Dominion Energy(D) - 2025 Q2 - Quarterly Results

Second-Quarter 2025 Financial Results Dominion Energy's Q2 2025 financial results show substantial year-over-year growth in both GAAP and non-GAAP earnings Earnings Summary Dominion Energy's Q2 2025 GAAP net income and non-GAAP operating earnings significantly increased year-over-year | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | GAAP Net Income | $760 million | $563 million | +$197 million | | GAAP EPS | $0.88 | $0.64 | +$0.24 | | Operating Earnings (non-GAAP) | $649 million | $567 million | +$82 million | | Operating EPS (non-GAAP) | $0.75 | $0.65 | +$0.10 | - The primary differences between GAAP and operating earnings for the period include adjustments for gains and losses on nuclear decommissioning trust funds, the mark-to-market impact of economic hedging activities, and other specific items[4] Financial Guidance Dominion Energy reaffirms its full-year 2025 operating earnings guidance and other financial targets 2025 Full-Year Guidance The company reaffirms its full-year 2025 operating earnings guidance and other financial targets - Dominion Energy affirmed its full-year 2025 operating earnings per share (EPS) guidance range of $3.28 to $3.52[5][9] - The company uses non-GAAP operating earnings as its primary performance metric for public communications and internal budgeting It does not provide a corresponding GAAP equivalent for its guidance due to the inability to estimate the future impact of items like mark-to-market adjustments and gains/losses on nuclear decommissioning trust funds[10] Financial Statements and Schedules This section provides detailed consolidated financial statements and segment-level earnings analysis for the period Consolidated Statements of Income (GAAP) Dominion Energy's Q2 2025 operating revenue and net income attributable to the company showed strong year-over-year growth | (in millions, except per share) | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Operating Revenue | $3,810 | $3,486 | | Income from operations | $1,096 | $805 | | Net Income attributable to Dominion Energy | $760 | $563 | | Reported EPS - diluted | $0.88 | $0.64 | Segment Earnings Analysis Q2 2025 operating earnings growth was primarily driven by the Dominion Energy Virginia and South Carolina segments | Operating Earnings by Segment (in millions) | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | Dominion Energy Virginia | $549 | $485 | +$64 | | Dominion Energy South Carolina | $109 | $69 | +$40 | | Contracted Energy | $47 | $100 | -$53 | | Corporate and Other | ($56) | ($87) | +$31 | | Total Operating Earnings | $649 | $567 | +$82 | Reconciliation of Reported to Operating Earnings This section details adjustments reconciling GAAP reported earnings to non-GAAP operating earnings for 2025 and 2024 2025 Reconciliation (Schedule 2) Q2 2025 reconciliation shows a $111 million adjustment from reported to operating earnings, primarily due to NDT gains - For the six months ended June 30, 2025, the primary adjustment to reported earnings was a $157 million net market benefit, largely driven by a $156 million gain from nuclear decommissioning trusts (NDT)[22] | Reconciliation (in millions) | Q2 2025 | | :--- | :--- | | Reported earnings (GAAP) | $760 | | Adjustments (pre-tax income of $217M, tax expense of $106M) | ($111) | | Operating earnings (non-GAAP) | $649 | 2024 Reconciliation (Schedule 3) Full-year 2024 reconciliation involved a $416 million pre-tax net loss adjustment, including asset charges and discontinued operations - Key pre-tax adjustments for full-year 2024 excluded from operating earnings included: - $276 million in regulated asset retirements and other charges - $229 million in nonregulated asset impairments and other charges - A net benefit of $228 million from discontinued operations - A net market loss of $11 million from NDT, hedging, and pension plans[26][31] Year-over-Year Earnings Reconciliation (Schedule 4) The $0.10 increase in Q2 2025 operating EPS was driven by Virginia and South Carolina segments, offset by Contracted Energy | Change in Operating EPS (Q2 2025 vs Q2 2024) | EPS Impact | | :--- | :--- | | Dominion Energy Virginia | +$0.06 | | Dominion Energy South Carolina | +$0.05 | | Contracted Energy | ($0.07) | | Corporate and Other | +$0.06 | | Total Change in Operating EPS | +$0.10 | - The Dominion Energy Virginia segment's EPS growth was driven by rider equity return (+$0.17), partially offset by the sale of a noncontrolling interest (-$0.10) and higher interest expense (-$0.03)[32] - The Contracted Energy segment's performance was negatively impacted by planned Millstone outages, which reduced EPS by $0.07[32][33]