Dominion Energy (D) Q4 2025 earnings summary

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.