Financial Performance - Net income for the three months ended March 31, 2025, was $692 million, compared to $441 million for the same period in 2024, representing a 57% increase [16]. - Comprehensive income attributable to Dominion Energy increased to $650 million in Q1 2025 from $434 million in Q1 2024, a growth of 50% [16]. - Dominion Energy reported a net income of $692 million for the three months ended March 31, 2025, compared to $441 million for the same period in 2024, representing a 57% increase [27]. - Operating revenue for Virginia Electric and Power Company increased to $2,765 million in Q1 2025, up from $2,489 million in Q1 2024, reflecting an 11% growth [30]. - The company reported a comprehensive income of $523 million for the three months ended March 31, 2025, compared to $468 million for the same period in 2024, an increase of 11.7% [33]. - Dominion Energy's net income attributable from continuing operations was $647 million for the three months ended March 31, 2025, compared to $323 million in 2024, representing a 100% increase [80]. - The effective tax rate for Dominion Energy was 7.4% for the three months ended March 31, 2025, down from 14.5% in 2024 [77]. - Dominion Energy's basic EPS from continuing operations increased to $0.75 for the three months ended March 31, 2025, compared to $0.36 in 2024, a 108% increase [80]. Assets and Liabilities - Total assets as of March 31, 2025, reached $104.555 billion, up from $102.415 billion at the end of 2024, indicating a 2.1% increase [19]. - Cash and cash equivalents increased to $355 million in Q1 2025 from $310 million in Q4 2024, a rise of 14.5% [19]. - Customer receivables decreased to $2.045 billion in Q1 2025 from $2.169 billion in Q4 2024, a decline of 5.7% [19]. - Property, plant, and equipment net value rose to $71.169 billion in Q1 2025 from $68.862 billion in Q4 2024, an increase of 3.8% [19]. - Total current liabilities decreased from $9,289 million as of December 31, 2024, to $8,778 million as of March 31, 2025, a reduction of approximately 5.5% [22]. - Long-term debt rose to $39,949 million as of March 31, 2025, compared to $37,525 million at the end of 2024, indicating a 6.4% increase [22]. - Dominion Energy's total liabilities increased to $73,833 million as of March 31, 2025, from $72,223 million at the end of 2024, marking a 2.2% rise [22]. - Shareholders' equity increased to $30,722 million as of March 31, 2025, from $30,192 million at the end of 2024, a growth of 1.8% [22]. Cash Flow and Operating Activities - Cash provided by operating activities was $1,183 million for the three months ended March 31, 2025, down from $1,982 million in the same period of 2024, a decline of 40% [27]. - Net cash provided by operating activities for the three months ended March 31, 2025, was $1,142 million, down from $1,475 million in 2024, a decrease of 22.6% [42]. - Cash, restricted cash, and equivalents at the end of the period increased to $294 million, up from $125 million, marking a growth of 135.2% [42]. - Dominion Energy's total cash, restricted cash, and equivalents amounted to $477 million in Q1 2025, compared to $336 million in Q1 2024, a 42% increase [54]. Investments and Expenditures - Accrued capital expenditures for Dominion Energy reached $1,037 million in Q1 2025, compared to $753 million in Q1 2024, indicating a 37.7% increase [58]. - Total investments decreased to $4,204 million as of March 31, 2025, from $4,290 million at the end of 2024, a decline of 2.01% [38]. Regulatory and Strategic Initiatives - The company is actively pursuing market expansion and strategic acquisitions, including the sale of its membership interests in various subsidiaries to Enbridge, expected to be completed by September 2024 [11]. - Virginia Power proposed a base rate increase of $822 million effective January 2026, with an incremental increase of $345 million effective January 2027 [145]. - Virginia Power filed its annual fuel factor to recover an estimated $2.6 billion in projected fuel expenses for the rate year beginning July 1, 2025 [146]. - Virginia Power's renewable generation projects are expected to cost approximately $605 million and be operational between 2026 and 2028 [149]. - The Chesterfield Energy Reliability Center project is expected to cost approximately $1.5 billion and have a generating capacity of 944 MW, pending approval [150]. Debt and Financing Activities - The company issued $3,200 million in long-term debt during Q1 2025, compared to $1,000 million in the same period of 2024, reflecting a significant increase in financing activities [27]. - Dominion Energy's joint revolving credit facility was increased from $6.0 billion to $7.0 billion, with letters of credit support raised from $2.0 billion to $3.0 billion [172]. - At March 31, 2025, Dominion Energy's commercial paper outstanding was $1.638 billion, with available capacity under the credit facility at $4.355 billion [173]. - Virginia Power requested approval to issue and sell up to $3.5 billion of common stock to maintain credit metrics and fund capital expenditures [147]. Environmental and Regulatory Compliance - The company is evaluating the need for entrainment controls under the final rule of Section 316(b) of the CWA, which could materially impact financial condition and cash flows [199]. - Dominion Energy expects that existing regulatory frameworks in Virginia and South Carolina will mitigate potential impacts from compliance costs associated with environmental regulations [202]. Miscellaneous - Dominion Energy recorded dividends of $11 million on Series C Preferred Stock for both Q1 2025 and Q1 2024 [185]. - The company has $0.9 billion available for stock repurchase as of March 31, 2025, from an authorized $1.0 billion program [190]. - Dominion Energy has $56 million in reserves recorded for remediation work associated with former manufactured gas plant sites as of March 31, 2025 [205]. - Virginia Power recorded $50 million in reserves for remediation activities as of March 31, 2025 [205].

