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Dominion Energy

Our readA de-risked regulated growth utility hiding inside a decade-long value-trap reputation — the Loudoun County data-center boom is the largest demand tailwind in US utilities, but the equity only re-rates once CVOW finishes clean and the dividend finally grows; until then you are paid ~3.9% to wait on a BBB+ balance sheet stretched by a $65B capex plan.

Website
Ticker
D
Beat
energy
Size
Public Company
Revenue
$5.0B
last stored quarter: Q1 ’26 — Q2 filed 30 Oct, not yet in our figures
Cash
$351M
as of Mar 2026
Researched · Fresh
2 days ago

A de-risked regulated growth utility hiding inside a decade-long value-trap reputation — the Loudoun County data-center boom is the largest demand tailwind in US utilities, but the equity only re-rates once CVOW finishes clean and the dividend finally grows; until then you are paid ~3.9% to wait on a BBB+ balance sheet stretched by a $65B capex plan.

Orbit · who it trades with and competes with
2 on the rings · 2 trade · 0 rival
2 mentions across our dossiers
Focus · Energy
Dominion Energy
D · public
No published house view
Trades with
Links · 2 companies · 2 trade · 0 rival
“Main suppliers / partners: MIT PSFC (R&D), Fujikura (HTS tape, Japanese consortium member), UK Atomic Energy Authority (tritium-breeding blanket testing via the LIBRTI facility), Dominion Energy Virginia (non-financial site collaboration),…”Commonwealth Fusion Systems · TRADE · from Commonwealth Fusion Systems’s dossier
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Price

Weekly closes

D · weekly close
66.62 USD+2.2%
Friday 30 Oct 2026 · last 52 Fridays 57.98–71.10
pick a pin
Every pin is a dated row
Solid: filed with the SEC, settled at FINRA, or a recorded split. Hollow: the scheduled print, past the last close, never a price.
Height is the close · the ribbon is the stored record, a missing week a missing point · a pin stands on its Friday
  1. Short interest: 23,887,118 sh · 5.28 days to cover, FINRA · settled 15 Oct 2026
  2. Next print: in 105 days, Scheduled · 17 Feb 2027, scheduled
66.62USD+2.2%energy +1.0%D · 112 weekly closes to 2026-10-30

Who is buying

Shares sold shortFINRA · settled 15 Oct 2026
23,887,118 shares
Days to unwind the shortFINRA · settled 15 Oct 2026
5.28
see the whole series
Financials

The reported figures

Revenue · quarterly
$5.0B
latest, Q1 ’26 · 12 periods stored
Filed · primary
Q1 ’26
$5.0B USD
as of 31 Mar 2026
Source: sec.gov
Solid = filed (primary) · hollow dashed = estimate · a dashed floor tick is a period with no figure held · quarterly and annual never share an axis
Dominion Energy, quarterly figures held, Q2 ’23 to Q1 ’26
PeriodAs ofRevenueOperating marginCashShares outstandingGradingSource
Q2 ’2330 Jun 2023$3.2B USD18.8% share of revenue$108M USD836.8M sharesFiled · primarysec.gov
Q3 ’2330 Sept 2023$3.8B USD27.0% share of revenue$137M USD836.8M sharesFiled · primarysec.gov
Q4 ’2331 Dec 2023$3.5B USD20.1% share of revenue$184M USD—Filed · primarysec.gov
Q1 ’2431 Mar 2024$3.6B USD22.9% share of revenue$265M USD838.2M sharesFiled · primarysec.gov
Q2 ’2430 Jun 2024$3.5B USD23.1% share of revenue$139M USD838.9M sharesFiled · primarysec.gov
Q3 ’2430 Sept 2024$3.9B USD30.9% share of revenue$1.8B USD840.0M sharesFiled · primarysec.gov
Q4 ’2431 Dec 2024$3.4B USD11.5% share of revenue$310M USD—Filed · primarysec.gov
Q1 ’2531 Mar 2025$4.1B USD30.0% share of revenue$355M USD852.8M sharesFiled · primarysec.gov
Q2 ’2530 Jun 2025$3.8B USD28.8% share of revenue$344M USD853.4M sharesFiled · primarysec.gov
Q3 ’2530 Sept 2025$4.5B USD29.6% share of revenue$932M USD853.9M sharesFiled · primarysec.gov
Q4 ’2531 Dec 2025$4.1B USD18.5% share of revenue$250M USD—Filed · primarysec.gov
Q1 ’2631 Mar 2026$5.0B USD27.7% share of revenue$351M USD879.5M sharesFiled · primarysec.gov

