Southern Financials
Southern (SO) reported $29.6B in revenue for fiscal year 2025, up 10.6% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Cash-generative operations are being absorbed by a heavy build cycle, leaving The Southern Company reliant on debt-funded investment.
Between FY2024 and FY2025, operating cash flow held near$9.8B while capital spending rose to$12.7B . That pushed free cash flow from positive to negative and helps explain why long-term debt moved higher even with net income above$4.3B , a sign that reported profit is currently serving asset expansion more than deleveraging.
Since FY2021, operating margin improved from
A sub-1.0x current ratio in every year shows short-term obligations are routinely met through ongoing collections and continued financing access, not from a large cash reserve. By FY2025, cash on hand was only
Financial Health Signals
Scored against utilities for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Southern's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Southern scores 0.96, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($102.3B) relative to total liabilities ($116.9B). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Southern passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Southern generates $2.26 in operating cash flow ($9.8B OCF vs $4.3B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Southern earns $2.25 in operating income for every $1 of interest expense ($7.3B vs $3.2B). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Southern generated $29.6B in revenue in fiscal year 2025. This represents an increase of 10.6% from the prior year.
Southern's EBITDA was $13.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 8.0% from the prior year.
Southern reported $4.3B in net income in fiscal year 2025. This represents a decrease of 1.4% from the prior year.
Southern earned $3.92 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 1.8% from the prior year.
Cash & Balance Sheet
Southern recorded an outflow of $2.9B in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 452.3% from the prior year.
Southern held $1.6B in cash against $65.6B in long-term debt as of fiscal year 2025.
Southern paid $2.94 per share in dividends in fiscal year 2025. This represents an increase of 2.8% from the prior year.
Margins & Returns
Southern's operating margin was 24.6% in fiscal year 2025, reflecting core business profitability. This is down 1.8 percentage points from the prior year.
Southern's net profit margin was 14.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.8 percentage points from the prior year.
Southern's ROE was 12.0% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Southern invested $12.7B in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 42.2% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
SO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $30.2B | $29.6B+10.6% | $26.7B+5.8% | $25.3B-13.8% | $29.3B+26.7% | $23.1B+13.4% | $20.4B-4.9% | $21.4B-8.8% | $23.5B+2.0% | $23.0B+15.8% | $19.9B+13.8% | $17.5B-5.3% | $18.5B+8.1% | $17.1B+3.3% | $16.5B-6.3% | $17.7B |
| Operating Income | $7.3B | $7.3B+3.1% | $7.1B+21.3% | $5.8B+8.5% | $5.4B+45.2% | $3.7B-24.3% | $4.9B-36.9% | $7.7B+84.6% | $4.2B+79.6% | $2.3B-48.0% | $4.5B+4.8% | $4.3B+17.6% | $3.6B+11.9% | $3.3B-27.1% | $4.5B+5.5% | $4.2B |
