RICHMOND, Va.–(BUSINESS WIRE)–Dominion Energy, Inc. (NYSE: D), today announced unaudited net income determined in accordance with Generally Accepted Accounting Principles (GAAP, or reported earnings) for the three months ended Dec. 31, 2025, of $567 million ($0.65 per share) compared with net income of $134 million ($0.14 per share) for the same period in 2024, with net income of $3.0 billion ($3.45 per share) for the 12 months ended Dec. 31, 2025, compared with net income of $2.0 billion ($2.33 per share) for the same period in 2024.
Operating earnings (non-GAAP) for the three months ended Dec. 31, 2025, were $593 million ($0.68 per share), compared to operating earnings of $504 million ($0.58 per share) for the same period in 2024. Operating earnings for the 12 months ended Dec. 31, 2025, were $3.0 billion ($3.42 per share) compared with operating earnings of $2.4 billion ($2.77 per share) for the same period in 2024.
Differences between GAAP and operating earnings for the period include gains and losses on nuclear decommissioning trust funds, mark-to-market impact of economic hedging activities and other adjustments. Details of operating earnings as compared to prior periods, business segment results and detailed descriptions of items included in reported earnings but excluded from operating earnings can be found on Schedules 1, 2, 3, and 4 of this release.
Guidance
The company announced its 2026 operating earnings guidance range of $3.45 to $3.69 per share with a midpoint of $3.57 per share which includes $0.07 per share of RNG 45Z income. The company extended through 2030 its long-term annual operating earnings-per-share-growth guidance of 5% to 7% off the original 2025 operating earnings per share guidance midpoint of $3.30 per share which excludes RNG 45Z, and indicated a bias to the upper half of the growth rate range in 2028 through 2030. The company also reaffirmed its existing credit and dividend guidance.
Webcast today
The company will host its fourth-quarter 2025 earnings call at 11 a.m. ET on Monday, Feb. 23, 2026. Management will discuss matters of interest to financial and other stakeholders including recent financial results.
A live webcast of the conference call, including accompanying slides and other financial information, will be available on the investor information pages at investors.dominionenergy.com.
For individuals who prefer to join via telephone, domestic callers should dial 1-800-445-7795 and international callers should dial 1-785-424-1699. The conference ID for the telephonic earnings call is DOMINION. Participants should dial in 10 to 15 minutes prior to the scheduled start time.
A replay of the webcast will be available on the investor information pages by the end of the day February 23. A telephonic replay of the earnings call will be available beginning at about 2 p.m. ET on February 23. Domestic callers may access the recording by dialing 1-800-753-9134. International callers should dial 1-402-220-2678. The passcode for the replay is 47058.
Important note to investors regarding operating, reported earnings
Dominion Energy uses operating earnings (non-GAAP) as the primary performance measurement of its results for public communications with analysts and investors. Operating earnings are defined as reported earnings adjusted for certain items. Dominion Energy also uses operating earnings internally for budgeting, for reporting to the Board of Directors, for the company’s incentive compensation plans, and for its targeted dividend payouts and other purposes. Dominion Energy management believes operating earnings provide a more meaningful representation of the company’s fundamental earnings power. In providing its operating earnings guidance, the company notes that there could be differences between expected reported earnings and estimated operating earnings for matters such as, but not limited to, the mark-to-market impact of economic hedging activities, gains and losses on nuclear decommissioning trust funds, market-related impacts on pension and other postretirement benefit plans, acquisitions, divestitures, or extreme weather events and other natural disasters. At this time, Dominion Energy management is not able to estimate the aggregate impact of these items on future period reported earnings. Accordingly, Dominion Energy is not able to provide a corresponding GAAP equivalent for its operating earnings guidance.
About Dominion Energy
Dominion Energy (NYSE: D), headquartered in Richmond, Va., provides regulated electricity service to 3.6 million homes and businesses in Virginia, North Carolina, and South Carolina, and regulated natural gas service to 500,000 customers in South Carolina. The company is one of the nation’s leading developers and operators of regulated offshore wind and solar power and the largest producer of carbon-free electricity in New England. The company’s mission is to provide the reliable, affordable, and increasingly clean energy that powers its customers every day. Please visit DominionEnergy.com to learn more.
