01—Abstract
Summary
Summary of the 10-Q filed May 1, 2026. Cited figures are marked; the original filing is the authoritative source.
Dominion Energy (D) reported a decrease in net income attributable to the company to $621 milliona 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%b 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 billionc, 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.
02—Key points
Key Highlights
- Net income attributable to Dominion Energy decreased by 7% to $621 million in Q1 2026 compared to Q1 2025.
- Operating 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.
- Diluted EPS decreased to $0.69 in Q1 2026 from $0.77 in Q1 2025.
- The CVOW Commercial Project is progressing, with an estimated total project cost of $11.4 billion.
- Dominion Energy plans to issue between $6.0 billion and $9.5 billion in long-term debt during 2026.
- A $78 million impairment charge was recorded for certain non-regulated solar generation facilities.
- Interest and related charges increased by 17% due to higher long-term debt issuances.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-QQ1 FY2026filed May 1, 2026Financial Statements
Q1 FY2026 against Q1 FY2025
| Line item | Q1 FY2026Q1 FY2025 | Change |
|---|---|---|
| Revenue | $5.02B$4.08B | +23.1% |
| Operating Expenses | $3.63B$2.85B | +27.1% |
| Operating Income | $1.39B$1.22B | +13.8% |
| Net Income | $621.00M$665.00M | −6.6% |
| EPS (Basic) | $0.69$0.77 | −10.4% |
| EPS (Diluted) | $0.69$0.77 | −10.4% |
| Shares Outstanding (Basic) | 878.90M852.20M | +3.1% |
| Shares Outstanding (Diluted) | 880.10M852.20M | +3.3% |
05—Questions
Frequently Asked Questions
What is the primary reason for the decrease in Dominion Energy's net income in the first quarter of 2026?
The primary reasons for the decrease in net income attributable to Dominion Energy to $621 million in Q1 2026 (from $665 million in Q1 2025) were an increase in interest expenses on long-term debt, higher unrealized losses on economic hedging activities, and an impairment charge for certain non-regulated solar generation facilities.
How did Dominion Energy's operating revenue change in the first quarter of 2026, and what drove this change?
Dominion Energy's operating revenue increased significantly by 23% to $5.019 billion in Q1 2026 compared to Q1 2025. This growth was primarily driven by higher fuel-related revenue due to increased commodity costs, along with increased cost recoveries from Virginia Power's non-fuel riders and the 2025 Biennial Review.
What is the current status and estimated cost of the CVOW Commercial Project?
The CVOW Commercial Project is progressing with significant onshore and offshore construction activities. The estimated total project cost is approximately $11.4 billion (excluding financing costs). The majority of turbines are expected to be in service by the end of 2026, with the remainder in early 2027. The project is subject to potential impacts from tariffs and evolving network upgrade cost allocations.
What are Dominion Energy's plans for long-term debt issuance in 2026?
Dominion Energy anticipates issuing between $6.0 billion and $9.5 billion of long-term debt during 2026. These issuances are intended to fund capital expenditures (net of reimbursements), repay maturing debt, and support general corporate purposes, subject to market conditions and regulatory requirements.
06—Continue