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Dominion Energy D · USD

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Dominion Energy annual report

Filed with the US Securities and Exchange Commission

10-K

The latest annual report covers the year to 31 Dec 2025, filed on 23 Feb 2026.

Read the 10-K on SEC.gov ↗

Five-year highlights

In USD.

FY2025FY2024FY2023FY2022FY2021
Revenue$16.51bn$14.46bn$14.39bn$13.94bn$11.42bn
Operating income$4.41bn$3.25bn$3.41bn$1.33bn$2.00bn
Net income$3.00bn$2.12bn$2.03bn$1.19bn$3.40bn
Free cash flow−$7.28bn−$7.41bn−$3.66bn−$3.89bn−$1.92bn
Total assets$115.86bn$102.42bn$109.03bn$104.80bn$99.59bn
Shareholders' equity$29.08bn$27.25bn$27.53bn$27.66bn$27.31bn

From the 2025 annual report

As filed, for the year to . A later report may be linked above: this is the newest our data supplier has processed.

As filed
Income statement USD ($) $ in Millions
Dec. 31, 2025Dec. 31, 2024Dec. 31, 2023
Operating Revenue—16,506—14,459—14,393—
Electric fuel and other energy-related purchases—4,489[1]3,614[2]3,935[3]
Purchased electric capacity—82[1]74[2]55[3]
Purchased gas—297[1]260[2]285[3]
Other operations and maintenance—3,547—3,588—3,133—
Depreciation and amortization—2,387[1]2,345[2]2,580[3]
Other taxes—773[1]731[2]684[3]
Impairment of assets and other charges—517—600—307—
Total operating expenses—12,092—11,212—10,979—
Income from operations—4,414—3,247—3,414—
Other income (expense)—1,219—841—996—
Interest and related charges—2,022[1]1,893[2]1,679[3]
Income from continuing operations including noncontrolling interests before income tax expense—3,611—2,195—2,731—
Income tax expense—532[1],[4]411[2]644[3]
Net Income From Continuing Operations Including Noncontrolling Interests—3,079—1,784—2,087—
Net Income (Loss) From Discontinued Operations Including Noncontrolling Interests[5]-14—197—-125—
Net Income Including Noncontrolling Interests—3,065—1,981—1,962—
Noncontrolling Interests—67[6]-53[6]0—
Net Income—2,998—2,034—1,962—
Net income from continuing operations—3,012—1,837—2,087—
Net income (loss) from discontinued operations—-14—197—-125—
Net income from continuing operations—3.48—2.09—2.4—
Net income (loss) from discontinued operations—-0.02—0.24—-0.15—
Net income attributable to Dominion Energy—3.46—2.33—2.25—
Net income from continuing operations—3.47—2.09—2.4—
Net income (loss) from discontinued operations—-0.02—0.24—-0.15—
Net income attributable to Dominion Energy—3.45—2.33—2.25—
Operating Revenue[7]11,812—10,235—9,573—
Electric fuel and other energy-related purchases[7],[8]3,591—2,743—2,918—
Purchased electric capacity[8]71—68—46—
Affiliated suppliers—518—433—395—
Other operations and maintenance—1,812—1,804—1,456—
Depreciation and amortization[8]1,630—1,644—1,871—
Other taxes[8]362—333—298—
Impairment of assets and other charges—516—292—115—
Total operating expenses—8,500—7,317—7,099—
Income from operations—3,312—2,918—2,474—
Other income (expense)—255—198—133—
Interest and related charges[7],[8]951—849—765—
Income before income tax expense—2,616—2,267—1,842—
Income tax expense[8]448[4]423—400—
Net Income Including Noncontrolling Interests—2,168—1,844—1,442—
Noncontrolling Interests[9]67—-53———
Net Income—2,101—1,897—1,442—
[1] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM. [2] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM. [3] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM. [4] The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws. [5] Includes income tax expense of $5 million, $31 million and $1.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively. [6] Items designated are other segment items for each reportable segment. [7] See Note 25 for amounts attributable to affiliates. [8] The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM. [9] Items designated are other segment items for each reportable segment.——————[1]The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.[2]The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.[3]The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.[4]The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.[5]Includes income tax expense of $5 million, $31 million and $1.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively.[6]Items designated are other segment items for each reportable segment.[7]See Note 25 for amounts attributable to affiliates.[8]The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.[9]Items designated are other segment items for each reportable segment.
[1]The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
[2]The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
[3]The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Dominion Energy’s CODM.
[4]The Companies had no adjustments related to the following disclosure categories: foreign tax effects, effects of changes in tax law or rates enacted in the current period and effects of cross-border tax laws.
[5]Includes income tax expense of $5 million, $31 million and $1.3 billion for the years ended December 31, 2025, 2024 and 2023, respectively.
[6]Items designated are other segment items for each reportable segment.
[7]See Note 25 for amounts attributable to affiliates.
[8]The significant expense categories and amounts in the segment information presented above align with the segment-level information that is regularly provided to Virginia Power’s CODM.
[9]Items designated are other segment items for each reportable segment.
Balance sheet USD ($) $ in Millions
Cash and cash equivalents[1]250—310—
Customer receivables (less allowance for doubtful accounts)[1]2,531—2,169—
Tax receivables—434———
Other receivables (less allowance for doubtful accounts)[2]446—358—
Materials and supplies—1,541—1,360—
Fossil fuel—392—382—
Gas stored—24—22—
Derivative assets—335—436—
Margin deposit assets—181—104—
Prepayments[1]377—315—
Regulatory assets[1]1,380—992—
Other[1]180—165—
Total current assets—8,071—6,613—
