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Financial Data and Key Metrics Changes - Q3 operating earnings were $1.06 per share, including $0.03 from RNG 45Z credits and $0.06 from worse-than-normal weather, with GAAP results at $1.16 per share [5][6] - Full-year guidance range narrowed to $3.33 to $3.48 per share, maintaining the original midpoint of $3.40 [6][7] - Year-to-date weather has become a small headwind of approximately $0.02, contrasting with earlier tailwinds from sales and weather [6] Business Line Data and Key Metrics Changes - The Coastal Virginia Offshore Wind (CVOW) project is now two-thirds complete, with project costs at $11.2 billion and approximately $8.2 billion invested to date [10][11] - Data center demand has increased to approximately 47 gigawatts, up 17% from December 2024, with significant growth in various stages of contracting [18][19] Market Data and Key Metrics Changes - Current residential electric rates are 9% and 11% below the U.S. average for DEV and DESC, respectively [24] - The project’s levelized cost of energy (LCOE) has been updated to $84, which remains competitive compared to other generation resources [14][15] Company Strategy and Development Direction - The company focuses on achieving financial commitments, completing major construction milestones for CVOW, and achieving favorable regulatory outcomes [4] - A comprehensive capital investment forecast update through 2030 is expected in the Q4 earnings call, with a focus on customer affordability and system reliability [7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in delivering on financial plans despite challenges, emphasizing a conservative approach to balance sheet management [7][32] - The company anticipates continued bipartisan support for CVOW, which is critical for infrastructure upgrades and energy supply [25] Other Important Information - The Charybdis wind turbine installation vessel has faced delays but is expected to be cleared for turbine installation in November [17][18] - The company is actively working on various utility-scale solar and storage projects, representing about $2.9 billion in new investment [23] Q&A Session Summary Question: Political risks regarding CVOW project - Management noted bipartisan support for CVOW across all levels of government, indicating confidence in project continuity regardless of potential political changes [25] Question: Status of Charybdis and punch list items - The punch list for Charybdis includes about 200 items, with 120 already closed out, and the team is confident in completing the remaining items by November [26][28] Question: Capital plan and balance sheet capacity - Management indicated that the capital plan will be updated in early 2026, with a focus on maintaining balance sheet conservatism while exploring various funding sources [30][32] Question: Impact of potential delays on financial guidance - Management expressed confidence that any delays in turbine installations would not significantly impact financial commitments made to investors [50] Question: Data center load and energization timing - The company continues to see robust demand from data centers, with energization dates for over 100 delivery point requests stretching through 2031 [43]

Financial Performance - Net income for the three months ended September 30, 2025, was $1,028 million, compared to $934 million for the same period in 2024, representing an increase of 10.1%[16] - Comprehensive income attributable to Dominion Energy for the nine months ended September 30, 2025, was $2,444 million, up from $1,932 million in 2024, reflecting a growth of 26.5%[16] - The company’s earnings per common share (EPS) for the nine months ended September 30, 2025, increased to $2.53 from $1.90 in 2024, marking a rise of 33.2%[16] - Dominion Energy's net income including noncontrolling interests for the nine months ended September 30, 2025, was $2,553 million, compared to $1,900 million in 2024, an increase of 34.4%[16] - Comprehensive income including noncontrolling interests for the three months ended September 30, 2025, was $1,034 million, compared to $958 million in 2024, an increase of 7.9%[16] - The company reported a net income of $668 million for the quarter ending September 30, 2025, compared to $650 million for the same period in 2024[43] - Year-to-date net income attributable to Virginia Power was $1,588 million, down 0.6% from $1,598 million in the prior year[61] - The company reported a net cash provided by operating activities of $4,374 million for the nine months ended September 30, 2025, slightly down from $4,377 million in 2024[28] - The company reported a net income attributable to discontinued operations of $200 million for the year-to-date 2024, compared to a loss of $15 million in Q3 2024[98] Comprehensive Income and Other Income - Other comprehensive income for the three months ended September 30, 2025, was $6 million, compared