Ameriprise Financial Reports Second Quarter 2025 Results
Second quarter GAAP net income per diluted share was $10.73 compared to $8.02 a year ago.
Assets under management, administration and advisement reached a record high of $1.6 trillion, up 9 percent, with growth across the firm.
Adjusted operating net revenues increased 4 percent to $4.3 billion primarily from asset growth.
The company has consistently demonstrated strong expense discipline enabling business growth investments. In the quarter, general and administrative expenses improved 1 percent, reflecting benefits from ongoing initiatives to drive firm-wide operational transformation, client experience enhancements and future profitability.
Pretax adjusted operating margin continues to be very strong at 27 percent and adjusted operating return on equity was 52 percent. (1)
The company returned $731 million of capital to shareholders in the quarter, which was 81 percent of adjusted operating earnings, demonstrating its differentiated capital return track record and consistent free cash flow generation.
Balance sheet fundamentals were excellent with significant excess capital and holding company available liquidity.
Kiplinger recognized Ameriprise as outstanding for overall satisfaction, quality of advice, trustworthy advisers and being the most recommended among wealth managers in its 2025 Readers' Choice Awards.
Ameriprise was named one of America's Most Innovative Companies 2025 by Fortune.
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Consolidated Statements of Income * Unaudited (GAAP Based) Three Months Ended Six Months Ended June 30, June 30, (millions, except per share amounts) 2025 2024 2025 2024 Operating Revenue $ 3,810 $ 3,486 $ 7,886 $ 7,118 Operating Expenses Electric fuel and other energy-related purchases 946 918 1,908 1,877 Purchased electric capacity 18 21 27 33 Purchased gas 43 44 190 164 Other operations and maintenance(1) 933 907 1,877 1,792 Depreciation and amortization 580 621 1,162 1,242 Other taxes 194 170 403 372 Total operating expenses 2,714 2,681 5,567 5,480 Income (loss) from operations 1,096 805 2,319 1,638 Other income (expense) 442 243 452 366 Interest and related charges 505 470 986 1,045 Income (loss) from continuing operations includingnoncontrolling interests before income tax expense (benefit) 1,033 578 1,785 959 Income tax expense (benefit) 220 112 260 208 Net Income (loss) from continuing operations 813 466 1,525 751 Net Income (loss) from discontinued operations 1 97 - 215 Net Income (loss) including noncontrolling interests 814 563 1,525 966 Noncontrolling interests 54 - 100 - Net Income (loss) attributable to Dominion Energy $ 760 $ 563 $ 1,425 $ 966 Amounts attributable to Dominion Energy Net Income (loss) from continuing operations $ 759 $ 466 $ 1,425 $ 751 Net Income (loss) from discontinued operations $ 1 $ 97 - 215 Net Income (loss) attributable to Dominion Energy $ 760 $ 563 $ 1,425 $ 966 Reported Income (loss) per common share from continuingoperations - diluted $ 0.88 $ 0.52 $ 1.65 $ 0.84 Reported Income (loss) per common share from discontinuedoperations - diluted - 0.12 - 0.26 Reported Income (loss) per common share - diluted $ 0.88 $ 0.64 $ 1.65 $ 1.10 Average shares outstanding, diluted 853.2 838.3 852.7 838.0 (1) Includes impairment of assets and other charges (benefits). *The notes contained in Dominion Energy's most recent quarterly report on Form 10-Q or annual report on Form 10-K are an integral part of the Consolidated Financial Statements. 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Schedule 1 - Segment Reported and Operating EarningsUnaudited Three Months Ended June 30, Six Months Ended June 30, (millions, except per share amounts) 2025 2024 Change 2025 2024 Change REPORTED EARNINGS(1) $ 760 $ 563 $ 197 $ 1,425 $ 966 $ 459 Pre-tax loss (income)(2) (217 ) 35 (252 ) - 85 (85 ) Income tax(2) 106 (31 ) 137 27 1 26 Adjustments to reported earnings (111 ) 4 (115 ) 27 86 (59 ) OPERATING EARNINGS (non-GAAP) $ 649 $ 567 $ 82 $ 1,452 $ 1,052 $ 400 By segment: Dominion Energy Virginia $ 549 $ 485 $ 64 1,110 909 201 Dominion Energy South Carolina 109 69 40 261 149 112 Contracted Energy 47 100 (53 ) 156 222 (66 ) Corporate and Other (56 ) (87 ) 31 (75 ) (228 ) 153 $ 649 $ 567 $ 82 $ 1,452 $ 1,052 $ 400 Earnings Per Share (EPS)(3): REPORTED EARNINGS(1) $ 0.88 $ 0.64 $ 0.24 $ 1.65 $ 1.10 $ 0.55 Adjustments to reported earnings (after-tax) (0.13 ) 0.01 (0.14 ) 0.03 0.11 (0.08 ) OPERATING EARNINGS (non-GAAP) $ 0.75 $ 0.65 $ 0.10 $ 1.68 $ 1.21 $ 0.47 By segment: Dominion Energy Virginia $ 0.64 $ 0.58 $ 0.06 1.30 1.09 0.21 Dominion Energy South Carolina 0.13 0.08 0.05 0.31 0.18 0.13 Contracted Energy 0.05 0.12 (0.07 ) 0.18 0.26 (0.08 ) Corporate and Other (0.07 ) (0.13 ) 0.06 (0.11 ) (0.32 ) 0.21 $ 0.75 $ 0.65 $ 0.10 $ 1.68 $ 1.21 $ 0.47 Common Shares Outstanding (average, diluted) 853.2 838.3 852.7 838.0 (1) Determined in accordance with Generally Accepted Accounting Principles (GAAP). 