Dominion Energy Announces First-Quarter 2025 Earnings Results

Dominion Energy, Inc.

Consolidated Statements of Income *

Unaudited (GAAP Based)

Three Months Ended

March 31,

(millions, except per share amounts)

2025

2024

Operating Revenue

$

4,076

$

3,632

Operating Expenses

Electric fuel and other energy-related purchases

962

959

Purchased electric capacity

9

12

Purchased gas

147

120

Other operations and maintenance⁽¹⁾

944

885

Depreciation and amortization

582

621

Other taxes

209

202

Total operating expenses

2,853

2,799

Income (loss) from operations

1,223

833

Other income (expense)

5

119

Interest and related charges

480

574

Income (loss) from continuing operations including noncontrolling interests before income tax expense (benefit)

748

378

Income tax expense (benefit)

55

55

Net Income (loss) from continuing operations

693

323

Net Income (loss) from discontinued operations

(1

)

118

Net Income (loss) including noncontrolling interests

692

441

Noncontrolling interests

46

-

Net Income (loss) attributable to Dominion Energy

$

646

$

441

Amounts attributable to Dominion Energy

Net Income (loss) from continuing operations

$

647

$

323

Net Income (loss) from discontinued operations

(1

)

118

Net Income (loss) attributable to Dominion Energy

$

646

$

441

Reported Income (loss) per common share from continuing operations - diluted

$

0.75

$

0.36

Reported Income (loss) per common share from discontinued operations - diluted

-

0.14

Reported Income (loss) per common share - diluted

$

0.75

$

0.50

Average shares outstanding, diluted

852.2

837.6

Includes impairment of assets and other charges (benefits) and losses (gains) on sales of assets.

Unaudited

Three Months Ended March 31,

(millions, except per share amounts)

2025

2024

Change

REPORTED EARNINGS⁽¹⁾

$646

$441

$205

Pre-tax loss (income)⁽²⁾

216

49

167

Income tax⁽²⁾

(59

)

(5

)

(54

)

Adjustments to reported earnings

157

44

113

OPERATING EARNINGS (non-GAAP)

$803

$485

$318

By segment:

Dominion Energy Virginia

$561

$424

$137

Dominion Energy South Carolina

152

80

72

Contracted Energy

109

122

(13

)

Corporate and Other

(19

)

(141

)

122

$803

$485

$318

Earnings Per Share (EPS)⁽³⁾:

REPORTED EARNINGS⁽¹⁾

$0.75

$0.50

$0.25

Adjustments to reported earnings (after-tax)

0.18

0.05

0.13

OPERATING EARNINGS (non-GAAP)

$0.93

$0.55

$0.38

By segment:

Dominion Energy Virginia

$0.66

$0.51

$0.15

Dominion Energy South Carolina

0.18

0.10

0.08

Contracted Energy

0.13

0.14

(0.01

)

Corporate and Other

(0.04

)

(0.20

)

0.16

$0.93

$0.55

$0.38

Common Shares Outstanding (average, diluted)

852.2

837.6

Determined in accordance with Generally Accepted Accounting Principles (GAAP).

Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at investors.dominionenergy.com.

The calculation of reported and operating earnings per share on a consolidated basis utilizes shares outstanding on a diluted basis with all dilutive impacts, primarily consisting of potential shares which had not yet been issued. For the three months ended March 31, 2025 and 2024, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series C preferred stock of $11 million. For the three months ended March 31, 2024, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series B preferred stock of $9 million. See Forms 10-Q and 10-K for additional information.

2025 Earnings (Three Months Ended March 31, 2025)

The $216 million pre-tax net loss of the adjustments included in 2025 reported earnings, but excluded from operating earnings, is primarily related to the following item:

• $110 million net market loss primarily associated with $132 million from nuclear decommissioning trusts (NDT) offset by $22 million in economic hedging activities.