to $24 million in 2024, indicating a decrease of 75%[16] - Total other comprehensive income for the nine months ended September 30, 2025, was $13 million, compared to $32 million in 2024, a decrease of 59.4%[16] - The accumulated other comprehensive income (AOCI) for Dominion Energy at the end of Q3 2025 was $(168) million, an improvement from $(190) million at the end of Q3 2024[101] - For the nine months ended September 30, 2025, the net current period other comprehensive income was $3 million, compared to $26 million for the same period in 2024[105] - The total AOCI for Virginia Power at the end of Q3 2025 was $21 million, down from $24 million at the end of Q3 2024[109] Assets and Liabilities - Total assets increased to $111,597 million as of September 30, 2025, up from $102,415 million at December 31, 2024, representing a growth of approximately 9.3%[19] - Current assets rose to $8,222 million, a significant increase of 24.3% from $6,613 million at the end of 2024[19] - Total liabilities increased to $79,871 million, compared to $72,613 million at December 31, 2024, reflecting a rise of about 10%[22] - Long-term debt grew to $43,291 million, up from $37,525 million, indicating an increase of approximately 15.5%[22] - Shareholders' equity reached $27,691 million, up from $26,863 million, reflecting an increase of approximately 3.1%[22] - Noncontrolling interests rose significantly to $4,035 million from $2,939 million, representing an increase of about 37.4%[22] - Total current liabilities decreased to $4,018 million from $5,637 million, a reduction of about 28.7%[40] Cash Flow and Investments - Cash and cash equivalents increased to $932 million, compared to $310 million, showing a substantial growth of approximately 200%[19] - The company reported a decrease in depreciation and amortization to $1,337 million in 2025 from $1,386 million in 2024, a decline of about 3.5%[46] - The company made significant investments in plant construction and other property additions, totaling $7,531 million in 2025, compared to $6,885 million in 2024[46] - The company issued common stock amounting to $3,500 million in 2025, with no such issuance reported in 2024[46] - The company reported a significant noncash item of $45 million related to pension retirement benefits in the East Ohio Transaction[84] Regulatory and Capital Expenditures - Virginia Power proposed a base rate increase of $822 million effective January 2026, with an incremental increase of $345 million effective January 2027[176] - Virginia Power filed for a total projected fuel expense recovery of $2.6 billion for the rate year beginning July 1, 2025, with an additional projected under-recovered balance of $205 million[177] - Virginia Power's proposed fuel rate, including purchased electric capacity expense, represents a revenue increase of $860 million for the rate year beginning July 1, 2025[177] - Virginia Power plans to construct or acquire six utility-scale solar projects totaling approximately 845 MW, with an expected cost of $2.9 billion, to be placed into service between 2028 and 2030[181] - Virginia Power's capital investment request for Phase IIIB of its electric distribution grid transformation projects is $278 million, with an additional $5 million for operations and maintenance[182] Transactions and Impairments - The East Ohio Transaction, valued at approximately $6.6 billion, closed in March 2024, resulting in a pre-tax loss of $97 million, including a $1.5 billion write-off of non-deductible goodwill[70][72] - The PSNC Transaction, valued at approximately $3.3 billion, closed in September 2024, with a pre-tax loss of $34 million and a $0.7 billion write-off of non-deductible goodwill[74][75] - The Questar Gas Transaction, valued at approximately $4.3 billion, closed in May 2024, resulting in a pre-tax loss of $8 million and a $0.7 billion write-off of non-deductible goodwill[78][79] - Dominion Energy recorded impairment charges of $33 million and $27 million in the second and third quarters of 2024, respectively, for nonregulated renewable natural gas facilities[164] Derivative Activities - The ending balance for total derivative-hedging activities as of September 30, 2025, is $22 million, down from $28 million at the beginning of the period, reflecting a net current period other comprehensive loss of $6 million[111] - The fair value of commodity derivatives for Dominion Energy is $528 million, with $82 million classified as Level 2 and $446 million as Level 3[120] - The total derivatives for Dominion Energy, subject to master netting arrangements, amounted to $534 million as of September 30, 2025, with net amounts of $441 million[127] - The total volume of natural gas fixed price contracts for Dominion Energy was 43 bcf current and 11 bcf noncurrent, while Virginia Power had 40 bcf current and 11 bcf noncurrent[131] Equity and Stock Transactions - The company issued $105 million in common stock during