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Dominion Energy (D) FY2025 results: revenue $16.5 billion, up 14.2% on the year

Dominion Energy, Inc. (D) reported revenue of $16.5 billion for fiscal 2025, the year ended 31 December 2025, up 14.2% on the year before. Net income was $3.0 billion, up 47.4%, and diluted earnings per share $3.45. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2026.

Revenue
$16.5 billion
+14.2% on the year
FY2018FY2025
Operating margin
26.7%
22.5% a year earlier
FY2018FY2025
Net income
$3.0 billion
+47.4% on the year
FY2018FY2025
Diluted EPS
$3.45
+48.1% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 2 new, 1 kept.

  • Full-year operating EPS rose to $3.42: Full-year 2025 operating earnings were $3.0 billion, or $3.42 per share, compared with $2.77 per share in 2024.
  • Fourth-quarter operating EPS reached $0.68: Fourth-quarter 2025 operating earnings were $593 million, or $0.68 per share, compared with $504 million, or $0.58 per share, a year earlier.
  • Virginia was the largest contributor: Dominion Energy Virginia earned $2.72 per share for 2025, up from $2.40, and $0.63 in the fourth quarter, up from $0.52.
  • Rider equity return lifted Virginia: The rider equity return added $96 million, or $0.11 per share, to Virginia in the fourth quarter, and $507 million, or $0.60 per share, for the year.
  • Large 2025 nuclear and pension market benefits: Items excluded from operating earnings for 2025 included a $485 million pre-tax net market benefit, mainly $507 million from nuclear decommissioning trusts and $131 million from pension plans, less a $153 million hedging loss.
Read the Q4 FY2025 earnings call summary

From this 10-K

Dominion Energy serves approximately 4.1 million primarily electric utility customers in Virginia, North Carolina and South Carolina. It is headquartered in Richmond and was incorporated in Virginia in 1983. At the end of 2025 its assets included approximately 30.7 GW of electric generating capacity, 10,800 miles of electric transmission lines and 80,400 miles of electric distribution lines.

Dominion Energy, Inc., the 10-K for 2025

Dominion Energy serves approximately 4.1 million primarily electric utility customers in Virginia, North Carolina and South Carolina. It is headquartered in Richmond and was incorporated in Virginia in 1983. At the end of 2025 its assets included approximately 30.7 GW of electric generating capacity, 10,800 miles of electric transmission lines and 80,400 miles of electric distribution lines.

Three operating segments

Dominion Energy Virginia, Dominion Energy South Carolina and Contracted Energy, plus a Corporate and Other segment holding corporate, service company and other functions including unallocated debt, along with a non-controlling interest in Dominion Privatization and the net impact of discontinued operations.

Virginia Power

A wholly owned subsidiary, incorporated in Virginia in 1909 as a Virginia public service corporation, and a regulated public utility that generates, transmits and distributes electricity in Virginia and North Carolina. In Virginia it trades as Dominion Energy Virginia and primarily serves retail customers. In North Carolina it trades as Dominion Energy North Carolina and serves retail customers in the north-eastern region of the state, excluding certain municipalities. It also sells and transmits electricity at wholesale to rural electric cooperatives, municipalities and into wholesale electricity markets. Dominion Energy owns all of its stock.

What was sold, and why the shape changed

Following a comprehensive business review concluded in March 2024, Dominion Energy agreed in September 2023 to sell all of its regulated gas distribution operations except those of Dominion Energy South Carolina to Enbridge. In September 2023 it also completed the sale of its remaining 50 percent non-controlling partnership interest in Cove Point to BHE, under an agreement entered into that July. The company states that it continues to focus on expanding and improving its regulated electric utilities and long-term contracted businesses while transitioning to a cleaner energy future.

The company states that it currently expects approximately 95 percent of earnings to come from state-regulated utility operations in Virginia, North Carolina and South Carolina, with the non-regulated operations consisting primarily of long-term contracted electric generation.

The capital plan

Dominion Energy has an approximately $65 billion capital expenditure plan for 2026 through 2030. The company states that it advances an all-of-the-above strategy through investments in zero-carbon and renewable generation, grid transformation, generation reliability, and transmission and distribution resiliency, to meet projected demand growth. The filing states that renewable generation facilities are expected to include significant investments in utility-scale solar and the CVOW Commercial Project.

Nuclear licences

The company has received licence extensions for its regulated nuclear power stations in Virginia and South Carolina, and states that it intends to apply for licence extensions for Millstone.

What the company says about its position

The filing describes Dominion Energy as one of the nation's leading developers and operators of regulated offshore wind and solar power, and as the largest producer of carbon-free electricity in New England. Its stated mission is to provide reliable, affordable and increasingly clean energy.

A filing note

Dominion Energy South Carolina is itself an SEC registrant, but its Form 10-K is filed separately rather than combined into this one. The figures disclosed for Dominion Energy are inclusive of Virginia Power where applicable.

From Dominion Energy's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 23 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue16,50614,45914,393+14.2%
Operating income4,4143,2473,414+35.9%
Operating margin26.7%22.5%23.7%
Pre-tax income3,6112,1952,732+64.5%
Income tax532411644+29.4%
Effective tax rate14.7%18.7%23.6%
Net income2,9982,0341,962+47.4%
Net margin18.2%14.1%13.6%
Diluted EPS$3.45$2.33$2.25+48.1%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow5,3615,0186,572+6.8%
Capital expenditure12,65312,42710,235+1.8%
Free cash flow-7,292-7,409-3,663
Free cash flow margin-44.2%-51.2%-25.4%
Cash from investing-12,969-3,183-7,207
Cash from financing7,586-1,771595
Depreciation and amortisation2,3872,3452,580+1.8%
Share-based compensation46.053.044.0-13.2%
Dividends paid2,2782,2392,233+1.7%
Dividend per share$2.67$2.67$2.670.0%
Diluted shares, weighted855m839m836m+1.9%
Shares outstanding at period end879m852m838m+3.2%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity29,08326,86327,529+8.3%
Non-controlling interest4,3342,9390.0+47.5%
Short-term borrowings2,4572,5003,956-1.7%
Debt46,33239,32040,206+17.8%
Operating lease liabilities697644627+8.2%
Finance lease liabilities436214203+103.7%
Other liabilities32,51829,93536,511+8.6%
Total liabilities and equity115,857102,415109,032+13.1%
Fixed assets78,96768,86258,780+14.7%
Goodwill4,1434,1434,1430.0%
Intangible assets1,6821,136945+48.1%
Investments9,6768,5507,538+13.2%
Cash and equivalents250310184-19.4%
Receivables2,5312,1692,251+16.7%
Inventory1,9571,7641,698+10.9%
Other assets16,65115,48133,493+7.6%
Total assets115,857102,415109,032+13.1%

10-K for the year ended 31 December 2025, filed 23 February 2026: the filing.