AI Takeaway
Consolidated Edison (ED) delivered solid Q1 FY2026 results with revenue rising 6.2% YoY to $5.10B and net income surging 16.8% to $924M, though operating cash flow declined sharply by 79.2% to $174M.
Revenue
$5.09B
++6.19% YoY
EPS (Basic)
$2.55
++12.83% YoY
Operating Income
$1.18B
++4.62% YoY
Filed · Analysis updated · Source: SEC EDGAR 10-Q filing
Total revenue increased by $297M (+6.2%) YoY to $5.10B in Q1 FY2026, reflecting the company's regulated utility operations and ongoing rate base investments supporting higher allowed revenues.
Source: Source: 10-Q Income Statement, Q1 FY2026
Net income grew 16.8% YoY to $924M, significantly outpacing revenue growth of 6.2%, suggesting improved cost management or favorable regulatory outcomes that flowed through to the bottom line.
Source: Source: 10-Q Income Statement, Q1 FY2026
Operating margin edged down modestly from 23.45% to 23.10% YoY (-0.35 percentage points), indicating modest cost pressures relative to revenue growth despite overall profitability improvement.
Source: Source: 10-Q Income Statement & Key Ratios, Q1 FY2026
2 more insights available
Upgrade to unlockOperating cash flow dropped 79.2% YoY to $174M in Q1 FY2026, a dramatic decline relative to net income of $924M. This divergence raises questions about working capital management, timing of regulatory asset recovery, or deferred costs that could pressure near-term liquidity.
Source: Source: 10-Q Cash Flow Statement, Q1 FY2026
Unlock 4 more detailed risk analysis
Upgrade to unlockReported EPS of $2.18 versus the $2.34 analyst consensus — a -6.9% miss for Q1 FY2026.
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue | $5.09B | $4.8B | +6.19% |
Operating Income | $1.18B | $1.13B | +4.62% |
Net Income | $924M | $791M | +16.81% |
EPS (Basic) | $2.55 | $2.26 | +12.83% |
EPS (Diluted) | $2.54 | $2.25 | +12.89% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Total Assets | $74.74B | $70.69B | +5.73% |
Current Assets | $6.29B | $6.13B | +2.49% |
Current Liabilities | $5.29B | $4.78B | +10.59% |
Stockholders' Equity | $25.6B | $23.78B | +7.62% |
Cash & Equivalents | $147M | $360M | -59.17% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Cash Flow | $174M | $837M | -79.21% |
Investing Cash Flow | $-936M | $-1.23B | +23.96% |
Financing Cash Flow | $-721M | $-579M | -24.53% |
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Operating Margin | 23.1% | 23.4% | -0.35% |
Net Margin | 18.1% | — | — |
ROE | 3.6% | — | — |
ROA | 1.2% | — | — |
Current Ratio | $1.189 | — | — |
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Consolidated Edison reported Q1 FY2026 revenue of $5.10B, up 6.2% YoY, and net income of $924M, up 16.8% YoY. Diluted EPS came in at $2.54, a 12.9% improvement over the prior year period.
ED's operating cash flow fell 79.2% YoY to just $174M in Q1 FY2026, compared to $837M in the prior year period, despite net income of $924M. This sharp divergence likely reflects working capital changes, regulatory asset timing, or deferred cost movements common in regulated utilities.
ED's balance sheet shows total assets of $74.74B and stockholders' equity of $25.60B, with a current ratio of 1.19, suggesting adequate but tightening short-term liquidity. The sharp drop in cash to $147M (down 59.2% YoY) and heavy reliance on external financing for capital investment are areas investors should monitor.
The most notable risk is the dramatic 79.2% decline in operating cash flow to $174M, which contrasts sharply with net income of $924M and raises liquidity concerns. Additionally, rising current liabilities (+10.6% YoY) and a capital-intensive investment program funded largely by external financing add financial risk.
ED's diluted EPS grew 12.9% YoY to $2.54 in Q1 FY2026, up from $2.25 in the prior year period. This improvement was driven by the 16.8% increase in net income to $924M.