01—Abstract
Summary
Summary of the 10-K filed February 23, 2026. Cited figures are marked; the original filing is the authoritative source.
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 milliona, 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 billionb 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.
02—Key points
Key Highlights
- Net 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.
- Dominion Energy Virginia reported a 11% increase in net income to $2,101 million, driven by higher rider equity returns and increased sales.
- The company has a substantial capital expenditure plan of approximately $65 billion for 2026-2030, focusing on clean energy initiatives, grid modernization, and infrastructure resilience.
- The 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.
- Dominion Energy successfully completed the sale of its regulated gas distribution operations (excluding DESC) to Enbridge in 2024, streamlining its business focus.
- The company's safety performance continues to improve, with an OSHA Recordable Rate of 0.26 in 2025, significantly below the industry average.
- Shareholders received dividends totaling $2.67 per share for 2025, consistent with the previous year, indicating a stable return to investors.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 23, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $16.51B$14.46B | +14.2% |
| Operating Expenses | $12.09B$11.21B | +7.8% |
| Operating Income | $4.41B$3.25B | +35.9% |
| Net Income | $3.00B$2.03B | +47.4% |
| EPS (Basic) | $3.46$2.33 | +48.5% |
| EPS (Diluted) | $3.45$2.33 | +48.1% |
| Shares Outstanding (Basic) | 854.10M839.20M | +1.8% |
| Shares Outstanding (Diluted) | 855.30M839.40M | +1.9% |
05—Questions
Frequently Asked Questions
What are the main drivers of Dominion Energy's earnings growth in 2025?
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.
How is Dominion Energy progressing with its clean energy transition and capital expenditure plans?
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.
What is the status and outlook for the CVOW Commercial Project?
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.
How has the company's business strategy evolved following the divestiture of its gas distribution operations?
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.
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