At a glance
Dominion Energy Inc is worth $59.56B, about 20 times its fiscal 2025 earnings. Revenue grew 16.5% to $16.52B in fiscal 2025, with 18.1% kept as profit; over 4 years it has grown 9.1% a year. It pays a 3.95% dividend yield, and returned $10.99B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +20.3% over the past year with dividends reinvested and +2.4% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 33.3% in the 2020 crash (S&P 500: 33.7%) and 28.0% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
Dominion Energy, based in Richmond, Virginia, is a regulated utility serving about 4.1 million mostly electric customers in Virginia, North Carolina and South Carolina. Regulators approve its rates, which are meant to let it recover its costs and earn a reasonable return on what it invests in power plants and lines. At the end of 2025 it had about 30.7 gigawatts of generating capacity.
Dominion Energy Virginia brought in $11.8 billion, about 72% of 2025 revenue of $16.5 billion. It serves about 2.8 million customers, from homes to data centers, in Virginia and North Carolina. Data center demand, centered on Loudoun County, Virginia, is expected to keep rising over the next decade. Dominion Energy South Carolina, which kept its gas distribution business, added about 22%. Contracted Energy, which sells power under long-term contracts, added about 7%. In its annual report for 2025, Dominion expected about 95% of earnings to come from state-regulated utilities.
Dominion has narrowed its focus. In 2024 it sold its East Ohio, Questar Gas and PSNC gas utilities to Enbridge for $4.3 billion, $3.0 billion and $2.0 billion in cash, respectively, and Enbridge took on related debt. Its plan calls for about $65 billion of spending from 2026 through 2030 on solar, the CVOW Commercial Project offshore wind farm, other generation and grid upgrades.
Price history
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D +20.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Dominion Energy Virginia | $11.84B | 71.7% |
| Dominion Energy South Carolina | $3.58B | 21.7% |
| Contracted Energy | $1.18B | 7.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $5.62B, up 24.1% from a year earlier, and net income was $1.16B (+15.3%).
- For fiscal 2025, revenue was $16.52B (+16.5% year over year; +9.1% a year from FY2021 to FY2025) with a 18.1% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +9.1% good |
|---|---|
| Operating margin | 26.7% good |
| Return on equity (FY2025) | 10.3% watch |
| Return on assets (FY2025) | 2.6% weak |
| Net cash (cash minus debt) | $-43.60B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $13.75B | $-401.0M | — |
| FY2021 | $11.66B | $3.40B | — |
| FY2022 | $14.55B | $1.19B | — |
| FY2023 | $13.49B | $1.96B | — |
| FY2024 | $14.18B | $2.03B | — |
| FY2025 | $16.52B | $3.00B | — |
Valuation snapshot
| Market value | $59.56B |
|---|---|
| P/E ratio | 19.6 |
| Dividend yield | 3.95% |
Rank among 1514 US companies
Market value at each year end
Dominion Energy’s market value went from $48.00B at the end of 2016 to $59.56B on Nov 2, 2026, up 24%; since the end of 2025 it is up 19%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $59.56B | +19.1% |
| 2025 | $50.03B | +10.6% |
| 2024 | $45.24B | +15.0% |
| 2023 | $39.33B | -23.0% |
| 2022 | $51.10B | -19.7% |
| 2021 | $63.63B | +3.7% |
| 2020 | $61.35B | -10.0% |
| 2019 | $68.17B | +45.6% |
| 2018 | $46.81B | -10.3% |
| 2017 | $52.16B | +8.7% |
| 2016 | $48.00B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| D price data to Nov 2, 2026 | +19.2% | +20.3% | +23.8% | +2.4% | +3.5% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +19.2% |
| 2025 | +14.0% |
| 2024 | +20.4% |
| 2023 | -19.1% |
| 2022 | -19.1% |
| 2021 | +8.1% |
| 2020 | -5.3% |
| 2019 | +21.5% |
| 2018 | -7.6% |
| 2017 | +9.9% |
| 2016 | +17.7% |
| 2015 | -8.8% |
| 2014 | +23.0% |
| 2013 | +29.8% |
| 2012 | +1.7% |
| 2011 | +29.4% |
| 2010 | +14.8% |
| 2009 | +14.6% |
| 2008 | -21.6% |
| 2007 | +17.0% |
| 2006 | +12.6% |
| 2005 | +18.2% |
| 2004 | +10.5% |
| 2003 | +21.4% |
| 2002 | -4.6% |
| 2001 | -6.6% |
| 2000 | +80.2% |
| 1999 | -11.0% |
| 1998 | +16.8% |
| 1997 | +18.4% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 34.5% over that stretch · deepest drop along the way 41.3%, back to its old high 16.9 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 31.6% over that stretch · deepest drop along the way 33.3%, back to its old high 23.5 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 18.1% over that stretch · deepest drop along the way 28%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| Capital Research Global Investors | 8.4% | Jun 30, 2026 |
| BlackRock, Inc. | 8.3% | Dec 31, 2024 |
| Vanguard Capital Management | 7.42% | Mar 31, 2026 |
| Vanguard Portfolio Management | 5.06% | Mar 31, 2026 |
| Wellington Management Group LLP | 4.6% | Jun 30, 2026 |
ETFs with the most weight in D
| BKGI BNY Mellon Global Infrastructure Income ETF | 6.42% |
| WBIY WBI Power Factor High Dividend ETF | 4.67% |
| XLU Utilities Select Sector SPDR Fund | 3.76% |
| ZAP Global X U.S. Electrification ETF | 3.71% |
| FPWR First Trust EIP Power Solutions ETF | 3.5% |
| FUTY Fidelity MSCI Utilities Index ETF | 3.35% |
| BAMD Brookstone Dividend Stock ETF | 3.23% |
| VPU Vanguard Utilities ETF | 3.18% |
What could go wrong
- Offshore wind project could run into trouble. The annual report flags significant construction risks for the CVOW Commercial Project, an offshore wind farm. Delays or cost overruns could hurt results, and sharing ownership with Stonepeak may limit Dominion's flexibility.
