Dominion Data Center Backlog Nears 55 GW, Q3 Results Beat Expectations

Dominion Energy Inc. shares rose Friday after the regulated utility posted third-quarter 2026 results that beat Wall Street expectations and raised the low end of its full-year earnings guidance.

Adjusted earnings per share came in at $1.28, above the expected $1.21; sales totaled $5.617 billion, exceeding the $4.9 billion consensus and up 24.1% year over year.

Quarterly regulated utility earnings strengthened, supported by continued data center demand growth and further progress on the Virginia Coastal Offshore Wind project.

Regulated utilities drive earnings growth

GAAP net income rose to $1.16 billion from $1.01 billion in the year-ago period. Operating earnings increased to $1.14 billion from $921 million.

Third-quarter operating EPS included $0.05 from RNG 45Z-related revenue and $0.05 from better-than-normal weather impacts.

Dominion Energy Virginia posted revenue of $4.218 billion, up from $3.311 billion in the prior-year period; operating earnings rose to $862 million from $679 million.

South Carolina operations saw revenue rise to $1.114 billion from $945 million, with operating earnings increasing to $230 million from $168 million.

Contracted Energy contributed $134 million in operating earnings, down from $165 million in the prior-year period.

Data center pipeline reaches 54.9 GW

Dominion Energy Virginia's contracted data center capacity reached approximately 54.9 GW in September, up about 6.3 GW, or 13%, from December 2025.

Weather-normalized regulated electric sales grew 3.4% over the trailing 12 months, led by an 8.6% increase in commercial electricity usage.

The Virginia Coastal Offshore Wind project is approximately 85% complete, with 44 turbines installed and a 45th turbine currently being installed.

The project's capital budget remains at $11.65 billion. As of September 30, Dominion had invested approximately $10.1 billion, with remaining project costs of about $1.5 billion.

Operating cash flow for the first nine months totaled $4.688 billion.

Guidance and capital plan

Dominion expects 2026 operating EPS to land in the upper half of its guidance range of $3.45 to $3.69, versus the analyst consensus of $3.59.

The company reaffirmed its approximately $65 billion 2026-2030 capital investment plan and maintained its long-term operating EPS growth outlook of 5%-7% through 2030.

Dominion said its proposed merger with NextEra Energy Inc. remains subject to regulatory approvals, with completion expected in the second half of 2027.

Class D share price action: As of Friday's writing, Dominion Energy shares were up 1.72% at $66.24.