Dominion Energy’s QQ2 2025 results reflect a growth trajectory in revenue and earnings supported by its regulated rate base and contracted asset portfolio, alongside a heavy capital deployment program. Revenue reached $3.81 billion, up 9.3% year over year, with net income of $0.76 billion and earnings per share of $0.88, underscoring a resilient earnings base in a capital-intensive utility. However, the quarter also reveals material cash-flow pressure: operating cash flow was $1.25 billion, while capital expenditures totaled $3.01 billion, driving free cash flow to a negative $(1.77) billion and a net decrease in cash on the period. The company funded much of its capex via financing activity, with total debt outstanding at $46.361 billion and net debt near $46.0 billion, leaving the balance sheet leveraged with a total capitalization around 63%. The current liquidity position is modest, with a current ratio of 0.666 and a cash balance of $0.344 billion, highlighting near-term refinancing and debt-service considerations as capex proceeds and regulatory initiatives advance. Dominion’s dividend payout remains sizable at 74.9% of earnings, consistent with the dividend policy of many regulated utilities, but the sustainability of the payout will depend on continued FCF generation and regulatory approvals for rate-base investments.