10-KPeriod: FY2025

DOMINION ENERGY, INC Annual Report, Year Ended Dec 31, 2025

Filed February 23, 2026For Securities:D

Summary

Dominion Energy, Inc. (D) reported strong financial performance for the fiscal year ending December 31, 2025, with net income attributable to Dominion Energy increasing by 47% to $2,998 million, or $3.45 per diluted share. This growth was driven by several factors including higher market-related impacts on pension and other postretirement plans, increased rider equity returns reflecting significant capital investments at Virginia Power, and favorable rate case settlements in South Carolina. The company continued its strategic focus on expanding and improving its regulated electric utilities and long-term contracted businesses while transitioning to cleaner energy. Key investments are being made in zero-carbon and renewable generation, grid transformation, and transmission and distribution resiliency, supported by an approximately $65 billion capital expenditure plan for 2026 through 2030. The significant progress on the CVOW Commercial Project, despite some cost impacts from tariffs and network upgrades, remains a cornerstone of their clean energy strategy. Divestitures of gas distribution operations were completed in 2024, aligning the company with its core regulated electric utility and long-term contracted businesses.

Financial Highlights

49 data points
Beta

Revenue

$16.51B

Net Income

$3.00B

18.2% Net Margin

EPS (Diluted)

$3.45

Total Assets

$115.86B

Cash & Equivalents

$250.00M

Free Cash Flow

$5.36B

Financial Statements
Beta
Revenue$16.51B
Operating Expenses$12.09B
Operating Income$4.41B
Net Income$3.00B
EPS (Basic)$3.46
EPS (Diluted)$3.45
Shares Outstanding (Basic)854.10M
Shares Outstanding (Diluted)855.30M

Key Highlights

  • 1Net income attributable to Dominion Energy increased by 47% to $2,998 million ($3.45 per diluted share) in 2025, up from $2,034 million ($2.33 per diluted share) in 2024.
  • 2Dominion Energy Virginia reported a 11% increase in net income to $2,101 million, driven by higher rider equity returns and increased sales.
  • 3The company has a substantial capital expenditure plan of approximately $65 billion for 2026-2030, focusing on clean energy initiatives, grid modernization, and infrastructure resilience.
  • 4The CVOW Commercial Project is progressing, with the majority of turbines expected in service by the end of 2026. The total project cost is estimated at approximately $11.5 billion, with certain cost overruns being shared with customers.
  • 5Dominion Energy successfully completed the sale of its regulated gas distribution operations (excluding DESC) to Enbridge in 2024, streamlining its business focus.
  • 6The company's safety performance continues to improve, with an OSHA Recordable Rate of 0.26 in 2025, significantly below the industry average.
  • 7Shareholders received dividends totaling $2.67 per share for 2025, consistent with the previous year, indicating a stable return to investors.

Frequently Asked Questions

Earnings growth in 2025 was primarily driven by higher market-related impacts on pension and other postretirement plans, increased rider equity returns from capital investments at Virginia Power, a favorable electric base rate case settlement in South Carolina, the absence of an impairment charge related to the Questar Gas Transaction, increased electric utility sales, and higher renewable energy tax credits. These positive factors were partially offset by the impact of selling a 50% noncontrolling interest in the CVOW Commercial Project and charges related to costs not expected to be recovered from customers on this project.

Dominion Energy is significantly advancing its clean energy transition with a capital expenditure plan of approximately $65 billion from 2026 through 2030. This plan focuses on investments in zero-carbon and renewable generation, grid modernization, and enhancing transmission and distribution resilience. Key projects include substantial investments in utility-scale solar and the CVOW Commercial Project, which is a major offshore wind development expected to be substantially in service by the end of 2026.

The CVOW Commercial Project, a significant offshore wind development, is nearing completion, with the majority of turbines expected to be in service by the end of 2026. The estimated total project cost is approximately $11.5 billion. While facing some cost increases due to tariffs and network upgrades, a portion of these incremental costs are subject to a cost-sharing mechanism with customers. Virginia Power also completed the sale of a 50% noncontrolling interest in the project to Stonepeak in October 2024, which impacts the consolidated financial statements but allows for continued project development.

Following the completion of the sale of its regulated gas distribution operations (except for DESC) to Enbridge in 2024, Dominion Energy has sharpened its strategic focus on its core regulated electric utility and long-term contracted businesses. This strategic shift allows for greater concentration on investments in clean energy, grid modernization, and enhancing the reliability and resilience of its electric infrastructure.