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SO SOUTHERN CO

NYSEUtilitiesElectric ServicesAtlanta, GAFY ends December 31

FY2025 10-K filed Feb 19, 2026 (SEC EDGAR)

FY2025 at a glance

Fundamentals from SEC filings, not quotes
Revenue
$29.6BYoYup 10.59%ended Dec 31, 2025
Net income
$4.34B14.7% margin
Diluted EPS
$3.92YoYdown 1.75%
Free cash flow
-$2.94B-9.9% margin
Cash
$1.64BNet debt $71B
Total debt
$72.6BD/E 2.02×
About SOUTHERN CO

Overview

SOUTHERN CO (SO) is listed on NYSE; the SEC classifies it under "Electric Services".

For fiscal 2025 (ended Dec 31, 2025) it reported revenue of $29.55B, up 10.6% from fiscal 2024.

Net income was $4.34B, a net margin of 14.7%.

At fiscal year end it had total assets of $155.72B and stockholders' equity of $36.02B (23.1% of assets).

Fiscal years shown
FY2016–FY2025 (10 years)
Latest 10-K
Feb 19, 2026
Latest filing
8-KOct 22, 2026
FY2016–FY2025 · annual 10-K

Charts

Revenue and net income

Revenue and net income, fiscal years FY2016 to FY2025.
PeriodRevenueNet incomeNet margin
FY2016$19.9B——
FY2017$23B——
FY2018$23.5B——
FY2019$21.4B——
FY2020$20.4B——
FY2021$23.1B——
FY2022$29.3B——
FY2023$25.3B——
FY2024$26.7B——
FY2025$29.6B$4.34B14.7%

Diluted EPS

Diluted EPS, fiscal years FY2016 to FY2025.
PeriodEPS (diluted)
FY2016$2.55
FY2017$0.84
FY2018$2.17
FY2019$4.50
FY2020$2.93
FY2021$2.24
FY2022$3.26
FY2023$3.62
FY2024$3.99
FY2025$3.92

Free cash flow vs net income

Free cash flow vs net income, fiscal years FY2016 to FY2025.
PeriodFree cash flowNet income
FY2016-$2.42B—
FY2017-$1.03B—
FY2018-$1.06B—
FY2019-$1.77B—
FY2020-$745M—
FY2021-$1.07B—
FY2022-$1.62B—
FY2023-$1.54B—
FY2024$833M—
FY2025-$2.94B$4.34B

Diluted shares

Diluted shares, fiscal years FY2016 to FY2025.
PeriodDiluted shares (weighted)
FY2016958M
FY20171.01B
FY20181.03B
FY20191.05B
FY20201.07B
FY20211.07B
FY20221.08B
FY20231.1B
FY20241.1B
FY20251.11B

Cash vs total debt

Cash vs total debt, fiscal years FY2016 to FY2025.
PeriodCash & equivalentsTotal debt
FY2016$1.98B$47.5B
FY2017$2.13B$50.8B
FY2018$1.4B$46.8B
FY2019$1.98B$46.8B
FY2020$1.07B$49.2B
FY2021$1.8B$53.7B
FY2022$1.92B$57.6B
FY2023$748M$62B
FY2024$1.07B$64.8B
FY2025$1.64B$72.6B

Each bar is one fiscal year as reported in its 10-K; bars below the zero line are negative and gaps are years not reported. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

FY2025 · 5-year trend

Ratios

Profitability

Operating margin
24.7%
Net margin
14.7%
FCF margin
-9.9%
Return on equity
12.5%
Return on assets
2.9%

Growth

Growth. Compound annual growth: (end ÷ start)^(1 ÷ years) − 1, both ends positive.
Metric1y3y CAGR5y CAGR9y CAGR
Revenueup 10.59%up 0.31%up 7.72%up 4.49%
EPS (diluted)down 1.75%up 6.34%up 5.99%up 4.89%
Free cash flowdown 452.34%———
Change in share count
+0.64%

Financial strength

Current ratio
0.65×
Debt / equity
2.02×
Liabilities / assets
75.0%
Net debt
$71B
Equity / assets
23.1%

Shareholder returns

Dividends per share
$2.94
Dividends paid
$3.02B
Payout ratio
69.5%
Piotroski F-Score · Altman Z''-Score

Quality screens

Piotroski F-Score

4 of 7 checks passed

FY2025 vs FY2024

Partial: 7 of 9 checks could be computed.

