Dominion Energy, Inc. (D) Earnings

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Sep 2026upcoming

Next quarter

Reports Oct 30, 2026.

Consensus is $1.19 EPS for Sep 2026 across 6 estimates, ranging $1.07 to $1.42.

D Jun 2026

Reported Jul 31, 2026

: 8.22%
: -0.61%

: $0.73
: $0.79
: —
: —

Highlights

Operating earnings: Second-quarter operating EPS was $0.79, up from $0.75 a year earlier and $0.69 in the first quarter, beating the $0.73 consensus by 8.2%; operating earnings rose to $712 million from $649 million.
Guidance: Dominion reaffirmed its 2026 operating EPS range of $3.45-$3.69, with a $3.57 midpoint, along with its credit, dividend and long-term growth outlook.
GAAP result: Reported EPS fell to $0.37 from $0.88 a year earlier, while net income attributable to Dominion declined to $340 million from $760 million, primarily because of a $372 million after-tax adjustment burden.
Virginia utility: Dominion Energy Virginia operating earnings increased $121 million year over year to $670 million, helped by $105 million from the 2025 biennial review and $79 million from rider equity returns.
Demand growth: Virginia high-load customer revenue rose to $814 million from $422 million, while total Dominion revenue increased 17.6% to $4.48 billion from $3.81 billion.
Nonregulated impairments: Dominion recorded an $820 million pre-tax, $640 million after-tax impairment on renewable natural gas facilities and had already recorded a $78 million pre-tax impairment on certain solar assets in the first quarter.
NextEra merger: Dominion agreed to be acquired by NextEra, expected to close in the second half of 2027 subject to approvals; consideration comprises 0.8138 NextEra shares plus an aggregate $360 million cash payment, with potential termination fees of up to $6.52 billion payable by NextEra in specified circumstances.
Capital and liquidity: Six-month capital spending was $5.80 billion, operating cash flow was $2.46 billion and Dominion issued $2.33 billion of senior and junior subordinated notes during the second quarter.

Analysis

Dominion’s second quarter was an operating-earnings beat beneath a sharply weaker GAAP result. Operating EPS of $0.79 exceeded the $0.73 consensus by 8.2%, increased 5.3% from $0.75 a year ago and rose 14.5% from $0.69 in the first quarter. Revenue reached $4.48 billion, up from $3.81 billion in the year-ago quarter but below the $5.09 billion reported in the first quarter; operating earnings increased to $712 million from $649 million in the prior-year period. Dominion nevertheless reported GAAP EPS of $0.37 versus $0.88 a year ago, as adjustments to reported earnings added $0.42 per share this quarter versus a $0.13 reduction last year.

The underlying print was led by Dominion Energy Virginia, where operating earnings rose $121 million to $670 million. The benefit included $105 million from the 2025 biennial review and $79 million from rider equity returns, alongside continuing high-load demand growth. The quarter also exposed weaker nonregulated assets: the company recorded an $820 million pre-tax impairment on renewable natural gas facilities, following a $78 million solar impairment in the first quarter. Strategically, the quarter was defined by the proposed NextEra merger, while management reaffirmed the $3.45-$3.69 full-year operating EPS outlook.

Operating earnings and adjustments

Underlying result: Operating earnings increased $63 million year over year to $712 million, or $0.79 per share versus $0.75, despite diluted shares rising to 882.1 million from 853.2 million.
GAAP bridge: Reported earnings fell $420 million to $340 million. The quarter included $372 million of after-tax adjustments, including a $495 million pre-tax gain on nuclear decommissioning trusts, $626 million of nonregulated asset impairment charges and other items, $153 million of regulated asset charges, and $69 million of hedging losses.
Year-to-date: Six-month operating earnings reached $1.56 billion, or $1.75 per share, versus $1.45 billion and $1.68 per share a year earlier. GAAP net income was $961 million versus $1.43 billion.

Virginia utility growth

Dominion Energy Virginia was the clear earnings driver. Operating earnings rose 22.0% to $670 million from $549 million, contributing $0.76 of operating EPS versus $0.64. The largest benefits were the 2025 biennial review, which added $105 million, and rider equity returns, which added $79 million. Customer usage and other factors contributed another $23 million. These gains were partly offset by $34 million of higher electric capacity expense, $14 million of higher salaries and administrative costs, and $15 million of lower nuclear production tax credits.

The filing also shows the demand backdrop behind the growth. Virginia high-load customer revenue nearly doubled to $814 million from $422 million, and residential revenue increased to $1.16 billion from $991 million. Dominion Energy Virginia’s six-month operating earnings were $1.34 billion, up $230 million year over year.

NextEra merger

The quarter introduced a material strategic change: Dominion entered into an agreement under which it will become a wholly owned NextEra subsidiary, with closing expected in the second half of 2027 subject to shareholder, regulatory and other approvals. Each Dominion common share will be converted into 0.8138 NextEra shares plus a pro rata share of $360 million in cash. Dominion expects customer rate credits totaling approximately $2.25 billion across Virginia, North Carolina and South Carolina after closing, including about $1.78 billion in Virginia, paid over two years.

The agreement restricts certain financing, investment and dividend actions without NextEra consent and requires redemption of Dominion’s Series C preferred stock if closing occurs after January 2027. Termination fees are $2.24 billion for Dominion in specified circumstances, $6.52 billion for NextEra in comparable circumstances and $4.83 billion for NextEra in certain regulatory termination scenarios.

Contracted Energy impairments

Renewable natural gas: Dominion recorded an $820 million pre-tax, $640 million after-tax impairment on nonregulated renewable natural gas facilities after concluding they were more likely than not to be sold before the end of their useful lives. The assets were reduced to an estimated fair value of $468 million.
Solar portfolio: The company recorded a $78 million pre-tax, $60 million after-tax impairment in the first quarter on certain nonregulated solar facilities classified as held for sale. Dominion agreed to sell some of those assets to Enel for $140 million in cash, subject to closing conditions, while retaining other facilities.
Segment performance: Contracted Energy operating earnings declined to $31 million from $47 million. Higher margin and renewable production tax credits were more than offset by depreciation, interest and other costs.

Capital, credit and projects

Cash investment: Six-month capital spending was $5.80 billion versus $6.22 billion a year earlier, while operating cash flow increased modestly to $2.46 billion from $2.43 billion. Common dividend payments rose to $1.17 billion from $1.14 billion.
CVOW: The estimated total cost of the 2.6 GW Coastal Virginia Offshore Wind project remained approximately $11.7 billion, including $0.1 billion of contingency. Dominion recorded a $246 million gross second-quarter charge for costs not expected to be recovered from customers, including $123 million attributable to the 50% noncontrolling interest.
Funding: Dominion issued $825 million of senior notes and $1.5 billion of junior subordinated notes in June. At June 30, total long-term debt was $46.7 billion versus $44.1 billion at year-end 2025, and available capacity under its two main revolving facilities was $5.91 billion.

Dominion Energy, Inc.

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