DOMINION ENERGY, INCD
DOMINION ENERGY, INC Financial Overview 2021–2025
Updated Jul 10, 2026Dominion Energy's $65 billion capital expenditure plan for 2026 through 2030 underscores a radical transformation into a pure-play, clean-energy utility—a shift that culminated in a May 2026 agreement to be acquired by NextEra Energy. Over the past five years, the company divested non-core gas operations, including the $2.0 billion sale of PSNC in Q3 2024, to ensure 90% of expected earnings stem from state-regulated monopolies. This narrowing focus funded a decarbonization push anchored by the $11.5 billion Coastal Virginia Offshore Wind (CVOW) project.
This multi-year restructuring generated significant volatility as the company shed assets and absorbed impairment charges. Consequently, reported diluted earnings per share contracted from $4.12 in FY2021 to $3.45 in FY2025. Despite this overarching contraction, core operations strengthened considerably at the end of the period. Total net income surged 47% year-over-year to $2,998 million in FY2025, driven by higher rider equity returns in Virginia and favorable rate case settlements. Investors ultimately rewarded this clearer, more predictable operational profile; at the close of FY2025, the market valued Dominion Energy at 17.0x earnings, with the stock trading at $58.59 per share.
Recent Developments (Q4 2025 and Q1 2026)
Operating revenue jumped 23% year-over-year to $5.019 billion in Q1 2026, propelled by higher fuel-related recoveries. Despite this top-line surge, net income fell 7% to $621 million, dropping diluted EPS to $0.69. This profitability squeeze stemmed from rising interest charges and a $78 million impairment on non-regulated solar facilities. Meanwhile, a temporary federal work suspension pushed the offshore wind project's completion target to early 2027. To fortify liquidity, the company extended its core credit maturity to April 2031 and priced $1.5 billion in junior subordinated notes in June 2026.
Bulls highlight strong revenue momentum from rider recoveries as a buffer against ongoing capital demands. Conversely, bears warn that escalating debt costs and strict interim operating restrictions ahead of the pending acquisition could strain near-term cash flows. Trading at 26.2x earnings as of the May 1, 2026 reporting date, shares appear richly valued given the latest bottom-line contraction.
What to watch: state and federal agency approvals for the pending merger; offshore wind construction progress toward the early 2027 timeline.
Rev
$16.51B
FY2025
NI
$3.00B
FY2025
EPS
$3.46
FY2025
OCF
$5.36B
FY2025
Year-over-year comparison from 10-K annual reports
Data from SEC Company Facts
All D Financial Metrics(56)
Income Statement
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- Prepaid & Other
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- Goodwill
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- Accounts Payable
- Accrued Liabilities
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Recent SEC Filings
DOMINION ENERGY, INC 8-K Report, Shareholder Vote Results (Sep 3, 2026)
Dominion Energy, Inc. (D) has filed an 8-K detailing the results of its special shareholder meeting held on September 3, 2026. The primary focus of this meeting was the proposed merger with NextEra Energy, Inc. Shareholders overwhelmingly approved the merger agreement and the associated plan of merger, indicating strong support for this significant transaction. This approval is a critical step forward in the process of Dominion Energy combining with NextEra Energy. In addition to the merger itself, shareholders also approved, on an advisory basis, the compensation related to named executive officers in connection with the merger. The proposal to adjourn the meeting for additional proxy solicitation was also approved, though ultimately not needed as sufficient votes were present for the merger. The absence of broker non-votes on any proposal suggests a high level of direct shareholder engagement on these important matters.
DOMINION ENERGY, INC 8-K Report, Corporate Update (Aug 25, 2026)
Dominion Energy, Inc. (D) has filed a Current Report on Form 8-K to provide supplemental disclosures related to its previously announced merger agreement with NextEra Energy, Inc. (NextEra Energy). This filing addresses ongoing litigation and demand letters from shareholders alleging disclosure deficiencies in the definitive proxy statement. While Dominion Energy believes these allegations are without merit, it is voluntarily providing additional information to avoid potential delays and minimize expenses associated with the litigation. The supplemental disclosures primarily update the financial analyses performed by NextEra Energy's financial advisors, Lazard Frères & Co. LLC and BofA Securities, Inc., as well as Dominion Energy's own financial advisors, Goldman Sachs & Co. LLC and J.P. Morgan Securities LLC. These updates provide more granular details on valuation methodologies, comparable company analyses, precedent transactions, and discounted cash flow analyses for various business segments of both Dominion Energy and NextEra Energy. Investors should note that this 8-K filing does not change the core terms of the merger agreement but serves to provide further context and transparency regarding the transaction. The company reiterates its belief that the allegations in the shareholder actions are without merit and denies any wrongdoing. The special meeting of Dominion Energy shareholders to vote on the merger agreement is scheduled for September 3, 2026. The company cautions that additional similar demand letters or complaints may be received or filed.
DOMINION ENERGY, INC 8-K Report, Financial Results (Jul 31, 2026)
Dominion Energy, Inc. (D) has filed an 8-K report on July 31, 2026, to announce preliminary unaudited financial results for the quarter ended June 30, 2026. While the filing itself does not contain detailed financial figures, it references a press release furnished as Exhibit 99, which provides these preliminary earnings. Investors should refer to this press release for specific details on the company's operational and financial performance during the second quarter of 2026. The primary purpose of this 8-K is to make the market aware of the preliminary earnings announcement in a timely manner, as required by SEC regulations. The company has also included the standard cover page interactive data file in its exhibits. No significant new business events, material impairments, or changes in executive leadership were disclosed in the 8-K text itself.
DOMINION ENERGY, INC 8-K Report, Corporate Update (Jun 16, 2026)
Dominion Energy, Inc. (D) has announced the successful underwriting of $1.5 billion in aggregate principal amount of Junior Subordinated Notes due 2056. This offering is split into two tranches: $1.0 billion of 2026 Series A Junior Subordinated Notes and $500 million of 2026 Series B Junior Subordinated Notes. These notes were registered under a previously effective Form S-3 registration statement and will be issued under specific supplemental indentures to the Company's existing Junior Subordinated Indenture II. The issuance of these junior subordinated notes represents a significant capital raise for Dominion Energy. Investors should note that these are junior subordinated notes, meaning they rank lower in priority of payment than senior debt, which carries higher risk but typically offers a higher yield. The proceeds from this offering are expected to be used for general corporate purposes, which may include funding capital expenditures and refinancing existing debt.
DOMINION ENERGY, INC 8-K Report, Corporate Update (Jun 5, 2026)
Dominion Energy, Inc. (D) has announced the issuance of $825 million in 5.35% Senior Notes due 2036. This offering, facilitated by an underwriting agreement with several prominent financial institutions, marks a significant debt financing event for the company. The notes were registered under a shelf registration statement filed in October 2025, indicating that this issuance was anticipated as part of Dominion Energy's ongoing capital management strategy. Investors should note that this issuance increases the company's outstanding debt. The specific use of proceeds is not detailed in this 8-K filing, but such debt issuances are typically used to fund capital expenditures, refinance existing debt, or for general corporate purposes. The 5.35% coupon rate provides a clear indication of the cost of this new debt, which will impact the company's future interest expense and profitability. Investors should review the full terms of the underwriting agreement and supplemental indenture for further details.
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