Dominion faces a structural free cash flow deficit, often exceeding $1.0 billion per quarter, as consistent $3.0 billion quarterly capital expenditures continue to outpace internal cash generation capabilities.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 5.06B | 5.36B | 5.02B | 6.57B | 3.7B | 4.04B | 5.23B | 5.2B | 4.77B | 4.5B | 4.13B | 4.47B | 3.44B | 3.43B | 4.14B | 2.98B | 1.82B | 3.79B | 2.66B | -246M | 4B | 2.62B | 2.77B | 2.35B | 2.45B | 2.41B | 1.34B | 1.25B | 1.21B | 1.26B | 1.03B |
| Operating CF Growth % | 100.48% | 6.84% | -23.65% | 77.62% | -8.35% | -22.77% | 0.44% | 9.03% | 6.02% | 9.09% | -7.78% | 30.13% | 0.17% | -17.02% | 38.69% | 63.45% | -51.8% | 42.38% | 1180.89% | -106.14% | 52.69% | -5.31% | 17.62% | -3.8% | 1.41% | 79.75% | 7.01% | 3.99% | -4.39% | 22.28% | -11.88% |
| Operating CF / Revenue % | 29% | 32.48% | 34.71% | 45.66% | 26.55% | 35.35% | 36.88% | 36.14% | 42.62% | 35.77% | 35.16% | 38.3% | 27.65% | 26.17% | 32.23% | 21.67% | 12.23% | 25.58% | 16.73% | -1.57% | 24.58% | 14.73% | 19.8% | 19.5% | 23.96% | 22.86% | 14.53% | 22.74% | 19.85% | 17.38% | 21.44% |
| Net Income | 2.35B | 3.06B | 1.93B | 2.16B | 427M | 2.65B | 1.48B | 642M | 2.45B | 3B | 2.12B | 1.9B | 1.31B | 1.79B | 1.43B | 1.47B | 2.96B | 1.29B | 1.84B | 2.71B | 1.56B | 1.05B | 1.26B | 318M | 1.36B | 544M | 415M | 551M | 535.6M | 399.2M | 472.1M |
| Depreciation & Amortization | 2.73B | 2.68B | 2.35B | 2.58B | 3.11B | 2.77B | 2.84B | 2.98B | 2.28B | 2.2B | 1.85B | 1.67B | 1.56B | 1.39B | 1.44B | 1.29B | 1.26B | 1.32B | 1.19B | 1.53B | 1.74B | 1.54B | 1.43B | 0 | 1.38B | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 1.26B | 1.06B | -334M | 1.44B | 141M | 487M | -324M | 216M | 517M | -3M | 725M | 854M | 449M | 737M | 246M | 756M | 682M | -494M | 269M | -1.28B | 510M | 64M | 554M | 452M | 714M | 241M | 22M | 64M | 22.5M | 13.8M | 84.1M |
| Other Non-Cash Items | -861M | 224M | 556M | 365M | 3.35B | 309M | 2.03B | 2.25B | -230M | 78M | -84M | -42M | 462M | -277M | 595M | 39M | -3.26B | 1.14B | 340M | -3.22B | 0 | 301M | -50M | 2.04B | -204M | 1.75B | 1.26B | 707M | 532.8M | 867M | 595M |
| Working Capital Changes | -1.27B | -1.67B | 524M | 34M | -3.34B | -2.17B | -796M | -886M | -241M | -774M | -486M | 95M | -342M | -206M | 426M | -566M | 181M | 531M | -977M | 21M | 193M | -327M | -431M | -452M | -811M | -118M | -350M | -67M | 115.9M | -17.8M | -119M |
| Capital Expenditures | -9.43B | -12.64B | -12.43B | -10.23B | -7.76B | -6.06B | -6.33B | -5.32B | -4.41B | -5.91B | -10.7B | -5.99B | -5.55B | -4.1B | -4.14B | -3.65B | -3.42B | -3.84B | -3.55B | 10.19B | -4.05B | -3.36B | -2.75B | -3.44B | -2.83B | -4.19B | -1.74B | -1.54B | -703.7M | -2.88B | -1.29B |
| CapEx / Revenue % | 54.03% | 76.58% | 85.95% | 71.11% | 55.66% | 53.08% | 44.67% | 36.95% | 39.33% | 46.95% | 91.19% | 51.3% | 44.64% | 31.28% | 32.29% | 26.53% | 22.92% | 25.93% | 22.36% | 65.02% | 24.86% | 18.86% | 19.66% | 28.46% | 27.68% | 39.71% | 18.8% | 27.93% | 11.57% | 39.66% | 26.85% |
