Overview
SOUTHERN CO
Latest 10-K: FY2025
- Revenue
- $29.55B
- 10.6%YoYup from FY2024
- TotalRevenue
- Gross profit
- Not reported
- Operating income
- $7.29B
- 3.1%YoYup from FY2024
- OperatingIncome
- Net income
- $4.34B
- 1.4%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $3.92
- 1.8%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 1.11B
- 0.6%YoYup from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- SOUTHERN CO reported revenue of $29.55B for fiscal 2025, up 10.6% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 24.7% and net margin was 14.7%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $3.92, down 1.8% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $29.55B10.6%up Benchmark median 6.4% | $26.72B5.8%up Benchmark median 4.5% | $25.25B13.8%down Benchmark median 4.8% | $29.28B26.7%up Benchmark median 10.3% | $23.11B13.4%up Benchmark median 13.8% | 6.3% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | — | — | — | — | — | — Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $7.29B3.1%up Benchmark median 7.3% | $7.07B21.3%up Benchmark median 7.4% | $5.83B8.5%up Benchmark median 4.9% | $5.37B45.2%up Benchmark median 7.5% | $3.70B24.3%down Benchmark median 23.5% | 18.5% Benchmark median 7.2% |
| Net Income | $4.34B1.4%down Benchmark median 4.8% | $4.40B10.7%up Benchmark median 5.7% | $3.98B12.8%up Benchmark median 1.9% | $3.52B§47.3%up Benchmark median 1.3% | $2.39B§23.3%down Benchmark median 33.9% | 16.1% Benchmark median 4.1% |
| EPS (Diluted) | $3.921.8%down Benchmark median 6.2% | $3.9910.2%up Benchmark median 7.9% | $3.6211.0%up Benchmark median 1.9% | $3.2645.5%up Benchmark median 1.5% | $2.2423.5%down Benchmark median 34.8% | 15.0% Benchmark median 5.6% |
§ Net income available to common stockholders; the company files no net-income line.
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $155.72B7.3%up Benchmark median 5.6% | $145.18B4.2%up Benchmark median 3.4% | $139.33B3.3%up Benchmark median 4.1% | $134.89B5.8%up Benchmark median 2.2% | $127.53B3.7%up Benchmark median 6.7% | 5.1% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $116.85B7.7%up Benchmark median 6.4% | $108.51B4.2%up Benchmark median 1.9% | $104.11B3.7%up Benchmark median 2.9% | $100.36B5.7%up Benchmark median 2.0% | $94.97B5.0%up Benchmark median 5.2% | 5.3% Benchmark median 4.4% |
| Stockholders' Equity | $38.87B6.0%up Benchmark median 6.8% | $36.67B4.1%up Benchmark median 5.4% | $35.23B2.0%up Benchmark median 7.3% | $34.53B7.0%up Benchmark median 2.5% | $32.28B0.1%up Benchmark median 9.0% | 4.8% Benchmark median 6.1% |
| Cash & Equivalents | $1.64B53.2%up Benchmark median 5.2% | $1.07B43.0%up Benchmark median 1.9% | $0.75B61.0%down Benchmark median 6.7% | $1.92B6.6%up Benchmark median -8.6% | $1.80B68.8%up Benchmark median -2.9% | -2.3% Benchmark median 2.0% |
| Total Debt | $72.59B12.0%up Benchmark median 2.1% | $64.82B4.6%up Benchmark median 0.2% | $62.00B7.7%up Benchmark median 0.3% | $57.55B7.1%up Benchmark median 0.1% | $53.72B9.2%up Benchmark median -0.1% | 7.8% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $9.80B0.1%up Benchmark median 6.3% | $9.79B29.6%up Benchmark median 4.8% | $7.55B19.9%up Benchmark median 9.9% | $6.30B2.2%up Benchmark median -0.7% | $6.17B7.9%down Benchmark median 10.7% | 12.3% Benchmark median 7.0% |
| Capital Expenditures | $12.74B42.2%up Benchmark median 5.4% | $8.96B1.5%down Benchmark median 2.8% | $9.10B14.8%up Benchmark median 11.3% | $7.92B4.4%up Benchmark median 14.0% | $7.59B0.9%up Benchmark median 8.1% | 13.8% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | negative: -$2.94B452.3%down Benchmark median 7.3% | $0.83Bn/m Benchmark median 6.1% | negative: -$1.54Bn/m Benchmark median 8.8% | negative: -$1.62Bn/m Benchmark median -11.3% | negative: -$1.42Bn/m Benchmark median 10.2% | n/m Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
4.5%
Wall Street
on net earnings
FY2024 4.8%
negative: −3.0%
Value investor
on free cash flow
FY2024 0.9%
Gap −7.5 pts: Value-investor figure 7.5 points lower
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 22.2×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
7.9%
Wall Street
on EBITDA
FY2024 8.0%
4.3%
Value investor
on EBIT
FY2024 4.6%
Gap −3.6 pts: Value-investor figure 3.6 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 12.6×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
40.2%
Wall Street
on book equity
FY2024 40.4%
34.5%
Value investor
on tangible book
FY2024 34.4%
Gap −5.7 pts: Value-investor figure 5.7 points lower
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 2.5×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
11.5%
Wall Street
ROE: net income ÷ equity
FY2024 12.2%
4.2%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 4.3%
Gap −7.3 pts: Value-investor figure 7.3 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
45.1%
Wall Street
EBITDA margin
FY2024 46.2%
negative: −9.9%
Value investor
Free-cash-flow margin
FY2024 3.1%
Gap −55.0 pts: Value-investor figure 55.0 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.65×
Wall Street
Current ratio
FY2024 0.67×
0.65×
Value investor
Quick ratio, inventory excluded
FY2024 0.67×
Gap Same: Both views read the same
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.18×
Wall Street
EBITDA ÷ total debt
FY2024 0.19×
negative: −0.04×
Value investor
FCF ÷ total debt
FY2024 0.01×
Gap −0.22×: Value-investor figure 0.22 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 5.33×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Balance sheet · Interest cover
How many times earnings pay the year's interest
1210.5×
Wall Street
EBITDA ÷ interest
FY2024 822.3×
662.3×
Value investor
EBIT ÷ interest
FY2024 471.2×
Gap −548.2×: Value-investor figure 548.2 lower
How it’s calculated
Wall Street · EBITDA ÷ interest
EBITDA ÷ interest expense
ebitda_interest_coverage (ratio table)
Value investor · EBIT ÷ interest
Operating income ÷ interest expense
interest_coverage (ratio table)
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on SO yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on SO and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/SO
Valuein. (2026, October 31). SOUTHERN CO (SO) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/SO
@misc{valuein_so_2026,
author = {{Valuein}},
title = {SOUTHERN CO (SO) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/SO}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing
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