Core Viewpoint - Dominion Energy has not observed any signs of a slowdown in demand for power supply from data centers [1] Group 1 - The company indicates that the demand for electricity from data centers remains strong [1]

Financial Data and Key Metrics Changes - The company reported first quarter operating earnings of $0.93 per share, which includes $0.03 from better than normal weather, $0.02 from RNG 45Z income, and $0.02 from better than expected sales [4] - GAAP results for the first quarter were $0.75 per share, and the company affirmed its financial guidance for 2025 operating earnings per share of $3.28 to $3.52, with a midpoint of $3.4 [4][5] - The company sold approximately $1 billion of forward settled common equity under its existing ATM program at a weighted average price of approximately $57 [5] Business Line Data and Key Metrics Changes - The Coastal Virginia offshore wind project is 55% complete and is on schedule for first electricity delivery in early 2026 and full completion by the end of next year [9][10] - The project has created approximately 2,000 direct and indirect jobs and generated $2 billion in economic activity [10] - The project’s updated cost is $10.8 billion, which is expected to increase residential customer bills by an average of $0.04 per month over the life of the project [15] Market Data and Key Metrics Changes - The company has approximately 40 gigawatts of data center capacity in various stages of contracting, with about 10 gigawatts contracted under electric service agreements [6] - There has been no observed evidence of slowing demand from data center customers across the service area [6] Company Strategy and Development Direction - The company focuses on three priorities: achieving financial commitments, timely construction milestones for the Coastal Virginia offshore wind project, and constructive regulatory outcomes [3][22] - The company aims to provide reliable, affordable, and increasingly clean energy to its customers [4] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver on the financial plan, emphasizing a conservative approach to guidance to weather unforeseen challenges [6][7] - The company continues to achieve constructive outcomes in all regulated service areas, with ongoing discussions regarding energy legislation in South Carolina [18][19] Other Important Information - The company is actively engaged in discussions regarding a new proposed rate class for high energy users, including data centers, to ensure fair cost recovery and protect other customer classes [17][72] - The company is preparing for the Chesterfield Energy Reliability Center, a gas-fired electric generating facility expected to cost approximately $1.5 billion and be operational by 2029 [18] Q&A Session Summary Question: Can you provide insights on the Coastal Virginia offshore wind project and tariff impacts? - Management confirmed that suppliers are performing well, and there are no changes to delivery schedules due to tariffs [30] Question: What is the status of permitting for the Coastal Virginia offshore wind project? - The project is fully permitted, and management feels comfortable that it will continue moving forward [41] Question: How is data center demand looking? - Demand remains high, with customers planning for expansions well into the 2030s [62] Question: Can you elaborate on the new tariff structure for high energy users? - The new rate class will focus on minimum demand charges and includes a fourteen-year contract term for new customers [72] Question: What are the expectations regarding residential sales? - Residential sales showed slight weakness, but overall sales trends are strong, particularly in the commercial segment [80]

