Summary
Dominion Energy (D) reported a decrease in net income attributable to the company to $621 million for the first quarter of 2026, down from $665 million in the same period of 2025. This decline was primarily driven by increased interest expenses on long-term debt and unrealized losses on economic hedging activities, alongside an impairment charge related to non-regulated solar generation facilities. However, these impacts were partially offset by higher rider equity returns, reflecting capital investments at Virginia Power, and the benefits from Virginia Power's 2025 Biennial Review. Operating revenue saw a significant increase of 23% year-over-year, largely due to higher fuel-related revenue and increased recovery of costs associated with Virginia Power's non-fuel riders and the 2025 Biennial Review. The company continues to advance its major projects, notably the CVOW Commercial Project, with significant onshore and offshore construction activities progressing. The estimated total project cost for CVOW is approximately $11.4 billion, with the majority of turbines expected to be in service by the end of 2026. Management anticipates issuing between $6.0 billion and $9.5 billion in long-term debt during 2026 to fund capital expenditures and maturing debt.
Key Highlights
- 1Net income attributable to Dominion Energy decreased by 7% to $621 million in Q1 2026 compared to Q1 2025.
- 2Operating revenue increased by 23% to $5.019 billion in Q1 2026 compared to Q1 2025, driven by higher fuel-related revenue and rider cost recoveries.
- 3Diluted EPS decreased to $0.69 in Q1 2026 from $0.77 in Q1 2025.
- 4The CVOW Commercial Project is progressing, with an estimated total project cost of $11.4 billion.
- 5Dominion Energy plans to issue between $6.0 billion and $9.5 billion in long-term debt during 2026.
- 6A $78 million impairment charge was recorded for certain non-regulated solar generation facilities.
- 7Interest and related charges increased by 17% due to higher long-term debt issuances.