Dominion Energy (NYSE: D) operating earnings jump 23.7%, guidance tilts to top half

Posted by Donna Armstrong on Oct 30th, 2026

What happened

Dominion Energy, Inc. (NYSE: D) grew third-quarter operating earnings 23.7% to $1.14 billion from $921 million a year earlier. The company expects to land in the top half of its 2026 operating EPS guidance range of $3.45 to $3.69 per share.

Operating EPS rose 20.8% by OptimistFi's calculation, to $1.28 from $1.06. That is less than the gain in total earnings because average diluted shares rose to 882.1 million from 855.4 million. GAAP net income was $1.2 billion, or $1.30 per share, against $1.0 billion, or $1.16 per share, a year earlier.

Per-share results in both years include $11 million a quarter in preferred dividends on Series C preferred stock. The company also reaffirmed its operating earnings, credit, dividend and long-term growth guidance.

Key numbers

Metric	Latest	Change	Source
Operating earnings (non-GAAP), Q3 2026	$1.14 billion	from $921 million, +23.7%	Calculated from SEC 8-K
Operating EPS (non-GAAP), Q3 2026	$1.28	from $1.06, +20.8%	Calculated from SEC 8-K
GAAP EPS, Q3 2026	$1.30	from $1.16, +12.1%	Calculated from SEC 8-K
Dominion Energy Virginia operating earnings, Q3 2026	$862 million	from $679 million, +27.0%	Calculated from SEC 8-K
Operating EPS (non-GAAP), nine months ended Sept. 30, 2026	$3.02	from $2.74, +10.2%	Calculated from SEC 8-K
2026 operating EPS guidance range	$3.45 to $3.69		SEC 8-K, Exhibit 99

Where the gain came from

Dominion Energy Virginia delivered most of the increase. Its operating earnings rose to $862 million from $679 million, a $183 million gain. By OptimistFi's calculation the segment now makes up 75.7% of the company's quarterly operating earnings.

The release lists the Virginia drivers: $137 million from 2025 Biennial Review impacts, $112 million from rider equity return and $55 million from weather. Higher electric capacity expense took back $48 million.

Dominion Energy South Carolina earned $230 million, up from $168 million. Base RSA rate case impacts added $46 million, and weather helped too. Contracted Energy fell to $134 million from $165 million. Renewable energy investment tax credits subtracted $43 million and production tax credits added $36 million. The Corporate and Other loss narrowed to $87 million from $91 million.

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Why it matters

OptimistFi has argued that Dominion Energy turns regulated, capital-intensive investment into predictable earnings. Regulators generally allow recovery of prudent costs plus a return. The quarter fits that view. The Virginia segment carried the total, and its largest drivers are regulatory lines such as the Biennial Review and the rider equity return. The quarter strengthens the case.

Three limits apply. Operating earnings are non-GAAP. The company says it cannot give a GAAP equivalent for its operating guidance, because items such as hedging marks and trust fund gains and losses cannot be estimated.

Contracted Energy earnings fell. And the release's risk language cites the proposed merger with NextEra Energy, including whether regulatory approvals are obtained.

Why GAAP and operating results diverge

In the quarter the gap was small, with GAAP EPS $0.02 above operating EPS. Over nine months it is wide. GAAP EPS is $2.37, down from $2.81 a year earlier. Operating EPS rose to $3.02 from $2.74.

The nine-month gap traces to $661 million of pre-tax net losses in adjustments that the company excludes from operating earnings. The largest are an $820 million charge on nonregulated renewable natural gas facilities and a $79 million charge on certain nonregulated solar generation facilities. A $195 million benefit from revising asset retirement obligations at the Millstone nuclear power station offsets part of that.

Market effects also sit in the adjustments. They are a $315 million net benefit, mainly $438 million from nuclear decommissioning trusts less $123 million from economic hedging. A $95 million line covers regulated asset retirements and other charges. It is mainly a net charge for Virginia Power's share of Coastal Virginia Offshore Wind (CVOW) Commercial project costs that the company does not expect to recover from customers.

What's next

Dominion Energy hosts its third-quarter earnings call at 11 a.m. ET on Friday, Oct. 30, with a webcast on its investor site. Management said it will discuss recent financial results.

Fourth-quarter results will show whether full-year operating EPS lands in the top half of the range. Operating EPS in the fourth quarter of 2025 was $0.68. A finish below the top half, or more CVOW costs the company does not expect to recover from customers, would weaken the case.