Third-quarter 2026
Filed Oct 30, 2026Third-quarter 2026 GAAP net income of $1.30 per share; operating earnings (non-GAAP) of $1.28 per share; company expects to be in top half of 2026 operating EPS guidance range.
Third-quarter GAAP reported earnings increased by $154 million and operating earnings increased by $218 million versus the same period in 2025. Dominion Energy Virginia and Dominion Energy South Carolina increased operating earnings, while Contracted Energy declined. The company reaffirmed its existing operating earnings, credit, dividend, and long-term growth guidance.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Operating Revenue, three months ended September 30, 2026GAAP | $5.62B | – | – |
| Electric fuel and other energy-related purchases, three months ended September 30, 2026GAAP | $1.60B | – | – |
| Purchased electric capacity, three months ended September 30, 2026GAAP | $106M | – | – |
| Purchased gas, three months ended September 30, 2026GAAP | $40M | – | – |
| Other operations and maintenance, three months ended September 30, 2026GAAP | $1.09B | – | – |
| Depreciation and amortization, three months ended September 30, 2026GAAP | $722M | – | – |
| Other taxes, three months ended September 30, 2026GAAP | $215M | – | – |
| Total operating expenses, three months ended September 30, 2026GAAP | $3.77B | – | – |
| Income from operations, three months ended September 30, 2026GAAP | $1.84B | – | – |
| Other income, three months ended September 30, 2026GAAP | $271M | – | – |
| Interest and related charges, three months ended September 30, 2026GAAP | $623M | – | – |
| Income from continuing operations including noncontrolling interests before income tax expense, three months ended September 30, 2026GAAP | $1.49B | – | – |
| Income tax expense, three months ended September 30, 2026GAAP | $215M | – | – |
| Net Income from continuing operations, three months ended September 30, 2026GAAP | $1.27B | – | – |
| Net Income including noncontrolling interests, three months ended September 30, 2026GAAP | $1.27B | – | – |
| Noncontrolling interests, three months ended September 30, 2026GAAP | $114M | – | – |
| Net Income attributable to Dominion Energy, three months ended September 30, 2026GAAP | $1.16B | – | $154 million |
| Reported Income per common share from continuing operations, diluted, three months ended September 30, 2026GAAP | $1.30 | – | – |
| Reported Income per common share, diluted, three months ended September 30, 2026GAAP | $1.30 | – | $0.14 |
| Average shares outstanding, diluted, three months ended September 30, 2026GAAP | 882.1M | – | – |
| Operating earnings, three months ended September 30, 2026non-GAAP | $1.14B | – | $218 million |
| Operating earnings per share, three months ended September 30, 2026non-GAAP | $1.28 | – | $0.22 |
| Dominion Energy Virginia operating earnings, three months ended September 30, 2026non-GAAP | $862M | – | $183 million |
| Dominion Energy South Carolina operating earnings, three months ended September 30, 2026non-GAAP | $230M | – | $62 million |
| Contracted Energy operating earnings, three months ended September 30, 2026non-GAAP | $134M | – | $(31) million |
| Corporate and Other operating earnings, three months ended September 30, 2026non-GAAP | −$87M | – | $4 million |
| Operating Revenue, nine months ended September 30, 2026GAAP | $15.12B | – | – |
| Total operating expenses, nine months ended September 30, 2026GAAP | $11.55B | – | – |
| Income from operations, nine months ended September 30, 2026GAAP | $3.56B | – | – |
| Interest and related charges, nine months ended September 30, 2026GAAP | $1.74B | – | – |
| Net Income attributable to Dominion Energy, nine months ended September 30, 2026GAAP | $2.12B | – | $(310) million |
| Reported Income per common share, diluted, nine months ended September 30, 2026GAAP | $2.37 | – | $(0.44) |
| Operating earnings, nine months ended September 30, 2026non-GAAP | $2.70B | – | $325 million |
| Operating earnings per share, nine months ended September 30, 2026non-GAAP | $3.02 | – | $0.28 |
| Dominion Energy Virginia operating earnings, nine months ended September 30, 2026non-GAAP | $2.20B | – | $413 million |
| Dominion Energy South Carolina operating earnings, nine months ended September 30, 2026non-GAAP | $461M | – | $32 million |
| Contracted Energy operating earnings, nine months ended September 30, 2026non-GAAP | $284M | – | $(37) million |
| Corporate and Other operating earnings, nine months ended September 30, 2026non-GAAP | −$249M | – | $(83) million |
2026 outlook
- NoteExpects to be in the top half of the 2026 operating earnings guidance range of $3.45 to $3.69 per share.
- NoteReaffirms existing operating earnings, credit, dividend, and long-term growth guidance.
Capital returns
- Reaffirms existing dividend guidance.
What drove it
- Dominion Energy Virginia operating earnings increased by $183 million, including $55 million from weather, $137 million from 2025 Biennial Review impacts, and $112 million from rider equity return.
- Dominion Energy South Carolina operating earnings increased by $62 million, including $36 million from weather and $46 million from Base & RSA rate case impacts.
