Southern (SO) Financials

$94.44 -0.18 (-0.19%)

Closing price 08/22/2025 03:59 PM Eastern

Extended Trading

$95.02 +0.58 (+0.61%)

As of 08/22/2025 07:56 PM Eastern

Annual Income Statements for Southern

This table shows Southern's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	1,963	2,367	2,448	4,020	2,226	4,739	3,119	2,393	3,524	3,976	4,401
Consolidated Net Income / (Loss)	2,031	2,435	2,529	1,992	2,300	4,744	3,103	2,309	3,428	3,849	4,260
Net Income / (Loss) Continuing Operations	2,031	2,435	5,594	62,514	2,300	4,744	3,103	2,309	3,428	3,849	4,260
Total Pre-Tax Income	3,008	3,629	3,480	2,428	2,749	6,542	3,496	2,576	4,223	4,345	5,229
Total Operating Income	3,642	4,282	4,486	4,440	4,191	7,736	4,885	3,698	5,370	5,826	7,068
Total Gross Profit	7,436	7,678	19,896	92,326	9,616	9,603	9,897	10,247	10,627	11,708	13,342
Total Revenue	18,467	17,489	19,896	117,579	23,495	21,419	20,375	23,113	29,279	25,253	26,724
Operating Revenue	18,406	17,442	19,896	117,579	23,495	21,419	20,375	23,113	29,279	25,253	26,724
Total Cost of Revenue	11,031	9,811	0.00	25,253	13,879	11,816	10,478	12,866	18,652	13,545	13,382
Operating Cost of Revenue	11,031	9,811	-	25,253	13,879	11,816	10,478	12,866	18,652	13,545	13,382
Total Operating Expenses	3,794	3,396	12,345	24,547	5,425	1,867	5,012	6,549	5,257	5,882	6,274
Depreciation Expense	1,945	2,034	5,425	6,680	3,131	3,038	3,518	3,565	3,663	4,525	4,755
Other Operating Expenses / (Income)	981	997	6,923	9,103	1,315	1,230	1,234	1,290	1,411	1,425	1,540
Other Special Charges / (Income)	868	365	-3.00	-2.00	769	-2,569	260	1,692	183	-68	-21
Total Other Income / (Expense), net	-634	-653	-1,006	-5,532	-1,442	-1,194	-1,389	-1,122	-1,147	-1,481	-1,839
Interest Expense	835	840	1,317	4,253	1,842	1,736	1,821	1,837	2,022	2,446	2,743
Interest & Investment Income	245	226	261	377	286	290	302	266	375	412	374
Other Income / (Expense), net	-44	-39	50	-1,656	114	252	130	449	500	553	530
Income Tax Expense	977	1,194	951	926	449	1,798	393	267	795	496	969
Preferred Stock Dividends Declared	68	54	45	72	16	15	15	15	11	0.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	14	36	92	58	-10	-31	-99	-107	-127	-141
Basic Earnings per Share	$2.19	$2.60	$2.57	$0.84	$2.18	$4.53	$2.95	$2.26	$3.28	$3.64	$4.02
Weighted Average Basic Shares Outstanding	897M	910M	951M	1B	1.02B	1.05B	1.06B	1.06B	1.08B	1.09B	1.10B
Diluted Earnings per Share	$2.18	$2.59	$2.55	$0.84	$2.17	$4.50	$2.93	$2.24	$3.26	$3.62	$3.99
Weighted Average Diluted Shares Outstanding	901M	914M	958M	1.01B	1.03B	1.05B	1.07B	1.07B	1.08B	1.10B	1.10B
Weighted Average Basic & Diluted Shares Outstanding	896.30M	884.20M	1.04B	1.00B	1.08B	1.10B	1.10B	1.10B	1.13B	1.13B	1.14B
Cash Dividends to Common per Share	$2.08	$2.15	$2.22	$2.30	$2.38	$2.46	$2.54	$2.62	$2.70	$2.78	$2.86

This table shows Southern's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-87	862	838	1,422	854	1,129	1,203	1,535	534	1,334	880
Consolidated Net Income / (Loss)	-139	799	823	1,432	795	1,071	1,188	1,535	466	1,270	853
Net Income / (Loss) Continuing Operations	-139	799	823	1,432	795	1,071	1,188	1,535	466	1,270	853
Total Pre-Tax Income	-235	896	921	1,729	799	1,294	1,478	1,912	545	1,550	1,142
Total Operating Income	138	1,218	1,290	2,110	1,208	1,703	1,939	2,368	1,058	2,010	1,764
Total Gross Profit	1,636	2,723	2,742	3,754	2,489	3,244	3,505	3,953	2,661	3,741	3,490
Total Revenue	7,047	6,480	5,748	6,980	6,045	6,646	6,463	7,274	6,341	7,775	6,973
Operating Revenue	7,047	6,480	5,748	6,980	6,045	6,646	6,463	7,274	6,341	7,775	6,973
Total Cost of Revenue	5,411	3,757	3,006	3,226	3,556	3,402	2,958	3,321	3,680	4,034	3,483
Operating Cost of Revenue	5,411	3,757	3,006	3,226	3,556	3,402	2,958	3,321	3,680	4,034	3,483
Total Operating Expenses	1,498	1,505	1,452	1,644	1,281	1,541	1,566	1,585	1,603	1,731	1,726
Depreciation Expense	936	1,111	1,112	1,143	1,159	1,145	1,182	1,210	1,218	1,286	1,323
Other Operating Expenses / (Income)	338	394	340	341	350	396	384	375	385	445	403
Total Other Income / (Expense), net	-373	-322	-369	-381	-409	-409	-461	-456	-513	-460	-622
Interest Expense	561	582	610	620	634	665	694	692	692	714	874
Interest & Investment Income	104	113	99	98	102	103	82	89	100	105	90
Other Income / (Expense), net	84	147	142	141	123	153	151	147	79	149	162
Income Tax Expense	-96	97	98	297	4.00	223	290	377	79	280	289
Net Income / (Loss) Attributable to Noncontrolling Interest	-52	-63	-15	10	-59	-58	-15	0.00	-68	-64	-27
Basic Earnings per Share	($0.09)	$0.79	$0.77	$1.30	$0.78	$1.03	$1.10	$1.40	$0.49	$1.21	$0.80
Weighted Average Basic Shares Outstanding	1.08B	1.09B	1.09B	1.09B	1.09B	1.09B	1.10B	1.10B	1.10B	1.10B	1.10B
Diluted Earnings per Share	($0.09)	$0.79	$0.76	$1.29	$0.78	$1.03	$1.09	$1.39	$0.48	$1.21	$0.79
Weighted Average Diluted Shares Outstanding	1.08B	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.11B	1.11B
Weighted Average Basic & Diluted Shares Outstanding	1.13B	1.13B	1.13B	1.13B	1.13B	1.13B	1.14B	1.14B	1.14B	1.14B	1.14B
Cash Dividends to Common per Share	-	$0.68	$0.70	$0.70	-	$0.70	$0.72	$0.72	-	-	$0.74

