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Company file · SO

Southern Company

Southern Company's revenue rose in 2025, while net income was little changed

Revenue rose 10.6% to $29.6B. Net income fell 1.4% to $4.3B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 19, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026) · Data pulled Oct 25, 2026

Key facts

Southern Company (NYSE: SO) reported total operating revenues of $29.6B for fiscal 2025, the year ended Dec 31, 2025, up 10.6% from fiscal 2024. Net income to Southern Company was $4.3B, down 1.4%. In its latest 10-Q, for the quarter ended Jun 30, 2026, revenue was $7.0B, up 0.1% from the same quarter a year earlier, and net income was $1.2B. The largest piece by segment (before eliminations) was Traditional electric utilities, at 75% of fiscal 2025 total operating revenues. Sources: 10-K for fiscal 2025 (filed Feb 19, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026).

Revenue$29.6BFY2025 · +10.6% vs FY2024
Net income to Southern Company$4.3BFY2025 · −1.4% vs FY2024
Operating cash flow$9.8BFY2025 · +0.1% vs FY2024
Cash & equivalents$3.0Bat Jun 30, 2026 · +82.1% vs FY2025 end
Total debt$75.6Bat Jun 30, 2026 · +4.1% vs FY2025 end
Diluted shares1.11BFY2025 avg · +0.6% vs FY2024
Total operating revenues and net income to Southern Company, three fiscal yearsBy fiscal year, $bn
Total operating revenuesNet income to Southern Company
Total operating revenues and net income to Southern Company by fiscal yearTotal operating revenues FY2023: $25.3B25.3Net income to Southern Company FY2023: $4.0B4.0FY2023Total operating revenues FY2024: $26.7B26.7Net income to Southern Company FY2024: $4.4B4.4FY2024Total operating revenues FY2025: $29.6B29.6Net income to Southern Company FY2025: $4.3B4.3FY2025

Source: 10-K FY2025, filed Feb 19, 2026

Quarterly total operating revenues: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly total operating revenues, fiscal 2026 vs 2025FY2025 Q1: $7.8B7.8FY2026 Q1: $8.4B8.4Q1FY2025 Q2: $7.0B7.0FY2026 Q2: $7.0B7.0Q2

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026

How it makes money

FY2025 total by categoryTraditional electric utilities: $22.1B (75%)Southern Company Gas: $5.0B (17%)Southern Power: $2.2B (8%)$29.3BFY2025 total

By segment (before eliminations), FY2025

  • LineAmountSharevs FY2024
  • Traditional electric utilities$22.1B75%+10.4%
  • Southern Company Gas$5.0B17%+13.2%
  • Southern Power$2.2B8%+9.1%

Source: 10-K FY2025, XBRL breakdown

Before eliminations, the traditional electric utilities brought in $22.1B in 2025, Southern Company Gas $5.0B and Southern Power $2.2B.

By segment (before eliminations): three-year mixShare of the total each fiscal year
Traditional electric utilitiesSouthern Company GasSouthern Power

Source: 10-K FY2025

What changed last quarter

How the quarter compared with a year earlier

Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q2 2026Q2 2025

Company

Revenue
$7.0B Q2 2026
$7.0B Q2 2025
0.1% increase
Net income
$1.2B Q2 2026
$880M Q2 2025
33.4% increase

Source: Southern Company 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

By segment

Traditional electric utilities
$5.4B Q2 2026
$5.4B Q2 2025
0.3% increase
Southern Company Gas
$966M Q2 2026
$979M Q2 2025
1.3% decrease
Southern Power
$535M Q2 2026
$546M Q2 2025
2.0% decrease

Source: Southern Company 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026

  • Cash & equivalents $3.0B at Jun 30, 2026, vs $1.6B at FY2025 end.
  • Total debt $75.6B at Jun 30, 2026, vs $72.6B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $4.3B vs $3.4B a year earlier.

The bull case and the bear case

The bull case

  • Revenue rose 10.6% in 2025 to $29.6B, and Southern Company Gas revenue grew 13.2%. 10-K, FY2025
  • Traditional electric utility revenue grew 10.4% in 2025. 10-K, FY2025
  • Net income in the quarter ended Jun 30, 2026 rose 33.4% on a year earlier to $1.2B. 10-Q, quarter ended Jun 30, 2026

The bear case

  • Net income fell 1.4% in 2025 to $4.3B even as revenue grew. 10-K, FY2025
  • Total debt was $72.6B at the end of 2025, up 12.0%, and $75.6B at Jun 30, 2026. 10-Q, quarter ended Jun 30, 2026
  • Operating cash flow was flat in 2025 at $9.8B. 10-K, FY2025
  • The 10-K lists rate regulation, large construction projects, environmental rules, weather and storms, and its debt among its risks. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Southern Company owns regulated electric utilities in Georgia, Alabama and Mississippi, natural gas utilities in several states, and a wholesale power business.