This release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to various risks and uncertainties. Factors that could cause actual results to differ include, but are not limited to: unusual weather conditions and their effect on energy sales to customers and energy commodity prices; extreme weather events and other natural disasters; extraordinary external events, such as the pandemic health event resulting from COVID-19; federal, state and local legislative and regulatory developments; changes in or interpretations of federal and state tax laws and regulations; changes to regulated rates collected by Dominion Energy; changes in rules for RTOs and ISOs in which the Companies join and/or participate; risks associated with entities in which Dominion Energy shares ownership with third parties, such as a 50% noncontrolling interest in the Coastal Virginia Offshore Wind (CVOW) commercial project, including risks that result from lack of sole decision making authority, disputes that may arise between Dominion Energy and third-party participants and difficulties in exiting these arrangements; timing and receipt of regulatory approvals necessary for planned construction or expansion projects and compliance with conditions associated with such regulatory approvals; the inability to complete planned construction projects within time frames initially anticipated; risks and uncertainties that may impact the ability to construct the CVOW commercial project within the currently proposed timeline, or at all, and consistent with current cost estimates along with the ability to recover such costs from customers; risks and uncertainties associated with the timely receipt of future capital contributions, including optional capital contributions, if any, from the noncontrolling financing partner associated with the construction of the CVOW commercial project; changes to federal, state, and local environmental laws and regulations, including those related to climate change; cost of environmental strategy and compliance, including cost related to climate change; changes in implementation and enforcement practices of regulators relating to environmental standards and litigation exposure for remedial activities; unplanned outages at facilities in which the Companies have an ownership interest; risks associated with the operation of nuclear facilities; changes in operating, maintenance and construction costs; the availability of nuclear fuel, natural gas, purchased power or other materials utilized by Dominion Energy to provide electric generation, transmission and distribution and/or gas distribution services; additional competition in Dominion Energy’s industries; changes in technology; changes in demand for Dominion Energy’s services; risks and uncertainties associated with increased energy demand or significant accelerated growth in demand due to new data centers, including the concentration of data centers primarily in Loudoun County, Va., and the ability to obtain regulatory approvals, environmental and other permits to construct new facilities in a timely manner; the technological and economic feasibility of large-scale battery storage, carbon capture and storage, small modular reactors, hydrogen, and/or other clean energy technologies; receipt of approvals for, and timing of, closing dates for acquisitions and divestitures; impacts of acquisitions, divestitures, transfers of assets by Dominion Energy to joint ventures, and retirements of assets based on asset portfolio reviews; adverse outcomes in litigation matters or regulatory proceedings; counterparty credit and performance risk; fluctuations in energy-related commodity prices; fluctuations in interest rates; changes in rating agency requirements or credit ratings and their effect on availability and cost of capital; capital market conditions, including the availability of credit and the ability to obtain financing on reasonable terms; and political and economic conditions, including tariffs, inflation and deflation. Other risk factors are detailed from time to time in Dominion Energy’s quarterly reports on Form 10-Q and most recent annual report on Form 10-K filed with the U.S. Securities and Exchange Commission.
News Category: Corporate & Financial
Consolidated Statements of Income (GAAP)
Schedule 1 – Segment Reported and Operating Earnings
Unaudited
Schedule 2 – Reconciliation of 2025 Reported Earnings to Operating Earnings
2025 Earnings (Twelve Months Ended December 31, 2025)
The $112 million pre-tax net income of the adjustments included in 2025 reported earnings, but excluded from operating earnings, is primarily related to the following items:
- $485 million net market benefit primarily associated with $507 million from nuclear decommissioning trusts (NDT) and $131 million on pension and other postretirement benefit (OPEB) plans offset by $153 million in economic hedging activities.
- $258 million of regulated asset retirements and other charges primarily associated with Virginia Power’s share of costs not expected to be recovered from customers on the Coastal Virginia Offshore Wind (CVOW) Commercial project.
Schedule 3 – Reconciliation of 2024 Reported Earnings to Operating Earnings
2024 Earnings (Twelve Months Ended December 31, 2024)
The $416 million pre-tax net loss of the adjustments included in 2024 reported earnings, but excluded from operating earnings, is primarily related to the following items:
- $11 million net market loss primarily associated with $372 million on pension and other postretirement benefit (OPEB) plans and $198 million in economic hedging activities offset by $559 million from nuclear decommissioning trusts (NDT).
- $228 million of net benefit from discontinued operations primarily related to a $247 million benefit associated with gas distribution operations (inclusive of a $130 million net loss on sales related to the East Ohio, Questar Gas and PSNC Transactions).
- $276 million of regulated asset retirements and other charges primarily associated with a $103 million charge for Virginia Power’s share of costs not expected to be recovered from customers on the Coastal Virginia Offshore Wind (CVOW) Commercial project, a $58 million charge from the South Carolina electric rate case, $40 million in demolition and decommissioning costs at Virginia Power and a $30 million write off of certain early stage development costs for potential electric generation projects in Virginia no longer under consideration.
- $229 million of nonregulated asset impairments and other charges related to a $122 million ARO revision at Millstone nuclear power station, $60 million of impairment charges associated with certain nonregulated renewable natural gas facilities and a $47 million charge in connection with the settlement of an agreement.
Schedule 4 – Reconciliation of 4Q25 Earnings to 4Q24
Preliminary, Unaudited
