The Southern Company

SO · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Valuation
Market cap	$96,016	$90,197	$76,474	$77,742	$72,681	$65,104	$67,510	$46,547	$50,966	$52,132	$49,588	$44,607	$36,477	$37,159	$39,671	$31,858	$26,489	$28,527	$29,295	$27,387	$25,690	$24,771	$21,992	$20,100	$17,466	$13,223	$9,802	$12,337	$10,796	$9,274	$9,976	$7,916	$8,578	$6,590	$5,785	$4,320	$4,786	$4,236	$3,933	$3,699	$2,984
Enterprise value	$171,303	$158,870	$142,997	$139,084	$130,755	$119,342	$118,475	$96,316	$100,990	$99,468	$78,312	$69,650	$59,869	$59,672	$60,286	$52,870	$46,389	$47,203	$45,687	$43,082	$40,493	$38,261	$33,154	$31,192	$27,740	$22,608	$19,886	$25,739	$23,649	$18,816	$19,888	$16,843	–	–	–	–	–	–	–	–	–
P/E (TTM) at period end	22.12×	20.49×	19.23×	22.06×	30.37×	20.87×	14.25×	20.91×	60.53×	21.30×	20.95×	22.72×	22.19×	15.81×	18.01×	16.13×	16.12×	16.38×	16.89×	17.41×	16.15×	16.17×	14.92×	15.25×	13.84×	10.07×	7.68×	12.63×	11.11×	8.23×	9.04×	8.00×	8.56×	6.91×	6.60×	7.16×	5.66×	5.01×	7.09×	4.19×	3.60×
P/S (TTM) at period end	3.25×	3.38×	3.03×	2.66×	3.14×	3.20×	2.99×	1.84×	2.21×	2.62×	2.84×	2.42×	2.13×	2.25×	2.25×	1.83×	1.68×	1.67×	1.91×	1.91×	1.90×	2.11×	1.97×	1.91×	1.72×	1.31×	1.05×	1.30×	0.86×	0.90×	1.09×	0.95×	1.01×	0.82×	0.72×	0.54×	0.64×	0.59×	0.56×	0.54×	0.44×
P/B at period end	2.67×	2.72×	2.43×	2.56×	2.61×	2.33×	2.45×	1.88×	2.11×	2.11×	2.41×	2.24×	1.92×	2.03×	2.26×	1.92×	1.74×	2.09×	2.18×	2.26×	2.28×	2.29×	2.18×	2.23×	2.09×	1.20×	1.02×	1.21×	1.06×	0.91×	0.99×	0.83×	–	–	–	–	–	–	–	–	–
EV / EBITDA (TTM)	12.87×	12.88×	13.23×	14.74×	17.05×	13.58×	10.71×	12.44×	17.44×	13.43×	11.73×	11.74×	10.78×	9.03×	9.60×	9.39×	9.18×	9.06×	9.49×	9.27×	9.29×	9.61×	8.23×	8.28×	7.40×	6.04×	5.74×	6.76×	5.56×	4.78×	5.20×	4.85×	–	–	–	–	–	–	–	–	–
EV / Sales (TTM)	5.80×	5.94×	5.66×	4.75×	5.66×	5.86×	5.24×	3.82×	4.38×	5.00×	4.48×	3.77×	3.50×	3.61×	3.41×	3.03×	2.95×	2.76×	2.98×	3.00×	2.99×	3.26×	2.96×	2.97×	2.73×	2.25×	2.13×	2.71×	1.88×	1.82×	2.17×	2.03×	–	–	–	–	–	–	–	–	–
Returns
Return on equity	12.1%	13.3%	12.6%	11.6%	8.6%	11.2%	17.2%	9.0%	3.5%	9.9%	11.5%	9.8%	8.6%	12.8%	12.5%	11.9%	10.8%	12.8%	12.9%	13.0%	14.1%	14.1%	14.6%	14.6%	15.1%	11.9%	13.3%	9.6%	9.6%	11.1%	10.9%	10.4%	–	–	–	–	–	–	–	–	–
Return on invested capital	5.5%	5.7%	5.3%	4.8%	3.9%	5.3%	7.1%	4.7%	2.7%	4.5%	5.8%	5.5%	5.1%	7.0%	7.2%	6.8%	6.2%	7.3%	7.6%	7.9%	8.3%	8.4%	9.3%	9.2%	8.6%	7.4%	7.2%	5.8%	6.2%	13.2%	3.6%	3.7%	–	–	–	–	–	–	–	–	–
Dividend yield	3.1%	3.3%	4.0%	3.7%	3.8%	4.1%	3.8%	5.2%	4.5%	4.0%	4.0%	4.2%	4.8%	4.6%	4.0%	4.7%	5.2%	4.5%	4.1%	4.2%	4.3%	4.2%	4.6%	4.8%	5.3%	6.6%	9.4%	7.6%	8.2%	9.1%	8.1%	9.7%	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.65×	0.67×	0.77×	0.66×	0.82×	0.71×	0.78×	0.67×	0.74×	0.75×	0.71×	0.65×	1.02×	0.88×	0.95×	0.91×	1.05×	1.03×	0.84×	0.63×	0.80×	0.92×	0.87×	0.59×	0.68×	0.76×	0.59×	0.65×	0.67×	0.76×	0.79×	0.85×	–	–	–	–	–	–	–	–	–
Debt / equity	1.84×	1.81×	1.89×	1.75×	1.85×	1.63×	1.59×	1.77×	1.94×	1.81×	1.27×	1.08×	1.20×	1.10×	1.11×	1.17×	1.23×	1.30×	1.23×	1.31×	1.33×	1.28×	1.14×	1.26×	1.27×	0.87×	1.00×	1.36×	1.29×	0.94×	1.03×	0.92×	–	–	–	–	–	–	–	–	–
Effective tax rate	16.6%	18.5%	11.4%	18.8%	10.4%	11.2%	27.5%	16.3%	13.3%	27.3%	32.9%	32.5%	33.2%	35.6%	35.0%	33.5%	34.4%	33.6%	32.5%	33.1%	27.2%	27.7%	29.3%	28.6%	33.3%	37.2%	39.6%	40.5%	46.3%	–	73.0%	71.9%	–	–	–	–	–	–	–	–	–
Share count
Diluted shares outstanding	1,109	1,102	1,098	1,081	1,068	1,065	1,054	1,025	1,008	958	914	901	881	879	864	837	796	775	761	748	749	743	732	714	694	654	686	697	685	673	665	651	638	562	553	509	540	622	578	478	440

