NYSE : SO
The Southern Company — Financial statements
Utilities · Utilities - Regulated Electric · United States
Last price 93.71 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 107.80B
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Financial statements
The Southern Company (SO) reported revenue of 30.18B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 28.92B | 28.27B | 25.57B | 24.30B | 28.55B | 22.41B |
| Other Revenue | 1.26B | 1.28B | 1.15B | 949.00M | 732.00M | 708.00M |
| Revenue | 30.18B | 29.55B | 26.72B | 25.25B | 29.28B | 23.11B |
| Fuel & Purchased Power | 6.04B | 5.88B | 4.98B | 5.25B | 8.43B | 4.99B |
| Operations & Maintenance | 7.12B | 7.07B | 6.52B | 6.03B | 6.82B | 5.90B |
| Depreciation & Amortization | 5.52B | 5.50B | 4.75B | 4.53B | 3.66B | 3.56B |
| Other Operating Expenses | 3.37B | 3.21B | 2.79B | 3.03B | 4.34B | 4.39B |
| Total Operating Expenses | 22.04B | 21.66B | 19.05B | 18.83B | 23.25B | 18.84B |
| Operating Income | 8.14B | 7.90B | 7.68B | 6.42B | 6.03B | 4.27B |
| Interest Expense | -3.22B | -3.24B | -2.74B | -2.45B | -2.03B | -1.85B |
| Net Interest Expense | -3.22B | -3.24B | -2.74B | -2.45B | -2.03B | -1.85B |
| Income (Loss) on Equity Investments | 205.00M | 112.00M | 139.00M | 144.00M | 151.00M | 76.00M |
| Currency Exchange Gain (Loss) | -64.00M | 217.00M | -31.00M | 88.00M | -189.00M | -167.00M |
| Allowance for Equity Funds for Construction | 435.00M | 340.00M | 235.00M | 268.00M | 224.00M | 190.00M |
| Other Non-Operating Income (Expenses) | -17.00M | -329.00M | -49.00M | -130.00M | 33.00M | 47.00M |
| EBT Excluding Unusual Items | 5.47B | 5.00B | 5.23B | 4.34B | 4.21B | 2.56B |
| Asset Writedown | -224.00M | -2.00M | ||||
| Pretax Income | 5.25B | 5.00B | 5.23B | 4.34B | 4.21B | 2.56B |
| Income Tax Expense | 673.00M | 828.00M | 969.00M | 496.00M | 795.00M | 267.00M |
| Earnings From Continuing Ops. | 4.58B | 4.17B | 4.26B | 3.85B | 3.42B | 2.29B |
| Minority Interest in Earnings | 83.00M | 170.00M | 141.00M | 127.00M | 107.00M | 99.00M |
| Net Income | 4.66B | 4.34B | 4.40B | 3.98B | 3.52B | 2.39B |
| Net Income to Common | 4.66B | 4.34B | 4.40B | 3.98B | 3.52B | 2.39B |
| Shares Outstanding (Basic) | 1.12B | 1.10B | 1.10B | 1.09B | 1.07B | 1.06B |
| Shares Outstanding (Diluted) | 1.12B | 1.11B | 1.10B | 1.10B | 1.08B | 1.07B |
| EPS (Basic) | 4.17 | 3.94 | 4.02 | 3.64 | 3.28 | 2.26 |
| EPS (Diluted) | 4.15 | 3.92 | 3.99 | 3.62 | 3.26 | 2.24 |
| Free Cash Flow | -3.27B | -2.94B | 833.00M | -1.54B | -1.62B | -1.42B |
| Free Cash Flow Per Share | -2.91 | -2.65 | 0.76 | -1.40 | -1.50 | -1.33 |
| Dividend Per Share | 2.98 | 2.94 | 2.86 | 2.78 | 2.70 | 2.62 |
| Profit Margin | 15.43% | 14.69% | 16.47% | 15.75% | 12.04% | 10.35% |
| Free Cash Flow Margin | -10.83% | -9.93% | 3.12% | -6.11% | -5.54% | -6.13% |
| EBITDA | 14.26B | 13.93B | 12.94B | 11.41B | 10.09B | 8.24B |
| EBITDA Margin | 47.24% | 47.13% | 48.44% | 45.17% | 34.46% | 35.66% |
| D&A For EBITDA | 6.12B | 6.03B | 5.27B | 4.99B | 4.06B | 3.97B |
| EBIT | 8.14B | 7.90B | 7.68B | 6.42B | 6.03B | 4.27B |
