Revenue growth reached 23.1% in 2026Q1, though reported earnings remain volatile with a 100% EPS decline in the same period, suggesting that non-recurring items and AFUDC accruals significantly distort core profitability.
Dominion Energy, Inc. (D) annual income statement — 30-year revenue, gross profit & net income history
| 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 |
|---|
| Revenue | 18.32B | 16.51B | 14.46B | 14.39B | 13.94B | 11.42B | 14.17B | 14.4B | 11.2B | 12.59B | 11.74B | 11.68B | 12.44B | 13.12B | 12.84B | 13.77B | 14.93B | 14.8B | 15.89B | 15.67B | 16.3B | 17.81B | 13.99B | 12.08B | 10.22B | 10.56B | 9.25B | 5.52B | 6.08B | 7.26B | 4.82B |
| Revenue Growth % | 20.33% | 14.16% | 0.46% | 3.26% | 22.06% | -19.43% | -1.59% | 28.59% | -11.02% | 7.23% | 0.46% | -6.05% | -5.21% | 2.22% | -6.76% | -7.78% | 0.87% | -6.9% | 1.41% | -3.82% | -8.49% | 27.29% | 15.84% | 18.2% | -3.22% | 14.19% | 67.5% | -9.23% | -16.27% | 50.84% | 3.93% |
| Cost of Revenue | 9.29B | 8.41B | 7.54B | 7.43B | 7.56B | 6.01B | 6.87B | 8.32B | 6.2B | 6.21B | 6.17B | 6.2B | 7.88B | 8.03B | 8.3B | 9.34B | 9.98B | 6.9B | 7.6B | 6.72B | 6.65B | 9.12B | 6.67B | 4.92B | 3.46B | 4.09B | 3.6B | 1.8B | 1.77B | 1.94B | 1.68B |
| Gross Profit | 9.03B | 8.09B | 6.92B | 6.96B | 6.38B | 5.41B | 7.3B | 6.08B | 5B | 6.38B | 5.57B | 5.48B | 4.55B | 5.09B | 4.54B | 4.43B | 4.94B | 7.9B | 8.29B | 8.96B | 9.64B | 8.69B | 7.33B | 7.16B | 6.76B | 6.47B | 5.65B | 3.71B | 4.31B | 5.32B | 3.14B |
| Gross Margin % | 49.27% | 49.02% | 47.87% | 48.34% | 45.75% | 47.39% | 51.52% | 42.21% | 44.65% | 50.68% | 47.43% | 46.92% | 36.63% | 38.77% | 35.33% | 32.16% | 33.11% | 53.4% | 52.19% | 57.15% | 59.17% | 48.82% | 52.36% | 59.29% | 66.18% | 61.26% | 61.08% | 67.3% | 70.94% | 73.29% | 65.11% |
| Gross Profit Growth % | - | 16.89% | -0.52% | 9.11% | 17.83% | -25.88% | 20.14% | 21.56% | -21.61% | 14.57% | 1.55% | 20.35% | -10.46% | 12.17% | 2.44% | -10.44% | -37.45% | -4.74% | -7.4% | -7.1% | 10.92% | 18.67% | 2.3% | 5.9% | 4.55% | 14.54% | 52.01% | -13.88% | -18.96% | 69.78% | 6.82% |
| Operating Expenses | 4.42B | 3.68B | 3.67B | 3.54B | 4.93B | 3.42B | 5.25B | 4.53B | 1.99B | 2.44B | 2.12B | 1.95B | 1.83B | 1.77B | 1.68B | 1.55B | -908M | 5.33B | 4.81B | 7.03B | 6.33B | 6.31B | 4.59B | 4.6B | 3.88B | 4.68B | 4.13B | 2.4B | 3.23B | 3.85B | 2.04B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 6.92B | 6.8B | 5.89B | 6.54B | 4.56B | 4.78B | 4.89B | 4.52B | 5.29B | 6.14B | 5.3B | 5.21B | 4.28B | 4.71B | 4.3B | 4.17B | 7.11B | 3.89B | 4.67B | 3.46B | 5.06B | 3.92B | 4.17B | 3.9B | 4.26B | 3.11B | 2.78B | 2.11B | 1.9B | 2.38B | 1.79B |
| EBITDA Margin % | 37.78% | 41.2% | 40.71% | 45.45% | 32.72% | 41.83% | 34.51% | 31.39% | 47.26% | 48.78% | 45.13% | 44.55% | 34.42% | 35.87% | 33.51% | 30.28% | 47.63% | 26.27% | 29.41% | 22.11% | 31.03% | 22.04% | 29.8% | 32.25% | 41.73% | 29.43% | 30.1% | 38.21% | 31.24% | 32.73% | 37.26% |
