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Southern Company (SO) stock

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NYSE: SO NYSE Electric Utilities Next results ~November 5, 2026

C+ Fundamentals grade

Southern Company is a US-listed company in the electric utilities industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$73

Valuation models combined (5)

Base case. Range ~$56–$84. Weighted average of 5 models (utility earnings model, forward price-to-earnings vs peers, justified price-to-book, residual income, dividend discount (two-stage)), the utility earnings model counting double.

Price vs value

Overvalued

The price is above our entire value range; our base value is 22% below it.

Price used: $94.61, November 2, 2026

Southern Company valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Southern files

Where Southern stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $30.2bn, up 6.4% on a year earlier, slower than 8.3% a quarter earlier. That puts it 11 of 12 for growth among the electric utilities companies we cover. Free-cash-flow margin fell to -10.8% from -4.6% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 0 of our 2 financial-health checks. Our valuation models combined value is $72.75 a share, against a share price of $90.76.

Source: 10-Q filed July 30, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Southern Company's trailing-twelve-month revenue grew 6.4% year on year, with a free-cash-flow margin of -10.8%. Where it lags: change in growth rate of -1.9pp ranks 21 of 25 electric utilities companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 152.2% while net income grew 8.7%: a 161pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

Nothing in Southern Company's latest figures clears our strength thresholds.

Things to watch

  • Priced above our value. The share price of $94.61 is 22% above our value per share of $73.
  • Burning cash. Free cash flow was -10.8% of revenue over the last 12 months.
  • High debt. Long-term debt exceeds cash by $65.8bn, more than 1.5 times annual revenue.
  • Weak cash conversion. Free cash flow was -70% of net income over the last 12 months.
  • Below peers: change in growth rate. Change in growth rate of -1.9pp ranks 21 of 25 electric utilities companies we cover (median -0.1pp).
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 42.4% ranks 19 of 24 electric utilities companies we cover (median 40.9%).

Latest results: FY2026 Q2

Filed July 30, 2026
Earnings per share
$1.13 against an average estimate of $1.01: beat by 11.8%
Revenue
$6.98bn, up 0.1% on a year earlier
Share reaction
-1.6% in the first session after the results on July 30, 2026, against +2.4% for the S&P 500
Guidance given
accelerated depreciation and decommissioning costs $205m (2026); accelerated depreciation and decommissioning costs $120m (2027)
Next report
November 5, 2026; average EPS estimate $1.71

Southern's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.0%
  • 1 week+2.2%
  • 1 month+13.0%
  • This year+11.2%
  • 1 year+3.9%
  • 5 years+81.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$30.2B
Operating margin
24.2%
Net margin
15.4%
EPS (TTM, diluted)
$4.15

Growth

Revenue growth
+6.4%
Change in growth rate
−1.9 pts
Share count change
+1.7%

Cash

Free cash flow (TTM)
-$3.3B
FCF margin
-10.8%

Earnings

Last results
July 30, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Announcement
  3. Dividend
  4. Announcement
  5. Announcement
  6. Financing
  7. Financing
  8. Announcement
  9. Financing
  10. Announcement
  11. Results
  12. Guidance
  13. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Southern Company valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$73
Price used
$93.84close November 3, 2026
Implied change
▼ 22%
Uncertainty
Low

