Dominion Energy, Inc. (D) Cash Flow Statement
Where D’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $5.36B +6.8% vs 2024
- Capital expenditures
- $12.64B 76.6% of revenue
- Free cash flow
- −$7.28B −44.1% margin
- Returned to shareholders
- $2.28B
- Change in cash
- −$22.0M cash at year-end $343.0M
Cash from operations
$5.36B
Capital expenditures
−$12.64B
Investments (net)
−$99.0M
Acquisitions & other
−$229.0M
Dividends
−$2.28B
Share buybacks (net)
+$1.49B
Net borrowing (repayment)
+$6.97B
Shares issued
+$1.49B
Other financing
−$81.0M
Change in cash
−$22.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
D operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
D cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $4.13B2016 | $5.36B2025 | +2.9%/yr | |
| Capital expenditures | $6.12B2016 | $12.64B2025 | +8.4%/yr | |
| Free cash flow | −$2.00B2016 | −$7.28B2025 | — | |
| Free cash flow margin | −17.0%2016 | −44.1%2025 | −27.1 pts | |
| Operating cash flow / net income | 1.942016 | 1.752025 | −0.19 | |
| Stock-based compensation | $33.0M2016 | $44.0M2023 | +4.2%/yr | |
| Dividends paid | $1.73B2016 | $2.28B2025 | +3.1%/yr | |
| Share buybacks (net) | $02016 | $02025 | — | |
| Capex / revenue | 52.2%2016 | 76.6%2025 | +24.4 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
D cash flow by activity
OperatingInvestingFinancingChange in cash
D net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
D cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $3.06B | $1.93B | $2.16B | $994.0M | $3.31B | −$550.0M | $1.38B | $2.45B | $3.00B | $2.12B |
| Depreciation & amortization | $2.68B | $2.64B | $3.13B | $3.11B | $2.77B | $2.84B | $2.98B | $2.28B | $2.20B | $1.85B |
| Stock-based compensation | — | — | $44.0M | −$3.11B | −$2.77B | $64.0M | $46.0M | $48.0M | $45.0M | $33.0M |
| Change in working capital | −$1.67B | $524.0M | $34.0M | −$3.34B | −$2.17B | −$796.0M | −$886.0M | −$241.0M | −$774.0M | −$486.0M |
| Other non-cash items | $1.28B | −$72.0M | $1.21B | $6.04B | $2.90B | $3.67B | $1.69B | $239.0M | $30.0M | $608.0M |
| Cash from operating activities | $5.36B | $5.02B | $6.57B | $3.70B | $4.04B | $5.23B | $5.20B | $4.77B | $4.50B | $4.13B |
| Investing activities | ||||||||||
| Capital expenditures | −$12.64B | −$12.43B | −$10.23B | −$7.59B | −$5.96B | −$6.02B | −$4.98B | −$4.41B | −$5.91B | −$6.12B |
| Investments (net) | −$99.0M | −$3.18B | −$6.32B | $215.0M | $46.0M | −$279.0M | −$237.0M | −$482.0M | −$251.0M | −$82.0M |
| Acquisitions & other investing | −$229.0M | $12.43B | $9.35B | $630.0M | −$333.0M | $3.38B | $595.0M | $2.53B | $218.0M | −$4.50B |
| Cash from investing activities | −$12.97B | −$3.18B | −$7.21B | −$6.75B | −$6.25B | −$2.92B | −$4.62B | −$2.36B | −$5.94B | −$10.70B |
| Financing activities | ||||||||||
| Dividends paid | −$2.28B | −$2.24B | −$2.23B | −$2.21B | −$2.04B | −$2.87B | −$2.98B | −$2.19B | −$1.93B | −$1.73B |