| EBIT Margin | 26.96% | 26.72% | 28.73% | 25.43% | 20.58% | 18.47% |
| Effective Tax Rate | 12.82% | 16.56% | 18.53% | 11.42% | 18.88% | 10.43% |
| Revenue as Reported | 30.18B | 29.55B | 26.72B | 25.25B | 29.28B | 23.11B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.98B | 1.64B | 1.07B | 748.00M | 1.92B | 1.80B |
| Accounts Receivable | 3.37B | 3.41B | 3.69B | 3.44B | 3.08B | 2.44B |
| Other Receivables | 580.00M | 655.00M | 597.00M | 519.00M | 637.00M | 523.00M |
| Inventory | 3.31B | 3.33B | 3.37B | 3.35B | 2.68B | 2.35B |
| Prepaid Expenses | 370.00M | 327.00M | 294.00M | 406.00M | 347.00M | 330.00M |
| Restricted Cash | 5.00M | 1.00M | 31.00M | 141.00M | 62.00M | 2.00M |
| Other Current Assets | 1.76B | 1.55B | 1.64B | 1.82B | 1.70B | 1.52B |
| Total Current Assets | 12.38B | 10.92B | 10.69B | 10.43B | 10.42B | 8.96B |
| Property, Plant & Equipment | 119.51B | 115.54B | 105.87B | 101.08B | 95.86B | 92.64B |
| Net Nuclear Fuel | 902.00M | 897.00M | 873.00M | 858.00M | 843.00M | 824.00M |
| Regulatory Assets | 14.01B | 13.94B | 14.07B | 14.00B | 14.82B | 12.54B |
| Goodwill | 5.16B | 5.16B | 5.16B | 5.16B | 5.16B | 5.28B |
| Other Intangible Assets | 287.00M | 300.00M | 332.00M | 368.00M | 406.00M | 445.00M |
| Long-Term Investments | 1.43B | 1.32B | 1.42B | 1.37B | 1.44B | 1.28B |
| Long-Term Deferred Charges | 1.66B | 1.44B | 1.47B | 1.34B | ||
| Other Long-Term Assets | 6.68B | 6.21B | 5.30B | 6.06B | 5.94B | 4.23B |
| Total Assets | 162.03B | 155.72B | 145.18B | 139.33B | 134.89B | 127.53B |
| Accounts Payable | 3.37B | 3.71B | 3.70B | 2.90B | 3.52B | 2.17B |
| Accrued Expenses | 2.43B | 3.31B | 3.05B | 2.78B | 2.63B | 2.37B |
| Short-Term Debt | 2.13B | 722.00M | 1.34B | 2.31B | 2.61B | 1.44B |
| Current Portion of Long-Term Debt | 4.69B | 6.20B | 4.71B | 2.46B | 4.27B | 2.14B |
| Current Portion of Leases | 207.00M | 213.00M | 209.00M | 194.00M | 215.00M | 266.00M |
| Current Income Taxes Payable | 70.00M | 22.00M | 57.00M | 8.00M | 60.00M | 50.00M |
| Other Current Liabilities | 2.82B | 2.70B | 2.93B | 2.81B | 2.42B | 2.48B |
| Total Current Liabilities | 15.73B | 16.89B | 15.99B | 13.47B | 15.72B | 10.92B |
| Long-Term Debt | 68.76B | 64.90B | 58.49B | 56.92B | 50.36B | 49.92B |
| Long-Term Leases | 1.30B | 2.04B | 1.53B | 1.59B | 1.68B | 1.70B |
| Pension & Post-Retirement Benefits | 1.03B | 1.23B | 1.27B | 1.39B | 1.49B | 1.84B |
| Long-Term Deferred Tax Liabilities | 19.30B | 18.85B | 18.22B | 17.73B | 17.40B | 16.48B |
| Other Long-Term Liabilities | 13.56B | 12.96B | 13.00B | 13.00B | 13.69B | 14.10B |
| Total Liabilities | 119.69B | 116.85B | 108.51B | 104.11B | 100.36B | 94.97B |
| Common Stock | 11.00M | 5.55B | 5.45B | 5.42B | 5.42B | 5.28B |
| Additional Paid-In Capital | 24.00B | 15.74B | 14.15B | 13.78B | 13.67B | 11.95B |
| Retained Earnings | 15.70B | 14.86B | 13.75B | 12.48B | 11.54B | 10.93B |
| Treasury Stock | -61.00M | -59.00M | -59.00M | -59.00M | -53.00M | -47.00M |
| Comprehensive Income & Other | -78.00M | -75.00M | -78.00M | -177.00M | -167.00M | -237.00M |
