Southern Company (SO) financials
Southern revenue and earnings by year
Southern's revenue was $29.6 billion in the fiscal year to December 31, 2025, up 10.6% from the year before. Net income was $4.34 billion, 14.7% of revenue. Since the fiscal year to December 31, 2016, revenue has grown 4.5% a year on average.
Fiscal years, each labelled by the calendar year it ended in.
Income statement, the last 10 fiscal years
| Fiscal year to | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 | Dec 2019 | Dec 2018 | Dec 2017 | Dec 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 29.6 | 26.7 | 25.3 | 29.3 | 23.1 | 20.4 | 21.4 | 23.5 | 23.0 | 19.9 |
| Revenue growth | 10.6% | 5.8% | -13.8% | 26.7% | 13.4% | -4.9% | -8.8% | 2.0% | 15.8% | — |
| Gross profit | 12.8 | 11.8 | 10.4 | 9.2 | 9.0 | 8.7 | 8.4 | 8.3 | 8.7 | 7.4 |
| Gross margin | 43.3% | 44.2% | 41.0% | 31.5% | 38.8% | 42.5% | 39.1% | 35.3% | 37.6% | 37.3% |
| Operating income | 7.3 | 7.1 | 5.8 | 5.4 | 3.7 | 4.8 | 5.2 | 3.9 | 2.3 | 4.5 |
| Operating margin | 24.7% | 26.4% | 23.1% | 18.3% | 16.0% | 23.7% | 24.1% | 16.6% | 10.0% | 22.6% |
| Net income | 4.3 | 4.4 | 4.0 | 3.5 | 2.4 | 3.1 | 4.8 | 2.2 | 0.9 | 2.5 |
| Net margin | 14.7% | 16.5% | 15.7% | 12.1% | 10.4% | 15.4% | 22.2% | 9.5% | 3.8% | 12.5% |
| Diluted EPS | $3.92 | $3.99 | $3.62 | $3.26 | $2.24 | $2.93 | $4.51 | $2.17 | $0.84 | $2.56 |
| Free cash flow | -2.6 | 0.9 | -1.5 | -1.4 | -1.5 | -0.8 | -1.9 | -1.0 | -0.8 | -2.5 |
Diluted EPS is stated in today's shares (adjusted for every split since). Quarterly statements and the income statement as a flow chart are in the app: open SO in Markets.
How Southern makes money
Revenue by segment in the quarter to March 31, 2026, as the company reports it.
| Segment | Revenue | Share |
|---|---|---|
| Retail | $4.64B | 57.7% |
| Natural Gas | $2.19B | 27.3% |
| Natural Gas Distribution Transportation | $440M | 5.5% |
| Product & Service Other | $336M | 4.2% |
| Other Natural Gas | $284M | 3.5% |
| Wholesale Electric PPA Capacity Revenues | $149M | 1.9% |
See also: SO valuation and P/E history · SO returns
No forecast, no recommendation. This page describes Southern Company from published data; it is not advice to buy, sell or hold any security.
Figures as of the close on Oct 30, 2026 unless a row says otherwise. Prices are split adjusted; returns include dividends reinvested. Data may be delayed. See the disclaimer and how TrendArc works.