Dominion dividend: payout, cash flow and yield
Dominion pays $2.67 per share, and it held the dividend at that level from 2022 through 2025. Its free cash flow was negative in 2025 while dividends continued, so financing and asset transactions filled the gap.
How much does Dominion pay per share over time?
The base dividend is $2.51 in the first period, followed by $2.03 and $2.15. The first figure assumes a second-half merger close, combining Dominion payments with the merger-equivalent dividend. NextEra’s stated 6% growth plan supports the final increase. The bear case pays $2.67 first, then cuts to $2.40 in each later period if funding pressure persists. The bull case preserves $2.67 initially because the assumed closing occurs later, then follows the same $2.03 and $2.15 path. Dominion has held its dividend at $2.67 from 2022 through 2025.
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| EPS, diluted | 3.47 | 2.09 | 2.40 | 0.22 |
| Free cash flow per share | -8.51 | |||
| − Dividends paid, per share | 2.66 | 2.67 | 2.67 | 2.68 |
| − Share buybacks, per share | 0.00 | 0.00 | 0.00 | 0.00 |
| = Paid out more than FCF, per share | 11.46 |
What this means. The company's free cash flow per share is slightly higher than our real free cash flow per share because we subtract the value of shares given to employees as pay.
Does Dominion’s cash cover its dividend?
Free cash flow is the money left after running the business and paying for capital projects. Dominion’s free cash flow was negative in 2025 while dividends continued, so financing and asset transactions filled the gap. A nearly unchanged cash balance did not mean the company funded construction internally; it meant lenders and new shareholders supplied cash while other transactions moved money in and out.
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| Free cash flow | -7,280 | |||
| − Dividends paid | 2,278 | 2,239 | 2,233 | 2,209 |
| − Share buybacks | 0 | 0 | 0 | 0 |
| = Paid out more than the free cash flow | 9,799 | |||
| Paid to shareholders | 2,278 | 2,239 | 2,233 | 2,209 |
What this means. The company paid dividends even though its free cash flow was negative, so it had to use savings or borrow money to pay shareholders.
What could change Dominion’s dividend?
The view would stay near base if operating EPS grows within the stated 5%–7% range and the merger closes in the second half of 2027. It would move toward the bull case if signed large-load commitments become energized, utilized data centers and CVOW finishes near budget and schedule.
What is Dominion’s dividend yield today?
The continuing business’s four-year run is 2022–2025; 2021 has no clean recast after the gas utility sales. Revenue and operating margin rose in 2025, but net debt also rose. Dominion’s own free cash flow was deeply negative as a share of revenue in 2025, while diluted EPS stayed positive and free cash flow per share trailed it. At $63.56, shares trade at 16.7x next-twelve-month earnings. The dividend yields 4.2%, but free cash flow yield is -13.0% and buyback yield is 0.0%.
| Today (Oct 18, 2026) | |
|---|---|
| Share price | 63.56 |
| Free cash flow yield (calculated) | -13.0% |
| Dividend yield (calculated) | 4.2% |
What this means. The negative free cash flow yields mean the company used more cash than it generated, even though it still paid a dividend.