Dominion Energy (D) earnings preview: what to watch in Q3 2026

Dominion Energy will host its third-quarter 2026 earnings call at 11 a.m. ET on Friday, October 30, 2026, according to the company's own announcement (Business Wire release, October 7, 2026). We will analyze the results once they are filed.

What last quarter showed

Our Q2 2026 analysis found two stories pointing in opposite directions:

• GAAP profit fell, operating earnings rose. GAAP diluted EPS fell to $0.37 from $0.88, mostly because of an $820M write-down on renewable natural gas plants and a $246M net charge on the Coastal Virginia Offshore Wind (CVOW) project. Operating EPS, the company's own measure that strips out those items, rose 5.3% to $0.79 from $0.75, and operating earnings rose 9.7% to $712M.
• Virginia did all the work. Dominion Energy Virginia's operating earnings rose $121M to $670M, helped by the 2025 base-rate review (+$105M) and rider returns (+$79M). South Carolina, Contracted Energy and Corporate and Other were all lower.
• Revenue growth was mostly fuel. Revenue rose 17.6% to $4,480M, but higher fuel costs passed through to bills explain much of that, so revenue did not translate into profit.

Management reaffirmed its 2026 operating EPS guidance of $3.45–$3.69 (midpoint $3.57). Through six months Dominion had $1.75, or 49% of the midpoint. The pending sale to NextEra Energy (0.8138 NextEra shares per Dominion share, closing expected in the second half of 2027) sits behind all of this.

What to watch in Q3

1. Whether the second half is on pace for the midpoint. Last year's third quarter delivered $1.06 of operating EPS and the fourth $0.68. As our Q2 report worked out, repeating that $1.74 second half would give about $3.49 for 2026: inside the range, but below the $3.57 midpoint. A Q3 figure clearly above $1.06 would put the midpoint back in reach; one at or below it, alongside a reaffirmed range rather than a narrowed one, would point toward the lower half. Watch also whether interest costs keep growing: in Q2, net interest expense rose $51M after tax and the Corporate segment lost $94M against $56M a year earlier.

2. The offshore wind cost estimate. CVOW was estimated at about $11.7B with only $0.1B of contingency (money set aside for surprises), roughly 7% of remaining costs. Through July, 31 of 176 turbines were installed. Under Virginia's cost-sharing rules, overruns beyond that land partly on Dominion and its partner Stonepeak, which is what caused Q2's charge. Any increase in the estimate is likely to show up as another GAAP charge, so this is the figure most likely to make reported EPS differ from operating EPS again.

3. Data-center demand in Virginia. Revenue from Virginia's "high load" customers (users of 25 MW or more who draw power nearly round the clock, including many data centers) rose 92.9% to $814M in Q2. Part of that was higher fuel prices passed through, so the cleaner volume signal is electricity delivered in Virginia, which rose 4% to 24.7 million MWh despite a cooler quarter. Q3 is the peak summer quarter: watch whether delivered volume keeps growing at a similar rate, and whether management gives any contracted data-center capacity figure, which the Q2 10-Q did not.

Also on the list

• The request to finance about $1.0B of unrecovered Virginia fuel costs through securitization (bonds repaid through bills over time).
• Progress on NextEra merger approvals from FERC, the NRC and the three state commissions.
• The $140M solar portfolio sale to Enel, expected to close by end-2026.

Figures in this preview come from our published Q2 2026 analysis and the guidance quoted there. This preview does not include analyst estimates.