Southern Co. (SO) financials — revenue, cash, debt and margins

Key figures

Trailing twelve months where a flow is involved, latest reported balance where it is not.

Valuation

Market cap: $94.1B
P/E (TTM): 21.35
Price / sales: 3.12
EV / EBITDA: 12.53
Price / book: 2.36

Cash flow

FCF yield: -3.7%
SBC-adjusted FCF yield: -2.6%
SBC impact: —
Stock compensation (TTM): $3M

Margins & growth

Profit margin: 14.5%
Operating margin: 24.2%
Quarterly revenue (year on year): 8.0%
Quarterly earnings (year on year): 1.6%

Balance sheet

Cash & investments: $981M
Debt: $76B
Net cash / (debt): -$75B

Where the revenue comes from

Retail is 65% of revenue.

By product or service

Year to Dec 31, 2025 · $29.6B

Retail65%
$19.3B+8.7% vs. a year earlier
Natural Gas17%
$5B+13.2% vs. a year earlier
Wholesale Electric10%
$2.9B+21.0% vs. a year earlier
Product and Service Other4%
$1.3B+11.6% vs. a year earlier
Other Electric Revenue3%
$953M+6.4% vs. a year earlier

By business segment

Year to Dec 31, 2025 · $53.1B

Traditional Electric Operating Companies and Southern Power45%
$23.8B+10.1% vs. a year earlier
Traditional Electric Operating Companies42%
$22.1B+10.4% vs. a year earlier
Southern Company Gas10%
$5B+13.2% vs. a year earlier
Southern Power4%
$2.2B+9.1% vs. a year earlier

These lines are the breakdown as filed. We could not reconcile them against the total revenue for the same period.

What it owns and what it owes

Both on one scale, because both are money — the bar that is taller is the one that matters.

Cash and debt

Cash & InvestmentsTotal Debt

Cash counts short-term investments, not just the bank balance — technology companies park most of it in marketable securities, and leaving those out understates it several times over. Debt includes lease obligations.

The rest of the series

Not on the overview because five charts is as much as one decision needs — but here in full, on one period switch. Each bar sums the four quarters ending there — a full year, brought up to today.

Total Revenue

$30.17BQ1 2026+2.1%

1Y: +8.33%2Y: +18.71%5Y: +41.88%

Everything the company sold, before any costs. Each bar sums the four quarters ending there — a full year, brought up to today.

EBITDA

$13.49BQ1 2026+1.3%

1Y: +5.48%2Y: +19.15%5Y: +47.61%

Operating profit before depreciation and amortisation — approximated from operating income, because no depreciation tag is reported consistently enough across filers to do better. Treat it as indicative. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit

$4.36BQ1 2026+0.5%14.5% of revenue

1Y: -5.28%2Y: +5.85%5Y: +31.14%

What was left after every cost, including tax. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit margin

14.5%Q1 2026-1.6%

How much of every dollar of sales the company keeps as profit. A grocer keeps a few cents; a software company can keep half. Each point covers the four quarters ending there — a full year, brought up to today.

Free Cash Flow

-$3.47BQ1 2026-18.1%

1Y: -3,400.95%2Y: -248.34%5Y: -481.54%

Cash left over after running and maintaining the business. Each bar sums the four quarters ending there — a full year, brought up to today.

Profit per share

$3.91Q1 2026-0.3%

1Y: -6.24%2Y: +1.30%5Y: +22.96%

The same profit, split across every share. If this lags the profit chart above, the company is issuing shares and your slice is getting smaller. Restated onto today’s share count, so stock splits do not show as jumps. Each bar sums the four quarters ending there — a full year, brought up to today.

Shares outstanding

1.11BQ1 2026+0.5%

How many shares the profit is divided across. Rising is dilution; falling is the company buying itself back. Restated onto today’s basis, so splits do not show as jumps. Each point covers the four quarters ending there — a full year, brought up to today.

Price to earnings

24.3xQ1 2026+14.9%

24.3x today · median 20.8x and range 15.8x–28.2x across the points shown, Q2 2021 to Q1 2026

Paid per unit of yearly profit. Periods with a loss, or profits too small for the ratio to mean anything, are left out — the line breaks rather than drawing through them. Each point covers the four quarters ending there — a full year, brought up to today.

Dividends paid

$3.06BQ1 2026+1.3%

1Y: +3.31%2Y: +0.96%5Y: +12.81%

Cash handed to shareholders. A flat line at zero means the company pays none. Each bar sums the four quarters ending there — a full year, brought up to today.

About Southern Co.

Ticker: SO
SEC classification: Electric Services (4911)
Listed on: NYSE
Incorporated in: DE
Financial year ends: December 31
Filer size: Large accelerated filer

About this data

Everything above comes from Southern Co.’s own filings with the SEC, as reported. No estimates, no analyst figures, nothing adjusted.

Not reported by this filer: Gross Profit, R&D Expense, SG&A Expense, Interest Expense, Interest Income, Net Interest Income, Non-interest Income, Non-interest Expense, Provision for Credit Losses, Deposits, Loans, Short-term Investments, Inventory, Receivables, Borrowings (total), and Depreciation. Companies choose which XBRL tags to use, and anything untagged cannot be recovered — so these are blank rather than guessed.