Dominion Energy Sees Q2 Profit Surge

August 04, 2025

Dominion Energy  reported strong second-quarter 2025 financial results, posting GAAP net income of $760 million, or $0.88 per share—an increase of 38% over the $0.64 per share recorded in Q2 2024. Operating earnings, the company’s preferred non-GAAP metric, came in at $0.75 per share, up from $0.65 a year earlier.

The Richmond-based utility also reaffirmed its full-year 2025 operating earnings guidance of $3.28 to $3.52 per share, along with all other financial targets previously announced, including those related to credit and dividend policy.

Key developments:

• Operating revenue rose to $3.81 billion, a 9% increase from the prior-year quarter.
• Dominion Energy Virginia contributed $0.64 per share in operating earnings, boosted by higher rider equity returns and favorable customer usage.
• Dominion Energy South Carolina added $0.13 per share, up from $0.08 last year, driven by base rate case benefits and improved weather-adjusted demand.
• The Contracted Energy segment saw a $0.07 EPS decline year-over-year, primarily due to planned outages at Millstone nuclear units.
• Corporate and other operations narrowed their loss to $0.07 per share, reflecting lower interest expenses and improved corporate cost control.

Management attributed the stronger results to regulated earnings growth, improved rate structures, and disciplined cost management, even as non-core earnings from nuclear decommissioning trust fund gains and hedging activities impacted the GAAP figures.

Dominion’s earnings call, held August 1, emphasized stability amid broader market uncertainty and highlighted progress on its strategic initiatives, including the Coastal Virginia Offshore Wind (CVOW) project and the retirement of uneconomic generation assets.

Strategic context

Dominion has undergone significant portfolio realignment in recent years, shedding non-core gas assets and doubling down on regulated electric operations in the Mid-Atlantic and Southeast.

It remains the largest producer of carbon-free power in New England and a major developer of offshore wind in the U.S. Southeast, including its 50%-owned CVOW project, where construction risks and regulatory recovery remain under investor scrutiny.

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