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.
At December 31, 2025 , Dominion Energy s portfolio of assets includes approximately 30.7 GW of electric generating capacity, 10,800 miles of electric transmission lines and 80,400 miles of electric distribution lines.
Its approximately $65 billion capital expenditure plan for 2026 through 2030 advances its all-of-the-above strategy through investments in zero-carbon and renewable generation, grid transformation, generation reliability and transmission and distribution resiliency to meet projected demand growth.
At December 31, 2025 , Dominion Energy had approximately 15,200 full-time employees, of which approximately 3,400 are subject to collective bargaining agreements, including approximately 6,700 full-time employees at Virginia Power, of which approximately 2,700 are subject to collective bargaining agreements.
In 2025 , Dominion Energy experienced an OSHA Recordable Rate of 0.26 compared to 0.42 in 2024 and 0.45 in 2023 .
These rates reflect Dominion Energy s dedication to safety when compared to a BLS Industry Average OSHA Recordable Rate of 1.9 in 2024 and 2.0 in 2023 .
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.
and its consolidated entities DETC Dominion Energy Terminal Company, Inc.
Dodd-Frank Act The Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 DOE U.S.
and its consolidated subsidiaries EnergySolutions EnergySolutions, LLC EPA U.S.
Nuclear Regulatory Commission NYSE New York Stock Exchange October 2014 hybrids Dominion Energy s 2014 Series A Enhanced Junior Subordinated Notes due 2054 ODEC Old Dominion Electric Cooperative Ohio Commission Public Utilities Commission of Ohio Order 1000 Order issued by FERC adopting requirements for electric transmission planning, cost allocation and development OSHA Recordable Rate Number of recordable cases, as defined by the Occupational Safety and Health Administration, a division of the U.S.
Summer nuclear power station Surry Surry nuclear power station Toshiba Toshiba Corporation, parent company of Westinghouse Toshiba settlement Settlement Agreement dated as of July 27, 2017, by and among Toshiba, DESC and Santee Cooper TSR Total shareholder return Ullico The legal entity, Ullico Inc., one or more of its consolidated subsidiaries, or the entirety of Ullico Inc.
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