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990	FY1989	FY1988	FY1987	FY1986	FY1985
Revenue and gross profit
Revenue	$30,178	$29,553	$26,724	$25,253	$29,279	$23,113	$20,375	$22,596	$25,241	$23,031	$19,896	$17,489	$18,467	$17,087	$16,537	$17,657	$17,456	$15,743	$17,127	$15,353	$14,356	$13,554	$11,729	$11,186	$10,514	$10,155	$10,066	$9,317	$9,499	$12,611	$10,358	$9,180	$8,297	$8,489	$8,073	$8,050	$7,975	$7,492	$7,235	$7,010	$6,847	$6,814
Cost of revenue	($17,082)	($20,744)	($13,382)	($13,545)	($18,652)	($12,866)	($10,478)	($11,816)	($13,879)	($13,116)	($11,366)	($9,811)	($11,031)	($9,817)	($9,373)	($10,808)	($7,262)	($6,426)	($7,633)	($6,371)	($5,695)	($5,226)	($4,042)	($5,831)	($5,363)	($5,194)	($5,102)	($4,575)	($4,569)	($7,244)	($5,208)	($4,243)	($3,840)	–	–	–	–	–	–	–	–	–
Gross profit	$13,096	$8,809	$13,342	$11,708	$10,627	$10,247	$9,897	$9,603	$9,616	$9,915	$8,530	$7,678	$7,436	$7,270	$7,164	$6,849	$10,194	$9,317	$9,494	$8,982	$8,661	$8,328	$7,687	$5,355	$5,151	$4,961	$4,964	$4,742	$4,930	$5,367	$5,150	$4,937	$4,457	–	–	–	–	–	–	–	–	–
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	–	–	–	–	–	–	–	–	–	–	–	–	($11,031)	($9,817)	–	–	–	($202)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Total operating expenses	($5,791)	($1,524)	($6,274)	($5,882)	($5,257)	($6,549)	($5,012)	($1,867)	($5,425)	($7,582)	($4,044)	($3,396)	($3,794)	($4,015)	($2,701)	($2,618)	($6,392)	($6,049)	($5,988)	($5,656)	($5,437)	($5,366)	($4,866)	($2,550)	($2,569)	($2,570)	($2,559)	($2,491)	($2,651)	($2,702)	($2,549)	($2,246)	($2,031)	–	–	–	–	–	–	–	–	–
Total costs and expenses	($22,873)	($22,268)	($19,656)	($19,427)	($23,909)	($19,415)	($15,490)	($14,860)	($21,050)	($20,698)	($15,410)	($13,207)	($14,825)	($13,832)	($12,074)	($13,426)	($13,654)	($12,475)	($13,621)	($12,027)	($11,132)	($10,592)	($8,908)	($8,381)	($7,932)	($7,764)	($7,661)	($7,066)	($7,220)	($9,946)	($7,757)	($6,489)	($5,871)	–	–	–	–	–	–	–	–	–
Operating income	$7,305	$7,285	$7,068	$5,826	$5,370	$3,698	$4,885	$7,736	$4,191	$2,333	$4,486	$4,282	$3,642	$3,255	$4,463	$4,231	$3,802	$3,268	$3,506	$3,326	$3,224	$2,962	$2,821	$2,805	$2,582	$2,391	$2,405	$2,251	$2,279	$2,665	$2,601	$2,691	$2,426	$8,489	$8,073	$8,050	$7,975	$7,492	$7,235	$7,010	$6,847	$6,814
Earnings
EBITDA	$13,651	$13,315	$12,334	$10,812	$9,434	$7,671	$8,790	$11,067	$7,740	$5,790	$7,409	$6,677	$5,935	$5,553	$6,608	$6,279	$5,633	$5,056	$5,210	$4,812	$4,645	$4,360	$3,982	$4,026	$3,767	$3,749	$3,742	$3,467	$3,809	$4,257	$3,939	$3,825	$3,476	–	–	–	–	–	–	–	–	–
Interest income	–	–	–	$85	$59	$22	$37	$60	$38	$26	$20	$23	$19	$19	$40	$21	$24	$23	$33	$45	$41	$36	$27	$36	$22	$27	$29	$30	$154	$152	$54	$38	$32	–	–	–	–	–	–	–	–	–