How we got here: the combined value of 5 valuation models built for a business like Southern Company (see the models table below and how they are combined) , with a 7% cost of equity. The models span ~$56–~$84; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Southern Company as an utility or power producer, with every model that fits that kind of business. Cost of equity 7%: the 10-year Treasury yield (4.9%) plus a beta of 0.4 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Utility earnings model Net income growing 3% a year, discounted at 8%: for regulated investment that makes free cash flow negative. ~$84 ~$70–$110 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$77 ~$76–$95 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$71 ~$58–$92 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$56 ~$41–$80 Included
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$69 ~$55–$91 Included
Combined value Weighted average of the models that apply: the primary model (utility earnings model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$73 ~$56–$84 5 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Southern Company with utilities and power producers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$30.01$32.99$33.79$32.52$49.31$49.62$57.73$62.49$63.87$77.74$85.11$94.61
Market value$27.4bn$31.6bn$34.1bn$33.3bn$52.0bn$52.8bn$61.7bn$67.5bn$70.1bn$85.7bn$94.4bn$106.2bn
+ Net debt (− = net cash)$27.3bn$45.5bn$48.7bn$45.5bn$44.9bn$48.1bn$51.9bn$55.6bn$61.3bn$63.8bn$71.0bn$72.6bn
Enterprise value$54.8bn$77.1bn$82.7bn$78.8bn$96.8bn$101.0bn$113.6bn$123.2bn$131.4bn$149.4bn$165.3bn$178.8bn
Multiples
Price / sales 1.6x1.6x1.5x1.4x2.4x2.6x2.7x2.3x2.8x3.2x3.2x3.5x
Price / earnings 11.6x12.9x40.4x15.0x11.0x16.9x25.8x19.2x17.6x19.5x21.7x22.8x
Price / free cash flow 45.7x————————102.8x——
EV / EBITDA 8.2x10.4x14.3x10.2x8.8x11.5x14.8x13.1x12.2x12.1x12.4x13.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard Southern's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 1 / 20

    Net income has been a median 2.6% of total assets over 10 years.

  • Durability 13 / 20

    Operating margin has been a median 23.2%; its worst year was 9.3%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 10 years, at a median -5.1% of revenue.

  • Discipline 15 / 20

    The diluted share count rose 5.4% over five years; stock-based pay has been a median 0.2% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $8.4bn and EPS of $1.71 (range $1.63 to $1.75) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.59 +7% $30.9bn +5%
Next $4.92 +7% $32.7bn +6%

Next year's EPS estimate has moved 0.0% in 90 days, across 23 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.4% on 90 days ago. In the last 30 days, 1 analyst raised Southern Company's forecast and 1 cut it.

Consensus EPS forecast Southern Company, last 90 days
$4.50 $4.60 $4.70 $4.80 $4.90 $5.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.57 Current fiscal year, 60 days ago: $4.59 Current fiscal year, 30 days ago: $4.59 Current fiscal year, 7 days ago: $4.59 Current fiscal year, Now: $4.59 $4.59 Next fiscal year, 90 days ago: $4.92 Next fiscal year, 60 days ago: $4.92 Next fiscal year, 30 days ago: $4.92 Next fiscal year, 7 days ago: $4.92 Next fiscal year, Now: $4.92 $4.92

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.57$4.92
60 days ago $4.59$4.92
30 days ago $4.59$4.92
7 days ago $4.59$4.92
Now $4.59$4.92

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $1.01 $1.13 +11.8%
Mar 2026 $1.21 $1.32 +8.9%
Dec 2025 $0.56 $0.55 −1.4%
Sept 2025 $1.51 $1.60 +6.0%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026
  • accelerated depreciation and decommissioning costs · Southern Power 2026 about $205m
    “At June 30, 2026, the remaining pre-tax accelerated depreciation and decommissioning costs are projected to total approximately $205 million in 2026 and $120 million in 2027.” source
  • accelerated depreciation and decommissioning costs · Southern Power 2027 about $120m
    “At June 30, 2026, the remaining pre-tax accelerated depreciation and decommissioning costs are projected to total approximately $205 million in 2026 and $120 million in 2027.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

24 analysts, Oct 2026
Buy833%
Hold1354%
Sell313%

Monthly trend

  1. Oct 2026713224
  2. Sep 2026614223
  3. Aug 2026613223
  4. Jul 2026614224

Counts of recommendations published by analysts covering Southern Company, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.6%
of tradable shares
Days to cover
4.49
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
74%
of shares
Held by insiders
0.1%
of shares
Employees
29,502
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +3.9%

$91.03 on October 31, 2025 to $94.61

ThenNowEffect
Revenue (last 12 months) $28.4bn $30.2bn +6.4%
Net margin 15.1% 15.4% +2.2%
P/E multiple 23.5x 22.8x −2.8%
Share count 1105m 1123m −1.6%

Biggest factor: revenue.

