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- **CVOW Milestones**: 63 transition pieces installed; first turbine installation late November, first power Q1 2026. Project cost $11.2B (down $15M).
- **Charybdis Update**: Punch list resolution underway; no delay to first power despite vessel challenges.
- **Data Center Growth**: 47GW pipeline (up 17% YoY), with 10GW in ESAs.
- **Financial Guidance**: Full year EPS $3.33–$3.48 (midpoint $3.40), supported by strong sales and cost control.
- **Balance Sheet Strength**: FFO to debt ratio 15%, 100–200bp cushion; no ATM equity needed for 2025 plan.
- **Transmission & Gen Expansion**: $2.9B solar/storage filed; PJM open window reflects $3B+ transmission investments.


**【Management Opening Remarks】**
- David McFarland provided an overview of the call, emphasizing forward-looking statements and non-GAAP measures. He highlighted the availability of presentation materials and introduced the executives.

**【CFO Financial Commentary】**
- **Q3 2025 Financials**: Operating EPS of $1.06 (including $0.03 from RNG 45Z credits and $0.06 from worse-than-normal weather). GAAP EPS was $1.16.
- **Year-to-Date Drivers**: Strength from regulated investment growth ($0.06), increased sales ($0.08), and higher margins at Contracted Energy ($0.03). Weather and DD&A were headwinds.
- **Full Year Guidance**: Narrowed to $3.33–$3.48 per share (midpoint $3.40), with confidence in delivering at or above midpoint assuming normal weather.
- **Balance Sheet**: Completed 2025 financing plan; FFO to debt ratio maintained at 15%, with a 100–200 basis point cushion relative to credit rating thresholds.

**【CEO Commentary】**
- **CVOW Project Update**: 2/3 complete with 63 transition pieces installed (177 total fabricated). First turbine installation expected late November, first power in late Q1 2026. Project cost now $11.2B (down $15M from last quarter), with $1.5B remaining for Dominion.
- **Charybdis Vessel**: Punch list of 200 items being addressed; expected to begin turbine installation in November. No impact on first power timing.
- **Data Center Demand**: 47GW in various stages (up 7GW YoY), with 10GW in ESAs. Virginia residential rates remain 9%–11% below U.S. average.
- **Transmission & Generation**: Filed $2.9B in utility-scale solar/storage; PJM open window transmission proposals reflect $3B+ investments.

**【Q&A Highlights】**
- **Political Risks**: Bipartisan support for CVOW expected to continue post-election.
- **Charybdis Progress**: Punch list items being resolved; no federal approvals needed beyond current regulatory process.
- **Capital Plan**: 2026–2030 plan to be updated in Q4 2025, with bias toward back-end deployment. Balance sheet capacity to absorb higher CapEx remains strong.
- **Data Center Cadence**: 25GW+ delivery point requests with energization dates through 2031.
- **Nuclear Update**: SMR delay driven by financing and technology considerations; no immediate impact on IRP.
- **Weather Impact**: $0.02 headwind year-to-date, offset by stronger sales growth.


Dominion Energy, Inc. (D) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

D

D fundamentals

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