Nuclear decommissioning trust funds—9,166—8,051—
Investment in equity method affiliates—132[3]138[4]
Other—378—361—
Total investments—9,676—8,550—
Property, plant and equipment[1]106,315—94,844—
Accumulated depreciation and amortization—-27,348—-25,982—
Total property, plant and equipment, net—78,967—68,862—
Goodwill[5]4,143—4,143—
Pension and other postretirement benefit assets—2,658—2,240—
Intangible assets, net—1,682—1,136—
Derivative assets—623—963—
Regulatory assets[1]8,276—8,288—
Other[1]1,761—1,620—
Total deferred charges and other assets—19,143—18,390—
Total assets—115,857—102,415—
Securities due within one year[6]2,409—1,725—
Supplemental credit facility borrowings—0—0—
Short-term debt—2,457—2,500—
Accounts payable—1,338—1,149—
Accrued interest, payroll and taxes[6]1,244—1,045—
Derivative liabilities—111—207—
Regulatory liabilities—542—579—
Other[7]2,343—2,084—
Total current liabilities—10,444—9,289—
Long-term debt—36,778—33,034—
Securitization bonds[6]883—1,054—
Junior subordinated notes—5,978—3,223—
Supplemental credit facility borrowings—0—0—
Other—436—214—
Total long-term debt—44,075—37,525—
Deferred income taxes—7,885—7,135—
Deferred investment tax credits—1,591—1,070—
Regulatory liabilities—9,072—8,761—
Asset retirement obligations[6]7,204—7,074—
Derivative liabilities—134—305—
Other—2,035—1,454[8]
Total deferred credits and other liabilities—27,921—25,799—
Total liabilities—82,440—72,613—
Preferred stock (See Note 19)—991—991—
Common stock - no par[9]25,892—24,383—
Retained earnings—2,318—1,641—
Accumulated other comprehensive loss—-118—-152—
Shareholders' equity—29,083—26,863—
Noncontrolling interests—4,334—2,939—
Total equity—33,417—29,802—
Total liabilities and equity—115,857—102,415—
Cash and cash equivalents[10]170—160—
Customer receivables (less allowance for doubtful accounts)[10]1,930—1,612—
Other receivables (less allowance for doubtful accounts)—252—168—
Affiliated receivables—35—27—
Materials and supplies—977—849—
Fossil fuel—273—299—
Derivative assets[11]212—248—
Margin deposit assets———1—
Prepayments[10]63—64—
Regulatory assets[10]1,110—697—
Other[10]103—130—
Total current assets—5,125—4,254—
Nuclear decommissioning trust funds—4,864—4,286—
Other—4—4—
Total investments—4,868—4,290—
Property, plant and equipment[10]80,121—70,550—
Accumulated depreciation and amortization—-19,157—-18,033—
Total property, plant and equipment, net—60,964—52,517—
Pension and other postretirement benefit assets[11]729—663—
Intangible assets, net—1,310—818—
Derivative assets[11]270—127—
Regulatory assets[10]4,526—4,537—
Other[10],[11]1,451—1,181—
Total deferred charges and other assets—8,286—7,326—
Total assets—79,243—68,387—
Securities due within one year[12]1,366—548—
Short-term debt—675—950—
Accounts payable[12]821—660—
Payables to affiliates—216—133—
Accrued dividend[13]0—407—
Affiliated current borrowings—1,173—500—
Accrued interest, payroll and taxes[12]450—366—
Asset retirement obligations—372—321—
Derivative liabilities[13]22—139—
Regulatory liabilities—374—385—
Other[12],[13]1,506—1,228—
Total current liabilities—6,975—5,637—
Long-term debt—20,651—18,874—
Securitization bonds[12]883—1,054—
Other—194—110—
Total long-term debt—21,728—20,038—
Deferred income taxes—4,921—4,476—
Deferred investment tax credits—616—640—
Regulatory liabilities—6,530—6,139—
Asset retirement obligations[12]5,108—5,076—
Derivative liabilities[13]9—86—
Other[12],[13]1,817—1,199[8]
Total deferred credits and other liabilities—19,001—17,616—
Total liabilities—47,704—43,291—
Common stock - no par[14]12,487—8,987—
Other paid-in capital—999—1,006—
Retained earnings—13,687—12,136—
Accumulated other comprehensive loss—32—28—
Shareholders' equity—27,205—22,157—
Noncontrolling interests—4,334—2,939—
Total equity—31,539—25,096—
Total liabilities and equity—79,243—68,387—
[1] See Note 16 for amounts attributable to VIEs [2] See Note 9 for amounts attributable to related parties. [3] Excludes liability to Atlantic Coast Pipeline. [4] Excludes liability to Atlantic Coast Pipeline. [5] Goodwill amounts do not contain any accumulated impairment losses. [6] See Note 16 for amounts attributable to VIEs. [7] See Note 9 for amounts attributable to related parties. [8] Other deferred credits and other liabilities for Virginia Power excludes derivative liabilities which were not impacted by the restatement adjustment and have been separately presented on Virginia Power’s Consolidated Balance Sheets in this report. [9] 1.8 billion shares authorized; 879 million shares and 852 million shares outstanding at December 31, 2025 and 2024, respectively. [10] See Note 16 for amounts attributable to VIEs. [11] See Note 25 for amounts attributable to affiliates. [12] See Note 16 for amounts attributable to VIEs. [13] See Note 25 for amounts attributable to affiliates. [14] 500,000 shares authorized; 373,881 and 324,245 shares outstanding at December 31, 2025 and 2024, respectively.————[1]See Note 16 for amounts attributable to VIEs[2]See Note 9 for amounts attributable to related parties.[3]Excludes liability to Atlantic Coast Pipeline.[4]Excludes liability to Atlantic Coast Pipeline.[5]Goodwill amounts do not contain any accumulated impairment losses.[6]See Note 16 for amounts attributable to VIEs.[7]See Note 9 for amounts attributable to related parties.[8]Other deferred credits and other liabilities for Virginia Power excludes derivative liabilities which were not impacted by the restatement adjustment and have been separately presented on Virginia Power’s Consolidated Balance Sheets in this report.[9]1.8 billion shares authorized; 879 million shares and 852 million shares outstanding at December 31, 2025 and 2024, respectively.[10]See Note 16 for amounts attributable to VIEs.[11]See Note 25 for amounts attributable to affiliates.[12]See Note 16 for amounts attributable to VIEs.[13]See Note 25 for amounts attributable to affiliates.[14]500,000 shares authorized; 373,881 and 324,245 shares outstanding at December 31, 2025 and 2024, respectively.
