The Southern Company
Financial Performance
Southern Revenue & Financials
Revenue
$29.6B (FY2025)
Market Cap
$98.1B
Net Income
$4.3B
Employees
29,800
What is Southern's revenue?
Southern had $29.6B in revenue for fiscal year 2025, up 10.6% from 2024. Net income was $4.3B.
- Latest revenue
- $29.6B (FY2025)
- Year-over-year
- +10.6%
- Growth rate (CAGR)
- 4.5% over 9 years
- Peak revenue
- $29.6B (FY2025)
- Years of data
- 10
- Employees
- 29,800
Financial Analysis
Southern Company revenue rose from $25.253B in 2023 to $26.724B in 2024 and $29.553B in 2025, while net income was $4.401B in 2024 and $4.341B in 2025 (Form 10-K). In 2026 the company reported Q2 net income of $1.174B versus $880M a year earlier, and first-half net income of $2.531B versus $2.214B. Q2 operating revenue of about $6.98B was flat year over year because lower fuel-related revenue offset growth in retail electric sales. Adjusted Q2 EPS was $1.13 versus $0.92. The long cost overrun at Plant Vogtle Units 3 and 4, finished in 2023 and 2024, remains part of the history investors weigh against today's load-growth story. The Southern Company is a colossal American gas and electric utility holding company, sustaining a massive market valuation generally exceeding $80 billion.
Revenue Trend Analysis
YoY Change
+10.6%
9-Year CAGR
+4.5%
Peak Year
2025
Trend
Mostly Growing
The Southern Company has 10 full fiscal year figures on this page, compounding at +4.5% annually over 9 years. The most recent year saw a 10.6% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $29.6B. Of 9 comparable year-over-year steps, 6 showed growth and 3 showed a decline.
Annual revenue history
Click any row to see year details.
The Southern Company balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest. In some years total assets exceed liabilities plus shareholders' equity because the company reported redeemable preferred stock or non-controlling interests outside both.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $9.8B | $12.7B | $155.7B | $116.9B | $36B | -$2.9B | Form 10-K |
| FY2024ended Dec 31, 2024 | $9.8B | $9B | $145.2B | $108.5B | $33.2B | $833M | Form 10-K |
| FY2023ended Dec 31, 2023 | $7.6B | $9.1B | $139.3B | $104.1B | $31.4B | -$1.5B | Form 10-K |
| FY2022ended Dec 31, 2022 | $6.3B | $7.9B | $134.9B | $100.4B | $30.4B | -$1.6B | Form 10-K |
| FY2021ended Dec 31, 2021 | $6.2B | $7.6B | $127.5B | $95B | $27.9B | -$1.4B | Form 10-K |
| FY2020ended Dec 31, 2020 | $6.7B | $7.5B | $122.9B | $90.4B | $28B | -$826M | Form 10-K |
| FY2019ended Dec 31, 2019 | $5.8B | $7.6B | $118.7B | $86.7B | $27.5B | -$1.8B | Form 10-K |
| FY2018ended Dec 31, 2018 | $6.9B | $8B | $116.9B | $87.6B | $24.7B | -$1.1B | Form 10-K |
| FY2017ended Dec 31, 2017 | $6.4B | $7.4B | $111B | $85.2B | $24.2B | -$1B | Form 10-K |
| FY2016ended Dec 31, 2016 | $4.9B | $7.3B | $109.7B | $82.8B | $24.8B | -$2.4B | Form 10-K |
Keep researching Southern
Southern Revenue and Financial FAQ
What is Southern Company's typical annual consolidated revenue and net income?
Southern Company typically generates between $25 billion and $28 billion in annual consolidated operating revenues, delivering GAAP net income between $3.0 billion and $4.0 billion depending on weather conditions, retail fuel recovery true-ups, and rate base adjustments across Georgia and Alabama.
What is Southern Company's stock ticker symbol and exchange listing?
Southern Company is publicly traded on the New York Stock Exchange under the ticker symbol SO. It is a long-standing member of the S&P 500 Index and one of the largest constituents of the S&P 500 Utilities Sector (XLU).
What is Southern Company's long-term earnings per share (EPS) growth guidance?
Management targets long-term adjusted earnings per share (EPS) compound annual growth of 5% to 7%, supported by a robust 6% to 8% compound annual growth rate in its regulated utility rate base across Georgia Power, Alabama Power, Mississippi Power, and Southern Company Gas.
What is Southern Company's capital expenditure (CapEx) plan for the mid-2020s?
Southern Company maintains an expansive 5-year capital expenditure forecast exceeding $45 billion to $48 billion. Following the commercial operation of Plant Vogtle, capital spending has shifted toward transmission grid hardening, substation expansion, solar and battery storage integration, and modernizing natural gas distribution pipelines.
How long has Southern Company paid uninterrupted dividends to shareholders?
Southern Company has paid consecutive quarterly cash dividends to shareholders for more than 75 years (dating back to 1948). Furthermore, the company has increased its dividend per share for more than 20 consecutive years, maintaining an attractive dividend yield typically between 3.5% and 4.5% with a target dividend payout ratio of 65% to 75%.
What are Southern Company's corporate credit ratings and debt profile?
Southern Company and its operating subsidiaries maintain solid investment-grade credit ratings: Baa1/A3 from Moody's, BBB+/A- from S&P Global, and BBB+/A- from Fitch Ratings. The company maintains an FFO-to-debt (Funds From Operations to Debt) target of 14% to 16%, supported by predictable regulated utility cash flows.
How does Plant Vogtle's commercial operation improve Southern Company's financial profile?
With Vogtle Units 3 and 4 entering commercial service in 2023 and 2024, Southern Company eliminated massive construction-in-progress (AFUDC) risk, reduced ongoing capital drag, expanded cash flow from operations, and added billions of dollars of revenue-generating nuclear assets directly into Georgia Power's authorized retail rate base.
How do Inflation Reduction Act (IRA) tax credits benefit Southern Company financially?
The Inflation Reduction Act provides lucrative Production Tax Credits (PTCs) under Section 45U for existing and newly built nuclear generation (Plant Vogtle, Hatch, Farley), providing tens of millions of dollars annually in tax credits that lower customer electric rates and strengthen Southern Company's corporate balance sheet liquidity.
How does Southern Company manage interest rate risk on its long-term debt portfolio?
As a capital-intensive utility with tens of billions in long-term debt, Southern Company staggers debt maturities over decades, maintains primarily fixed-rate debt, and utilizes interest rate hedges. Regulated utility rate cases also incorporate embedded debt costs directly into the authorized weighted average cost of capital (WACC).
What is Southern Company's enterprise value and market capitalization?
Southern Company typically trades with a market capitalization between $90 billion and $100 billion USD, and an enterprise value exceeding $150 billion when including outstanding consolidated debt from its holding company and regulated utility subsidiaries.
How does Southern Company Gas contribute to consolidated group earnings?
Southern Company Gas contributes approximately 15% to 20% of Southern Company's consolidated net income, providing geographical diversification into Illinois, Virginia, and Tennessee and earning regulated returns on pipe-replacement infrastructure riders.
How does extreme summer and winter weather affect Southern Company's quarterly financials?
Extreme summer heat across the Deep South significantly increases air conditioning demand, making the third quarter (Q3) historically the largest contributor to annual revenues and profits. Conversely, severe winter cold snaps increase residential heating loads across both electric utilities and Southern Company Gas.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Southern Revenue & Financials." CorpDigest, https://corpdigest.com/company/southern-company/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Southern reported $29.6B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/southern-company/financials" target="_blank" rel="noopener">CorpDigest — Southern financials</a></div>Related Financial Audits
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