The Southern Company (SO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$1.01	$1.13	+11.9%	—	—	—
Q4 26	$1.21	$1.32	+9.1%	—	—	—
Q3 26	$0.56	$0.55	-1.8%	—	—	—
Q2 26	$1.51	$1.6	+6.0%	—	—	—
Q1 26	$0.88	$0.92	+4.5%	—	—	—
Q4 25	$1.19	$1.23	+3.4%	—	—	—
Q3 25	$0.51	$0.5	-2.0%	—	—	—
Q2 25	$1.34	$1.43	+6.7%	—	—	—
Q1 25	$0.93	$1.1	+18.3%	—	—	—
Q4 24	$0.9	$1.03	+14.4%	—	—	—
Q3 24	$0.6	$0.64	+6.7%	—	—	—
Q2 24	$1.32	$1.42	+7.6%	—	—	—
Q1 24	$0.75	$0.79	+5.3%	—	—	—
Q4 23	$0.71	$0.79	+11.3%	—	—	—
Q3 23	$0.24	$0.26	+8.3%	—	—	—
Q2 23	$1.33	$1.31	-1.5%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$4.3	—	—	$29.6B	—
FY24	—	$4.05	—	—	$26.7B	—
FY23	—	$3.64	—	—	$25.3B	—
FY22	—	$3.28	—	—	$29.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$19.9B	$23B	$23.5B	$21.4B	$20.4B	$23.1B	$29.3B	$25.3B	$26.7B	$29.6B
YoY change	+13.8%	+15.8%	+2.01%	-8.84%	-4.87%	+13.4%	+26.7%	-13.8%	+5.83%	+10.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	19.9B	23B	23.5B	21.4B	20.4B	23.1B	29.3B	25.3B	26.7B	29.6B
Cost of revenue	11.4B	13.1B	13.9B	11.8B	10.5B	12.9B	18.4B	13.5B	13.4B	15.2B
Gross profit	8.5B	9.9B	9.6B	9.6B	9.9B	10.2B	10.9B	11.7B	13.3B	14.3B
Gross margin	42.9%	43.1%	40.9%	44.8%	48.6%	44.3%	37.2%	46.4%	49.9%	48.5%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	428M	3.4B	1.1B	24M	325M	1.7B	183M	-68M	-21M	—
Operating income	4.5B	2.3B	4.1B	5.3B	4.8B	3.7B	5.6B	5.8B	7.1B	7.3B
Operating margin	22.6%	9.96%	17.5%	24.9%	23.7%	16%	19.2%	23.1%	26.4%	24.7%
Non-operating income, net	310M	469M	481M	2.9B	497M	713M	624M	965M	904M	952M
Pretax income	3.5B	1.1B	2.7B	6.5B	3.5B	2.6B	4.2B	4.3B	5.2B	5B
Income tax	951M	142M	449M	1.8B	393M	267M	795M	496M	969M	828M
Net income	2.5B	926M	2.3B	4.7B	3.1B	2.3B	3.4B	3.8B	4.3B	4.2B
Net margin	12.7%	4.02%	9.79%	22.1%	15.2%	9.99%	11.7%	15.2%	15.9%	14.1%
EBITDA	7.5B	6B	7.9B	9.1B	9.2B	8.2B	10.3B	11.5B	13B	13.9B
EPS	2.47	0.84	2.15	4.5	2.95	2.26	3.28	3.64	4.05	4.3
Diluted EPS	2.47	0.84	2.15	4.5	2.95	2.26	3.26	3.62	3.99	3.92

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	7B	6B	6.6B	6.5B	7.3B	6.3B	7.8B	7B	7.8B	7B	8.4B	7B
Cost of revenue	3.2B	3.6B	3.4B	3B	3.3B	3.7B	4B	3.5B	3.5B	4.2B	4.5B	3.4B
Gross profit	3.8B	2.5B	3.2B	3.5B	4B	2.7B	3.7B	3.5B	4.3B	2.8B	3.9B	3.6B
Gross margin	53.8%	41.2%	48.8%	53.9%	54.3%	42%	48.1%	50.1%	55%	40%	46.5%	51.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	160M	-228M	—	-21M	—	0	—	—	—	—	—	—
Operating income	2.1B	1.2B	1.7B	1.9B	2.4B	1.1B	2B	1.8B	2.6B	917M	2B	1.8B
Operating margin	30.2%	20%	25.6%	30%	32.6%	16.7%	25.9%	25.3%	33.2%	13.1%	24%	25.5%
Non-operating income, net	239M	227M	256M	233M	236M	180M	254M	252M	272M	174M	326M	395M
Pretax income	1.7B	800M	1.3B	1.5B	1.9B	545M	1.6B	1.1B	2.1B	196M	1.6B	1.4B
Income tax	297M	4M	223M	290M	377M	79M	280M	289M	404M	-145M	228M	187M
Net income	1.4B	796M	1.1B	1.2B	1.5B	466M	1.3B	853M	1.7B	341M	1.3B	1.2B
Net margin	20.5%	13.2%	16.1%	18.4%	21.1%	7.35%	16.3%	12.2%	21.8%	4.88%	15.9%	17%
EBITDA	3.5B	2.7B	3.2B	3.4B	3.9B	2.5B	3.6B	3.4B	4.3B	2.6B	3.8B	3.6B
EPS	1.3	—	1.03	1.1	1.4	0.5	1.21	0.8	1.55	0.55	1.21	1.03
Diluted EPS	1.29	—	1.03	1.09	1.39	0.48	1.21	0.79	1.54	0.38	1.2	1.03