[1]See Note 16 for amounts attributable to VIEs
[2]See Note 9 for amounts attributable to related parties.
[3]Excludes liability to Atlantic Coast Pipeline.
[4]Excludes liability to Atlantic Coast Pipeline.
[5]Goodwill amounts do not contain any accumulated impairment losses.
[6]See Note 16 for amounts attributable to VIEs.
[7]See Note 9 for amounts attributable to related parties.
[8]Other deferred credits and other liabilities for Virginia Power excludes derivative liabilities which were not impacted by the restatement adjustment and have been separately presented on Virginia Power’s Consolidated Balance Sheets in this report.
[9]1.8 billion shares authorized; 879 million shares and 852 million shares outstanding at December 31, 2025 and 2024, respectively.
[10]See Note 16 for amounts attributable to VIEs.
[11]See Note 25 for amounts attributable to affiliates.
[12]See Note 16 for amounts attributable to VIEs.
[13]See Note 25 for amounts attributable to affiliates.
[14]500,000 shares authorized; 373,881 and 324,245 shares outstanding at December 31, 2025 and 2024, respectively.
Cash flow statement USD ($) $ in Millions
Dec. 31, 2025Dec. 31, 2024Dec. 31, 2023
Net income including noncontrolling interests3,0651,9811,962
Depreciation, depletion and amortization (including nuclear fuel)2,6842,6393,128
Deferred income taxes568-2351,527
Deferred investment tax credits (benefits)488-32-37
Impairment of assets and other charges516639695
Losses (gains) on the East Ohio, Questar Gas and PSNC Transactions01300
Losses (gains) on sales of assets and equity method investments (including Cove Point)00-657
Net (gains) losses on nuclear decommissioning trusts funds and other investments-546-669-474
Other adjustments-4318378
Accounts receivable-862208147
Inventories-187-87-198
Deferred fuel and purchased gas costs, net-754727975
Prepayments and deposits, net-184-108516
Accounts payable6676-506
Accrued interest, payroll and taxes224-85175
Net realized and unrealized changes related to derivative activities730236-35
Pension and other postretirement benefits-433-208-476
Other operating assets and liabilities29-212-548
Net cash provided by operating activities5,3615,0186,572
Plant construction and other property additions (including nuclear fuel)-12,641-12,198-10,211
Acquisition of solar development projects-12-229-24
Proceeds from sale of noncontrolling interest in Cove Point003,293
Proceeds from East Ohio, Questar Gas and PSNC Transactions29,2430
Proceeds from sales of securities10,4923,0722,966
Purchases of securities-10,591-3,213-3,152
Proceeds from sales of assets03547
Contributions to equity method affiliates-24-20-104
Distributions from equity method affiliates01261
Other-1951-23
Net cash used in investing activities-12,969-3,183-7,207
Issuance (repayment) of short-term debt, net-43-1,456533
364-day term loan facility borrowings03,0005,725
Repayment of 364-day term loan facility borrowings0-7,750-975
Issuance and remarketing of long-term debt8,8975,9933,310
Repayment and repurchase of long-term debt-1,722-2,740-5,673
Issuance of securitization bonds01,2820
Repayment of securitization bonds-163-650
Supplemental credit facility borrowings00900
Supplemental credit facility repayments0-450-900
Proceeds from sale of noncontrolling interest in OSWP-882,5580
Contributions from Stonepeak to OSWP1,5693770
Distributions from OSWP to Stonepeak-24100
Series B Preferred Stock repurchase and redemption0-8010
Issuance of common stock1,48873294
Common dividend payments-2,278-2,239-2,233
Other167-212-186
Net cash provided by financing activities7,586-1,771595
Increase (decrease) in cash, restricted cash and equivalents-2264-40
Cash, restricted cash and equivalents at beginning of period365301341
Cash, restricted cash and equivalents at end of period343365301
Net income including noncontrolling interests2,1681,8441,442
Depreciation, depletion and amortization (including nuclear fuel)1,7871,8022,034
Deferred income taxes270381502
Deferred investment tax credits (benefits)-24-20-5
Impairment of assets and other charges516292130
Net (gains) losses on nuclear decommissioning trusts funds and other investments-81-97-68
Other adjustments-93-44237
Accounts receivable-367511
Affiliated receivables and payables7546-188
Inventories-102-65-165
Deferred fuel and purchased gas costs, net-744304538
Prepayments and deposits, net-5534289
Accounts payable57-21-43
Accrued interest, payroll and taxes847323
Net realized and unrealized changes related to derivative activities108153451
Other operating assets and liabilities257-147-363
Net cash provided by operating activities3,8564,5864,815
Acquisition of solar development projects-12-40-24
Plant construction and other property additions-10,333-9,760-6,978
Purchases of nuclear fuel-199-168-194
Proceeds from sales of securities5,7411,9251,876
Purchases of securities-5,808-2,011-1,987
Other-100819
Net cash used in investing activities-10,711-10,046-7,288
Issuance (repayment) of short-term debt, net-275495-486
Issuance and remarketing of long-term debt3,1722,4432,660
Issuance (repayment) of affiliated current borrowings, net6730-1,524
Repayment and repurchase of long-term debt-572-593-1,308
Issuance of securitization bonds01,2820
Repayment of securitization bonds-163-650
Proceeds from sale of noncontrolling interest in OSWP-882,5580
Contributions from Stonepeak to OSWP1,5693770
Distributions from OSWP to Stonepeak-24100
Issuance of common stock3,50003,250
Common dividend payments-957-8500
Other262-71-53
Net cash provided by financing activities6,8805,5762,539
Increase (decrease) in cash, restricted cash and equivalents2511666
Cash, restricted cash and equivalents at beginning of period2069024
Cash, restricted cash and equivalents at end of period23120690
Note: Operating Segments