the nine months ended September 30, 2025, compared to $102 million in the same period of 2024[28] - Virginia Power's request to issue and sell up to $3.5 billion of common stock was approved by the Virginia Commission to maintain credit metrics and fund capital expenditures[179] - Common stock increased to $12,487 million, up from $8,987 million, reflecting a growth of approximately 38.3%[43] Miscellaneous - The company recorded a charge of $58 million ($44 million after tax) related to the electric base rate case in South Carolina in Q3 2024[206] - Virginia Power recorded a right-of-use asset and lease obligation of $228 million for an offshore wind installation vessel in September 2025[208] - Dominion Energy agreed to pay $47 million in connection with a settlement related to the offshore wind installation vessel in Q1 2024[210]

Financial Performance & Guidance - Dominion Energy's Q3 2025 operating earnings per share was $1.06, which includes $0.03 of RNG 45Z income and $0.06 of unfavorable weather impact[8] - The company reaffirmed its 2025 operating earnings per share guidance at a midpoint of $3.40, with a narrowed range of $3.33 to $3.48[8] - Long-term operating EPS growth rate is projected at 5%-7% off 2025 operating EPS excluding RNG 45Z income ($3.30)[8] - The 2025 dividend is expected to be $2.67 per share[8] Capital Investment & Financing - The 2025-2029 capital investment plan is approximately $50 billion and will be updated on the Q4 call[8] - Dominion Energy expects $5.5-$8.0 billion in consolidated fixed income activities for 2025, with $8.7 billion already issued year-to-date[10] - The company has issued $1.0 billion of common equity through the At-the-Market (ATM) program in 2025 and $1.3 billion for 2026-2027[11] Coastal Virginia Offshore Wind (CVOW) Project - The CVOW project is approximately 66% complete and remains on schedule for first electricity delivery in Q1 2026 and full completion by the end of 2026[16, 17] - The current capital budget for CVOW is $11.2 billion, including $443 million of actual/estimated tariffs[22] - Project-to-date investment in CVOW as of September 30, 2025, is approximately $8.2 billion, with remaining project costs of approximately $3.0 billion[22] Data Center Growth - Data center contracted capacity has increased by approximately 7 GW or 17% since December 2024, reaching approximately 47.1 GW in September 2025[33]

Core Insights - Dominion Energy, Inc. delivered strong performance in Q3 2025, with adjusted earnings and revenue exceeding consensus expectations, highlighting operational resilience and strategic execution [1] Financial Performance - Operating earnings (non-GAAP) were reported at $1.06 per share, surpassing the consensus estimate of 95 cents and increasing from 98 cents per share in Q3 2024 [2] - Total operating revenue reached $4.527 billion, exceeding analyst estimates of $4.250 billion, representing a significant year-over-year increase of 14.99% from $3.941 billion [2] - GAAP net income for the quarter was $1.16 per share, compared to $1.09 per share in Q3 2024 [3] Segment Performance - Dominion Energy Virginia contributed $679 million in operating earnings, with a $135 million favorable impact from rider equity return, partially offset by a $40 million decrease due to weather [3] - Dominion Energy South Carolina's operating earnings grew to $168 million, supported by $40 million from base and RSA rate case impacts [3] - The Contracted Energy segment reported $165 million in operating earnings, driven by a $41 million increase from renewable energy investment tax credits and a $29 million increase from renewable energy production tax credits [4] One-Time Financial Impact - A significant one-time financial impact for the nine months ended September 30, 2025, included a $112 million charge for regulated asset retirements and other charges related to Virginia Power's share of costs not expected to be recovered from customers on the Coastal Virginia Offshore Wind (CVOW) Commercial project [5] Outlook - The company narrowed its full-year 2025 operating earnings guidance from a range of $3.28-$3.52 to $3.33 to $3.48 per share, maintaining the original midpoint of $3.40 per share and expects results to be at or above this midpoint assuming normal weather [6] - Dominion Energy reaffirmed its long-term operating earnings per share growth guidance of 5% to 7% through 2029 off a $3.30 per share base [7]

