Dominion Energy Inc. (NYSE:D) reported better-than-expected second-quarter results on Friday and reaffirmed its full-year 2026 earnings guidance as electricity demand and data center growth continued to support its outlook.
Adjusted earnings were 79 cents per share, topping the analyst consensus estimate of 68 cents. Revenue rose to $4.48 billion, exceeding the Street estimate of $4.04 billion. Adjusted earnings included a 3-cent-per-share benefit from renewable natural gas 45Z tax credits.
The utility reaffirmed its fiscal 2026 adjusted earnings guidance of $3.45 to $3.69 per share. Analysts expect earnings of $3.58 per share.
Data Center Demand Continues To Grow
Dominion said electricity demand remained strong, with nine of its 10 highest peak-demand days occurring in 2026, including the eight highest summer peaks recorded over the past two months.
The company said it now has more than 53 gigawatts of data center capacity across various stages of contracting. About 12 GW is secured under electric service agreements. Dominion added more than 5 GW of new data center contracts since the end of 2025, representing roughly 11% growth.
Offshore Wind Project Advances
Dominion’s Coastal Virginia Offshore Wind project reached 81% completion during the quarter.
The company has installed 31 offshore turbines, with a 32nd currently being installed. The completed turbines represent more than 450 megawatts of generating capacity.
Dominion expects the project’s final offshore substation to be energized by the end of 2026, allowing about half of the project’s investment to enter service.
The company increased the project’s estimated cost by about 2% to $11.65 billion from $11.4 billion, citing higher tariff costs, additional cable protection requirements, construction expenses and schedule extensions.
Dominion said the project is expected to generate about $5 billion in customer fuel savings during its first 10 years of operation.
NextEra Merger Moves Forward
Dominion also provided an update on its planned all-stock merger with NextEra Energy Inc. (NYSE:NEE), announced in May.
Under the agreement, Dominion shareholders will receive 0.8138 NextEra shares for each Dominion share. The combined company is expected to be owned approximately 74.5% by NextEra shareholders and 25.5% by Dominion shareholders.
Dominion said customers will receive $2.25 billion in shareholder-funded bill credits as part of the transaction.
The merger has been unanimously approved by both companies’ boards and is expected to close within 12 to 18 months, subject to regulatory approvals.
The company has submitted merger applications to the Virginia State Corporation Commission, North Carolina Utilities Commission, South Carolina Public Service Commission, Federal Energy Regulatory Commission and Nuclear Regulatory Commission.
Regulatory proceedings are underway in Virginia, with hearings scheduled to begin Nov. 17, 2026. A proposed scheduling order calls for hearings beginning Dec. 8, 2026, with a final order targeted by Jan. 29, 2027.
Following the close, the combined company will operate under the NextEra Energy name and continue trading on the New York Stock Exchange under the ticker NEE.
The companies expect the combined business to deliver about 11% annual growth in regulatory capital employed through 2032 and more than 9% adjusted earnings-per-share growth through 2032 and 2035, using 2025 earnings as the base.
D Price Action: Dominion Energy shares were up 0.14% at $69.83 at the time of publication on Friday, according to Benzinga Pro data.
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