26. Operating SegmentsThe Companies are organized primarily on the basis of products and services sold in the U.S. A description of the operations included in the Companies’ primary operating segments is as follows: Primary Operating Segment Description of Operations DominionEnergy VirginiaPower Dominion Energy Virginia Regulated electric distribution X X Regulated electric transmission X X Regulated electric generation fleet(1) X X Dominion Energy South Carolina Regulated electric distribution X Regulated electric transmission X Regulated electric generation fleet X Regulated gas distribution and storage X Contracted Energy(2) Nonregulated electric generation fleet X (1)Includes Virginia Power’s non-jurisdictional solar generation operations.(2)Includes renewable natural gas and offshore wind installation vessel operations.In addition to the operating segments above, the Companies also report a Corporate and Other segment. Dominion EnergyThe Corporate and Other Segment of Dominion Energy includes its corporate, service company and other functions (including unallocated debt) as well as its noncontrolling interest in Dominion Privatization. In addition, Corporate and Other includes specific items attributable to Dominion Energy’s operating segments that are not included in profit measures evaluated by executive management in assessing the segments’ performance or in allocating resources, including the net impact of the operations reflected as discontinued operations, which includes the entities included in the East Ohio (through March 2024), Questar Gas (through May 2024) and PSNC (through September 2024) Transactions, a noncontrolling interest in Cove Point (through September 2023), certain solar generation facility development operations (through April 2024) and a noncontrolling interest in Atlantic Coast Pipeline as discussed in Notes 3 and 9.Dominion Energy’s CODM is the CEO. The Dominion Energy CODM uses net income (loss) as the primary profit or loss measure at each segment. The Dominion Energy CODM considers budget-to-actual variances on a quarterly basis when making decisions about allocating operating and capital resources to each segment, when assessing the performance of each segment and when determining the compensation of certain employees.

