Dominion Energy Inc. (NYSE:D) reported first-quarter 2026 results on Friday.
GAAP earnings were 69 cents per share, down from 77 cents a year earlier. Operating earnings rose to 95 cents per share and beat estimates of 91 cents.
Differences between GAAP and operating earnings included mark-to-market impacts and a $194 million net market loss.
They also included a $78 million solar impairment charge, a $120 million weather impact, and a $58 million offshore wind-related benefit.
Revenue and Profitability
Operating revenue increased to $5.019 billion from $4.076 billion a year earlier, beating estimates of $4.512 billion, representing growth of about 23%.
Net income was $621 million, compared with $665 million a year earlier, while operating earnings rose to $847 million from $803 million. Income from operations increased to $1.392 billion.
Segment Performance
Dominion Energy Virginia generated operating earnings of $670 million, up from $561 million. The increase was driven by regulatory impacts, rider returns, and weather, partly offset by higher capacity costs.
Dominion Energy South Carolina reported earnings of $126 million, down from $152 million. Contracted Energy earnings rose to $119 million from $109 million on margin improvements and renewable tax credits.
Corporate and Other posted a loss of $68 million, compared with $19 million a year earlier, reflecting higher interest expense and other costs.
Guidance and Outlook
The company affirmed its 2026 operating earnings guidance of $3.45 to $3.69 per share, compared with the $3.59 estimate, and reiterated prior financial, dividend, and long-term growth guidance.
Dominion provides electricity to 3.6 million customers and gas service to 500,000 customers in South Carolina. It cited risks including regulatory changes, tariffs, inflation, weather, and project execution.
Conference Call Highlights
During the conference call, Dominion reaffirmed a 5% to 7% long-term growth outlook, with a bias toward the upper end from 2028 onward.
The Coastal Virginia Offshore Wind project is over 75% complete, with a budget of $11.4 billion, about $100 million lower than the prior estimate. Virginia legislation now targets 20 gigawatts of energy storage by 2045.
The company reported a below-industry OSHA injury rate and is exploring recontracting the Millstone facility, citing interest from states and data center customers.
“We continue to see accelerating and durable demand from our differentiated high quality, low risk data center customers,” said CFO Steven Ridge.
D Price Action: Dominion Energy shares were down 0.40% at $64.23 at the time of publication on Friday, according to Benzinga Pro data.
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