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Dominion Energy Q1 Earnings Top Estimates on Favorable Weather, RNG
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Key Takeaways
D posted Q1 operating EPS of 95 cents, topping estimates of 89 cents, as operating revenues rose to $5.02B.
D gained from favorable weather, RNG tax credit income and continued data center load.
D said its CVOW project is nearly 75% complete and reaffirmed 2026 operating EPS guidance of $3.45-$3.69.
Dominion Energy, Inc. (D - Free Report) posted first-quarter 2026 operating earnings of 95 cents per share, up 2.2% year over year and ahead of the Zacks Consensus Estimate of 89 cents by 6.7%. Results benefited from favorable weather and renewable natural gas (“RNG”) tax credit income. Dominion Energy gained from the continued load momentum tied to data centers, a key demand lever in its regulated footprint.
Dominion Energy reported GAAP earnings of 69 cents per share for the quarter, below the prior-year level of 77 cents. The company’s preferred performance yardstick remains operating earnings, which exclude several items that can swing reported results from period to period.
The difference between GAAP and operating earnings was due to the impact of net market losses tied largely to the nuclear decommissioning trust fund and the impact from economic hedging activity. The quarter also reflected an item related to costs on the Coastal Virginia Offshore Wind (“CVOW”) project not expected to be recovered from customers, as well as charges tied to the impairment of certain nonregulated solar generation facilities.
Dominion Energy’s Total Revenue
The quarter’s operating revenues rose 23.2% from the year-ago period to $5.02 billion and beat the consensus mark of $4.28 billion by 17.3%.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Dominion Energy Virginia delivered the largest contribution to consolidated operating earnings in the quarter, supported by constructive regulatory items and weather effects. The utility also benefited from continued customer growth and commercial demand strength, which management ties closely to data center expansion in its service territory.
Other segments were more mixed. Dominion Energy South Carolina’s operating contribution declined from the prior-year period, while Contracted Energy improved modestly. Corporate and Other remained a drag, reflecting higher net interest expenses and other corporate-level items during the quarter.
Dominion Energy’s Operational Highlights
Operating expenses increased meaningfully year over year, with higher electric fuel and other energy-related purchases representing a major driver. Depreciation and amortization also rose, reflecting the expanding regulated investment base and ongoing project activity.
Financing costs were another key pressure point. Interest and related charges climbed from the year-ago quarter, underscoring the higher-rate environment and Dominion Energy’s sizable capital program. Even with these headwinds, the quarter still produced higher operating income on stronger demand conditions and regulated cost recovery mechanisms.
Dominion Energy’s electricity rates are below the national average, supported by a generation mix anchored in low-cost, baseload nuclear power and efficient, well-managed fuel expenses.
Dominion Energy Advances CVOW and Data Center Load
Operational execution remains a central focus, and the company pointed to significant progress on CVOW. This CVOW project is roughly three-quarters complete, with turbine installation activity underway and the majority of turbines expected to be placed in service by the end of 2026, followed by the remainder in early 2027. The latest capital budget was cited at $11.4 billion, including contingency, with remaining project costs around $2 billion.
On the demand side, Dominion Energy highlighted the scale of its data center pipeline in Virginia. Updated disclosures show data center contracted capacity at about 51 gigawatts as of March 2026, reinforcing the long-duration load growth opportunity that can expand the regulated rate base over time.
Dominion Energy’s Financial Highlights
Balance sheet metrics continue to reflect the capital intensity of the business. Total long-term debt stood at $45.11 billion at March 31, 2026, while total assets were $118.58 billion.
On the cash flow statement, net cash provided by operating activities was $882 million for the quarter, alongside elevated construction spending consistent with Dominion Energy’s regulated buildout priorities.
Cash and cash equivalents as of March 31, 2026, were $351 million compared with $250 million as of Dec. 31, 2025.
D Reaffirms 2026 Outlook as Investment Plan Continues
Dominion Energy’s management reaffirmed full-year 2026 operating earnings guidance of $3.45 to $3.69 per share, with a midpoint of $3.57. The Zacks Consensus Estimate for 2026 earnings per share is currently pegged at $3.60, which is a tad higher than the midpoint of the range.
The company also reiterated its long-term operating earnings growth rate target of 5% to 7% through 2030, supported by a capital investment plan of approximately $65 billion for 2026 to 2030.
NextEra Energy (NEE - Free Report) reported first-quarter 2026 results with adjusted earnings per share of $1.09, up 10.1% from 99 cents a year ago. The figure beat the Zacks Consensus Estimate of 98 cents per share by 11.2%.
NEE’s total operating revenues were $6.70 billion, up 7.3% year over year but below the Zacks Consensus Estimate of $7.20 billion by 7%. A key highlight was NextEra Energy Resources’ record renewables and storage origination, which added 4 gigawatts to backlog. Xcel Energy Inc. (XEL - Free Report) reported first-quarter 2026 operating earnings of 91 cents per share, which matched the Zacks Consensus Estimate. The bottom line also surpassed the year-ago quarter’s figure by 8.3%.
Revenues of $4.02 billion missed the Zacks Consensus Estimate of $4.22 billion by 4.8%. However, the figure increased 2.9% from the year-ago quarter’s $3.9 billion.
IDACORP, Inc. (IDA - Free Report) has reported first-quarter 2026 earnings of $1.21 per share, which topped the Zacks Consensus Estimate of $1.12 by 8%. The company’s earnings improved 10% from $1.10 per share in the year-ago quarter.
Total revenues in the first quarter of 2026 were $403.4 million, lagging the Zacks Consensus Estimate of $460 million by 12.3%. The metric also declined 6.7% from $432.5 million in the year-ago quarter.
