FirmAtlas
Company handbook · SO · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
SO · CIK 92122 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
The Southern Company
$91.18
+2.00 (+2.24%)
Close, Oct 16, 2026 · 52-week $82–100
Last fiscal year
The Southern Company reported revenue of $28.9B for the year ended Dec 31, 2025 (FY25), up 8.1% from FY24. Net income was $4.3B, operating cash flow $9.8B and free cash flow −$2.9B. Source: 10-K filed Feb 19, 2026.
Market cap
$101.1B
P/E
23.2
EV/EBITDA
12.4x
P/B
2.5
Div yield
3.29%
ROIC
6.4%
Revenue 1Y
8.1%/yr
EPS 1Y
−1.8%/yr
Shares 1Y
+0.6%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOChristopher C. Womack
HQAtlanta, GA
AuditorDeloitte & Touche LLP
Employees29,800
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
6.1%
7.6%
10.5%
−7.4%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$28.3B deployed
Capex
$21.7B
76.7%
Acquisitions
$635M
2.2%
Dividends
$6.0B
21.1%
Operating cash flow over the period: $19.6B. Total debt changed by +$6.9B.
Capex was more than operating cash flow in FY25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
26,764
28,942+8.1%
29,391
YoY
+8.1%
Operating income
7,068
7,285+3.1%
7,293
Operating margin
26.4%
25.2%−1.2 pp
—
EBITDA
12,334
13,315+8.0%
—
EBITDA margin
46.1%
46.0%−0.1 pp
—
Interest expense
2,743
3,238+18.0%
—
Interest coverage
4.50x
4.11x−0.38x
—
Net income
4,401
4,341−1.4%
4,363
YoY
−1.4%
Net margin
16.4%
15.0%−1.4 pp
—
EPS (diluted, $)
3.99
3.92−1.8%
3.91
YoY
−1.8%
Balance sheet
Total assets
145,180
155,720+7.3%
157,031
Cash & short-term investments
1,101
1,640+49.0%
—
Other assets
144,079
154,080+6.9%
—
Total liabilities
111,972
119,704+6.9%
117,119
Accounts payable
3,701
3,710+0.2%
—
Total debt
58,768
65,649+11.7%
67,148
Other liabilities
49,503
50,345+1.7%
—
Shareholders’ equity
33,208
36,016+8.5%
39,912
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
9,788
9,802+0.1%
9,778
Net income
4,260
4,171−2.1%
—
Depreciation & amortization
5,266
6,030+14.5%
—
Working capital & other
262
(399)−252.3%
—
Cash from investing
(9,400)
(13,959)n/m
—
Capex
(8,955)
(12,737)n/m
—
Acquisitions
0
(635)n/m
—
Other investing
(445)
(587)n/m
—
Cash from financing
(208)
4,696n/m
—
Debt repaid
(2,222)
(5,464)n/m
—
Dividends
(2,954)
(3,015)n/m
—
Shares issued
143
1,623+1035.0%
—
Other financing
4,825
11,552+139.4%
—
Net change in cash
180
539+199.4%
—
Free cash flow (OCF − capex)
833
(2,935)−452.3%
(3,466)
Where the cash went
Operating cash flow
9,788
9,802+0.1%
9,778
Reinvested in the business
8,955
13,372+49.3%
—
% of operating cash flow
91.5%
136.4%
Capex
8,955
12,737+42.2%
13,244
Acquisitions
0
635n/m
—
Free cash flow
833
(2,935)−452.3%
(3,466)
YoY
−452.3%
Returned to shareholders
2,954
3,015+2.1%
—
% of free cash flow
354.6%
—
Dividends
2,954
3,015+2.1%
—
Change in total debt
—
6,881
—
Cash left over
—
296
—
FCF conversion (FCF ÷ net income)
18.9%
−67.6%−86.5 pp
—
Owner earnings
—
(2,357)
—
Owner earnings margin
—
−8.1%
—
Returns & ratios
ROIC (all capital)
6.3%
6.4%+0.0 pp
—
Net debt / EBITDA
4.68x
4.81x+0.13x
—
Debt / equity
1.77x
1.82x+0.05x
—
ROE
13.3%
12.1%−1.2 pp
—
ROA
3.0%
2.8%−0.2 pp
—
ROCE
5.5%
5.2%−0.2 pp
—
NOPAT
5,758
6,078+5.6%
—
Invested capital (operating)
(3,701)
(3,710)n/m
—
Invested capital (all)
90,875
100,025+10.1%
—
Reinvestment rate
—
−0.1%
—
Net debt is 4.8x EBITDA (FY25).
Income
Jun '25
Sep '25
Dec '25
Mar '26
Revenue
6,734
7,822
6,795
8,040
vs year-ago quarter
Operating income
1,764
2,594
917
2,018
Net income
880
1,711
416
1,356
vs year-ago quarter
Net margin
13.1%
21.9%
6.1%
16.9%
EPS (diluted, $)
0.79
1.54
0.38
1.20
vs year-ago quarter
Balance sheet
Jun '25
Sep '25
Dec '25
Mar '26
Total assets
148,853
153,248
155,720
157,031
Cash & equivalents
1,265
3,342
1,640
987
Total debt
62,983
64,621
65,649
67,148
Shareholders’ equity
37,342
38,274
36,016
39,912
Cash flow
Jun '25
Sep '25
Dec '25
Mar '26
Operating cash flow
2,181
3,774
2,597
1,226
Capex
2,800
3,215
4,285
2,944
Free cash flow
(619)
559
(1,688)
(1,718)
vs year-ago quarter