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	48.7B	48.5B	45.4B	67.1B	65B	72.8B	76.8B	76.6B	90.2B	96.2B	94.7B
Enterprise value	94.2B	97.1B	90.9B	113.8B	115B	126.4B	134B	139.3B	155.4B	168.6B	172.2B
Shares outstanding	990.2M	1B	1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B	1.1B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	19.3	52.3	19.7	14.1	20.9	31.5	22.4	19.9	21.2	23.1	19.8
P/S	2.45	2.1	1.93	3.13	3.19	3.15	2.62	3.03	3.38	3.25	3.13
P/B	1.82	1.87	1.55	2.09	2	2.23	2.22	2.17	2.46	2.47	2.39
EV/EBITDA	12.5	16.1	11.5	12.5	12.5	15.4	13	12.1	12	12.1	12.1
EV/Sales	4.73	4.22	3.87	5.31	5.64	5.47	4.58	5.52	5.82	5.71	5.71
Earnings yield	5.19%	1.91%	5.07%	7.07%	4.77%	3.17%	4.47%	5.03%	4.72%	4.34%	5.06%
FCF yield	-4.96%	-2.12%	-2.33%	-2.64%	-1.15%	-1.95%	-2.11%	-2.01%	0.92%	-3.05%	-4.13%
PEG	—	—	—	—	—	—	—	—	—	—	0.69

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	42.9%	43.1%	40.9%	44.8%	48.6%	44.3%	37.2%	46.4%	49.9%	48.5%	51.3%
Operating margin	22.6%	9.96%	17.5%	24.9%	23.7%	16%	19.2%	23.1%	26.4%	24.7%	29.6%
Net margin	12.7%	4.02%	9.79%	22.1%	15.2%	9.99%	11.7%	15.2%	15.9%	14.1%	15.4%
ROE	9.46%	3.58%	7.84%	14.8%	9.54%	7.09%	9.93%	10.9%	11.6%	10.7%	11.5%
ROA	2.31%	0.83%	1.97%	4%	2.52%	1.81%	2.54%	2.76%	2.93%	2.68%	3.27%
ROIC	4.52%	2.67%	4.6%	4.91%	5.19%	3.85%	4.97%	5.27%	5.65%	5.46%	5.47%
Return on tangible assets	2.65%	0.96%	2.19%	4.43%	2.79%	1.99%	2.77%	3%	3.17%	2.88%	3.03%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	0.75	0.74	0.67	0.78	0.71	0.82	0.66	0.77	0.67	0.65	0.79
Quick ratio	0.54	0.55	0.5	0.59	0.51	0.61	0.49	0.53	0.46	0.45	0.58
Debt / equity	1.78	1.96	1.6	1.52	1.57	1.7	1.71	1.8	1.81	1.91	1.82
Debt / assets	0.43	0.46	0.4	0.41	0.42	0.43	0.44	0.46	0.46	0.48	0.48
Net debt / EBITDA	6.05	8.08	5.74	5.14	5.42	6.55	5.54	5.45	5.01	5.2	5.15
Interest coverage	3.64	1.63	2.49	4.77	2.92	2.4	3.09	2.78	2.91	2.54	2.63
Effective tax rate	27.3%	13.3%	16.3%	27.5%	11.2%	10.4%	18.8%	11.4%	18.5%	16.6%	12.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	20.1	22.9	22.7	20.3	19.3	21.8	27.2	23.1	24.4	26.8	27
EPS (basic)	2.47	0.84	2.15	4.5	2.95	2.26	3.28	3.64	4.05	4.3	4.3
EPS (diluted)	2.47	0.84	2.15	4.5	2.95	2.26	3.26	3.62	3.99	3.92	4.15
Book value per share	27	25.7	28.4	30.4	30.7	30.7	32.1	32.3	33.5	35.2	34.4
FCF per share	-2.44	-1.02	-1.02	-1.68	-0.7	-1.34	-1.51	-1.41	0.76	-2.66	-2.87
Cash per share	1.99	2.11	1.35	1.88	1.01	1.69	1.78	0.68	0.98	1.49	2.59
Capex per share	7.38	7.37	7.74	7.17	7.03	7.15	7.37	8.33	8.17	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	36.7%	32.2%	34.1%	35.3%	36.5%	32.8%	27.1%	36%	33.5%	—	—
Capex / operating cash flow	167%	215.3%	116.4%	80.2%	113.2%	118.8%	122.1%	112.6%	88.3%	—	—
Payout ratio	83.2%	248.4%	105.4%	54.2%	86.5%	120.3%	84.8%	78.9%	69.3%	72.3%	71.8%
Dividend yield	4.32%	4.75%	5.34%	3.83%	4.13%	3.82%	3.79%	3.96%	3.27%	3.13%	3.69%