| CapEx / D&A | 3.45x | 4.71x | 5.30x | 3.97x | 2.49x | 2.19x | 2.23x | 1.79x | 1.93x | 2.68x | 5.79x | 3.59x | 3.56x | 2.95x | 2.87x | 2.84x | 2.72x | 2.91x | 2.98x | 6.65x | 2.33x | 2.18x | 1.92x | - | 2.05x | - | - | - | - | - | - |
| CapEx Coverage (OCF/CapEx) | 0.54x | 0.42x | 0.40x | 0.64x | 0.48x | 0.67x | 0.83x | 0.98x | 1.08x | 0.76x | 0.39x | 0.75x | 0.62x | 0.84x | 1.00x | 0.82x | 0.53x | 0.99x | 0.75x | -0.02x | 0.99x | 0.78x | 1.01x | 0.68x | 0.87x | 0.58x | 0.77x | 0.81x | 1.71x | 0.44x | 0.80x |
| Cash from Investing | -12.83B | -12.97B | -3.18B | -7.21B | -6.75B | -6.25B | -2.92B | -4.62B | -2.36B | -5.94B | -10.7B | -6.5B | -5.18B | -4.38B | -3.84B | -3.32B | 419M | -3.69B | -3.49B | 10.19B | -3.49B | -3.36B | -1.22B | -3.37B | -3.96B | -4.19B | -2.6B | -1.54B | -649.5M | -2.88B | -1.29B |
| Acquisitions | -12M | -12M | 35M | 3.34B | 727M | 495M | 0 | 0 | 0 | 0 | -4.38B | -497M | 272M | -298M | 115M | 0 | 4.19B | 0 | 322M | 14.23B | 302M | -282M | 729M | 0 | -410M | -2.21B | -2.78B | -324M | -469.5M | -2.1B | -290.7M |
| Purchase of Investments | -10.52B | -10.59B | -3.23B | -3.26B | -3.11B | -4.96B | -4.71B | -1.96B | -2.32B | -2.31B | -1.5B | -1.33B | -1.24B | -1.49B | -1.39B | -1.82B | -3.25B | -1.55B | -1.73B | -1.35B | -1.2B | -854M | -490M | -777M | 0 | -104M | -235M | -53M | -143.4M | -8.5M | -351.3M |
| Sale of Investments | 10.34B | 10.49B | 3.2B | 2.97B | 3.55B | 5.67B | 8.11B | 2.16B | 4.22B | 2.11B | 1.42B | 1.34B | 1.24B | 1.5B | 1.46B | 1.76B | 2.81B | 1.48B | 1.39B | 1.28B | 1.11B | 771M | 466M | 0 | 54M | 30M | 137M | 35M | 70M | 127.7M | 0 |
| Other Investing | -3.21B | -217M | 9.24B | -23M | -158M | -1.39B | 12M | 498M | 150M | 171M | -115M | -27M | 104M | 13M | 118M | 398M | 85M | 218M | 79M | 6M | 342M | 363M | 830M | 842M | -776M | 264M | 2.02B | -396M | 597.1M | -127.7M | -166.7M |
| Cash from Financing | 7.78B | 7.59B | -1.77B | 595M | 2.98B | 2.37B | -2.33B | -704M | -2.21B | 1.3B | 6.23B | 2.32B | 1.74B | 1.02B | -151M | 378M | -2.23B | -112M | 615M | -9.8B | -515M | 522M | -1.32B | 853M | 1.32B | 1.91B | 1.33B | 141M | -453.3M | 1.83B | 304.6M |
| Dividends Paid | -2.3B | -2.28B | -2.24B | -2.23B | -2.21B | -2.04B | -2.87B | -2.98B | -2.19B | -1.93B | -1.73B | -1.54B | -1.41B | -1.32B | -1.23B | -1.15B | -1.09B | -1.06B | -916M | -931M | -970M | -923M | -861M | -825M | -723M | -649M | -615M | -493M | -504.2M | -478M | -460.1M |
| Dividend Payout Ratio % | - | 75.98% | 105.41% | 109.95% | 185.47% | 59.9% | - | 219.66% | 89.29% | 64.39% | 81.35% | 80.88% | 106.72% | 76.72% | 400.33% | 80.18% | 38.32% | 80.73% | 49.95% | 36.67% | 70.29% | 89.35% | 68.94% | 259.43% | 53.08% | 119.3% | 141.06% | 165.99% | 93.84% | 119.8% | 97.46% |
| Debt Issuance (Net) | 3M | 1000K | -1000K | 1000K | 1000K | 1000K | 1000K | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | 1000K | -1000K | 1000K | -1000K | 1000K | 1000K | 1000K | -1000K | 1000K | 1000K |