Last 3 years +49.0%

$63.48 on November 3, 2023 to $94.61

ThenNowEffect
Revenue (last 12 months) $27.7bn $30.2bn +9.1%
Net margin 11.2% 15.4% +38.3%
P/E multiple 22.5x 22.8x +1.3%
Share count 1095m 1123m −2.5%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
SO+16%+8%+2%+22%+10%+11%
Industry peers (median)+19%−1%−4%+16%+17%+4%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
SO50%67%50%58%50%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
SO−8%−23%−16%−13%−15%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 38% from January 30, 2020 to March 23, 2020. Getting back needed a 62% gain, reached on August 16, 2021, 511 days after the low.

Price behaviour

52-week range
$82.06 – $97.49
From 52-week high
−3.0%
vs 50-day average
+7.6%
vs 200-day average
+3.4%
Volatility (1 year)
18%
Beta vs S&P 500
-0.24

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±2.1%
After a week
6 up, 6 down
typical move ±2.5%
After a month
6 up, 6 down
typical move ±4.0%
Results releasedNext dayS&P 500 next day5 days21 days
July 30, 2026 −1.6% +2.4% −3.3% −7.4%
April 30, 2026 +3.4% +1.3% −1.2% −4.0%
February 19, 2026 +3.6% +0.5% +5.8% +2.6%
October 30, 2025 +0.6% −0.8% −2.8% −4.0%
July 31, 2025 +0.1% −2.0% +0.5% −2.0%
May 1, 2025 −0.9% +2.2% −1.7% −1.3%
February 20, 2025 +2.2% −2.1% +2.1% +3.3%
October 31, 2024 −0.9% −1.5% −2.7% −1.0%
August 1, 2024 +6.1% −3.3% +3.5% +4.3%
May 2, 2024 +1.8% +2.2% +5.0% +8.9%
February 15, 2024 −0.9% +0.2% +0.9% +3.5%
November 2, 2023 +2.9% +2.8% −0.6% +5.2%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Southern Company’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.31× the last 60 days’ realised volatility , richer than 77% of the 229 stocks we screen today.
  • Puts are priced 5 points richer than calls (25-delta): the market is paying up for downside protection, which favours selling puts over calls.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

SO Southern Company Grade C $94.52

Own 100 shares, sell the $100 call expiring December 18, 2026 (46 days) for $0.90 a share — $90.00 per contract.

Previous session · Bid $0.90, ask $1.00, quoted Mon 2 Nov, 17:36 New York time with SO at $94.52. Option prices move with the shares: check the live chain at your broker before trading.

  • If SO ends below $100: you keep your shares and the $90.00 — 0.9% extra on the position, 7.6% a year at that pace.
  • If it ends above $100: your shares are sold at $100, a total return of 6.8% including the premium — at or above our value of ~$73.
$639 $0 −$1.9k Break-even $93.62 Price $94.52 ← Our value ~$73
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$90.00
Annualised
7.6%
Break-even
$93.62
Max gain
$638.5
Chance of selling
~26%

Results are expected around October 29, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $90.00 put and sell the $100 call, both expiring December 18, 2026 (46 days).

  • Net cost of $0.70 a share ($70.00 per contract of 100 shares).
  • Worst case at expiry: -5.5%, if the shares fall below $90.00 (-4.8% from today).
  • Best case at expiry: +5.1%, if the shares rise above $100 (+5.8%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $73.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Southern Company in five measures

