DMEDIUM SIGNALFINANCIAL10-K

Dominion Energy delivered solid operational performance with meaningfully higher net income and operating income driven by revenue growth of 14.2%.

The company demonstrated strong earnings leverage as operating income grew notably faster than revenue, indicating improved operational efficiency or favorable cost management. The substantial increase in total debt to $46.3B alongside asset growth suggests continued capital investment in the utility infrastructure, which is typical for regulated utilities expanding their rate base.

Comparing 2026-02-23 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

Dominion Energy showed robust financial performance with revenue growing 14.2% to $16.5B while net income expanded substantially to $3.0B, reflecting strong operational leverage. The company increased its asset base by 13.1% to $115.9B, funded partly through higher debt levels which rose 17.8% to $46.3B, consistent with typical utility capital investment patterns. Net interest income declined meaningfully to $3.0M, likely reflecting changing interest rate dynamics or debt portfolio adjustments.

FINANCIAL STATEMENT CHANGES
Net Interest Income
P&L
-62.5%
$8.0M→$3.0M

Net interest income declined 62.5% — margin compression from rate changes or funding cost increases.

Net Income
P&L
+41.1%
$2.1B→$3.0B

Net income grew 41.1% — bottom-line growth signals improving overall business health.

Operating Income
P&L
+35.9%
$3.2B→$4.4B

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Current Assets
Balance Sheet
+22%
$6.6B→$8.1B

Current assets grew 22% — improving short-term liquidity or inventory/receivables build.

Cash & Equivalents
Balance Sheet
-19.4%
$310.0M→$250.0M

Cash decreased 19.4% — monitor burn rate and upcoming capital needs.

Total Debt
Balance Sheet
+17.8%
$39.3B→$46.3B

Debt rose 17.8% — additional borrowing for investment or operations; monitor coverage ratios.

Accounts Receivable
Balance Sheet
+16.7%
$2.2B→$2.5B

Receivables grew 16.7% — monitor days sales outstanding for collection efficiency.

Revenue
P&L
+14.2%
$14.5B→$16.5B

Revenue growing 14.2% — solid top-line momentum, watch margins for quality of growth.

Total Liabilities
Balance Sheet
+14.1%
$72.2B→$82.4B

Liabilities increased 14.1% — monitor debt-to-equity ratio and interest coverage.

Total Assets
Balance Sheet
+13.1%
$102.4B→$115.9B

Asset base grew 13.1% — expansion through organic growth, acquisitions, or capital deployment.

LANGUAGE CHANGES
NEW — 2026-02-23
PRIOR — 2025-02-27
ADDED
had 878,785,631 shares of common stock outstanding and Virginia Electric and Power Company had 373,881 shares of common stock outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 43 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 158 9A.
001-08489 2027 Biennial Review Future Virginia Commission review of Virginia Power s earned return on base rate generation and distribution services for the two successive 12-month test periods beginning January 1, 2025 and ending December 31, 2026 and prospective rate base setting for the succeeding annual periods beginning January 1, 2028 and ending December 31, 2029 ABO Accumulated benefit obligation AEP The legal entity American Electric Power Company, Inc., one or more of its consolidated subsidiaries, or the entirety of American Electric Power Company, Inc.
and its consolidated entities Dodd-Frank Act The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 DOE U.S.
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REMOVED
had 852,050,458 shares of common stock outstanding and Virginia Electric and Power Company had 324,245 shares of common stock outstanding.
Management s Discussion and Analysis of Financial Condition and Results of Operations 53 7A.
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 203 9A.
001-08489 ABO Accumulated benefit obligation ACE Rule Affordable Clean Energy Rule AEP The legal entity American Electric Power Company, Inc., one or more of its consolidated subsidiaries, or the entirety of American Electric Power Company, Inc.
(formerly known as Dominion Energy Questar Pipeline Services, Inc.) DES Dominion Energy Services, Inc.
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