The traditional electric utilities (Georgia Power, Alabama Power and Mississippi Power) generate and sell electricity to homes and businesses at rates set by state regulators. Southern Power sells electricity wholesale to other utilities. Southern Company Gas distributes natural gas to customers in several states.

Its fiscal year is the calendar year.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Southern Company's latest 10-K. Read the original for the full list.

  1. RegulationState regulators set the rates it can charge and decide which costs it can recover.
  2. ConstructionLarge power plant and grid projects can run over budget and behind schedule.
  3. EnvironmentRules on emissions and coal ash can require costly changes.
  4. Weather and stormsMild weather lowers demand, and storms damage equipment.
  5. DebtIt borrows heavily to fund its building program.
  6. Demand growthPlans to serve new data centers and factories depend on that demand arriving.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Total operating revenues$25.3B$26.7B$29.6B
Net income to Southern Company$4.0B$4.4B$4.3B
Operating cash flow$7.6B$9.8B$9.8B
Cash & equivalents (year end)$748M$1.1B$1.6B
Total debt (year end)$62.0B$64.8B$72.6B
Diluted shares1.10B1.10B1.11B
  • Total operating revenues: Electricity sold to homes, businesses and other utilities in the Southeast, plus natural gas distribution.
  • Net income to Southern Company: Net income attributable to Southern Company, after the share belonging to minority owners.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Short-term borrowings plus current and long-term debt, including finance leases, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • Segment revenue is before eliminations and excludes some other businesses, so the segments don't add up exactly to total revenue.
  • Net income is attributable to Southern Company.

Recent filings

FormFiledPeriod
10-QJul 30, 2026Jun 30, 2026
10-QApr 30, 2026Mar 31, 2026
DEF 14AApr 3, 2026May 13, 2026
10-KFeb 19, 2026Dec 31, 2025

Latest filings

  1. Oct 224:13 PM ET

    8-K

    Southern Company files an 8-K on charter or bylaw changes and other events

    Southern Company filed a Form 8-K on Oct 22, 2026 at 4:13 PM ET under Item 5.03 (Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year), Item 8.01 (Other Events).

  2. Oct 52:16 PM ET

    Form 4

    Southern Company director Janaki Akella reports an award of about 539 deferred stock units Holding

    The filing reports about 539 deferred stock units Holding in a grant or award (code A).

  3. Oct 52:16 PM ET

    Form 4

    Southern Company director Shantella E. Cooper reports an award of about 539 deferred stock units Holding

    The filing reports about 539 deferred stock units Holding in a grant or award (code A).

  4. Oct 52:15 PM ET

    Form 4

    Southern Company director James O. Etheredge reports an award of about 539 deferred stock units Holding

    The filing reports about 539 deferred stock units Holding in a grant or award (code A).

  5. Oct 52:15 PM ET

    Form 4

    Southern Company director John D. Johns reports an award of about 539 deferred stock units Holding

    The filing reports about 539 deferred stock units Holding in a grant or award (code A).

All Southern Company filings notes →

Common questions about Southern Company

How does Southern Company make money?

Southern Company's total operating revenues were $29.6B in fiscal 2025. Before eliminations, the traditional electric utilities brought in $22.1B in 2025, Southern Company Gas $5.0B and Southern Power $2.2B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

What was Southern Company's revenue in fiscal 2025?

$29.6B of total operating revenues for the fiscal year ended Dec 31, 2025, up 10.6% from $26.7B in fiscal 2024. Fiscal 2023 was $25.3B. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

Is Southern Company profitable?

Southern Company reported net income to Southern Company of $4.3B for fiscal 2025, down 1.4% from $4.4B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Jun 30, 2026, net income was $1.2B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 19, 2026.

What did Southern Company report in its latest quarterly filing?

Revenue was $7.0B in the quarter ended Jun 30, 2026, up 0.1% from $7.0B a year earlier. Net income was $1.2B, up 33.4% from $880M. Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026.

How much cash and debt does Southern Company have?

Southern Company had $3.0B in cash and cash equivalents and $75.6B of total debt on Jun 30, 2026. Total debt here is short-term borrowings plus current and long-term debt, including finance leases, at carrying value. Source: 10-Q filed Jul 30, 2026.

What are the main risks Southern Company lists?

Southern Company's 10-K for fiscal 2025, filed Feb 19, 2026, lists its risk factors in Item 1A. We group them into 6 areas: Regulation; construction; environment; weather and storms; debt; demand growth. The first: State regulators set the rates it can charge and decide which costs it can recover. Source: 10-K, Item 1A Risk Factors.

Where do these Southern Company numbers come from?

From Southern Company's own SEC filings: the 10-K for fiscal 2025 (filed Feb 19, 2026) and the 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in SO
The editor holds no position in Southern Company (SO). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell SO from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold SO, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
Southern CompanySOFY2025$29.6B+10.6%$4.3B
NextEra EnergyNEEFY2025$27.4B+10.7%$6.8B
Duke EnergyDUKFY2025$31.7B+5.6%$5.0B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.