(millions, except per share amounts)

1Q25

2Q25

3Q25

4Q25

YTD 2025

Reported earnings

$

646

$

646

Adjustments to reported earnings⁽¹⁾:

Pre-tax loss (income)

216

216

Income tax (benefit)

(59

)

(59

)

157

-

-

-

157

Operating earnings (non-GAAP)

$

803

$

-

$

-

$

-

$

803

Common shares outstanding (average, diluted)

852.2

852.2

Reported earnings per share⁽²⁾

$

0.75

$

0.75

Adjustments to reported earnings per share⁽²⁾

0.18

$

0.18

Operating earnings (non-GAAP) per share⁽²⁾

$

0.93

$

-

$

-

$

-

$

0.93

(1) Adjustments to reported earnings are reflected in the following table:

1Q25

2Q25

3Q25

4Q25

YTD 2025

Pre-tax loss (income):

Net loss (gain) on NDT funds

$

132

$

132

Mark-to-market impact of economic hedging activities

(22

)

(22

)

Discontinued operations

1

1

DEV severe weather impacts

82

82

Regulated asset retirements and other charges

23

23

$

216

$

-

$

-

$

-

$

216

Income tax expense (benefit):

Tax effect of above adjustments to reported earnings⁽³⁾

(59

)

(59

)

$

(59

)

$

-

$

-

$

-

$

(59

)

The calculation of reported and operating earnings per share on a consolidated basis utilizes shares outstanding on a diluted basis with all dilutive impacts, primarily consisting of potential shares which had not yet been issued, reflected in the Corporate and Other segment. For the first quarter of 2025, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series C preferred stock of $11 million. See Forms 10-Q and 10-K for additional information.

Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, calculation of such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate.

2024 Earnings (Twelve months ended December 31, 2024)

The $410 million pre-tax net loss of the adjustments included in 2024 reported earnings, but excluded from operating earnings, is primarily related to the following items:

• $5 million net market loss primarily associated with $372 million on pension and other postretirement benefit (OPEB) plans and $198 million in economic hedging activities offset by $565 million from nuclear decommissioning trusts (NDT).
• $228 million of net benefit from discontinued operations primarily related to a $247 million benefit associated with gas distribution operations (inclusive of a $130 million net loss on sales related to the East Ohio, Questar Gas and PSNC Transactions).
• $276 million of regulated asset retirements and other charges primarily associated with a $103 million charge for Virginia Power's share of costs not expected to be recovered from customers on the Coastal Virginia Offshore Wind (CVOW) Commercial project, a $58 million charge from the South Carolina electric rate case, $40 million in demolition and decommissioning costs at Virginia Power and a $30 million write off of certain early stage development costs for potential electric generation projects in Virginia no longer under consideration.
• $229 million of nonregulated asset impairments and other charges related to a $122 million ARO revision at Millstone nuclear power station, $60 million of impairment charges associated with certain nonregulated renewable natural gas facilities and a $47 million charge in connection with the settlement of an agreement.

(millions, except per share amounts)

1Q24

2Q24

3Q24

4Q24

YTD 2024⁽⁵⁾

Reported earnings

$

441

$

580

$

958

$

145

$

2,124

Adjustments to reported earnings⁽¹⁾:

Pre-tax loss (income)

49

34

(151

)

478

410

Income tax (benefit)

(5

)

(47

)

29

(119

)

(142

)

44

(13

)

(122

)

359

268

Operating earnings (non-GAAP)

$

485

$

567

$

836

$

504

$

2,392

Common shares outstanding (average, diluted)

837.6

838.3

839.3

842.2

839.4

Reported earnings per share⁽²⁾

$

0.50

$

0.66

$

1.12

$

0.15

$

2.44

Adjustments to reported earnings per share⁽²⁾

0.05

(0.01

)

(0.14

)

0.43

$

0.33

Operating earnings (non-GAAP) per share⁽²⁾

$

0.55

$

0.65

$

0.98

$

0.58

$

2.77

(1) Adjustments to reported earnings are reflected in the following table:

1Q24

2Q24

3Q24

4Q24

YTD 2024

Pre-tax loss (income):

Net loss (gain) on NDT funds

$

(266

)

$

(84

)

$

(168

)

$

(47

)

$

(565

)

Mark-to-market impact of economic hedging activities

108

104

(137

)

123

198

Mark-to-market of pension and OPEB plans

320

16

(6

)

42

372

Discontinued operations

(172

)

(83

)

24

3

(228

)

