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SO

The Southern Company

SO

The Southern Company • NYSE
$91.12 ▲ 0.98% (+0.88)
Market Cap $100.21 B
52w High $100.84
52w Low $80.46
Dividend Yield 2.94%
P/E 22.67
Volume 2.48M
Outstanding Shares 1.10B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.823B ▲ $1.71B ▼ $1.711B ▲ 21.871% ▲ $1.55 ▲ $4.288B ▲
Q2-2025 $6.973B ▼ $1.726B ▼ $880M ▼ 12.62% ▼ $0.8 ▼ $3.465B ▼
Q1-2025 $7.775B ▲ $1.731B ▲ $1.334B ▲ 17.158% ▲ $1.21 ▲ $3.675B ▲
Q4-2024 $6.341B ▼ $1.603B ▲ $534M ▼ 8.421% ▼ $0.49 ▼ $2.588B ▼
Q3-2024 $7.274B $1.585B $1.535B 21.103% $1.4 $3.948B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.342B ▲ $153.248B ▲ $114.974B ▲ $35.002B ▲
Q2-2025 $1.264B ▼ $148.853B ▲ $111.511B ▲ $34.014B ▲
Q1-2025 $2.327B ▲ $148.109B ▲ $110.886B ▲ $33.839B ▲
Q4-2024 $1.07B ▲ $145.18B ▲ $108.506B ▲ $33.208B ▼
Q3-2024 $1.018B $143.956B $107.051B $33.298B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.707B ▲ $3.774B ▲ $-3.865B ▼ $2.168B ▲ $2.077B ▲ $384M ▲
Q2-2025 $853M ▼ $2.181B ▲ $-2.9B ▼ $-348M ▼ $-1.067B ▼ $-619M ▲
Q1-2025 $1.27B ▲ $1.25B ▼ $-2.834B ▼ $2.815B ▲ $1.231B ▲ $-1.187B ▼
Q4-2024 $466M ▼ $2.173B ▼ $-2.722B ▼ $595M ▲ $46M ▲ $-576M ▼
Q3-2024 $1.535B $3.616B $-2.456B $-1.316B $-156M $1.305B

Revenue by Products

Product Q1-2024Q3-2024Q4-2024Q2-2025
Electric Utilities
Electric Utilities
 $4.82Bn ▲$560.00M ▼$0 ▼$5.80Bn ▲
Southern Company Gas
Southern Company Gas
 $1.71Bn ▲$0 ▼$2.75Bn ▲$980.00M ▼
Southern Power
Southern Power
 $470.00M ▲$0 ▼$0 ▲$550.00M ▲
Natural Gas Distribution
Natural Gas Distribution
 $0 ▲$610.00M ▲$0 ▼$0 ▲
Natural Gas Distribution Commercial
Natural Gas Distribution Commercial
 $0 ▲$60.00M ▲$0 ▼$0 ▲
Natural Gas Distribution Industrial
Natural Gas Distribution Industrial
 $0 ▲$0 ▲$0 ▲$0 ▲
Natural Gas Distribution Other
Natural Gas Distribution Other
 $0 ▲$40.00M ▲$0 ▼$0 ▲
Natural Gas Distribution Residential
Natural Gas Distribution Residential
 $0 ▲$210.00M ▲$0 ▼$0 ▲
Natural Gas Distribution Transportation
Natural Gas Distribution Transportation
 $0 ▲$290.00M ▲$0 ▼$0 ▲
Other Natural Gas
Other Natural Gas
 $0 ▲$60.00M ▲$0 ▼$0 ▲
Other Natural Gas Gas Marketing Services
Other Natural Gas Gas Marketing Services
 $0 ▲$50.00M ▲$0 ▼$0 ▲
Other Natural Gas Other Natural Gas Revenues
Other Natural Gas Other Natural Gas Revenues
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Other Revenue Sources
Other Revenue Sources
 $0 ▲$180.00M ▲$0 ▼$0 ▲
Other Revenues
Other Revenues
 $0 ▲$10.00M ▲$0 ▼$0 ▲
Retail Electric
Retail Electric
 $0 ▲$0 ▲$0 ▲$0 ▲
Retail Electric Commercial
Retail Electric Commercial
 $0 ▲$0 ▲$0 ▲$0 ▲
Retail Electric Industrial
Retail Electric Industrial
 $0 ▲$0 ▲$0 ▲$0 ▲
Retail Electric Other
Retail Electric Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Retail Electric Residential
Retail Electric Residential
 $0 ▲$0 ▲$0 ▲$0 ▲
Wholesale Electric NonPPA Revenues
Wholesale Electric NonPPA Revenues
 $0 ▲$70.00M ▲$0 ▼$0 ▲
Wholesale Electric PPA Capacity Revenues
Wholesale Electric PPA Capacity Revenues
 $0 ▲$130.00M ▲$0 ▼$0 ▲
Wholesale Electric PPA Energy Revenues
Wholesale Electric PPA Energy Revenues
 $0 ▲$220.00M ▲$0 ▼$0 ▲
Corporate and Other
Corporate and Other
 $10.00M ▲$0 ▼$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Southern Company’s income statement shows a steady, healthy climb in both sales and profits over the past five years. Revenue has grown at a measured pace, but profits have grown faster, suggesting better cost control and improved efficiency. Operating income and net income both trend upward, and earnings per share have risen consistently, which points to disciplined management of expenses and a more profitable asset base. As a regulated utility, growth is moderate rather than explosive, but the pattern is one of improving profitability and stronger underlying earnings power over time.

