Dominion Energy is a utility company providing electric utility services to approximately 4.1 million customers across Virginia, North Carolina, and South Carolina. The company operates a diverse portfolio of electric generation, transmission, and distribution assets, with a strategic focus on expanding regulated offshore wind and solar power. It aims to achieve net-zero emissions by 2050 through substantial investments in renewable energy and grid modernization.
Business segments
10-K
Dominion Energy VirginiaDominion Energy South CarolinaContracted Energy
Recent News
Loading news...
Earnings call: Q1 2026 2026
Intel
Free
May 02, 2026Confident
● Full transcript on file
Bob Blue (Chairman, President and Chief Executive Officer), Mark D. J. Webb (Executive Vice President and Chief Financial Officer)
Key metrics
The company reported quarterly earnings consistent with its regulated utility profile, with emphasis on adjusted EPS, capital spending, and progress on key infrastructure projects. Specific reported figures were not available in the provided search results.
Forward guidance
Dominion reiterated its full-year outlook for regulated earnings growth and emphasized continued capital investment in utility infrastructure. Management said the company remains focused on executing its rate-base plan, maintaining balance-sheet strength, and supporting dividend growth through the year.
Notable Q&A
No verified Q&A transcript was available in the provided search results, so specific analyst exchanges could not be confirmed.
Surprise items
No confirmed unexpected items were available in the provided search results.
Wall Street consensus — sourced weekly via public disclosures
Analyst coverage data sourced from public filings. Xavier analyst thesis summary available after weekly Perplexity scan completes.
Financial summary — Gemini analysis
Signal
Revenue
$16,506 million
14.2% YoY
Operating margin
26.7%
Net income
$2,998 million
Free cash flow
-$7,292 million
Dividend / share
$2.67
Total debt
$44,075 million
Cash: $250 million
CapEx guidance
$65.7 billion from 2026-2030, with annual ranges from $11.3 billion to $15.6 billion
Earnings quality:MEDIUM
Cash conversion:1.8x
Non-recurring items: Charges for costs not expected to be recovered from customers on the CVOW Commercial Project ($309 million after-tax impact to Dominion Energy), Net loss from discontinued operations including noncontrolling interests ($14 million)
Dominion Energy is trading within 1% of its 52-week high at $70.08, with the consensus analyst price target at $69.83 — meaning the stock is already trading above consensus. The pending all-stock NextEra Energy acquisition announced May 15, 2026 at ~$67 billion has pulled the stock toward fair deal value, but the deal faces multi-regulator approval hurdles (Virginia SCC, NC utilities commission, SC PSC, NRC) that introduce meaningful deal-break or delay risk. With forward P/E of ~18.4x on flat earnings growth, valuation is roughly fair but not cheap, and the upside is capped by deal mechanics.
Strongest bull case
The NextEra/Dominion all-stock merger creates a structural floor near deal terms; any re-rating of NEE upward would lift D's implied deal value, and the data-center-driven load growth in Virginia remains a compelling long-term earnings catalyst underpinning the deal's strategic logic.
Strongest bear case
The stock is already above the analyst consensus price target ($70.08 vs. $69.83), sitting within 0.7% of its 52-week high on roughly half normal volume (3.96M vs. 7.16M avg) — a classic low-conviction melt-up. The NEE all-stock deal introduces significant execution risk: approval is required from Virginia SCC, North Carolina, South Carolina, NRC, and both sets of shareholders, with the Virginia SCC historically granting below-ask rate outcomes and carrying political sensitivity around data-center cost allocation. A deal delay or adverse regulatory condition could send D back toward pre-deal levels in the mid-$60s.
What the market may be missing
The Virginia SCC just approved only 69% of Dominion's requested base rate increase and allowed a return on equity of only 9.8% vs. the 10.4% requested — a pattern of regulatory friction that could re-emerge during merger approval proceedings and potentially impose costly conditions. The market may be underweighting the probability that Virginia or South Carolina regulators attach onerous conditions to the NEE/D merger approval given heightened political sensitivity around data-center cost allocation and residential bill increases.
Chair, President and Chief Executive Officer · Dominion Energy Inc.
CEO since 2020
Total compensation
$16,037,850 ▲ 24.3% YoY
Prior year: $12,904,625
Pay vs performance
MODERATE
Board assessment
Say-on-pay approval
96%
Shareholder vote
Board independence
10/11 (91%)
Base salary$1,300,000
Bonus / incentive$0
Stock awards$9,309,830
CEO letter to shareholders
Signal
Full letter Pro
Robert M. Blue2025 Annual ReportOPTIMISTIC
Dear Fellow Investors,
At the start of 2025, I laid out our goals for the coming months: (1) consistent fulfillment of our financial commitments; (2) continued achievement of major construction milestones for our offshore energy project, Coastal Virginia Offshore Wind (CVOW); and (3) achievement of constructive regulatory outcomes that demonstrate our ability to work cooperatively with regulators and stakeholders to deliver results that benefit both customers and shareholders.
