Dominion Energy Reports Significant Earnings Beat, But Discloses $112 Million CVOW Project Cost Charge

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]