Yield

3.69%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.76

ex-dividend Aug 17, 2026

Payout ratio

72%

of earnings

Dividend growth

13 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$0.76
May 18, 2026	$0.76
Feb 17, 2026	$0.74

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$7B	$6B	$6.6B	$6.5B	$7.3B	$6.3B	$7.8B	$7B	$7.8B	$7B	$8.4B	$7B
YoY change	-16.7%	-14.2%	+2.56%	+12.4%	+4.21%	+4.9%	+17%	+7.89%	+7.55%	+10.1%	+8%	+0.06%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	2B	2.1B	1.4B	2B	1.1B	1.8B	1.9B	748M	1.1B	1.6B
Receivables	2.2B	2.4B	2.5B	2B	2.3B	1.8B	2.1B	2B	2.2B	2.3B
Inventory	2.8B	2.6B	2.4B	2.4B	2.5B	2.4B	2.7B	3.4B	3.4B	3.3B
Total current assets	9.7B	10.1B	9.6B	9.8B	8.6B	9B	10.4B	10.4B	10.7B	10.9B
Property, plant & equipment	-18.9B	-22.6B	-21.8B	-19.1B	-20.1B	-22.1B	-21.4B	-27B	-30.8B	-30B
Goodwill & intangibles	14.4B	14.3B	11.9B	11.6B	11.5B	11.4B	11.1B	11.1B	11B	10.9B
Total assets	109.7B	111B	116.9B	118.7B	122.9B	127.5B	134.9B	139.3B	145.2B	155.7B
Accounts payable	2.8B	3.1B	3.4B	2.6B	2.8B	2.2B	3.5B	2.9B	3.7B	3.7B
Short-term debt	4.8B	6.3B	6.1B	5.3B	4.4B	3.8B	7.1B	5B	6.3B	7.1B
Total current liabilities	12.9B	13.6B	14.3B	12.5B	12.1B	10.9B	15.7B	13.5B	16B	16.9B
Long-term debt	42.6B	44.5B	40.7B	43.4B	46.7B	51.6B	52B	58.5B	60B	66.9B
Total liabilities	83B	85.2B	87.6B	86.7B	90.4B	95B	100.4B	104.1B	108.5B	116.9B
Shareholders' equity	26.7B	25.9B	29.3B	32B	32.5B	32.6B	34.5B	35.2B	36.7B	38.9B
Total debt	47.5B	50.8B	46.8B	48.7B	51B	55.5B	59.1B	63.5B	66.3B	74.1B
Net debt	45.5B	48.7B	45.5B	46.7B	50B	53.7B	57.2B	62.7B	65.2B	72.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	1.7B	748M	713M	1.2B	1B	1.1B	2.3B	1.3B	3.3B	1.6B	981M	3B
Receivables	2.2B	2B	2.2B	2.2B	2.3B	2.2B	2.5B	2.3B	2.3B	2.3B	2.4B	2.3B
Inventory	3.1B	3.4B	3.3B	3.3B	3.4B	3.4B	3.1B	3.1B	3.3B	3.3B	3.2B	3.3B
Total current assets	11.1B	10.4B	10.5B	11B	11B	10.7B	11.8B	10.8B	12.6B	10.9B	10B	12.4B
Property, plant & equipment	-25.7B	-27B	-27.2B	-30.8B	-30.3B	-30.8B	-30.7B	-31B	-30.6B	-30B	-30.9B	-31B
Goodwill & intangibles	11.1B	11.1B	11B	11B	11B	11B	11B	11B	10.9B	10.9B	10.9B	10.9B
Total assets	138.3B	139.3B	140.1B	141.9B	144B	145.2B	148.1B	148.9B	153.2B	155.7B	157B	162B
Accounts payable	2.9B	2.9B	2.2B	2.4B	4B	3.7B	3.1B	2.9B	3B	3.7B	2.9B	3.4B
Short-term debt	5B	5B	4.6B	4.3B	2.6B	6.3B	5.9B	6.6B	7.9B	7.1B	7.6B	7B
Total current liabilities	13.2B	13.5B	11.5B	12B	12.2B	16B	13.8B	14.6B	16.7B	16.9B	15.3B	15.7B
