Dominion Energy Inc. (NYSE: D) delivered a second-quarter earnings beat on Friday, and the company is sticking with its full-year 2026 guidance. The story here is simple: data centers are hungry for power, and Dominion is feeding them.
Adjusted earnings came in at 79 cents per share, comfortably ahead of the 68 cents analysts were looking for. Revenue hit $4.48 billion, also topping the Street's estimate of $4.04 billion. A small tailwind came from renewable natural gas 45Z tax credits, which added 3 cents per share to the bottom line.
For the full year, Dominion reaffirmed its adjusted earnings guidance of $3.45 to $3.69 per share. Analysts, for what it's worth, are sitting at $3.58.
Data Center Demand Keeps Climbing
The utility's numbers are being powered by an unprecedented surge in electricity demand, much of it tied to the AI boom. Dominion noted that nine of its ten highest peak-demand days ever have occurred in 2026, including the eight highest summer peaks, all within the last two months.
Data centers are the big driver. Dominion now has more than 53 gigawatts of data center capacity in various stages of contracting, with about 12 GW secured under electric service agreements. Since the end of 2025, the company has added over 5 GW of new data center contracts, a jump of roughly 11%.
Offshore Wind Project Hits Milestones
Dominion's Coastal Virginia Offshore Wind project reached 81% completion during the quarter. So far, 31 turbines have been installed, with a 32nd on the way. Those completed turbines represent more than 450 megawatts of generating capacity.
The company expects the project's final offshore substation to be energized by the end of 2026, which would allow about half of the project's investment to enter service. However, the cost estimate has been nudged up by about 2% to $11.65 billion from $11.4 billion, thanks to higher tariff costs, extra cable protection requirements, construction expenses, and schedule extensions.
Despite the higher price tag, Dominion says the project should generate about $5 billion in customer fuel savings during its first decade of operation.
NextEra Merger on Track
Dominion also gave an update on its planned all-stock merger with NextEra Energy Inc. (NYSE: NEE), which was announced back in May. Under the deal, Dominion shareholders will get 0.8138 NextEra shares for each Dominion share. The combined company is expected to be owned roughly 74.5% by NextEra shareholders and 25.5% by Dominion shareholders.
As part of the transaction, customers will receive $2.25 billion in shareholder-funded bill credits. The merger has been unanimously approved by both boards and is expected to close within 12 to 18 months, pending regulatory approvals.
Dominion has already submitted merger applications to the Virginia State Corporation Commission, North Carolina Utilities Commission, South Carolina Public Service Commission, the Federal Energy Regulatory Commission, and the Nuclear Regulatory Commission. In Virginia, regulatory proceedings are underway, with hearings scheduled to begin Nov. 17, 2026. A proposed scheduling order calls for hearings starting Dec. 8, 2026, with a final order targeted by Jan. 29, 2027.
Once the deal closes, 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.