Business review costs

29

15

7

54

105

Net loss (gain) on real estate dispositions

-

17

1

5

23

Regulated asset retirements and other charges

(17

)

16

101

176

276

Nonregulated asset impairments and other charges

47

33

27

122

229

$

49

$

34

$

(151

)

$

478

$

410

Income tax expense (benefit):

Tax effect of above adjustments to reported earnings⁽³⁾

504

(71

)

379

(119

)

693

Deferred taxes associated with sale of gas distribution operations⁽⁴⁾

(509

)

24

(350

)

-

(835

)

$

(5

)

$

(47

)

$

29

$

(119

)

$

(142

)

(2)

The calculation of reported and operating earnings per share on a consolidated basis utilizes shares outstanding on a diluted basis with all dilutive impacts, primarily consisting of potential shares which had not yet been issued, reflected in the Corporate and Other segment. The calculation of operating earnings per share for the three months ended June 30, 2024 and for the three and twelve months ended December 31, 2024 excludes a deemed dividend of $9 million, $1 million and $10 million, respectively, associated with the Company's repurchase of certain Series B preferred stock. During each quarter of 2024, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series B preferred stock of $9 million, $8 million, $4 million and $3 million, respectively. During each quarter of 2024, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series C preferred stock of $11 million. See Forms 10-Q and 10-K for additional information.

Excludes a $578 million tax benefit on non-deductible goodwill associated with the sale of gas distribution operations. Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, calculation of such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate.

Represents the reversal of previously established deferred taxes related to the basis in the stock of the gas distribution operations.

YTD EPS may not equal sum of quarters due to share count differences.

Preliminary, Unaudited

Three Months Ended

March 31,

2025 vs. 2024

(millions, except per share amounts)

Increase / (Decrease)

Reconciling Items

Amount

EPS

Change in reported earnings (GAAP)

$

205

$

0.25

Change in Pre-tax loss (income)⁽¹⁾

167

0.19

Change in Income tax⁽¹⁾

(54

)

(0.06

)

Adjustments to reported earnings

$

113

$

0.13

Change in consolidated operating earnings (non-GAAP)

$

318

$

0.38

Dominion Energy Virginia

Weather

$

54

$

0.06

Customer usage and other factors

25

0.03

Customer-elected rate impacts

(7

)

(0.01

)

Rider equity return

133

0.16

Storm damage and service restoration

8

0.01

Planned outage costs

6

0.01

Nuclear production tax credit

17

0.02

Depreciation and amortization

(5

)

(0.01

)

Interest expense, net

(12

)

(0.01

)

Sale of noncontrolling interest

(68

)

(0.08

)

Other

(14

)

(0.02

)

Share dilution

-

(0.01

)

Change in contribution to operating earnings

$

137

$

0.15

Dominion Energy South Carolina

Weather

$

20

$

0.02

Customer usage and other factors

5

0.01

Customer-elected rate impacts

5

0.01

Base & RSA rate case impacts

44

0.05

Depreciation and amortization

(4

)

-

Interest expense, net

(2

)

-

Other

4

(0.01

)

Share dilution

-

-

Change in contribution to operating earnings

$

72

$

0.08

Contracted Energy

Margin

$

(12

)

$

(0.01

)

Planned Millstone outages⁽²⁾

(2

)

-

Unplanned Millstone outages⁽²⁾

12

0.01

Depreciation and amortization

(3

)

-

Interest expense, net

-

-

Other

(8

)

(0.01

)

Share dilution

-

-

Change in contribution to operating earnings

$

(13

)

$

(0.01

)

Corporate and Other

Interest expense, net

$

71

$

0.08

Equity method investments

(5

)

(0.01

)

Pension and other postretirement benefit plans

(8

)

(0.01

)

Corporate service company costs

13

0.02

Other

51

0.07

Share dilution

-

0.01

Change in contribution to operating earnings

$

122

$

0.16

Change in consolidated operating earnings (non-GAAP)

$

318

$

0.38

Change in adjustments included in reported earnings⁽¹⁾

$

(113

)

$

(0.13

)

Change in consolidated reported earnings

$

205

$

0.25

Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at investors.dominionenergy.com.

Includes earnings impact from outage costs and lower energy margins.

NOTE: Figures may not sum due to rounding.