Note: Operating Revenue

Note 4. Operating RevenueThe Companies’ operating revenue consists of the following: Dominion Energy Virginia Power Year Ended December 31, 2025 2024 2023 2025 2024 2023 (millions) Regulated electric sales: Residential $ 6,080 $ 5,436 $ 5,141 $ 4,631 $ 4,133 $ 3,863 Commercial 4,050 3,446 3,406 3,113 2,553 2,482 High load(1) 1,811 1,362 1,308 1,811 1,362 1,308 Industrial 729 716 729 301 300 282 Government and other retail 1,284 1,081 1,036 1,211 1,015 965 Wholesale 179 136 176 141 105 116 Nonregulated electric sales 1,239 933 758 127 86 65 Regulated gas sales: Residential 352 309 293 Commercial 142 136 145 Other 46 67 79 Regulated gas transportation and storage 36 21 18 Other regulated revenues 309 372 253 291 359 238 Other nonregulated revenues(2)(3)(4) 266 167 145 66 46 53 Total operating revenue from contracts with customers 16,523 14,182 13,487 11,692 9,959 9,372 Other revenues(2)(5) (17 ) 277 906 120 276 201 Total operating revenue $ 16,506 $ 14,459 $ 14,393 $ 11,812 $ 10,235 $ 9,573 (1)Represents customers in Virginia, including certain data centers, with actual or anticipated forecast demand of 25 MW or higher and annual load factor of 75% or higher.(2)See Note 25 for amounts attributable to affiliates.(3)Includes sales of renewable energy credits of $57 million, $31 million and $44 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Dominion Energy and $16 million, $12 million and $29 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Virginia Power.(4)Includes revenue from transition services agreements of $99 million, $61 million and $18 million for the years ended December 31, 2025, 2024 and 2023, respectively, at Dominion Energy.(5)Includes alternative revenue of $167 million, $129 million and $162 million at both Dominion Energy and Virginia Power for years ended December 31, 2025, 2024 and 2023, respectively. Neither Dominion Energy nor Virginia Power have any amounts for revenue to be recognized in the future on multi-year contracts in place at December 31, 2025.Contract liabilities represent an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration, or the amount that is due, from the customer. At December 31, 2025 and 2024, Dominion Energy’s contract liability balances were $45 million and $52 million, respectively.