| Interest Expense | $3.3B | $3.2B+18.0% | $2.7B+12.1% | $2.4B+21.0% | $2.0B+10.1% | $1.8B+0.9% | $1.8B+4.9% | $1.7B-5.8% | $1.8B+8.7% | $1.7B+28.6% | $1.3B+56.8% | $840.0M+0.6% | $835.0M+1.3% | $824.0M-4.1% | $859.0M+0.2% | $857.0M |
| Income Tax | $776.0M | $828.0M-14.6% | $969.0M+95.4% | $496.0M-37.6% | $795.0M+197.8% | $267.0M-32.1% | $393.0M-78.1% | $1.8B+300.4% | $449.0M+216.2% | $142.0M-85.1% | $951.0M-20.4% | $1.2B+22.2% | $977.0M+15.1% | $849.0M-36.4% | $1.3B+9.4% | $1.2B |
| Net Income | $4.4B | $4.3B-1.4% | $4.4B+10.7% | $4.0B+16.0% | $3.4B+48.5% | $2.3B-25.6% | $3.1B-34.6% | $4.7B+106.3% | $2.3B+148.4% | $926.0M-63.4% | $2.5B+3.9% | $2.4B+19.9% | $2.0B+18.8% | $1.7B-29.2% | $2.4B+6.5% | $2.3B |
| EPS (Diluted) | — | $3.92-1.8% | $3.99+10.2% | $3.62+11.0% | $3.26+45.5% | $2.24-23.5% | $2.93-34.9% | $4.50+107.4% | $2.17+158.3% | $0.84-67.1% | $2.55-1.5% | $2.59+18.8% | $2.18+16.6% | $1.87-30.0% | $2.67+4.7% | $2.55 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $155.7B+7.3% | $145.2B+4.2% | $139.3B+3.3% | $134.9B+5.8% | $127.5B+3.7% | $122.9B+3.6% | $118.7B+1.5% | $116.9B+5.3% | $111.0B+1.2% | $109.7B+40.1% | $78.3B+11.5% | $70.2B+9.3% | $64.3B+1.8% | $63.1B+6.6% | $59.3B |
| Current Assets | $10.9B+2.1% | $10.7B+2.5% | $10.4B+0.2% | $10.4B+16.2% | $9.0B+4.0% | $8.6B-12.2% | $9.8B+2.4% | $9.6B-4.9% | $10.1B+3.6% | $9.7B+49.0% | $6.5B+11.3% | $5.9B+4.5% | $5.6B-8.9% | $6.2B-1.8% | $6.3B |
| Cash & Equivalents | $1.6B+53.2% | $1.1B+43.0% | $748.0M-61.0% | $1.9B+6.6% | $1.8B+68.8% | $1.1B-46.1% | $2.0B+41.5% | $1.4B-34.5% | $2.1B+7.8% | $2.0B+40.7% | $1.4B+97.7% | $710.0M+7.7% | $659.0M+4.9% | $628.0M-52.2% | $1.3B |
| Accounts Receivable | $3.1B+3.0% | $3.0B+8.1% | $2.8B-9.7% | $3.1B+24.7% | $2.5B-4.2% | $2.6B+8.3% | $2.4B-8.3% | $2.6B | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | $5.2B0.0% | $5.2B0.0% | $5.2B0.0% | $5.2B-2.3% | $5.3B0.0% | $5.3B0.0% | $5.3B-0.7% | $5.3B-15.2% | $6.3B+0.3% | $6.3B+312450.0% | $2.0M | N/A | N/A | N/A | N/A |
| Total Liabilities | $116.9B+7.7% | $108.5B+4.2% | $104.1B+3.7% | $100.4B+5.7% | $95.0B+5.0% | $90.4B+4.3% | $86.7B-1.1% | $87.6B+2.9% | $85.2B+2.8% | $82.8B+47.4% | $56.2B+14.9% | $48.9B+10.1% | $44.4B+1.5% | $43.8B+7.8% | $40.6B |
| Current Liabilities | $16.9B+5.6% | $16.0B+18.8% | $13.5B-14.4% | $15.7B+44.0% | $10.9B-9.6% | $12.1B-3.7% | $12.5B-12.2% | $14.3B+5.1% | $13.6B+5.2% | $12.9B+41.5% | $9.1B+1.9% | $9.0B+62.2% | $5.5B-21.2% | $7.0B+6.6% | $6.6B |
| Long-Term Debt | $65.6B+11.7% | $58.8B+2.7% | $57.2B+12.9% | $50.7B+1.1% | $50.1B+11.2% | $45.1B+7.8% | $41.8B+2.6% | $40.7B-8.4% | $44.5B+4.3% | $42.6B+72.7% | $24.7B+19.6% | $20.6B-3.3% | $21.3B+10.7% | $19.3B+3.4% | $18.6B |
| Total Equity | $36.0B+8.5% | $33.2B+5.6% | $31.4B+3.4% | $30.4B+9.1% | $27.9B-0.4% | $28.0B+1.7% | $27.5B+11.3% | $24.7B+2.3% | $24.2B-2.4% | $24.8B+20.2% | $20.6B+3.2% | $19.9B+5.0% | $19.0B+3.9% | $18.3B+0.1% | $18.3B |
| Retained Earnings | $14.9B+8.0% | $13.8B+10.2% | $12.5B+8.2% | $11.5B+5.6% | $10.9B-3.4% | $11.3B+4.0% | $10.9B+24.9% | $8.7B-2.0% | $8.9B-14.2% | $10.4B+3.5% | $10.0B+4.2% | $9.6B+1.0% | $9.5B-1.2% | $9.6B+7.3% | $9.0B |
Not reported in any period shown, so not listed: Inventory.