Fundamentals grade C+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Southern Company
$24B $26B $28B $30B $32B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $26.3B Revenue (TTM), FY23 Q4: $25.3B Revenue (TTM), FY24 Q1: $25.4B Revenue (TTM), FY24 Q2: $26.1B Revenue (TTM), FY24 Q3: $26.4B Revenue (TTM), FY24 Q4: $26.7B Revenue (TTM), FY25 Q1: $27.9B Revenue (TTM), FY25 Q2: $28.4B Revenue (TTM), FY25 Q3: $28.9B Revenue (TTM), FY25 Q4: $29.6B Revenue (TTM), FY26 Q1: $30.2B Revenue (TTM), FY26 Q2: $30.2B $30.2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $26.3B
FY23 Q4 $25.3B
FY24 Q1 $25.4B
FY24 Q2 $26.1B
FY24 Q3 $26.4B
FY24 Q4 $26.7B
FY25 Q1 $27.9B
FY25 Q2 $28.4B
FY25 Q3 $28.9B
FY25 Q4 $29.6B
FY26 Q1 $30.2B
FY26 Q2 $30.2B
Revenue growth, TTM YoY Southern Company
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -6.2% Revenue growth, TTM YoY, FY23 Q4: -13.8% Revenue growth, TTM YoY, FY24 Q1: -12.7% Revenue growth, TTM YoY, FY24 Q2: -5.5% Revenue growth, TTM YoY, FY24 Q3: 0.7% Revenue growth, TTM YoY, FY24 Q4: 5.8% Revenue growth, TTM YoY, FY25 Q1: 9.6% Revenue growth, TTM YoY, FY25 Q2: 8.5% Revenue growth, TTM YoY, FY25 Q3: 9.4% Revenue growth, TTM YoY, FY25 Q4: 10.6% Revenue growth, TTM YoY, FY26 Q1: 8.3% Revenue growth, TTM YoY, FY26 Q2: 6.4% 6.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -6.2%
FY23 Q4 -13.8%
FY24 Q1 -12.7%
FY24 Q2 -5.5%
FY24 Q3 0.7%
FY24 Q4 5.8%
FY25 Q1 9.6%
FY25 Q2 8.5%
FY25 Q3 9.4%
FY25 Q4 10.6%
FY26 Q1 8.3%
FY26 Q2 6.4%
Operating margin (TTM) Southern Company
15% 20% 25% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 18.1% Operating margin (TTM), FY23 Q4: 23.1% Operating margin (TTM), FY24 Q1: 24.8% Operating margin (TTM), FY24 Q2: 26.6% Operating margin (TTM), FY24 Q3: 27.3% Operating margin (TTM), FY24 Q4: 26.4% Operating margin (TTM), FY25 Q1: 26.5% Operating margin (TTM), FY25 Q2: 25.4% Operating margin (TTM), FY25 Q3: 25.7% Operating margin (TTM), FY25 Q4: 24.7% Operating margin (TTM), FY26 Q1: 24.2% Operating margin (TTM), FY26 Q2: 24.2% 24.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 18.1%
FY23 Q4 23.1%
FY24 Q1 24.8%
FY24 Q2 26.6%
FY24 Q3 27.3%
FY24 Q4 26.4%
FY25 Q1 26.5%
FY25 Q2 25.4%
FY25 Q3 25.7%
FY25 Q4 24.7%
FY26 Q1 24.2%
FY26 Q2 24.2%
FCF margin (TTM) Southern Company
-15% -10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -7.5% FCF margin (TTM), FY23 Q4: -6.1% FCF margin (TTM), FY24 Q1: -3.9% FCF margin (TTM), FY24 Q2: -1.7% FCF margin (TTM), FY24 Q3: 2.6% FCF margin (TTM), FY24 Q4: 3.1% FCF margin (TTM), FY25 Q1: 0.4% FCF margin (TTM), FY25 Q2: -4.6% FCF margin (TTM), FY25 Q3: -6.3% FCF margin (TTM), FY25 Q4: -9.9% FCF margin (TTM), FY26 Q1: -11.5% FCF margin (TTM), FY26 Q2: -10.8% -10.8%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -7.5%
FY23 Q4 -6.1%
FY24 Q1 -3.9%
FY24 Q2 -1.7%
FY24 Q3 2.6%
FY24 Q4 3.1%
FY25 Q1 0.4%
FY25 Q2 -4.6%
FY25 Q3 -6.3%
FY25 Q4 -9.9%
FY26 Q1 -11.5%
FY26 Q2 -10.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q, 10-Q/A. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Southern took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $29.6B
  2. Other operating costs $22.3B · 75.3%
  3. Operating income $7.3B · 24.7%
  4. Income tax $828M · 2.8%
  5. Interest and other $2.1B · 7.2%
  6. Net income $4.3B · 14.7%

