Southern
SO · NYSEElectric Services · Fiscal year ends Dec 31
Southern reported revenue of $29.6B in the fiscal year ended Dec 2025, up 10.6% from the year before. Operating income was $7.3B, an operating margin of 24.7%, and net income was $4.3B. Operating cash flow of $9.8B less capital expenditure of $12.7B left free cash flow of −$2.9B. Net debt was $64.7B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $23.1B | $29.3B | $25.3B | $26.7B | $29.6B |
| Operating income | $3.7B | $5.4B | $5.8B | $7.1B | $7.3B |
| Pre-tax income | $2.6B | $4.2B | $4.3B | $5.2B | $5B |
| Income tax | $267M | $795M | $496M | $969M | $828M |
| Net income | $2.3B | $3.4B | $4B | $4.4B | $4.3B |
| Diluted EPS | 2.24 | 3.26 | 3.62 | 3.99 | 3.92 |
| Diluted shares | 1,068M | 1,081M | 1,098M | 1,102M | 1,109M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.8B | $1.9B | $748M | $1.1B | $1.6B |
| Current assets | $9B | $10.4B | $10.4B | $10.7B | $10.9B |
| Net PP&E | $91.1B | $94.6B | $99.8B | – | – |
| Goodwill | $5.3B | $5.2B | $5.2B | $5.2B | $5.2B |
| Total assets | $128B | $135B | $139B | $145B | $156B |
| Payables | $2.2B | $3.5B | $2.9B | $3.7B | $3.7B |
| Deferred revenue | $57M | $45M | $116M | $140M | $213M |
| Current liabilities | $10.9B | $15.7B | $13.5B | $16B | $16.9B |
| Short-term debt | $1.4B | $2.6B | $2.3B | $1.3B | $722M |
| Long-term debt | $50.1B | $50.7B | $57.2B | $58.8B | $65.6B |
| Total liabilities | $95B | $100B | $104B | $109B | $117B |
| Shareholders' equity | $27.9B | $30.4B | $31.4B | $33.2B | $36B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $6.2B | $6.3B | $7.6B | $9.8B | $9.8B |
| Capital expenditure | $7.6B | $7.9B | $9.1B | $9B | $12.7B |
| Free cash flow | −$1.4B | −$1.6B | −$1.5B | $833M | −$2.9B |
| Depreciation & amortisation | $4B | $4.1B | $5B | $5.3B | $6B |
| Acquisitions | $345M | – | – | – | – |
| Dividends paid | $2.8B | $2.9B | $3B | $3B | $3B |
| Dividend per share | 2.62 | 2.70 | 2.78 | 2.86 | 2.94 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 26.7% | −13.8% | 5.8% | 10.6% |
| Operating income growth (YoY) | – | 45.2% | 8.5% | 21.3% | 3.1% |
| EPS growth (YoY) | – | 45.5% | 11.0% | 10.2% | −1.8% |
| Operating margin | 16.0% | 18.3% | 23.1% | 26.4% | 24.7% |
| Net margin | 10.0% | 11.7% | 15.7% | 16.5% | 14.7% |
| Return on equityBlank when equity is negative | 8.3% | 11.3% | 12.6% | 13.3% | 12.1% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.2% | 4.5% | 4.6% | 5.5% | 5.2% |
| Free cash flow margin | −6.1% | −5.5% | −6.1% | 3.1% | −9.9% |
| Cash conversion (CFO ÷ net income) | 2.67x | 1.84x | 1.90x | 2.22x | 2.26x |
| Debt ÷ equity | 1.85x | 1.75x | 1.89x | 1.81x | 1.84x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $49.8B | $51.3B | $58.8B | $59B | $64.7B |
| Current ratio | 0.82x | 0.66x | 0.77x | 0.67x | 0.65x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.