AddedRisk Factors
addition, the cost of the CVOW Commercial Project could be adversely affected by the impact of applicable tariffs, including any potential impact of Section 232 investigations.
The 10-K against last year's
152 changes: 11 added, 22 removed, 116 reworded, 3 quiet changes
10-K 0001193125-26-063120 (2026-02-23) vs 10-K 0000950170-25-028387 (2025-02-27)
The redline
The paragraph that changed most in each section
Marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Legal Proceedings 471 words changed in this paragraph; it is 48% similar to last year's version.
Description and Location of Project Application Approval Type of Miles of Cost Estimate of Project Date Date Line Lines (millions)(1) Construct new Germanna substation, transmission November 2023 August 2024 230 kV 2 $55 line and related projects in Culpeper County, Virginia Construct Daves Store transmission line extension February 2024 October 2024 230 kV 3 70 in Prince William County, Virginia Construct new Aspen and Golden substations, March 2024 February 2025 500- 10 705 transmission lines and related March 2024 February 2025(2) 500- 10 705 projects in Loudoun County, Virginia 230 kV County, Virginia Partial rebuild Fredericksburg-Aquia Harbour Construct new Apollo-Twin Creeks transmission lines, new substations and March 2024 February 2025 230- 24 135 transmission lines and related projects in Stafford 115 kV County and the City of Fredericksburg, Virginia Construct new Apollo-Twin Creek transmission lines, March 2024 February 2025 2025(2) 230 kV 2 285 new substations and related projects in Loudoun County, Virginia Rebuild Dooms-Harrisonburg transmission lines April 2024 February 2025 230 kV 22 60 and related projects in the Counties of Augusta and Rockingham and the Town of Grottoes, Virginia Rebuild and construct new Fentress-Yadkin transmission lines and related June 2024 Pending February 2025 500 kV 14 205 transmission lines and related projects in the City of Chesapeake, Virginia Partial rebuild, reconductor and construct new Network Takeoff transmission July 2024 Pending March 2025 230 kV 6 170 Network Takeoff transmission lines and related projects in the Counties of Fairfax and Loudoun, Virginia Rebuild Aquia Harbor-Possum Point transmission August 2024 Pending 500- 32 210 lines and related projects August 2024 March 2025 500- 32 210 in the Counties of 230 kV Stafford and Prince William and the City of Fredericksburg, 230 kV Virginia Partial rebuild, reconductor and construct new New Post transmission lines August 2024 Pending May 2025 230 kV 38 120 New Post transmission lines and related projects in the Counties of Caroline and Spotsylvania, Virginia Construct new Centreport transmission line, September 2024 Pending 230 kV 3 55 substation and related projects in September 2024 June 2025 230 kV 3 55 Stafford County, Virginia Partial rebuild and construct new Meadowville transmission lines, substations October 2024 Pending June 2025 230 kV 11 190 transmission lines, substations and related projects in Chesterfield County, Virginia Construct new Carmel Church and Ruther Glen transmission lines, substations December 2024 Pending September 2025 230 kV 7 85 transmission lines, substations and related projects in Caroline County, Virginia Construct new Nebula transmission lines, January 2025 Pending 230 kV 15 130 substation and related projects in January 2025 October 2025 230 kV 15 130 Mecklenburg County, Virginia Construct new Culpeper Technology transmission lines, substations and February 2025 Pending 230 kV 13 255 lines, substations and related projects in the Counties of Culpeper, Orange and Fauquier and the Town of Culpeper, Virginia Construct new Technology Boulevard transmission lines, substation and March 2025 February 2026 230 kV 5 60 related projects in Henrico County, Virginia Construct new Hornbaker transmission lines, switching station and March 2025 December 2025 230 kV 5 95 related projects in Prince William County, Virginia Construct new Golden-Mars transmission lines and related projects in March 2025 Pending 500- 11 525 Loudoun County, Virginia 230 kV Construct Duval-Midlothian transmission lines, substation and related April 2025 February 2026 230 kV 7 125 projects in Chesterfield County, Virginia Rebuild Chickahominy-Elmont transmission line, new future transmission May 2025 January 2026 500- 28 190 line and related projects in the Counties of Charles City, Henrico and 230 kV Hanover, Virginia Rebuild Septa-Yadkin transmission line, partial rebuild of Suffolk-Thrasher June 2025 December 2025 500- 33 250 transmission line and related projects in Isle of Wight County and the Cities 230 kV of Chesapeake and Suffolk, Virginia Partial rebuild Chesterfield-Lanexa transmission lines in the Counties of September 2025 Pending 230- 58 150 Henrico, Charles City and New Kent, Virginia 115 kV Rebuild Charlottesville-Dooms transmission lines in the Counties of October 2025 Pending 230 kV 22 125 Albemarle and Augusta and the City of Charlottesville, Virginia Construct West Creek transmission line, substation and related projects January 2026 Pending 230 kV 7 100 in the County of Goochland, Virginia
Source: Item 3, via Note 13 – Regulatory Matters, 10-K 0001193125-26-063120 vs Item 3, via Note 13 – REGULATORY MATTERS, 10-K 0000950170-25-028387
Risk Factors 230 words changed in this paragraph; it is 42% similar to last year's version.
