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SOJD

Southern Company (The) Series 2

SOJD

Southern Company (The) Series 2 • NYSE
$20.13 ▼ -0.35% (-0.07)
Market Cap $22.17 B
52w High $22.40
52w Low $19.26
Dividend Yield 1.24%
P/E 0
Volume 70.98K
Outstanding Shares 1.10B

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.823B ▲ $288M ▼ $1.711B ▲ 21.871% ▲ $1.55 ▲ $4.431B ▲
Q2-2025 $6.973B ▼ $1.726B ▼ $880M ▼ 12.62% ▼ $0.8 ▼ $3.365B ▼
Q1-2025 $7.775B ▲ $1.731B ▲ $1.334B ▲ 17.158% ▲ $1.21 ▲ $3.547B ▲
Q4-2024 $6.341B ▼ $1.567B ▼ $534M ▼ 8.421% ▼ $-3.53 ▼ $2.525B ▼
Q3-2024 $7.274B $1.621B $1.535B 21.103% $1.4 $4.016B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $3.342B ▲ $153.248B ▲ $114.974B ▲ $35.002B ▲
Q2-2025 $1.265B ▼ $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 $1.049B $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 $2.068B ▲ $2.181B ▲ $-2.9B ▼ $-348M ▼ $-1.067B ▼ $-755M ▲
Q1-2025 $1.334B ▲ $1.25B ▼ $-2.834B ▼ $2.815B ▲ $1.262B ▲ $-1.355B ▼
Q4-2024 $534M ▼ $2.173B ▼ $-2.722B ▼ $595M ▲ $21M ▲ $-764M ▼
Q3-2024 $1.535B $3.616B $-2.456B $-1.316B $-149M $1.143B

Revenue by Products

Product Q1-2024Q3-2024Q4-2024Q3-2025
Electric Utilities
Electric Utilities
 $4.82Bn ▲$560.00M ▼$0 ▼$6.93Bn ▲
Southern Company Gas
Southern Company Gas
 $1.71Bn ▲$0 ▼$2.75Bn ▲$730.00M ▼
Southern Power
Southern Power
 $470.00M ▲$0 ▼$0 ▲$610.00M ▲
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 The underlying Southern Company has shown a generally upward trend in both revenue and profits over the past several years, despite some year‑to‑year bumps. Earnings have grown faster than sales, suggesting better efficiency and improved profit margins recently. The pattern is what you would expect from a large regulated utility that keeps adding assets and adjusting rates over time: not explosive growth, but steady, gradually improving profitability with occasional swings tied to fuel costs, weather, and major projects coming online.

Balance Sheet

Balance Sheet The balance sheet has grown steadily as the company has invested in new plants and infrastructure, especially large nuclear and grid projects. Debt levels have climbed meaningfully, and leverage is on the high side, which is typical for regulated utilities but still a key risk to monitor, especially in a higher interest rate environment. Equity has also increased, indicating that the company is retaining earnings and modestly strengthening its capital base over time. Overall, it looks like a classic capital‑intensive utility profile: large asset base, substantial debt, and a solid but not overly conservative cushion of equity.

Cash Flow

Cash Flow The company generates strong and growing cash flow from its day‑to‑day operations, which is a positive sign for the underlying stability of the business. However, it spends very heavily on capital projects, so free cash flow has been tight and often close to breakeven or negative until very recently. This means the firm has relied on borrowing and capital markets to fund much of its growth and modernization. The long‑term payoff can be attractive if these investments earn allowed returns, but it does leave the company sensitive to financing costs and regulatory approvals.

Competitive Edge

Competitive Edge Southern Company occupies a strong position as one of the major regulated electric and gas utilities in the southeastern United States, serving a large and growing customer base in an economically dynamic region. Its earnings are mostly regulated, which supports stability and visibility, and it generally operates in constructive regulatory environments where it can recover prudent investments over time. The business benefits from a diverse mix of generation sources, including nuclear, gas, coal, and renewables, which helps manage fuel and policy risks. Key competitive strengths include scale, operational reliability, and long‑standing relationships with regulators and large customers, though it faces ongoing pressure to balance affordability, reliability, and decarbonization goals.

Innovation and R&D

Innovation and R&D Southern Company is unusually active in innovation for a traditional utility. It has built new nuclear units with advanced technology, is helping develop next‑generation reactors, and is deeply involved in hydrogen, long‑duration energy storage, carbon capture, and grid modernization. Projects like smart neighborhoods, digital twins for infrastructure, and distributed energy solutions via its PowerSecure subsidiary show a focus on both customer experience and system efficiency. Many of these initiatives are long‑dated and experimental, so there is uncertainty around timing and financial returns, but they position the company to play a leading role in the energy transition rather than being pushed by it.

Summary

Overall, the financial profile behind SOJD reflects a large, mature, and heavily regulated utility that has been steadily growing earnings while carrying a significant but manageable level of debt. Cash generation from operations is solid, though aggressive capital spending keeps free cash flow tight and increases reliance on financing. The company’s competitive position is underpinned by its scale, regulated revenue base, and diversified generation portfolio, while its substantial investments in nuclear, clean energy, and grid technology aim to secure long‑term relevance in a decarbonizing economy. For holders of SOJD, the key themes to watch are how effectively Southern Company manages its debt load, executes on major projects, works with regulators, and converts its innovation pipeline into stable, regulated earnings over time.