Dominion Energy Stock Earnings Reports

Dominion Energy reported a strong start to 2026 with first quarter operating earnings of $0.95 per share (GAAP $0.69). Management affirmed prior full-year guidance (operating earnings, credit, dividend, and long-term growth guidance) and reiterated a midpoint annual earnings growth target of 5%–7% with a bias toward the upper half starting in 2028. Top priorities remain delivering on financial commitments, on-time completion of the Coastal Virginia Offshore Wind (CVOW) project, and achieving constructive regulatory outcomes. CVOW is >75% complete, achieved first power in March, and has an updated project budget of $11.4 billion (about $100 million lower than last update) with $123 million of unused contingency; turbine installations have accelerated (recently averaging ~2 days per turbine) and majority of turbines expected in service by 2026 with remaining units by early 2027. Management highlighted potential offsetting impacts to CVOW costs from PJM transmission reallocations and pending steel/aluminum tariff interpretations (tariff exposure roughly $200 million estimate). New Virginia legislation greatly increases energy storage targets (from 3 GW by 2035 to 20 GW by 2045), representing a material multi‑year regulated-capital opportunity; Dominion’s current five‑year capital plan includes ~$2 billion for storage and the company will reflect updates in the IRP and future capital guidance. Data center demand remains strong (>50 GW in various stages; ~10.4 GW contracted). Millstone nuclear plant recontracting is progressing through Connecticut’s DEEP RFP process with decisions expected later this year; Dominion remains open to contracting additional output and pursuing customer- and stakeholder-supported outcomes. Balance sheet/credit metrics remain strong (FFO-to-debt >15%), ATM equity issuance ongoing (~$1.2B YTD), and management expects to maintain credit targets as CVOW completes. Management emphasized customer affordability, reliability, and continued disciplined capital deployment.