UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | | | I.R.S. Employer | | --- | --- | --- | | Commission File Number | Exact name of registrants as specified in their charters | Identification Number | | | 001-0 ...

Financial Data and Key Metrics Changes - For the full year 2025, the company reported operating earnings of $3.42 per share, exceeding the midpoint of guidance, with GAAP earnings at $3.45 per share, which was higher than operating EPS [5][6] - The company achieved a significant credit result, with Moody's full-year CFO pre-working capital to debt nearly 100 basis points above the downgrade threshold, marking the highest result since 2012 [6] Business Line Data and Key Metrics Changes - The Coastal Virginia Offshore Wind project is over 70% complete, with first power expected to be delivered by the end of March 2026, and the project budget stands at $11.5 billion [20][21] - The company increased its 5-year total capital estimate from $50 billion to approximately $65 billion, representing a 30% increase, with over 90% of this increase occurring at Dominion Energy Virginia [10][11] Market Data and Key Metrics Changes - In 2025, weather-normal sales in the Dominion Energy Virginia LSE increased by 5.4%, indicating strong demand growth [9] - The average residential electric customer bills as a percentage of median household income improved by 7% and 29% more than the national average for Dominion Energy Virginia and Dominion Energy South Carolina, respectively, since 2014 [27] Company Strategy and Development Direction - The company focuses on three principal priorities: achieving financial commitments, major construction milestones for the Coastal Virginia Offshore Wind project, and constructive regulatory outcomes [4] - The long-term operating earnings per share growth guidance is reaffirmed at 5%-7% annually, with a bias towards the upper half of that range starting in 2028 [13][15] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the execution of the business plan, highlighting both tailwinds and headwinds, but maintaining a conservative approach to financial planning [17] - The company anticipates continued strong demand growth driven by data centers, with over 48 GW in various stages of contracting as of December 2025 [29][30] Other Important Information - The company has launched a new online platform to help customers manage their electric bills and has various programs to assist customers facing higher costs [27][28] - The Virginia State Corporation Commission approved the Certificate of Public Convenience and Necessity for the Chesterfield Energy Reliability Center, expected to cost approximately $1.5 billion [34] Q&A Session Summary Question: EPS growth and CapEx increase - The management explained that the EPS growth guidance for 2026 considers the impact of reduced Section 45Z credits and conservatism in financial planning, particularly regarding Millstone [44][45] Question: Data center customer ramp-up - Management confirmed that data center expectations are based on historical performance and existing contracts, with a focus on actual demand rather than speculative inquiries [49][51] Question: CVOW project timeline and cost sensitivity - The management clarified that the majority of turbine installations are expected in 2026, with a cadence of approximately 2.25 days per installation, and discussed the financial implications of potential delays [61][63] Question: Utility capital plan and PJM transmission - Management confirmed that the PJM transmission projects are included in the capital plan, with a portfolio approach extending beyond 2030 [71][73] Question: Dividend payout considerations - The management acknowledged the trend of peers reducing payout ratios and indicated that they would consider this when making decisions about future dividend growth [75][76] Question: New nuclear technology evaluation - Management stated that they are still evaluating new nuclear technology and do not have capital allocated for small modular reactors in the current 5-year plan [77]

Core Insights - Dominion Energy, Inc. is a significant player in the energy sector, focusing on electricity and natural gas distribution while heavily investing in renewable energy and infrastructure for future growth [1][6] - The consensus price target for Dominion has been increasing, reflecting positive analyst sentiment, with the average price target rising from $66.67 to $68 [2] - The company is preparing to release its fourth-quarter earnings report, with expectations for earnings growth despite concerns over margin pressures and premium valuation [3] Investment Strategy - Dominion has a substantial $50 billion investment plan and offers a 4.3% dividend yield, which are key components of its growth strategy [4] - The company aims for 6% long-term EPS growth and mid-single-digit dividend increases, supported by projects like the Coastal Virginia Wind project, which is 66% complete [4] - Increasing demand from data centers further bolsters Dominion's growth trajectory [4] Challenges - Dominion faces challenges such as project risks and potential equity dilution, which could impact stock performance despite the positive outlook from analysts [5]

Dominion Energy (D) came out with quarterly earnings of $0.68 per share, beating the Zacks Consensus Estimate of $0.64 per share. This compares to earnings of $0.58 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +5.59%. A quarter ago, it was expected that this energy company would post earnings of $0.93 per share when it actually produced earnings of $1.06, delivering a surprise of +13.98%.Over the last four quarters, the com ...