Shares of revenue. Source: Southern's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 15.7 17.5 17.7 16.5 17.1 18.5 17.5 19.9 23.0 23.5 21.4 20.4 23.1 29.3 25.3 26.7 29.6 30.2
EBITDA 5.1 5.6 6.3 6.6 5.6 5.9 6.7 7.4 5.8 7.7 11.1 8.8 7.7 9.4 10.8 12.3 13.3 13.7
Operating income 3.3 3.8 4.2 4.5 3.3 3.6 4.3 4.5 2.3 4.2 7.7 4.9 3.7 5.4 5.8 7.1 7.3 7.3
Net income 1.6 2.0 2.2 2.4 1.6 2.0 2.4 2.4 0.8 2.2 4.7 3.1 2.4 3.5 4.0 4.4 4.3 4.7
Diluted EPS $2.06 $2.36 $2.55 $2.67 $1.87 $2.18 $2.59 $2.55 $0.84 $2.17 $4.50 $2.93 $2.24 $3.26 $3.62 $3.99 $3.92 $4.15
Growth (year on year)
Revenue −8.1% +10.9% +1.2% −6.3% +3.3% +8.1% −5.3% +13.8% +15.8% +2.0% −8.8% −4.9% +13.4% +26.7% −13.8% +5.8% +10.6% +6.4%
EBITDA −3.0% +11.4% +11.5% +5.2% −16.0% +6.9% +12.5% +11.0% −21.9% +33.7% +43.0% −20.6% −12.7% +23.0% +14.6% +14.1% +8.0% +7.0%
Operating income −6.8% +16.3% +11.3% +5.5% −27.1% +11.9% +17.6% +4.8% −48.0% +79.6% +84.6% −36.9% −24.3% +45.2% +8.5% +21.3% +3.1% +1.5%
Net income −5.7% +20.2% +11.5% +6.7% −30.0% +19.4% +20.6% +3.4% −65.6% +164.4% +112.9% −34.2% −23.3% +47.3% +12.8% +10.7% −1.4% +8.7%
Diluted EPS −8.4% +14.6% +8.1% +4.7% −30.0% +16.6% +18.8% −1.5% −67.1% +158.3% +107.4% −34.9% −23.5% +45.5% +11.0% +10.2% −1.8% +7.0%
Margins
EBITDA margin 32.1% 32.3% 35.6% 40.0% 32.5% 32.1% 38.2% 37.2% 25.1% 32.9% 51.7% 43.1% 33.2% 32.2% 42.8% 46.2% 45.1% 45.2%
Operating margin 20.8% 21.8% 24.0% 27.0% 19.0% 19.7% 24.5% 22.5% 10.1% 17.8% 36.1% 24.0% 16.0% 18.3% 23.1% 26.4% 24.7% 24.2%
Net margin 10.4% 11.3% 12.5% 14.2% 9.6% 10.6% 13.5% 12.3% 3.7% 9.5% 22.1% 15.3% 10.4% 12.0% 15.7% 16.5% 14.7% 15.4%
Free-cash-flow margin −8.9% −0.5% 7.8% 0.5% 4.5% 3.1% 3.4% −12.1% −4.5% −4.5% −8.3% −4.1% −6.1% −5.5% −6.1% 3.1% −9.9% −10.8%
Cash flow
Cash from operations 3.3 4.0 5.9 4.9 6.1 5.8 6.3 4.9 6.4 6.9 5.8 6.7 6.2 6.3 7.6 9.8 9.8 10.7
Capital spending 4.7 4.1 4.5 4.8 5.3 5.2 5.7 7.3 7.4 8.0 7.6 7.5 7.6 7.9 9.1 9.0 12.7 13.9
Free cash flow −1.4 −0.1 1.4 0.1 0.8 0.6 0.6 −2.4 −1.0 −1.1 −1.8 −0.8 −1.4 −1.6 −1.5 0.8 −2.9 −3.3
Stock-based pay 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.1 0.1 0.1 0.0 0.1 0.0 0.1 0.1 0.0 —
Free cash flow after stock pay −1.4 −0.1 1.4 0.1 0.7 0.5 0.6 −2.4 −1.1 −1.1 −1.8 −0.9 −1.5 −1.7 −1.6 0.8 −3.0 —
Balance sheet
Cash 0.7 0.4 1.3 0.6 0.7 0.7 1.4 2.0 2.1 1.4 2.0 1.1 1.8 1.9 0.7 1.1 1.6 3.0
Total debt 19.9 20.8 21.2 22.4 23.3 24.8 28.7 47.5 50.8 46.8 46.8 49.2 53.7 57.6 62.0 64.8 72.6 75.6
Net debt (negative = net cash) 19.2 20.3 19.9 21.8 22.6 24.1 27.3 45.5 48.7 45.5 44.9 48.1 51.9 55.6 61.3 63.8 71.0 72.6
Diluted shares 796m 837m 864m 879m 881m 901m 914m 958m 1,008m 1,025m 1,054m 1,065m 1,068m 1,081m 1,098m 1,102m 1,109m 1,123m
Returned to shareholders
Dividends 1.4 1.5 1.6 1.7 1.8 1.9 2.0 2.1 2.3 2.4 2.6 2.7 2.8 2.9 3.0 3.0 3.0 3.1
Buybacks — 0.0 0.0 0.4 0.0 0.0 0.1 0.0 0.0 — — — — — — — — —
Total returned 1.4 1.5 1.6 2.1 1.8 1.9 2.1 2.1 2.3 2.4 2.6 2.7 2.8 2.9 3.0 3.0 3.0 3.1