| Stock Issued | 1.49B | 1.49B | 3.67B | 94M | 1.87B | 934M | 159M | 6.97B | 2.46B | 1.32B | 3.12B | 786M | 597M | 278M | 265M | 38M | 74M | 456M | 240M | 226M | 479M | 664M | 839M | 990M | 2.42B | 992M | 532M | 0 | 354M | 176.2M | 169.7M |
| Share Repurchases | 0 | 0 | -801M | 0 | -1.61B | 0 | -3.08B | 0 | 0 | 0 | 0 | 0 | -259M | 0 | 0 | -601M | -900M | 0 | 0 | -5.77B | -540M | -276M | 0 | 0 | -66M | 0 | -1.64B | -372M | -99M | 0 | 0 |
| Other Financing | 4.04B | 1.41B | -212M | -186M | -204M | -371M | -446M | -236M | -278M | -287M | -25M | 63M | -125M | -90M | -14M | -25M | -2M | -25M | -18M | 24M | -14M | -51M | -13M | -42M | -178M | 10M | -57M | -44M | -90.3M | 291.1M | -4.5M |
| Net Change in Cash | 10M | -22M | 97M | -39M | -101M | 168M | 2M | -153M | 206M | -76M | -346M | 289M | 2M | 68M | 146M | 40M | 14M | -18M | -217M | 145M | -8M | 146M | 0 | -165M | -195M | 126M | 80M | -146M | 104M | 210.8M | 44.1M |
| Exchange Rate Effect | 0 | 0 | 33M | 1M | -34M | 7M | 24M | -31M | 0 | 61M | 0 | 0 | 0 | 0 | 0 | 0 | 2M | 3M | -1M | 0 | -4M | 361M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 343M | 365M | 268M | 307M | 408M | 240M | 238M | 391M | 185M | 261M | 607M | 318M | 316M | 248M | 102M | 62M | 48M | 66M | 283M | 138M | 146M | 0 | 0 | 291M | 486M | 360M | 280M | 426M | 321.6M | 110.8M | 66.7M |
| Cash at End | 487M | 343M | 365M | 268M | 307M | 408M | 240M | 238M | 391M | 185M | 261M | 607M | 318M | 316M | 248M | 102M | 62M | 48M | 66M | 283M | 138M | 146M | 361M | 126M | 291M | 486M | 360M | 280M | 425.6M | 321.6M | 110.8M |
| Free Cash Flow | -4.37B | -7.28B | -7.41B | -3.66B | -4.06B | -2.02B | -1.1B | -117M | 368M | -1.41B | -6.58B | -1.52B | -2.11B | -671M | -8M | -669M | -1.6B | -51M | -895M | 9.95B | -47M | -735M | 20M | -1.08B | -380M | -1.78B | -395M | -287M | 503.1M | -1.62B | -260.5M |
| FCF Growth % | 48.58% | 1.74% | -102.27% | 9.73% | -100.49% | -83.33% | -843.59% | -131.79% | 126.15% | 78.6% | -333.2% | 28.13% | -214.75% | -8287.5% | 98.8% | 58.11% | -3031.37% | 94.3% | -109% | 21261.7% | 93.61% | -3775% | 101.85% | -185% | 78.64% | -350.38% | -37.63% | -157.05% | 131.09% | -521.11% | -204.16% |
| FCF Margin % | -25.03% | -44.11% | -51.24% | -25.45% | -29.11% | -17.72% | -7.79% | -0.81% | 3.29% | -11.18% | -56.03% | -12.99% | -16.98% | -5.11% | -0.06% | -4.86% | -10.7% | -0.34% | -5.63% | 63.46% | -0.29% | -4.13% | 0.14% | -8.97% | -3.72% | -16.85% | -4.27% | -5.2% | 8.27% | -22.28% | -5.41% |
| FCF / Net Income % | -185.62% | -242.83% | -348.82% | -180.35% | -340.72% | -59.55% | 275.31% | -8.62% | 15.04% | -46.92% | -309.75% | -79.94% | -161.22% | -39.54% | -2.65% | -47.51% | -56.87% | -3.96% | -48.8% | 391.73% | -3.41% | -71.15% | 1.6% | -340.57% | -27.9% | -327.02% | -90.6% | -96.63% | 93.86% | -405.51% | -55.18% |
Offshore wind execution risk
As reported in recent financial statements, Dominion Energy consistently deployed approximately $3.0 billion in quarterly capital expenditures throughout 2025, a trend that underscores the company's commitment to expanding its regulated rate base through massive infrastructure projects like the Coastal Virginia Offshore Wind initiative.