Core Insights - Dominion Energy reported quarterly earnings of $1.06 per share, exceeding the Zacks Consensus Estimate of $0.93 per share, and showing an increase from $0.98 per share a year ago, resulting in an earnings surprise of +13.98% [1][2] - The company achieved revenues of $4.53 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 8.03%, compared to $3.94 billion in the same quarter last year [2] - Dominion Energy has consistently surpassed consensus EPS estimates over the last four quarters, indicating strong performance [2][6] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $0.79 on revenues of $3.72 billion, and for the current fiscal year, it is $3.40 on revenues of $15.56 billion [7] - The company's earnings outlook is crucial for investors, as it reflects current consensus expectations and any recent changes in those expectations [4][6] Stock Performance - Dominion Energy shares have increased approximately 10.5% since the beginning of the year, while the S&P 500 has gained 16% [3] - The stock currently holds a Zacks Rank 2 (Buy), suggesting it is expected to outperform the market in the near future [6] Industry Context - The Utility - Electric Power industry, to which Dominion Energy belongs, is currently ranked in the top 24% of over 250 Zacks industries, indicating a favorable industry outlook [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact stock performance [5][8]

Financial Performance - Third-quarter 2025 GAAP net income was $1.0 billion ($1.16 per share), an increase from $934 million ($1.09 per share) in Q3 2024, representing a 7.1% year-over-year growth in net income [2][9]. - Operating earnings (non-GAAP) for Q3 2025 were $921 million ($1.06 per share), up from $836 million ($0.98 per share) in Q3 2024, reflecting a 10.2% increase [3][9]. - Operating revenue for Q3 2025 was $4.527 billion, compared to $3.941 billion in Q3 2024, marking a 14.9% increase [16]. - Total operating expenses for Q3 2025 were $3.188 billion, up from $2.723 billion in Q3 2024, indicating a 17.1% increase [16]. - Income from operations for Q3 2025 was $1.339 billion, compared to $1.218 billion in Q3 2024, reflecting a 9.9% increase [16]. - Net income attributable to Dominion Energy for Q3 2025 was $1.006 billion, compared to $934 million in Q3 2024, a 7.7% increase [16]. - Reported earnings for Q3 2025 were $1,006 million, an increase of $72 million (7.7%) compared to Q3 2024's $934 million [18]. - Operating earnings (non-GAAP) for Q3 2025 reached $921 million, up $85 million (10.2%) from $836 million in Q3 2024 [18]. - Earnings per share (EPS) for reported earnings in Q3 2025 was $1.16, a rise of $0.07 (6.4%) from $1.09 in Q3 2024 [18]. - Operating EPS for Q3 2025 was $1.06, an increase of $0.08 (8.2%) compared to $0.98 in Q3 2024 [18]. Segment Performance - Dominion Energy Virginia segment reported operating earnings of $679 million, up $17 million (2.6%) year-over-year [18]. - Dominion Energy South Carolina segment saw operating earnings increase by $21 million (14.3%) to $168 million in Q3 2025 [18]. - Contracted Energy segment reported a significant increase in operating earnings, rising by $82 million (98.8%) to $165 million [18]. Guidance and Future Outlook - The company narrowed its full-year 2025 operating earnings guidance to a range of $3.33 to $3.48 per share, maintaining the original midpoint of $3.40 per share [5][9]. - Dominion Energy expects to achieve or exceed the midpoint of its guidance range assuming normal weather conditions for the remainder of the year [5]. - Long-term operating earnings per share growth guidance is reaffirmed at 5% to 7% through 2029, based on a 2025 operating earnings per share midpoint of $3.30 [5]. - The company anticipates continued growth in operating earnings driven by strategic investments and market expansion initiatives [18]. Shareholder Information - Average shares outstanding, diluted, increased to 855.4 million in Q3 2025 from 839.3 million in Q3 2024 [16]. - Total common shares outstanding (average, diluted) increased to 855.4 million in Q3 2025 from 839.3 million in Q3 2024 [18]. Other Financial Metrics - The company reported a pre-tax loss of $146 million in Q3 2025, an improvement of $4 million from a loss of $150 million in Q3 2024 [18]. - Customer usage and other factors contributed an increase of $54 million, or $0.06 per share, for the three months ended September 30, 2025 [33]. - Rider equity return added $135 million, or $0.16 per share, for the three months ended September 30, 2025 [33]. - Change in contribution to operating earnings from Dominion Energy South Carolina was $21 million, or $0.02 per share, for the three months ended September 30, 2025 [33]. - Renewable energy investment tax credits contributed $41 million, or $0.05 per share, for the three months ended September 30, 2025 [33]. - Interest expense, net, decreased by $29 million, or $0.03 per share, for the three months ended September 30, 2025 [33]. - The overall change in consolidated operating earnings (non-GAAP) for the nine months ended September 30, 2025, was an increase of $485 million, or $0.55 per share, compared to the same period in 2024 [33]. - The company reported a total increase in consolidated reported earnings of $531 million, or $0.62 per share, for the nine months ended September 30, 2025 [33]. - The impact from renewable natural gas facilities was $25 million for the quarter and $36 million year-to-date [34].

