Dominion Energy (D) Q1 2025 earnings summary

Executive summary

• Q1 2025 operating earnings were $0.93 per share and GAAP earnings were $0.75 per share, driven by favorable weather, RNG 45Z income, and strong commercial sales; net income rose 46% year-over-year to $646 million.

• Affirmed 2025 operating EPS guidance of $3.28–$3.52, with all financial, credit, and dividend guidance unchanged.

• Major construction milestones achieved for the Coastal Virginia Offshore Wind (CVOW) project, now 55% complete and on track for end-of-2026 completion.

• Completed major divestitures, including East Ohio, Questar Gas, and PSNC, with proceeds used to repay debt.

• Three priorities: meeting financial commitments, on-time CVOW milestones, and constructive regulatory outcomes.

Financial highlights

• Q1 2025 operating revenue increased to $4.08 billion, up 12% year-over-year; operating income rose to $1.22 billion.

• Q1 operating EPS benefited from $0.03 weather, $0.02 RNG 45Z, $0.02 sales, and O&M/tax timing.

• Commercial electric sales grew 4.1% year-over-year; residential sales declined 0.7%.

• Capital expenditures for the quarter totaled $2.1 billion.

• Net cash provided by operating activities was $1.18 billion, down from $1.98 billion in Q1 2024.

Outlook and guidance

• 2025 operating EPS guidance reaffirmed at $3.28–$3.52, with a long-term EPS growth rate of 5–7% off 2025 base EPS (excluding RNG 45Z income).

• 2025–2029 capital investment plan remains at ~$50 billion.

• Guidance built with conservatism to absorb unforeseen challenges; will update if warranted.

• No material changes to 2025 outlook; all earnings, credit, and dividend guidance unchanged.