Q4 2025 earnings call February 23, 2026 Important note for investors This presentation contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 regarding Dominion Energy. The statements relate to, among other things, expectations, estimates and projections concerning the business and operations of Dominion Energy. We have used the words "path", "anticipate", "believe", "forecast", "could", "estimate", "expect", "intend", "may", "plan", "outlook", ...

Core Viewpoint - Dominion Energy forecasts annual profit below Wall Street expectations while increasing its five-year capital spending plan by nearly 30% to meet rising electricity demand [1] Group 1: Financial Forecasts - Dominion Energy expects fiscal 2026 operating earnings of $3.45 to $3.69 per share, with the midpoint below analysts' average estimate of $3.60 [1] - The company's fourth-quarter operating expenses rose nearly 11% to $3.33 billion compared to the previous year, impacting overall financial performance [1] - Dominion's adjusted profit for the quarter ended December 31 was 68 cents per share, slightly exceeding estimates of 67 cents [1] Group 2: Capital Expenditure Plans - Dominion plans to spend $64.7 billion on capital investments from 2026 through 2030, an increase from its prior budget of $50.1 billion through 2029 [1] - The utility has contracted nearly 48.5 gigawatts of data center capacity as of December, reflecting a 1.4 GW increase since September [1] Group 3: Market Context - U.S. utilities, including Dominion, are increasing capital expenditure budgets due to extreme weather conditions and rising demand for new power capacity from data centers, particularly those focused on artificial intelligence and cryptocurrency [1] - Dominion serves the world's largest data center market, which exceeds the combined capacity of the next five largest markets in the U.S. [1]

Core Insights - Dominion Energy reported Q4 2025 revenue of $4.09 billion, a 20% increase year-over-year, driven by rising electricity demand from data centers in northern Virginia [1] - The company's net income rose significantly to $567 million from $59 million in Q4 2024, while operating income nearly doubled to $756 million [1] - The Virginia segment, which is the largest for Dominion, generated $536 million in operating earnings, with customer usage growth in Loudoun County being a key factor [1] Financial Performance - Q4 2025 revenue reached $4.09 billion, marking a 20% increase compared to the previous year [1] - Net income surged to $567 million, a substantial rise from $59 million in Q4 2024 [1] - Operating income nearly doubled to $756 million year-over-year [1] Future Guidance - Management provided guidance for 2026, projecting operating EPS between $3.45 and $3.69, with an expected long-term annual growth rate of 5% to 7% through 2030, leaning towards the upper half from 2028 onward [1] - The ex-dividend date is set for February 27, 2026, with a current yield of approximately 4.1% [1] Project Challenges - The Coastal Virginia Offshore Wind project incurred $258 million in unrecoverable cost charges [1] - Interest expenses increased to $509 million in Q4 from $444 million a year ago [1] - Analysts are closely monitoring data center load growth projections and cost recovery for the Coastal Virginia Offshore Wind project during the earnings call [1]

Exhibit 99 NEWS RELEASE February 23, 2026 Dominion Energy announces 2025 financial results RICHMOND, Va. – Dominion Energy, Inc. (NYSE: D), today announced unaudited net income determined in accordance with Generally Accepted Accounting Principles (GAAP, or reported earnings) for the three months ended Dec. 31, 2025, of $567 million ($0.65 per share) compared with net income of $134 million ($0.14 per share) for the same period in 2024, with net income of $3.0 billion ($3.45 per share) for the 12 months end ...

RICHMOND, Va.--(BUSINESS WIRE)--Dominion Energy, Inc. (NYSE: D), today announced unaudited net income determined in accordance with Generally Accepted Accounting Principles (GAAP, or reported earnings) for the three months ended Dec. 31, 2025, of $567 million ($0.65 per share) compared with net income of $134 million ($0.14 per share) for the same period in 2024, with net income of $3.0 billion ($3.45 per share) for the 12 months ended Dec. 31, 2025, compared with net income of $2.0 billion ($2.33 per share ...

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