Note: Commitments and Contingencies

Note 23. Commitments and ContingenciesAs a result of issues generated in the ordinary course of business, the Companies are involved in legal proceedings before various courts and are periodically subject to governmental examinations (including by regulatory authorities), inquiries and investigations. Certain legal proceedings and governmental examinations involve demands for unspecified amounts of damages, are in an initial procedural phase, involve uncertainty as to the outcome of pending appeals or motions or involve significant factual issues that need to be resolved, such that it is not possible for the Companies to estimate a range of possible loss. For such matters that the Companies cannot estimate, a statement to this effect is made in the description of the matter. Other matters may have progressed sufficiently through the litigation or investigative processes such that the Companies are able to estimate a range of possible loss. For legal proceedings and governmental examinations that the Companies are able to reasonably estimate a range of possible losses, an estimated range of possible loss is provided, in excess of the accrued liability (if any) for such matters. The Companies maintain various insurance programs, including general liability insurance coverage which provides coverage for personal injury or wrongful death cases. Any accrued liability is recorded on a gross basis with a receivable also recorded for any probable insurance recoveries. Estimated ranges of loss are inclusive of legal fees and net of any anticipated insurance recoveries. Any estimated range is based on currently available information and involves elements of judgment and significant uncertainties. Any estimated range of possible loss may not represent the Companies’ maximum possible loss exposure. The circumstances of such legal proceedings and governmental examinations will change from time to time and actual results may vary significantly from the current estimate. For current proceedings not specifically reported below, management does not anticipate that the liabilities, if any, arising from such proceedings would have a material effect on the Companies’ financial position, liquidity or results of operations. Environmental MattersThe Companies are subject to costs resulting from a number of federal, state and local laws and regulations designed to protect human health and the environment. These laws and regulations affect future planning and existing operations.

Note: Long-Term Debt

18. Long-Term Debt 2025Weighted-averageCoupon(1) Dominion Energy Virginia Power At December 31, 2025 2024 2025 2024 (millions, except percentages) Sustainability Revolving Credit Agreement, variable rate, due 2028(2) $ — $ — Unsecured Senior Notes: 1.45% to 7.00%, due 2025 to 2052(3) 4.36 % 12,526 11,176 Junior Subordinated Notes: Payable to Affiliated Trust, 8.40%, due 2031 8.40 % 10 10 6.00% to 7.00%, due 2054 to 2056 6.48 % 6,025 3,250 Virginia Power: Unsecured Senior Notes, 2.30% to 8.875%, due 2025 to 2055 4.53 % 21,385 18,785 $ 21,385 $ 18,785 Tax-Exempt Financings, 3.125% to 3.80%, due 2032 to 2041(4) 3.52 % 625 625 625 625 Senior Secured Deferred Fuel Cost Bonds, 4.877% and 5.088%, due 2029 and 2033 4.92 % 1,054 1,217 1,054 1,217 DESC: First Mortgage Bonds, 2.30% to 6.625%, due 2028 to 2065 5.24 % 4,584 4,134 Tax-Exempt Financings(5): Variable rate due 2038 3.36 % 35 35 3.625% and 4.00%, due 2028 and 2033 3.90 % 54 54 GENCO, variable rate due 2038 3.36 % 33 33 Other 3.56 % 1 1 Total Principal $ 46,332 $ 39,320 $ 23,064 $ 20,627 Securities due within one year(6) (2,290 ) (1,662 ) (1,321 ) (513 ) Unamortized discount, premium and debt issuance costs, net (403 ) (347 ) (209 ) (186 ) Finance leases 436 214 194 110 Total long-term debt $ 44,075 $ 37,525 $ 21,728 $ 20,038 (1)Represents weighted-average coupon rates for debt outstanding at December 31, 2025. (2)This $1.0 billion supplemental credit facility, entered in 2021, most recently amended in April 2025, offers a reduced interest rate margin with respect to borrowed amounts allocated to certain environmental sustainability or social investment initiatives. Proceeds of the supplemental credit facility also may be used for general corporate purposes, but such proceeds are not eligible for a reduced interest rate margin. In March 2023, Dominion Energy borrowed $450 million with the proceeds used for general corporate purposes. In April 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In September 2023, Dominion Energy borrowed $450 million under this facility with the proceeds used for general corporate purposes. In October 2023, Dominion Energy repaid $450 million borrowed for general corporate purposes. In May 2024, Dominion Energy repaid $450 million borrowed to support environmental sustainability and social investment initiatives.