Dominion Energy’s figures as the company reported them in its filings. Quarters are calendar quarters, so a company whose year ends in January shows each fiscal quarter under the calendar quarter it falls in. An empty slot is a quarter we hold no figure for.

Revenue · quarterlyQ2 ’23 – Q1 ’26
$5.0B+23% vs Q1 ’25

Q1 ’26 · as of Mar 2026

Revenue Q2 ’23: $3.2B, as of Jun 2023Revenue Q3 ’23: $3.8B, as of Sep 2023Revenue Q4 ’23: $3.5B, as of Dec 2023Revenue Q1 ’24: $3.6B, as of Mar 2024Revenue Q2 ’24: $3.5B, as of Jun 2024Revenue Q3 ’24: $3.9B, as of Sep 2024Revenue Q4 ’24: $3.4B, as of Dec 2024Revenue Q1 ’25: $4.1B, as of Mar 2025Revenue Q2 ’25: $3.8B, as of Jun 2025Revenue Q3 ’25: $4.5B, as of Sep 2025Revenue Q4 ’25: $4.1B, as of Dec 2025Revenue Q1 ’26: $5.0B, as of Mar 2026
Operating margin · quarterlyQ2 ’23 – Q1 ’26
27.7%-2.3 pts vs Q1 ’25

Q1 ’26 · as of Mar 2026

Operating margin Q2 ’23: 18.8%, as of Jun 2023Operating margin Q3 ’23: 27.0%, as of Sep 2023Operating margin Q4 ’23: 20.1%, as of Dec 2023Operating margin Q1 ’24: 22.9%, as of Mar 2024Operating margin Q2 ’24: 23.1%, as of Jun 2024Operating margin Q3 ’24: 30.9%, as of Sep 2024Operating margin Q4 ’24: 11.5%, as of Dec 2024Operating margin Q1 ’25: 30.0%, as of Mar 2025Operating margin Q2 ’25: 28.8%, as of Jun 2025Operating margin Q3 ’25: 29.6%, as of Sep 2025Operating margin Q4 ’25: 18.5%, as of Dec 2025Operating margin Q1 ’26: 27.7%, as of Mar 2026
Cash · quarterlyQ2 ’23 – Q1 ’26
$351M

Q1 ’26 · as of Mar 2026

Cash Q2 ’23: $108M, as of Jun 2023Cash Q3 ’23: $137M, as of Sep 2023Cash Q4 ’23: $184M, as of Dec 2023Cash Q1 ’24: $265M, as of Mar 2024Cash Q2 ’24: $139M, as of Jun 2024Cash Q3 ’24: $1.8B, as of Sep 2024Cash Q4 ’24: $310M, as of Dec 2024Cash Q1 ’25: $355M, as of Mar 2025Cash Q2 ’25: $344M, as of Jun 2025Cash Q3 ’25: $932M, as of Sep 2025Cash Q4 ’25: $250M, as of Dec 2025Cash Q1 ’26: $351M, as of Mar 2026Debt Q4 ’23: $40.2B, as of Dec 2023Debt Q4 ’24: $39.3B, as of Dec 2024Debt Q4 ’25: $46.3B, as of Dec 2025

CashDebt

Shares outstanding · quarterlyQ2 ’23 – Q1 ’26
879.5M+5.1% since Q2 ’23

Q1 ’26 · as of Mar 2026

Shares outstanding Q2 ’23: 836.8M, as of Jun 2023Shares outstanding Q3 ’23: 836.8M, as of Sep 2023Shares outstanding Q1 ’24: 838.2M, as of Mar 2024Shares outstanding Q2 ’24: 838.9M, as of Jun 2024Shares outstanding Q3 ’24: 840.0M, as of Sep 2024Shares outstanding Q1 ’25: 852.8M, as of Mar 2025Shares outstanding Q2 ’25: 853.4M, as of Jun 2025Shares outstanding Q3 ’25: 853.9M, as of Sep 2025Shares outstanding Q1 ’26: 879.5M, as of Mar 2026

A rising count is dilution: each existing share owns less of the company.