Core Insights - Dominion Energy reported a third-quarter 2025 net income of $1.0 billion ($1.16 per share), an increase from $934 million ($1.09 per share) in the same period of 2024 [1][9] - Operating earnings for the same period were $921 million ($1.06 per share), up from $836 million ($0.98 per share) in 2024 [2][9] - The company narrowed its 2025 operating earnings guidance to a range of $3.33 to $3.48 per share, maintaining the midpoint at $3.40 per share [4][9] Financial Performance - The operating revenue for Q3 2025 was $4.527 billion, compared to $3.941 billion in Q3 2024, reflecting a significant increase [13] - Total operating expenses rose to $3.188 billion in Q3 2025 from $2.723 billion in Q3 2024, leading to an income from operations of $1.339 billion, up from $1.218 billion [13] - The net income attributable to Dominion Energy for Q3 2025 was $1.006 billion, compared to $934 million in Q3 2024 [13][24] Guidance and Future Outlook - The company expects to meet or exceed the midpoint of its operating earnings guidance range, assuming normal weather conditions for the remainder of the year [4] - Dominion Energy reaffirmed its long-term operating earnings per share growth guidance of 5% to 7% through 2029, based on the 2025 operating earnings per share midpoint of $3.30 [4] Earnings Call Information - Dominion Energy will host its third-quarter 2025 earnings call on October 31, 2025, at 11 a.m. ET, where management will discuss financial results and other matters of interest [5][6]

Core Insights - Dominion Energy is a leading utility company focusing on electricity and natural gas distribution, with a growing emphasis on renewable energy [1] - The consensus price target for Dominion Energy has increased from $64 to $66.6 over the past year, indicating a cautiously optimistic outlook from analysts [1] - Morgan Stanley has set an ambitious price target of $94, reflecting positive sentiment towards the company's strategic initiatives in renewable energy [2] Financial Performance - Dominion Energy's recent financial performance has shown stability, contributing to the slight increase in the price target [2] - The company's expansion into the renewable energy sector aligns with the rising demand for sustainable energy solutions, influencing analysts' positive projections for future growth [2] Regulatory Environment - Regulatory changes significantly impact Dominion Energy's stock target prices, with positive developments potentially bolstering the stock's target price [3] - Analysts maintain a cautiously optimistic stance on the company's future, influenced by the regulatory landscape [3] Challenges and Earnings Outlook - Dominion Energy faces challenges, including anticipated higher costs that may affect its regulated earnings [4] - The company is expected to announce third-quarter earnings with revenue growth anticipated, but Morgan Stanley predicts a decline in earnings due to a lack of key factors for an earnings beat [4] Strategic Focus - The company is concentrating on regulated electricity operations in Virginia and South Carolina as part of its turnaround strategy [5] - The Coastal Virginia Offshore Windfarm project is progressing on schedule and within budget, highlighting the company's commitment to renewable energy [5] - Despite a stable 4.4% dividend yield, dividend growth is not expected until 2028, contrasting with peers like Duke Energy and Southern Company [5]

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