- Contracted Energy operating earnings decreased by $31 million. Drivers included $22 million of margin, $(43) million of renewable energy investment tax credits, and $36 million of renewable energy production tax credits.
- For the nine months ended September 30, 2026, the $661 million pre-tax net loss of adjustments excluded from operating earnings primarily included $719 million of nonregulated asset impairments and other charges (benefits), $95 million of regulated asset retirements and other charges (benefits), and a $315 million net market benefit.
- The $719 million of nonregulated asset impairments and other charges (benefits) was primarily due to an $820 million charge associated with nonregulated renewable natural gas facilities and a $79 million charge associated with certain nonregulated solar generation facilities, offset by a $195 million benefit related to the revision of asset retirement obligations at Millstone nuclear power station.
Concerns
- Contracted Energy operating earnings declined by $(31) million in the third quarter and $(37) million for the nine months ended September 30, 2026.
- Corporate and Other operating earnings were $(249) million for the nine months ended September 30, 2026, compared with $(166) million for the same period in 2025; interest expense, net was $(115) million in the segment bridge.
- Interest and related charges were $623 million in the third quarter and $1,739 million for the nine months ended September 30, 2026.
- The release identifies risks related to the proposed merger with NextEra Energy, including regulatory approvals, merger-agreement covenants, potential termination events, and business disruption.
- The release identifies risks concerning CVOW Commercial project costs, construction timing, regulatory recovery, and future capital contributions from the noncontrolling financing partner.
What to watch
- Whether 2026 operating earnings finish in the top half of the $3.45 to $3.69 per share guidance range.
- Execution of the 2025 Biennial Review, rider equity return, Base & RSA rate case impacts, and capital cost rider items.
- Contracted Energy margin, Millstone planned and unplanned outages, renewable energy investment tax credits, and renewable energy production tax credits.
- Further costs associated with the proposed merger with NextEra Energy; merger related costs were $26 million in 3Q26 and $39 million year-to-date.
- Additional regulated and nonregulated asset charges, including CVOW-related cost recovery and renewable natural gas facility impairment exposure.
Analysis
Dominion Energy reported third-quarter GAAP net income attributable to Dominion Energy of $1,160 million, or $1.30 per diluted share, compared with $1,006 million, or $1.16 per diluted share, in the same period in 2025. Operating earnings were $1,139 million, or $1.28 per share, compared with $921 million, or $1.06 per share. Operating revenue was $5,617 million versus $4,527 million, while income from operations was $1,842 million versus $1,339 million.
The regulated electric businesses led the operating-earnings comparison. Dominion Energy Virginia contributed $862 million, compared with $679 million, and Dominion Energy South Carolina contributed $230 million, compared with $168 million. The Virginia bridge cited weather, customer usage and other factors, 2025 Biennial Review impacts, and rider equity return, partly offset by electric capacity expense, storm damage and service restoration, planned outage costs, nuclear production tax credits, depreciation and amortization, and salaries, wages, and benefits and administrative costs. The South Carolina bridge cited weather, customer usage and other factors, and Base & RSA rate case impacts, offset in part by depreciation and amortization and interest expense, net.
Contracted Energy was the principal operating segment offset, reporting $134 million of operating earnings compared with $165 million. Its bridge included higher margin and renewable energy production tax credits, but lower renewable energy investment tax credits, higher depreciation and amortization, higher interest expense, net, and other items. Corporate and Other operating earnings were $(87) million compared with $(91) million in the quarter, while the nine-month result was $(249) million compared with $(166) million, with interest expense, net identified as a driver in the year-to-date bridge.
GAAP and operating results were affected by adjustments. For the nine months ended September 30, 2026, reported earnings were $2,121 million and operating earnings were $2,698 million. The reconciliation included a $661 million pre-tax net loss from adjustments, principally $719 million of nonregulated asset impairments and other charges (benefits), $95 million of regulated asset retirements and other charges (benefits), and a $315 million net market benefit. Management specifically cited charges associated with nonregulated renewable natural gas facilities, certain nonregulated solar generation facilities, and costs not expected to be recovered from customers on the CVOW Commercial project.
The company expects to be in the top half of its 2026 operating earnings guidance range of $3.45 to $3.69 per share and reaffirmed existing operating earnings, credit, dividend, and long-term growth guidance. The release did not provide updated revenue, expense, tax-rate, cash-flow, capital-expenditure, dividend-per-share, or balance-sheet guidance. It also stated that the company cannot provide a corresponding GAAP equivalent for operating earnings guidance because it cannot estimate the aggregate impact of specified future adjustment items.
Not in the filing
stated, not guessed- Segment revenue was not reported.
- Gross margin was not reported.
- Operating cash flow was not reported.
- Free cash flow was not reported.
- Cash and cash equivalents were not reported.
- Debt was not reported.
- Capital expenditures were not reported.
- Share repurchases were not reported.
- Dividend amount and dividend per share were not reported.
- Effective tax rate was not reported.
- GAAP earnings guidance was not provided.
- Revenue, gross-margin, operating-expense, and tax-rate guidance were not provided.
- Previous outlook was not provided, so actual results cannot be compared with prior guidance.
- No quotes from named executives were included in the filing text.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.