| EBITDA Growth % | 0.67% | 15.55% | -10.03% | 43.46% | -4.54% | -2.33% | 8.18% | -14.59% | -13.78% | 15.9% | 1.77% | 21.58% | -9.03% | 9.42% | 3.19% | -41.37% | 82.84% | -16.83% | 34.92% | -31.48% | 28.84% | -5.85% | 7.03% | -8.65% | 37.24% | 11.64% | 31.96% | 11% | -20.07% | 32.5% | 8.08% |
| Depreciation & Amortization | 2.32B | 2.39B | 2.64B | 3.13B | 3.11B | 2.78B | 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 | 1.33B | 1.38B | 1.32B | 1.27B | 798M | 814M | 0 | 0 |
| D&A / Revenue % | 12.65% | 14.46% | 18.25% | 21.73% | 22.33% | 24.35% | 20.01% | 20.67% | 20.36% | 17.5% | 15.75% | 14.29% | 12.54% | 10.59% | 11.24% | 9.36% | 8.43% | 8.91% | 7.49% | 9.78% | 10.67% | 8.64% | 10.24% | 11.04% | 13.5% | 12.52% | 13.71% | 14.46% | 13.39% | 0% | 0% |
| Operating Income (EBIT) | 4.61B | 4.41B | 3.25B | 3.41B | 1.45B | 2B | 2.06B | 1.54B | 3.01B | 3.94B | 3.45B | 3.54B | 2.72B | 3.32B | 2.86B | 2.88B | 5.85B | 2.57B | 3.48B | 1.93B | 3.32B | 2.39B | 2.74B | 2.56B | 2.88B | 1.78B | 1.51B | 1.31B | 1.09B | 1.47B | 1.1B |
| Operating Margin % | 25.13% | 26.74% | 22.46% | 23.72% | 10.38% | 17.48% | 14.5% | 10.72% | 26.9% | 31.28% | 29.38% | 30.27% | 21.88% | 25.27% | 22.27% | 20.92% | 39.2% | 17.36% | 21.92% | 12.33% | 20.36% | 13.4% | 19.56% | 21.2% | 28.23% | 16.91% | 16.39% | 23.75% | 17.86% | 20.27% | 22.84% |
| Operating Income Growth % | - | 35.94% | -4.89% | 135.94% | -27.51% | -2.87% | 33.1% | -48.76% | -23.47% | 14.18% | -2.49% | 29.95% | -17.94% | 16.03% | -0.76% | -50.78% | 127.75% | -26.26% | 80.33% | -41.77% | 39% | -12.76% | 6.83% | -11.23% | 61.62% | 17.82% | 15.56% | 20.72% | -26.22% | 33.87% | 7.13% |
| Interest Expense | 4M | 2.02B | 1.89B | 1.67B | 1B | 1.29B | 1.38B | 1.49B | 1.28B | 1.21B | 1.01B | 904M | 1.19B | 877M | 816M | 869M | 904M | 889M | 829M | 941M | 1.03B | 966M | 939M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.79x | 2.16x | 2.63x | 1.33x | 2.01x | 2.98x | 1.96x | 2.16x | 3.16x | 3.38x | 3.91x | 2.28x | 3.78x | 3.50x | 3.31x | 3.74x | 3.11x | 4.15x | 2.05x | 3.22x | 2.47x | 2.91x | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.02% | 12.25% | 13.05% | 11.63% | 7.19% | 11.33% | 9.72% | 10.32% | 11.42% | 9.57% | 8.61% | 7.74% | 9.59% | 6.68% | 6.36% | 6.31% | 6.06% | 6.01% | 5.22% | 6% | 6.32% | 5.42% | 6.71% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -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 |
| Pretax Income | 3.12B | 3.61B | 2.18B | 2.72B | 328M | 1.88B | 1.41B | 869M | 2.62B | 3.09B | 2.87B | 2.83B | 1.78B | 2.7B | 2.27B | 2.26B | 5.2B | 1.87B | 2.61B | 4.49B | 2.46B | 1.61B | 1.96B | 1.55B | 2.04B | 914M | 598M | 811M | 842M | 632M | 691.4M |
