Dominion Energy, Inc. (D) Earnings

metirFinance

Dec 2026upcoming

Next quarter

Expected to report Feb 22, 2027 — estimated from last year’s reporting date.

Consensus is $0.69 EPS for Dec 2026 across 5 estimates, ranging $0.62 to $0.78.

D Sep 2026

Reported Oct 30, 2026 · before the open

: 6.67%

: $1.20
: $1.28
: —
: —

Highlights

Operating EPS: Dominion earned $1.28 per share, 8 cents or 6.7% above the $1.20 consensus; GAAP diluted EPS was $1.30.
Year-over-year growth: Operating EPS rose from $1.06 to $1.28, while revenue increased 24% to $5.62 billion and operating income rose 38% to $1.84 billion.
Guidance: After year-to-date gains from sales, weather and 45Z credits, management expects 2026 operating EPS in the top half of its $3.45–$3.69 range and reaffirmed other guidance.
Virginia earnings: Dominion Energy Virginia contributed $862 million of operating earnings, up $183 million year over year; South Carolina added $230 million, up $62 million.
Large-load demand: The company has more than 54 GW of data-center capacity in various contracting stages, including over 12 GW under electric service agreements; weather-normal electric sales growth was 3.4% over the trailing 12 months.
Coastal Virginia Offshore Wind: CVOW was about 85% complete, with 44 turbines installed; the $11.65 billion budget and end-2027 completion outlook were unchanged.
NextEra transaction: Dominion and NextEra still expect to close in the second half of 2027, subject to regulatory approvals; state proceedings remain underway.
Virginia resource plan: The updated plan adds or accelerates 4 GW of solar and 2 GW of battery storage versus last year’s preferred plan; battery capacity through 2030 rises from 850 MW to 3.3 GW.

Analysis

Dominion’s third quarter combined a clear operating-EPS beat with stronger underlying earnings and continued progress on its major investment and regulatory priorities. Operating earnings of $1.28 per share exceeded the $1.20 consensus by 6.7%, and increased 21% from $1.06 a year earlier. GAAP diluted EPS was $1.30, versus $1.16 in Q3 2025. Revenue grew 24% year over year to $5.62 billion, while operating income increased to $1.84 billion from $1.34 billion. Operating EPS also rebounded from $0.79 in Q2 2026. Year-to-date operating EPS reached $3.02, compared with $2.74 in the first nine months of 2025.

The operating improvement was concentrated in the regulated utilities, particularly Virginia, where rate-review and rider benefits, weather and customer usage helped lift earnings; management also cited $0.05 per share from 45Z credits and $0.05 from better-than-normal weather. Data-center demand remained a major growth signal, with over 54 GW in various contracting stages. Meanwhile, CVOW was about 85% complete and remained on budget and schedule despite weather and vessel-maintenance interruptions. Dominion expects full-year operating EPS in the top half of its existing $3.45–$3.69 guidance range, while reaffirming its other guidance. The proposed NextEra combination remains subject to state and federal approvals, with closing still expected in the second half of 2027.

Operating earnings and guidance

Underlying results: Operating earnings were $1.139 billion, or $1.28 per share, versus $921 million and $1.06 per share a year earlier. Reported GAAP earnings attributable to Dominion were $1.160 billion, or $1.30 per diluted share, compared with $1.006 billion and $1.16.
Segment mix: Dominion Energy Virginia generated $862 million of operating earnings, up $183 million year over year, and South Carolina generated $230 million, up $62 million. Contracted Energy declined $31 million to $134 million; Corporate and Other improved $4 million to a loss of $87 million.
Virginia drivers: The year-over-year bridge included $137 million from the 2025 Biennial Review, $112 million from rider equity returns and $55 million from weather. Higher electric-capacity expense, operating costs and dilution partly offset the gains.
Full-year outlook: Management expects 2026 operating EPS in the top half of its $3.45–$3.69 range, citing better-than-budgeted sales, favorable weather and higher 45Z credit income, while allowing for conservative weather assumptions for the rest of the year. Credit, dividend and long-term growth guidance were reaffirmed.

Data-center demand

Contract pipeline: Dominion reported more than 54 GW of data-center capacity in various stages of contracting, including over 12 GW covered by electric service agreements. It has added more than 6 GW of contracts, or 13%, since year-end 2025.
Sales momentum: Trailing-12-month weather-normal electric sales growth across Dominion Energy Virginia and South Carolina was 3.4%. Management said all 10 Dom Zones summer peak-demand days had occurred by the call and South Carolina set a new all-time electric peak in August.
Customer protections: Management said new large-load customers are being brought onto the system under Virginia’s approved large-load framework, intended to make them pay their share of required investment and limit cost shifts and stranded-cost exposure for existing customers.

Coastal Virginia Offshore Wind

Construction status: CVOW was approximately 85% complete; 44 turbines representing more than 640 MW were installed, with installation of the 45th underway. Fabrication of all nacelles, towers and blades was complete.
Schedule and cost: Dominion continued to target completion by the end of 2027 and energization of the third and final offshore substation by year-end 2026. The project budget remained $11.65 billion, including $123 million of unused contingency.
Execution risks: September and October turbine installation ran below plan because of weather and Charybdis maintenance, but management said these were within the risks contemplated in its schedule contingency and did not change the project outlook. The latest nine turbines averaged 38 hours to install, versus 69 hours for the first 10.
Customer value: Dominion estimates CVOW will save customers approximately $5 billion in fuel costs over its first 10 years. Management said the project’s levelized cost remains below the statutory threshold.

NextEra transaction

Regulatory process: Dominion and NextEra received shareholder approvals in September and continued state and federal review. Virginia evidentiary hearings were scheduled to begin November 17, with a final order due January 11, 2027; South Carolina hearings begin December 8, with an order due January 29, 2027. North Carolina hearings were set for February 23, 2027.
Proposed benefits: The Virginia package was expanded to extend residential bill credits to four years, add $100 million for customer assistance and $100 million for workforce development, commit to at least 1,000 new Virginia jobs, and establish a five-year supplier program of $1 billion annually.
Timing and uncertainty: Management continued to expect closing in the second half of 2027, contingent on regulatory approvals and other conditions. The merger agreement provides for termination fees in certain circumstances, including a $2.24 billion fee payable by Dominion in specified cases.

Virginia resource plan

Planned additions: Dominion’s updated Virginia integrated resource plan added or accelerated 4 GW of solar and 2 GW of battery storage relative to the prior preferred plan. Battery capacity through 2030 increases from 850 MW in the 2025 plan to 3.3 GW in the update.
Investment scale: Management described each gigawatt of battery capacity as roughly $2.5 billion to $3 billion of potential investment, while noting that some projects could be structured as power-purchase agreements rather than rate-base assets.
Affordability outlook: Under the company’s preferred plan, forecast residential electric bills are expected to rise by about 2.3% annually on average.

Dominion Energy, Inc.

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