The Southern Company (SO) financials

NYSE · Utilities · Regulated Electric · 29,651 employees · CEO Christopher C. Womack

Price: $93.71 +0.77%
Market cap: $108B
Enterprise value: $182B
Last report: Q2 '26 filed 2026-07-30
Next report: 2026-11-05 EPS est. $1.71

Revenue (TTM)$30.2B+6.4% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)24.2%-1.2 pp vs a year agoOperating income $7.3B

Net income (TTM)$4.66B+8.7% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$2.57B+264.6% vs a year agoCapex $7.68B

Diluted EPS (TTM)$4.14+6.7% vs a year agoSum of the last 4 quarters

Net cash-$74.1B-6.5% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $108B
Revenue: $30.2B
Revenue growth: +4%
Profit margin: 15.4%
P/E: 22.5×
P/S: 3.6×
EV / EBITDA: 12.6×
Free cash flow: $2.57B
Net income: $4.66B
Revenue estimate: $30.6B
Earnings: 2026-11-05
Dividend: $3.00

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-07-30): revenue missed by 3.5%, EPS beat by 11.9%Revenue $6.98B vs $7.23B expected (-3.5%); EPS $1.13 vs $1.01 (+11.9%).
Revenue growth slowing: 0.1% year on yearQ2 '26 revenue $6.98B, against an average of 8.4% over the four quarters before.
Operating margin 24.2% (TTM), -1.2 pp on a year agoOperating income grew 1.4% while revenue grew 6.4%.
39.1% of pre-tax profit is eaten by non-operating lossesPre-tax income $5.25B vs operating income $7.3B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 25.4% of revenue (a year ago 38.0%)$7.68B invested in the last 4 quarters (-28.8% on a year earlier). Free cash flow $2.57B = 55.3% of net income.
Returned $3.1B to shareholders = 120.5% of free cash flowBuybacks $0 (a year earlier $0), dividends $3.1B, stock-based pay $134M (TTM). More than the free cash flow: paid from cash or debt.
Diluted share count up 3.3% in a year1.14B diluted shares in Q2 '26, 1.11B a year earlier.
Net debt $74.1BCash + short-term investments $2.98B, debt incl. leases $77.1B; a year ago net debt $69.6B.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$6.98B	$6.97B	+0.1%
Gross margin	51.3%	50.1%	+1.2 pp
Operating income	$1.78B	$1.76B	+0.7%
Operating margin	25.5%	25.3%	+0.2 pp
Net income	$1.17B	$880M	+33.4%
Diluted EPS	$1.03	$0.80	+28.7%
Operating cash flow	$2.65B	$2.18B	+21.5%
Capex	-$2.94B	$2.94B	-200.3%
Free cash flow	$5.6B	-$755M	+841.1%
R&D	$0	$0	–
Stock-based compensation	$15M	$12M	+25.0%

Reported vs consensus

2026-07-30

	Actual	Consensus	vs consensus
Revenue	$6.98B	$7.23B	-3.5%
EPS (as estimated)	$1.13	$1.01	+11.9%

From the report of 2026-07-30 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
Electric Utilities	–	–	–	–	–
Retail electric revenues	$4.81B	–	69.0%	–	–
Southern Company Gas	–	–	–	–	–
Southern Power	–	–	–	–	–
Natural gas distribution revenues	$873M	–	12.5%	–	–
Wholesale electric revenues	$510M	–	7.3%	–	–
Other revenues	$450M	–	6.4%	–	–
Other revenue sources	$255M	–	3.7%	–	–
Other natural gas revenues	$75M	–	1.1%	–	–

