Dominion Energy (D) Q4 2024 earnings summary

Executive summary

• 2024 operating EPS reached $2.77, in the top half of guidance, with strong safety performance and timely power restoration after major storms, despite weather headwinds.

• Major regulatory outcomes in multiple states benefited customers and shareholders, with significant de-risking and bipartisan support for the Coastal Virginia Offshore Wind Project (CVOW/CVAL).

• Data center demand in Virginia continues to drive robust commercial load growth and capital investment, with about 26% of total sales now from data centers.

• Near-record employee safety performance and continued focus on reliable, affordable, and clean energy to meet growing demand.

Financial highlights

• Full year 2024 operating earnings were $2.77 per share; GAAP earnings were $2.44 per share.

• Q4 2024 operating earnings were $0.58 per share; Q4 GAAP earnings were $0.15 per share.

• 2025 operating EPS guidance narrowed to $3.28–$3.52, maintaining a midpoint of $3.40.

• Five-year capital investment plan increased by 16% to about $50.1 billion, with 80% of the increase at Dominion Energy Virginia.

• 2024 net income attributable to Dominion Energy was $2.1 billion, up from $2.0 billion in 2023.

Outlook and guidance

• Reaffirmed 5%–7% annual operating EPS growth through 2029, based on 2025 midpoint and excluding RNG 45Z credit income after 2027.

• Dividend guidance maintained at $2.67 per share annually until utility-aligned payout ratio is achieved.

• 2025–2029 capital plan: $50.1B, with 7.9% consolidated rate base CAGR and 71% of investment rider-eligible.

• Robust cash flow and capital raising plans in place, with credit and dividend guidance reaffirmed.