Interest expense	($3,224)	($3,238)	($2,743)	($2,446)	($2,022)	($1,837)	($1,821)	($1,736)	($1,842)	($1,694)	($1,317)	($840)	($835)	($824)	($859)	($857)	($895)	($905)	($866)	($886)	($866)	($747)	($640)	($527)	($492)	($557)	($643)	($527)	($558)	($839)	($664)	($663)	($648)	–	–	–	–	–	–	–	–	–
Pre-tax income	$5,248	$4,999	$5,229	$4,345	$4,223	$2,576	$3,496	$6,542	$2,749	$1,068	$3,480	$3,629	$3,008	$2,559	$3,749	$3,487	$3,066	$2,604	$2,722	$2,569	$2,353	$2,186	$2,114	$2,086	$1,846	$1,677	$1,582	$1,514	$1,656	$1,811	$1,127	$1,103	$989	–	–	–	–	–	–	–	–	–
Income tax expense	($674)	($828)	($969)	($496)	($795)	($267)	($393)	($1,798)	($449)	($142)	($951)	($1,194)	($977)	($849)	($1,334)	($1,219)	($1,026)	($896)	($915)	($835)	($780)	($595)	($585)	($612)	($528)	($558)	($588)	($599)	($670)	($839)	–	($805)	($711)	–	–	–	–	–	–	–	–	–
Net income	$4,657	$4,341	$4,401	$3,976	$3,535	$2,309	$3,134	$4,754	$2,300	$926	$2,529	$2,435	$2,031	$1,710	$2,415	$2,203	$1,975	$1,643	$1,742	$1,734	$1,573	$1,591	$1,532	$1,474	$1,318	$1,262	$1,313	$1,276	$977	$972	$1,127	$1,103	$989	$1,002	$953	$876	$604	$846	$846	$554	$883	$830
Per share
Diluted EPS (GAAP)	$4.14	$3.92	$3.99	$3.62	$3.26	$2.24	$2.93	$4.50	$2.17	$0.84	$2.55	$2.59	$2.18	$1.87	$2.67	$2.55	$2.36	$2.06	$2.25	$2.28	$2.10	$2.13	$2.06	$2.02	$1.85	$1.82	$2.01	$1.86	$1.40	$1.42	$1.68	$1.66	$1.52	$1.57	$1.51	$1.39	$0.96	$1.34	$1.36	$0.96	$1.59	$1.60
Basic EPS (GAAP)	$4.17	$3.94	$4.02	$3.64	$3.28	$2.26	$2.95	$4.53	$2.18	$0.84	$2.57	$2.60	$2.19	$1.88	$2.70	$2.57	$2.37	$2.07	$2.26	$2.29	$2.12	$2.14	$2.07	$2.03	$1.86	$1.83	$2.01	$1.86	$1.40	$1.42	$1.68	$1.66	$1.52	$1.57	$1.51	$1.39	$0.96	$1.34	$1.36	$0.96	$1.59	$1.60
Basic shares outstanding	1,116	1,103	1,096	1,092	1,075	1,061	1,058	1,046	1,020	1,000	951	910	897	877	871	857	832	795	771	756	743	744	739	727	708	689	653	685	697	685	673	665	650	638	562	553	509	540	622	578	478	440
Margins
Gross margin	43.4%	29.8%	49.9%	46.4%	36.3%	44.3%	48.6%	42.5%	38.1%	43.1%	42.9%	43.9%	40.3%	42.5%	43.3%	38.8%	58.4%	59.2%	55.4%	58.5%	60.3%	61.4%	65.5%	47.9%	49.0%	48.9%	49.3%	50.9%	51.9%	42.6%	49.7%	53.8%	53.7%	–	–	–	–	–	–	–	–	–
Operating margin	24.2%	24.7%	26.4%	23.1%	18.3%	16.0%	24.0%	34.2%	16.6%	10.1%	22.5%	24.5%	19.7%	19.0%	27.0%	24.0%	21.8%	20.8%	20.5%	21.7%	22.5%	21.9%	24.1%	25.1%	24.6%	23.5%	23.9%	24.2%	24.0%	21.1%	25.1%	29.3%	29.2%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%
Net margin	15.4%	14.7%	16.5%	15.7%	12.1%	10.0%	15.4%	21.0%	9.1%	4.0%	12.7%	13.9%	11.0%	10.0%	14.6%	12.5%	11.3%	10.4%	10.2%	11.3%	11.0%	11.7%	13.1%	13.2%	12.5%	12.4%	13.0%	13.7%	10.3%	7.7%	10.9%	12.0%	11.9%	11.8%	11.8%	10.9%	7.6%	11.3%	11.7%	7.9%	12.9%	12.2%

