D US S&P 500Russell 1000 Earnings call
Dominion Energy (D) · Q1 2026 results and valuation
Share price: $68.06 · 2026-11-11
Dominion Energy provides electric generation, transmission, distribution, and gas distribution services. The company serves residential, commercial, and industrial customers in regulated and unregulated markets. Source: 10-K annual report (2026-02-23)
Results Q1 2026 vs Q4 2025 · previous quarter · published 1 May 2026 and 23 Feb 2026
Net income up 9.5% on the previous quarter. Management sounded restrained, in its script and in answers to analysts.
1 · Numbers
+9.5%
Net income vs Q4 2025
Outlook given
Net income 621.0M vs 567.0M
Revenue +22.6%
2 · How management spoke
Restrained
Less upbeat than 66% of company calls
Answers to analysts: typical, in line with the script.
Similar to last call.
3 · What stood out
New laws require Dominion Energy to petition for 20 gigawatts of storage projects by 2045, up from the previous requirement of 3 gigawatts by 2035.
Valuation
Is Dominion Energy undervalued?
Reverse DCF on net income from the last full fiscal year (no meaningful free cash flow: a bank, insurer or a year of negative cash flow) (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 5.8% growth a year (3-year revenue growth), the model's fair value is $9.52 a share — the stock trades 615% above it. Today's price assumes 15.2% growth a year.
Current price
$68.06
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+15.2% for 10 yrs
Fair value / share
$9.52
Buy below
$7.14
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
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Guidance
The company affirmed all financial guidance from the fourth quarter earnings call, including operating earnings, credit, dividend, and long-term growth guidance.
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Figure
House Bill 895 and Senate Bill 448, which are now signed into law, require that Dominion Energy petitions for 20 gigawatts of short- and long-term storage projects by 2045, a significant increase from the current requirement of 3…
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Key theme
The company affirmed its timeline for project completion with most turbines expected in service by 2026 and the remainder by June 2027.
Source quote
“We affirm our previously communicated timeline for project completion, with the majority of turbines expected to be placed in service by 2026, and the remainder in early 2027 prior to June.”
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Key theme
The project is expected to generate fuel savings of approximately $5 billion for customers during its first ten years of operations based on an updated analysis.
Source quote
“Our updated analysis indicates that the project is expected to generate fuel savings of approximately $5 billion for customers during the project's first ten years of operations.”
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Guidance
The company expects customer bills to grow at rates comparable to inflation over the long term despite executing one of the largest regulated investment programs in the sector.
3 more
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Figure
The company filed an electric rate case application for Dominion Energy North Carolina to support approximately $400 million in investments to ensure safe, reliable, and cost-effective service.
Source quote
“Yesterday, we filed an electric rate case application and testimony for Dominion Energy North Carolina to support the approximately $400 million investment placed in service by the company attributed to North Carolina since the 2024 rate case and ensure that we can continue to provide safe, reliable, and cost-effective service to our North Carolina customers.”
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Figure
The company estimates a potential cost of approximately $200 million, which could be offset by the reallocation of transmission costs.
Source quote
“We estimate that has the potential to be in the approximately $200 million range, which, as I mentioned, would have the potential of being offset by some of the reallocation of transmission costs.”
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Figure
The company estimates a gigawatt overnight installed, including transmission and network upgrades, costs between $2.5 billion and $3 billion.
Source quote
“General rule of thumb, a gigawatt overnight installed, including transmission, network upgrades, etc., we put into the $2.5 billion to $3 billion per gigawatt range.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q1 2026. Ring: Q4 2025.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“I think we have said it exactly as we want to say it, which is our plan is appropriately conservative—not unreasonably so—but we are focused on building a track record...”
“As we will discuss today, we continue to demonstrate success against these priorities as we build our track record of high-quality and consistent execution.”
“In recent years, we have driven out costs through improved processes, innovative use of technology, and other best practice initiatives.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-03-31)
| Metric | Q1 2026period end 2026-03-31 | Q4 2025period end 2025-12-31 | Change | Q1 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 5.02B | 4.09B | +22.6% | 4.08B | +23.1% |
| Operating income | 1.39B | 756.0M | +84.1% | 1.22B | +13.8% |
| Net income | 621.0M | 567.0M | +9.5% | 665.0M | −6.6% |
| EPS | 0.69 | 0.64 | +7.8% | 0.77 | −10.4% |
| P/E today 20.4 | 18.3 | 17.0 | +1.3 | 21.2 | −2.9 |
Topics
Most discussed now
- New With regard to wind turbine generators, Dominion Energy is seeing materially positive improvements in the installation cadence as shown on…
- New Dominion Energy continues to see opportunities to deploy regulated capital to serve its customers, and the battery storage legislation is…
- Dominion Energy's confidence in that outlook reflects disciplined financial management, attractive business fundamentals, and the strength…
- Dominion Energy continues to guide to annual earnings growth at the midpoint of its 5% to 7% range with a bias,...