The Companies may be materially adversely affected by negative publicity or the inability of Dominion Energy to meet its stated commitments. From time to time, political and public sentiment may result in a significant amount of adverse press coverage and other adverse public statements affecting the Companies. Public sentiment may be affected by certain events outside of the Companies’ control, such as outages caused by severe weather events or increases in approved rates to recover higher than anticipated market rates for fuel used in electric generation. Any failure by Dominion Energy to realize its commitments to achieve net zero carbon and methane emissions by 2050, enhance the customer experience or other long-term goals could lead to adverse press coverage and other adverse public statements affecting the Companies. The ability to comply with some or all of Dominion Energy’s voluntary commitments may be outside of its control. For example, the ability to reduce emissions while meeting the Companies’ increasing demand growth is expected to be dependent on the technological and economic feasibility of large-scale battery storage, carbon capture and storage, small modular reactors, hydrogen and/or other clean energy technologies. Dominion Energy is also dependent on the actions of third parties to meet the expanded commitment regarding Scope 2 emissions and Scope 3 emissions. If downstream customers or upstream suppliers do not sufficiently reduce their GHG emissions, Dominion Energy may not achieve its net zero emissions goal. In addition, while the Atlantic Coast Pipeline Project was cancelled in July 2020 and the legal proceedings and governmental investigations relating to the abandonment of the NND Project have been resolved, there is a risk that lingering negative publicity may continue. Adverse press coverage and other adverse statements, whether or not driven by political or public sentiment, may also result in investigations by regulators, legislators and law enforcement officials or in legal claims as well as adverse outcomes.
Source: Item 1A, 10-K 0001193125-26-063120 vs Item 1A, 10-K 0000950170-25-028387
MD&A 155 words changed in this paragraph; it is 40% similar to last year's version.
Net cash from Dominion Energy’s financing activities decreased $2.4 increased $9.4 billion, primarily due to a $9.5 billion decrease due to the absence of net repayments on 364-day term loan facilities in 2024 versus ($4.8 billion), an increase in net issuances of long-term debt ($3.9 billion), a decrease in 2023, net repayments of short-term debt ($2.0 ($1.4 billion), an increase in capital contributions from Stonepeak to OSWP, net of distributions from OSWP to Stonepeak ($951 million), the absence of the repurchase and redemption of the Series B Preferred Stock ($801 million) and net repayment of supplemental credit facility borrowings ($450 million), partially offset by a $6.8 billion increase due to net issuances of long-term debt in 2024 versus net repayments in 2023, an increase from the sale of a noncontrolling interest in, as well as capital contributions from Stonepeak to, OSWP ($2.9 billion) and ($801 million), an increase in the issuance of common stock ($638 million). ($756 million) and the absence of supplemental credit facility repayments in 2024 ($450 million), partially offset by the impacts from the sale of a noncontrolling interest in OSWP to Stonepeak ($2.6 billion) and a decrease due to the issuance of securitization bonds in 2024 and higher repayments of such bonds in 2025 ($1.4 billion).
Source: Item 7, 10-K 0001193125-26-063120 vs Item 7, 10-K 0000950170-25-028387
Accounting Policies 80 words changed in this paragraph; it is 33% similar to last year's version.
Dominion Energy 2024 2023 Year Ended December 31, 2024 2023 2022 As Previously Reported Adjustments As Revised As Previously Reported Adjustments As Revised (millions) Cash paid during the year for: Interest Net income including noncontrolling interests $ 2,071 $ (90) $ 1,981 $ 2,031 $ (69) $ 1,962 Operating Activities Deferred income taxes (302) 67 (235) 1,474 53 1,527 Other operating assets and related charges, excluding capitalized amounts $ 1,900 $ 1,991 $ 1,408 Income taxes 840 286 139 Significant noncash investing and financing activities:(1)(2) Accrued capital expenditures 1,268 1,085 979 Leases(3) 233 255 144 liabilities (235) 23 (212) (564) 16 (548) Net cash provided by operating activities 5,018 — 5,018 6,572 — 6,572
Source: Item 8, Note 2 – Significant Accounting Policies, 10-K 0001193125-26-063120 vs Item 8, Note 2 – SIGNIFICANT ACCOUNTING POLICIES, 10-K 0000950170-25-028387
Every change, by type
Sentences and paragraphs added, removed or reworded
Sentences and paragraphs of D's Risk Factors and MD&A, 10-K 2026-02-23 against 10-K 2025-02-27. Each links to the text at sec.gov.