SO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $9.8B | $9.8B+0.1% | $9.8B+29.6% | $7.6B+19.9% | $6.3B+2.2% | $6.2B-7.9% | $6.7B+15.8% | $5.8B-16.8% | $6.9B+8.6% | $6.4B+30.6% | $4.9B-22.0% | $6.3B+7.9% | $5.8B-4.6% | $6.1B+24.5% | $4.9B-17.0% | $5.9B |
| Capital Expenditures | $13.2B | $12.7B+42.2% | $9.0B-1.5% | $9.1B+14.8% | $7.9B+4.4% | $7.6B+0.9% | $7.5B-0.4% | $7.6B-5.6% | $8.0B+7.8% | $7.4B+1.5% | $7.3B+28.8% | $5.7B+8.2% | $5.2B-1.6% | $5.3B+10.9% | $4.8B+6.3% | $4.5B |
| Free Cash Flow | -$3.5B | -$2.9B-452.3% | $833.0M+154.0% | -$1.5B+4.9% | -$1.6B-14.4% | -$1.4B-71.5% | -$826.0M+53.4% | -$1.8B-68.0% | -$1.1B-2.6% | -$1.0B+57.4% | -$2.4B-502.7% | $600.0M+5.4% | $569.0M-25.7% | $766.0M+760.7% | $89.0M-93.5% | $1.4B |
| Investing Cash Flow | -$14.5B | -$14.0B-48.5% | -$9.4B+2.8% | -$9.7B-14.7% | -$8.4B-14.6% | -$7.4B-4.6% | -$7.0B-107.3% | -$3.4B+41.1% | -$5.8B+19.9% | -$7.2B+64.1% | -$20.0B-175.4% | -$7.3B-13.6% | -$6.4B-11.6% | -$5.7B-11.1% | -$5.2B-23.5% | -$4.2B |
| Financing Cash Flow | $3.4B | $4.7B+2357.7% | -$208.0M-120.8% | $999.0M-57.2% | $2.3B+20.1% | $1.9B+437.7% | -$576.0M+70.2% | -$1.9B-6.5% | -$1.8B-290.6% | $951.0M-94.0% | $15.7B+825.0% | $1.7B+164.0% | $644.0M+298.8% | -$324.0M+22.3% | -$417.0M+51.1% | -$852.0M |
| Dividends Paid | $3.1B | $3.0B+2.1% | $3.0B-2.7% | $3.0B+4.4% | $2.9B+4.7% | $2.8B+3.4% | $2.7B+4.5% | $2.6B+6.0% | $2.4B+5.4% | $2.3B+9.3% | $2.1B+7.4% | $2.0B+5.0% | $1.9B+5.9% | $1.8B+4.1% | $1.7B+5.7% | $1.6B |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0-100.0% | $115.0M+2200.0% | $5.0M-75.0% | $20.0M-95.3% | $430.0M | $0 |
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
SO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 24.6%-1.8pp | 26.5%+3.4pp | 23.1%+4.7pp | 18.3%+2.3pp | 16.0%-8.0pp | 24.0%-12.1pp | 36.1%+18.3pp | 17.8%+7.7pp | 10.1%-12.4pp | 22.6%-1.9pp | 24.5%+4.8pp | 19.7%+0.7pp | 19.1%-7.9pp | 27.0%+3.0pp | 24.0% |
| Net Margin | 14.7%-1.8pp | 16.5%+0.7pp | 15.7%+4.0pp | 11.7%+1.7pp | 10.0%-5.2pp | 15.2%-6.9pp | 22.1%+12.4pp | 9.8%+5.8pp | 4.0%-8.7pp | 12.7%-1.2pp | 13.9%+2.9pp | 11.0%+1.0pp | 10.0%-4.6pp | 14.6%+1.8pp | 12.8% |
| Return on Equity | 12.0%-1.2pp | 13.3%+0.6pp | 12.6%+1.4pp | 11.3%+3.0pp | 8.3%-2.8pp | 11.1%-6.2pp | 17.3%+7.9pp | 9.3%+5.5pp | 3.8%-6.4pp | 10.2%-1.6pp | 11.8%+1.6pp | 10.2%+1.2pp | 9.0%-4.2pp | 13.2%+0.8pp | 12.4% |
| Return on Assets | 2.8%-0.2pp | 3.0%+0.2pp | 2.9%+0.3pp | 2.5%+0.7pp | 1.8%-0.7pp | 2.5%-1.5pp | 4.0%+2.0pp | 2.0%+1.1pp | 0.8%-1.5pp | 2.3%-0.8pp | 3.1%+0.2pp | 2.9%+0.2pp | 2.7%-1.2pp | 3.8%0.0pp | 3.8% |
| Current Ratio | 0.650.0x | 0.67-0.1x | 0.77+0.1x | 0.66-0.2x | 0.82+0.1x | 0.71-0.1x | 0.78+0.1x | 0.67-0.1x | 0.740.0x | 0.750.0x | 0.71+0.1x | 0.65-0.4x | 1.02+0.1x | 0.88-0.1x | 0.95 |
| Debt-to-Equity | 1.82+0.1x | 1.770.0x | 1.82+0.2x | 1.67-0.1x | 1.80+0.2x | 1.61+0.1x | 1.52-0.1x | 1.65-0.2x | 1.84+0.1x | 1.72+0.5x | 1.20+0.2x | 1.03-0.1x | 1.12+0.1x | 1.050.0x | 1.02 |
| FCF Margin | -9.9%-13.1pp | 3.1%+9.2pp | -6.1%-0.6pp | -5.5%+0.6pp | -6.1%-2.1pp | -4.0%+4.2pp | -8.3%-3.8pp | -4.5%0.0pp | -4.5%+7.7pp | -12.1%-15.6pp | 3.4%+0.3pp | 3.1%-1.4pp | 4.5%+3.9pp | 0.5%-7.3pp | 7.8% |
