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Dominion Energy (D) investor relations material
Dominion Energy Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Q3 2025 operating earnings were $1.06 per share, with GAAP earnings at $1.16 per share, reflecting regulated investment growth, increased sales, and higher margins, offset by adverse weather and higher costs.
Net income attributable to shareholders rose 8% year-over-year for the quarter and 28% for the nine months, driven by higher rider equity returns, investment gains, and retail sales, partially offset by the sale of a 50% noncontrolling interest in the CVOW Commercial Project and charges for unrecoverable costs.
Major construction milestones achieved for the Coastal Virginia Offshore Wind (CVOW) Project, now two-thirds complete, with first power expected in late Q1 2026 and full completion by end of 2026.
Major divestitures included the sales of East Ohio, Questar Gas, and PSNC, resulting in a shift in business mix and one-time gains and losses.
Robust data center demand continues, with 47 GW in various contracting stages and 10 GW under electric service agreements, supporting strong sales growth.
Financial highlights
Q3 2025 operating EPS was $1.06, including $0.03 from RNG 45Z credits and a $0.06 negative impact from weather.
Q3 2025 operating revenue increased 15% year-over-year to $4.53 billion; net income attributable to shareholders was $1.01 billion ($1.16 diluted EPS).
Positive year-over-year drivers: $0.06 from regulated investment, $0.08 from increased sales, $0.05 from DESC rate case, $0.03 from higher contracted energy margins.
Higher DDNA and financing costs were headwinds in the quarter.
Long-term operating EPS growth rate projected at 5%-7% off 2025 base, excluding RNG 45Z income.
Outlook and guidance
Full-year 2025 operating EPS guidance narrowed to $3.33–$3.48, with the midpoint of $3.40 per share maintained; expected to be at or above the midpoint assuming normal weather.
No material changes to 2025 outlook; all other existing financial, credit, and dividend guidance reaffirmed.
Capital investment forecast update through 2030 to be provided on Q4 call in early 2026.
CVOW project cost guidance remains at $11.2B, with robust cost-sharing mechanisms protecting customers.
Long-term capital investment plan (~$50B through 2029) unchanged.
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Frequently asked questions
Electricity and Natural Gas
Dominion Energy is an American power and energy company. It operates in multiple states, offering a range of services including electricity generation, transmission, and distribution, as well as natural gas storage, transmission, and distribution. Dominion Energy owns and operates substantial infrastructure, managing one of the nation's largest natural gas storage systems and operating a diverse power generation portfolio that includes nuclear, coal, natural gas, and renewable sources such as wind and solar. It is headquartered in Richmond, Virginia, and its shares are listed NYSE.
Virginia Railway and Power Company
Dominion Energy's earliest predecessor, Virginia Railway and Power Company, was formed in the early 1900s and primarily focused on providing transportation and electricity in Virginia. Over the years, this company underwent several mergers and name changes. In the mid-20th century, it became known as Virginia Electric and Power Company and cemented its focus on electric power generation and distribution.
In the latter half of the 20th century, the company expanded outside of Virginia and began to diversify its energy sources, investing in coal, nuclear, and gas-powered plants, while also exploring renewable energy options. Today, Dominion Energy is a well-established generator and transporter of energy in the United States, with a significant presence in multiple states. Some publicly traded companies with similar operations to Dominion Energy are Consolidated Edison, Duke Energy, and Exelon.
Electricity
Dominion Energy is active in the electricity sector, focusing on three key areas: generation, transmission, and distribution of electricity. In electric generation, the company operates various power plants and generates energy from several different methods. This electricity is then transmitted from its generation sites to distribution networks, and finally to the end customer.
Natural Gas
Dominion Energy is also active in the natural gas sector, working in storage, transmission, and distribution. The company operates a network of pipelines that transport natural gas over long distances, from production sites to the end user. Through networks of local pipelines, the company delivers natural gas to residential, commercial, and industrial customers.
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