This table details how cash moves in and out of Southern's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	51	694	489	155	-628	587	-910	761	208	-1,116	-26
Net Cash From Operating Activities	5,815	6,274	4,894	6,394	6,945	5,781	6,696	6,169	6,302	7,553	9,788
Net Cash From Continuing Operating Activities	6,316	6,847	4,811	6,394	6,945	5,909	6,696	6,169	6,251	7,530	9,582
Net Income / (Loss) Continuing Operations	2,031	2,435	2,529	926	2,300	4,744	3,103	2,309	3,428	3,849	4,260
Consolidated Net Income / (Loss)	2,031	2,435	2,529	926	2,300	4,744	3,103	2,309	3,428	3,849	4,260
Depreciation Expense	2,293	2,395	2,923	3,457	3,549	3,331	3,905	3,973	4,064	4,986	5,266
Non-Cash Adjustments To Reconcile Net Income	870	197	-1,635	2,798	1,008	-2,204	81	584	-1,743	-1,259	-1,580
Changes in Operating Assets and Liabilities, net	1,144	1,841	1,053	-787	175	38	-393	-697	502	-46	1,636
Net Cash From Investing Activities	-6,408	-7,280	-20,047	-7,190	-5,760	-3,392	-7,030	-7,353	-8,430	-9,668	-9,400
Net Cash From Continuing Investing Activities	-5,677	-6,824	-20,037	-7,190	-5,760	-3,392	-7,030	-7,353	-8,430	-9,668	-9,400
Purchase of Property, Plant & Equipment	-5,246	-5,674	-7,555	-7,423	-8,001	-7,555	-7,522	-7,586	-7,923	-9,095	-9,587
Purchase of Investments	-927	-1,584	-1,160	-811	-1,117	-888	-877	-1,598	-1,125	-1,142	-1,551
Divestitures	-	-	15	97	2,956	5,122	1,049	917	275	164	369
Sale and/or Maturity of Investments	914	1,430	1,154	805	1,111	882	871	1,593	1,112	1,121	1,535
Other Investing Activities, net	-418	665	-377	1,348	-530	-903	-551	-679	-769	-716	-166
Net Cash From Financing Activities	644	1,700	15,725	951	-1,813	-1,930	-576	1,945	2,336	999	-208
Net Cash From Continuing Financing Activities	645	4,883	15,722	951	-1,813	-1,930	-576	1,945	2,336	999	-208
Repayment of Debt	-1,592	-7,284	-4,135	-4,212	-8,471	-6,197	-6,719	-4,618	-3,790	-6,063	-3,242
Repurchase of Preferred Equity	0.00	-412	0.00	-658	-33	-	-	0.00	-298	0.00	0.00
Payment of Dividends	-1,866	-1,977	-2,176	-2,419	-2,578	-2,826	-2,956	-3,128	-3,166	-3,269	-3,139
Issuance of Debt	3,169	11,836	17,593	7,117	5,628	6,210	8,662	9,117	7,782	10,295	6,859
Issuance of Common Equity	814	597	4,440	873	3,641	1,040	437	574	1,808	36	143
Other Financing Activities, net	125	2,238	0.00	-	0.00	-157	-	-	-	-	-829
Cash Interest Paid	732	809	1,066	1,676	1,794	1,651	1,683	1,718	1,758	2,184	2,538
Cash Income Taxes Paid	272	-9.00	-148	-410	172	276	64	93	146	132	176

This table details how cash moves in and out of Southern's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Net Change in Cash & Equivalents	24	-820	1,027	-354	-969	-89	379	-156	-160	1,231	-1,067
Net Cash From Operating Activities	1,285	844	2,056	2,840	1,813	1,311	2,688	3,616	2,173	1,250	2,181
Net Cash From Continuing Operating Activities	1,234	844	2,081	2,820	1,785	1,311	2,684	3,620	1,967	1,250	2,181
Net Income / (Loss) Continuing Operations	-138	799	823	1,431	796	1,071	1,188	1,535	466	1,270	853
Consolidated Net Income / (Loss)	-138	799	823	1,431	796	1,071	1,188	1,535	466	1,270	853
Depreciation Expense	980	1,233	1,203	1,263	1,287	1,261	1,311	1,344	1,350	1,411	1,449
Non-Cash Adjustments To Reconcile Net Income	321	565	-1,046	-493	-285	28	-541	-440	-675	-281	-317
Changes in Operating Assets and Liabilities, net	71	-1,753	1,101	619	-13	-1,049	726	1,181	826	-1,150	196
Net Cash From Investing Activities	-2,478	-2,118	-2,170	-2,433	-2,947	-2,385	-1,837	-2,456	-2,722	-2,834	-2,900
Net Cash From Continuing Investing Activities	-2,478	-2,118	-2,170	-2,433	-2,947	-2,385	-1,837	-2,456	-2,722	-2,834	-2,900
Purchase of Property, Plant & Equipment	-2,421	-1,850	-2,048	-2,663	-2,534	-1,770	-2,125	-2,311	-3,381	-2,437	-2,800
Purchase of Investments	-267	-256	-470	-159	-257	-404	-335	-331	-481	-361	-416
Sale and/or Maturity of Investments	258	251	469	159	242	403	335	332	465	361	416
Other Investing Activities, net	-203	-366	-144	191	-397	-614	-57	-171	676	-397	-102
Net Cash From Financing Activities	1,217	454	1,141	-761	165	985	-472	-1,316	595	2,815	-348
Net Cash From Continuing Financing Activities	1,217	454	1,141	-761	165	985	-472	-1,316	595	2,815	-348
Repayment of Debt	-374	-1,058	-1,467	-2,190	-1,348	-1,321	-1,417	-1,861	1,366	-1,009	-1,545
Payment of Dividends	-825	-790	-716	-913	-850	-767	-720	-841	-811	-773	-787
Issuance of Debt	2,782	2,266	3,525	2,271	2,233	3,045	1,618	1,358	838	4,567	1,952
Issuance of Common Equity	-68	36	-14	4.00	10	28	47	28	31	30	32
Cash Interest Paid	333	652	391	651	490	714	521	780	523	756	531
Cash Income Taxes Paid	-14	-9.00	-31	51	121	-9.00	71	69	45	-1.00	200

