Dominion Energy reported strong FY2025 results, exceeding its EPS guidance midpoint, and issued a bullish FY2026 outlook. The company significantly raised its five-year capex plan to $65B (from $50B), driven by robust data center demand in Virginia, and reaffirmed its long-term EPS growth guidance with an expectation to achieve the upper half of the range. The call also provided a detailed update on the CVOW offshore wind project, which remains on track but with early turbine installation delays. FY2025 operating EPS was $3.42, above the midpoint of guidance.
Dominion Energy reported strong FY2025 results, exceeding its EPS guidance midpoint, and issued a bullish FY2026 outlook. The company significantly raised its five-year capex plan to $65B (from $50B), driven by robust data center demand in Virginia, and reaffirmed its long-term EPS growth guidance with an expectation to achieve the upper half of the range. The call also provided a detailed update on the CVOW offshore wind project, which remains on track but with early turbine installation delays. FY2025 operating EPS was $3.42, above the midpoint of guidance.
Management raised the five-year capital forecast by 30% to approximately $65 billion, with over 90% of the increase at Dominion Energy Virginia, driven by data center demand and the need for incremental investment across transmission, distribution, and generation.
Guidance tone
Management repeatedly emphasized execution success, raised the capital plan, and reaffirmed long-term EPS growth with a bias to the upper half of the range, while acknowledging near-term headwinds.
Guidance tone
Data center pipeline at 48 GW, forecast covered by signed contracts. Management repeatedly emphasized execution success, raised the capital plan, and reaffirmed long-term EPS growth with a bias to the upper half of the range, while acknowledging near-term headwinds.
Management raised the five-year capital forecast by 30% to approximately $65 billion, with over 90% of the increase at Dominion Energy Virginia, driven by data center demand and the need for incremental investment across transmission, distribution, and generation.
Management repeatedly emphasized execution success, raised the capital plan, and reaffirmed long-term EPS growth with a bias to the upper half of the range, while acknowledging near-term headwinds.
“First, much of this increase, over 90%, is happening at Dominion Energy Virginia, our largest utility operating company and home to the largest data center market in the world. Nearly two-thirds of the updated capital spend will be eligibl…”
“On gas generation, which includes two CTs and three CCGTs, we have secured our turbine slots for each project and will provide updates on development and permitting as they progress. The CCGT projects have projected in service dates of 203…”
“Nearly 60% of our five-year investing cash flows and projected dividends will be satisfied by internally generated operating cash flows.”
| Metric | Period | Range | Midpoint | Status |
|---|---|---|---|---|
| Capex | FY2030 | $65B | $65B | RAISED |
| EPS | FY2026 | $3.40–$3.60 | $3.50 | INITIATED |
Dominion is serving a major new industrial customer, indicating non-data-center load growth and successful economic development.
“In September 2025, Eli Lilly and Company announced plans for a $5 billion state-of-the-art manufacturing facility that will generate 650 high-wage jobs and 1,800 construction jobs in Virginia.”
… as data center load has grown at a 20% CAGR since 2016, as shown on slide 22. Data center demand should and can be a win-win for our state, our customers, and our company. And while just one data point, It's worth noting that for the ninth consecutive year, our economic development team has been recognized as a top utility for economic development. Two projects were highlighted, including Eli Lilly and Hampton Lumber. In September 2025, Eli Lilly and Company announced plans for a $5 billion state-of-the-art manufacturing facility that will generate 650 high-wage jobs and 1,800 construction jobs in Virginia. In addition, Allendale, South Carolina welcomed Hampton Lumber in July when the company established its first East Coast sawmill, bringing more than 125 new jobs to the region. We're proud to contribute to these outcomes. Projects we supported in the last year alone will create more than 3,600 jobs and attract $7.4 billion in new capital investment, delivering lasting value and strong community growth across our service territories. Finally, let me share a few additional business updates as shown on slide 23. First, on November 25th, the Virginia State Corporation Commission …