Long-term debt	57.3B	58.5B	60.7B	61.2B	62.5B	60B	64.2B	64.3B	65.9B	66.9B	68.4B	70.1B
Total liabilities	103B	104.1B	104.5B	105.8B	107.1B	108.5B	110.9B	111.5B	115B	116.9B	117.1B	119.7B
Shareholders' equity	35.3B	35.2B	35.6B	36.1B	36.9B	36.7B	37.2B	37.3B	38.3B	38.9B	39.9B	42.3B
Total debt	62.3B	63.5B	65.2B	65.5B	65.1B	66.3B	70.1B	70.8B	73.7B	74.1B	76B	77.1B
Net debt	60.6B	62.7B	64.5B	64.4B	64.1B	65.2B	67.8B	69.6B	70.4B	72.4B	75B	74.1B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	2.5B	926M	2.3B	4.7B	3.1B	2.3B	3.4B	3.8B	4.3B	4.2B
Depreciation & amortization	2.9B	3.5B	3.5B	3.3B	3.9B	4B	4.1B	5B	5.3B	6B
Stock-based compensation	121M	109M	125M	107M	113M	144M	127M	137M	132M	136M
Change in working capital	-478M	-811M	9M	47M	-631M	-784M	160M	-135M	1.2B	310M
Operating cash flow	4.4B	3.4B	6.9B	9.4B	6.6B	6.4B	6.5B	8.1B	10.1B	9.8B
Capital expenditure	-7.3B	-7.4B	-8B	-7.6B	-7.4B	-7.6B	-7.9B	-9.1B	-9B	—
Investing cash flow	-20B	-7.2B	-5.8B	-3.4B	-7B	-7.4B	-8.4B	-9.7B	-9.4B	-1.2B
Dividends paid	-2.1B	-2.3B	-2.4B	-2.6B	-2.7B	-2.8B	-2.9B	-3B	-3B	-3B
Share repurchases	0	-658M	-33M	0	0	0	-298M	0	0	—
Financing cash flow	15.2B	-109M	-4.5B	-3.8B	-2.5B	1.9B	849M	-631M	-1.9B	4.3B
Net change in cash	-424M	-3.9B	-3.4B	2.3B	-3B	950M	-1.1B	-2.2B	-1.1B	12.9B
Free cash flow	-2.4B	-1B	-1.1B	-1.8B	-745M	-1.4B	-1.6B	-1.5B	833M	-2.9B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.4B	796M	1.1B	1.2B	1.5B	466M	1.3B	853M	1.7B	341M	1.3B	1.2B
Depreciation & amortization	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.4B	1.6B	1.6B	1.6B	1.6B
Stock-based compensation	8M	18M	83M	14M	23M	12M	90M	12M	22M	12M	97M	15M
Change in working capital	123M	451M	-482M	97M	467M	1.1B	-804M	-178M	56M	733M	-151M	116M
Operating cash flow	2.6B	2.3B	1.8B	2.5B	3.5B	2.3B	1.9B	2.2B	3.8B	2.6B	1.2B	3.1B
Capital expenditure	-2.7B	-2.5B	-1.8B	-2.1B	-2.3B	-2.7B	-2.4B	—	—	—	—	—
Investing cash flow	-2.3B	-3.1B	-2.4B	-2.2B	-2.1B	-3.1B	-2.8B	-102M	-871M	-75M	-477M	358M
Dividends paid	-765M	-764M	-733M	-754M	-733M	-734M	-736M	-758M	-760M	-761M	-776M	-803M
Share repurchases	—	—	—	—	—	—	—	—	—	—	—	—
Financing cash flow	-684M	-317M	435M	-1.6B	-1.9B	1.2B	2B	343M	1.3B	640M	1.5B	2B
Net change in cash	-439M	-1.1B	-131M	-1.3B	-508M	431M	1.1B	2.4B	4.2B	3.2B	2.2B	5.4B
Free cash flow	177M	-721M	-459M	563M	1.3B	-576M	-1.2B	-619M	778M	-1.7B	-1.7B	-641M

Date	Ratio
Apr 3, 2001	10000:6109
Mar 1, 1994	2:1

The Southern Company Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history