| Total Common Equity | 39.57B | 36.02B | 33.21B | 31.44B | 30.41B | 27.87B |
| Minority Interest | 2.77B | 2.85B | 3.47B | 3.78B | 4.12B | 4.69B |
| Shareholders' Equity | 42.34B | 38.87B | 36.67B | 35.23B | 34.53B | 32.57B |
| Total Liabilities & Equity | 162.03B | 155.72B | 145.18B | 139.33B | 134.89B | 127.53B |
| Total Debt | 77.09B | 74.08B | 66.28B | 63.49B | 59.13B | 55.47B |
| Net Cash (Debt) | -74.10B | -72.44B | -65.21B | -62.74B | -57.22B | -53.67B |
| Net Cash Per Share | -66.02 | -65.32 | -59.17 | -57.14 | -52.93 | -50.25 |
| Filing Date Shares Outstanding | 1.15B | 1.12B | 1.10B | 1.09B | 1.09B | 1.06B |
| Total Common Shares Outstanding | 1.15B | 1.12B | 1.10B | 1.09B | 1.09B | 1.06B |
| Working Capital | -3.36B | -5.97B | -5.30B | -3.04B | -5.31B | -1.96B |
| Book Value Per Share | 34.40 | 32.18 | 30.27 | 28.82 | 27.93 | 26.30 |
| Tangible Book Value | 34.12B | 30.55B | 27.71B | 25.91B | 24.84B | 22.15B |
| Tangible Book Value Per Share | 29.66 | 27.30 | 25.26 | 23.75 | 22.82 | 20.90 |
| Machinery | 144.16B | 135.40B | 126.86B | 115.98B | 114.28B | |
| Construction In Progress | 11.87B | 10.53B | 6.39B | 7.78B | 10.90B | 8.77B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.66B | 4.34B | 4.40B | 3.98B | 3.52B | 2.39B |
| Depreciation & Amortization | 6.12B | 6.03B | 5.27B | 4.99B | 4.06B | 3.97B |
| Asset Writedown | 224.00M | 91.00M | ||||
| Stock-Based Compensation | 146.00M | 136.00M | 132.00M | 137.00M | 127.00M | 144.00M |
| Change in Accounts Receivable | 122.00M | -124.00M | -372.00M | 482.00M | -771.00M | -77.00M |
| Change in Inventory | -205.00M | 44.00M | -49.00M | -713.00M | -285.00M | -31.00M |
| Change in Accounts Payable | 2.00M | -290.00M | 492.00M | -863.00M | 1.02B | -8.00M |
| Change in Income Taxes | -12.00M | -36.00M | 206.00M | 23.00M | 51.00M | |
| Change in Other Net Operating Assets | 935.00M | 805.00M | 1.14B | 936.00M | 144.00M | -668.00M |
| Other Operating Activities | -1.34B | -1.10B | -1.43B | -1.41B | -1.57B | 352.00M |
| Operating Cash Flow | 10.65B | 9.80B | 9.79B | 7.55B | 6.30B | 6.17B |
| Capital Expenditures | -13.92B | -12.74B | -8.96B | -9.10B | -7.92B | -7.59B |
| Sale of Property, Plant & Equipment | 1.00M | 1.00M | 369.00M | 164.00M | 275.00M | 917.00M |
| Cash Acquisitions | -635.00M | -635.00M | ||||
| Sale (Purchase) of Intangibles | -159.00M | -159.00M | -108.00M | -99.00M | -190.00M | -188.00M |
| Contributions to Nuclear Demissioning Trust | -2.62B | -2.36B | -2.18B | -1.73B | -1.77B | -2.04B |
| Other Investing Activities | 2.35B | 1.93B | 1.48B | 1.10B | 1.18B | 1.54B |
| Investing Cash Flow | -14.98B | -13.96B | -9.40B | -9.67B | -8.43B | -7.35B |
| Short-Term Debt Issued | 200.00M | 700.00M | 1.32B | 2.65B | 855.00M | |
| Long-Term Debt Issued | 12.47B | 6.16B | 8.97B | 5.13B | 8.26B | |
| Total Debt Issued | 12.71B | 12.67B | 6.86B | 10.29B | 7.78B | 9.12B |
| Short-Term Debt Repaid | -414.00M | -1.67B | -1.63B | -1.49B | -25.00M | |
| Long-Term Debt Repaid | -5.46B | -2.22B | -4.29B | -2.16B | -4.33B | |
| Total Debt Repaid | -6.91B | -5.88B | -3.89B | -5.92B | -3.65B | -4.35B |