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Dominion Energy Q1 Earnings Top Estimates on Favorable Weather, RNG
Key Takeaways
Dominion Energy, Inc. (D - Free Report) posted first-quarter 2026 operating earnings of 95 cents per share, up 2.2% year over year and ahead of the Zacks Consensus Estimate of 89 cents by 6.7%. Results benefited from favorable weather and renewable natural gas (“RNG”) tax credit income. Dominion Energy gained from the continued load momentum tied to data centers, a key demand lever in its regulated footprint.
Dominion Energy reported GAAP earnings of 69 cents per share for the quarter, below the prior-year level of 77 cents. The company’s preferred performance yardstick remains operating earnings, which exclude several items that can swing reported results from period to period.
The difference between GAAP and operating earnings was due to the impact of net market losses tied largely to the nuclear decommissioning trust fund and the impact from economic hedging activity. The quarter also reflected an item related to costs on the Coastal Virginia Offshore Wind (“CVOW”) project not expected to be recovered from customers, as well as charges tied to the impairment of certain nonregulated solar generation facilities.
Dominion Energy’s Total Revenue
The quarter’s operating revenues rose 23.2% from the year-ago period to $5.02 billion and beat the consensus mark of $4.28 billion by 17.3%.
Dominion Energy Inc. Price, Consensus and EPS Surprise
Dominion Energy Inc. price-consensus-eps-surprise-chart | Dominion Energy Inc. Quote
Dominion Energy Sees Mixed Segment Contributions
Dominion Energy Virginia delivered the largest contribution to consolidated operating earnings in the quarter, supported by constructive regulatory items and weather effects. The utility also benefited from continued customer growth and commercial demand strength, which management ties closely to data center expansion in its service territory.
Other segments were more mixed. Dominion Energy South Carolina’s operating contribution declined from the prior-year period, while Contracted Energy improved modestly. Corporate and Other remained a drag, reflecting higher net interest expenses and other corporate-level items during the quarter.
Dominion Energy’s Operational Highlights
Operating expenses increased meaningfully year over year, with higher electric fuel and other energy-related purchases representing a major driver. Depreciation and amortization also rose, reflecting the expanding regulated investment base and ongoing project activity.
Financing costs were another key pressure point. Interest and related charges climbed from the year-ago quarter, underscoring the higher-rate environment and Dominion Energy’s sizable capital program. Even with these headwinds, the quarter still produced higher operating income on stronger demand conditions and regulated cost recovery mechanisms.
Dominion Energy’s electricity rates are below the national average, supported by a generation mix anchored in low-cost, baseload nuclear power and efficient, well-managed fuel expenses.
Dominion Energy Advances CVOW and Data Center Load
Operational execution remains a central focus, and the company pointed to significant progress on CVOW. This CVOW project is roughly three-quarters complete, with turbine installation activity underway and the majority of turbines expected to be placed in service by the end of 2026, followed by the remainder in early 2027. The latest capital budget was cited at $11.4 billion, including contingency, with remaining project costs around $2 billion.
On the demand side, Dominion Energy highlighted the scale of its data center pipeline in Virginia. Updated disclosures show data center contracted capacity at about 51 gigawatts as of March 2026, reinforcing the long-duration load growth opportunity that can expand the regulated rate base over time.
Dominion Energy’s Financial Highlights
Balance sheet metrics continue to reflect the capital intensity of the business. Total long-term debt stood at $45.11 billion at March 31, 2026, while total assets were $118.58 billion.
On the cash flow statement, net cash provided by operating activities was $882 million for the quarter, alongside elevated construction spending consistent with Dominion Energy’s regulated buildout priorities.
Cash and cash equivalents as of March 31, 2026, were $351 million compared with $250 million as of Dec. 31, 2025.
D Reaffirms 2026 Outlook as Investment Plan Continues
Dominion Energy’s management reaffirmed full-year 2026 operating earnings guidance of $3.45 to $3.69 per share, with a midpoint of $3.57. The Zacks Consensus Estimate for 2026 earnings per share is currently pegged at $3.60, which is a tad higher than the midpoint of the range.
The company also reiterated its long-term operating earnings growth rate target of 5% to 7% through 2030, supported by a capital investment plan of approximately $65 billion for 2026 to 2030.
Dominion Energy’s Zacks Rank
Currently, Dominion Energy has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Other Releases
NextEra Energy (NEE - Free Report) reported first-quarter 2026 results with adjusted earnings per share of $1.09, up 10.1% from 99 cents a year ago. The figure beat the Zacks Consensus Estimate of 98 cents per share by 11.2%.
NEE’s total operating revenues were $6.70 billion, up 7.3% year over year but below the Zacks Consensus Estimate of $7.20 billion by 7%. A key highlight was NextEra Energy Resources’ record renewables and storage origination, which added 4 gigawatts to backlog.
Xcel Energy Inc. (XEL - Free Report) reported first-quarter 2026 operating earnings of 91 cents per share, which matched the Zacks Consensus Estimate. The bottom line also surpassed the year-ago quarter’s figure by 8.3%.
Revenues of $4.02 billion missed the Zacks Consensus Estimate of $4.22 billion by 4.8%. However, the figure increased 2.9% from the year-ago quarter’s $3.9 billion.
IDACORP, Inc. (IDA - Free Report) has reported first-quarter 2026 earnings of $1.21 per share, which topped the Zacks Consensus Estimate of $1.12 by 8%. The company’s earnings improved 10% from $1.10 per share in the year-ago quarter.
Total revenues in the first quarter of 2026 were $403.4 million, lagging the Zacks Consensus Estimate of $460 million by 12.3%. The metric also declined 6.7% from $432.5 million in the year-ago quarter.