Dominion Energy, Inc. Revenue & Financials

Dominion Energy's revenue reached $26.8 billion in FY2024, growing modestly from $26 billion in FY2023. Net income of $2.1 billion reflects regulated utility earnings constrained by the 9.2 percent allowed return on equity in Virginia — the state that accounts for the majority of the company's earnings. The capital expenditure plan tells the more important story. $15 billion in FY2024 capex — financed through $11.4 billion in debt issuance and $3.6 billion in operating cash flow — represents one of the largest regulated utility capital programs in U.S. History. That spending builds rate base, which earns the allowed return, which drives earnings growth. The model works as long as regulators approve the spending and maintain the allowed return. The 2022 SCC earnings review found that Dominion had earned $450 million more than its allowed return and required a $138 million customer refund, erasing $1.2 billion in market capitalization. The event illustrated the downside of the regulatory model: exceptional operational performance doesn't translate into exceptional earnings — it produces customer refunds. Data center load growth is simultaneously Dominion's greatest opportunity and its most challenging regulatory problem. Signed service agreements of 4.5 gigawatts and a late-stage pipeline of 9 gigawatts require $6 to 8 billion in new gas generation capacity that regulators, environmental groups, and the company's own sustainability targets are pushing back against. The tension between serving load growth (a regulatory obligation) and avoiding new fossil fuel infrastructure (a political and climate commitment) has no clean resolution.