D

Utilities

Dominion Energy

Price Chart

Market Data

Financials

XBRL · SEC EDGAR

2007–2025(19yr)

Revenue

Net Income

Free CF

Metric	FY 2007	FY 2008	FY 2009	FY 2010	FY 2011	FY 2012	FY 2013	FY 2014	FY 2015	FY 2016	FY 2017	FY 2018	FY 2019	FY 2020	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025Latest	YoY
Revenue	$14.8B	$16.3B	$14.8B	$15.2B	$13.8B	$12.8B	$13.1B	$12.4B	$11.7B	$11.7B	$12.6B	$13.4B	$16.6B	$14.2B	$14.0B	$17.2B	$14.4B	$14.5B	$16.5B	+14.2%
Operating Income	$5.6B	$3.6B	$2.6B	$5.7B	$2.9B	$1.2B	$3.3B	$2.7B	$3.5B	$3.6B	$4.1B	$3.6B	$2.5B	$2.1B	$3.0B	$1.6B	$3.4B	$3.2B	$4.4B	+35.9%
Operating Margin	37.6%	22.3%	17.4%	37.5%	20.8%	9.0%	25.3%	21.9%	30.3%	30.9%	32.8%	26.9%	15.2%	14.5%	21.6%	9.3%	23.7%	22.5%	26.7%	+4.3pp
Net Income	$2.5B	$1.8B	$1.3B	$2.8B	$1.4B	$302.0M	$1.7B	$1.3B	$1.9B	$2.1B	$3.0B	$2.4B	$1.4B	-$401.0M	$3.3B	$994.0M	$2.0B	$2.1B	$3.0B	+41.1%
Net Margin	17.1%	11.3%	8.7%	18.5%	10.2%	2.4%	12.9%	10.5%	16.3%	18.1%	23.8%	18.3%	8.2%	-2.8%	23.5%	5.8%	13.9%	14.7%	18.2%	+3.5pp
Free Cash Flow	-$2.4B	-$639.0M	-$51.0M	-$1.6B	-$669.0M	-$8.0M	-$671.0M	-$1.9B	-$1.1B	-$2.0B	-$955.0M	$519.0M	$224.0M	—	—	—	—	—	—	—
FCF Margin	-16.2%	-3.9%	-0.3%	-10.5%	-4.9%	-0.1%	-5.1%	-15.3%	-9.4%	-16.7%	-7.6%	3.9%	1.4%	—	—	—	—	—	—	—
EPS (Diluted)	$3.88	$3.16	$2.17	$4.76	$2.45	$0.53	$2.93	$2.24	$3.20	$3.44	$4.72	$3.74	$1.62	$-0.57	$3.98	$1.09	$2.29	$2.44	$3.45	+41.4%

Total Debt$46.3B

Cash & Equiv.$250.0M

Net Debt$46.1B

3 min read

1. THE BIG PICTURE

Dominion Energy is transforming into a high-growth regulated utility by tethering its $65 billion capital plan to the massive power needs of Virginia's data centers. While its 95% regulated earnings profile suggests stability, the sheer scale of its infrastructure build-out—specifically the uncapped financial exposure of its offshore wind project—makes it a high-stakes bet on engineering and regulatory execution.

2. WHERE THE RISKS HIT HARDEST

The "all-of-the-above" strategy (10-K Item 1) is threatened by the CVOW Commercial Project construction risk because Virginia regulators have barred recovery for costs exceeding $13.7 billion (Risks). Any delays or tariff-driven price hikes above this ceiling will directly impair Dominion Energy’s financial condition rather than being passed to ratepayers. Additionally, the focus on data center growth in Loudoun County (Competitive Position) is vulnerable to regulatory rate setting because the Virginia Commission’s biennial reviews can mandate refunds to customers if returns are deemed excessive, potentially capping the upside of that demand surge (Risks).

3. WHAT THE NUMBERS SAY TOGETHER

Dominion Energy leads its peer group in revenue growth at 14.2%, yet it trades at a discount to the peer median Forward P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations (16.4x vs. 19.3x). This disconnect suggests the market is skeptical of the transition's cost. While Q4 2025 operating earnings rose to $0.68 per share from $0.58 a year prior, the "Corporate and Other" segment loss widened to -$166 million (8-K), indicating that the cost of financing this expansion is weighing on the bottom line. Short interest stands at 3.5% of the float with 5 days to cover (Supplemental Signals), reflecting a moderate level of bearish sentiment regarding these execution hurdles.

4. IS IT WORTH IT AT THIS PRICE?

At 16.4x Forward P/EP/EPrice-to-Earnings ratio — share price divided by annual earnings per share; how much investors pay per dollar of profit. Higher P/E = higher growth expectations, the market is pricing in ~2.1% long-term growth (CAPM analysis). This appears conservative given management’s guidance of 5% to 7% annual operating EPSEPSEarnings Per Share — the company's net profit divided by its share count; the most common per-share profitability metric growth through 2030 (8-K). Dominion Energy's 4.2% dividend yield is the highest among its peers (XBRL), providing a significant income cushion while investors wait for the CVOW project to come online in late 2026. However, the 15% discount to the peer median is a direct reflection of the CVOW cost-recovery risk; if growth were to slow to the market-implied 2.0%, the justified multiple would remain near 16.2x (CAPM analysis). The current price is only "right" if Dominion Energy can hit the upper half of its growth range in 2028-2030 as management expects (8-K).

