Dominion Energy (Dominion Energy (D)) reported first-quarter 2026 results on Friday, and the numbers were solid. Operating earnings came in at $0.95 per share, beating the $0.91 analysts were looking for. Revenue jumped to $5.02 billion from $4.08 billion a year ago, a 23% increase that also topped expectations of $4.51 billion.

GAAP earnings were $0.69 per share, down from $0.77 a year earlier, but that gap is mostly due to non-operating items. The company pointed to mark-to-market impacts, a $194 million net market loss, a $78 million solar impairment charge, a $120 million weather hit, and a $58 million offshore wind-related benefit. Net income came in at $621 million, compared with $665 million a year ago, while operating earnings rose to $847 million from $803 million.

Digging into the segments, Dominion Energy Virginia was the star, with operating earnings of $670 million, up from $561 million. The boost came from regulatory impacts, rider returns, and weather, partially offset by higher capacity costs. Dominion Energy South Carolina reported $126 million, down from $152 million, while Contracted Energy earnings rose to $119 million from $109 million on margin improvements and renewable tax credits. Corporate and Other posted a loss of $68 million, wider than the $19 million loss a year ago, due to higher interest expense.

The company reaffirmed its 2026 operating earnings guidance of $3.45 to $3.69 per share, which brackets the $3.59 consensus estimate. It also reiterated its prior financial, dividend, and long-term growth guidance. Dominion provides electricity to 3.6 million customers and gas service to 500,000 customers in South Carolina, and it cited risks including regulatory changes, tariffs, inflation, weather, and project execution.

On the conference call, management reaffirmed the long-term growth outlook of 5% to 7%, with a bias toward the upper end starting in 2028. The Coastal Virginia Offshore Wind project is now over 75% complete, with a budget of $11.4 billion — about $100 million lower than the prior estimate. Virginia legislation now targets 20 gigawatts of energy storage by 2045.

The company also highlighted its below-industry OSHA injury rate and said it's exploring recontracting the Millstone facility, citing interest from states and data center customers. CFO Steven Ridge summed it up: “We continue to see accelerating and durable demand from our differentiated high quality, low risk data center customers.”

Dominion Energy shares were down 0.40% at $64.23 at the time of publication on Friday.