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Southern (SO) FY2025 results: revenue $29.6 billion, up 10.6% on the year

Southern Co. (SO) reported revenue of $29.6 billion for fiscal 2025, the year ended 31 December 2025, up 10.6% on the year before. Net income was $4.3 billion, down 1.4%, and diluted earnings per share $3.92. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$29.6 billion
+10.6% on the year
FY2018FY2025
Operating margin
24.7%
26.4% a year earlier
FY2018FY2025
Net income
$4.3 billion
-1.4% on the year
FY2018FY2025
Diluted EPS
$3.92
-1.8% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised.

  • Fourth-quarter EPS fell; adjusted rose: Fourth-quarter EPS was $0.38 against $0.49, and $0.55 excluding items against $0.50. Net income was $416 million against $534 million, and $612 million excluding items against $544 million.
  • Full-year adjusted EPS rose to $4.30: Full-year EPS was $3.94 against $4.02 as reported, and $4.30 against $4.05 excluding items. Management named higher utility revenues as the adjusted driver, partly offset by higher non-fuel O&M, depreciation and interest.
  • Operating revenues rose about 10%: Fourth-quarter operating revenues were $7.0 billion, up 10.1% from $6.3 billion. Full-year revenues were $29.6 billion, up 10.6% from $26.7 billion.
  • Southern Power swung to a loss: Southern Power recorded a $16 million net loss in the quarter, against $64 million of income, and $125 million year-to-date against $328 million. Its as-reported EPS effect was a 7-cent drag in the quarter.
  • Repowering depreciation drove the fourth-quarter charge: Accelerated depreciation from wind repowering at Southern Power was $116 million pre-tax in the quarter and $284 million for the year. Adjusted earnings exclude these charges until the repowered projects begin commercial operation.
Read the Q4 FY2025 earnings call summary

From this 10-K

Southern Company is a holding company. It owns all the common stock of three regulated electric utilities, a wholesale power business and a natural gas distribution group, and each of those earns in a different way: the electric utilities from regulated retail rates, the power business from contracts at market rates, and the gas group from regulated distribution.

Southern Co., the 10-K for 2025

Southern Company is a holding company. It owns all the common stock of three regulated electric utilities, a wholesale power business and a natural gas distribution group, and each of those earns in a different way: the electric utilities from regulated retail rates, the power business from contracts at market rates, and the gas group from regulated distribution.

The three traditional electric operating companies

Alabama Power, Georgia Power and Mississippi Power. Each is a vertically integrated utility that owns generation, transmission and distribution facilities, and each provides electric service to retail customers in its Southeastern state as well as to wholesale customers in the region.

Under the 1956 Utility Act the Mississippi PSC issued grandfather certificates of public convenience and necessity to Mississippi Power and to six distribution rural cooperatives in the south-east of the state, authorising each to distribute electricity in specified areas. Those six cooperatives serve approximately 325,000 retail customers across a certificated area of approximately 10,300 square miles. Inside a certificated area the holder may extend or maintain its system subject to regulatory approval, and neither it nor another utility may extend facilities into that area without a new certificate from the commission.

Alabama Power had cogeneration contracts in effect with seven industrial customers at the end of 2025.

Southern Power

An operating public utility company that develops, constructs, acquires, owns, operates and manages power generation assets, including battery energy storage projects, and sells electricity at market-based rates in the wholesale market under authority from the federal energy regulator. Its business activities are not subject to traditional state regulation in the way the electric operating companies are, though most of them are regulated by FERC.

At the end of 2025 its generation fleet, owned in part with various partners, totalled 12,648 MW of nameplate capacity in commercial operation. Some of those assets sit inside the Southern Company power pool and some are held through subsidiaries created to own and operate generation outside it, wholly or in partnership with third parties. It sells under power purchase agreements, primarily with investor-owned utilities, independent power producers, municipalities, electric cooperatives and other load-serving entities, as well as commercial and industrial customers.

Southern Company Gas

An energy services holding company whose primary business is distributing natural gas in four states, Illinois, Georgia, Virginia and Tennessee, through its natural gas distribution utilities. It also runs several other businesses complementary to gas distribution.

The companies behind the companies

SCS is the system service company. It has contracted with Southern Company, the subsidiary registrants, Southern Nuclear and others to supply, at direct or allocated cost and on request, general executive and advisory work, general and design engineering, operations, purchasing, accounting, finance, treasury, legal, tax, information technology, marketing, auditing, insurance and pension administration, human resources, systems and procedures, digital wireless communications, cellular tower space, construction management and power pool transactions.

Southern Linc supplies digital wireless communications for Southern Company and its subsidiaries and also sells those services to the public, with fibre optics through its subsidiary Southern Telecom. Its system covers approximately 122,000 square miles in the Southeast.

Southern Nuclear operates and provides services to the system's nuclear power plants. PowerSecure develops distributed energy and resilience solutions and deploys microgrids for commercial, industrial, governmental and utility customers. Southern Holdings is an intermediate holding company that, through its subsidiaries, invests in various projects and insures risk exposures of Southern Company and its subsidiaries.

From Southern Company's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue29,55326,72425,253+10.6%
Operating income7,2857,0685,826+3.1%
Operating margin24.7%26.4%23.1%
Pre-tax income4,9995,2294,345-4.4%
Income tax828969496-14.6%
Effective tax rate16.6%18.5%11.4%
Net income4,3414,4013,976-1.4%
Net margin14.7%16.5%15.7%
Diluted EPS$3.92$3.99$3.62-1.8%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow9,8029,7887,553+0.1%
Capital expenditure12,7378,9559,095+42.2%
Free cash flow-2,935833-1,542
Free cash flow margin-9.9%3.1%-6.1%
Cash from investing-13,959-9,400-9,668
Cash from financing4,696-208999
Depreciation and amortisation6,0305,2664,986+14.5%
Dividends paid3,0152,9543,035+2.1%
Dividend per share$2.94$2.86$2.78+2.8%
Diluted shares, weighted1,109m1,102m1,098m+0.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity36,01633,20831,444+8.5%
Non-controlling interest2,8513,4663,781-17.7%
Debt72,59164,82462,000+12.0%
Operating lease liabilities1,2871,2531,307+2.7%
Finance lease liabilities752278287+170.5%
Other liabilities42,22342,15140,512+0.2%
Total liabilities and equity155,720145,180139,331+7.3%
Fixed assetsn/an/a99,844
Goodwill5,1615,1615,1610.0%
Intangible assets300332368-9.6%
Investmentsn/an/a9,986
Cash and equivalents1,6391,070748+53.2%
Other assets148,620138,61723,224+7.2%
Total assets155,720145,180139,331+7.3%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.