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Southern

SO NYSE Electric Utilities Financials FY2016–FY2025

Southern's revenue rose 10.6% to $29.6 billion in fiscal 2025. Its operating margin was 24.6%, down from 26.4% a year earlier. Free cash flow was −$2.9 billion, against $833 million a year earlier. It paid out $3.0 billion in dividends and buybacks. The diluted share count rose 0.6%.

Last close · Oct 23, 2026

$92.89

1.0%
Value it Compare
Revenue Total sales reported in the income statement.
$29.6B
10.6% vs prior year
Operating margin Operating income as a share of revenue.
24.7%
1.8 pts
Net income Profit after all expenses, interest and tax.
$4.3B
1.4%
Free cash flow Cash from operations minus capital spending.
−$2.9B
452.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
5.8%
0.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$104.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
23.8x
On $3.91 EPS (TTM)

What Southern does

No business description yet.

Legal name
SOUTHERN CO
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0000092122-26-000006
0000092122

Revenue and margins

Southern had $29.6B of revenue in fiscal 2025, up 10.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 4.9% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was −$2.9B in fiscal 2025, −9.9% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Southern returned $3.0B to shareholders in fiscal 2025. The diluted share count rose 0.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Southern yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$71.0B and divides by 1,109.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 23.8x · peers 19.1x · sector 20.4x.

Balance sheet

Cash, debt and the ratios that show how comfortably Southern can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $1.8B$1.9B$748M$1.1B$1.6B
Debt incl. finance leases $53.7B$57.6B$62.0B$64.8B$72.6B
Net debt / EBITDA 6.8x5.9x5.7x5.2x5.3x
Debt / equity 1.9x1.9x2.0x2.0x2.0x
Interest coverage 2.0x2.7x2.4x2.6x2.3x
Current ratio 0.8x0.7x0.8x0.7x0.7x
Quick ratio 0.8x0.7x0.8x0.7x0.7x
Total assets $127.5B$134.9B$139.3B$145.2B$155.7B
Total liabilities $95.0B$100.4B$104.1B$108.5B$116.9B
Shareholders' equity $27.9B$30.4B$31.4B$33.2B$36.0B
Net debt (− = net cash) $51.9B$55.6B$61.3B$63.8B$71.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$5.1M

6 insiders

Of sales under plans

85%

$4.4M

DateInsiderTradeSharesPriceValueFiling
Oct 1, 2026 Matthew M. KimComptroller Sold plan 100 $82.73 $0.0M Form 4
Sep 3, 2026 Matthew M. KimComptroller Sold 1,400 $88.87 $0.1M Form 4
Sep 3, 2026 Peter P Sena IIIChairman,President & CEO, Snc Sold plan 4,266 $88.59 $0.4M Form 4
Sep 1, 2026 Matthew M. KimComptroller Sold plan 100 $88.45 $0.0M Form 4
Aug 6, 2026 Sterling A Spainhour Jr.EVP & CLO Sold plan 3,333 $94.02 $0.3M Form 4
Aug 3, 2026 Matthew M. KimComptroller Sold plan 100 $94.28 $0.0M Form 4
Jul 1, 2026 Matthew M. KimComptroller Sold plan 100 $95.77 $0.0M Form 4
Jun 1, 2026 Matthew M. KimComptroller Sold plan 100 $91.16 $0.0M Form 4
May 1, 2026 Matthew M. KimComptroller Sold plan 100 $96.57 $0.0M Form 4
Mar 30, 2026 Kimberly S GreeneChairman, President & CEO, Gpc Sold plan 25,000 $96.67 $2.4M Form 4
Mar 19, 2026 Christopher CummiskeyEVP Sold 6,669 $96.55 $0.6M Form 4
Mar 18, 2026 Stan W ConnallyEVP & COO Sold plan 12,500 $97.13 $1.2M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✕ ✕ ✕
Gross margin rose — — —
Revenue rose relative to assets ✕ ✓ ✓
F-score 5 / 85 / 84 / 8
Accruals ratio −2.6%−3.8%−3.6%
Altman Z'' 0.790.750.72