Latest filing: sec.gov

The record

What happened

What happened
DateWhat happened
3 Nov 2026424B2: Dominion Energy $1.2bn senior notes due 2029 and 2037Final prospectus supplement dated 2 Nov 2026: $600,000,000 5.25% Series B Senior Notes due 15 Nov 2029 (priced at 99.869%) and $600,000,000 5.95% Series C Senior Notes due 15 Jan 2037 (99.620%). Proceeds for general corporate purposes and to repay short-term debt.funding round · SEC 424B2 · 3 Nov 2026
2 Nov 2026424B5: preliminary supplement, 2026 Series B and C senior notesPreliminary supplement dated 2 Nov 2026: 2026 Series B senior notes due 15 Nov 2029 and Series C due 15 Jan 2037; rates and amounts blank in this copy.funding round · SEC 424B5 · 2 Nov 2026
2 Nov 2026Sources added: 0 → 2The dossier's cited-link count grew from 0 to 2.editorial note · the dossier
30 Oct 202610-Q: quarter ended 30 Sep 2026Form 10-Q filed for the period ended 30 Sep 2026.filing · SEC 10-Q · 30 Oct 2026
30 Oct 20268-K: Q3 2026 results, operating EPS $1.28Q3 2026 GAAP net income attributable $1,160M ($1.30/share); operating earnings (non-GAAP) $1,139M ($1.28/share) vs $921M ($1.06) Q3 2025; 2026 operating EPS range $3.45 to $3.69.guidance · SEC 8-K · 30 Oct 2026
17 Sept 2026424B3: Dominion Energy Reliability Investment demand notes pricing supplementPricing supplement dated 17 Sep 2026: floating rate demand notes interest rate 4.00% per annum, effective 21 Sep 2026 until further notice.funding round · SEC 424B3 · 17 Sept 2026
14 Sept 20268-K Item 7.01: Dominion and NextEra announce enhanced Virginia benefits packageJoint press release and investor presentation (Ex. 99.1, 99.2) on 14 Sep 2026 announcing an enhanced Virginia benefits package tied to the previously disclosed combination with NextEra Energy.filing · SEC 8-K · 14 Sept 2026
dossier age
2 days
researched 2 Nov 2026 · ring fills at 180
pick a section
Each column is a section of the dossier
Its height is how many times the section names a filing: 5 mentions across 2 sections. A dashed foot names none.
Primary sources
1 of 2 sections name no filing · Enter steps through them
  1. The dossier: Refresh delta (since 2026-06-22), 550 words, 5 filing mentions
  2. The dossier: What held, 59 words, no filing mention
Research

The Dominion Energy dossier

The verdict

A de-risked regulated growth utility hiding inside a decade-long value-trap reputation — the Loudoun County data-center boom is the largest demand tailwind in US utilities, but the equity only re-rates once CVOW finishes clean and the dividend finally grows; until then you are paid ~3.9% to wait on a BBB+ balance sheet stretched by a $65B capex plan.

Primary sources

SEC filings

Source documents — open to read in full

Refresh delta (since 2026-06-22)

