Dominion Energy
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Dominion Energy (D) investor relations material

Dominion Energy Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary23 Feb, 2026

Executive summary

  • Achieved 2025 operating earnings of $3.42 per share and GAAP EPS of $3.45, both up significantly year-over-year and above guidance midpoint, with strong credit metrics and record safety performance.

  • 2026 operating EPS guidance (excluding RNG 45Z) set at $3.40–$3.60 (midpoint $3.50), with total guidance midpoint at $3.57 including RNG 45Z; represents ~6.1% growth over 2025 guidance midpoint.

  • Five-year capital investment plan increased by ~$15B to ~$65B, focusing on reliability, affordability, clean energy, and data center demand.

  • Coastal Virginia Offshore Wind (CVOW) project over 70% complete, on track for first power by March 2026, with $11.5 billion budget and robust cost-sharing mechanisms.

  • Long-term operating EPS growth guidance of 5%-7% annually reaffirmed, with a bias to the upper half from 2028–2030.

Financial highlights

  • 2025 operating EPS (non-GAAP) was $3.42, above guidance midpoint; GAAP EPS $3.45; Q4 2025 operating EPS $0.68.

  • FFO to debt was 15.3%, above 15% guidance; parent debt ratio 29.3%, achieving target of <30%.

  • 2026 operating EPS guidance midpoint is $3.57, including RNG 45Z credits; dividend guidance for 2026 is $2.67 per share.

  • 2025 operating revenue was $16.5 billion, up from $14.5 billion in 2024.

  • Dividend and credit guidance reaffirmed.

Outlook and guidance

  • 2026 operating EPS guidance (ex-RNG 45Z) $3.40–$3.60, midpoint $3.50; total midpoint $3.57 including RNG 45Z.

  • Long-term EPS growth guidance of 5%-7% annually, with expectation to reach upper half of range from 2028–2030.

  • Five-year capital plan (2026–2030) totals ~$65B, with 90% at Dominion Energy Virginia.

  • 2026 FFO to debt expected at ~15%, parent debt ratio to remain below 30%.

  • Residential rates expected to grow at 2.6%–2.8% CAGR at DEV and DESC.

Future impact of CVOW unrecovered costs?
Clarify RNG 45Z impact on long-term EPS growth base
Data center growth: Regulatory approval challenges?
Equity issuance cadence for the $65B capital plan
How do ESAs/CLOAs de-risk data center forecast
CVOW cost impact if delayed past July 2027
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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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