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $10.2B
Capex: -$7.68B
Buybacks: $0
Dividends: -$3.1B
Acquisitions: -$634M
Net debt issued: $5.8B
Stock-based compensation: $134M
Free cash flow: $2.57B
Returned to shareholders / FCF: 120.5%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	22.5×	22.8×	19.5× – 30.3×
EV / EBITDA	12.6×	12.7×	11.7× – 15.1×
EV / Sales	6.0×	5.4×	4.6× – 5.8×
Price / FCF	41.9×	108.3× 1 of 5 years	108.3× – 108.3×
Price / Book	2.7×	2.6×	2.5× – 2.7×
FCF yield	2.4%	-1.5%	-3.1% – 0.9%
Return on invested capital	4.1%	3.7%	2.8% – 4.3%
Return on equity	12.6%	11.6%	8.5% – 13.3%

Analysts

Consensus target $93.94 (+0.2%)
range $74.00 – $106.00 · rating Hold

Strong buy0

Buy11

Hold20

Sell3

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$30.6B	+3.5%	$4.59	+17.2%	20.4×	13
FY2027	$32.4B	+5.9%	$4.92	+7.1%	19.0×	14
FY2028	$34.5B	+6.5%	$5.37	+9.1%	17.4×	4
FY2029	$36.6B	+6.2%	$5.79	+7.7%	16.2×	1
FY2030	$39B	+6.5%	$6.19	+7.0%	15.1×	1

