NYSE:D
DOMINION ENERGY, INC
A diversified energy infrastructure giant delivering stable utility services and growing renewable assets to millions of customers across the southeastern United States.
Key Metrics
Investment Thesis
Bull Case
The stock offers an attractive yield supported by a history of consistent dividend growth and the stability of regulated utility cash flows that provide downside protection during market volatility. Long-term growth is driven by strategic renewable acquisitions and nuclear life extensions, positioning the company to meet decarbonization goals while maintaining reliable returns for shareholders.
Bear Case
The business faces significant headwinds from high capital expenditure requirements totaling over $13B annually which could strain cash flows if regulatory returns are not maintained. Additionally, the heavy debt profile with long-term liabilities of $72B and recent net change in cash outflows creates liquidity sensitivity during periods of rising interest rates or economic downturns.
About DOMINION ENERGY, INC
Dominion Energy, Inc. (NYSE: D) is a leading energy infrastructure company providing reliable electricity, natural gas, and renewable power to millions of customers across the United States. The company operates through regulated electric and gas utility segments as well as competitive power generation businesses, serving residential, commercial, and industrial markets in key regions like Virginia, North Carolina, and Florida.
Analysis
Management Discussion
Recent financial performance shows resilience with revenue recovering to $16.51B in 2025 after a dip in prior years, while net income improved significantly to $3.06B compared to roughly $2B in previous periods. Strong operating cash flow of $5.36B and substantial financing cash inflows support robust dividend payments of $2.28B, though heavy investing outflows of $12.97B reflect ongoing infrastructure capital expenditures necessary for grid upgrades.
Industry Overview
The utility industry is transitioning towards a cleaner energy grid while maintaining essential infrastructure reliability, creating a mixed landscape of stable regulated returns and competitive market opportunities. Dominant players like Dominion Energy are navigating this shift through substantial investments in solar, wind, and battery storage to meet evolving customer demand for sustainable power.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $17.17B | $14.39B | $14.46B | $16.51B |
| Cost of Revenue | $0 | $0 | $0 | $0 |
| Gross Profit | $17.17B | $14.39B | $14.46B | $16.51B |
| Operating Expenses | $15.58B | $10.98B | $11.21B | $12.09B |
| Operating Income | $1.60B | $3.41B | $3.25B | $4.41B |
| Stock-Based Comp | $36.0M | $44.0M | $53.0M | $46.0M |
| D&A | $2.83B | $2.58B | $2.35B | $2.39B |
| Amortization | $115.0M | $160.0M | — | — |
| Non-Operating Income | $-543.0M | $-682.0M | $-1.06B | $-803.0M |
| Interest Income | $117.0M | $107.0M | $125.0M | $139.0M |
| Pre-Tax Income | $1.05B | $2.73B | $2.18B | $3.61B |
| Income Tax | $68.0M | $575.0M | $308.0M | $532.0M |
| Continuing Ops | $985.0M | $2.16B | $1.87B | $3.08B |
| Discontinued Ops | $9.0M | $-163.0M | $197.0M | $-14.0M |
| Net Income | $994.0M | $1.99B | $2.07B | $3.06B |
| Minority Interest | $0 | $0 | $-53.0M | $67.0M |
| Net to Common | $994.0M | $1.99B | $2.12B | $3.00B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $9.85B | $25.39B | $6.61B | $8.07B |
| Cash & Equivalents | $153.0M | $184.0M | $310.0M | $250.0M |
| Accounts Receivable | $2.95B | $2.25B | $2.17B | $2.53B |
| Other Current Assets | $6.75B | $22.95B | $4.13B | $5.29B |
| Long-Term Assets | $94.39B | $83.64B | $95.80B | $107.79B |
| PP&E (Net) | $63.46B | $58.78B | $68.86B | $78.97B |
| Intangibles | $868.0M | $945.0M | $1.14B | $1.68B |
| Goodwill | $7.29B | $4.14B | $4.14B | $4.14B |
| Operating Leases | $415.0M | $578.0M | $588.0M | $639.0M |
| LT Investments | $9.36B | $7.54B | $8.55B | $9.68B |
| Other LT Assets | $9.98B | $11.39B | $12.38B | $12.55B |
| Total Assets | $104.24B | $109.03B | $102.42B | $115.86B |
| Current Liabilities | $13.45B | $24.48B | $9.29B | $10.44B |
| Accounts Payable | $1.82B | $921.0M | $1.15B | $1.34B |
| Current Leases | $39.0M | $36.0M | $36.0M | $39.0M |
| Other Current Liab | $10.39B | $22.44B | $7.06B | $7.82B |
| Long-Term Liabilities | $62.91B | $57.03B | $62.93B | $72.00B |
| LT Operating Leases | $514.0M | $627.0M | $644.0M | $697.0M |
| Other LT Liab | $62.40B | $55.95B | $62.29B | $71.30B |
| Total Liabilities | $76.36B | $81.50B | $72.22B | $82.44B |
| Shareholders' Equity | $27.88B | $27.53B | $30.19B | $33.42B |
| Retained Earnings | $4.07B | $3.52B | $2.04B | $2.32B |
| AOCI | $-1.57B | $-1.51B | $-156.0M | $-118.0M |
| Total L&E | $104.24B | $109.03B | $102.42B | $115.86B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $994.0M | $1.99B | $2.07B | $3.06B |
| Non-Cash Adjustments | $-1.03B | $5.74B | $4.01B | $1.40B |
| Working Capital Changes | $3.74B | $-1.16B | $-1.07B | $901.0M |
| Cash from Operations | $3.70B | $6.57B | $5.02B | $5.36B |
| Cash from Investing | $-6.75B | $-7.21B | $-3.18B | $-12.97B |
| Debt Issuances | $4.96B | $3.31B | $5.99B | $8.90B |
| Debt Repayments | $1.39B | $5.67B | $2.74B | $1.72B |
| Dividends Paid | $2.21B | $2.23B | $2.24B | $2.28B |
| Cash from Financing | $2.98B | $595.0M | $-1.77B | $7.59B |
| FX Effect | $0 | $0 | $0 | $0 |
| Net Change in Cash | $-67.0M | $-40.0M | $64.0M | $-22.0M |
| Beginning Cash | $408.0M | $341.0M | $301.0M | $365.0M |
| Ending Cash | $341.0M | $301.0M | $365.0M | $343.0M |
Frequently Asked Questions
How does DOMINION ENERGY, INC make money?
The company's revenue is primarily driven by its Regulated Electric segment serving residential and commercial ratepayers in Virginia, North Carolina, and South Carolina; the Regulated Gas segment distributing natural gas in Pennsylvania, Ohio, West Virginia, Florida, and Maryland; and its Competitive Generation business selling wholesale electricity and providing power marketing services to balance grid fluctuations.
What are the main risks for D?
Investors should monitor regulatory rate case outcomes that could impact dividend sustainability, exposure to extreme weather events affecting infrastructure assets and insurance costs, volatility in wholesale electricity markets impacting competitive segment margins, and the capital intensity required for grid modernization and decarbonization transitions.
What is D's competitive advantage?
Dominion Energy benefits from strong regulated utility franchises with guaranteed returns on capital investment, a diverse generation mix including nuclear and renewables that provides stable baseload and green energy growth, and significant scale advantages in distribution networks that lower per-unit delivery costs while ensuring high reliability ratings.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.