Analyst consensus

Hold34 analysts

Bearish · 3 · Hold · 20 · Bullish · 11

Earnings history

	EPS	Estimate
Q3 2024	$1.43	$1.34	Beat
Q4 2024	$0.50	$0.51	Miss
Q1 2025	$1.23	$1.20	Beat
Q2 2025	$0.91	$0.88	Beat
Q3 2025	$1.60	$1.51	Beat
Q4 2025	$0.55	$0.56	Miss
Q1 2026	$1.32	$1.21	Beat
Q2 2026	$1.13	$1.01	Beat

Peers

Company overview

IPO dateDec 31, 1981

CEOChristopher C. Womack

Employees29,651

SectorUtilities

IndustryRegulated Electric

CountryUS

ExchangeNew York Stock Exchange

Websitewww.southerncompany.com

The Southern Company operates as an energy utility, primarily involved in the production, transmission, and distribution of electricity. Its operations are segmented into Gas Distribution Operations, Gas Pipeline Investments, Wholesale Gas Services, and Gas Marketing Services. The company also undertakes the development, construction, acquisition, ownership, and management of various power generation assets, including renewable energy ventures, and supplies electricity to the wholesale market. Complementing its power business, it distributes natural gas in Illinois, Georgia, Virginia, and Tennessee, while also offering gas marketing services, wholesale gas services, and managing gas pipeline investments. Its extensive portfolio of generating assets includes 30 hydroelectric, 24 fossil fuel, three nuclear, 13 combined cycle/cogeneration, 45 solar, 15 wind, one fuel cell, and four battery storage facilities. In terms of natural gas infrastructure, the company builds, operates, and maintains 76,289 miles of pipelines and 14 storage facilities with a total capacity of 157 billion cubic feet, delivering natural gas to residential, commercial, and industrial clients. The Southern Company serves approximately 8.7 million electric and gas utility customers in total. Furthermore, it provides digital wireless communications and fiber optics services. The company was founded in 1945 and maintains its corporate headquarters in Atlanta, Georgia.

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