Dominion Energy, Inc. D reported second-quarter 2026 operating earnings of 79 cents per share, up 5.3% year over year. The figure surpassed the Zacks Consensus Estimate of 73 cents by 8.22%.
GAAP earnings were 37 cents per share, down from 88 cents in the prior-year quarter. Net income attributable to Dominion Energy fell to $340 million from $760 million.
The difference between GAAP and operating results reflected a 42-cent adjustment. Items included nuclear decommissioning trust gains, economic hedging impacts, regulated asset retirements, nonregulated asset impairments and merger-related costs.
Total Revenues
Operating revenues increased 17.6% to $4.48 billion and beat the consensus mark of $4.06 billion by 10.32%. Results benefited from stronger Dominion Energy Virginia earnings, supported by regulatory impacts, rider returns and customer usage. Weather-normal regulated electric sales rose 4.1% over the trailing 12 months.
D's Virginia Utility Powers Growth
Dominion Energy Virginia contributed operating earnings of $670 million, up $121 million from the year-ago quarter. Its earnings contribution increased to 76 cents per share from 64 cents.
The improvement included $105 million from the 2025 Biennial Review and $79 million from rider equity returns. Customer usage and other factors added $23 million. These gains were partly offset by higher electric capacity expense, storm restoration costs, planned outage costs and nuclear production tax credit impacts.
Dominion Energy Sees Mixed Segment Results
Dominion Energy South Carolina generated operating earnings of $105 million, down $4 million year over year. Customer usage and rate-case impacts provided support, but depreciation, interest expense and other items weighed on the segment.
Contracted Energy’s contribution declined $16 million to $31 million. A $28 million margin benefit and higher renewable energy tax credits were more than offset by increased depreciation, interest expense and other costs. Corporate and Other posted a $94 million loss, widening from $56 million, primarily due to higher net interest expense.
D's Operational Highlights
Total operating expenses climbed to $4.15 billion from $2.71 billion. Electric fuel and other energy-related purchases rose to $1.32 billion, while other operations and maintenance expenses increased to $1.88 billion. Interest and related charges advanced to $555 million from $505 million.
Dominion Energy Advances Data Center Load
Data center contracted capacity in Virginia reached approximately 53.8 gigawatts(“GW”) in July 2026, up 5.3 GW, or 11%, from December 2025. The total included 12 GW under electric service agreements, 9.4 GW under construction authorizations and 32.4 GW in detailed engineering.
Commercial demand remained the strongest sales category. Weather-normal commercial electric sales grew 8.5% over the trailing 12 months, contributing to the 4.1% increase across Dominion Energy Virginia and South Carolina.
The regulated utilities served 4.1 million customers in the quarter. Virginia accounted for 2.8 million, while South Carolina served 1.3 million. Average customer growth was 0.9% in Virginia and 2% in South Carolina.
D Updates CVOW Schedule and Budget
The Coastal Virginia Offshore Wind (CVOW) project was nearly 81% complete as of July 31. All 176 monopiles and transition pieces had been installed, while 31 wind turbines were complete and the 32nd was in progress.
Dominion Energy now targets installation of the final turbine by year-end 2027. The revised schedule incorporates additional weather, vessel maintenance, loadout and jacking-operation contingencies.
The project’s capital budget increased to $11.65 billion, including $123 million of unused contingency. Project-to-date investment was approximately $9.8 billion at June 30, leaving about $1.9 billion of remaining costs. Dominion Energy expects to fund roughly $1 billion of that amount after Stonepeak’s contribution.
Dominion Energy’s Financial Highlights
Cash and cash equivalents as of June 30, 2026, were $296 million compared with $250 million as of Dec. 31, 2025.
Balance sheet metrics continue to reflect the capital intensity of the business. Total long-term debt stood at $46.72 billion at June 30, 2026, while total assets were $121.89 billion.
On the cash flow statement, net cash provided by operating activities was $2.45 billion for the first half of 2026, compared with $2.42 billion in the first half of 2025.
Dominion Energy Reaffirms 2026 Guidance
Management reaffirmed 2026 operating earnings guidance of $3.45-$3.69 per share, with a midpoint of $3.57. The outlook includes approximately 7 cents per share of renewable natural gas tax-credit income. The Zacks Consensus Estimate for 2026 earnings per share is currently pegged at $3.57 per share.
The company also maintained its long-term operating earnings growth target of 5-7% through 2030, with growth expected to trend toward the upper half of that range from 2028 through 2030. Dominion Energy reiterated its planned 2026 dividend of $2.67 per share and its approximately $65 billion capital investment program for 2026-2030.
Dominion Energy’s Zacks Rank
Currently, Dominion Energy has a Zacks Rank #4 (Sell).
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy NEE reported second-quarter 2026 results with adjusted earnings per share of $1.15, up 9.5% from $1.05 a year ago. The figure beat the Zacks Consensus Estimate of $1.09 by 5.5%.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share indicates year-over-year growth of 8.36% and 8.73%, respectively.
FirstEnergy FE reported second-quarter 2026 adjusted earnings of 50 cents per share, which beat the Zacks Consensus Estimate of 49 cents by 2.04%. In the year-ago quarter, the company reported earnings of 52 cents per share.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share implies year-over-year growth of 7.06% and 7.78%, respectively.
Xcel Energy Inc. XEL reported second-quarter 2026 ongoing earnings of 93 cents per share, beating the Zacks Consensus Estimate of 79 cents by 17.72%. Earnings increased 24% from 75 cents in the year-ago quarter, aided by greater recovery of electric infrastructure investments.
The Zacks Consensus Estimate for 2026 and 2027 earnings per share implies year-over-year growth of 8.16% and 9.52%, respectively.
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Dominion Energy Inc. (D): Free Stock Analysis Report
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