Dominion Energy, Inc. · D · FY2025 Q4 · Calendar Q1 2026

Dominion raises capital plan as data-center demand supports growth

The current analysis supports the view that resilient data-center demand, regulated investment, and execution of major infrastructure projects can support Dominion Energy’s growth. The larger capital plan and project, regulatory, outage, and financing risks are important constraints.

Reported Before market openNYSEUtilities $53.24B market cap
90quality score

Earnings scorecard

Reported versus consensus
Reported EPS $0.68 Consensus $0.67
EPS surprise +1.9% Reported versus consensus
Reported revenue $4.09B Consensus $3.65B
Revenue surprise +12.1% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -2.6% Event window
SPY move -1.0% Same window
Abnormal move -1.6% Stock minus SPY
Volume 1.9× Versus trailing sessions
Subsequent drift -6.9% Up to 20 sessions
DSPY benchmark

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Transcript intelligence

What changed

The five-year capital plan increased by $15 billion, or 30%, to approximately $65 billion. CVOW progress, data-center demand, and the financing approach were central updates, while long-term EPS growth guidance remained 5%–7%.

Guidance delta

2026 EPS guidance was reaffirmed with a modest increase; long-term EPS growth guidance of 5%–7% was reaffirmed, with a bias toward the upper half beginning in 2028.

Key takeaways

  • 2025 earnings and credit metrics exceeded guidance.
  • CVOW was over 70% complete and on track for first power delivery by March 2026.
  • Virginia data-center demand exceeded 48 GW of contracted load.
  • The five-year capital plan increased to approximately $65 billion, with more than 90% of the increase allocated to Dominion Energy Virginia.
  • Management reaffirmed long-term EPS growth guidance of 5%–7%.

Management priorities

  • Execute the CVOW offshore wind project.
  • Expand data-center load provisions and related regulated investment.
  • Advance gas-generation, transmission, and distribution projects.
  • Fund the larger capital plan while maintaining financial flexibility.

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Earnings History

Estimate Beat Miss Match
D EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q1 '24 estimate $0.55 Q1 '24 actual $0.55, match Q2 '24 estimate $0.56 Q2 '24 actual $0.65, beat Q3 '24 estimate $0.93 Q3 '24 actual $0.98, beat Q2 '25 estimate $0.68 Q2 '25 actual $0.75, beat Q3 '25 estimate $0.95 Q3 '25 actual $1.06, beat Q4 '25 estimate $0.67 Q4 '25 actual $0.68, beat Q1 '26 estimate $0.90 Q1 '26 actual $0.95, beat Q2 '26 estimate $0.68 Q2 '26 actual $0.79, beat Q3 '26 estimate $1.20 Q4 '26 estimate $0.75 Q1 '27 estimate $1.13
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Analyst Consensus ?

ConsensusHold30 ratings
Bullish1136.7%
Neutral1756.7%
Bearish26.6%

1 unmapped firm rating excluded from the percentages.

Analyst 52W Price Targets

$60.76Current
$52Low
$67.5Average
$92High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 1, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
Morgan Stanley Equal Weight Equal WeightMaintainSep 18, 2026
TD Cowen Buy HoldUpgradeAug 19, 2026
Evercore ISI Group In Line In LineMaintainAug 17, 2026
Truist Securities Hold HoldMaintainAug 13, 2026
BMO Capital Market Perform Market PerformMaintainJul 22, 2026
Barclays Overweight OverweightMaintainJun 23, 2026
Jefferies Buy HoldUpgradeMay 28, 2026
Mizuho Neutral NeutralMaintainMay 26, 2026
Seaport Global Neutral BuyDowngradeMay 20, 2026
RBC Capital Sector Perform Sector PerformMaintainMay 19, 2026
Wells Fargo Overweight OverweightMaintainMay 15, 2026
B of A Securities Neutral NeutralMaintainApr 15, 2026
Scotiabank Sector Perform Sector PerformMaintainMar 2, 2026
JP Morgan Underweight UnderweightMaintainDec 11, 2025
UBS Neutral NeutralMaintainMar 21, 2025
Guggenheim Buy BuyMaintainMar 4, 2024
Credit Suisse Neutral NeutralMaintainFeb 14, 2023
Goldman Sachs Neutral SellUpgradeNov 14, 2022
Wolfe Research Peer Perform OutperformDowngradeNov 7, 2022
Keybanc Sector Weight OverweightDowngradeOct 20, 2022
CFRA Buy BuyMaintainFeb 11, 2020
Citigroup Neutral NeutralMaintainFeb 3, 2020
Bank of America Neutral UnderperformUpgradeJun 13, 2019
Macquarie Neutral OutperformDowngradeMar 18, 2019
Argus Research Buy BuyMaintainSep 19, 2018
Argus Buy BuyMaintainSep 19, 2018
Deutsche Bank Hold HoldMaintainAug 3, 2017
Scotia Howard Weil Outperform Sector OutperformMaintainNov 17, 2015
S&P Capital IQ Sell HoldDowngradeJan 31, 2014
ISI Group Buy NeutralUpgradeSep 16, 2013
Atlantic Equities Overweight NeutralUpgradeApr 9, 2013
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Named analyst price targets