The sustained high level of capital expenditure relative to operating cash flow suggests that the company is prioritizing long-term rate base growth over near-term free cash flow generation. Investors should monitor whether this intensive investment cycle remains within the bounds of regulatory recovery mechanisms, as any significant deviation could pressure the company's ability to maintain its current dividend payout.
Based on the provided quarterly data, the company consistently faced a free cash flow deficit exceeding $1.0 billion per quarter, necessitating frequent reliance on external capital markets to bridge the gap between massive infrastructure investment requirements and internal cash generation capabilities.
The recurring need for external financing appears to be a structural feature of the company's current growth strategy rather than a temporary liquidity issue. Given the capital-intensive nature of the offshore wind project, the company's ability to access debt and equity markets on favorable terms remains a critical factor for maintaining its financial flexibility.
According to the reported figures, the company maintained an OCF-to-dividend coverage ratio that fluctuated between 1.1x and 3.5x over the last ten quarters, suggesting that while the dividend is currently supported by operating cash flows, the margin of safety remains sensitive to the timing of large-scale project expenditures.
The variability in dividend coverage appears to reflect the lumpy nature of utility cash flows and the impact of significant capital outlays on overall liquidity. While the dividend appears sustainable under current regulatory conditions, any prolonged delay in rate recovery or unexpected cost overruns in the offshore wind portfolio could necessitate a more conservative approach to capital allocation.
As indicated by the discrepancy between net income and operating cash flow in 2024Q4, the company's reported earnings are significantly influenced by non-cash items such as AFUDC, which may obscure the underlying cash-generating capacity of the regulated utility operations.
The reliance on non-cash accruals to bolster reported earnings warrants further investigation into the quality of the company's income. Analysts should focus on the cash-earned ROE rather than GAAP net income to better understand the true economic returns being generated by the company's massive infrastructure investments.
Quick answers to the most common questions about buying D stock.
Dominion Energy, Inc. (D) generated $5.36B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Dominion Energy, Inc. (D) reported negative free cash flow of $7.28B in 2025, indicating capital requirements exceeded cash from operations.
Dominion Energy, Inc. (D) spent $12.64B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Dominion Energy, Inc. (D) returned $2.28B to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.