Dominion Energy posts operating earnings of $1.28 per share, beating third-quarter expectations

Key Facts

Dominion Energy reported third-quarter 2026 operating earnings, a non-GAAP measure, of $1.28 per share, exceeding the average analyst estimate of $1.19 per share by $0.09, according to a company statement and coverage published by Investing.com on October 30. GAAP net income was $1.30 per share, up from $1.16 in the same quarter of 2025. Revenue rose to $5.617 billion from $4.527 billion a year earlier, while analysts had estimated $4.88 billion. The company uses operating earnings as a key measure in its public communications with analysts and investors. The results put Virginia’s regulated utilities at the forefront of the quarterly improvement, as the company maintained its annual forecast.

Operating earnings were $1.139 billion for the quarter, up $218 million from the year-earlier period, when they were $921 million. For the first nine months of 2026, the company reported operating earnings of $2.698 billion, compared with $2.373 billion in the same period of 2025. This measure differs from reported net income: the company said the reconciliation includes gains and losses on nuclear decommissioning trusts, the mark-to-market impact of economic hedges, impairments of nonregulated assets and other items. Dominion said it uses non-GAAP operating earnings as a key measure of performance in its public communications. Presenting both measures provides a separate view of GAAP net income and the operating result the company uses to report its performance.

Dominion Energy Virginia was the largest contributor to the increase, posting third-quarter operating earnings of $862 million, compared with $679 million a year earlier, an increase of $183 million. The segment contributed $0.98 per share to operating earnings, up $0.19 year over year. The company attributed the improvement to favorable weather, the effects of its 2025 biennial rate review and higher returns on equity associated with fees. These factors provide a segment-level explanation for the annual increase, alongside the company’s revenue growth during the quarter. Dominion provides regulated electric service to 3.6 million homes and businesses in Virginia, North Carolina and South Carolina, and regulated gas service to 500,000 customers in South Carolina.

Dominion Energy South Carolina reported operating earnings of $230 million, up from $168 million in the third quarter of 2025. The segment contributed $0.26 per share, compared with $0.20 a year earlier. By contrast, the contracted energy segment contributed $0.15 per share, down $0.04 year over year. The company attributed the decline mainly to lower renewable energy investment tax credits, partly offset by higher production tax credits and improved margins. The results thus combined increases in Virginia and South Carolina with a lower contribution from the contracted energy business in the quarterly operating earnings total.

Dominion reaffirmed its existing guidance for operating earnings, credit, dividends and long-term growth, and said it expects to end 2026 in the upper half of its target operating earnings range of $3.45 to $3.69 per share. The forecast follows third-quarter operating earnings of $1.28 per share, which exceeded the period’s average analyst estimate. In its statement, the company said it expects to be in the upper half of its annual range and reaffirmed its existing guidance. The stock closed at $65.12 on October 29, according to EL7 data, then rose 1.61% in premarket trading on October 30, according to Investing.com. The company held its third-quarter earnings call on October 30 at 11 a.m. Eastern time and said a replay would be available by the end of the day.

The results come as the proposed merger between Dominion Energy and NextEra advances through regulatory approvals. Dominion shareholders approved the merger agreement at a meeting held on September 3, 2026, while regulatory approvals remain among the requirements to complete the deal. In September, the companies announced an extension of the $10 monthly residential electric-bill credit to four years from two, along with a pledge to add 600 jobs. These commitments tie the deal to announced local benefits in Virginia, where Dominion Energy Virginia recorded a year-over-year increase in operating earnings during the quarter. The company’s annual guidance and segment performance remain among the key points to watch in upcoming results.