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 306 figures The Southern Company tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$2.91B	$3.09B	-6.0%	$3.71B	$3.7B	+0.2%
Accounts Receivable, after Allowance for Credit Loss	$3.08B	$3.01B	+2.6%	$3.14B	$3.05B	+3.0%
Accounts Receivable, Allowance for Credit Loss, Current	$95M	$81M	+17.3%	$84M	$74M	+13.5%
Accounts Receivable, before Allowance for Credit Loss, Current	$2.41B	$2.46B	-2.4%	$2.25B	$2.23B	+1.0%
Accrual for Taxes Other than Income Taxes, Current	$557M	$600M	-7.2%	$982M	$997M	-1.5%
Accrued Income Taxes, Current	$66M	$53M	+24.5%	$22M	$57M	-61.4%
Accrued Salaries, Current	$761M	$683M	+11.4%	$1.42B	$1.26B	+12.5%
Accumulated Deferred Investment Tax Credit	$2.05B	$2.03B	+0.6%	$2B	$2.06B	-2.6%
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$75M2025-12-31	-$78M	+3.8%	-$75M	-$78M	+3.8%
Additional Paid in Capital, Common Stock	$15.7B2025-12-31	$14.1B	+11.2%	$15.7B	$14.1B	+11.2%
Allowance for Funds Used During Construction, Capitalized Interest	–	–	–	$480M	$339M	+41.6%
Amortization of Intangible Assets	$7M	$8M	-12.5%	$32M	$35M	-8.6%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	-$9M	$5M	-280.0%	$48M	$56M	-14.3%
Asset Retirement Obligation	$9.6B2025-12-31	$9.93B	-3.4%	$9.6B	$9.93B	-3.4%
Asset Retirement Obligation, Accretion Expense	–	–	–	$393M	$400M	-1.7%
Asset Retirement Obligation, Cash Paid to Settle	$133M	$134M	-0.7%	$634M	$566M	+12.0%
Asset Retirement Obligation, Current	$659M	$748M	-11.9%	$662M	$731M	-9.4%
Asset Retirement Obligation, Liabilities Incurred	–	–	–	$6M	$130M	-95.4%
Asset Retirement Obligation, Liabilities Settled	–	–	–	$634M	$566M	+12.0%
Asset Retirement Obligation, Revision of Estimate	–	–	–	-$98M	-$347M	+71.8%
Asset Retirement Obligations, Noncurrent	$8.91B	$9.15B	-2.6%	$8.94B	$9.2B	-2.9%
Assets	$157B	$148B	+6.0%	$156B	$145B	+7.3%
Assets, Current	$9.96B	$11.8B	-15.7%	$10.9B	$10.7B	+2.1%
Assets, Fair Value Disclosure	$3.58B	–	–	$4.24B	$3.35B	+26.6%
Business Combination, Contingent Consideration, Liability	$11M	–	–	$14M	$19M	-26.3%
Capital Expenditures Incurred but Not yet Paid	$1.05B	$940M	+11.6%	$1.47B	$1.2B	+22.9%
Cash and Cash Equivalents, at Carrying Value	$981M	$2.33B	-57.8%	$1.64B	$1.07B	+53.2%
Cash and Cash Equivalents, Fair Value Disclosure	$501M	–	–	$1.1B	$552M	+99.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$987M	$2.33B	-57.7%	$1.64B	$1.1B	+49.0%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect	–	–	–	$539M	$180M	+199.4%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$653M	$1.23B	-153.0%	–	–	–
Collateral Already Posted, Aggregate Fair Value	$22M	$5M	+340.0%	$33M	$17M	+94.1%
Common Stock, Dividends, Per Share, Cash Paid	$0.74	$0.72	+2.8%	$2.94	$2.86	+2.8%
Common Stock, Par or Stated Value Per Share	$5.002025-12-31	$5.00	0.0%	$5.00	$5.00	0.0%
Common Stock, Shares Authorized	1.5B2025-12-31	1.5B	0.0%	1.5B	1.5B	0.0%
Common Stock, Shares, Issued	1.1B2025-12-31	1.1B	0.0%	1.1B	1.1B	0.0%
Common Stock, Value, Issued	$5.55B2025-12-31	$5.45B	+2.0%	$5.55B	$5.45B	+2.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	-$18M	-$64M	+71.9%	-$170M	-$141M	-20.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$1.36B	$1.34B	+1.6%	$4.34B	$4.5B	-3.5%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$1.34B	$1.27B	+5.3%	$2.37B2015-12-31	$1.91B	+23.8%
Contract with Customer, Asset, after Allowance for Credit Loss	$338M	$397M	-14.9%	$294M	$323M	-9.0%
Contract with Customer, Liability	$257M	$190M	+35.3%	$213M	$140M	+52.1%
Contract with Customer, Liability, Revenue Recognized	$55M	$28M	+96.4%	$102M	$98M	+4.1%
Costs and Expenses	$6.38B	$5.77B	+10.7%	$22.3B	$19.7B	+13.3%
Current Federal Tax Expense (Benefit)	–	–	–	$139M	$221M	-37.1%
Current State and Local Tax Expense (Benefit)	–	–	–	$94M	$152M	-38.2%
Debt Instrument, Fair Value Disclosure	$66.5B	$63.2B	+5.2%	$48.6B2022-12-31	$57.1B	-14.9%
Debt Instrument, Unamortized Discount (Premium), Net	$56M2025-12-31	$58M	-3.4%	$56M	$58M	-3.4%
Decommissioning Fund Investments	$2.89B	$2.61B	+10.6%	$2.95B	$2.62B	+12.4%
Deferred Costs, Noncurrent	$210M	$389M	-46.0%	$252M	$485M	-48.0%
Deferred Credits and Other Liabilities	$34.7B	$34.2B	+1.4%	$34.3B	$33.7B	+1.7%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$399M	$387M	+3.1%
Deferred Fuel Cost	$316M2025-12-31	$713M	-55.7%	$316M	$713M	-55.7%
Deferred Income Tax Expense (Benefit)	$168M	$351M	-52.1%	$618M	$626M	-1.3%
Deferred Income Tax Liabilities, Net	$12.4B	$12.2B	+1.6%	$12.1B	$11.7B	+3.4%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$196M	$209M	-6.2%
Deferred Tax Assets, Gross	$7.67B2025-12-31	$7.59B	+1.0%	$7.67B	$7.59B	+1.0%
Deferred Tax Assets, Net of Valuation Allowance	$7.22B2025-12-31	$7.26B	-0.5%	$7.22B	$7.26B	-0.5%
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$250M2025-12-31	$265M	-5.7%	$250M	$265M	-5.7%
Deferred Tax Assets, Valuation Allowance	$445M2025-12-31	$333M	+33.6%	$445M	$333M	+33.6%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01