| Share repurchases & issuance (net) | $1.49B | −$801.0M | $5.84B | −$1.61B | $10.73B | −$3.08B | $8.57B | $7.88B | $4.02B | $8.92B |
| Net borrowing (repayment) | $6.97B | −$2.19B | $2.92B | $3.58B | $2.42B | $3.92B | −$4.74B | −$2.21B | $2.20B | $4.86B |
| Shares issued | $1.49B | $732.0M | $213.0M | $1.87B | $934.0M | $159.0M | $4.89B | $2.46B | $0 | $0 |
| Other financing | −$81.0M | $2.72B | −$6.14B | $1.35B | −$9.68B | −$462.0M | −$6.44B | −$8.16B | −$2.99B | −$5.82B |
| Cash from financing activities | $7.59B | −$1.77B | $595.0M | $2.98B | $2.37B | −$2.33B | −$704.0M | −$2.21B | $1.30B | $6.23B |
| Summary | ||||||||||
| Net change in cash | −$22.0M | $97.0M | −$39.0M | −$67.0M | $161.0M | −$22.0M | −$122.0M | $206.0M | −$76.0M | −$346.0M |
| Cash at end of period | $343.0M | $365.0M | $268.0M | $341.0M | $408.0M | $247.0M | $269.0M | $391.0M | $185.0M | $261.0M |
| Free cash flow | −$7.28B | −$7.41B | −$3.66B | −$3.89B | −$1.92B | −$793.0M | $224.0M | $368.0M | −$1.41B | −$2.00B |
| Free cash flow margin | −44.1% | −51.2% | −25.4% | −27.9% | −16.8% | −5.6% | 1.6% | 3.3% | −11.2% | −17.0% |
| Capex / revenue | 76.6% | 85.9% | 71.1% | 54.5% | 52.2% | 42.5% | 34.6% | 39.3% | 46.9% | 52.2% |
| Operating cash flow / net income | 1.75 | 2.60 | 3.05 | 3.72 | 1.22 | — | 3.78 | 1.95 | 1.50 | 1.94 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $329.0M | $785.0M | $653.0M | $1.01B | $759.0M | $647.0M | $148.0M | $967.0M | $466.0M | $323.0M | $364.0M | $698.0M |
| Depreciation & amortization | $615.0M | $708.0M | $682.0M | $609.0M | $580.0M | $660.0M | $625.0M | $625.0M | $695.0M | $694.0M | $684.0M | $667.0M |
| Stock-based compensation | — | — | — | — | — | — | — | — | — | — | $44.0M | $196.0M |
| Change in working capital | −$11.0M | −$1.02B | −$1.00B | −$168.0M | −$101.0M | −$396.0M | −$49.0M | $219.0M | −$442.0M | $1.12B | −$267.0M | $435.0M |
| Other non-cash items | $642.0M | $407.0M | $655.0M | $498.0M | $8.0M | $272.0M | −$83.0M | −$272.0M | $137.0M | −$159.0M | $561.0M | −$4.0M |
| Cash from operating activities | $1.57B | $882.0M | $987.0M | $1.95B | $1.25B | $1.18B | $641.0M | $1.54B | $856.0M | $1.98B | $1.39B | $1.99B |
| Investing activities | ||||||||||||
| Capital expenditures | −$2.78B | −$3.02B | −$3.39B | −$3.03B | −$3.01B | −$3.21B | −$3.51B | −$3.00B | −$2.99B | −$2.93B | −$3.06B | −$2.32B |
| Investments (net) | $40.0M | −$109.0M | $8.0M | −$3.12B | −$3.15B | −$3.24B | −$3.48B | −$1.03B | −$57.0M | $1.39B | −$3.12B | −$693.0M |
| Acquisitions & other investing | −$152.0M | $29.0M | −$2.0M | $2.94B | $3.01B | $3.21B | $3.51B | $3.00B | $2.99B | $2.93B | $3.06B | $3.93B |
| Cash from investing activities | −$2.89B | −$3.10B | −$3.38B | −$3.20B | −$3.15B | −$3.24B | −$3.48B | −$1.03B | −$57.0M | $1.39B | −$3.12B | $923.0M |
| Financing activities | ||||||||||||
| Dividends paid | −$587.0M | −$587.0M | −$570.0M | −$570.0M | −$569.0M | −$569.0M | −$561.0M | −$559.0M | −$560.0M | −$559.0M | −$559.0M | −$559.0M |
