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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 |
| 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 |
| Operating Income | - | 5,370 | 5,826 | 7,068 | 7,285 |
| EBITDA | - | 10,309 | 11,777 | 13,238 | 14,267 |
| EBIT | - | 6,245 | 6,791 | 7,972 | 8,237 |
| Pretax Income | - | 4,223 | 4,345 | 5,229 | 4,999 |
| Tax Provision | - | 795 | 496 | 969 | 828 |
| Net Income | - | 3,535 | 3,976 | 4,401 | 4,341 |
| Net Income Common Stockholders | - | 3,524 | 3,976 | 4,401 | 4,341 |
| Total Expenses | - | 23,909 | 19,427 | 19,656 | 22,268 |
| Interest Expense | - | 2,022 | 2,446 | 2,743 | 3,238 |
| Normalized EBITDA | - | 10,085 | 11,509 | 13,003 | 13,927 |
| Normalized Income | - | 3,353.11 | 3,738.55 | 4,209.48 | 4,057.44 |
| Market Cap | 105,392 | 105,392 | 105,392 | 105,392 | 105,392 |
Utilities sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| The Southern Companythis co. | SO | $103.0B | 24.28 | 2.93 | 12.1% | 12.46 |
| Duke Energy Corporation | DUK | $100.2B | 19.94 | 1.95 | 9.8% | 11.12 |
| Constellation Energy Corporation | CEG | $98.3B | 48.98 | 7.82 | 16.0% | 19.96 |
| American Electric Power Company, Inc. | AEP | $72.0B | 20.46 | 2.35 | 11.5% | 13.26 |
| Vistra Corp. | VST | $69.7B | 58.94 |
| - |
| - |
| - |
| - |
| - |
| 21.23 |
| 36.0% |
| 14.82 |
| Sempra | SRE | $62.3B | 33.15 | 1.93 | 5.8% | 18.21 |
| Dominion Energy, Inc. | D | $55.0B | 18.35 | 1.96 | 10.7% | 12.47 |
| Entergy Corporation | ETR | $50.6B | 29.34 | 3.07 | 10.5% | 13.19 |
| Exelon Corporation | EXC | $48.0B | 17.34 | 1.67 | 9.6% | 10.76 |
| Peer Median | - | 24.90 | 2.15 | 10.6% | 13.23 | |