10-QPeriod: Q1 FY2026

DOMINION ENERGY, INC Quarterly Report for Q1 Ended Mar 31, 2026

Filed May 1, 2026For Securities:D

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.

Financial Highlights

47 data points
Beta

Revenue

$5.02B

Net Income

$621.00M

12.4% Net Margin

EPS (Diluted)

$0.69

Total Assets

$118.58B

Cash & Equivalents

$351.00M

Free Cash Flow

$882.00M

Financial Statements
Beta
Revenue$5.02B
Operating Expenses$3.63B
Operating Income$1.39B
Net Income$621.00M
EPS (Basic)$0.69
EPS (Diluted)$0.69
Shares Outstanding (Basic)878.90M
Shares Outstanding (Diluted)880.10M

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.

Frequently Asked Questions

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.

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.

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.

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.