  • PassPositive return on assets3.0%
  • PassPositive operating cash flow$9.8B
  • —Not computableReturn on assets improved3.0% vs —
  • PassOperating cash flow above net income6.8% vs 3.0%
  • FailLong-term debt / assets fell42.2% vs 40.5%
  • FailCurrent ratio improved0.65× vs 0.67×
  • FailNo increase in share count1.11B vs 1.1B
  • —Not computableGross margin improved—
  • PassAsset turnover improved0.2× vs 0.19×

Altman Z''-Score

Distress zone (below 1.10)

FY2025

Altman Z''-Score: Components
ComponentsRatioWeightPoints
Working capital / assets-0.038×6.56-0.25
Retained earnings / assets0.095×3.260.31
Operating income / assets0.047×6.720.31
Equity / liabilities0.308×1.050.32
Z''0.70

Screening heuristic, not a recommendation. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Last 10 fiscal years · newest first

Financial statements

USD millions, except per-share figures (USD). Share counts in millions.

Income statement

Income statement. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Revenue29,55326,72425,25329,27923,11320,37521,41923,49523,03119,896
YoY (Revenue)+10.59%+5.83%-13.75%+26.68%+13.44%—-8.84%—+15.76%—
Operating income7,2857,0685,8265,3703,6984,8857,7364,1912,5514,629
Pretax income4,9995,2294,3454,2232,5763,4966,5422,7491,0683,480
Income tax8289694967952673931,798449142951
Net income4,341—————————
EPS (basic)3.944.023.643.282.262.954.532.180.842.57
EPS (diluted)3.923.993.623.262.242.934.502.170.842.55
YoY (EPS (diluted))-1.75%+10.22%+11.04%+45.54%-23.55%-34.89%+107.37%+158.33%-67.06%—
Diluted shares (weighted)1,1091,1021,0981,0811,0681,0651,0541,0251,008958

Balance sheet

Balance sheet. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Cash & equivalents1,6391,0707481,9171,7981,0651,9751,3962,1301,975
Current assets10,91710,69410,43210,4168,9658,6179,8179,58310,0729,722
Goodwill5,1615,1615,1615,1615,2805,2805,2805,3156,2686,251
Intangible assets300332368406445487536613873970
Total assets155,720145,180139,331134,891127,534122,935118,700116,914111,005109,697
Current liabilities16,88815,99313,46715,72410,92112,07912,54614,28613,59412,917
Short-term debt6,9426,0564,7906,8943,5974,1165,0446,1136,3314,828
Long-term debt65,64958,76857,21050,65650,12045,07341,79840,73644,46242,629
Total liabilities116,853108,506104,106100,35994,96790,41086,65087,58485,15382,803
Retained earnings14,85613,75012,48211,53810,92911,31110,8778,7068,88510,356
Stockholders' equity36,01633,20831,44430,40827,87427,97227,50524,72324,16724,758
Shares outstanding1,1191,0971,0911,0891,0601,0571,0541,0351,008991

Cash flow

Cash flow. USD millions, except per-share figures (USD). Share counts in millions.
MetricFY2025Dec 31, 2025FY2024Dec 31, 2024FY2023Dec 31, 2023FY2022Dec 31, 2022FY2021Dec 31, 2021FY2020Dec 31, 2020FY2019Dec 31, 2019FY2018Dec 31, 2018FY2017Dec 31, 2017FY2016Dec 31, 2016
Operating cash flow9,8029,7887,5536,3026,1696,6965,7816,9456,3954,894
Capital expenditures12,7378,9559,0957,9237,2407,4417,5558,0017,4237,310
Free cash flow-2,935833-1,542-1,621-1,071-745-1,774-1,056-1,028-2,416
YoY (Free cash flow)-452.34%—————————
Stock-based compensation—————————3
Share repurchases————————00
Dividends paid3,0152,9543,0352,9072,7772,6852,5702,4252,3002,104
Dividends per share2.942.862.782.702.622.542.462.382.302.22
Key financials (annual, 10-K)

Values as reported in each fiscal year's Form 10-K (XBRL data on SEC EDGAR); growth and ratios are computed from those values. Revenue is the total revenue figure the company tagged (omitted when the only figure tagged is evidently partial, e.g. below net income); growth is only shown between consecutive ~12-month fiscal years reported with the same revenue measure. Per-share figures and share counts are as reported and not adjusted for later stock splits. — = not reported.

