Dominion Energy Sees Strong Start to 2026 with $0.95 Per Share Operating Earnings
Dominion Energy kicked off the year on a high note, reporting first quarter operating earnings of $0.95 per share, a testament to the company's unwavering commitment to delivering reliable and affordable energy services to its customers.
The company's Senior Vice President, Investor Relations, and Treasurer, David McFarland, welcomed investors and analysts to the first quarter 2026 earnings conference call, where he highlighted the company's three top priorities: achieving financial commitments, advancing major construction milestones for the Coastal Virginia Offshore Wind (CVOW) project, and securing regulatory outcomes that benefit both customers and shareholders.
Steven Ridge, Executive Vice President and Chief Financial Officer, took over from David McFarland to provide an update on the company's performance. He emphasized that since the conclusion of the business review two years ago, Dominion Energy has remained steadfastly focused on these priorities, with a track record of high-quality and consistent execution.
The company's strong start to the year was evident in its first quarter results, which showed operating earnings of $0.95 per share, compared to GAAP results of $0.69 per share. The company also reaffirmed all financial guidance provided on its fourth quarter earnings call, including operating earnings, credit, dividend, and long-term growth guidance.
Steven Ridge expressed confidence in the company's outlook, citing disciplined financial management, attractive business fundamentals, and the strength of its growing regulated investment profile as key drivers. He also highlighted incremental opportunities to deploy regulated capital on behalf of customers, including a significant increase in grid-scale energy storage targets in Virginia.
The legislation signed into law in Virginia requires Dominion Energy to petition for 20 gigawatts of short- and long-term storage projects by 2045, a substantial increase from the current requirement of 3 gigawatts by 2035. The company expects increasing clarity later this year around the opportunity to recontract Millstone.
In addition to its regulated investment profile, Dominion Energy also reported strong growth in data center capacity, with over 50 gigawatts contracted or in development. This includes approximately 10.4 gigawatts of capacity contracted under electric service agreements, demonstrating accelerating and durable demand from high-quality customers.
The company's financing plan and credit metrics remained robust, with year-to-date common equity issuance totaling $1.2 billion, leaving $400 million-$600 million for the remainder of the year. The full-year 2025 and Q1 LTM FFO to debt metrics both exceeded 15%, demonstrating the company's commitment to credit strength.
As Dominion Energy continues to deliver on its priorities and drive growth, investors and analysts remain optimistic about the company's prospects, with a strong start to 2026 setting the stage for an exciting year ahead.
