Dominion Energy reported unaudited net income of $1.0 billion, or $1.16 per share, for the third quarter of 2025, up from $934 million ($1.09 per share) in the same period a year earlier.
Operating earnings (non‑GAAP) reached $921 million ($1.06 per share) for Q3 2025, compared with $835 million ($0.98 per share) in Q3 2024. The increase reflects higher regulated investment growth, increased sales, and favorable rate‑case settlements.
Total operating revenue for the quarter was $4.527 billion, a 14.9% year‑over‑year rise from $3.941 billion in Q3 2024. Revenue growth was driven by commercial load growth, particularly from data‑center customers, and by higher sales in the Dominion Energy Virginia and South Carolina segments.
The company recorded a $135 million rider equity return and a $40 million weather‑related impact. The weather impact represents a small headwind of roughly $0.02 per share year‑to‑date through October 2025, offset by the rider equity return.
A one‑time charge of $112 million related to regulated asset retirements, primarily tied to the Coastal Virginia Offshore Wind (CVOW) project, was disclosed for the nine‑month period ended September 30, 2025. The charge reflects costs that are not expected to be recovered from customers; the CVOW project’s total cost is now estimated at $11.2 billion, with $8.2 billion invested through September 2025 and first power expected in Q1 2026.
Dominion Energy narrowed its full‑year 2025 operating earnings guidance to $3.33–$3.48 per share, maintaining the midpoint of $3.40. Management said the narrowing reflects an expectation to be at or above the guidance midpoint assuming normal weather for the remainder of the year.
The company reaffirmed its long‑term operating earnings per share growth target of 5%–7% through 2029, unchanged from prior guidance. Dominion Energy’s electricity rates in Virginia (16.0¢/kWh) and South Carolina (15.7¢/kWh) remain below the U.S. average of 17.6¢/kWh, supporting its competitive position.
Dominion Energy completed its 2025 financing plan, issuing $8.7 billion in fixed‑income securities year‑to‑date, and plans to invest $50 billion in infrastructure between 2025 and 2029. The company’s data‑center portfolio now totals 47 GW, up 7 GW (17%) from December 2024.
Management highlighted constructive regulatory outcomes and its ability to work cooperatively with regulators and stakeholders as key factors supporting the company’s outlook.
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