The Southern Company (SO) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 9, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q1 FY2026, filed Apr 30, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SO SEC filings page.
The Southern Company (SO) reported $30.2B in revenue over the twelve months to Mar 31, 2026, up 8.3% from the prior twelve months. 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).
Profits are positive and growing, but heavy reinvestment and rising leverage keep cash available after construction spending negative.
The key shift is from FY2024's positive free cash flow of$833M to FY2025 free cash flow of-$2.94B as capital spending rose; operations are producing cash, but expansion absorbs it. Meanwhile, FY2025 operating cash flow of$9.8B exceeded net income of$4.3B , so earnings quality is not the constraint; capital intensity is the funding pressure.
Net margin narrowed to
Debt-to-equity was 1.8x and the current ratio was 0.6x, indicating substantial long-term leverage alongside fewer current assets than current liabilities. Total assets expanded to
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 The Southern Company'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.
The Southern Company has an operating margin of 24.6%, meaning the company retains $25 of operating profit per $100 of revenue. This strong profitability earns a score of 68/100, reflecting efficient cost management and pricing power. This is down from 26.5% the prior year.
The Southern Company's revenue grew 10.6% year-over-year to $29.6B, a solid pace of expansion. This earns a growth score of 71/100.
The Southern Company has a moderate D/E ratio of 1.82. This balance of debt and equity financing earns a leverage score of 38/100.
The Southern Company's current ratio of 0.65 is below the typical benchmark, resulting in a score of 27/100. This tight liquidity could limit financial flexibility if cash inflows slow.
While The Southern Company generated $9.8B in operating cash flow, capex of $12.7B consumed most of it, leaving -$2.9B in free cash flow. This results in a low score of 64/100, reflecting heavy capital investment rather than weak cash generation.
The Southern Company's ROE of 12.0% shows moderate profitability relative to equity, earning a score of 60/100. This is down from 13.3% the prior year.
The Southern Company scores 0.94, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($99.1B) 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.
The Southern Company 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, The Southern Company 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.
The Southern Company 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
The Southern Company generated $8.4B in revenue in Q1 2026. This represents an increase of 8.0% from the same quarter a year earlier. Against the prior quarter it is up 20.3%.
The Southern Company's EBITDA was $3.6B in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 5.2% from the same quarter a year earlier. Against the prior quarter it is up 42.7%.
The Southern Company reported $1.4B in net income in Q1 2026. This represents an increase of 1.6% from the same quarter a year earlier. Against the prior quarter it is up 226.0%.
The Southern Company earned $1.20 per diluted share (EPS) in Q1 2026. This represents a decrease of 0.8% from the same quarter a year earlier. Against the prior quarter it is up 215.8%.
Cash & Balance Sheet
The Southern Company recorded an outflow of $1.7B in free cash flow in Q1 2026, representing a cash shortfall after capex. This represents a decrease of 44.7% from the same quarter a year earlier. Against the prior quarter it is down 1.8%.
The Southern Company held $981.0M in cash against $67.1B in long-term debt as of Q1 2026.
The Southern Company paid $0.74 per share in dividends in Q1 2026. This represents an increase of 2.8% from the same quarter a year earlier.
Margins & Returns
The Southern Company's operating margin was 24.0% in Q1 2026, reflecting core business profitability. This is down 1.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.9 percentage points.
The Southern Company's net profit margin was 16.2% in Q1 2026, showing the share of revenue converted to profit. This is down 1.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 10.2 percentage points.
The Southern Company's ROE was 3.4% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is down 0.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.2 percentage points.
Not reported for Q1 2026.
Capital Allocation
The Southern Company invested $2.9B in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 20.8% from the same quarter a year earlier. Against the prior quarter it is down 31.3%.
Not reported for Q1 2026.
Not reported for Q1 2026.
SO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $8.4B+8.0% | $7.0B+10.1% | $7.8B+7.5% | $7.0B+7.9% | $7.8B+17.0% | $6.3B+4.9% | $7.3B+4.2% | $6.5B+12.4% |
| Operating Income | $2.0B+0.4% | $917.0M-13.3% | $2.6B+9.5% | $1.8B-9.0% | $2.0B+18.0% | $1.1B-12.4% | $2.4B+12.2% | $1.9B+50.3% |
| EBITDA | $3.6B+5.2% | $2.5B+4.7% | $4.2B+12.0% | $3.2B-1.1% | $3.4B+15.4% | $2.4B-3.5% | $3.7B+10.1% | $3.3B+30.4% |
| Interest Expense | $778.0M+9.0% | $895.0M+29.3% | $755.0M+9.1% | $874.0M+25.9% | $714.0M+7.4% | $692.0M+9.1% | $692.0M+11.6% | $694.0M+13.8% |
| Income Tax | $228.0M-18.6% | -$145.0M-283.5% | $404.0M+7.2% | $289.0M-0.3% | $280.0M+25.6% | $79.0M+1875.0% | $377.0M+26.9% | $290.0M+195.9% |
| Net Income | $1.4B+1.6% | $416.0M-29.7% | $1.7B+11.5% | $880.0M-26.8% | $1.3B+24.6% | $592.0M-35.8% | $1.5B+7.2% | $1.2B+46.2% |
| EPS (Basic) | $1.210.0% | $0.38-22.4% | $1.55+10.7% | $0.80-27.3% | $1.21+17.5% | $0.49-37.2% | $1.40+7.7% | $1.10+42.9% |
| EPS (Diluted) | $1.20-0.8% | $0.38-20.8% | $1.54+10.8% | $0.79-27.5% | $1.21+17.5% | $0.48-38.5% | $1.39+7.8% | $1.09+43.4% |
| Diluted Shares (Avg) | 1.13B+2.1% | N/A | 1.11B+0.6% | 1.11B+0.5% | 1.10B+0.5% | N/A | 1.10B+0.4% | 1.10B+0.4% |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses.