This table presents Southern's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	1,983	73,626	20,801	26,846	116,914	118,700	122,935	127,534	134,891	139,331	145,180
Total Current Assets	948	6,526	3,160	3,520	9,583	9,817	8,617	8,965	10,416	10,432	10,694
Cash & Equivalents	-	1,404	-	-	1,396	1,975	1,065	1,798	1,917	748	1,070
Accounts Receivable	-	1,903	-	-	3,258	2,981	2,819	2,962	3,716	3,963	3,576
Inventories, net	-	1,929	1,262	1,190	2,394	2,388	2,488	2,355	2,677	3,352	3,369
Prepaid Expenses	943	495	524	832	432	314	276	330	347	406	294
Other Current Assets	5.00	651	1,374	1,498	2,103	2,159	1,969	1,520	1,759	1,963	1,672
Plant, Property, & Equipment, net	0.00	61,114	0.00	0.00	80,797	83,080	87,634	91,108	94,570	99,844	104,689
Plant, Property & Equipment, gross	-	85,367	-	-	111,835	113,845	120,031	125,187	129,867	136,711	143,532
Accumulated Depreciation	-	24,253	-	-	31,038	30,765	32,397	34,079	35,297	37,725	40,126
Total Noncurrent Assets	1,035	5,986	17,641	23,326	26,313	25,803	26,684	27,461	29,905	29,055	29,797
Long-Term Investments	743	921	3,864	3,765	12,943	2,482	2,316	1,935	2,045	2,033	2,084
Goodwill	2.00	2.00	12,218	18,202	5,315	5,280	5,280	5,280	5,161	5,161	5,161
Intangible Assets	47	317	1,336	1,153	613	536	487	445	406	368	332
Noncurrent Deferred & Refundable Income Taxes	0.00	2,029	-	-	794	798	796	824	866	886	889
Employee Benefit Assets	-	-	-	-	-	-	-	1,657	2,290	2,079	2,674
Other Noncurrent Operating Assets	-	2,249	-	-	6,117	15,806	17,525	17,062	13,135	12,849	12,996
Other Noncurrent Nonoperating Assets	243	468	223	206	531	901	280	258	6,002	5,679	5,661
Total Liabilities & Shareholders' Equity	4,491	78,318	8,944	6,310	116,914	118,700	122,935	127,534	134,891	139,331	145,180
Total Liabilities	2,539	56,175	5,478	4,335	87,584	86,650	90,410	94,967	100,359	104,106	108,506
Total Current Liabilities	2,533	9,129	4,724	3,304	14,286	12,546	12,079	10,921	15,724	13,467	15,993
Short-Term Debt	-	4,050	-	-	6,113	5,044	4,116	3,597	7,091	4,973	6,056
Accounts Payable	1,593	1,905	2,576	2,530	2,580	2,115	2,312	2,169	3,525	2,898	3,701
Accrued Expenses	-	777	-	-	1,030	992	1,025	1,070	1,127	1,151	1,261
Customer Deposits	-	404	-	-	522	496	487	479	502	503	486
Current Deferred & Payable Income Tax Liabilities	398	9.00	430	774	21	0.00	130	50	60	8.00	57
Other Taxes Payable	-	494	768	-	635	659	699	641	764	860	997
Other Current Liabilities	542	1,241	950	-	2,488	2,761	2,797	2,382	2,041	2,208	2,560
Other Current Nonoperating Liabilities	-	249	-	0.00	897	479	513	533	614	652	682
Total Noncurrent Liabilities	6.00	46,732	754	1,031	73,456	74,104	78,331	84,046	84,635	90,639	92,513
Long-Term Debt	-	24,688	-	300	40,894	41,798	45,073	50,120	50,656	57,210	58,768
Asset Retirement Reserve & Litigation Obligation	-	5,110	754	731	11,555	11,755	12,310	13,093	12,049	11,530	11,219
Noncurrent Deferred & Payable Income Tax Liabilities	-	13,728	-	-	15,390	16,257	16,177	16,479	17,404	17,731	18,220
Noncurrent Employee Benefit Liabilities	-	2,582	-	-	2,147	1,814	2,213	1,550	1,238	1,115	1,011
Other Noncurrent Operating Liabilities	6.00	624	-	-	634	2,480	2,558	2,804	1,900	1,746	3,295
Total Equity & Noncontrolling Interests	1,196	21,821	3,099	1,360	29,039	31,759	32,234	32,276	34,532	35,225	36,674
Total Preferred & Common Equity	0.00	20,431	0.00	0.00	24,723	27,505	27,972	27,874	30,408	31,444	36,674
Total Common Equity	0.00	20,431	0.00	0.00	24,761	27,505	27,972	27,874	30,408	31,444	36,674
Common Stock	-	10,854	-	-	16,258	16,991	17,102	17,229	19,090	19,198	36,674

This table presents Southern's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Total Assets	134,891	134,756	137,116	138,321	139,331	140,120	141,937	143,956	145,180	148,109	148,853
Total Current Assets	10,416	9,555	10,979	11,088	10,432	10,543	10,993	11,040	10,694	11,817	10,801
Cash & Equivalents	1,917	1,053	2,123	1,676	748	713	1,152	1,018	1,070	2,327	1,264
Accounts Receivable	3,716	3,400	3,746	2,699	3,963	3,245	3,587	3,728	4,289	3,567	3,666
Inventories, net	2,677	2,750	2,963	3,148	3,352	3,268	3,287	3,385	3,369	3,054	3,075
Prepaid Expenses	347	626	504	321	406	474	422	391	294	441	482
Other Current Assets	1,759	1,726	1,643	1,934	1,963	2,142	1,856	1,829	1,672	1,721	1,630
Plant, Property, & Equipment, net	94,570	95,630	96,767	98,254	99,844	100,470	101,888	102,897	104,689	106,329	108,141
Plant, Property & Equipment, gross	129,867	131,620	133,267	135,453	136,711	138,817	140,883	141,547	143,942	146,348	148,574
Accumulated Depreciation	35,297	35,990	36,500	37,199	37,725	38,347	38,995	39,536	40,126	40,909	41,703
Total Noncurrent Assets	29,905	29,571	29,370	27,700	29,055	29,107	29,056	30,019	29,797	29,963	29,911
Long-Term Investments	2,045	2,024	2,000	2,027	2,033	2,068	2,069	2,071	2,084	2,129	2,124
Goodwill	5,161	5,161	5,161	5,161	5,161	5,161	5,161	5,161	5,161	5,161	5,161
Intangible Assets	406	397	386	377	368	359	350	341	332	324	316
Noncurrent Deferred & Refundable Income Taxes	866	876	892	889	886	888	874	874	889	895	899
Employee Benefit Assets	2,290	2,384	2,478	2,574	2,079	2,184	2,279	2,375	2,674	2,781	2,881
Other Noncurrent Operating Assets	13,135	18,495	18,224	10,819	12,849	12,852	12,731	13,712	12,996	13,009	13,220
Other Noncurrent Nonoperating Assets	6,002	234	229	5,853	5,679	5,595	5,592	5,485	5,661	5,664	5,310
Total Liabilities & Shareholders' Equity	134,891	134,756	137,116	138,321	139,331	140,120	141,937	143,956	145,180	148,109	148,853
Total Liabilities	100,359	100,194	102,468	103,017	104,106	104,506	105,826	107,051	108,506	110,886	111,511
Total Current Liabilities	15,724	13,893	13,240	13,214	13,467	11,458	12,028	12,165	15,993	13,770	14,570
Short-Term Debt	7,091	6,917	5,710	4,802	4,973	4,409	4,134	2,364	6,256	5,682	6,353
Accounts Payable	3,525	2,365	2,493	2,942	2,898	2,154	2,445	3,950	3,701	3,094	2,948
Accrued Expenses	1,127	617	719	936	1,151	618	746	1,065	1,261	683	825
Customer Deposits	502	475	493	511	503	456	466	491	486	458	468
Current Deferred & Payable Income Tax Liabilities	60	52	76	177	8.00	76	49	37	57	53	20
Other Taxes Payable	764	435	627	862	860	503	722	985	997	600	800
Other Current Liabilities	2,041	2,545	2,470	2,014	2,208	2,659	2,764	2,477	2,360	2,584	2,274
Other Current Nonoperating Liabilities	614	487	652	573	652	583	702	570	682	600	775
Total Noncurrent Liabilities	84,635	86,301	123,322	89,803	90,639	93,048	93,798	94,886	92,513	97,116	96,941
Long-Term Debt	50,656	52,060	55,134	56,003	57,210	59,361	59,883	61,254	58,768	62,939	62,983
Asset Retirement Reserve & Litigation Obligation	12,049	12,130	12,059	11,812	11,530	11,646	11,609	11,184	11,219	11,184	10,890
Noncurrent Deferred & Payable Income Tax Liabilities	17,404	17,707	17,679	17,658	17,731	17,848	18,010	18,317	18,220	18,587	18,757
Noncurrent Employee Benefit Liabilities	1,238	1,222	1,217	1,184	1,115	1,096	1,109	1,064	1,011	983	993
Other Noncurrent Operating Liabilities	1,900	3,182	3,139	3,146	1,746	3,097	3,187	3,067	2,042	3,423	3,318
Total Equity & Noncontrolling Interests	34,532	34,562	34,648	35,304	35,225	35,614	36,111	36,905	36,674	37,223	37,342
Total Preferred & Common Equity	30,408	0.00	0.00	35,304	31,444	35,614	36,111	36,905	33,208	37,223	37,342
Total Common Equity	30,408	0.00	0.00	35,304	31,444	35,614	36,111	36,905	33,208	37,223	37,342
Common Stock	19,090	-	-	35,304	19,198	35,614	36,111	36,905	19,595	37,223	37,342