FY2025 · per diluted weighted share

Per share and valuation context

EPS (diluted)
$3.92
Revenue per share
$26.65
FCF per share
-$2.65
Book value per share
$32.48
Tangible book per share
$27.55
Cash per share
$1.48
Dividends per share
$2.94
Public floatas of Jun 30, 2025
$101B

Price ratios need a live quote. This page shows no stock prices. Per-share figures are as reported, not adjusted for stock splits; comparisons across a likely split are left blank.

Price ratio calculator

Type a share price to compute ratios from the latest 10-K figures. Nothing is stored or sent. (FY2025)

Market capPrice × diluted weighted shares
—
P/EPrice ÷ diluted EPS
—
P/BPrice ÷ book value per share
—
P/SPrice ÷ revenue per share
—
P/FCFPrice ÷ FCF per share
—
Dividend yieldDividends per share ÷ price
—
SEC EDGAR

Filing timeline

  1. 8-K
    Current report· Oct 20, 2026(SEC EDGAR)
    • 5.03Bylaws or fiscal year change
    • 8.01Other events
    • 9.01Financial statements and exhibits
  2. 8-K
    Current report· Aug 3, 2026(SEC EDGAR)
    • 2.03New financial obligation
    • 3.02Unregistered sale of equity
    • 9.01Financial statements and exhibits
  3. 8-K
    Current report· Aug 3, 2026(SEC EDGAR)
    • 8.01Other events
    • 9.01Financial statements and exhibits
  4. 8-K
    Current report· Aug 3, 2026(SEC EDGAR)
    • 8.01Other events
    • 9.01Financial statements and exhibits
  5. 8-K
    Current report· Jul 30, 2026(SEC EDGAR)
    • 2.02Results of operations
  6. 10-Q
    Quarterly report· Jun 30, 2026(SEC EDGAR)
  7. 8-K
    Current report· Jun 8, 2026(SEC EDGAR)
    • 8.01Other events
    • 9.01Financial statements and exhibits
  8. 8-K
    Current report· May 13, 2026(SEC EDGAR)
    • 5.07Shareholder vote results
    • 9.01Financial statements and exhibits
  9. 8-K
    Current report· Apr 30, 2026(SEC EDGAR)
    • 2.02Results of operations
  10. 10-Q
    Quarterly report· Mar 31, 2026(SEC EDGAR)
All filings on SEC EDGAR
SIC 4911 · Electric Services

Peers (same SIC code)

Peers (same SIC code)
TickerRevenue (FY)YoYNet marginROEF-Score5y revenue
SOSOUTHERN CO (This company)$29.6Bup 10.59%14.7%12.5%—
NEENEXTERA ENERGY INC$25.8Bup 9.79%26.5%13.1%—
Peer median$25.8Bup 9.79%26.5%13.1%——

Companies with the same 4-digit SIC code, ordered by latest revenue. The median excludes this company. — = not reported or not computable.

Frequently asked questions

What does SOUTHERN CO do?

The SEC classifies SOUTHERN CO under Standard Industrial Classification (SIC) code 4911, "Electric Services". It is headquartered in Atlanta, GA. It is incorporated in DE. In fiscal 2025 it reported revenue of $29.55B and net income of $4.34B in its annual 10-K report.

What was SOUTHERN CO's revenue in 2025?

SOUTHERN CO reported revenue of $29.55B for fiscal 2025, which ended Dec 31, 2025, up 10.6% from $26.72B in fiscal 2024, according to its annual 10-K report filed with the SEC on Feb 19, 2026.

What was SOUTHERN CO's net income in 2025?

SOUTHERN CO reported net income of $4.34B for fiscal 2025, a net margin of 14.7% of revenue.

Where is SOUTHERN CO listed?

According to the SEC, SOUTHERN CO's ticker SO is listed on NYSE. The SEC also lists the tickers SOJC, SOJD, SOJE, SOJF and SOMN for the company.

When does SOUTHERN CO's fiscal year end?

According to the SEC, SOUTHERN CO's fiscal year ends on December 31; its latest reported fiscal year (2025) ended Dec 31, 2025.

Source: SEC EDGAR · Last updated:

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Not investment advice: This page shows financial data that companies reported to the US Securities and Exchange Commission, for information only. It is not investment advice or a recommendation to buy or sell any security, and it shows no stock prices. Data may be incomplete, restated or out of date — check the original filings on SEC EDGAR before making decisions.