5. WHAT WOULD CHANGE THIS VIEW?

Cautious if CVOW construction costs exceed the $13.7 billion threshold, as this would trigger unrecoverable losses (Risks).
Constructive if the Virginia Commission approves higher-than-expected returns during the next biennial review, validating the "modified cost-of-service" model (Competitive Position).
Cautious if long-term operating EPSEPSEarnings Per Share — the company's net profit divided by its share count; the most common per-share profitability metric growth falls below the 5% floor of management's guidance range (8-K).

6. BOTTOM LINE

Structural Advantage: A massive regulated infrastructure footprint in the world's densest data center market, protected by a cost-of-service regulatory model.

Bottom Line: Dominion Energy offers a rare combination of sector-leading growth and high yield, provided it can navigate the fixed-price risks of its massive offshore wind build-out.

Source: Synthesis · LLM Analysis

4 min read

1. Top 5 Material Risks

CVOW Commercial Project Construction: The project is subject to significant cost increases and delays. Under a Virginia Commission order, Virginia Power has no recovery mechanism for total construction costs exceeding $13.7 billion, and recovery for costs between $11.3 billion and $13.7 billion is limited.
Regulatory Rate Setting: Dominion Energy’s profitability depends on state and federal regulatory agencies approving rates that allow for cost recovery and a reasonable return on capital. Adverse changes in FERC policy or Virginia Commission biennial reviews—which can mandate refunds to customers—directly impact results of operations and cash flows.
Net Zero Emissions Commitment: Achieving net zero carbon and methane emissions by 2050 requires significant financing and reliance on technologies not yet in commercial development. Failure to meet these goals or obtain regulatory approval for related infrastructure costs could render existing generation assets uneconomical and lead to asset impairments.
Cybersecurity Threats: As an owner of critical infrastructure, Dominion Energy is a target for sophisticated cyber attacks. A successful breach could disrupt operations, prevent revenue collection, result in significant repair expenses, and lead to litigation or regulatory fines not fully covered by insurance.
Environmental Compliance: Dominion Energy faces extensive and evolving environmental regulations, including those governing coal ash (CCR) management. Compliance requires significant capital expenditures and operating expenses, and failure to comply or the discovery of environmental impacts could lead to substantial remediation costs and penalties.

2. Company-Specific Risks

Partnership Funding and Control: Dominion Energy conducts operations like the CVOW Commercial Project through partnerships (e.g., with Stonepeak). Disputes with partners or the inability of a partner to fund their share of capital requirements could delay projects or negatively impact Dominion Energy’s financial position.
Nuclear Generation Exposure: Dominion Energy owns and operates nuclear units subject to NRC regulation. A major incident or revised safety requirements could force unit shutdowns or require substantial expenditures, while decommissioning trust funds may prove insufficient to cover future costs.
Data Center Demand Concentration: A significant portion of demand growth is concentrated in Loudoun County, Virginia, due to data centers. While this drives growth, it necessitates rapid infrastructure expansion, which is subject to regulatory and construction risks outside of Dominion Energy’s control.
Currency and Commodity Volatility: Dominion Energy is exposed to foreign currency risk regarding fixed-price contracts for offshore construction (denominated in Euros and Danish kroner) and price volatility in wholesale electricity and nuclear fuel markets.

3. Regulatory/Legal Risks

FERC Wholesale Market Design: FERC actions regarding PJM capacity market rules, such as the April 2024 order changing how capacity value is calculated, can decrease recognized capacity and adversely impact revenue calculations.
Virginia Regulation Act: Virginia Power is subject to biennial reviews of its earned return on equity (ROEROEReturn on Equity — net income as a percentage of shareholder equity; how efficiently a company uses the capital investors have put in). If earnings exceed authorized levels, Dominion Energy may be required to refund earnings to customers and reduce future rates.
Coal Ash (CCR) Regulations: The EPA’s May 2024 final rule regulates inactive surface impoundments at retired generation stations. Dominion Energy has identified up to 19 locations, including 12 at Virginia Power, that may be subject to these requirements, necessitating additional capital and maintenance spending.
Legal Proceedings: Dominion Energy remains subject to potential legal proceedings and investigations, such as those previously experienced regarding the SCANA Combination and the NND Project, where defense costs were substantial.

4. Financial Impact Map

CVOW Commercial Project Construction → Results of Operations and Cash Flows → No recovery mechanism for costs exceeding $13.7 billion.
Regulatory Rate Setting → Results of Operations and Cash Flows → Potential for rate reductions and customer refunds following biennial reviews.
Net Zero Emissions Commitment → Asset Impairment / Results of Operations → Potential for existing generation facilities to be rendered uneconomical.
Cybersecurity Threats → Operating and Maintenance Expenses → Significant expenses to investigate and repair breaches, potentially exceeding insurance coverage.
Environmental Compliance → Capital Expenditures / Operating and Maintenance Expenses → Significant ongoing costs for permitting, monitoring, and CCR impoundment closure.

Source: 10-K Item 1A · LLM Analysis

Recent Filings

Form	Filed	Period
8-K	Feb 2026	—
10-K	Feb 2026	Dec 2025
10-Q	Oct 2025	Sep 2025