| Pretax Margin % | 17.01% | 21.88% | 15.09% | 18.93% | 2.35% | 16.46% | 9.96% | 6.03% | 23.39% | 24.55% | 24.43% | 24.21% | 14.3% | 20.61% | 17.65% | 16.43% | 34.8% | 12.66% | 16.44% | 28.63% | 15.08% | 9.02% | 14.04% | 12.8% | 19.99% | 8.66% | 6.47% | 14.69% | 13.85% | 8.7% | 14.36% |
| Income Tax | 427M | 532M | 308M | 568M | 59M | -181M | 83M | 209M | 522M | -30M | 655M | 905M | 452M | 892M | 811M | 778M | 2.11B | 596M | 953M | 1.78B | 927M | 573M | 700M | 597M | 681M | 370M | 183M | 259M | 306M | 233M | 219.3M |
| Effective Tax Rate % | 13.7% | 14.73% | 14.12% | 20.85% | 17.99% | -9.63% | 5.88% | 24.05% | 19.93% | -0.97% | 22.85% | 32% | 25.42% | 32.99% | 35.81% | 34.39% | 40.65% | 31.8% | 36.47% | 39.73% | 37.73% | 35.68% | 35.64% | 38.62% | 33.33% | 40.48% | 30.6% | 31.94% | 36.34% | 36.87% | 31.72% |
| Net Income | 2.55B | 3B | 2.12B | 2.03B | 1.19B | 3.4B | -401M | 1.36B | 2.45B | 3B | 2.12B | 1.9B | 1.31B | 1.7B | 302M | 1.41B | 2.81B | 1.29B | 1.83B | 2.54B | 1.38B | 1.03B | 1.25B | 318M | 1.36B | 544M | 436M | 297M | 536M | 399M | 472.1M |
| Net Margin % | 13.93% | 18.16% | 14.69% | 14.11% | 8.54% | 29.77% | -2.83% | 9.43% | 21.85% | 23.83% | 18.09% | 16.25% | 10.53% | 12.93% | 2.35% | 10.23% | 18.81% | 8.7% | 11.54% | 16.2% | 8.47% | 5.8% | 8.93% | 2.63% | 13.33% | 5.15% | 4.72% | 5.38% | 8.81% | 5.49% | 9.8% |
| Net Income Growth % | 12.77% | 41.15% | 4.58% | 70.53% | -64.96% | 947.63% | -129.53% | -44.5% | -18.41% | 41.26% | 11.8% | 44.96% | -22.8% | 461.92% | -78.55% | -49.86% | 118.18% | -29.83% | -27.77% | 83.99% | 33.59% | -17.29% | 292.77% | -76.65% | 150.37% | 24.77% | 46.8% | -44.59% | 34.34% | -15.48% | 11.08% |
| EPS (Diluted) | 2.89 | 3.45 | 2.44 | 2.29 | 0.21 | 3.98 | -0.57 | 1.66 | 3.59 | 4.72 | 3.38 | 3.20 | 2.24 | 2.93 | 0.53 | 2.45 | 4.76 | 2.17 | 3.16 | 3.88 | 1.97 | 1.50 | 1.89 | 0.50 | 2.41 | 1.08 | 0.93 | 0.74 | 1.41 | 1.08 | 1.33 |
| EPS Growth % | -0.35% | 41.39% | 6.55% | 990.48% | -94.72% | 798.25% | -134.34% | -53.76% | -23.94% | 39.65% | 5.63% | 42.86% | -23.55% | 452.83% | -78.37% | -48.53% | 119.35% | -31.33% | -18.56% | 96.95% | 31.33% | -20.63% | 278% | -79.25% | 123.15% | 16.13% | 25.68% | -47.52% | 30.56% | -18.8% | 8.13% |
| EPS (Basic) | - | 3.46 | 2.44 | 2.38 | 1.49 | 3.99 | -0.50 | 1.66 | 3.74 | 4.72 | 3.38 | 3.21 | 2.25 | 2.93 | 0.53 | 2.46 | 4.83 | 2.17 | 3.17 | 3.90 | 1.98 | 1.51 | 1.90 | 0.50 | 2.42 | 1.09 | 0.93 | 0.78 | 1.41 | 1.08 | 1.33 |
| Diluted Shares Outstanding | 882.1M | 855.3M | 839.4M | 836.5M | 835M | 808.5M | 831M | 808.9M | 681M | 636M | 628M | 593.7M | 584.5M | 579.5M | 573.9M | 574.6M | 590.1M | 593.7M | 580.8M | 654.38M | 702.29M | 688.67M | 660.85M | 636M | 565.15M | 506.05M | 471.35M | 401.35M | 381.49M | 371.16M | 356.3M |
Quick answers to the most common questions about buying D stock.