| Share repurchases & issuance (net) | — | — | $1.49B | $105.0M | $70.0M | $35.0M | −$361.0M | −$338.0M | −$440.0M | — | $4.79B | $553.0M |
| Net borrowing (repayment) | −$984.0M | $2.84B | $352.0M | $1.97B | $2.26B | $2.38B | −$1.27B | $1.74B | — | — | — | −$2.39B |
| Shares issued | $417.0M | $33.0M | $1.38B | $35.0M | $35.0M | $35.0M | $630.0M | $36.0M | $35.0M | $31.0M | $3.0M | $6.0M |
| Other financing | $2.35B | $78.0M | −$983.0M | $370.0M | $40.0M | $282.0M | $2.87B | $310.0M | $37.0M | −$2.80B | −$2.45B | −$589.0M |
| Cash from financing activities | $1.19B | $2.37B | $1.67B | $1.91B | $1.84B | $2.17B | $1.30B | $1.19B | −$928.0M | −$3.33B | $1.78B | −$2.98B |
| Summary | ||||||||||||
| Net change in cash | −$120.0M | $144.0M | −$723.0M | $653.0M | −$64.0M | $112.0M | −$1.54B | $1.72B | −$111.0M | $27.0M | $60.0M | −$107.0M |
| Cash at end of period | $367.0M | $487.0M | $343.0M | $1.07B | $413.0M | $477.0M | $365.0M | $1.90B | $184.0M | $295.0M | $268.0M | $208.0M |
| Free cash flow | −$1.20B | −$2.14B | −$2.40B | −$1.08B | −$1.77B | −$2.03B | −$2.87B | −$1.46B | −$2.13B | −$948.0M | −$1.67B | −$326.0M |
| Free cash flow margin | −26.3% | −41.6% | −58.6% | −23.9% | −46.4% | −49.8% | −84.3% | −37.1% | −61.2% | −26.1% | −47.2% | −8.6% |
| Capex / revenue | 60.9% | 58.8% | 82.7% | 66.9% | 79.1% | 78.9% | 103.1% | 76.1% | 85.8% | 80.7% | 86.4% | 60.8% |
| Operating cash flow / net income | 4.79 | 1.12 | 1.51 | 1.93 | 1.64 | 1.83 | 4.33 | 1.59 | 1.84 | 6.14 | 3.81 | 2.85 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
D cash generation
In fiscal 2025 (ended December 31, 2025), Dominion Energy generated $5.4 billion of cash from operations (up 6.8%) and spent $12.6 billion on capital expenditures, leaving free cash flow of -$7.3 billion, −44.1% of revenue. It returned $2.3 billion to shareholders through dividends ($2.3 billion) and net share buybacks ($0). Cash and equivalents fell by $22.0 million over the year.
Related: D income statement, D balance sheet, D dividend history. See the D stock overview for the latest quote and news.
D cash flow FAQ
What is Dominion Energy's free cash flow?
Dominion Energy's free cash flow was -$7.3 billion in fiscal 2025: $5.4 billion of operating cash flow minus $12.6 billion of capital expenditures It was -$7.4 billion a year earlier..
How much cash does Dominion Energy generate from operations?
Dominion Energy generated $5.4 billion of cash from operating activities in fiscal 2025, 1.75 times its net income of $3.1 billion.
How much does Dominion Energy spend on capital expenditures?
Dominion Energy spent $12.6 billion on capital expenditures in fiscal 2025, 76.6% of revenue, compared with $12.4 billion the year before.
How much does Dominion Energy pay in dividends?
Dominion Energy paid $2.3 billion in dividends in fiscal 2025.
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