Dominion Energy (D) Stock: Q3 Earnings Hold Steady as Offshore Wind Project Nears Completion

TLDR

• Q3 2025 operating earnings hit $1.06 per share; GAAP earnings $1.16.
• Full-year guidance reaffirmed at midpoint $3.40 per share.
• CVOW project now two-thirds complete, with $8.2 billion invested.
• Data center demand surges with 28 gigawatts in substation engineering.
• Stock closed at $58.69, up 0.44% after hours on October 31, 2025.

Dominion Energy Inc. (NYSE: D) stock closed at $58.69 on October 31, 2025, gaining 0.44% in after-hours trading.

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The utility company reported steady third-quarter earnings, reaffirming its financial guidance and highlighting strong progress on its Coastal Virginia Offshore Wind (CVOW) project.

Solid Q3 Performance Amid Cost Pressures

Dominion reported operating earnings of $1.06 per share, which included a $0.03 contribution from RNG 45Z credits and a $0.06 impact from unfavorable weather. GAAP earnings came in at $1.16 per share, underscoring operational stability despite cost pressures and weather-related challenges.

The company reaffirmed its full-year guidance between $3.33 and $3.48 per share, maintaining the midpoint at $3.40. CEO management reiterated that Dominion’s regulated investment growth continues to offset external headwinds, keeping the balance sheet conservative with no credit target adjustments.

Offshore Wind Project Nears Completion

Dominion’s Coastal Virginia Offshore Wind (CVOW) project remains central to its clean energy strategy. The project is now two-thirds complete, with $8.2 billion already invested of the $11.2 billion total cost. Remaining costs for Dominion stand at about $1.5 billion.

Despite some delays related to the Charybdis turbine installation vessel, the company has completed 100% of monopile installations ahead of schedule. Dominion expects electricity generation to begin by late Q1 2026, though some turbines may extend into early 2027.

The project’s Levelized Cost of Energy (LCOE) has been updated to $84, slightly higher than last quarter, reflecting inflation and supply chain adjustments. The 2026 revenue requirement is projected at $665 million, supporting the company’s long-term growth outlook.

Growing Data Center Demand

Dominion highlighted continued growth in data center electricity demand, a key driver for future sales. The company is now evaluating over 28 gigawatts of substation engineering, with 9 gigawatts under construction letters and nearly 10 gigawatts in service agreements.

This surge positions Dominion favorably to benefit from the expansion of AI-driven and cloud-based infrastructure across its service territories.

Stock and Market Performance

While Dominion’s operations remain strong, long-term stock returns trail broader indices. As of October 31, 2025, the year-to-date return stood at 12.89%, compared to 16.30% for the S&P 500. Over five years, Dominion recorded a -9.29% return, underperforming the S&P 500’s 109.18%.

Still, steady dividends and progress in renewable infrastructure make Dominion a defensive play for income-focused investors amid market uncertainty.

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