AddedRisk Factors
approvals. Even if facility construction, expansion, electric transmission line, conversion and other infrastructure projects are completed, the total costs of the projects may be higher than anticipated and the performance of the business of the Companies following completion of the projects may not meet expectations. If these infrastructure projects are not completed, are delayed or are subject to unanticipated costs, certain costs may not be approved for recovery or otherwise be recoverable through regulatory mechanisms that may be available. Further, the Companies could become obligated to make delay or termination payments or become obligated for other damages under contracts, could experience the loss or reduction of tax credits or incentives, the inability to transfer related tax credits, or delayed or diminished returns, and could be required to write off all or a portion of their investments in such projects.
AddedRisk Factors
19 different locations, including 12 at Virginia Power. The Companies also may face litigation concerning their coal ash facilities.
AddedMD&A
Commercial Project as a result of a revised total project cost estimate of approximately $11.5 billion (excluding financing costs) which reflects a temporary suspension of work order and an estimated impact of certain tariffs which became effective during 2025 as well as the previously included revised estimate of network upgrade costs assigned by PJM to the CVOW Commercial Project and cost sharing mechanism included in the Virginia Commission’s December 2022 order. The expected total project cost reflects an increase of $0.2 billion, relative to Virginia Power’s October 2025 Rider OSW filing, associated with projected installation timeline changes arising from the temporary suspension of work from the BOEM Director’s Order issued in December 2025 until a preliminary injunction was granted by the U.S District Court for the Eastern District of Virginia in January 2026, which allowed work to resume. The estimated total project costs also include $0.6 billion of tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries and on equipment expected to be delivered from March 2025 through early 2027 that contains steel. Such amount is inclusive of approximately $0.2 billion associated with tariffs on equipment expected to be delivered from March 2025 through March 2026 that originates from Mexico, Canada, a European Union member or other applicable countries that were the subject of a U.S. Supreme Court’s ruling on February 20, 2026. Dominion Energy is currently unable to estimate the expected impact of the ruling issued by the U.S. Supreme Court on February 20, 2026, on its financial position, results of operations and/or cash flows.
AddedMD&A
•$21 million in sales of environmental credits generated from renewable natural gas production in 2025; and
AddedMD&A
•A $29 million decrease associated with severe weather events affecting Virginia Power.
AddedMD&A
Year Ended December 31, 2025 % Change 2024 % Change 2023 Electricity supplied 18.4 2% 18.0 22% 14.8 (million MWh) Renewable natural gas 1.1 N/A — N/A — supplied (million MMBtu)
AddedMD&A
Year Ended December 31, 2025 2024 2023 (millions, except EPS) Specific items attributable to operating segments $ (28) $ (222) $ 336 Specific items attributable to 60 (136) (89) Corporate and Other segment Net income (expense) from specific items 32 (358) 247 Corporate and other operations: Interest expense, net (519) (537) (564) Equity method investments (5) (5) 6 Pension and other postretirement benefit plans 232 277 232 Corporate service company costs (52) (79) (126) Other 12 (32) 7 Net expense from corporate and other operations (332) (376) (445) Total net expense $ (300) $ (734) $ (198) EPS impact $ (0.41) $ (0.97) $ (0.33)
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AddedMD&A
Dominion Energy’s short-term financing is primarily supported by its joint revolving credit facility. In April 2025, Dominion Energy amended its joint revolving credit facility to, among other things, increase the facility limit from $6.0 billion to $7.0 billion and extend the maturity date from June 2026 to April 2030. In addition, in April 2025, Dominion Energy entered into a $1.0 billion 364-day revolving credit agreement.
AddedMD&A
Dominion Energy’s credit ratings and outlooks at February 16, 2026 are as follows:
AddedMD&A
The IRA, among other things, provides for investment and production tax credits for clean energy technologies until at least 2032, provides for transferability of certain tax credits and imposes a 15% alternative minimum tax on corporations with GAAP net income greater than $1 billion, as adjusted for certain items. Entities that are subject to the alternative minimum tax may use tax credits to reduce the liability by up to 75% and will receive a tax credit carryforward with an indefinite life that can be claimed against regular tax in future years. In 2025, the OBBBA modified many of the tax credits for renewable and clean energy technologies created under the IRA. Provisions include the termination of the production and investment tax credits for wind and solar for facilities placed in service after 2027 (except for certain facilities that commence construction by July 2026 and meet certain safe harbor requirements) and a phase out of other production and investment tax credits for certain clean energy facilities, including battery storage and small modular reactors, for projects beginning construction through 2035, after which the credits are fully phased out. The OBBBA restricts the availability of tax credits for certain prohibited foreign entities and projects receiving material assistance from certain foreign entities as well as the extension of the production tax credit for renewable natural gas sold through 2029. Dominion Energy has considered the IRA and the OBBBA in recording its provision for income taxes and continues to evaluate the provisions of these tax laws, the ultimate impact of which is subject to pending guidance and interpretations, the effects of which could be material to Dominion Energy’s results of operations, financial condition and/or cash flows; existing regulatory frameworks provide rate recovery mechanisms that could substantially mitigate such impacts for its regulated electric utilities.