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Southern SO $104.8B 10.6% 24.7% −9.9% 5.8% 23.8x 4
Duke Energy DUK $97.4B 5.6% 27.2% −5.3% 5.5% 19.1x 5 Compare →
Constellation Energy CEG $91.2B 8.3% 12.1% 5.0% 10.4% 24.7x 5 Compare →
Exelon EXC $45.6B 5.3% 21.2% −9.4% 5.7% 16.3x 5 Compare →
American Electric Power AEP $71.0B 10.9% 24.3% −6.9% 6.7% 19.2x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $19.9B $23.0B $23.5B $21.4B $20.4B $23.1B $29.3B $25.3B $26.7B $29.6B
Operating income $4.5B $2.3B $4.2B $7.7B $4.9B $3.7B $5.4B $5.8B $7.1B $7.3B
Interest expense $1.3B $1.7B $1.8B $1.7B $1.8B $1.8B $2.0B $2.4B $2.7B $3.2B
Pretax income $3.5B $1.1B $2.7B $6.5B $3.5B $2.6B $4.2B $4.3B $5.2B $5.0B
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 $4.0B $4.4B $4.3B
Diluted EPS $2.55 $0.84 $2.17 $4.50 $2.93 $2.24 $3.26 $3.62 $3.99 $3.92
Diluted shares 0.96B 1.01B 1.03B 1.05B 1.07B 1.07B 1.08B 1.10B 1.10B 1.11B
Cash flow
Cash from operations $4.9B $6.4B $6.9B $5.8B $6.7B $6.2B $6.3B $7.6B $9.8B $9.8B
Capital expenditure $7.3B $7.4B $8.0B $7.6B $7.5B $7.6B $7.9B $9.1B $9.0B $12.7B
Free cash flow −$2.4B −$1.0B −$1.1B −$1.8B −$826M −$1.4B −$1.6B −$1.5B $833M −$2.9B
Depreciation and amortization $2.9B $3.5B $3.5B $3.3B $3.9B $4.0B $4.1B $5.0B $5.3B $6.0B
Stock-based compensation $3.0M — — — — — — — — —
Acquisitions $10.7B $1.1B $65.0M $50.0M $81.0M $345M $0.0M $0.0M $0.0M $635M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $2.1B $2.3B $2.4B $2.6B $2.7B $2.8B $2.9B $3.0B $3.0B $3.0B
Dividends and buybacks $2.1B $2.3B $2.4B $2.6B $2.7B $2.8B $2.9B $3.0B $3.0B $3.0B
Balance sheet
Cash and short-term investments $2.0B $2.1B $1.4B $2.0B $1.1B $1.8B $1.9B $748M $1.1B $1.6B
Total debt $47.5B $50.8B $46.8B $46.8B $49.2B $53.7B $57.6B $62.0B $64.8B $72.6B
Finance lease liabilities $0.0M $0.0M $0.0M $226M $231M $215M $314M $298M $287M $768M
Current assets $9.7B $10.1B $9.6B $9.8B $8.6B $9.0B $10.4B $10.4B $10.7B $10.9B
Current liabilities $12.9B $13.6B $14.3B $12.5B $12.1B $10.9B $15.7B $13.5B $16.0B $16.9B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $78.4B $79.9B $80.8B $83.1B $87.6B $91.1B $94.6B $99.8B — —
Total assets $109.7B $111.0B $116.9B $118.7B $122.9B $127.5B $134.9B $139.3B $145.2B $155.7B
Total liabilities $82.8B $85.2B $87.6B $86.7B $90.4B $95.0B $100.4B $104.1B $108.5B $116.9B
Shareholders' equity $24.8B $24.2B $24.7B $27.5B $28.0B $27.9B $30.4B $31.4B $33.2B $36.0B
Margins
Operating margin 22.6% 10.1% 17.8% 36.1% 24.0% 16.0% 18.3% 23.1% 26.5% 24.7%
EBITDA margin 37.2% 25.1% 32.9% 51.7% 43.1% 33.2% 32.2% 42.8% 46.2% 45.1%
Net margin 12.7% 4.0% 9.8% 22.2% 15.2% 10.0% 11.7% 15.7% 16.5% 14.7%
FCF margin −12.1% −4.5% −4.5% −8.3% −4.1% −6.1% −5.5% −6.1% 3.1% −9.9%
Returns
Return on capital 5.4% 2.8% 4.7% 7.4% 5.5% 4.0% 5.0% 5.5% 5.9% 5.8%
Return on capital employed 5.4% 2.4% 4.2% 7.4% 4.5% 3.3% 4.6% 4.8% 5.5% 5.4%
Return on equity 11.2% 3.8% 9.4% 18.2% 11.2% 8.3% 11.8% 12.9% 13.6% 12.5%
Return on assets 2.7% 0.8% 2.0% 4.0% 2.6% 1.8% 2.6% 2.9% 3.1% 2.9%
Growth
Revenue growth 13.8% 15.8% 2.0% −8.8% −4.9% 13.4% 26.7% −13.8% 5.8% 10.6%
Net income growth 3.9% −63.4% 148.4% 106.3% −34.6% −25.6% 48.5% 16.0% 10.7% −1.4%
EPS growth −1.5% −67.1% 158.3% 107.4% −34.9% −23.6% 45.5% 11.0% 10.2% −1.8%
FCF growth −502.7% — — — — — — — — −452.3%
Share count change 4.8% 5.2% 1.7% 2.8% 1.0% 0.3% 1.2% 1.6% 0.4% 0.6%
Financial health
Net debt / EBITDA 6.1x 8.4x 5.9x 4.1x 5.5x 6.8x 5.9x 5.7x 5.2x 5.3x
Debt / equity 1.9x 2.1x 1.9x 1.7x 1.8x 1.9x 1.9x 2.0x 2.0x 2.0x
Interest coverage 3.4x 1.4x 2.3x 4.5x 2.7x 2.0x 2.7x 2.4x 2.6x 2.3x
Current ratio 0.8x 0.7x 0.7x 0.8x 0.7x 0.8x 0.7x 0.8x 0.7x 0.7x
Quick ratio 0.8x 0.7x 0.7x 0.8x 0.7x 0.8x 0.7x 0.8x 0.7x 0.7x
Capital allocation
Capex / revenue 36.7% 32.2% 34.1% 35.3% 36.9% 32.8% 27.1% 36.0% 33.5% 43.1%
Stock comp / revenue 0.0% — — — — — — — — —
Payouts / FCF — — — — — — — — 354.6% —
Quality scores
Piotroski F-score 5.0 4.0 6.0 6.0 3.0 5.0 5.0 5.0 5.0 4.0
Altman Z'' 0.7 0.5 0.6 1.0 0.8 0.7 0.7 0.8 0.8 0.7
Accruals ratio −2.5% −5.0% −4.1% −0.9% −3.0% −3.1% −2.2% −2.6% −3.8% −3.6%

Source: SEC EDGAR XBRL filings (CIK 0000092122). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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