Note: Short Term Debt and Credit Agre

17. Short-Term Debt and Credit Agreements The Companies use short-term debt to fund working capital requirements and as a bridge to long-term debt financings. The levels of borrowing may vary significantly during the course of the year, depending upon the timing and amount of cash requirements not satisfied by cash from operations. In addition, Dominion Energy utilizes cash and letters of credit to fund collateral requirements. Collateral requirements are impacted by capital projects, commodity prices, hedging levels, Dominion Energy’s credit ratings and the credit quality of its counterparties. Dominion Energy Dominion Energy’s short-term financing is primarily supported by its joint revolving credit facility. In April 2025, Dominion Energy amended its joint revolving credit facility to, among other things, increase the facility limit from $6.0 billion to $7.0 billion, increase the letters of credit support from $2.0 billion to $3.0 billion and extend the maturity date from June 2026 to April 2030. The key financial covenants in the facility are unchanged except for a technical clarification to the calculation of equity utilized in the total debt to total capital ratio.Dominion Energy’s commercial paper and letters of credit outstanding, as well as its capacity available under the credit facility discussed above and its 364-day revolving credit agreement, were as follows: FacilityLimit OutstandingCommercialPaper(1) OutstandingLetters ofCredit FacilityCapacityAvailable (millions) At December 31, 2025 Joint revolving credit facility(2) $ 7,000 $ 2,035 $ 1 $ 4,964 364-day revolving credit facility(3) 1,000 — 1,000 Total $ 8,000 $ 2,035 $ 1 $ 5,964 At December 31, 2024 Joint revolving credit facility(2) $ 6,000 $ 2,061 $ 10 $ 3,929 Total $ 6,000 $ 2,061 $ 10 $ 3,929 (1) The weighted-average interest rate of the outstanding commercial paper supported by Dominion Energy’s joint revolving credit facility was 4.08% and 4.74% at December 31, 2025 and 2024, respectively. (2)This credit facility matures in April 2030, with the potential to be extended by the borrowers to April 2032, and can be used by the borrowers under the credit facility to support bank borrowings and the issuance of commercial paper, as well as to support up to a combined $3.0 billion of letters of credit, for working capital and other general corporate purposes. Through February 2026, Dominion Energy had $14 million in letters of credit issued and outstanding under this facility.

Note: Short-Term Debt and Credit Agre

The full amount of the facility is available to Virginia Power, less any amounts outstanding to co-borrowers Dominion Energy and DESC. The sub-limit for Virginia Power is set pursuant to the terms of the facility but can be changed at the option of the borrowers multiple times per year. At December 31, 2025, the sub-limit for Virginia Power was $4.0 billion. If Virginia Power has liquidity needs in excess of its current sub-limit, the sub-limit may be changed or such needs may be satisfied through short-term intercompany borrowings from Dominion Energy. This credit facility matures in April 2030, with the potential to be extended by the borrowers to April 2032. The credit facility can be used to support bank borrowings and the issuance of commercial paper, as well as to support up to $3.0 billion (or the sub-limit, whichever is less) of letters of credit, for working capital and other general corporate purposes.