This table displays calculated financial ratios and metrics derived from Southern's official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	8.08%	-5.30%	13.76%	490.97%	-80.02%	-8.84%	-4.87%	13.44%	26.68%	-13.75%	5.83%
EBITDA Growth	7.57%	12.74%	11.83%	-15.66%	24.45%	45.73%	-21.19%	-8.97%	22.34%	14.41%	13.19%
EBIT Growth	13.36%	17.93%	6.91%	-38.62%	54.63%	85.55%	-37.22%	-17.31%	41.55%	8.67%	19.11%
NOPAT Growth	13.06%	16.84%	13.47%	-15.75%	27.66%	59.99%	-22.71%	-23.55%	31.51%	18.40%	11.57%
Net Income Growth	18.77%	19.89%	3.86%	-21.23%	15.46%	106.26%	-34.59%	-25.59%	48.46%	12.28%	10.68%
EPS Growth	16.58%	18.81%	-1.54%	-67.06%	158.33%	107.37%	-34.89%	-23.55%	45.54%	11.04%	10.22%
Operating Cash Flow Growth	-4.63%	7.89%	-22.00%	30.65%	8.62%	-16.76%	15.83%	-7.87%	2.16%	19.85%	29.59%
Free Cash Flow Firm Growth	80.22%	-1,565.53%	184.41%	-113.50%	-774.44%	91.57%	93.94%	-335.33%	403.41%	-157.29%	213.70%
Invested Capital Growth	-41.16%	2,950.78%	-74.44%	67.68%	244.06%	14.18%	6.15%	5.42%	1.80%	8.07%	4.27%
Revenue Q/Q Growth	0.00%	0.00%	20.40%	394.07%	-80.03%	-1.94%	1.01%	2.89%	4.57%	-3.82%	1.12%
EBITDA Q/Q Growth	0.45%	1,205.13%	1.73%	9.57%	-7.24%	1.09%	2.02%	-9.39%	3.60%	14.23%	-1.01%
EBIT Q/Q Growth	0.00%	0.00%	-0.46%	20.10%	-10.92%	2.66%	-0.16%	-17.31%	7.20%	21.04%	-2.49%
NOPAT Q/Q Growth	0.00%	0.00%	-1.58%	110.07%	-24.66%	1.13%	-0.06%	-18.53%	5.41%	23.26%	-4.68%
Net Income Q/Q Growth	0.00%	0.00%	-3.55%	216.19%	-36.06%	3.04%	-1.62%	-21.76%	4.42%	32.04%	-7.17%
EPS Q/Q Growth	0.00%	0.00%	-3.77%	55.56%	-9.21%	3.21%	-1.68%	-20.00%	3.49%	31.64%	-6.99%
Operating Cash Flow Q/Q Growth	-62.36%	304.77%	-10.73%	9.32%	4.72%	-8.77%	9.41%	-5.92%	3.23%	7.52%	3.82%
Free Cash Flow Firm Q/Q Growth	242.41%	-7,698.55%	162.11%	-111.14%	7.82%	-450.53%	-103.95%	86.78%	-60.63%	-788.99%	272.84%
Invested Capital Q/Q Growth	0.00%	7,935.83%	-81.48%	2.38%	-6.24%	0.48%	8.38%	-1.06%	4.66%	7.28%	3.21%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	40.27%	43.90%	100.00%	78.52%	40.93%	44.83%	48.57%	44.33%	36.30%	46.36%	49.93%
EBITDA Margin	31.78%	37.84%	37.19%	5.31%	33.06%	52.85%	43.78%	35.13%	33.93%	45.00%	48.14%
Operating Margin	19.72%	24.48%	22.55%	3.78%	17.84%	36.12%	23.98%	16.00%	18.34%	23.07%	26.45%
EBIT Margin	19.48%	24.26%	22.80%	2.37%	18.32%	37.29%	24.61%	17.94%	20.05%	25.26%	28.43%
Profit (Net Income) Margin	11.00%	13.92%	12.71%	1.69%	9.79%	22.15%	15.23%	9.99%	11.71%	15.24%	15.94%
Tax Burden Percent	67.52%	67.10%	72.67%	82.04%	83.67%	72.52%	88.76%	89.64%	81.17%	88.58%	81.47%
Interest Burden Percent	83.60%	85.53%	76.72%	87.21%	63.86%	81.90%	69.71%	62.12%	71.94%	68.11%	68.82%
Effective Tax Rate	32.48%	32.90%	27.33%	38.14%	16.33%	27.48%	11.24%	10.36%	18.83%	11.42%	18.53%
Return on Invested Capital (ROIC)	0.00%	13.55%	11.81%	18.26%	8.38%	8.08%	5.68%	4.11%	5.22%	5.88%	6.19%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	8.81%	6.90%	12.14%	3.77%	5.85%	2.88%	2.02%	3.35%	3.40%	3.56%
Return on Net Nonoperating Assets (RNNOA)	0.00%	6.80%	8.06%	54.96%	6.31%	7.38%	3.93%	2.99%	5.00%	5.15%	5.66%
Return on Equity (ROE)	118.60%	20.35%	19.88%	73.22%	14.69%	15.46%	9.61%	7.09%	10.22%	11.04%	11.85%
Cash Return on Invested Capital (CROIC)	0.00%	-96.97%	130.39%	-32.30%	-101.54%	-5.16%	-0.28%	-1.17%	3.43%	-1.87%	2.01%
Operating Return on Assets (OROA)	166.60%	11.22%	9.61%	11.69%	5.99%	6.78%	4.15%	3.31%	4.47%	4.65%	5.34%
Return on Assets (ROA)	94.04%	6.44%	5.36%	8.36%	3.20%	4.03%	2.57%	1.84%	2.61%	2.81%	2.99%
Return on Common Equity (ROCE)	0.00%	17.37%	15.96%	0.00%	11.62%	13.16%	8.26%	6.09%	8.88%	9.78%	10.66%
Return on Equity Simple (ROE_SIMPLE)	0.00%	11.92%	0.00%	0.00%	9.30%	17.25%	11.09%	8.28%	11.27%	12.24%	12.83%
Net Operating Profit after Tax (NOPAT)	2,459	2,873	3,260	2,747	3,506	5,610	4,336	3,315	4,359	5,161	5,758
NOPAT Margin	13.32%	16.43%	16.39%	2.34%	14.92%	26.19%	21.28%	14.34%	14.89%	20.44%	21.55%
Net Nonoperating Expense Percent (NNEP)	-14.13%	4.74%	4.92%	6.13%	4.61%	2.24%	2.80%	2.09%	1.86%	2.48%	2.62%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	4.65%	5.23%	5.59%
Cost of Revenue to Revenue	59.73%	56.10%	0.00%	21.48%	59.07%	55.17%	51.43%	55.67%	63.70%	53.64%	50.07%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	20.54%	19.42%	62.05%	20.88%	23.09%	8.72%	24.60%	28.33%	17.95%	23.29%	23.48%
