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 South Carolina, North Carolina, and Virginia 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.

Financial highlights

• Full year 2024 operating earnings: $2.77 per share; GAAP earnings: $2.44 per share; Q4 2024 operating earnings: $0.58 per share; GAAP earnings: $0.15 per share.

• 2025 operating EPS guidance narrowed to $3.28–$3.52, midpoint $3.40; annual operating earnings growth guidance of 5%–7% through 2029 reaffirmed.

• Dividend guidance maintained at $2.67–$2.672 per share annually.

• Five-year capital investment plan increased to ~$50–$50.1B (+16% vs. prior plan).

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

Outlook and guidance

• 2025–2029 capital plan: $50.1B, with 7.9% consolidated rate base CAGR; 71%–83% of investment rider-eligible.

• 80% of capital increase allocated to Dominion Energy Virginia, with 60% eligible for recovery under rider mechanisms.

• Opportunities for additional investment expected, especially toward the end of the decade.

• Dividend and credit guidance reaffirmed; robust cash flow and capital raising plans in place.