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The Southern Company, through its subsidiaries, engages in the sale of electricity. The company offers electric service to retail customers and wholesale customers; and energy-related products and services to natural gas choice markets. It also develops, constructs, acquires, owns, operates, and manages power generation assets, as well as battery energy storage projects; sells electricity at market-based rates in the wholesale market; and deploys microgrids for commercial, industrial, governmental, and utility customers. In addition, the company is involved in the distribution of natural gas in Illinois, Georgia, Virginia, and Tennessee; distributes energy and resilience solutions; and invests in telecommunications. The Southern Company was incorporated in 1945 and is headquartered in Atlanta, Georgia.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $29.6B | $14.3B | $4.3B | $-2.9B | 12.1% | 10.6% | -1.4% |
| 2024 | $26.7B | $13.2B | $4.4B | $833M | 13.3% | 5.8% | 10.7% |
| 2023 | $25.3B | $11.8B | $4.0B | $-1.5B | 12.6% | -13.8% | 12.5% |
| 2022 | $29.3B | $10.3B | $3.5B | $-1.6B | 11.6% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 29,279 | 25,253 | 26,724 | 29,553 |
| Operating Revenue | - | 28,547 | 24,304 | 25,573 | 28,269 |
| Cost Of Revenue | - | 18,652 | 13,477 | 13,361 | 15,229 |
| Gross Profit | - | 10,627 | 11,776 | 13,363 | 14,324 |
| Operating Expense | - | 5,257 | 5,950 | 6,295 | 7,039 |
| Total Expenses | - | 23,909 | 19,427 | 19,656 | 22,268 |
| Operating Income | - | 5,370 | 5,826 | 7,068 | 7,285 |
| Total Operating Income As Reported | - | 5,370 | 5,826 | 7,068 | 7,285 |
| EBITDA | - | 10,309 | 11,777 | 13,238 | 14,267 |
| Normalized EBITDA | - | 10,085 | 11,509 | 13,003 | 13,927 |
| EBIT | - | 6,245 | 6,791 | 7,972 | 8,237 |
| Interest Expense | - | 2,022 | 2,446 | 2,743 | 3,238 |
| Net Interest Income | - | -2,022 | -2,446 | -2,743 | -3,238 |
| Other Non Operating Income Expenses | - | 500 | 553 | 530 | 500 |
| Other Income Expense | - | 875 | 965 | 904 | 952 |
| Interest Expense Non Operating | - | 2,022 | 2,446 | 2,743 | 3,238 |
| Net Non Operating Interest Income Expense | - | -2,022 | -2,446 | -2,743 | -3,238 |
| Pretax Income | - | 4,223 | 4,345 | 5,229 | 4,999 |
| Tax Provision | - | 795 | 496 | 969 | 828 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 42.11 | 30.55 | 43.48 | 56.44 |
| Net Income Continuous Operations | - | 3,428 | 3,849 | 4,260 | 4,171 |
| Net Income From Continuing And Discontinued Operation | - | 3,535 | 3,976 | 4,401 | 4,341 |
| Net Income From Continuing Operation Net Minority Interest | - | 3,535 | 3,976 | 4,401 | 4,341 |
| Net Income | - | 3,535 | 3,976 | 4,401 | 4,341 |
| Net Income Common Stockholders | - | 3,524 | 3,976 | 4,401 | 4,341 |
| Net Income Including Noncontrolling Interests | - | 3,428 | 3,849 | 4,260 | 4,171 |
| Normalized Income | - | 3,353.11 | 3,738.55 | 4,209.48 | 4,057.44 |
| Diluted NI Availto Com Stockholders | - | 3,524 | 3,976 | 4,401 | 4,341 |
| Basic Average Shares | - | 1,075 | 1,092 | 1,096 | 1,103 |
| Diluted Average Shares | - | 1,080.98 | 1,098 | 1,103.01 | 1,109 |
| Reconciled Depreciation | - | 4,064 | 4,986 | 5,266 | 6,030 |
| Reconciled Cost Of Revenue | - | 18,251 | 13,016 | 12,850 | 14,700 |
| Total Unusual Items | - | 224 | 268 | 235 | 340 |
| Total Unusual Items Excluding Goodwill | - | 224 | 268 | 235 | 340 |
| Preferred Stock Dividends | 15 | 11 | - | - | - |
| Minority Interests | - | 107 | 127 | 141 | 170 |
| Special Income Charges | - | 224 | 268 | 235 | 340 |
| Gain On Sale Of Business | 186 | 57 | - | - | - |
| Other Special Charges | - | -224 | -268 | -235 | -340 |
| Write Off | 2 | 251 | 0 | - | - |
| Impairment Of Capital Assets | 7 | 0 | - | - | - |
| Depreciation Amortization Depletion Income Statement | - | 3,663 | 4,525 | 4,755 | 5,501 |
| Depreciation And Amortization In Income Statement | - | 3,663 | 4,525 | 4,755 | 5,501 |
| Other Operating Expenses | 1,692 | 183 | -68 | -21 | - |
| Earnings From Equity Interest | - | 151 | 144 | 139 | 112 |
| Other Taxes | - | 1,411 | 1,425 | 1,540 | 1,538 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Southern Companythis co. | SO | $103.3B | 23.79 | 2.87 | 12.1% | 12.32 |
| Duke Energy Corporation | DUK | $95.0B | 19.33 | 1.83 | 9.5% | 10.89 |
| Constellation Energy Corporation | CEG | $94.5B | 40.74 | 6.51 | 16.0% | 16.75 |
| American Electric Power Company, Inc. | AEP | $69.5B | 19.42 | 2.23 | 11.5% | 12.86 |
| Sempra | SRE | $59.1B | 32.15 |
| - |
| - |
| - |
| - |
| - |
| 1.87 |
| 5.8% |
| 17.87 |
| Dominion Energy, Inc. | D | $58.5B | 19.51 | 2.08 | 10.7% | 12.89 |
| Vistra Corp. | VST | $51.8B | 54.90 | 19.77 | 36.0% | 14.07 |
| Entergy Corporation | ETR | $50.0B | 28.22 | 2.96 | 10.5% | 12.86 |
| Xcel Energy Inc. | XEL | $48.5B | 24.06 | 2.06 | 8.5% | 13.40 |
| Peer Median | - | 26.14 | 2.16 | 10.6% | 13.14 | |