Not reported in any period shown, so not listed: Gross Margin.
Note: The current ratio is below 1.0 (0.65), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
Similar Companies
Where Southern Ranks
Frequently Asked Questions
What is Southern's annual revenue?
Southern (SO) reported $29.6B in total revenue for fiscal year 2025. This represents a 10.6% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Southern's revenue growing?
Southern (SO) revenue grew by 10.6% year-over-year, from $26.7B to $29.6B in fiscal year 2025.
Is Southern profitable?
Yes, Southern (SO) reported a net income of $4.3B in fiscal year 2025, with a net profit margin of 14.7%.
What is Southern's EBITDA?
Southern (SO) had EBITDA of $13.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Southern have?
As of fiscal year 2025, Southern (SO) had $1.6B in cash and equivalents against $65.6B in long-term debt.
What is Southern's operating margin?
Southern (SO) had an operating margin of 24.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Southern's net profit margin?
Southern (SO) had a net profit margin of 14.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Southern pay dividends?
Yes, Southern (SO) paid $2.94 per share in dividends during fiscal year 2025.
What is Southern's return on equity (ROE)?
Southern (SO) has a return on equity of 12.0% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Southern's free cash flow?
Southern (SO) recorded an outflow of $2.9B in free cash flow during fiscal year 2025. This represents a -452.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Southern's operating cash flow?
Southern (SO) generated $9.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Southern's total assets?
Southern (SO) had $155.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Southern's capital expenditures?
Southern (SO) invested $12.7B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Southern's current ratio?
Southern (SO) had a current ratio of 0.65 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Southern's debt-to-equity ratio?
Southern (SO) had a debt-to-equity ratio of 1.82 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Southern's return on assets (ROA)?
Southern (SO) had a return on assets of 2.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Southern's Altman Z-Score?
Southern (SO) has an Altman Z-Score of 0.96, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Southern's Piotroski F-Score?
Southern (SO) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Southern's earnings high quality?
Southern (SO) has an earnings quality ratio of 2.26x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Southern cover its interest payments?
Southern (SO) has an interest coverage ratio of 2.25x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Southern?
Southern (SO) scores 55 out of 100 on our Financial Health Score, indicating moderate standing within its utilities peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.