I'm pleased to report that we met those goals. Guided by our core values of safety, ethics, excellence, embrace change, and One Dominion Energy (our term for teamwork), we also built on the progress made in previous years, positioning the company for continued success in the years to come.
We stuck close to our mission: providing the reliable, affordable, and increasingly clean energy that powers our customers every day. We also sustained our focus on those priorities that define Dominion Energy: safety, investing in our people, and supporting the communities we serve.
When it comes to safety, 2025 should have been a year for celebration. We set a new record with a 0.26 OSHA recordable injury rate. Yet in March 2025, we experienced a profound loss with the passing of our colleague Gerald "Ryan" Barwick at a power generation facility in South Carolina. The best way we can honor his memory is to drive our injury rate to zero.
Meeting Financial Targets
Financially, we performed well delivering on our forecasts and retaining our strong credit profile. In 2025, the company reported $3.45 per share in earnings under Generally Accepted Accounting Principles (GAAP). Operating earnings came in at $3.42 per share, up 23% from the previous year. * Dominion Energy paid $2.67 per share in dividends on common stock, and we remain committed to that annual amount, subject to quarterly determination and declaration by the Board of Directors, until our payout ratio is more in line with that of our peers. In 2025, an investment in Dominion Energy common stock produced a total shareholder return of 13.9%.
* Earnings Under Generally Accepted Accounting Principles (GAAP, or reported earnings) in 2024 were $2.33 per share and operating (non-GAAP) earnings were $2.77 per share. See Appendix for Reconciliation of Reported to Operating Earnings.
Robert M. Blue Chair, President and Chief Executive Officer
Xavier analysis
The CEO expresses pleasure at meeting goals, celebrates record achievements, and frames challenges (like a tragic loss) as motivation for continued improvement, indicating a strongly positive outlook.
Floating · SOFR | Prime | NYFRB Rate | Federal Funds | Overnight Bank Funding Rate
Unsecured
Revolver$7,000,000,000
$7,000,000,000 SIXTH AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
Matures 2030-04-08 · Filed 2025-04-09
Floating · SOFR | Prime | NYFRB Rate
Unsecured. The main Revolving Loans are unsecured. Cash collateral is required for L/C Obligations under certain conditions (e.g., if L/Cs expire after maturity date or if a Lender becomes a Defaulting Lender).
Revolver
SUSTAINABILITY REVOLVING CREDIT AGREEMENT
Matures 2025-06-09 · Filed 2024-06-07
Credit$6,000,000,000
Fifth Amended and Restated Revolving Credit Agreement
For DEI: ≤ 0.675 to 1.00 (on a consolidated basis). For each of the other Borrowers: ≤ 0.65 to 1.00 (each on a consolidated basis).
Total Funded Debt / Capitalization
$7,000,000,000 SIXTH AMENDED AND RESTATED REVOLVIN
Maximum Total Funded Debt to Capitalization Ratio
≤ 0.675x
Total Funded Debt to Capitalization
SUSTAINABILITY REVOLVING CREDIT AGREEMENT
Total Funded Debt to Capitalization
For Dominion Energy, Inc. (DEI): ≤ 0.675x (on a consolidated basis); For Virginia Electric and Power Company (VaPower) and Dominion Energy South Carolina, Inc. (DESC): ≤ 0.65x (each on a consolidated basis)
Total Funded Debt to Capitalization
Fifth Amended and Restated Revolving Credit Agreem
Fifth Amended and Restated Revolving Credit Agreem
Total Funded Debt to Capitalization Ratio
≤ 0.675x
Total Funded Debt / Capitalization
364-DAY TERM LOAN CREDIT AGREEMENT
5 additional covenants on file
Cross-default risk
14 agreements contain cross-default provisions — a covenant breach on one facility may trigger default on others.
Xavier risk radar
Pro
Covenant headroom
Moderate leverage — no covenants on file
Earnings quality
MEDIUM (cash conversion 1.8x)
Risk trend
Risk increasing — Regulatory and project execution risks for large-scale infrastructure, particula
Mgmt narrative
Management tone: Cautiously optimistic
Analyst drift
Consensus Hold — watch for drift
Insider sentiment
Pattern detection — 90 days needed
Signal history
Signal
Date
Direction
Conf.
