Research · Sep 3, 2026
[D] Dominion Energy Thesis 2026: Offshore Wind Nears Completion, Regulated Earnings Stabilize
Dominion Energy FY25 (Dec 31, 2025) at $16.51B revenue (+14%). NI $3.00B; EPS $3.45 (+41%); operating EPS $3.42 (above guide midpoint). Coastal Virginia Offshore Wind (2.6 GW) over 70% complete; first power March 2026. Capital plan increased $50B -> ~$72B+. FY26 guide: operating EPS ex-RNG 45Z $3.40-$3.60 / total $3.57. Long-term 5-7% EPS CAGR with upper half from 2028.