Balance Sheet

Balance Sheet The balance sheet reflects a classic, capital‑intensive regulated utility: a very large and growing asset base, funded by substantial amounts of debt alongside a steadily expanding equity base. Total assets have risen meaningfully as the company invests in power plants, nuclear assets, grid upgrades, and other long‑lived infrastructure. Debt has also climbed, which is normal for this type of business but does mean the company relies heavily on borrowing and is sensitive to interest costs and credit conditions. Shareholders’ equity has grown more slowly but consistently, showing that retained earnings and new investments are building long‑term value, even as leverage remains elevated by design.

Cash Flow

Cash Flow Cash flow from daily operations has strengthened clearly over the period, which is a positive sign for the durability of the business. However, heavy spending on new plants and grid investments has kept free cash flow very tight or negative for most of the last five years, only recently turning modestly positive. This pattern signals that the company is in a long investment cycle, pouring cash into large projects that are expected to pay off over decades. As a result, it has needed outside financing to bridge the gap between operating cash inflows and capital spending, which is typical for a growing regulated utility but still an important risk and watchpoint.

Competitive Edge

Competitive Edge Southern Company sits behind a strong regulatory moat in its core southeastern territories, operating as a vertically integrated, state‑regulated utility with exclusive rights to serve many customers. This structure provides a relatively predictable revenue base and allowed returns on investment in exchange for oversight and price regulation. The size of its grid, power plant fleet, and customer base create very high barriers to entry for new competitors, both in terms of capital required and regulatory know‑how. Its relationships with state regulators and commissions are a key intangible asset; changes in these relationships or in regulatory policy remain among the biggest strategic risks. Overall, its position is that of a dominant, entrenched regional provider with stable but regulation‑dependent economics.

Innovation and R&D

Innovation and R&D For a regulated utility, Southern Company stands out as unusually active in innovation and advanced energy technologies. It has made major long‑term bets on nuclear power, including new large reactors, and is working on next‑generation nuclear designs with partners, which could extend its leadership in carbon‑free baseload power if these technologies prove commercially viable. The company also plays a central role in carbon capture research and is exploring clean hydrogen, showing a clear focus on future decarbonization pathways. Its investments in smart grids, digital twins, and “smart neighborhood” concepts aim to improve reliability, efficiency, and customer engagement. Many of these projects are long‑dated and experimental, so financial payoffs are uncertain, but they position Southern Company as a forward‑leaning utility in an industry facing significant energy‑transition pressures.

Summary

Overall, Southern Company combines the stability of a regulated utility with a visible tilt toward large‑scale, long‑life investments in cleaner and smarter energy infrastructure. Financially, it shows steady growth in revenue and earnings, backed by strong operating cash flow but constrained free cash flow due to heavy capital spending. The balance sheet is asset‑rich and highly leveraged, consistent with its business model but dependent on continued access to affordable debt and constructive regulation. Its competitive moat is anchored in regulation, infrastructure scale, and long‑standing regulatory relationships, while its innovation agenda in nuclear, carbon capture, hydrogen, and grid technology could provide strategic advantages in the energy transition. Key uncertainties center on regulatory outcomes, cost and execution risks on large projects, and how quickly emerging technologies can become economically attractive within regulated frameworks.

NEWS

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November 20, 2025 · 8:01 AM UTC

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November 18, 2025 · 4:05 PM UTC

Southern California Edison Announces Redemption of SCE Trust IV 5.375% Fixed-to-Floating Rate Trust Preference Securities

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November 18, 2025 · 1:36 PM UTC

SoCalGas Declares Preferred Dividends

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