	$18,281,803,150	9 / 11
2026-08-24	$6.48	$18,281,803,150	9 / 11
2026-08-25	$6.48	$18,281,803,150	9 / 11
2026-08-26	$6.48	$18,281,803,150	9 / 11
2026-08-27	$6.48	$18,281,803,150	9 / 11
2026-08-28	$6.48	$18,281,803,150	9 / 11
2026-08-29	$6.49	$18,365,233,919	9 / 11
2026-08-30	$6.49	$18,365,233,919	9 / 11
2026-08-31	$6.49	$18,365,233,919	10 / 11
2026-09-01	$6.49	$18,365,233,919	10 / 11
2026-09-02	$6.49	$18,365,233,919	9 / 11
2026-09-03	$6.49	$18,365,233,919	9 / 11
2026-09-04	$6.49	$18,365,233,919	9 / 11
2026-09-05	$6.49	$18,365,233,919	9 / 11
2026-09-06	$6.49	$18,365,233,919	9 / 11
2026-09-07	$6.49	$18,365,233,919	9 / 11
2026-09-08	$6.49	$18,365,233,919	9 / 11
2026-09-09	$6.49	$18,365,233,919	9 / 11
2026-09-10	$6.49	$18,365,233,919	9 / 11
2026-09-11	$6.49	$18,365,233,919	9 / 11
2026-09-12	$6.49	$18,365,233,919	9 / 11
2026-09-13	$6.49	$18,365,233,919	9 / 11
2026-09-14	$6.49	$18,365,233,919	9 / 11
2026-09-15	$6.49	$18,365,233,919	9 / 11
2026-09-16	$6.49	$18,365,233,919	9 / 11
2026-09-17	$6.49	$18,365,233,919	9 / 11
2026-09-18	$6.49	$18,365,233,919	9 / 11
2026-09-19	$6.49	$18,386,321,389	9 / 11
2026-09-20	$6.49	$18,386,321,389	9 / 11
2026-09-21	$6.49	$18,386,321,389	9 / 11
2026-09-22	$6.49	$18,386,321,389	9 / 11
2026-09-23	$6.49	$18,386,321,389	9 / 11
2026-09-24	$6.50	$18,386,321,389	9 / 11
2026-09-25	$6.50	$18,386,321,389	9 / 11
2026-09-26	$6.50	$18,386,321,389	9 / 11
2026-09-27	$6.50	$18,386,321,389	9 / 11
2026-09-28	$6.50	$18,386,321,389	9 / 11
2026-09-29	$6.50	$18,386,321,389	9 / 11
2026-09-30	$6.50	$18,386,321,389	9 / 11
2026-10-01	$6.50	$18,386,321,389	9 / 11
2026-10-02	$6.50	$18,369,552,159	10 / 11
2026-10-03	$6.50	$18,369,552,159	10 / 11
2026-10-04	$6.50	$18,369,552,159	10 / 11
2026-10-05	$6.50	$18,369,552,159	10 / 11
2026-10-06	$6.50	$18,369,552,159	10 / 11
2026-10-07	$6.50	$18,369,552,159	10 / 11
2026-10-08	$6.50	$18,369,552,159	10 / 11
2026-10-09	$6.50	$18,369,552,159	10 / 11
2026-10-10	$6.50	$18,369,552,159	10 / 11
2026-10-11	$6.50	$18,369,552,159	10 / 11
2026-10-12	$6.50	$18,369,552,159	10 / 11
2026-10-13	$6.50	$18,369,552,159	10 / 11
2026-10-14	$6.50	$18,369,552,159	10 / 11
2026-10-15	$6.50	$18,369,552,159	10 / 11

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	3	9	7
2026-06-01	3	10	6
2026-07-01	2	10	7
2026-08-01	2	10	7
2026-09-01	2	10	7
2026-10-01	3	8	7

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 3 Buy / Strong Buy · 8 Hold · 7 Sell / Strong Sell

1 upgrades0 downgrades2 maintains

Recent actions · Sep 16–Oct 15 · 3 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

KeyBancOct 13 · prior Jul 23

$94.00 → $87.00-7.4%

Mizuho SecuritiesOct 7 · prior Jul 27

$114.00 → $108.00-5.3%

JefferiesOct 6

$105.00New observation · no comparable prior

Wells FargoOct 1 · prior Apr 21

$98.00 → $118.00+20.4%

Morgan StanleySep 18 · prior Aug 21

$101.00 → $97.00-4.0%

$0$64.90$129.80

1 raises · 3 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 16, 2026–Oct 15, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Invest at least $6.6 billion in capital expenditures for grid modernization in 2026Published status: Under Pressure
Deliver adjusted EPS in range $6.00 to $6.20 in 2026Published status: Under Pressure
Maintain or improve operating income above $1.1 billion quarterlyOperating income: $552M

Next proof point

Nov 5, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

0.7%Typical daily move · historical

Downside history

-11.5%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Consolidated Edison outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 10, 2026

What kind of bet this is

This investment represents a defensive utility play with a focus on steady earnings and infrastructure investment. The current thesis state is intact, supported by recent earnings performance but tempered by mixed management priorities and sector challenges.

What's priced into Consolidated Edison

The market appears to price ED as relatively cheap compared to its peers, with a slight expectations gap. This suggests that current valuations reflect a justified outlook, but there is limited room for error in future performance.

What the fundamentals likely do

Fundamentals are likely to remain stable, as management has consistently reaffirmed its earnings guidance for 2026. However, there is a low probability of missing estimates, which could impact sentiment given the company's recent history of earnings surprises trending down.

What Consolidated Edison hinges on

The long-term thesis hinges on several factors, including the Federal Reserve's interest rate decisions and the performance of sector leaders like NEE, SO, and DUK. Additionally, any changes in guidance from management could significantly affect investor confidence.