Dominion Energy, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 31 July 2026: press release. Guidance figures: 1 kept. The quarter’s numbers.

Read the filing

Key takeaways

• Operating EPS rose, reported EPS fell: Second-quarter operating earnings were $712 million, or $0.79 per share, up from $0.75 a year earlier. Reported GAAP earnings were $340 million, or $0.37 per share, down from $0.88. Source
• Virginia operating earnings up $121 million: Dominion Energy Virginia operating earnings were $670 million, or $0.76 per share, against $549 million, or $0.64 per share, a year earlier. Year-to-date operating earnings were $1,340 million. Source
• Corporate interest expense rose: Corporate and Other interest expense, net, was $51 million higher in the quarter and $96 million higher year-to-date. Corporate and Other operating earnings were a loss of $94 million. Source
• Revenue and fuel purchases both rose: Operating revenue was $4,480 million in the quarter, against $3,810 million. Electric fuel and other energy-related purchases were $1,315 million, against $946 million. Source
• Larger adjustments separated reported and operating EPS: Adjustments excluded from operating earnings were $0.42 per share after tax in the quarter, against a $0.13 benefit a year earlier, and $0.68 year-to-date. Source
• Nonregulated impairments led adjustments: Nonregulated asset impairments and other charges were $626 million in the quarter, the largest pre-tax adjustment, and $704 million year-to-date, mainly an $820 million renewable natural gas charge. Source

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

Dominion Energy, Inc., press release

Guidance

What changed from last quarter

• Guidance kept: Full-year 2026 operating EPS guidance range of $3.45 to $3.69 is the same as in the first-quarter release. Source
• New: The proposed merger with NextEra Energy is referenced in this filing and was not in the first-quarter release; no terms or timing are given. Source

Quarterly results and growth drivers

• Operating EPS rose, reported EPS fell: Second-quarter operating earnings were $712 million, or $0.79 per share, up from $0.75 a year earlier. Reported GAAP earnings were $340 million, or $0.37 per share, down from $0.88. Source
• Six-month operating EPS up $0.07: Year-to-date operating earnings were $1,559 million, or $1.75 per share, against $1,452 million, or $1.68 per share, a year earlier. Source
• Diluted share count increased: Average diluted shares were 882.1 million in the second quarter, up from 853.2 million a year earlier, and 881.1 million year-to-date against 852.7 million. Source

Dominion Energy Virginia segment

• Virginia operating earnings up $121 million: Dominion Energy Virginia operating earnings were $670 million, or $0.76 per share, against $549 million, or $0.64 per share, a year earlier. Year-to-date operating earnings were $1,340 million. Source
• Usage and weather moved Virginia results: Virginia customer usage and other factors added $23 million in the quarter and $25 million year-to-date. Weather reduced the quarter by $3 million and added $29 million year-to-date. Source
• Electric capacity expense rose: Electric capacity expense reduced Virginia operating earnings by $34 million in the quarter and $76 million year-to-date, or $0.04 and $0.09 per share. Source

“Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings.”

Dominion Energy, Inc., press release

Dominion Energy South Carolina segment

• South Carolina operating earnings declined: South Carolina operating earnings were $105 million, or $0.12 per share, against $109 million, or $0.13 a year earlier. Year-to-date operating earnings were $231 million, against $261 million. Source
• Customer usage added to South Carolina: South Carolina customer usage and other factors added $14 million in the quarter and $23 million year-to-date. Source
• Depreciation and salaries reduced earnings: Depreciation and amortization reduced South Carolina operating earnings by $7 million in the quarter and $13 million year-to-date. Salaries and administrative costs reduced them by $4 million in the quarter. Source

Contracted Energy and Corporate

• Contracted Energy margin added $28 million: Contracted Energy margin added $28 million in the second quarter and $78 million year-to-date. Segment operating earnings were $31 million, against $47 million a year earlier. Source
• Contracted interest and depreciation weighed: Within Contracted Energy, interest expense, net reduced earnings by $17 million and depreciation and amortization by $13 million in the quarter. Source
• Corporate interest expense rose: Corporate and Other interest expense, net, was $51 million higher in the quarter and $96 million higher year-to-date. Corporate and Other operating earnings were a loss of $94 million. Source

Costs and margins

• Revenue and fuel purchases both rose: Operating revenue was $4,480 million in the quarter, against $3,810 million. Electric fuel and other energy-related purchases were $1,315 million, against $946 million. Source
• Purchased capacity cost rose: Purchased electric capacity cost $80 million in the quarter, against $18 million a year earlier, and $149 million year-to-date against $27 million. Source
• Other O&M included impairment charges: Other operations and maintenance expense was $1,878 million in the quarter, against $933 million. The footnote says this line includes impairment of assets and other charges. Source
• Interest charges rose: Interest and related charges were $555 million in the quarter, against $505 million. Depreciation and amortization was $615 million, against $580 million. Source

Adjustments and reporting basis

• Larger adjustments separated reported and operating EPS: Adjustments excluded from operating earnings were $0.42 per share after tax in the quarter, against a $0.13 benefit a year earlier, and $0.68 year-to-date. Source
• Nonregulated impairments led adjustments: Nonregulated asset impairments and other charges were $626 million in the quarter, the largest pre-tax adjustment, and $704 million year-to-date, mainly an $820 million renewable natural gas charge. Source
• Nuclear trust gains boosted reported results: Net gains on nuclear decommissioning trust funds were $495 million in the second quarter, while mark-to-market on economic hedging was a $69 million loss. Source
• Regulated charges totaled $95 million: Regulated asset retirements and other charges were $153 million in the second quarter, after a $58 million benefit in the first, for $95 million year-to-date. Source
• Operating earnings is the primary measure: Operating earnings is the company's primary performance measure, also used for budgeting, Board reporting, incentive compensation and targeted dividend payouts. Source

Figures management reported

Risks management discussed

• Operational: Unplanned Millstone outages reduced Contracted Energy operating earnings by $3 million in the quarter, while planned outages added $4 million. Source
• Regulatory: Virginia Power expects some costs of the CVOW Commercial project not to be recovered from customers. Source
• External: Reported earnings may differ from operating earnings because of hedging mark-to-market effects and nuclear decommissioning trust gains and losses. Source

Earlier plans management reported on

• Not stated: Management reaffirmed the financial guidance given on the fourth-quarter 2025 call, covering credit, dividend and long-term growth. Source

Other quarters

• Q1 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.