Dominion Energy, Inc. Q4 FY2025 Earnings Call

· Earnings call transcript and AI-powered summary

Quarter & Full-Year 2025 Financial Performance

  • Full-year 2025 operating EPS: $3.42 (or $3.33 excluding RNG 45Z credits), both above the midpoint of guidance and stronger than original post–business review goals.
  • GAAP EPS: $3.45, slightly above operating EPS.
  • Strong credit results: Moody’s CFO pre‑working‑capital to debt nearly 100 bps above the downgrade threshold; highest result since 2012.
  • 2025 marked a key “proof year” post-business review, demonstrating Dominion’s ability to produce high-quality earnings and strong credit metrics.

2026 Guidance

  • 2026 operating EPS excluding RNG 45Z credits: $3.40–$3.60; midpoint $3.50 (a 6.1% increase over the comparable 2025 midpoint of $3.30).
  • Total operating EPS midpoint including expected 45Z credits: $3.57.
  • 2026 includes a “double outage year” at Millstone, normally reducing EPS by 8–10 cents.
  • RNG 45Z credits lowered due to updated carbon intensity scoring and lower production assumptions.

Long-Term EPS Growth Outlook

  • Long-term guidance reaffirmed: 5%–7% annual EPS growth (x-45Z), off the original 2025 midpoint of $3.30.
  • Due to rising regulated investment and demand growth, Dominion now expects to land in the upper half of the 5%–7% range beginning in 2028.

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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 stand by. Your program is about to begin. Welcome to the Dominion Energy, Inc. fourth quarter 2025 Earnings Conference Call. At this time, each of your lines is in a listen-only mode. Instructions will be given for the procedure to follow if you would like to ask a question. I would now like to turn the call over to David McFarland, Vice President, Investor Relations and Treasurer. David McFarland: Good morning, and thank you for joining Dominion Energy, Inc.'s fourth quarter 2025 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-Ks and our quarterly reports 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. Reconciliation 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 webcast slides as well as the earnings release kit. Joining today's ca

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