Financial Data and Key Metrics Changes - The company reported first quarter operating earnings of $0.93 per share, which includes $0.03 from better than normal weather, $0.02 from RNG 45Z income, and $0.02 from better than expected sales [6][7] - GAAP results for the first quarter were $0.75 per share, and the company affirmed its financial guidance for 2025 operating earnings per share of $3.28 to $3.52, with a midpoint of $3.40 [6][7] - Approximately $1 billion of forward settled common equity was sold under the existing ATM program at a weighted average price of about $57 [7] Business Line Data and Key Metrics Changes - The Coastal Virginia offshore wind project is 55% complete and is on schedule for first electricity delivery in early 2026 and full completion by the end of next year [10][11] - The project has created approximately 2,000 direct and indirect jobs and generated $2 billion in economic activity [11] - The project’s updated cost is $10.8 billion, which is expected to increase residential customer bills by an average of $0.04 per month over the life of the project [15] Market Data and Key Metrics Changes - The company has approximately 40 gigawatts of data center capacity in various stages of contracting, with about 10 gigawatts contracted under electric service agreements [8] - There has been no observed evidence of slowing demand from data center customers across the service area [8] Company Strategy and Development Direction - The company focuses on achieving financial commitments, timely construction milestones for the Coastal Virginia offshore wind project, and constructive regulatory outcomes [5][22] - The company aims to provide reliable, affordable, and increasingly clean energy to its customers [5] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to deliver on the financial plan and noted that the financial guidance is conservatively built to weather unforeseen challenges [8][9] - The regulatory landscape is supportive, with a proposed new rate class for high energy users, including data centers, to ensure they pay their fair share [17][75] Other Important Information - The company experienced a tragedy with the loss of a colleague, emphasizing its commitment to safety as a core value [9][10] - Diane Leopold, Executive VP & COO, announced her retirement effective June 1, marking her last earnings call [21] Q&A Session Summary Question: Can you provide insights on the Coastal Virginia offshore wind project and tariff impacts? - Management confirmed that suppliers are performing well, and there are no changes to delivery schedules due to tariffs [29][30] Question: What is the current status of monopile installations? - The monopile installation season has begun, with an expected pace of about 25 installations per month [32] Question: Any updates on permitting and regulatory interactions? - Management stated that they are fully permitted and have ongoing constructive conversations with regulatory agencies [40] Question: How is data center demand looking? - Demand remains high, with customers planning expansions well into the 2030s [66][67] Question: Can you elaborate on the new tariff structure for high energy users? - The new rate class focuses on minimum demand charges and aims to ensure that high energy users pay their fair share [73][75] Question: What are the expectations regarding PJM network cost upgrades? - Management does not expect significant changes in costs and will have final numbers in July [102] Question: How is the company managing tariff impacts across its business? - The company has diversified its supply chain and placed orders ahead of tariff effective dates to mitigate cost increases [46][48]

Core Insights - Dominion Energy reported quarterly earnings of $0.93 per share, exceeding the Zacks Consensus Estimate of $0.77 per share, and showing an increase from $0.55 per share a year ago, resulting in an earnings surprise of 20.78% [1] - The company generated revenues of $4.08 billion for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 6.76%, compared to $3.63 billion in the same quarter last year [2] - The stock has added about 1% since the beginning of the year, while the S&P 500 has declined by 5.3% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.77 on revenues of $3.68 billion, and for the current fiscal year, it is $3.38 on revenues of $15.28 billion [7] - The estimate revisions trend for Dominion Energy is currently unfavorable, leading to a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Utility - Electric Power industry, to which Dominion Energy belongs, is currently ranked in the top 14% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Fortis, another company in the same industry, is expected to report quarterly earnings of $0.69 per share, with revenues anticipated to be $2.38 billion, reflecting a 2.9% increase from the previous year [9][10]

Q1 2025 earnings call May 1, 2025 2 Financial results and guidance Important note for investors This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Dominion Energy. The statements relate to, among other things, expectations, estimates and projections concerning the business and operations of Dominion Energy. We have used the words "path", "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "pl ...