For fiscal year 2025, Dominion Energy, Inc. (D) reported total revenue of $16.51B. This represents a 242.8% increase compared to $4.82B in 1996.
Dominion Energy, Inc. (D) is profitable, generating $3.00B in net income for the fiscal year ending 2025 with a net profit margin of 18.2%.
Dominion Energy, Inc. (D) reported an operating income of $4.41B, resulting in an operating profit margin of 26.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Dominion Energy, Inc. (D) generated $8.09B in gross profit for the year, representing a gross profit margin of 49.0%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
High execution risk regarding offshore wind and regulatory sensitivity in Virginia.
Metrics are mathematically derived from official filings.
Data Center Demand Drives Revenue
As reported in recent financial statements, Dominion Energy achieved a 23.1% revenue growth in 2026Q1, largely fueled by the structural demand from Northern Virginia data centers, which appears to be outpacing traditional volumetric trends and providing a durable, non-cyclical tailwind for the company's regulated rate base expansion.
The revenue trajectory suggests that the utility is successfully capturing incremental load growth from the AI-driven data center build-out. Investors should monitor whether this top-line expansion remains sustainable or if it becomes subject to political pressure regarding the affordability of electricity rates for residential customers.
Regulatory Lag Masks Operational Efficiency
Based on the provided income statement data, operating margins fluctuated significantly, reaching a low of 11.5% in 2024Q4 before rebounding to 27.7% in 2026Q1, which may indicate that the timing of fuel cost recovery mechanisms creates temporary volatility in reported margins that does not reflect underlying earnings power.
The volatility in operating margins suggests that while fuel costs are generally pass-through, the regulatory lag in recovery can create working capital strain. Analysts should interpret these margin swings as a function of accounting timing rather than a fundamental shift in the utility's cost structure.
AFUDC Distorts Core Earnings Visibility
According to the quarterly figures, the company's EPS growth has been highly inconsistent, ranging from a 50% increase in 2025Q1 to a 100% decline in 2026Q1, suggesting that reported earnings are heavily influenced by non-recurring items and the capitalization of interest during the construction of major assets.
The reliance on Allowance for Funds Used During Construction (AFUDC) to bolster earnings may obscure the true cash-generating capability of the regulated business. Investors should be cautious, as these non-cash earnings will eventually transition into financing costs once the Coastal Virginia Offshore Wind project is placed into service.
Offshore Wind Execution Remains Critical
As indicated by the company's capital allocation strategy, the massive investment in the Coastal Virginia Offshore Wind project represents a significant step-change in the rate base, though the 2026Q1 EPS contraction warrants further investigation into potential cost overruns or delays in the project's regulatory recovery timeline.
The current CAPEX cycle is clearly designed to expand the rate base, but the high stakes of offshore wind execution introduce significant risk. If the project faces further delays, the company may struggle to translate this capital deployment into the expected incremental EPS growth.
Leverage and Regulatory Risk Discrepancies
Based on the provided data, the reported 1.46% debt-to-equity ratio appears inconsistent with the company's historical capital structure, suggesting that the income statement may be masking significant leverage or that the balance sheet requires a more rigorous reconciliation to understand the true cost of capital.
The discrepancy in leverage metrics warrants immediate investigation, as a utility of this scale typically requires higher debt levels to fund its infrastructure. Furthermore, the potential for politically unsustainable ROEs in an inflationary environment poses a latent risk to the company's long-term earnings stability.