Southern Company is a holding company that owns three vertically integrated traditional electric operating companies, Southern Power Company, and Southern Company Gas. The electric operating companies generate, transmit, and distribute electricity to retail customers in the Southeast and sell wholesale power to other utilities and cooperatives. Southern Power develops, constructs, acquires, and operates power generation and battery storage assets, selling electricity at market-based rates to investor-owned utilities, independent power producers, municipalities, cooperatives, and commercial and industrial customers.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 29,553 | 26,724 | 25,253 | |
| · Retail electric revenues | 19,331 | 17,790 | 16,343 | |
| · Natural gas revenues | 5,044 | 4,456 | 4,702 | |
| · Wholesale electric revenues | 2,941 | 2,431 | 2,467 | |
| · Other revenues | 1,284 | 1,151 | 949 | |
| · Other electric revenues | 953 | 896 | 792 | |
| Impairments | — | — | 0 | |
| Total operating expenses | 22,268 | 19,656 | 19,427 | |
| Operating income | 7,285 | 7,068 | 5,826 | 1 |
| Interest expense | 3,238 | 2,743 | 2,446 | 1 |
| Other income (expense), net | (2,286) | (1,839) | (1,481) | |
| Income before income taxes | 4,999 | 5,229 | 4,345 | |
| Income tax provision | 828 | 969 | 496 | 1 |
| Net income incl. noncontrolling interests | 4,171 | 4,260 | 3,849 | |
| Less: noncontrolling interests | (170) | (141) | (127) | |
| Net income attributable to common | — | 4,401 | 3,976 | 1 |
| Diluted earnings per share | $3.92 | $3.99 | $3.62 | |
| Weighted-average diluted shares | 1,109 | 1,102 | 1,098 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 4,171 | 4,260 | 3,849 | |
| Deferred income taxes | 618 | 626 | 416 | |
| Change in receivables | 124 | 372 | (482) | |
| Change in payables | (290) | 492 | (863) | |
| Net cash provided by operating activities | 9,802 | 9,788 | 7,553 | 2 |
| Capital expenditure | 12,737 | 8,955 | 9,095 | 3 |
| Net cash used in investing activities | (13,959) | (9,400) | (9,668) | |
| Dividends paid | 3,015 | 2,954 | 3,035 | 1 |
| Net cash used in financing activities | 4,696 | (208) | 999 | |
| Cash and equivalents at end of period | 1,640 | 1,101 | 921 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 1,639 | 1,070 | |
| Total current assets | 10,917 | 10,694 | |
| Goodwill | 5,161 | 5,161 | 1 |
| Intangible assets, net | 225 | 257 | |
| Total assets | 155,720 | 145,180 | 1 |
| Accounts payable | 3,710 | 3,701 | |
| Current debt | 6,220 | 4,718 | |
| Total current liabilities | 16,888 | 15,993 | |
| Long-term debt | 65,649 | 58,768 | |
| Total liabilities | 116,853 | 108,506 | 1 |
| Stockholders' equity | 36,016 | 33,208 | |
| Noncontrolling interests | 2,851 | 3,466 | |
| Total equity | 38,867 | 36,674 |
| Segments · as filed in the segment note · $ millions | Electric Utilities | Southern Company Gas | All Other / Eliminations | Consolidated |
|---|---|---|---|---|
| Net sales | 23,777 | 5,044 | 732 | 29,553 |
Not shown: Assets. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.
| Revenue by product or service · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Retail electric revenues | 19,331 | 65.4% |
| Natural gas revenues | 5,044 | 17.1% |
| Wholesale electric revenues | 2,941 | 10.0% |
| Other revenues | 1,284 | 4.3% |
| Other electric revenues | 953 | 3.2% |
| Total revenues, as filed | 29,553 | 100.0% |
Product lines sum to the filed total.