Agree.
Thesis
Price
Type
Jul 12, 2026
NEUTRAL
6.2/10
100%
Dominion Energy is trading within 1% of its 52-week high at $70.08, with the consensus analyst price...
$70.08
Sched.
Jul 11, 2026
NEUTRAL
5.8/10
100%
Dominion Energy is trading essentially at its 52-week high and slightly above consensus target, whic...
$70.08
Sched.
Jun 07, 2026
NEUTRAL
6.0/10
100%
Dominion is trading at ~$66.90, effectively at its Morningstar fair value floor (~$67.42 is the 1-st...
$66.90
Sched.
May 31, 2026
NEUTRAL
5.7/10
100%
Dominion is a pending M&A target — NextEra Energy announced a ~$67B all-stock acquisition — which ha...
$66.94
Sched.
May 24, 2026
NEUTRAL
6.4/10
100%
Dominion Energy looks roughly fairly valued at about 20x trailing earnings and is trading within rou...
$67.67
Sched.
May 17, 2026
NEUTRAL
5.6/10
100%
Dominion Energy is fairly valued at ~17.6x forward earnings against a 5–7% long-term EPS growth rate...
$61.73
Sched.
May 10, 2026
BULLISH
6.5/10
67%
Dominion Energy looks reasonably valued for a regulated utility at about 18x trailing earnings, but ...
$61.89
Sched.
May 03, 2026
NEUTRAL
6.3/10
100%
Dominion Energy screens as roughly fairly valued for a regulated utility at about 18.4x trailing ear...
$63.94
Sched.
Apr 12, 2026
BULLISH
6.6/10
75%
Dominion Energy is executing a $65 billion five-year capital plan — a 30% increase — driven by surgi...
$64.23
Sched.
Showing last 9 signals
DDominion Energy Inc.
Signal
FY2026 annual report (10-K filed 2026-02-23)
INCOME STATEMENT
?Revenue
$16,506 million14.2% YoY
Total revenue from electricity generation, transmission, and natural gas distribution. Up 14.2% from last year. Management has guided capital spending of $65.7 billion from 2026-2030, with annual ranges from $11.3 billion to $15.6 billion.
?Operating income
$4,414 million
What remains after subtracting all operating costs — salaries, materials, rent, R&D — from revenue. This is the profit from actually running the business, before interest and taxes. Operating margin is 26.7%, meaning 27 cents of every dollar of revenue becomes operating profit.
?Net income
$2,998 million
The bottom line — what the company actually earned after all expenses, interest, and taxes. This is the number that gets divided by shares outstanding to calculate earnings per share (EPS), which directly affects the stock price. Net margin is 12.4%. Note: results include non-recurring items (charges for costs not expected to be recovered from customers on the cvow commercial project ($309 million after-tax impact to dominion energy), net loss from discontinued operations including noncontrolling interests ($14 million)) that may not repeat.
?Free cash flow
-$7,292 million
Operating cash flow minus capital expenditure. This is the money available for dividends, share buybacks, debt repayment, or acquisitions. Free cash flow is what many professional investors consider the truest measure of financial health.
?EPS (diluted)
$0.69
Earnings per share — net income divided by total shares outstanding (including stock options and convertible bonds that could become shares). This is the single number most investors watch because it directly connects company profits to your ownership stake.
?Dividend per share
$2.67
Cash paid to shareholders each year for every share they own. Utilities are classic dividend stocks — regulated returns provide predictable, above-average yields.
BALANCE SHEET
?Total assets
$118.6B
Everything the company owns — cash, factories, equipment, patents, inventory, investments. Includes power plants, transmission lines, natural gas pipelines, and renewable energy facilities.
?Cash & equivalents
$250 million
Money available right now — bank accounts, money market funds, short-term government bonds. This is the company's financial cushion. More cash means more flexibility to invest, acquire, or survive a downturn without borrowing.
?Total debt
$44,075 million
All money the company owes — bonds, bank loans, credit facilities. Compare this to cash to understand the net debt position. The company holds $250 million in cash against this debt.
?Shares outstanding
879 million shares
Total number of shares that exist — owned by all investors, insiders, and institutions combined. When the company reports EPS, this is the denominator. Share buybacks reduce this number, which increases EPS even without earnings growth.
CASH FLOW
?Operating cash flow
$882M
Actual cash generated from running the business — not accounting profits, real money coming in the door. This is more trustworthy than net income because it's harder to manipulate. A company can report profits but still run out of cash.