SO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $157.0B+6.0% | $155.7B+7.3% | $153.2B+6.5% | $148.9B+4.9% | $148.1B+5.7% | $145.2B+4.2% | $144.0B+4.1% | $141.9B+3.5% |
| Current Assets | $10.0B-15.7% | $10.9B+2.1% | $12.6B+14.4% | $10.8B-1.7% | $11.8B+12.1% | $10.7B+2.5% | $11.0B-0.4% | $11.0B+0.1% |
| Cash & Equivalents | $981.0M-57.8% | $1.6B+53.2% | $3.3B+228.2% | $1.3B+9.7% | $2.3B+226.4% | $1.1B+43.0% | $1.0B-39.3% | $1.2B-45.7% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Accounts Receivable | $3.1B+2.6% | $3.1B+3.0% | $2.9B-0.1% | $3.1B+0.5% | $3.0B+7.6% | $3.0B+8.1% | $2.9B+9.9% | $3.1B+27.5% |
| Long-Term Investments | $706.0M+2.3% | $714.0M+6.9% | $696.0M+5.9% | $699.0M+2.2% | $690.0M+2.5% | $668.0M+0.5% | $657.0M+0.9% | $684.0M+10.7% |
| Goodwill | $5.2B0.0% | $5.2B0.0% | $5.2B0.0% | $5.2B0.0% | $5.2B0.0% | $5.2B0.0% | $5.2B0.0% | $5.2B0.0% |
| Total Liabilities | $117.1B+5.6% | $116.9B+7.7% | $115.0B+7.4% | $111.5B+5.4% | $110.9B+6.1% | $108.5B+4.2% | $107.1B+3.9% | $105.8B+3.3% |
| Current Liabilities | $15.3B+11.2% | $16.9B+5.6% | $16.7B+37.5% | $14.6B+21.1% | $13.8B+20.2% | $16.0B+18.8% | $12.2B-7.9% | $12.0B-9.2% |
| Non-Current Liabilities | $101.8B+4.8% | $100.0B+8.1% | $98.2B+3.5% | $96.9B+3.4% | $97.1B+4.4% | $92.5B+2.1% | $94.9B+5.7% | $93.8B+5.1% |
| Long-Term Debt | $67.1B+6.7% | $65.6B+11.7% | $64.6B+5.5% | $63.0B+5.2% | $62.9B+6.0% | $58.8B+2.7% | $61.3B+9.4% | $59.9B+8.6% |
| Total Equity | $39.9B+7.2% | $36.0B+8.5% | $38.3B+3.7% | $37.3B+3.4% | $37.2B+4.5% | $33.2B+5.6% | $36.9B+4.5% | $36.1B+4.2% |
| Retained Earnings | N/A | $14.9B+8.0% | N/A | N/A | N/A | $13.8B+10.2% | N/A | N/A |
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. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.2B-1.9% | $2.6B+19.5% | $3.8B+4.4% | $2.2B-18.9% | $1.3B-4.7% | $2.2B+19.9% | $3.6B+27.3% | $2.7B+30.7% |
| Depreciation & Amortization | $1.6B+12.0% | $1.6B+18.9% | $1.6B+16.4% | $1.4B+10.5% | $1.4B+11.9% | $1.4B+4.9% | $1.3B+6.4% | $1.3B+9.0% |
| Capital Expenditures | $2.9B+20.8% | $4.3B+55.9% | $3.2B+39.1% | $2.8B+31.8% | $2.4B+37.7% | $2.7B+8.5% | $2.3B-13.2% | $2.1B+3.8% |
| Free Cash Flow | -$1.7B-44.7% | -$1.7B-193.1% | $559.0M-57.2% | -$619.0M-209.9% | -$1.2B-158.6% | -$576.0M+20.1% | $1.3B+637.3% | $563.0M+6937.5% |
| Investing Cash Flow | -$3.4B-20.7% | -$4.4B-60.2% | -$3.9B-57.4% | -$2.9B-57.9% | -$2.8B-18.8% | -$2.7B+7.6% | -$2.5B-0.9% | -$1.8B+15.3% |
| Financing Cash Flow | $1.5B-45.2% | $61.0M-89.7% | $2.2B+264.7% | -$348.0M+26.3% | $2.8B+185.8% | $595.0M+260.6% | -$1.3B-72.9% | -$472.0M-141.4% |
| Dividends Paid | $776.0M+5.4% | $761.0M+3.7% | $760.0M+3.7% | $758.0M+0.5% | $736.0M+0.4% | $734.0M-3.9% | $733.0M-4.2% | $754.0M-1.3% |
Not reported in any period shown, so not listed: Stock-Based Compensation, Share Buybacks.