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The calculation of operating earnings per share for the three months ended June 30, 2024 and for the three and twelve months ended December 31, 2024 excludes a deemed dividend of $9 million, $1 million and $10 million, respectively, associated with the Company's repurchase of certain Series B preferred stock. During each quarter of 2024, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series B preferred stock of $9 million, $8 million, $4 million and $3 million, respectively. During each quarter of 2024, the calculation of reported and operating earnings per share includes the impact of preferred dividends associated with Series C preferred stock of $11 million. See Forms 10-Q and 10-K for additional information. (3) Excludes a $578 million tax benefit on non-deductible goodwill associated with the sale of gas distribution operations. Income taxes for individual pre-tax items include current and deferred taxes using a transactional effective tax rate. For interim reporting purposes, calculation of such amounts may be adjusted in connection with the calculation of the Company's year-to-date income tax provision based on its estimated annual effective tax rate. (4) Represents the reversal of previously established deferred taxes related to the basis in the stock of the gas distribution operations. (5) YTD EPS may not equal sum of quarters due to share count differences. Amounts for 2024 through Q1 2025 reflect an immaterial revision related to income taxes on the Companies' nuclear decommissioning trusts. See 2nd quarter Form 10-Q for more information. Schedule 4 - Reconciliation of 2Q25 Earnings to 2Q24Preliminary, Unaudited Three Months Ended Six Months Ended June 30, June 30, 2025 vs. 2024 2025 vs. 2024 (millions, except per share amounts) Increase / (Decrease) Increase / (Decrease) Reconciling Items Amount EPS Amount EPS Change in reported earnings (GAAP) $ 197 $ 0.24 $ 459 $ 0.55 Change in Pre-tax loss (income)(1) (252 ) (0.30 ) (85 ) (0.11 ) Change in Income tax(1) 137 0.16 26 0.03 Adjustments to reported earnings $ (115 ) $ (0.14 ) $ (59 ) $ (0.08 ) Change in consolidated operating earnings (non-GAAP) $ 82 $ 0.10 $ 400 $ 0.47 Dominion Energy Virginia Weather $ (12 ) $ (0.01 ) $ 42 $ 0.05 Customer usage and other factors 52 0.06 77 0.09 Customer-elected rate impacts - - (7 ) (0.01 ) Rider equity return 143 0.17 276 0.33 Storm damage and restoration costs (2 ) - 6 0.01 Planned outage costs (2 ) - 4 - Nuclear production tax credit 2 - 19 0.02 Sale of noncontrolling interest (80 ) (0.10 ) (148 ) (0.18 ) Depreciation and amortization (7 ) (0.01 ) (12 ) (0.01 ) Interest expense, net (28 ) (0.03 ) (40 ) (0.05 ) Other (2 ) (0.01 ) (16 ) (0.02 ) Share dilution - (0.01 ) - (0.02 ) Change in contribution to operating earnings $ 64 $ 0.06 $ 201 $ 0.21 Dominion Energy South Carolina Weather $ (3 ) $ - $ 17 $ 0.02 Customer usage and other factors 11 0.01 15 0.02 Customer-elected rate impacts 2 - 7 0.01 Base & RSA rate case impacts 40 0.05 84 0.10 Depreciation and amortization (4 ) - (8 ) (0.01 ) Interest expense, net (2 ) - (4 ) - Other (4 ) - 1 - Share dilution - (0.01 ) - (0.01 ) Change in contribution to operating earnings $ 40 $ 0.05 $ 112 $ 0.13 Contracted Energy Margin $ 8 $ 0.01 $ (4 ) $ - Planned Millstone outages(2) (62 ) (0.07 ) (64 ) (0.08 ) Unplanned Millstone outages(2) (2 ) - 10 0.01 Depreciation and amortization (2 ) - (5 ) - Interest expense, net 3 - 3 - Other 2 (0.01 ) (6 ) (0.01 ) Share dilution - - - - Change in contribution to operating earnings $ (53 ) $ (0.07 ) $ (66 ) $ (0.08 ) Corporate and Other Interest expense, net $ 23 $ 0.03 $ 94 $ 0.11 Equity method investments - - (5 ) (0.01 ) Pension and other postretirement benefit plans (15 ) (0.02 ) (23 ) (0.03 ) Corporate service company costs 14 0.02 27 0.03 Other 9 0.02 60 0.09 Share dilution - 0.01 - 0.02 Change in contribution to operating earnings $ 31 $ 0.06 $ 153 $ 0.21 Change in consolidated operating earnings (non-GAAP) $ 82 $ 0.10 $ 400 $ 0.47 Change in adjustments included in reported earnings(1) $ 115 $ 0.14 $ 59 $ 0.08 Change in consolidated reported earnings $ 197 $ 0.24 $ 459 $ 0.55 (1) Adjustments to reported earnings are included in Corporate and Other segment reported GAAP earnings. Refer to Schedules 2 and 3 for details, or find "GAAP Reconciliation" in the Earnings Release Kit on Dominion Energy's website at (2) Includes earnings impact from outage costs and lower energy margins. NOTE: Figures may not sum due to rounding. Amounts for 2024 through Q1 2025 reflect an immaterial revision related to income taxes on the Companies' nuclear decommissioning trusts. See 2nd quarter Form 10-Q for more information. View source version on Contacts For further information: Media: Ryan Frazier, (804) 836-2083 or Investor Relations: David McFarland, (804) 819-2438 or Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
