Dominion Energy reported net income in accordance with Generally Accepted Accounting Principles (GAAP) of $1.0bn, or $1.16 per share, for the three months ending September 30, 2025. This compares with net income of $934mn, or $1.09 per share, for the same period in 2024. Adjusted operating earnings (non-GAAP) reached $921mn, or $1.06 per share, compared to $836mn ($0.98 per share) a year earlier.
Segment performance and operational drivers
Earnings growth was supported by Dominion Energy Virginia, which contributed $679mn, up $17mn from 2024. The South Carolina division recorded $168mn, a $21mn increase year-on-year, driven by rate adjustments and higher consumption. The Contracted Energy segment nearly doubled its earnings to $165mn, from $83mn last year, supported by investment tax credits related to renewable energy.
The company narrowed its full-year 2025 operating earnings guidance to a range of $3.33 to $3.48 per share, maintaining the midpoint at $3.40. It expects results at or above this level, assuming normal weather conditions through the rest of the year.
Financial stability and long-term outlook
Dominion Energy reaffirmed its guidance for 5% to 7% annual growth in operating earnings per share through 2029, based on a $3.30 per share baseline for 2025, excluding the impact of the RNG 45Z credit. The company also maintained its dividend and credit rating targets.
Consolidated revenue for the quarter stood at $4.53bn, compared with $3.94bn in the previous year. Total expenses rose to $3.19bn from $2.72bn in 2024, largely due to increased fuel costs and higher depreciation charges.
Impact of special items and adjustment management
The gap between GAAP and adjusted earnings reflects a $259mn gain from nuclear decommissioning trust funds, partially offset by $47mn in economic hedging losses. Regulatory charges of $64mn related to the Coastal Virginia Offshore Wind (CVOW) project were also excluded from operating results.
The company noted these adjustments are consistently used in financial communications, performance evaluations, dividend planning, and incentive compensation.