Earnings before Interest and Taxes (EBIT)	3,598	4,243	4,536	2,784	4,305	7,988	5,015	4,147	5,870	6,379	7,598
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	5,869	6,617	7,400	6,241	7,767	11,319	8,920	8,120	9,934	11,365	12,864
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	1.48	0.00	0.00	1.49	2.06	2.06	2.41	2.41	2.39	2.79
Price to Tangible Book Value (P/TBV)	0.00	1.51	0.00	0.00	1.96	2.62	2.59	3.03	2.95	2.90	3.35
Price to Revenue (P/Rev)	1.63	1.73	1.80	0.32	1.58	2.65	2.82	2.90	2.50	2.97	3.47
Price to Earnings (P/E)	15.30	12.80	14.61	9.34	16.62	11.98	18.44	28.05	20.81	18.89	21.08
Dividend Yield	6.56%	6.79%	6.38%	6.44%	6.93%	4.72%	4.85%	4.30%	4.16%	4.19%	4.36%
Earnings Yield	6.54%	7.81%	6.84%	10.71%	6.02%	8.35%	5.42%	3.56%	4.81%	5.30%	4.74%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.33	3.15	1.91	1.15	1.40	1.37	1.47	1.57	1.53	1.68
Enterprise Value to Revenue (EV/Rev)	1.69	3.33	1.78	0.31	3.16	4.84	5.29	5.27	4.53	5.53	5.96
Enterprise Value to EBITDA (EV/EBITDA)	5.32	8.80	4.78	5.78	9.56	9.16	12.09	15.00	13.35	12.28	12.39
Enterprise Value to EBIT (EV/EBIT)	8.68	13.73	7.80	12.95	17.25	12.98	21.51	29.37	22.60	21.88	20.97
Enterprise Value to NOPAT (EV/NOPAT)	12.70	20.28	10.85	13.13	21.18	18.49	24.88	36.75	30.43	27.05	27.68
Enterprise Value to Operating Cash Flow (EV/OCF)	5.37	9.29	7.23	5.64	10.70	17.94	16.11	19.75	21.05	18.48	16.28
Enterprise Value to Free Cash Flow (EV/FCFF)	10.74	0.00	0.98	0.00	0.00	0.00	0.00	0.00	46.24	0.00	85.30
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	1.31	0.00	0.15	1.60	1.46	1.51	1.65	1.71	1.80	1.81
Long-Term Debt to Equity	0.00	1.12	0.00	0.15	1.39	1.30	1.39	1.54	1.51	1.66	1.64
Financial Leverage	-1.77	0.77	1.17	4.53	1.67	1.26	1.36	1.48	1.49	1.52	1.59
Leverage Ratio	1.26	3.16	3.71	8.76	4.59	3.84	3.74	3.85	3.91	3.93	3.96
Compound Leverage Factor	1.05	2.70	2.85	7.64	2.93	3.14	2.61	2.39	2.81	2.68	2.72
Debt to Total Capital	0.00%	56.66%	0.00%	13.19%	61.58%	59.37%	60.20%	62.26%	63.13%	64.32%	64.38%
Short-Term Debt to Total Capital	0.00%	7.99%	0.00%	0.00%	8.01%	6.39%	5.04%	4.17%	7.57%	5.04%	6.08%
Long-Term Debt to Total Capital	0.00%	48.68%	0.00%	13.19%	53.57%	52.98%	55.16%	58.09%	55.56%	59.28%	58.30%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	100.00%	3.06%	100.00%	86.81%	6.04%	5.76%	5.57%	5.44%	4.40%	3.83%	3.37%
Common Equity to Total Capital	0.00%	40.28%	0.00%	0.00%	32.44%	34.86%	34.23%	32.30%	32.46%	31.85%	32.26%
Debt to EBITDA	0.00	4.34	0.00	0.05	6.05	4.14	5.51	6.62	5.95	5.59	5.15
Net Debt to EBITDA	0.00	3.99	0.00	-0.56	4.21	3.74	5.14	6.16	5.55	5.34	4.91
Long-Term Debt to EBITDA	0.00	3.73	0.00	0.05	5.27	3.69	5.05	6.17	5.24	5.15	4.67
Debt to NOPAT	0.00	10.00	0.00	0.11	13.41	8.35	11.34	16.21	13.57	12.30	11.51
Net Debt to NOPAT	0.00	9.19	0.00	-1.26	9.32	7.56	10.56	15.08	12.66	11.76	10.96
Long-Term Debt to NOPAT	0.00	8.59	0.00	0.11	11.66	7.45	10.40	15.12	11.94	11.34	10.42
Altman Z-Score	21.44	0.90	5.50	9.93	0.63	0.90	0.78	0.81	0.87	0.86	0.96
Noncontrolling Interest Sharing Ratio	100.00%	14.64%	19.71%	100.00%	20.90%	14.85%	14.09%	14.20%	13.14%	11.33%	10.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.37	0.71	0.67	1.07	0.67	0.78	0.71	0.82	0.66	0.77	0.67
Quick Ratio	0.00	0.36	0.00	0.00	0.33	0.40	0.32	0.44	0.36	0.35	0.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,909	-42,628	35,983	-4,857	-42,475	-3,582	-217	-945	2,868	-1,643	1,868
Operating Cash Flow to CapEx	110.85%	111.96%	64.86%	86.14%	86.80%	76.52%	89.02%	81.32%	79.54%	83.05%	102.10%
Free Cash Flow to Firm to Interest Expense	3.48	-50.75	27.32	-1.14	-23.06	-2.06	-0.12	-0.51	1.42	-0.67	0.68
Operating Cash Flow to Interest Expense	6.96	7.47	3.72	1.50	3.77	3.33	3.68	3.36	3.12	3.09	3.57
Operating Cash Flow Less CapEx to Interest Expense	0.68	0.80	-2.01	-0.24	-0.57	-1.02	-0.45	-0.77	-0.80	-0.63	0.07
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	8.55	0.46	0.42	4.94	0.33	0.18	0.17	0.18	0.22	0.18	0.19
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	0.00	6.87	7.03	8.00	8.77	6.58	6.48
Inventory Turnover	0.00	0.00	0.00	20.60	7.75	4.94	4.30	5.31	7.41	4.49	3.98
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.00	0.26	0.24	0.26	0.32	0.26	0.26
