Description

Dominion Energy Is Landing Mega-Projects Like Eli Lilly’s $5 Billion Build—What’s the Hidden Upside? 

Dominion Energy’s 2025 results reflected continued execution of the strategy set out two years ago, centered on steady earnings, progress at Coastal Virginia Offshore Wind, and constructive regulatory engagement. The company reported operating EPS of $3.42 and GAAP EPS of $3.45, both in line with expectations and slightly above guidance midpoint. Credit quality also improved, with Moody’s CFO pre-working capital to debt ratio reaching its strongest level since 2012, supporting the balance sheet as capital spending rises. For 2026, Dominion guided to operating EPS of $3.40 to $3.60 on an ex-RNG 45Z basis, with a midpoint of $3.50, implying 6.1% growth from the comparable 2025 midpoint. Guidance reflects expected double outage years at Millstone and lower assumed RNG 45Z credit revenue, though these items do not materially change the core utility earnings path. The biggest strategic shift is capital spending.