| Net Debt Issued (Repaid) | 5.80B | 6.79B | 2.97B | 4.37B | 4.14B | 4.76B |
| Issuance of Common Stock | 4.16B | 1.62B | 143.00M | 36.00M | 1.81B | 73.00M |
| Common Dividends Paid | -3.10B | -3.02B | -2.95B | -3.04B | -2.91B | -2.78B |
| Other Financing Activities | -797.00M | -704.00M | -366.00M | -373.00M | -702.00M | -116.00M |
| Financing Cash Flow | 6.06B | 4.70B | -208.00M | 999.00M | 2.34B | 1.95B |
| Net Cash Flow | 1.73B | 539.00M | 180.00M | -1.12B | 208.00M | 761.00M |
| Free Cash Flow | -3.27B | -2.94B | 833.00M | -1.54B | -1.62B | -1.42B |
| Free Cash Flow Margin | -10.83% | -9.93% | 3.12% | -6.11% | -5.54% | -6.13% |
| Free Cash Flow Per Share | -2.91 | -2.65 | 0.76 | -1.40 | -1.50 | -1.33 |
| Levered Free Cash Flow | -3.91B | -3.46B | 722.38M | -2.91B | -1.20B | -2.41B |
| Unlevered Free Cash Flow | -1.90B | -1.44B | 2.44B | -1.38B | 71.25M | -1.25B |
| Cash Interest Paid | 2.88B | 2.69B | 2.54B | 2.18B | 1.76B | 1.72B |
| Cash Income Tax Paid | 231.00M | 284.00M | 176.00M | 132.00M | 146.00M | 93.00M |
| Change in Working Capital | 842.00M | 399.00M | 1.42B | -135.00M | 160.00M | -784.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 107.80B | 96.02B | 90.20B | 76.47B | 77.67B | 72.68B |
| Enterprise Value | 181.90B | 169.69B | 157.87B | 141.03B | 136.79B | 130.00B |
| PE Ratio | 22.56 | 22.12 | 20.50 | 19.23 | 22.04 | 30.37 |
| PS Ratio | 3.57 | 3.25 | 3.38 | 3.03 | 2.65 | 3.15 |
| PB Ratio | 2.72 | 2.47 | 2.46 | 2.17 | 2.25 | 2.23 |
| P/FCF Ratio | 108.28 | |||||
| P/OCF Ratio | 10.12 | 9.80 | 9.21 | 10.12 | 12.32 | 11.78 |
| EV/Sales Ratio | 6.03 | 5.74 | 5.91 | 5.58 | 4.67 | 5.62 |
| EV/EBITDA Ratio | 12.76 | 12.18 | 12.20 | 12.36 | 13.56 | 15.77 |
| EV/EBIT Ratio | 22.36 | 21.49 | 20.56 | 21.96 | 22.70 | 30.45 |
| EV/FCF Ratio | 189.52 | |||||
| Debt / Equity Ratio | 1.82 | 1.91 | 1.81 | 1.80 | 1.71 | 1.70 |
| Debt / EBITDA Ratio | 5.26 | 5.18 | 4.99 | 5.41 | 5.59 | 6.73 |
| Debt / FCF Ratio | 79.56 | |||||
| Net Debt / Equity Ratio | 1.75 | 1.86 | 1.78 | 1.78 | 1.66 | 1.65 |
| Net Debt / EBITDA Ratio | 5.20 | 5.20 | 5.04 | 5.50 | 5.67 | 6.51 |
| Net Debt / FCF Ratio | -22.67 | -24.68 | 78.28 | -40.69 | -35.30 | -37.88 |
| Quick Ratio | 0.44 | 0.34 | 0.34 | 0.35 | 0.36 | 0.44 |
| Current Ratio | 0.79 | 0.65 | 0.67 | 0.78 | 0.66 | 0.82 |
| Asset Turnover | 0.19 | 0.20 | 0.19 | 0.18 | 0.22 | 0.18 |
| Return on Equity (ROE) | 11.48% | 11.04% | 11.85% | 11.04% | 10.18% | 7.05% |
| Return on Assets (ROA) | 3.27% | 3.28% | 3.37% | 2.93% | 2.87% | 2.13% |
| Return on Capital Employed (ROCE) | 5.60% | 5.70% | 5.90% | 5.10% | 5.10% | 3.70% |
| Earnings Yield | 4.43% | 4.52% | 4.88% | 5.20% | 4.54% | 3.29% |
| FCF Yield | -3.03% | -3.06% | 0.92% | -2.02% | -2.09% | -1.95% |
| Dividend Yield | 3.24% | 3.43% | 3.48% | 3.97% | 3.79% | 3.82% |
| Payout Ratio | 73.19% | 69.45% | 67.12% | 76.33% | 82.49% | 116.05% |
| Buyback Yield / Dilution | -1.58% | -0.64% | -0.36% | -1.57% | -1.22% | -0.28% |
| Total Shareholder Return | 1.66% | 2.79% | 3.11% | 2.39% | 2.57% | 3.54% |