Accounts Payable Turnover	5.44	5.61	0.00	9.89	5.43	5.03	4.73	5.74	6.55	4.22	4.06
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	0.00	53.16	51.95	45.65	41.62	55.50	56.35
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	17.72	47.13	73.86	84.93	68.70	49.24	81.23	91.66
Days Payable Outstanding (DPO)	67.14	65.07	0.00	36.90	67.19	72.52	77.11	63.56	55.71	86.54	90.00
Cash Conversion Cycle (CCC)	-67.14	-65.07	0.00	-19.18	-20.07	54.50	59.77	50.78	35.15	50.19	58.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-1,542	43,959	11,236	18,840	64,821	74,013	78,566	82,826	84,317	91,121	95,011
Invested Capital Turnover	-14.02	0.82	0.72	7.82	0.56	0.31	0.27	0.29	0.35	0.29	0.29
Increase / (Decrease) in Invested Capital	-450	45,501	-32,723	7,604	45,981	9,192	4,553	4,260	1,491	6,804	3,890
Enterprise Value (EV)	31,237	58,258	35,378	36,056	74,280	103,698	107,879	121,808	132,633	139,579	159,367
Market Capitalization	30,028	30,294	35,776	37,546	37,005	56,768	57,518	67,131	73,336	75,089	92,778
Book Value per Share	$0.00	$21.38	$0.00	$0.00	$22.99	$25.24	$25.49	$25.32	$26.92	$27.79	$29.22
Tangible Book Value per Share	($0.05)	$21.05	($13.20)	($18.40)	$17.48	$19.90	$20.24	$20.12	$21.99	$22.90	$24.38
Total Capital	1,952	50,720	3,466	2,275	76,337	78,892	81,714	86,284	93,667	98,715	102,951
Total Debt	0.00	28,738	0.00	300	47,007	46,842	49,189	53,717	59,135	63,490	66,277
Total Long-Term Debt	0.00	24,688	0.00	300	40,894	41,798	45,073	50,120	52,044	58,517	60,021
Net Debt	-743	26,413	-3,864	-3,465	32,668	42,385	45,808	49,984	55,173	60,709	63,123
Capital Expenditures (CapEx)	5,246	5,604	7,545	7,423	8,001	7,555	7,522	7,586	7,923	9,095	9,587
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,585	43	-1,564	216	14	340	-411	-157	-134	1,190	-113
Debt-free Net Working Capital (DFNWC)	-1,585	1,447	-1,564	216	1,410	2,315	654	1,641	1,783	1,938	957
Net Working Capital (NWC)	-1,585	-2,603	-1,564	216	-4,703	-2,729	-3,462	-1,956	-5,308	-3,035	-5,299
Net Nonoperating Expense (NNE)	428	438	731	755	1,206	866	1,233	1,006	931	1,312	1,498
Net Nonoperating Obligations (NNO)	-3,494	21,977	7,770	16,865	35,491	41,963	46,041	50,259	49,785	55,896	58,337
Total Depreciation and Amortization (D&A)	2,271	2,374	2,864	3,457	3,462	3,331	3,905	3,973	4,064	4,986	5,266
Debt-free, Cash-free Net Working Capital to Revenue	-8.58%	0.25%	-7.86%	0.18%	0.06%	1.59%	-2.02%	-0.68%	-0.46%	4.71%	-0.42%
Debt-free Net Working Capital to Revenue	-8.58%	8.27%	-7.86%	0.18%	6.00%	10.81%	3.21%	7.10%	6.09%	7.67%	3.58%
Net Working Capital to Revenue	-8.58%	-14.88%	-7.86%	0.18%	-20.02%	-12.74%	-16.99%	-8.46%	-18.13%	-12.02%	-19.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.19	$2.60	$2.57	$0.84	$2.18	$4.53	$2.95	$2.26	$3.28	$3.64	$4.02
Adjusted Weighted Average Basic Shares Outstanding	897M	910M	951M	1B	1.02B	1.05B	1.06B	1.06B	1.08B	1.09B	1.10B
Adjusted Diluted Earnings per Share	$2.18	$2.59	$2.55	$0.84	$2.17	$4.50	$2.93	$2.24	$3.26	$3.62	$3.99
Adjusted Weighted Average Diluted Shares Outstanding	901M	914M	958M	1.01B	1.03B	1.05B	1.07B	1.07B	1.08B	1.10B	1.10B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$4.53	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	956.44M	959.41M	1.04B	1.06B	1.08B	1.10B	1.10B	1.10B	1.13B	1.13B	1.14B
Normalized Net Operating Profit after Tax (NOPAT)	3,045	3,118	3,258	2,745	4,326	3,869	4,567	4,833	4,508	5,101	5,741
Normalized NOPAT Margin	16.49%	17.83%	16.37%	2.34%	18.41%	18.06%	22.41%	20.91%	15.40%	20.20%	21.48%
Pre Tax Income Margin	16.29%	20.75%	17.49%	2.07%	11.70%	30.54%	17.16%	11.15%	14.42%	17.21%	19.57%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	4.31	5.05	3.44	0.65	2.34	4.60	2.75	2.26	2.90	2.61	2.77
NOPAT to Interest Expense	2.95	3.42	2.48	0.65	1.90	3.23	2.38	1.80	2.16	2.11	2.10
EBIT Less CapEx to Interest Expense	-1.97	-1.62	-2.28	-1.09	-2.01	0.25	-1.38	-1.87	-1.02	-1.11	-0.73
NOPAT Less CapEx to Interest Expense	-3.34	-3.25	-3.25	-1.10	-2.44	-1.12	-1.75	-2.33	-1.76	-1.61	-1.40
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	91.88%	81.19%	86.04%	121.44%	112.09%	59.57%	95.26%	135.47%	92.36%	84.93%	73.69%
Augmented Payout Ratio	92.12%	85.91%	86.04%	121.44%	112.09%	59.57%	95.26%	135.47%	92.36%	84.93%	73.69%