  1. NextEra Energy is buying Dominion. The merger agreement is dated 2026-05-15. Each Dominion share converts into 0.8138 NextEra shares plus a pro-rata share of $360M in cash; the ratio is fixed. Dominion holders would own about 25.5% of the combined company (share counts as of 2026-05-14). The parties "currently expect to complete the mergers in the second half of 2027". NextEra would pay a $6.52B termination fee, or a $4.83B regulatory termination fee; Dominion's fee to NextEra is $2.24B [Proxy]. The prior dossier, written 2026-06-22, does not mention the agreement.
  2. Dominion shareholders approved the merger on 2026-09-03: 671,317,253 for, 8,566,156 against, 2,185,104 abstaining. The advisory vote on merger pay passed 392,021,223 to 287,047,146 [Vote].
  3. Merger litigation and Virginia package. Two New York shareholder suits (Scott; Clark) and several demand letters allege proxy disclosure gaps [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. 2026-08-25, Item 8.01, https://www.sec.gov/Archives/edgar/data/715957/000119312526364045/d943400d8k.htm]. On 2026-09-14 the two companies announced a Virginia package: residential bill credits doubled from two years to four, EnergyShare raised by $100M through 2038, customers held harmless from merger costs, Virginia headcount held for five years and 1,000 new direct jobs [sec.gov: Form 8-KA filing for something that happened between reports and matters enough to tell shareholders now. 2026-09-14, exhibit 99.1, https://www.sec.gov/Archives/edgar/data/715957/000119312526390654/d107020dex991.htm]. Regulatory approvals are still outstanding [Q3 release, forward-looking statements].
  4. Q3 2026 (actuals): operating revenue $5,617M against $4,527M in Q3 2025 [Q3 release, income statement]; up 24.1%. Income from operations $1,842M ($1,339M). Interest and related charges $623M ($527M). Noncontrolling interests $114M ($22M).
  5. Q3 earnings (actuals): GAAP net income attributable to Dominion $1,160M, $1.30 per share ($1,006M, $1.16). Operating earnings (non-GAAP) $1,139M, $1.28 per share ($921M, $1.06). Diluted shares 882.1M (855.4M) [Q3 release, Schedule 1].
  6. Segments, Q3 operating earnings (actuals): Dominion Energy Virginia $862M ($679M); South Carolina $230M ($168M); Contracted Energy $134M ($165M); Corporate and Other $(87)M ($(91)M). In Virginia, the 2025 biennial review added $137M and rider equity return $112M; electric capacity expense cost $48M [Q3 release, Schedules 1 and 4].
  7. Nine months to 2026-09-30 (actuals): revenue $15,116M ($12,413M); GAAP EPS $2.37 ($2.81); operating EPS $3.02 ($2.74). Q2 2026 was GAAP $0.37 and operating $0.79 per share [Q3 release, Schedule 2].
  8. Charges in 2026 (actuals): $719M pre-tax of nonregulated asset impairments, mainly an $820M charge on renewable natural gas facilities and $79M on nonregulated solar, offset by a $195M Millstone asset-retirement benefit; $626M of it fell in Q2. Also $95M of regulated charges, mainly Virginia Power's share of CVOW costs not expected to be recovered, and $39M of merger costs [Q3 release, Schedule 2].
  9. Guidance: the company "expects to be in the top half of the 2026 operating earnings guidance range of $3.45 to $3.69 per share" and reaffirms credit, dividend and long-term growth guidance (guidance, 2026-10-30) [Q3 release].
  10. CVOW (as of the Q3 10-Q): estimated total project cost about $11.7B excluding financing costs, including $0.1B of contingency; that is up about $0.4B on the January 2026 update, $0.3B of it from turbine-installation projections. "Installation of the final turbines comprising the 2.6 GW project is expected to be completed by the end of 2027." Onshore work for first power finished in December 2025 [Form 10-QThe quarterly version of the annual report. Lighter, and not audited. Q3, Note 10]. The prior seed dates the in-service catalyst "1Q2026 → end-2026" and names a $13.7B no-recovery threshold; neither line is edited.
  11. Debt, 2026-09-30 against 2025-12-31 (actuals): Dominion total long-term debt $48,939M ($44,075M) [10-Q Q3, consolidated balance sheet].

What held

  • Operating EPS is running ahead: $3.02 for nine months, with the top half of the $3.45-3.69 range guided (facts 7, 9).
  • Virginia is the growth engine, and Stonepeak's 50% share keeps showing up in noncontrolling interests (facts 4, 6).
  • CVOW cost recovery is still leaking at the margin: $95M of unrecoverable charges this year (fact 8).

How our view changed

2 dossiers on Dominion Energy since . The verdict has held each time.

Research trail

The research around Dominion Energy

Covered in the Knowledge Base

Energy & Power

Company details

IndustryEnergy
SizePublic Company
WebsiteVisit Dominion Energy

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