Dominion Energy's QQ4 2024 results present a mixed near-term picture. Reported revenue of $3.40 billion declined year over year and quarter over quarter, while EBITDA stood at $1.621 billion and operating income was $391 million, reflecting a stable regulated framework offset by non-operating charges and substantial capital deployment. The quarter produced a net loss of $76 million, driven primarily by a sizable non-operating expense line (-$639 million) that bridged into a negative income before tax (-$248 million) and a tax benefit that partially offset the loss (-$104 million). Free cash flow was materially negative at -$2.87 billion, as capex totaled $3.51 billion and acquisitions, net, weighed on investing cash flows, even as operating cash flow remained positive at $641 million. The balance sheet shows a sizable asset base ($102.4 billion) with debt of $41.8 billion and a capitalization structure skewed toward debt (debt-to-capitalization ~60.9%). Liquidity remains tight on a current ratio of 0.71 and cash on hand of $365 million, underscoring the ongoing financing needs to support a heavy capex cycle and contracted asset development. Management commentary (as far as captured in the dataset) is not available in the transcript, limiting a view into qualitative guidance; however, the earnings profile suggests a transition phase where regulatory-driven cash flows, asset growth, and contract-based revenues should support earnings stability over the medium term once the current capex wave and one-time charges wind down.
Key Performance Indicators
Revenue
Decreasing
3.40B
QoQ: -13.73% | YoY: -3.79%
Gross Profit
Decreasing
1.50B
44.18% margin
QoQ: -27.54% | YoY: -13.08%
Operating Income
Decreasing
391.00M
QoQ: -67.90% | YoY: -43.98%
Net Income
Decreasing
-76.00M
QoQ: -107.97% | YoY: -132.34%
EPS
Decreasing
0.17
QoQ: -84.82% | YoY: -34.62%
Revenue Trend
Margin Analysis
Financial Highlights
Key Metrics and Commentary (QoQ vs YoY where available):
- Revenue: $3.40B; YoY change: -3.8%; QoQ change: -13.7%
- Indicates a softer demand/generation mix and timing effects in regulated and nonregulated segments in Q4 2024.
- Gross Profit: $1.502B; Gross Margin: 44.18%; YoY: -13.08%; QoQ: -27.54%
- Margin contraction driven by mix shifts and higher cost of revenue relative to price/mix; supports EBITDA decline.
- EBITDA: $1.621B; EBITDA Margin (EBITDA / Revenue): 47.68%; no YoY/QoQ given in data
- Indicates substantial operating scale, but capital deployment and cost structure influence cash flow.
- Operating Income: $391M; Operating Margin: 11.5%; YoY: not provided; QoQ: -67.90%
- Reflects elevated operating expenses and non-operating items intrating; still a positive operating base.
- Net Income: -$76M; Net Margin: -2.24%; YoY: -132.34%; QoQ: -107.97%
- Net loss primarily driven by non-operating charges; the dividend relevance depends on FCF trend and regulated earnings.
- Earnings Per Share (EPS): $0.17 (basic); Diluted $0.15; YoY: -34.6%; QoQ: -84.8%
- Cash Flow from Operations (CFO): $0.641B; Capex: $3.506B; Free Cash Flow: -$2.865B
- Cash from operations remains positive but capital expenditure and acquisitions overwhelm near-term free cash flow.
- Balance Sheet and Leverage: Total Assets $102.415B; Total Debt $41.75B; Net Debt $41.44B; Debt-to-Capitalization 60.9%; Interest Coverage 2.07x; Current Ratio 0.71; Quick Ratio 0.52
- Leverage remains elevated for a utility with a large capex program; liquidity metrics indicate funding needs amid capital discipline.
- Cash Position and Returns: Cash & Equivalents $0.31B; Dividend Yield ~1.2%; Payout/Capital Allocation metrics indicate ongoing reliance on debt and equity financing for capex and acquisitions.
- Liquidity and Working Capital: Current assets $6.61B vs current liabilities $9.29B; working capital strain, consistent with a heavy investment phase and upcoming rate-case-driven revenue adjustments.
Note: The dataset shows a comprehensive quarterly and annual mix; however, the earnings transcript is empty, limiting qualitative interpretation from management commentary.
Income Statement
Metric
Value
YoY Change
QoQ Change
Revenue
3.40B
-3.79%
-13.73%
Gross Profit
1.50B
-13.08%
-27.54%
Operating Income
391.00M
-43.98%
-67.90%
Net Income
-76.00M
-132.34%
-107.97%
EPS
0.17
-34.62%
-84.82%
Key Financial Ratios
Gross Profit Margin
Good
59.40%
Gross profit margin is healthy and competitive within industry standards
Operating Profit Margin
Excellent
25.70%
Operating margin is exceptional, indicating strong pricing power and operational efficiency
Net Profit Margin
Fair
4.18%
Net profit margin is moderate, room for improvement in cost management
Return on Assets
Weak
0.14%
Return on assets suggests inefficient capital allocation
Return on Equity
Weak
0.53%
Return on equity suggests inefficient capital allocation
Current Ratio
Concern
0.71
Current ratio below safe levels, potential liquidity risk
Debt to Equity
High Risk
1.56
Debt-to-equity indicates high leverage and elevated financial risk
P/E Ratio
High Growth
78.63x
Very high P/E indicates aggressive growth expectations, higher risk
Price to Book
Fair Value
1.67x
Price-to-book ratio reasonable for profitable companies
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