Dominion Energy Earnings Call Transcripts
Fiscal Year 2026
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The merger creates an industry-leading utility with unmatched scale, targeting 9%+ EPS growth and 11% regulatory capital growth through 2032. The all-stock deal, valued at $420 billion, promises immediate accretion, $2.25 billion in customer bill credits, and significant operational synergies, with closing expected in 12–18 months.
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First quarter operating earnings reached $0.95 per share, with strong progress on the CVOW project and robust demand from data centers. Financial guidance and credit targets were affirmed, and new Virginia legislation expands battery storage opportunities.
Fiscal Year 2025
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2025 operating EPS exceeded guidance, with strong credit metrics and a 30% increase in the 5-year capital plan to $65B, driven by data center demand. 2026 EPS guidance midpoint is $3.50, and long-term EPS growth is reaffirmed at 5%-7% annually, with a bias to the upper half from 2028.
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Q3 2025 operating EPS was $1.06, with strong sales and data center demand offsetting weather headwinds. The Coastal Virginia Offshore Wind Project remains on track for first power in Q1 2026, despite minor cost increases and vessel delays. Full-year EPS guidance is reaffirmed at $3.33–$3.48.
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Q2 2025 saw strong financial and operational performance, with operating EPS of $0.75 and reaffirmed 2025 guidance. The Coastal Virginia Offshore Wind project is 60% complete and on track, while tariff and network upgrade risks are being managed. Robust sales growth is driven by data center demand.
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Q1 operating EPS was $0.93, with strong commercial sales and reaffirmed 2025 guidance. The Coastal Virginia Offshore Wind project is 55% complete and on schedule, with tariff exposure and cost-sharing mechanisms in place. Data center demand remains robust, and capital plans are on track.
Fiscal Year 2024
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Operating EPS for 2024 landed in the top half of guidance, with strong regulatory outcomes and major capital investment increases driven by data center demand and the Coastal Virginia Offshore Wind Project. CVAL remains on schedule despite a cost increase, and long-term growth and dividend guidance are reaffirmed.
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Q3 operating earnings reached $0.98 per share, with full-year 2024 guidance narrowed and 2025–2029 growth targets reaffirmed. Offshore wind and nuclear projects are progressing on schedule, while strong data center and transmission demand drive future investment opportunities.
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Q2 operating EPS was $0.65, with strong weather and Millstone contributions. All 2024 and long-term guidance reaffirmed, and the offshore wind project remains on time and on budget. Accelerating data center demand is driving robust infrastructure investment.