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 6 checks passed · June 30, 2026
What it owns · $162.0bn
Short-term assets $12.4bnLonger-term assets $149.6bn
What it owes, and who funded it · $162.0bn
Short-term liabilities $15.7bnLonger-term liabilities $104.0bnShareholders' equity $42.3bn
  • Short-term assets cover short-term liabilities $12.4bn of assets due within a year against $15.7bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $12.4bn short-term assets against $104.0bn of longer-dated liabilities.
  • More cash than debt $3.0bn of cash against $70.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 167% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 180% to 167% over five years.
  • A year's operating cash flow covers at least 20% of debt $10.7bn of operating cash flow against $70.9bn of debt.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Southern Company's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Dividends (TTM)
$3.1B
Diluted share count
+1.7%
year over year
Total shareholder yield
2.9%
dividends 2.9% + buybacks 0.0% of market value
Dividend payout ratio
67%
of net income paid out

Competitors: side by side with peers

Closest by revenue in electric utilities
Last 12 months unless stated SO CEG DUK EXC AEP VST Median
Revenue, last 12 months $30.2bn $31.3bn $33.3bn $25.9bn $22.8bn $19.2bn $9.4bn
Revenue growth, last 12 months 6.4% 26.0% 6.3% 6.7% 10.3% 3.8% 6.4%
Revenue growth, 3-year average 3.0% 5.8% 4.6% 7.3% 5.4% 4.9% 3.7%
Revenue growth, latest quarter 0.1% 23.0% 1.1% 9.2% 7.0% −5.5% 4.3%
Operating margin 24.2% 14.7% 27.8% 19.8% 23.0% 18.5% 22.3%
Operating margin, 3-year average 25.4% 14.1% 26.7% 19.8% 22.5% 17.0% 22.4%
Net margin 15.4% 11.1% 15.8% 10.2% 13.8% 11.6% 13.3%
Cash from operations / revenue 35.3% 13.5% 34.8% 25.6% 33.8% 26.7% 27.0%
Free-cash-flow margin −10.8% 1.0% −12.9% −10.0% 18.8% 11.7% −10.0%
Free-cash-flow margin, 3-year average −5.7% −14.0% −6.0% −7.7% 22.6% 12.2% −8.2%
Stock pay / revenue 0.3% 0.5% 0.3% 0.2% — 0.7% 0.4%
Change in share count 1.7% 7.0% 0.4% 1.6% 1.8% −1.0% 1.7%

