Dominion Energy

Dominion Energy is a regulated utility company based in Richmond, Virginia. It supplies electricity to 3.6 million homes and businesses in Virginia, North Carolina and South Carolina, and natural gas to 500,000 customers in South Carolina. Its largest business is Dominion Energy Virginia, which serves the large group of data centers in Loudoun County.

It is building the 2.6 gigawatt Coastal Virginia Offshore Wind (CVOW) project, with an estimated total cost of about $11.7 billion and the last turbines expected to be installed by the end of 2027. On May 15, 2026, Dominion agreed to merge into NextEra Energy. Each Dominion share will receive 0.8138 NextEra shares plus a share of a $360 million cash payment, and Dominion shareholders will own about 25.5% of the combined company.

The market prices Dominion as a fixed part of NextEra Energy plus deal risk. Since the merger agreement of May 2026, each Dominion share is worth 0.8138 NextEra shares and a small cash amount at closing, so the stock moves with NextEra's share price. The price also includes a discount for the risk that regulators delay the deal or set conditions. The merger needs approvals from FERC, the Nuclear Regulatory Commission and the utility commissions of Virginia, North Carolina and South Carolina, without a burdensome condition.

In September 2026, the companies made their offer to Virginia larger, with four years of residential bill credits instead of two and other commitments paid by shareholders. In October 2026, the staff of the Virginia State Corporation Commission (SCC) recommended that the SCC reject the merger unless the companies accept 57 conditions, and Virginia's governor asked for a six-year freeze of residential base rates. The analysts' intrinsic value is for Dominion on its own, so the gap will probably not close while the deal is pending. It can close only in two ways.

NextEra's share price can rise, which lifts the value of the exchange ratio. Or the merger can fail, and the market must then value Dominion on its own at a higher price, which is not certain. The companies expect the deal to close in the second half of 2027. The SCC hearing from November 17, 2026, the South Carolina hearing in December 2026, the SCC decision, which state law requires by January 11, 2027, and the North Carolina hearings from February 2027 are the dated tests.

The main reason the gap may not close is that the price stays tied to NextEra until the deal closes or fails.

1. Oct 30, 2026Passed

   Q3 2026 earnings and merger approvalsOperating earnings in line with the 2026 guidance and progress on the state merger approvals pass; lower guidance or a new delay in the approval schedule fails.Outcome: Operating earnings rose to $1.28 per share, Dominion now expects the top half of its 2026 guidance, and the state commissions set hearing schedules with final orders in Virginia and South Carolina expected in January 2027.
2. Jan 11, 2027 · est.Pending

   Virginia SCC decision on the mergerApproval with conditions that the companies accept passes; a rejection, or conditions that the companies refuse, fails.
3. Jan 30, 2027 · est.Pending

   Q4 2026 earnings and merger progress2026 operating earnings in the top half of $3.45 to $3.69 per share and no new delay in the merger approvals pass; lower earnings or a delay fails.
4. 2027 · est.Pending

   Merger closes with NextEraApproval by the Virginia, North Carolina and South Carolina commissions without a burdensome condition, and a close between May and November 2027, pass; a rejection, a new large condition or a delay past 2027 fails.

Every passed and failed checkpoint across all picks

• November 3, 2026Dominion and NextEra filed rebuttal testimony with the Virginia State Corporation Commission. Of the 117 conditions that the Commission staff and the Consumer Counsel of the Attorney General proposed, the companies accepted 101 as proposed and 13 with changes. The companies kept their offer of four years of residential bill credits that shareholders pay for.
• November 2, 2026Dominion sold $1.2 billion of senior notes: $600 million of 5.25% notes due 2029 and $600 million of 5.95% notes due 2037. It plans to use the money for general corporate purposes and to repay short-term debt, including commercial paper.
• October 30, 2026Dominion reported Q3 2026 results. GAAP net income was $1.30 per share, and operating earnings rose to $1.28 per share from $1.06. Dominion said that it expects 2026 operating earnings in the top half of its guidance of $3.45 to $3.69 per share, and it reaffirmed its credit, dividend and long-term growth guidance. Its Q3 2026 Form 10-Q says that Dominion and NextEra filed for clearance under the HSR antitrust law in October 2026 and that the estimated cost of the CVOW project stays at about $11.7 billion.

Last earnings

October 30, 2026 (8-K on sec.gov)

Next earnings

Expected about January 30, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · d-20260930
• 8-KEarnings releaseFiled October 30, 2026 · Press release and exhibits
• 8-KInvestor disclosureFiled September 14, 2026 · Read it on sec.gov
• 8-KShareholder vote resultsFiled September 3, 2026 · Read it on sec.gov
• 8-KOther company newsFiled August 25, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 31, 2026 · d-20260630
• 8-KEarnings releaseFiled July 31, 2026 · Press release and exhibits
• 8-KOther company newsFiled June 16, 2026 · Read it on sec.gov
• 8-KOther company newsFiled June 5, 2026 · Read it on sec.gov
• 8-KOther company newsFiled May 22, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 715957)

• The merger needs approvals from FERC, the Nuclear Regulatory Commission and three state utility commissions. A commission can delay the deal or set conditions, such as more bill credits, that reduce its value. The companies already increased the Virginia package in September 2026. In October 2026, the SCC staff recommended rejection unless the companies accept 57 conditions, and the governor asked for a six-year residential rate freeze.
• While the deal is pending, the stock moves with NextEra's share price. A fall in NextEra shares lowers the value of each Dominion share.
• If the merger fails, Dominion can suffer rating actions, a lower stock price and the costs of the deal. Dominion said these risks in its filings.
• The CVOW offshore wind project has an estimated cost of about $11.7 billion, which includes new network upgrade costs and tariffs. More delays or cost increases can reduce returns or need regulatory approval to recover.

Dominion funds its large building program with senior notes, junior subordinated notes, commercial paper and equity. At September 30, 2026, total debt was $54.6 billion. Read more

Yield at the current rate

3.9% (current annual rate, at today’s price)

Dividend yield

3.9% (last 12 months, at today’s price of $68.06)

Paid per share

$2.672 in the last 12 months (4 payments)

Current annual rate

$2.672 ($0.668 × 4 a year)

Payout ratio

77% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 4, 2026, $0.668 per share

Dividends per share by year

From 2020 to 2025, the dividend fell by about 5.0% a year. From 2015 to 2025, the dividend grew by about 0.3% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.