Dominion Energy Sees YoY Increase in Adjusted Profit

Dominion Energy Inc has reported operating earnings - its equivalent of net profit adjusted for nonrecurring items - of $712 million for the second quarter (Q2), up from $649 million for the same three-month period in 2025.

The increase was driven by the power and gas utility’s Virginia business, which accounted for $670 million, up from $549 million for Q2 2026. Dominion Energy South Carolina’s operating earnings fell to $105 million while Dominion Energy's Contracted Energy segment declined to $31 million.

Earnings, or net income before adjustment, fell to $340 million for Q2 2026 from $760 million for Q2 2025.

While revenue grew to $4.48 billion for Q2 2026 from $3.81 billion for Q2 2025, operating expenses rose to $4.15 billion from $2.71 billion.

Also impacting Q2 2026 earnings were $153 million in regulated asset retirements and other charges, $626 million in nonregulated asset impairments and other charges and $69 million of higher mark-to-market impact of hedging activities.

For the first half (H1) of 2026, Dominion Energy booked pre-tax net losses of $698 million. The figure largely came from "$704 million of nonregulated asset impairments and other charges primarily due to an $820 million charge associated with nonregulated renewable natural gas facilities and a $78 million charge associated with certain nonregulated solar generation facilities offset by a $195 million benefit related to the revision of asset retirement obligations at Millstone nuclear power station".

Additionally, Dominion Energy recognized $95 million in H1 regulated asset retirements and other charges "primarily due to a net charge associated with Virginia Power's share of costs not expected to be recovered from customers on the Coastal Virginia Offshore Wind Commercial project".

Partly offsetting those were $232 million in "net market benefit primarily associated with $341 million from nuclear decommissioning trusts offset by $109 million in economic hedging activities".

Dominion Energy's Q2 2026 adjusted earnings per share of $0.79 beat the Zacks Consensus Estimate of 73 cents. It reaffirmed its full-year projection for adjusted earnings of $3.45-3.69 per share.

The company maintained a quarterly dividend rate of 66.75 cents per share.

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