Upside is calculated against the persisted current price $60.76. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSAnalyst unavailable$80$68.64 +31.7%Aug 19, 2026
Evercore ISIAnalyst unavailable$70$68.76 +15.2%Aug 17, 2026
Truist FinancialAnalyst unavailable$66$68.36 +8.6%Aug 13, 2026
Morgan StanleyDavid Arcaro$71$70.84 +16.9%Jul 22, 2026
Morgan StanleyAnalyst unavailable$69$68.98 +13.6%Jun 24, 2026
BarclaysNicholas Campanella$69$68.05 +13.6%Jun 23, 2026
JefferiesAnalyst unavailable$76$67.2 +25.1%May 28, 2026
Mizuho SecuritiesAnthony Crowdell$72$67.67 +18.5%May 26, 2026
RBC CapitalStephen D'Ambrisi$72$67.56 +18.5%May 18, 2026
Wells FargoShahriar Pourreza$68$62.97 +11.9%May 15, 2026
BarclaysNicholas Campanella$70$63.94 +15.2%May 4, 2026
Morgan StanleyAnalyst unavailable$68$61.55 +11.9%Apr 21, 2026
Wells FargoAnalyst unavailable$66$62.22 +8.6%Apr 21, 2026
Truist FinancialAnalyst unavailable$67$62.22 +10.3%Apr 20, 2026
JefferiesAnalyst unavailable$65$65.07 +7.0%Apr 10, 2026
Mizuho SecuritiesAnalyst unavailable$66$64.23 +8.6%Feb 24, 2026
Morgan StanleyAnalyst unavailable$67$65.92 +10.3%Feb 20, 2026
RBC CapitalStephen D'Ambrisi$69$59.42 +13.6%Jan 23, 2026
UBSAnalyst unavailable$64$59.34 +5.3%Dec 17, 2025
BMO CapitalAnalyst unavailable$65$58.69 +7.0%Nov 3, 2025
RBC CapitalStephen D'Ambrisi$70$60.8 +15.2%Oct 27, 2025
Wells FargoShahriar Pourreza$67$60.8 +10.3%Oct 27, 2025
Morgan StanleyAnalyst unavailable$66$61.45 +8.6%Oct 22, 2025
BarclaysNicholas Campanella$63$61.5 +3.7%Oct 7, 2025
Evercore ISINicholas Amicucci$67$61.5 +10.3%Oct 6, 2025
Morgan StanleyDavid Arcaro$63$60.03 +3.7%Sep 25, 2025
Morgan StanleyDavid Arcaro$60$54.18 -1.3%Jun 18, 2025
Morgan StanleyDavid Arcaro$62$55.66 +2.0%May 22, 2025
Morgan StanleyDavid Arcaro$61$57.46 +0.4%Dec 2, 2024
Goldman SachsCarly Davenport$61$57.29 +0.4%Nov 8, 2024
JefferiesJulien Dumoulin-Smith$58$57.48 -4.5%Sep 19, 2024
Evercore ISIDurgesh Chopra$56$56.46 -7.8%Aug 23, 2024
BMO CapitalJames Thalacker$57$56.08 -6.2%Aug 5, 2024
BMO CapitalJames Thalacker$52$51.5 -14.4%May 6, 2024
Mizuho SecuritiesAnthony Crowdell$52$51.16 -14.4%May 3, 2024
BarclaysNicholas Campanella$49$48.91 -19.4%Apr 15, 2024
BarclaysEric Beaumont$52$42.32 -14.4%Oct 4, 2023
J.P. MorganJeremy Tonet$55$49.21 -9.5%Aug 4, 2023
Seaport GlobalAngie Storozynski$59$49.86 -2.9%Jun 5, 2023
Mizuho SecuritiesAnthony Crowdell$58$54.06 -4.5%May 16, 2023
Morgan StanleyAnalyst unavailable$65$63.1 +7.0%Feb 2, 2023
J.P. MorganAnalyst unavailable$66$61.85 +8.6%Jan 11, 2023
Wells FargoSarah Akers$64$58.25 +5.3%Dec 7, 2022
UBSAnalyst unavailable$63$59.18 +3.7%Dec 6, 2022
Goldman SachsMichael Lapides$69$61.66 +13.6%Nov 13, 2022
Credit SuisseMichael Weinstein$69$62.16 +13.6%Nov 7, 2022
Morgan StanleyAnalyst unavailable$90$78.32 +48.1%Sep 22, 2022
Morgan StanleyAnalyst unavailable$92$84.25 +51.4%Aug 23, 2022
BMO CapitalAnalyst unavailable$91$81.77 +49.8%Aug 9, 2022
Mizuho SecuritiesAnthony Crowdell$81$78.94 +33.3%Jul 27, 2022
Morgan StanleyAnalyst unavailable$84$75.58 +38.2%Jul 21, 2022
BarclaysAnalyst unavailable$86$79.2 +41.5%Jul 18, 2022
UBSAnalyst unavailable$90$79.02 +48.1%Jun 30, 2022
Morgan StanleyAnalyst unavailable$87$83.52 +43.2%May 23, 2022
Mizuho SecuritiesAnthony Crowdell$87$82.15 +43.2%May 10, 2022
Morgan StanleyAnalyst unavailable$94$86.99 +54.7%Apr 20, 2022
Mizuho SecuritiesAnthony Crowdell$82$79.16 +35.0%Jan 10, 2022
ScotiabankAndrew Weisel$92$73.51 +51.4%Jul 6, 2021
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Company context

Snapshot as of publication

Dominion Energy, Inc. is an American energy company that provides regulated electricity and natural gas services. It generates, transmits, and distributes electricity to customers in Virginia and the Carolinas, and distributes natural gas to customers in multiple states including South Carolina, Ohio, and Utah. The company's asset portfolio includes electric generation capacity from various sources including renewables, electric transmission and distribution lines, and natural gas infrastructure.

Historical context

All D earnings

Latest beats and misses

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Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
  3. Polygon adjusted daily market bars · 2026-10-01T19:56:08.168064+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T19:56:08.164927+00:00

Methodology

Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.

Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.

Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.

By FN2 Research · Updated · As of 2026-10-01. For educational purposes only; not investment advice.