EarningsQ3 2026 Earnings Report
MX:D Q3 2026 EPS Results
Actual EPS$24.05
Consensus EPS$22.73
Beat/MissBeat by +$1.32
One Year Ago EPS$19.91
MX:D Q3 2026 Revenue Results
Actual Revenue$105.53B
Expected Revenue$92.06B
Beat/MissBeat by +$13.46B
YoY Revenue Growth+23.23%
Earnings Announcement Details
QuarterQ3 2026
Date10/30/2026
TimeBefore Open
Conference CallFriday, October 30, 2026
MX:D Upcoming Earnings
Dominion Energy's next earnings date is estimated for February 5, 2027, based on past reporting schedules.
Q3 2026 Earnings Call Audio
MX:D Q3 2026 Earnings Call
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Q3 2026 Earnings Slide Deck
Q3 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call was strongly positive. Dominion reported third-quarter operating earnings of $1.28 per share, raised its full-year outlook to the top half of the original guidance range, reaffirmed other financial guidance, cited strong sales and data center demand, and highlighted substantial progress on CVOW, the NextEra combination, and its Virginia resource plan. The main challenges were CVOW weather and vessel-maintenance impacts, outstanding merger conditions and regulatory proceedings, and uncertainty around the Millstone decision, but management said the CVOW impacts were within contingency and remained confident in its financial and project plans.Company Guidance
Third-Quarter Earnings and Full-Year Guidance
Third-quarter operating earnings were $1.28 per share, including $0.05 from RNG 45Z credits and $0.05 from better than normal weather. Third-quarter GAAP results were $1.30 per share. Year-to-date operating EPS benefited from better-than-budgeted sales, better-than-normal weather, higher-than-expected 45Z credit income, and strong overall financial and operational execution. The company now expects full-year results to be in the top half of its original guidance range and reaffirmed all other existing financial guidance, including credit, dividend, and long-term growth guidance.
Progress on Financing Plan and Fuel Securitization
Dominion made significant progress on its financing plan by successfully executing several planned transactions while managing the balance sheet consistent with its robust credit guidance. The Virginia State Corporation Commission approved fuel securitization financing representing approximately $900 million, helping mitigate near-term fuel-related impacts on customer bills.
Strong Electric Sales and Peak Demand
Weather-normal electric sales growth over the last twelve months was 3.4% across DEV and DESC. All 10 of the Dom Zones summer peak demand days occurred in 2026, and DESC set a new all-time electric peak in August.
Robust Data Center Demand and Contract Growth
Dominion reported robust and durable demand from differentiated high-quality, low-risk data center customers across multiple Virginia localities. The company has over 54 gigawatts of data center capacity in various stages of contracting, including over 12 gigawatts contracted under electric service agreements. Contracted capacity has increased by over 6 gigawatts, or 13%, since the end of last year.
Customer Protections in Data Center Expansion
Dominion is bringing data center customers onto its system using a large load framework approved by the Virginia State Corporation Commission. The framework is intended to protect existing customers from cost shifts, mitigate stranded cost risk, and ensure that data center customers pay their fair share of the investments required to support their growth.
Strong Workplace Safety Performance
Through September, Dominion's employee OSHA injury recordable rate was 0.41, which management said remains well below the industry average. Safety was reiterated as the company's first core value, with a continued focus on driving workplace injuries to zero.
Enhanced NextEra Combination Benefits Package
Dominion and NextEra announced an enhanced Virginia benefits package that doubled the duration of residential bill credits, expanded energy bill assistance by $100 million, included a $100 million workforce development fund, committed to creating at least 1,000 new jobs in Virginia, provided for a new shareholder-funded co-headquarters tower in Richmond, and supported Virginia companies through a $1 billion annual five-year Virginia supplier program.
NextEra Combination Regulatory Progress
Required federal approvals for the NextEra combination have all been filed and continue to progress. Virginia evidentiary hearings begin November 17, with a final order due by January 11 of next year. South Carolina hearings begin December 8, with a final order due by January 29, 2027, and North Carolina hearings begin February 23, 2027. Dominion continues to expect the transaction to close in the second half of 2027.
Coastal Virginia Offshore Wind Construction Progress
The Coastal Virginia Offshore Wind project was approximately 85% complete. Fabrication of all nacelles, towers, and blades was complete, and 44 turbines representing more than 640 megawatts of generating capacity had been installed, with installation of the 45th turbine underway. Installation continued to average approximately 2 days from jack-up to jack-down, consistent with assumptions.
CVOW Installation Efficiency Improvements
The first 10 turbines took an average of 69 hours each to install, the next 25 averaged 45 hours, representing a 35% improvement, and the most recent 9 averaged 38 hours, representing a 45% improvement compared with the first 10 turbines. Dominion also reported continued improvement in monopile installation, transition-piece installation, port turns, and other construction activities.
CVOW Schedule, Cost, and Customer Value
Dominion continues to expect CVOW completion by the end of 2027 and energization of the third and final offshore substation by year-end 2026. The current project budget remains $11.65 billion, including $123 million of unused contingency. The project's levelized cost of energy remains below the statutory threshold and the range contemplated in the original filing, and Dominion estimates approximately $5 billion in fuel savings for customers during the first 10 years of operation.
CVOW Schedule Contingency and Remaining Installation Capacity
Dominion said approximately 425 calendar days remained through the end of 2027 to install 132 turbines. Based on the company's timing assumptions, the plan includes approximately 30 to 95 days for weather, maintenance, and additional time for more difficult turbine locations after accounting for turbine installation and port-turn requirements.
Expanded Virginia Solar and Battery Plans
The updated Virginia integrated resource plan added and accelerated 4 gigawatts of solar and 2 gigawatts of battery storage relative to last year's company preferred plan. Through 2034, battery capacity in the latest plan is approximately four times higher than in the 2025 plan: 3.3 gigawatts in the 2026 update compared with 850 megawatts in the 2025 IRP for 2030.
Battery Storage Capital Opportunity
Dominion framed each gigawatt of battery storage as approximately $2.5 billion to $3 billion of opportunity. The company said most of the planned storage is expected to be self-built consistent with the Virginia Clean Economy Act, while some of the IRP would be under a power purchase agreement structure.
Affordability and Reliability in Virginia IRP
Under the company's preferred plan, Dominion said it is meeting customer needs, protecting system reliability, and maintaining affordability, with monthly residential electric bills forecast to increase on average by about 2.3% annually. The company also expects energy storage to play an increasingly important role as use cases broaden and technology advances.
Millstone Customer Savings
Millstone's existing power purchase agreement is expected to save Connecticut customers over $245 million this year, including $200 million year-to-date, in addition to more than $200 million in savings last year. Based on current forward curves, the contract is expected to save Connecticut customers over $900 million over its 10-year life, driven by lower energy pricing.
Nuclear Fleet Life Extension Focus
Dominion said it has limited upgrade opportunities at Millstone and that the regulated fleet's current focus is on investments necessary for subsequent license renewal. The company is extending the lives of those plants for another 20 years and continues to evaluate uprate opportunities where they can be completed safely within the appropriate safety margin.
Experienced Large-Project Execution Capabilities
Management highlighted its experienced project construction team, familiarity with contractors and counterparties, supply-chain knowledge, permitting relationships, and prior experience with large combined-cycle, generation, transmission, and offshore wind projects as important capabilities for managing major construction programs.
MX:D Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed