RICHMOND, Va., February 23, 2026, 07:30 EST
- Dominion posted fourth-quarter operating earnings of $0.68 per share, and for 2026, the company is targeting operating EPS somewhere between $3.45 and $3.69.
- Utility shares edged higher before the bell, with the company maintaining its credit and dividend guidance.
- Price targets came down from several analysts ahead of the print, but the bulk held their neutral or bullish stances.
Dominion Energy turned in fourth-quarter operating earnings of $0.68 a share on Monday and put out 2026 guidance between $3.45 and $3.69 per share. No changes to its credit or dividend targets. GAAP net income came in at $0.65 per share, up sharply from $0.14 the year before. Shares ticked up about 0.8% in premarket trading.
U.S. utilities are in a bind. Power demand is picking up in major regions, yet infrastructure upgrades aren’t cheap. Dominion, for example, is chasing expansion off Virginia’s data center surge, but borrowing costs still bite.
Dominion said in October that it was somewhere in the process of contracting to supply 47 gigawatts to data centers, after already connecting about 450 data centers in Northern Virginia. “We continue to see robust demand from data centers,” CEO Robert Blue told investors on the call. The utility is planning to spend $50 billion in capital between 2025 and 2029. https://www.reuters.com/business/energy/do…
Dominion’s preferred yardstick is “operating earnings,” a non-GAAP figure that strips out mark-to-market swings on hedges and movement in the nuclear decommissioning trust fund. Looking toward 2026, Dominion estimates about $0.07 per share will be tied to an RNG “45Z” tax credit. The utility is holding to its long-term operating EPS growth outlook of 5% to 7% through 2030, and now points more to the upper half of that range for the 2028–2030 stretch.
Wall Street had been looking for earnings of $0.67 a share on revenue near $3.65 billion, according to analyst surveys from Benzinga Pro. Recently, Barclays’ Nicholas Campanella cut his price target to $63; Wells Fargo’s Shahriar Pourreza also trimmed his, landing at $64. Over at BMO Capital, James Thalacker lowered his target to $65. Shelby Tucker at TD Cowen initiated coverage with a Hold rating and the same $65 target, Benzinga said.
AskTraders noted Dominion’s shares sat about 2.4% below their 52-week high ahead of the earnings release, trading at a price-to-earnings ratio near 21.6. That multiple tops Duke Energy and Southern Company, but it’s still not as steep as NextEra Energy’s.
Nasdaq last week highlighted a Zacks Investment Research update pegging Dominion’s quarterly EPS at $0.64 on $3.56 billion in revenue. The research note flagged a minor slide in the consensus EPS estimate over the last month.
But that’s not set in stone. Dominion must secure regulatory approval to recoup costs tied to grid upgrades and fresh power sources. On top of that, the company’s under the gun to keep project and financing costs within bounds set by commissions and ratepayers.
Dominion says it delivers regulated electricity to 3.6 million homes and businesses across Virginia, North Carolina, and South Carolina. In South Carolina, the company provides regulated natural gas service for 500,000 customers.
Dominion executives are set for an 11 a.m. ET Monday conference call to dig into results and update their outlook. Investors are pressing for more detail on 2026 spending, timelines for new data center infrastructure, and how the company plans to make good on its dividend commitments as project construction accelerates.