Median of all 25 companies we cover in electric utilities. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

25 electric utilities companies
Measure Company Peer median Rank
Revenue growth Growth 6.4% 6.4% 13 of 25
Change in growth rate Growth -1.9pp -0.1pp 21 of 25
Operating margin Profitability 24.2% 22.5% 7 of 24
Net margin Profitability 15.4% 13.3% 6 of 25
Free-cash-flow margin Cash generation -10.8% -10.0% 13 of 24
Long-term debt as % of assets Balance sheet 42.4% 40.9% 19 of 24
Change in share count Balance sheet 1.7% 1.7% 10 of 23

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Electric Utilities $23.8B ▲ 10.1%
Southern Company Gas $5B ▲ 13.2%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue YoY
Retail Electric $19.8B ▲ 4.7%
Retail $19.3B ▲ 8.7%
Retail Electric Residential $8.6B ▲ 3.9%
Retail Electric Commercial $7B ▲ 6.2%
Natural Gas $5B ▲ 13.2%
Natural Gas Distribution $4.5B ▲ 16.7%
Retail Electric Industrial $4B ▲ 3.9%
Wholesale Electric $2.9B ▲ 21.0%
Wholesale Electric Revenues $2.4B ▲ 22.8%
Natural Gas Distribution Residential $2.2B ▲ 23.4%
Other Revenues $1.8B ▲ 9.6%
Wholesale Electric PPA Energy Revenues $1.4B ▲ 35.0%
Natural Gas Distribution Transportation $1.4B ▲ 10.0%
Other $1.3B ▲ 11.6%
Other Electric Revenue $953M ▲ 6.4%
Wholesale Electric PPA Capacity Revenues $637M ▼ 0.6%
Other Natural Gas $581M ▲ 10.7%
Other Natural Gas Gas Marketing Services $569M ▲ 12.2%
Natural Gas Distribution Commercial $527M ▲ 26.4%
Wholesale Electric Non PPA Revenues $299M ▲ 32.3%
Natural Gas Distribution Other $295M ▼ 6.6%
Retail Electric Other $123M ▼ 0.8%
Natural Gas Distribution Industrial $44M ▲ 29.4%
Other Natural Gas Other Natural Gas Revenues $12M ▼ 33.3%

These categories overlap or exclude eliminations, so shares aren't shown.

From Southern Company's 10-K filed February 19, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$80B
Institutions reporting
2,352
Shares held vs prior quarter
▲ 5.7%
Positions opened / closed
113 / 112

