D earnings analysis
What we found in D's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Dominion Energy's Q1 2026 results showed a notable 23% increase in operating revenue to $5.02 billion compared to $4.08 billion in Q1 2025, driven largely by higher fuel-related revenue and non-fuel rider cost recoveries. However, diluted EPS decreased to $0.69 from $0.77 in the prior year due to increased interest expenses and other charges, leading to a bearish sentiment on the overall performance despite revenue growth.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth
- Operating revenue increased by 23% to $5.02 billion compared to $4.08 billion in Q1 2025.
- Segment Revenue Boost
- Virginia Power's operating revenue surged 34% to $3.70 billion year-over-year.
- Improved Regulatory Returns
- Higher rider equity returns reflecting capital investments contributed positively to revenue.
- Cost Reduction in Impairments
- Impairment of assets and other charges decreased by $81 million compared to the previous year.
- EPS Stability
- Although EPS decreased to $0.69 from $0.77, it indicates stability in earnings performance.
- Liquidity from Operations
- Operating cash flows of $1.18 billion, providing liquidity for capital needs despite negative FCF.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Debt Costs
- Interest expenses rose by 17% primarily due to increased long-term debt by $96 million.
- Decreased EPS Impact
- Diluted EPS fell to $0.69 from $0.77, primarily due to higher costs and impairments.
- Weather-Related Revenue Risks
- A $57 million revenue loss attributed to adverse weather affecting Virginia Power's operations.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.69
- Gross margin
- 76.02%
- Operating margin
- 20.62%
- Segment
- Dominion Energy Virginia
- Segment
- Dominion Energy South Carolina
- Segment
- Contracted Energy
- Segment
- Corporate and Other
What they said about what is next.
Outlook consistent with previous 10-K, no new numerical guidance provided.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 1, 2025
- Dominion Energy reported a stronger operating quarter with revenue of $4,076 million (up $444 million, +12.2% vs Q1 2024) and income from operations of $1,223 million (operating margin 30.0%). Reported diluted EPS from…
- 10-K · February 27, 2025
- Dominion Energy reported full-year 2024 operating revenue of $14,459 million (up from $14,393 million in 2023) and diluted EPS of $2.44 (up from $2.33 in 2023). The company continues large-scale capital programs—most…
- 10-Q · November 8, 2023
- Dominion reported Q3 2023 operating revenue of $3,810 million, down from $3,963 million in Q3 2022, while income from operations rose to $1,035 million from $995 million. Net income attributable to Dominion fell to $163…
- 10-K · February 21, 2023
- Dominion Energy reported revenue of $17.174B in 2022 (up from $13.964B in 2021) while EPS fell to $1.09 in 2022 from $3.98 in 2021 as the company recorded $2.063B of impairment and other charges and $888M of investment…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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