Dominion Energy, Inc.: Q1 FY2026 earnings call

What management said about Q1 FY2026, from the documents filed with the SEC on 1 May 2026: press release. Guidance figures: 2 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Operating EPS rose, reported EPS fell: Operating EPS was $0.95 against $0.93, or $847 million against $803 million. Reported EPS was $0.69 against $0.77, or $621 million against $665 million. Source
• Virginia contribution rose to $670 million: Dominion Energy Virginia contributed $670 million, or $0.76 per share, against $561 million, or $0.66 per share, a year earlier. Source
• Nuclear trust and hedge losses excluded: Net market losses of $194 million were excluded from operating earnings: $154 million from nuclear decommissioning trusts and $40 million from economic hedging. Source
• CVOW cost benefit of $58 million: A $58 million benefit relates to Virginia Power's share of CVOW costs not expected to be recovered from customers, and was excluded from operating earnings. Source
• 2026 operating EPS range affirmed: Management affirmed the full-year 2026 operating EPS range of $3.45 to $3.69, midpoint $3.57, as provided in the fourth-quarter 2025 call. Source
• Long-term growth range affirmed: Long-term operating EPS growth guidance of 5% to 7% a year through 2030 was affirmed, with a bias to the upper half for 2028 to 2030 from the February release. Source

“The company affirms its full-year 2026 operating earnings guidance range of $3.45 to $3.69 per share, midpoint of $3.57 per share, and all financial guidance provided on its fourth quarter 2025 earnings call”

Dominion Energy, Inc., press release

Guidance

What changed from last quarter

• Guidance kept: 2026 operating EPS guidance of $3.45 to $3.69 per share, midpoint $3.57, was affirmed and not changed from the February release. Source
• Guidance kept: Long-term operating EPS growth guidance and the other financial guidance from the fourth-quarter 2025 call were affirmed, with no change reported. Source

Quarter results and earnings drivers

• Operating EPS rose, reported EPS fell: Operating EPS was $0.95 against $0.93, or $847 million against $803 million. Reported EPS was $0.69 against $0.77, or $621 million against $665 million. Source
• Revenue rose to $5,019 million: Operating revenue was $5,019 million against $4,076 million. Total operating expenses were $3,627 million against $2,853 million. Source
• Excluded items added $0.26 per share: Adjustments to reported earnings account for the difference between reported EPS of $0.69 and operating EPS of $0.95 in the quarter. Source

Virginia and South Carolina segments

• Virginia contribution rose to $670 million: Dominion Energy Virginia contributed $670 million, or $0.76 per share, against $561 million, or $0.66 per share, a year earlier. Source
• Virginia weather added $32 million: Weather added $32 million, or $0.04 per share, to the Virginia contribution. Customer usage and other factors added $2 million. Source
• South Carolina contribution declined: South Carolina contributed $126 million, or $0.14 per share, against $152 million, or $0.18. Other items reduced the contribution by $33 million, and share dilution by $0.01 per share. Source

“Dominion Energy management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power.”

Dominion Energy, Inc., press release

Contracted Energy and Corporate

• Contracted Energy earned $119 million: Contracted Energy contributed $119 million, or $0.14 per share, against $109 million, or $0.13. Renewable investment and production tax credits added $21 million combined. Source
• Contracted margin added $50 million: Contracted Energy margin added $50 million. Depreciation and amortization reduced the segment by $19 million, and salaries and administrative costs by $6 million. Source
• Corporate loss widened to $68 million: Corporate and Other recorded a $68 million loss, or $0.09 per share, against $19 million, or $0.04. Net interest expense added $45 million to the loss. Source

Costs, interest and share count

• Interest charges rose to $561 million: Interest and related charges were $561 million against $481 million. Income from operations was $1,392 million against $1,223 million. Source
• Fuel and purchased power costs rose: Electric fuel and other energy-related purchases were $1,606 million against $962 million. Purchased electric capacity was $69 million against $9 million. Source
• Virginia cost lines reduced contribution: Depreciation and amortization reduced the Virginia contribution by $9 million. Salaries, wages, benefits and administrative costs reduced it by $34 million. Source
• Noncontrolling interests rose; shares up: Noncontrolling interests were $164 million against $46 million. Average diluted shares were 880.1 million against 852.2 million. Source

Items excluded from operating earnings

• Nuclear trust and hedge losses excluded: Net market losses of $194 million were excluded from operating earnings: $154 million from nuclear decommissioning trusts and $40 million from economic hedging. Source
• CVOW cost benefit of $58 million: A $58 million benefit relates to Virginia Power's share of CVOW costs not expected to be recovered from customers, and was excluded from operating earnings. Source
• Solar asset impairment of $78 million: A $78 million charge for impairment of certain nonregulated solar generation facilities was excluded from operating earnings. Source
• Severe weather charges of $120 million: Dominion Energy Virginia severe weather impacts of $120 million pre-tax were excluded from operating earnings in the quarter. Source
• Total exclusions of $335 million pre-tax: Excluded items totalled a $335 million pre-tax loss and a $109 million tax benefit, leaving $226 million after tax. Source

Guidance and long-term growth

• 2026 operating EPS range affirmed: Management affirmed the full-year 2026 operating EPS range of $3.45 to $3.69, midpoint $3.57, as provided in the fourth-quarter 2025 call. Source
• Long-term growth range affirmed: Long-term operating EPS growth guidance of 5% to 7% a year through 2030 was affirmed, with a bias to the upper half for 2028 to 2030 from the February release. Source
• Credit and dividend guidance affirmed: Credit and dividend guidance from the fourth-quarter 2025 call were affirmed. The release gives no figures for either. Source

Figures management reported

Risks management discussed

• External: Market losses on nuclear decommissioning trusts and economic hedging were excluded from operating earnings this quarter. Source
• Regulatory: Virginia Power's share of CVOW costs is not expected to be recovered from customers, as stated in the release. Source
• Financial: Certain nonregulated solar generation facilities were impaired, with a $78 million charge recorded this quarter. Source
• External: Severe weather at Dominion Energy Virginia produced pre-tax impacts that were excluded from operating earnings. Source

Earlier plans management reported on

• Not stated: Management affirmed the guidance provided on the fourth-quarter 2025 call in the first-quarter release. Source
• Not stated: The February release indicated the bias toward the upper half of the growth range for 2028 to 2030.

Other quarters

• Q2 FY2026 earnings call
• Q4 FY2025 earnings call
• Q3 FY2025 earnings call
• Q2 FY2025 results

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.