SO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 24.0%-1.8pp | 13.1%-3.6pp | 33.2%+0.6pp | 25.3%-4.7pp | 25.9%+0.2pp | 16.7%-3.3pp | 32.6%+2.3pp | 30.0%+7.6pp |
| Net Margin | 16.2%-1.0pp | 6.0%-3.4pp | 21.9%+0.8pp | 12.6%-6.0pp | 17.2%+1.1pp | 9.3%-5.9pp | 21.1%+0.6pp | 18.6%+4.3pp |
| Return on Equity | 3.4%-0.2pp | 1.2%-0.6pp | 4.5%+0.3pp | 2.4%-1.0pp | 3.6%+0.6pp | 1.8%-1.1pp | 4.2%+0.1pp | 3.3%+1.0pp |
| Return on Assets | 0.9%0.0pp | 0.3%-0.1pp | 1.1%+0.1pp | 0.6%-0.3pp | 0.9%+0.1pp | 0.4%-0.2pp | 1.1%0.0pp | 0.9%+0.3pp |
| Current Ratio | 0.65-0.2x | 0.650.0x | 0.75-0.2x | 0.74-0.2x | 0.86-0.1x | 0.67-0.1x | 0.91+0.1x | 0.91+0.1x |
| Debt-to-Equity | 1.680.0x | 1.82+0.1x | 1.690.0x | 1.690.0x | 1.690.0x | 1.770.0x | 1.66+0.1x | 1.66+0.1x |
| Asset Turnover | 0.050.0x | 0.040.0x | 0.050.0x | 0.050.0x | 0.050.0x | 0.040.0x | 0.050.0x | 0.050.0x |
| FCF Margin | -20.5%-5.2pp | -24.2%-15.1pp | 7.1%-10.8pp | -8.9%-17.6pp | -15.3%-8.4pp | -9.1%+2.8pp | 17.9%+15.4pp | 8.7%+8.6pp |
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
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| The Southern Company SO | FY2025 | $29.6B | $4.3B | 14.7% | $99.1B | 55/100 |
| Duke Energy Corporation DUK | FY2025 | $31.7B | $5.0B | 15.7% | $90.1B | 51/100 |
| American Electric Power Company, Inc. AEP | FY2025 | $21.9B | $3.7B | 16.9% | $66.5B | 55/100 |
| Dominion Energy, Inc D | FY2025 | $16.5B | $3.0B | 18.2% | $54.1B | 36/100 |
| Xcel Energy, Inc. XEL | FY2025 | N/A | $2.0B | N/A | $45.2B | — |
Where The Southern Company Ranks
Frequently Asked Questions
What is The Southern Company's annual revenue?
The Southern Company (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 The Southern Company's revenue growing?
The Southern Company (SO) revenue grew by 10.6% year-over-year, from $26.7B to $29.6B in fiscal year 2025.
Is The Southern Company profitable?
Yes, The Southern Company (SO) reported a net income of $4.3B in fiscal year 2025, with a net profit margin of 14.7%.
What is The Southern Company's EBITDA?
The Southern Company (SO) had EBITDA of $13.3B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does The Southern Company have?
As of fiscal year 2025, The Southern Company (SO) had $1.6B in cash and equivalents against $65.6B in long-term debt.
What is The Southern Company's operating margin?
The Southern Company (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 The Southern Company's net profit margin?
The Southern Company (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 The Southern Company pay dividends?
Yes, The Southern Company (SO) paid $2.94 per share in dividends during fiscal year 2025.
What is The Southern Company's return on equity (ROE)?
The Southern Company (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 The Southern Company's free cash flow?
The Southern Company (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 The Southern Company's operating cash flow?
The Southern Company (SO) generated $9.8B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are The Southern Company's total assets?
The Southern Company (SO) had $155.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are The Southern Company's capital expenditures?
The Southern Company (SO) invested $12.7B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is The Southern Company's current ratio?
The Southern Company (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 The Southern Company's debt-to-equity ratio?
The Southern Company (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 The Southern Company's return on assets (ROA)?
The Southern Company (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 The Southern Company's P/E ratio?
The Southern Company (SO) trades at 22.7x earnings, its market capitalization divided by net income of $4.4B net income, trailing 12 months to March 31, 2026. The market capitalization is $99.1B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is The Southern Company's price-to-sales ratio?
The Southern Company (SO) trades at 3.3x sales, its market capitalization divided by revenue of $30.2B revenue, trailing 12 months to March 31, 2026. The market capitalization is $99.1B as of Oct 9, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is The Southern Company's Altman Z-Score?
The Southern Company (SO) has an Altman Z-Score of 0.94, 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 The Southern Company's Piotroski F-Score?
The Southern Company (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 The Southern Company's earnings high quality?
The Southern Company (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 The Southern Company cover its interest payments?
The Southern Company (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 The Southern Company?
The Southern Company (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.