Financial Performance - First-quarter 2025 GAAP net income was $646 million, or $0.75 per share, compared to $441 million, or $0.50 per share, in the same period of 2024, representing a 46.5% increase in net income[1][9][16]. - Operating earnings (non-GAAP) for the first quarter of 2025 were $803 million, or $0.93 per share, up from $485 million, or $0.55 per share, in the prior year, indicating a 65.3% increase[2][18]. - Operating revenue for the first quarter of 2025 was $4.076 billion, compared to $3.632 billion in the same period of 2024, reflecting an increase of 12.2%[16]. - Total operating expenses for the first quarter of 2025 were $2.853 billion, slightly up from $2.799 billion in the prior year, resulting in a 1.9% increase[16]. - Income from operations for the first quarter of 2025 was $1.223 billion, compared to $833 million in the same period of 2024, marking a significant increase of 47%[16]. - Reported earnings for Q1 2025 were $646 million, with operating earnings (non-GAAP) at $803 million[22]. - Reported earnings per share (EPS) for Q1 2025 was $0.75, while operating EPS (non-GAAP) was $0.93[22]. - Year-to-date (YTD) 2025 reported earnings reflect a significant increase of $205 million compared to the same period in 2024[30]. Segment Performance - The Dominion Energy Virginia segment reported operating earnings of $561 million, up from $424 million in the previous year, a growth of 32.5%[18]. - The Dominion Energy South Carolina segment saw operating earnings rise to $152 million from $80 million, representing a 90% increase[18]. - The Corporate and Other segment improved its performance, reporting a loss of $19 million compared to a loss of $141 million in the prior year, a positive change of $122 million[18]. Adjustments and Losses - The company reported a pre-tax net loss of $216 million in adjustments included in reported earnings, primarily due to a $110 million net market loss related to nuclear decommissioning trusts[21]. - Adjustments to reported earnings included a pre-tax loss of $216 million, primarily due to severe weather impacts and regulated asset retirements[22]. - The company reported a $5 million net market loss primarily associated with pension and OPEB plans[29]. - Adjustments to reported earnings for 2024 included a pre-tax net loss of $410 million, primarily related to various operational impacts[24]. - Regulated asset retirements and other charges totaled $276 million, impacting the financial results significantly[29]. Future Outlook - The company affirms its full-year 2025 operating earnings guidance range of $3.28 to $3.52 per share, maintaining all financial guidance provided in the fourth quarter 2024 earnings call[4][9]. - The company anticipates continued focus on market expansion and new technology development in future quarters[30].

Core Viewpoint - Dominion Energy presents attractive features for dividend investors despite concerns over past management decisions and dividend cuts [1][5] Group 1: Dividend Performance - Dominion Energy projected continued dividend growth before selling pipeline assets to Berkshire Hathaway, leading to a material cash flow loss and a subsequent dividend reset [2] - The company made a single dividend increase before conducting a year-long business review, resulting in further asset sales without cutting the dividend, but indicating a need to strengthen the balance sheet before resuming dividend growth [4][5] - The 2025 dividend guidance is set at $2.67 per share, the same as in 2024, indicating that the company's revamp is still ongoing despite reasonable overall business performance [5] Group 2: Investment Appeal - Dominion Energy offers a dividend yield of 5%, significantly higher than the average utility yield of around 2.9%, enhancing income for dividend investors [7] - The company projects 5% to 7% earnings growth supported by a $50 billion capital investment plan, which is a 16% increase from the previous year [8] - Key components of the capital investment plan include renewable energy projects and assets for data centers and AI, with a notable 88% increase in demand from data centers in Virginia between July and December 2024 [9] Group 3: Future Outlook - Long-term dividend investors may find it wise to invest in Dominion Energy now, as the company has streamlined its operations and is focused on executing its growth plan [10] - The elevated yield provides a generous return while waiting for the anticipated return of dividend growth, which could lead to a higher valuation from Wall Street once it occurs [10]

Dominion Energy Inc. (D) is expected to report an improvement in the bottom line when it reports first-quarter 2025 results on May 1, before market open. (See the Zacks Earnings Calendar to stay ahead of market-making news.)The Zacks Consensus Estimate for D’s first-quarter revenues is pegged at $3.85 billion, indicating a 6.02% increase from the year-ago reported figure.The consensus estimate for earnings is pegged at 77 cents per share. The Zacks Consensus Estimate for D’s first-quarter earnings indicates ...

Wall Street analysts expect Dominion Energy (D) to post quarterly earnings of $0.77 per share in its upcoming report, which indicates a year-over-year increase of 40%. Revenues are expected to be $3.85 billion, up 6% from the year-ago quarter. The current level reflects an upward revision of 0.7% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period. Before a company ...