Top buyers and sellers, Q2 2026: 1,212 institutions bought and 836 sold ; the biggest buyer was Price T Rowe Associates Inc (+10.0M shares) and the biggest seller Jpmorgan Chase & Co (−10.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $8.9B 93.0M 11.1% ▲ 2.9%
Vanguard Capital Management LLC $7.1B 73.7M 8.8% ▲ 3.0%
State Street Corp $6.2B 64.8M 7.8% ▲ 2.9%
Capital World Investors $6B 62.5M 7.5% ▲ 11.2%
Price T Rowe Associates Inc $4.4B 46.4M 5.6% ▲ 27.4%
Jpmorgan Chase & Co $3.2B 32.8M 4.0% ▼ 24.4%
Geode Capital Management, LLC $2.8B 29.3M 3.5% ▲ 3.4%
Vanguard Portfolio Management LLC $2.6B 27.0M 3.2% ▲ 3.4%
FMR LLC $2.2B 22.5M 2.7% ▼ 1.5%
Franklin Resources Inc $1.6B 16.6M 2.0% ▼ 1.5%
Goldman Sachs Group Inc $1.4B 14.6M 1.7% ▲ 149.6%
Norges Bank $1.4B 14.4M 1.7% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Southern Company's complete shareholder register. Values are as reported by the filers ; 7 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $5.6M 13 trades by 6 insiders · 86% under pre-set plans
Net ▼ $5.6M net selling
Insider Date Trade Shares Price Value
Kim Matthew M. Comptroller October 1, 2026 Sell pre-set plan 100 $82.73 $8,273
Kim Matthew M. Comptroller September 3, 2026 Sell 1,400 $88.87 $124,418
Sena Peter P Iii Chairman,President & CEO, SNC September 3, 2026 Sell pre-set plan 4,266 $88.59 $377,925
Kim Matthew M. Comptroller September 1, 2026 Sell pre-set plan 100 $88.45 $8,845
Spainhour Sterling A Jr. EVP & CLO August 6, 2026 Sell pre-set plan 3,333 $94.02 $313,369
Kim Matthew M. Comptroller August 3, 2026 Sell pre-set plan 100 $94.28 $9,428
Kim Matthew M. Comptroller July 1, 2026 Sell pre-set plan 100 $95.77 $9,577
Kim Matthew M. Comptroller June 1, 2026 Sell pre-set plan 100 $91.16 $9,116
Kim Matthew M. Comptroller May 1, 2026 Sell pre-set plan 100 $96.57 $9,657
Greene Kimberly S, Chairman, President & CEO, GPC March 30, 2026 Sell pre-set plan 25,000 $96.67 $2.4M
Cummiskey Christopher EVP March 19, 2026 Sell 6,669 $96.55 $643,892
Connally Stan W EVP & COO March 18, 2026 Sell pre-set plan 12,500 $97.13 $1.2M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 61 trades and filings

In the last 12 months, 1 member of Congress disclosed 1 purchase and 0 sales of Southern Company shares.

  • Jared Moskowitz(D-FL 23):Purchase, $1,001 - $15,000, traded December 2, 2025, filed January 16, 2026
  • Val T. Hoyle(D-OR 4):Sale (full), $1,001 - $15,000, traded September 23, 2025, filed October 10, 2025
  • Marjorie Taylor Greene(R-GA 14):Purchase, $1,001 - $15,000, traded August 28, 2025, filed August 29, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 29, 2026 estimated from the company's past filing pattern, not announced

  • July 30, 2026
  • April 30, 2026
  • February 19, 2026
  • October 30, 2025
  • July 31, 2025
  • May 1, 2025

Recent SEC filings

Data status

When each part of this page on Southern Company was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Southern Company in brief

What does Southern Company do?
Southern Company is a US-listed company in the electric utilities industry. Its financial year ends in December.
What is Southern Company's stock ticker?
Southern Company trades under the ticker SO on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Southern Company's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Southern Company reported revenue of $30.2B, 6.4% higher than a year earlier, according to its SEC filings.
What is Southern Company's free cash flow?
Southern Company's free-cash-flow margin is -10.8% of revenue over the trailing twelve months, ranking 13 of the 24 electric utilities companies we cover.
Who are Southern Company's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Southern Company's market cap?
On November 2, 2026, Southern Company's market capitalisation was about $106B, with a price-to-earnings ratio of 22.8 and net debt of $72.6B. Market figures come from third-party market data and may be delayed.
Does Southern Company pay a dividend?
Yes: Southern Company paid $3.1B in dividends over the trailing twelve months, a dividend yield of 2.87% and a payout ratio of 66.6%.
How much debt does Southern Company have?
Southern Company's debt-to-equity ratio is 167.4%, from its latest balance sheet (179.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Southern Company's competitors?
In our Electric Utilities peer group, the companies closest to Southern Company are Constellation Energy, Duke Energy, Exelon, American Electric Power and Vistra Corp. The side-by-side comparison below sets their revenue, margins and growth against Southern Company's.
Are insiders buying or selling Southern Company stock?
Over the last 12 months, Southern Company's directors and officers reported 0 open-market purchases and 13 sales on Form 4. The insider trading page charts every trade.
When is Southern Company's next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Southern Company announces its own schedule.