Dominion Energy (D) FY2025 10-K Annual Report
Dominion Energy (D) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 23, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Dominion Energy FY2025 10-K Analysis
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
Dominion Energy FY2025 Key Financial MetricsXBRL
Revenue
$16.5B
▲ +16.5% YoY
Net Income
$3.0B
▲ +41.1% YoY
Operating Margin
26.7%
▲ +382bp YoY
Net Margin
18.1%
▲ +317bp YoY
ROE
10.3%
▲ +251bp YoY
Total Assets
$115.9B
▲ +13.1% YoY
EPS (Diluted)
$3.45
▲ +41.4% YoY
Operating Cash Flow
$5.4B
▲ +6.8% YoY
Source: XBRL data from Dominion Energy FY2025 10-K filing on SEC EDGAR. All figures in USD.
Other Dominion Energy Annual Reports
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