Geographic revenue is tagged under the filer's own concept, not a standard one; not read.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 155,720 | 145,180 | +10,540 | +7.3% | — |
| Total liabilities · BS | 116,853 | 108,506 | +8,347 | +7.7% | — |
| Long-term debt · BS | 65,649 | 58,768 | +6,881 | +11.7% | — |
| Net cash used in financing activities · CF | 4,696 | (208) | +4,904 | +2,357.7% | ◐ outsized |
| Net cash used in investing activities · CF | (13,959) | (9,400) | −4,559 | -48.5% | — |
| Capital expenditure · CF | 12,737 | 8,955 | +3,782 | +42.2% | — |
| Total revenues · IS | 29,553 | 26,724 | +2,829 | +10.6% | — |
| Stockholders' equity · BS | 36,016 | 33,208 | +2,808 | +8.5% | — |
| Total operating expenses · IS | 22,268 | 19,656 | +2,612 | +13.3% | — |
| Total equity · BS | 38,867 | 36,674 | +2,193 | +6.0% | — |
| · Retail electric revenues · IS | 19,331 | 17,790 | +1,541 | +8.7% | — |
| Current debt · BS | 6,220 | 4,718 | +1,502 | +31.8% | — |
| Total current liabilities · BS | 16,888 | 15,993 | +895 | +5.6% | — |
| Change in payables · CF | (290) | 492 | −782 | -158.9% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 12.1% sector median 10.8% | adequate |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | +0.0% sector median +0.3% | flat |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 2.00 sector median 1.66 | leveraged |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 1 of 5 | volatile |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 16.9% sector median 16.3% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | SEP 24 | MAR 25 | JUN 25 | SEP 25 | MAR 26 |
|---|---|---|---|---|---|
| Total revenues | 7,274 | 7,775 | 6,973 | 7,823 | 8,397 |
| Total operating expenses | 4,906 | 5,765 | 5,209 | 5,229 | 6,379 |
| Operating income | 2,368 | 2,010 | 1,764 | 2,594 | 2,018 |
| Interest expense | 692 | 714 | 874 | 755 | 778 |
| Other income (expense), net | (456) | (460) | (622) | (483) | (452) |
| Income before income taxes | 1,912 | 1,550 | 1,142 | 2,111 | 1,566 |
| Income tax provision | 377 | 280 | 289 | 404 | 228 |
| Net income incl. noncontrolling interests | 1,535 | 1,270 | 853 | 1,707 | 1,338 |
| Less: noncontrolling interests | 0 | (64) | (27) | (4) | (18) |
| Net income attributable to common | 1,535 | 1,334 | 880 | 1,711 | 1,356 |
| Diluted earnings per share | $1.39 | $1.21 | $0.79 | $1.54 | $1.20 |
| Weighted-average diluted shares | 1,103 | 1,105 | 1,108 | 1,110 | 1,128 |
| Net cash provided by operating activities | — | 1,250 | — | — | 1,226 |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total operating expenses | 5,229 | 6,379 | +1,150 | +22.0% |
| Operating income | 2,594 | 2,018 | −576 | -22.2% |
| Total revenues | 7,823 | 8,397 | +574 | +7.3% |
| Income before income taxes | 2,111 | 1,566 | −545 | -25.8% |
| Net income incl. noncontrolling interests | 1,707 | 1,338 | −369 | -21.6% |
| Net income attributable to common | 1,711 | 1,356 | −355 | -20.7% |
| Income tax provision | 404 | 228 | −176 | -43.6% |
| Other income (expense), net | (483) | (452) | +31 | +6.4% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $101,000M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 18 filings · 0 buys / 6 sells | net selling · −$843,562 |
| · Sena Peter P Iii | SELL $377,925 | Form 4 filed 2026-09-04 · open market |
| · Spainhour Sterling A Jr. | SELL $313,369 | Form 4 filed 2026-08-07 · open market |
| · Kim Matthew M. | SELL $124,418 | Form 4 filed 2026-09-04 · open market |
| · Kim Matthew M. | SELL $9,577 | Form 4 filed 2026-07-02 · open market |
| · Kim Matthew M. | SELL $9,428 | Form 4 filed 2026-08-04 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| · BlackRock, Inc., 50 Hudson Yards, New York, NY 10001 | 6.9 % | 5%+ holder · DEF 14A filed 2026-04-03 |
| · State Street Corporation, One Congress Street, Boston, MA 02114 | 5.7 % | 5%+ holder · DEF 14A filed 2026-04-03 |
| Institutional % | 2 holders of 5%+ named | full 13F total pending — never estimated |
| · 10b5-1 adopted | Stanley W. Connally, Jr., Executive Vice President and Chief Operating Officer | November 17, 2025 · 12,500 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Christopher Cummiskey, Executive Vice President | November 18, 2025 · 8,954 (1) shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Matthew M. Kim, Comptroller | November 25, 2025 · 6,353 (1) shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Sterling A. Spainhour, Executive Vice President and Chief Legal Officer | November 25, 2025 · 9,443 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Kimberly S. Greene, Chairman, President, and Chief Executive Officer of Georgia Power | November 26, 2025 · 65,000 shares · 10-K insider trading arrangements |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Southern Company's Form 10-K for FY2025 (accession 0000092122-26-000006), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. SO is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.