Short answer
Dominion Energy (D) filed its fiscal 2025 10-K annual report with the SEC on Feb 23, 2026. It reported revenue of $16.5B (+16.5% year over year) and net income of $3.0B.
- Top risk flagged: CVOW Commercial Project cost recovery capped: no sharing for costs between $11.3B–$13.7B, full exposure above $13.7B
FY2025 key financial metrics · XBRL
- Revenue
- $16.5B
- +16.5% YoY
- Net income
- $3.0B
- +41.1% YoY
- Operating margin
- 26.7%
- +3.8 pp YoY
- EPS (diluted)
- $3.45
- +41.4% YoY
- ROE
- 10.3%
- +2.5 pp YoY
- Operating cash flow
- $5.4B
- +6.8% YoY
Source: XBRL data from the Dominion Energy (D) FY2025 10-K on SEC EDGAR. USD.
Dominion Energy FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Regulated electric utility focused on ~4.1M customers in VA/NC/SC; ~95% of earnings from state-regulated operations; $65B capex plan 2026–2030
- CVOW Commercial Project 2.6 GW offshore wind progressing; estimated total cost ~$11.5B (up from prior estimate) including $0.6B tariff impact; ~$9.3B incurred through Dec 2025
- Full exit from regulated gas distribution complete: sold East Ohio ($4.3B), Questar Gas ($3.0B), and PSNC ($2.0B) to Enbridge across 2024; now purely electric-focused
- Data centers now 28% of Virginia Power electricity sales in 2025 vs 26% in 2024; PJM projects 5.4% average peak annual load growth over next 10 years for DOM Zone
- OSHA Recordable Rate fell sharply to 0.26 in 2025 from 0.42 in 2024, vs BLS industry average of 1.9
Management Discussion & Analysis
- Revenue $16.5B in 2025, up 14% YoY (+$2.05B); driven by $764M higher rider recoveries, $582M higher fuel-related revenue, $183M stronger retail electric sales
- Net income $2.998B (diluted EPS $3.45), up 47% vs $2.034B in 2024; no operating margin % explicitly disclosed in filing
- Best segment: Dominion Energy Virginia net income $2.325B ($2.72 EPS) vs $2.011B prior year; worst: Corporate & Other net loss $(300)M, improved from $(734)M loss in 2024
- Operating cash flow $5.361B (up $343M YoY); $8.675B long-term debt issued in 2025; $64.7B capex plan announced for 2026–2030; annual dividend held flat at $2.67/share; no share buybacks planned for 2026
- 2026 EPS growth guided higher driven by utility growth projects and absence of CVOW cost charges; key risks include CVOW tariff exposure (~$0.6B), BOEM work suspension, IRA tax credit phase-outs post-2027, and data center demand concentration in Loudoun County
Risk Factors
- CVOW Commercial Project cost recovery capped: no sharing for costs between $11.3B–$13.7B, full exposure above $13.7B
- BOEM Director's Order (Dec 2025) suspended CVOW work; preliminary injunction granted Jan 2026, but future suspensions risk further cost/timeline overruns
- CVOW fixed-price contracts denominated in Euros/Danish kroner; forward hedges notional ~€3.2B, counterparty default leaves full FX exposure
- FERC April 2024 order changed PJM capacity market calculations, reducing eligible capacity and potentially cutting generation revenue
- Virginia biennial ROE review under Regulation Act may require refunds to customers, reducing earnings in the recognition period
Generated from the filing text; verify against the original. How to read a 10-K
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