Executive Summary
Dominion Energy’s QQ3 2025 results show solid operating momentum underpinned by its regulated utility and contracted assets business, with an operating income of $1.339 billion and EBITDA of $1.353 billion, translating to an operating margin of approximately 29.6%. However, the bottom line collapsed into a nominal net income of $1.16 million for the quarter, driven by an outsized negative swing in other income/expenses totaling about $3.189 billion and a meaningful interest burden of $527 million. On a YoY basis, net income declined by roughly 99.9% and QoQ by about 99.85%, signaling material non-operational Headwinds rather than a deterioration in core operating performance. The quarter underscores the importance of regulatory lag, capital intensity, and the impact of non-operating charges on reported profitability. The outlook hinges on continued regulated earnings resilience, the pace of rate case approvals, and the company’s large capital program in the contracted assets and renewables space.
Key Performance Indicators
QoQ: -99.85% | YoY:-99.88%
Key Insights
Revenue: $4.527B for Q3 2025, YoY +14.87%, QoQ +18.82%. Operating income: $1.339B, margin ~29.6% (operating income/revenue). EBITDA: $1.353B; EBITDARatio: 0.299. Net income: $1.16M, net margin ~0.00026% (YoY -99.88%, QoQ -99.85%). Pretax margin: 4.80%, Tax expense: $216M vs. income before tax $217.16M. Long-term debt to capitalization: 0.402; Enterprise value multiple: 15.55. Dividend yield: 0%; Payout indicators appear anomalous in the data (dividendPayoutRatio ~555%). Cash flow metrics show li...
Financial Highlights
Revenue: $4.527B for Q3 2025, YoY +14.87%, QoQ +18.82%. Operating income: $1.339B, margin ~29.6% (operating income/revenue). EBITDA: $1.353B; EBITDARatio: 0.299. Net income: $1.16M, net margin ~0.00026% (YoY -99.88%, QoQ -99.85%). Pretax margin: 4.80%, Tax expense: $216M vs. income before tax $217.16M. Long-term debt to capitalization: 0.402; Enterprise value multiple: 15.55. Dividend yield: 0%; Payout indicators appear anomalous in the data (dividendPayoutRatio ~555%). Cash flow metrics show limited per-share cash flow signals (operating cash flow per share ~0, free cash flow per share ~0). Operating cash flow to revenue conversion implied by the ratio provided suggests some cash conversion capability within the regulated framework, but the data also show a heavy non-operating charge impact on net income.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
4.53B |
14.87% |
18.82% |
| Operating Income |
1.34B |
9.93% |
22.17% |
| Net Income |
1.16M |
-99.88% |
-99.85% |
Key Financial Ratios
operatingProfitMargin
29.6%
dividendPayoutRatio
55517%
Management Commentary
No earnings call transcript was provided in the data set. As a result, direct management quotes or verbatim remarks are not available. The synthesis below incorporates typical management focal points for a regulated utility with a large capex program and contracted assets, such as ongoing rate case activity, capital allocation to grid modernization and renewables, and the importance of regulatory timelines on earnings persistence.
Forward Guidance
The QQ3 2025 data does not include explicit full-year targets. Given the earnings mix—robust operating earnings from regulated assets and considerable non-operating charges—the near-term guidance would likely emphasize: (a) continued support from regulated rate mechanisms and contracted assets for stable cash flows, (b) execution of the capital plan in renewables and LNG/contracted assets with regulatory approvals influencing timing and cost of capital, and (c) sensitivity to interest rates and regulatory outcomes affecting weighted average cost of capital. Investors should monitor regulatory dockets, capex progression, project pipelines in contracted assets, and the cadence of rate case approvals, as these drive earned returns and book value growth. Achievability of targets hinges on timely rate outcomes and the company’s ability to manage non-operating expense headwinds.