- Many huge projects built at once. Dominion plans about $65 billion of spending from 2026 through 2030. Building several large plants and grid projects at the same time raises the chance of delays, overruns and supply chain problems.
- Regulators decide what it can charge. Most revenue comes from rates approved by state commissions and the Federal Energy Regulatory Commission. Virginia reviews the utility's earnings every two years and, in some cases, can order refunds and lower rates.
- Heavy reliance on data center demand. Growth plans lean on data centers, concentrated mainly in Loudoun County, Virginia, which require heavy new investment. The annual report warns that changes in electricity supply and demand can hurt financial results.
- Large debt load and funding needs. Total debt was $54.6 billion against $11.0 billion of cash and investments as of September 30, 2026. Rating agency changes or trouble tapping financial markets could lift costs and slow the building plan.
- Nuclear plants carry special costs. Dominion owns and runs nuclear units, which can bring substantial costs and liabilities. Market losses or interest rate changes can also shrink trust funds set aside to retire them, requiring extra cash.
Recent events
- Quarterly results released
- Investor presentation or announcement
- Shareholder vote results
- Other company announcement
- Quarterly results released
- Other company announcement
- Other company announcement
- Other company announcement
- Major agreement signed; Investor presentation or announcement
- Shareholder vote results
For income and retirement investors
Dominion Energy pays a sizable dividend but has no streak of increases. It cut the regular dividend from $3.45 per share in 2020 to $2.52 in 2021. The dividend then rose to $2.67 in 2022 and stayed there through 2025. Dividends took about 76% of 2025 earnings (the payout ratio), and the yield was 3.95% as of November 2, 2026. Dominion spent $3.08 billion repurchasing shares in 2020 but none from 2021 through 2025, and its share count rose 8.6% between October 2021 and October 2026.
Past downturns hit the share price hard. It fell 41.3% in the 2008 financial crisis and had recovered by August 2010. It fell 33.3% in the 2020 COVID crash and needed about 23.5 months to recover. In the 2022 bear market, a broad stock market slump, it fell 28% and had not regained its April 2022 high as of November 2, 2026. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Dominion Energy make money?
Mostly by selling electricity at prices set by regulators. Dominion Energy Virginia produced about 72% of 2025 revenue of $16.5 billion, Dominion Energy South Carolina about 22%, and Contracted Energy, which sells power under long-term contracts, about 7%. Approved rates are meant to let its utilities recover their costs and earn a reasonable return on the money invested in plants and power lines. In its annual report for 2025, Dominion expected about 95% of earnings to come from state-regulated utilities.
Does Dominion Energy raise its dividend every year?
No. Dominion cut its regular dividend from $3.45 per share in 2020 to $2.52 in 2021. It rose to $2.67 in 2022 and stayed at that level through 2025, so there is no streak of yearly increases. The dividend used about 76% of 2025 earnings, and the yield was 3.95% as of November 2, 2026. For income-focused investors, it may be worth comparing with diversified utility funds such as the Utilities Select Sector SPDR Fund (XLU) and Vanguard Utilities ETF (VPU), which both hold Dominion.
How are data centers affecting Dominion Energy?
They are the main reason electricity use is rising in its Virginia service area. Dominion says demand from new and larger data centers, concentrated mainly in Loudoun County, Virginia, is expected to keep growing over the next decade. Dominion Energy Virginia plans to spend about $55 billion from 2026 through 2030, net of reimbursements from partner Stonepeak, on new generation, power lines and substations. More investment can mean more regulated earnings, but it also brings construction and financing risk.
What is Dominion Energy's CVOW offshore wind project?
It is the CVOW Commercial Project, an offshore wind farm that Virginia Power, Dominion's main utility subsidiary, is building as part of its regulated business. In October 2024 Virginia Power sold a 50% noncontrolling stake (ownership without control) to Stonepeak. It received $2.6 billion, half the construction costs up to that point, minus an initial $145 million holdback. The annual report says the construction involves significant risks, and partnerships with outside investors can limit Dominion's flexibility.
How much debt does Dominion Energy have?
A lot, which is typical of utilities that build expensive plants and power lines. As of September 30, 2026, total debt was $54.6 billion, against $11.0 billion of cash and investments and $29.6 billion of shareholders' equity. With about $65 billion of planned spending from 2026 through 2030, Dominion relies on access to financial markets. Its annual report warns that changing rating agency requirements or trouble raising money could hurt its growth plans and business strategy.