- Dominion Energy is making excellent progress on turbine fabrication.
Faded since Q4 2025
- Fading Deepwater export cables are now installed and inter-array cable fabrication is complete.
- Fading The third and final offshore substation was installed this past Saturday.
- Fading The reason Dominion Energy has done that since the beginning of the review is because it views it, a, as having...
- Fading As Dominion Energy has always approached its financial planning subsequent to the business review, I would just say it has been...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations · SEC 8-K
- Regulation FD disclosure · SEC 8-K
NextEra Energy and Dominion Energy announced a Virginia benefits package including 1,000 new direct jobs, a $100 million assistance program through 2038, and a $100 million workforce development fund.
- Shareholder vote results · SEC 8-K · routine
- Other events · SEC 8-K
The filing provides information regarding executive officers and security holdings for NextEra Energy and Dominion Energy, referencing proxy statements and annual reports filed in 2026.
- Results of operations · SEC 8-K
Dominion Energy reported GAAP net income of $340 million ($0.37 per share) for the second quarter of 2026, compared to $760 million ($0.88 per share) in the same period of 2025.
- Other events · SEC 8-K
Dominion Energy, Inc. entered into an underwriting agreement on June 8, 2026, for the sale of $1,000,000,000 of 2026 Series A Junior Subordinated Notes and $500,000,000 of 2026 Series B Junior Subordinated Notes.
- Other events · SEC 8-K
Dominion Energy, Inc. entered into an underwriting agreement on June 3, 2026, for the sale of $825,000,000 of its 2026 Series A 5.35% Senior Notes due 2036.
- Other events · SEC 8-K
Dominion Energy, Inc. entered into an Agreement and Plan of Merger with NextEra Energy, WG Development Corp., and CS Holdco, LLC on May 15, 2026.
Balance sheet & ownership
From SEC filings; short interest is FINRA data via Yahoo. Collected 2026-10-18.
Cash & runway
Cash & equivalents
$351.0M
2026-03-31
Long-term investments
$9.47B
total liquidity $9.82B
Implied runway
—
operating cash flow positive over the TTM window
Dilution
weighted-average basic shares, per quarter. Change: +3.1% YoY.
| Quarter | Shares |
|---|---|
| Q2 2024 | 838.3M |
| Q3 2024 | 839.0M |
| Q1 2025 | 852.2M |
| Q2 2025 | 852.9M |
| Q3 2025 | 853.5M |
| Q1 2026 | 878.9M |
Insider transactions
Form 4 open-market trades (codes S/P), trailing 12 months. 26 filings parsed.
No open-market insider buys or sells in the window.
Catalyst calendar
management-stated targets — from the latest earnings call; plans, not promises.
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starting in 2028
shift toward the upper half of the 5% to 7% range for annual earnings growth
Source quote
“We continue to guide to annual earnings growth at the midpoint of our 5% to 7% range with a bias, starting in 2028, toward the upper half of the range.”
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by 2045
requirement to petition for 20 gigawatts of short- and long-term storage projects
Source quote
“House Bill 895 and Senate Bill 448, which are now signed into law, require that we petition for 20 gigawatts of short- and long-term storage projects by 2045, a significant increase from the current requirement of 3 gigawatts by 2035.”
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early next year
reflecting new multiyear opportunity and other regulated investment opportunities in capital update
Source quote
“We will reflect this new multiyear opportunity, as well as other regulated investment opportunities, in our capital update early next year.”
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later this year
expected clarity around the opportunity to recontract Millstone
Source quote
“And as Bob will discuss in his prepared remarks, we expect increasing clarity later this year around the opportunity to recontract Millstone.”
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remainder of the year
issuing $400 million to $600 million of common under the ATM
Source quote
“Year to date, we have issued approximately $1.2 billion of common under the ATM, leaving $400 million to $600 million for the remainder of the year, consistent with our Q4 call guidance.”