This table displays calculated financial ratios and metrics derived from Southern's official financial filings.

Metric	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025
Period end date	12/31/2022	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	22.20%	-2.53%	-20.23%	-16.69%	-14.22%	2.56%	12.44%	4.21%	4.90%	16.99%	7.89%
EBITDA Growth	40.26%	3.18%	-5.89%	2.93%	117.80%	19.98%	29.07%	9.82%	-5.00%	14.53%	-0.76%
EBIT Growth	229.07%	-10.73%	-20.18%	-3.18%	499.55%	35.97%	45.95%	11.73%	-14.58%	16.33%	-7.85%
NOPAT Growth	141.69%	-7.82%	-10.90%	1.87%	1,144.26%	29.77%	35.20%	8.79%	-24.74%	16.84%	-15.46%
Net Income Growth	51.06%	-19.37%	-24.43%	-3.70%	671.94%	34.04%	44.35%	7.19%	-41.38%	18.58%	-28.20%
EPS Growth	55.00%	-18.56%	-26.21%	-4.44%	966.67%	30.38%	43.42%	7.75%	-38.46%	17.48%	-27.52%
Operating Cash Flow Growth	18.11%	-46.98%	3.47%	97.50%	41.09%	55.33%	30.74%	27.32%	19.86%	-4.65%	-18.86%
Free Cash Flow Firm Growth	68.96%	11.54%	498.91%	-153.95%	-301.75%	120.60%	-213.83%	-98.93%	46.71%	-350.79%	82.75%
Invested Capital Growth	1.80%	8.47%	-31.90%	5.43%	8.07%	0.19%	58.29%	8.39%	4.27%	5.22%	7.50%
Revenue Q/Q Growth	-15.89%	-8.05%	-11.30%	21.43%	-13.40%	9.94%	-2.75%	12.55%	-12.83%	22.61%	-10.32%
EBITDA Q/Q Growth	-64.79%	116.14%	1.42%	33.36%	-25.50%	19.06%	9.11%	13.47%	-35.55%	43.55%	-5.46%
EBIT Q/Q Growth	-90.45%	514.86%	4.91%	57.19%	-40.87%	39.44%	12.61%	20.33%	-54.79%	89.89%	-10.79%
NOPAT Q/Q Growth	-94.37%	1,024.37%	6.13%	51.60%	-31.22%	17.27%	10.57%	21.98%	-52.41%	82.05%	-20.00%
Net Income Q/Q Growth	-109.35%	674.82%	3.00%	74.00%	-44.48%	34.72%	10.92%	29.21%	-69.64%	172.53%	-32.83%
EPS Q/Q Growth	-106.67%	977.78%	-3.80%	69.74%	-39.53%	32.05%	5.83%	27.52%	-65.47%	152.08%	-34.71%
Operating Cash Flow Q/Q Growth	-10.64%	-34.32%	143.60%	38.13%	-36.16%	-27.69%	105.03%	34.52%	-39.91%	-42.48%	74.48%
Free Cash Flow Firm Q/Q Growth	-128.67%	-329.85%	570.08%	-109.31%	-113.46%	138.55%	-2,697.90%	83.72%	42.82%	-3.71%	-78.69%
Invested Capital Q/Q Growth	4.66%	7.59%	-36.40%	47.20%	7.28%	2.44%	0.48%	0.80%	3.21%	0.65%	2.66%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	23.22%	42.02%	47.70%	53.78%	41.17%	48.81%	53.91%	54.34%	41.97%	48.12%	50.05%
EBITDA Margin	17.06%	40.09%	45.84%	50.34%	43.31%	46.90%	52.62%	53.05%	39.22%	45.92%	48.40%
Operating Margin	1.96%	18.80%	22.44%	30.23%	19.98%	25.62%	30.00%	32.55%	16.69%	25.85%	25.30%
EBIT Margin	3.15%	21.06%	24.91%	32.25%	22.02%	27.93%	32.34%	34.58%	17.93%	27.77%	27.62%
Profit (Net Income) Margin	-1.97%	12.33%	14.32%	20.52%	13.15%	16.12%	18.38%	21.10%	7.35%	16.33%	12.23%
Tax Burden Percent	59.15%	89.17%	89.36%	82.82%	99.50%	82.77%	80.38%	80.28%	85.50%	81.94%	74.69%
Interest Burden Percent	-105.86%	65.64%	64.32%	76.81%	60.03%	69.72%	70.72%	76.02%	47.93%	71.79%	59.29%
Effective Tax Rate	0.00%	10.83%	10.64%	17.18%	0.50%	17.23%	19.62%	19.72%	14.50%	18.06%	25.31%
Return on Invested Capital (ROIC)	0.48%	5.60%	7.79%	7.94%	5.72%	5.94%	8.46%	7.81%	4.10%	6.33%	5.66%
ROIC Less NNEP Spread (ROIC-NNEP)	0.01%	5.06%	6.90%	7.28%	4.95%	5.33%	7.51%	7.11%	3.33%	5.66%	4.86%
Return on Net Nonoperating Assets (RNNOA)	0.01%	8.01%	7.58%	9.68%	7.51%	8.46%	8.31%	10.31%	5.29%	8.84%	7.67%
Return on Equity (ROE)	0.49%	13.61%	15.36%	17.62%	13.23%	14.40%	16.77%	18.12%	9.39%	15.17%	13.33%
Cash Return on Invested Capital (CROIC)	3.43%	-3.24%	43.74%	-0.22%	-1.87%	5.85%	-37.23%	-1.22%	2.01%	1.34%	-1.14%
Operating Return on Assets (OROA)	0.70%	4.66%	5.14%	6.22%	4.06%	5.17%	6.06%	6.47%	3.37%	5.37%	5.39%
Return on Assets (ROA)	-0.44%	2.73%	2.96%	3.96%	2.42%	2.98%	3.44%	3.95%	1.38%	3.16%	2.39%
Return on Common Equity (ROCE)	0.43%	6.58%	7.47%	17.56%	11.73%	7.31%	8.56%	18.12%	8.44%	15.17%	13.33%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	8.26%	0.00%	11.57%	12.42%	12.43%	0.00%	11.98%	0.00%
Net Operating Profit after Tax (NOPAT)	97	1,086	1,153	1,748	1,202	1,410	1,559	1,901	905	1,647	1,318
NOPAT Margin	1.37%	16.76%	20.05%	25.04%	19.88%	21.21%	24.11%	26.14%	14.27%	21.18%	18.90%
