Dominion Energy, Inc. Q1 FY2026 Earnings Call

· Earnings call transcript and AI-powered summary

Financial Highlights

  • Q1 2026 operating earnings were $0.95 per share, compared with GAAP earnings of $0.69 per share. Prior-year quarter values were not provided, but management stated the company is “off to a strong start” and aligned with full-year guidance.
  • Full-year 2026 guidance reaffirmed, including:
    • Operating earnings trajectory within the 5%–7% long-term growth rate (bias toward upper half starting in 2028).
    • Credit metrics on track: FFO-to-debt above 15% for full-year 2025 and Q1 LTM.
    • Dividend guidance unchanged.
  • Year-to-date equity issuance: $1.2 billion under the ATM program, consistent with the planned $1.6B–$1.8B for the year.

Strategic & Operational Updates

Coastal Virginia Offshore Wind (CVOW)
  • Project is over 75% complete.
  • Delivered first power in March—on original schedule.
  • 176 transition pieces and all three substations installed; deepwater export cables completed.
  • Turbine fabrication progress: 86% of towers, 69% of nacelles, 45% of blades.
  • Installation cadence improving significantly—last four turbine installations averaged approx. two days each.
  • Nine turbines completed as of the call.
  • Majority of turbines expected in service in 2026; remainder by early 2027 before June.

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Operator: Thank you for your continued patience. Your meeting will begin shortly. If you need assistance at any time, please press 0 and a member of our team will be happy to help you. Please standby. Your meeting is about to begin. Welcome to the Dominion Energy, Inc. First Quarter 2026 Earnings Conference Call. At this time, each of your lines is in a listen-only mode. At the conclusion of today's presentation, we will open the floor for questions. I would now like to turn the call over to David McFarland, Senior Vice President, Investor Relations and Treasurer. David McFarland: Good morning, and thank you for joining Dominion Energy, Inc.’s First Quarter 2026 Earnings Call. Earnings materials, including today's prepared remarks, contain forward-looking statements and estimates that are subject to various risks and uncertainties. Please refer to our SEC filings, including our most recent Annual Report on Form 10-K and our Quarterly Report on Form 10-Q, for a discussion of factors that may cause results to differ from management's estimates and expectations. This morning, we will discuss some measures of our company's performance that differ from those recognized by GAAP. Reconciliations of our non-GAAP measures to the most directly comparable GAAP financial measures, which we can calculate, are contained in the earnings release kit. I encourage you to visit our Investor Relations website to review the webcast slides as well as the earnings release kit. Joining today's call

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