01—Abstract
Summary
Summary of the 8-K filed February 23, 2026. Cited figures are marked; the original filing is the authoritative source.
Dominion Energy (NYSE: D) reported preliminary, unaudited 2025 results in an 8-K furnished on February 23, 2026.
Full-year 2025 GAAP net income attributable to the company was $2,998 milliona, or $3.45 per diluted share, up from $2,034 million ($2.33) in 2024. Operating earnings (non-GAAP), the company's primary performance measure, were $2,966 million, or $3.42 per share, versus $2,392 million ($2.77) a year earlier, a gain of roughly 23%. Fourth-quarter 2025 GAAP EPS was $0.65 and operating EPS was $0.68, compared with $0.14 and $0.58 in the prior-year quarter.
The gap between GAAP and operating results in 2025 was small, driven mainly by a $507 millionb nuclear decommissioning trust gain, a $131 million pension/OPEB mark-to-market gain, a $153 million economic hedging loss, and $258 million of regulated asset retirement and other charges tied largely to Virginia Power's share of uncovered costs on the CVOW commercial project. The operating earnings growth was led by Dominion Energy Virginia, which contributed $2,325 million ($2.72 per share) versus $2,011 million ($2.40) in 2024, supported by a $507 million rider equity return and customer usage gains, partly offset by a $275 million impact from the sale of a noncontrolling interest. South Carolina and Contracted Energy also improved, while Corporate and Other remained a drag at $(332) million.
The company guided 2026 operating EPS to $3.45 to $3.69c (midpoint $3.57), which includes $0.07 per share of RNG 45Z income. It also extended its 5% to 7% long-term operating EPS growth target through 2030, with a bias toward the upper half for 2028 to 2030, and reaffirmed its credit and dividend guidance. The filing is a routine earnings disclosure with no new financing or transaction announcements; investors should note that the 2026 guidance range is not reconciled to GAAP because future reported earnings cannot be reliably estimated.
02—Key points
Key Highlights
- FY2025 GAAP EPS of $3.45 (vs. $2.33 in 2024) and operating EPS of $3.42 (vs. $2.77), a roughly 23% increase in operating earnings.
- Q4 2025 operating EPS of $0.68 vs. $0.58 a year earlier; GAAP EPS of $0.65 vs. $0.14.
- 2026 operating EPS guidance of $3.45 to $3.69 (midpoint $3.57), including $0.07 per share from RNG 45Z income.
- Long-term operating EPS growth target of 5% to 7% extended through 2030, with a bias to the upper half for 2028 to 2030.
- Dominion Energy Virginia drove growth, with operating earnings of $2.3 billion ($2.72 per share) in 2025, up from $2.0 billion ($2.40), helped by a $507 million rider equity return.
- Virginia Power absorbed $258 million of regulated asset retirement and other charges, mainly its share of CVOW costs not expected to be recovered from customers.
- Credit and dividend guidance was reaffirmed, with no new financing or capital structure changes disclosed.
03—Questions
Frequently Asked Questions
Why is GAAP EPS ($3.45) higher than operating EPS ($3.42) for 2025?
The $0.03 difference is small and reflects net non-operating items: a $507 million gain on nuclear decommissioning trusts and a $131 million pension/OPEB mark-to-market gain, largely offset by a $153 million economic hedging loss and $258 million of regulated asset retirement and other charges (including CVOW costs not expected to be recovered from customers). After tax, these adjustments net to a $32 million benefit to reported earnings.
What is driving the 2026 earnings outlook?
The $3.45 to $3.69 guidance range reflects continued growth in the regulated utility base, supported by Virginia operations, with $0.07 per share from RNG 45Z income included. The company expects its long-term operating EPS growth of 5% to 7% (off the 2025 guidance midpoint of $3.30, which excludes RNG 45Z) to continue through 2030, with a bias toward the upper half in 2028 to 2030. The filing does not provide a detailed breakdown of growth drivers beyond these items.
Why did Contracted Energy and Dominion Energy Virginia contribute differently to growth?
Dominion Energy Virginia's operating earnings rose $314 million for the year, driven by a $507 million rider equity return and customer usage, partly offset by a $275 million impact from the sale of a noncontrolling interest, higher salaries and administrative costs, and depreciation. Contracted Energy rose $79 million, reflecting renewable energy tax credits (investment and production) and planned Millstone outage timing benefits, partly offset by depreciation and other items.
Is the company guiding to GAAP earnings for 2026?
No. Dominion provides only operating (non-GAAP) EPS guidance because it cannot estimate the aggregate impact of items such as mark-to-market hedging, nuclear decommissioning trust gains and losses, pension market impacts, acquisitions, divestitures, and extreme weather on future reported earnings. Investors should therefore view the $3.45 to $3.69 range as an adjusted measure rather than a GAAP forecast.
Are these 2025 results final?
No. The earnings are described as preliminary and unaudited. The filing states that the notes to the most recent Form 10-Q or 10-K are integral to the financial statements, and the company references its annual report on Form 10-K for further detail. Final audited results may differ from the figures disclosed in this 8-K.
04—Continue