Note: Income Taxes

Note 5. Income TaxesJudgment and the use of estimates are required in developing the provision for income taxes and reporting of tax-related assets and liabilities. The interpretation of tax laws and associated regulations involves uncertainty, since tax authorities may interpret the laws differently. The Companies are routinely audited by federal and state tax authorities. Ultimate resolution of income tax matters may result in favorable or unfavorable impacts to net income and cash flows, and adjustments to tax-related assets and liabilities could be material.As indicated in Note 2, certain of the Companies’ operations, including accounting for income taxes, are subject to regulatory accounting treatment. For regulated operations, many of the changes in deferred taxes from the 2017 Tax Reform Act represent amounts probable of collection from or return to customers and are presented as components of regulatory assets or liabilities. See Note 12 for additional information. Continuing Operations Details of income tax expense for continuing operations including noncontrolling interests were as follows: Dominion Energy Virginia Power Year Ended December 31, 2025 2024 2023 2025 2024 2023 (millions) Current: Federal $ (580 ) $ (204 ) $ (361 ) $ 163 $ (6 ) $ (102 ) State 54 37 (97 ) 39 67 6 Total current expense (benefit) (526 ) (167 ) (458 ) 202 61 (96 ) Deferred: Federal Taxes before operating loss carryforwards and investment tax credits 539 521 815 167 324 403 Tax utilization expense of operating loss carryforwards 35 40 45 — — — State 61 52 270 103 59 107 Total deferred expense 635 613 1,130 270 383 510 Investment tax credits 423 (35 ) (28 ) (24 ) (21 ) (14 ) Total income tax expense $ 532 $ 411 $ 644 $ 448 $ 423 $ 400 In 2025, Dominion Energy’s current income taxes reflect a benefit from continuing operations primarily related to income tax credits generated during 2025. At December 31, 2025, Dominion Energy’s Consolidated Balance Sheet includes $402 million, presented in tax receivables, for the amount of credits generated in 2025 and expected to be carried back to tax year 2024 and refunded. Additionally, Dominion Energy and Virginia Power have recognized a current tax benefit from tax credits generated and transferred to third parties during 2025, as further discussed below.

Note: Leases

Note 15. LeasesAt December 31, 2025 and 2024, the Companies had the following lease assets and liabilities recorded in the Consolidated Balance Sheets: Dominion Energy Virginia Power(1) At December 31, 2025 2024 2025 2024 (millions) Lease assets: Operating lease assets(2) $ 639 $ 588 $ 644 $ 410 Finance lease assets(3) 541 267 239 146 Total lease assets $ 1,180 $ 855 $ 883 $ 556 Lease liabilities: Operating lease liabilities(4) $ 39 $ 36 $ 163 $ 22 Finance lease liabilities(5) 119 62 45 35 Total lease liabilities - current 158 98 208 57 Operating lease liabilities(6) 697 644 500 399 Finance lease liabilities(7) 436 214 194 110 Total lease liabilities - noncurrent 1,133 858 694 509 Total lease liabilities $ 1,291 $ 956 $ 902 $ 566 (1)See Note 25 for additional information about Virginia Power’s operating lease assets and liabilities with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel. (2)Balances are included in other deferred charges and other assets in the Companies’ Consolidated Balance Sheets(3)Balances are included in property, plant and equipment in the Companies’ Consolidated Balance Sheets, net of $251 million and $199 million for Dominion Energy, and $105 million and $88 million for Virginia Power, at December 31, 2025 and 2024, respectively, of accumulated amortization. (4)Balances are in other current liabilities in the Companies’ Consolidated Balance Sheets.(5)Balances are included in securities due within one year in the Companies’ Consolidated Balance Sheets(6)Balances are included in other deferred credits and other liabilities in the Companies’ Consolidated Balance Sheets.(7)Balances are included in other long-term debt in the Companies’ Consolidated Balance Sheets.In September 2025, Virginia Power recorded a right-of-use asset and offsetting lease obligation of $228 million upon commencement of an operating lease with an affiliated entity for the use of a Jones Act compliant offshore wind installation vessel. See Note 25 for additional information.In addition to the amounts disclosed above, Dominion Energy’s Consolidated Balance Sheets at December 31, 2025 and 2024 includes property, plant and equipment of $374 million and $382 million, respectively, related to facilities subject to power purchase agreements under which Dominion Energy is the lessor.

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