?Interest expense
$561M
The cost of borrowing money — interest payments on bonds, loans, and credit facilities. Higher interest expense means more of the company's earnings go to lenders instead of shareholders.
?Interest coverage
3.6x
EBITDA divided by interest expense — how many times over the company can pay its interest bill from earnings. At 3.6x, coverage is adequate but watch closely. Lenders typically want to see at least 3-4x.
?Depreciation & amortization
$631M
A non-cash expense that spreads the cost of power generation facilities, transmission infrastructure, and renewable installations over their useful life. This reduces reported income but no cash actually leaves the company — that's why it gets added back to calculate EBITDA and operating cash flow.
EARNINGS QUALITY
?Accrual quality
MEDIUM
Measures how well reported earnings match actual cash generation. HIGH means earnings are backed by real cash. LOW means the company may be using accounting techniques to inflate reported numbers. Professional investors check this before trusting EPS.
?Cash conversion
1.8x
Operating cash flow divided by net income. Above 1.0x means the company generates more cash than it reports in profits — a sign of high-quality earnings. At 1.8x, the company is generating significantly more cash than reported profits — very healthy.
?Non-recurring items
2 identified
One-time items that affect the bottom line but won't repeat: charges for costs not expected to be recovered from customers on the cvow commercial project ($309 million after-tax impact to dominion energy), net loss from discontinued operations including noncontrolling interests ($14 million). When evaluating the company's true earning power, investors strip these out to see what the business earns on a normal basis.
?Management tone
Cautious Optimistic
How management sounds in their SEC filings — are they confident, cautious, or defensive? This is analyzed from the actual language used in the 10-K annual report. A shift in tone from prior years can signal changing conditions before the numbers reflect it.
?Top risk factor
Increasing
Regulatory and project execution risks for large-scale infrastructure, particularly the CVOW Commercial Project, due to significant capital and regulatory approval dependencies. Risk trend: increasing. This is the single biggest threat to the company's future earnings as identified in their SEC filing.
Click any row to expand the plain-English explanation. Source: SEC EDGAR XBRL filings.
Capital intelligence
Signal
Weighted Average Cost of Capital · Return on Invested Capital · Economic Value Added
ROIC
4.68%
WACC
4.94%
🟡 NEUTRAL — EVA Spread: -0.26%
?WACC
4.94%
Weighted Average Cost of Capital — the minimum return Dominion Energy Inc. must earn on its investments to satisfy both debt holders and shareholders. Computed from a 58.73% equity / 41.27% debt capital structure. If the company earns less than 4.94% on its invested capital, it is destroying shareholder value.
?Cost of equity
7.75%
The return shareholders demand for holding D stock instead of a risk-free Treasury bond. Computed using the Capital Asset Pricing Model: Risk-Free Rate (4.25%) + Beta (0.64) × Equity Risk Premium (5.50%). A beta of 0.64 means D is less volatile than the overall market.
?Cost of debt (after-tax)
0.95%
What Dominion Energy Inc. effectively pays on its borrowed money after the tax deduction on interest. Interest is tax-deductible, so the true cost is lower than the stated rate. Effective tax rate used: 25.54%.
?Capital structure
E: 58.73% / D: 41.27%
How Dominion Energy Inc. finances its operations — the split between equity (stock market value: $62.7B) and debt (total borrowings: $44.1B). More debt means more leverage — higher potential returns but higher risk.
?ROIC
4.68%
Return on Invested Capital — how efficiently Dominion Energy Inc. turns its total invested capital into after-tax operating profit. NOPAT ($3.4B) ÷ Invested Capital ($72.9B). This is below WACC, meaning the company is not earning enough to cover its cost of capital.
?EVA
-$188M
Economic Value Added — the dollar amount of value Dominion Energy Inc. created (or destroyed) above its cost of capital. NOPAT ($3.4B) minus the capital charge (Invested Capital × WACC = $3.6B). Negative EVA means the company would create more value by returning capital to shareholders.
?NOPAT
$3.4B
Net Operating Profit After Tax — operating income adjusted for taxes, ignoring how the company is financed. Operating Income ($4.6B) × (1 - Tax Rate 25.54%). This isolates the company's core business profitability from its financing decisions.
Xavier consensus signals are intelligence outputs, not investment advice. All signals are generated by a multi-model AI system and reflect public information at time of generation. Past signal accuracy does not guarantee future performance. Wall Street analyst consensus sourced from public disclosures, summarized weekly. Financial data sourced from SEC EDGAR and yfinance. Insider transactions sourced from SEC EDGAR Form 4 filings. Updated Jul 12, 2026.