- 2025 Operating Earnings Exceed Guidance Q4 2025 operating earnings of $3.42/share (excluding RNG credits) beat midpoint guidance and full-year GAAP earnings were $3.45/share.
- 2026 Earnings Guidance Raised 2026 EPS guidance of $3.40–$3.60/share (midpoint $3.50) reflects 6.1% growth from 2025’s midpoint and a 30% increase in 5-year capital spending to $65B.
- Coastal Virginia Offshore Wind Progress Project at 70% completion, on track for March 2026 first power delivery, with a total budget of $11.5B.
- Capital Plan Allocation 7% of $65B 5-year capital plan allocated to nuclear (fuel/relicensing), while 90% of 2026 capex growth is concentrated in Virginia.
- Customer Affordability and Data Center Momentum Residential rates 9% below U.S. average, with data center pipeline at 48 GW (+3% YoY) and demand through 2045 fully covered by contracts.
Guidance and Growth Prospects
For 2026, Dominion Energy expects operating earnings per share, excluding RNG 45Z credit income, to be between $3.40 and $3.60 per share, with a midpoint of $3.50, representing a 6.1% increase from the 2025 guidance midpoint. The company's five-year total capital estimate increased by 30% to approximately $65 billion, with over 90% of the increase at Dominion Energy Virginia. Analysts estimate next year's revenue growth at 5.7%.
Valuation and Dividend Yield
Dominion Energy's current valuation metrics include a P/E Ratio of 18.3, P/B Ratio of 1.89, and Dividend Yield of 4.16%. The company's ROE stands at 10.77%, indicating a relatively healthy return on equity. The Net Debt / EBITDA ratio is 6.27, suggesting a manageable debt burden. The dividend yield is attractive compared to the industry average, but the company's payout ratio is subject to change as peers have been reducing their payout targets.
Operational Updates and Project Progress
The company's Coastal Virginia Offshore Wind project is over 70% complete and on track for first power delivery to the grid by March, with a budget of $11.5 billion. The data center pipeline has grown by 3% to over 48 gigawatts in various stages of contracting as of December 2025. The company's forecasted data center demand through 2045 is more than covered by existing signed ESAs and CLOAs, making the data center market less risky and highly realistic.
Regulatory Approvals and Future Plans
The Virginia State Corporation Commission approved the large load provisions and the Chesterfield Energy Reliability Center project, an approximately one-gigawatt gas-fired electric generating facility expected to cost $1.5 billion and be placed in service in 2029. The company was also awarded a portfolio of PJM transmission projects totaling over $5 billion with various in-service dates through 2032.