Net Nonoperating Expense Percent (NNEP)	0.47%	0.54%	0.89%	0.67%	0.77%	0.61%	0.95%	0.70%	0.77%	0.66%	0.80%
Return On Investment Capital (ROIC_SIMPLE)	0.10%	-	-	-	1.22%	-	-	-	0.88%	1.56%	1.24%
Cost of Revenue to Revenue	76.78%	57.98%	52.30%	46.22%	58.83%	51.19%	46.09%	45.66%	58.04%	51.88%	49.95%
SG&A Expenses to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	21.26%	23.23%	25.26%	23.55%	21.19%	23.19%	23.91%	21.79%	25.28%	22.26%	24.75%
Earnings before Interest and Taxes (EBIT)	222	1,365	1,432	2,251	1,331	1,856	2,090	2,515	1,137	2,159	1,926
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,202	2,598	2,635	3,514	2,618	3,117	3,401	3,859	2,487	3,570	3,375
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	2.41	0.00	0.00	1.98	2.39	2.24	2.42	2.77	2.79	2.81	2.80
Price to Tangible Book Value (P/TBV)	2.95	0.00	0.00	2.34	2.90	2.65	2.85	3.26	3.35	3.30	3.29
Price to Revenue (P/Rev)	2.50	2.52	2.71	2.66	2.97	3.14	3.34	3.87	3.47	3.76	3.69
Price to Earnings (P/E)	20.81	21.89	24.29	22.99	18.89	18.80	18.94	21.69	21.08	22.71	24.44
Dividend Yield	4.16%	4.19%	4.14%	4.48%	4.19%	4.96%	4.58%	3.93%	4.36%	3.13%	3.16%
Earnings Yield	4.81%	4.57%	4.12%	4.35%	5.30%	5.32%	5.28%	4.61%	4.74%	4.40%	4.09%
Enterprise Value to Invested Capital (EV/IC)	1.57	1.43	2.28	1.49	1.53	1.55	1.62	1.77	1.68	1.76	1.74
Enterprise Value to Revenue (EV/Rev)	4.53	4.44	4.76	4.83	5.53	5.54	5.67	6.16	5.96	6.06	6.02
Enterprise Value to EBITDA (EV/EBITDA)	13.35	12.92	13.37	12.75	12.28	11.85	11.70	12.54	12.39	12.67	12.84
Enterprise Value to EBIT (EV/EBIT)	22.60	22.67	24.64	24.07	21.88	20.49	19.67	20.91	20.97	21.36	22.05
Enterprise Value to NOPAT (EV/NOPAT)	30.43	30.37	31.91	30.30	27.05	25.67	25.13	26.97	27.68	28.15	29.59
Enterprise Value to Operating Cash Flow (EV/OCF)	21.05	23.29	23.41	18.06	18.48	17.55	17.11	17.28	16.28	17.35	18.51
Enterprise Value to Free Cash Flow (EV/FCFF)	46.24	0.00	4.23	0.00	0.00	26.52	0.00	0.00	85.30	134.76	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.71	1.71	1.76	1.72	1.80	1.79	1.77	1.72	1.81	1.84	1.86
Long-Term Debt to Equity	1.51	1.51	1.59	1.59	1.66	1.67	1.66	1.66	1.64	1.69	1.69
Financial Leverage	1.49	1.58	1.10	1.33	1.52	1.59	1.11	1.45	1.59	1.56	1.58
Leverage Ratio	3.91	3.90	3.95	3.83	3.93	3.92	3.94	3.91	3.96	3.96	3.96
Compound Leverage Factor	-4.14	2.56	2.54	2.95	2.36	2.73	2.79	2.97	1.90	2.84	2.35
Debt to Total Capital	63.13%	63.05%	63.72%	63.27%	64.32%	64.17%	63.94%	63.29%	64.38%	64.83%	65.00%
Short-Term Debt to Total Capital	7.57%	7.39%	5.98%	5.00%	5.04%	4.44%	4.13%	2.35%	6.08%	5.37%	5.96%
Long-Term Debt to Total Capital	55.56%	55.66%	57.74%	58.27%	59.28%	59.73%	59.81%	60.94%	58.30%	59.46%	59.04%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	4.40%	0.00%	0.00%	0.00%	3.83%	0.00%	0.00%	0.00%	3.37%	0.00%	0.00%
Common Equity to Total Capital	32.46%	0.00%	0.00%	36.73%	31.85%	35.83%	36.06%	36.71%	32.26%	35.17%	35.00%
Debt to EBITDA	5.95	5.89	6.18	6.11	5.59	5.37	5.06	4.90	5.15	5.15	5.22
Net Debt to EBITDA	5.55	5.58	5.76	5.74	5.34	5.13	4.81	4.66	4.91	4.82	4.96
Long-Term Debt to EBITDA	5.24	5.20	5.60	5.63	5.15	5.00	4.73	4.71	4.67	4.73	4.74
Debt to NOPAT	13.57	13.85	14.75	14.52	12.30	11.63	10.87	10.53	11.51	11.45	12.02
Net Debt to NOPAT	12.66	13.13	13.75	13.64	11.76	11.12	10.32	10.02	10.96	10.70	11.44
Long-Term Debt to NOPAT	11.94	12.23	13.36	13.37	11.34	10.83	10.17	10.14	10.42	10.50	10.92
Altman Z-Score	0.73	0.65	0.66	0.63	0.74	0.68	0.72	0.81	0.81	0.79	0.77
Noncontrolling Interest Sharing Ratio	13.14%	51.65%	51.38%	0.34%	11.33%	49.25%	48.97%	0.00%	10.08%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.66	0.69	0.83	0.84	0.77	0.92	0.91	0.91	0.67	0.86	0.74
Quick Ratio	0.36	0.32	0.44	0.33	0.35	0.35	0.39	0.39	0.34	0.43	0.34
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,394	-5,994	28,176	-2,624	-5,602	1,235	-32,071	-5,221	-2,985	-3,096	-5,532
Operating Cash Flow to CapEx	53.08%	48.31%	101.53%	108.23%	71.55%	74.07%	151.01%	158.18%	64.27%	51.29%	77.89%
Free Cash Flow to Firm to Interest Expense	-2.49	-10.30	46.19	-4.23	-8.84	1.86	-46.21	-7.54	-4.31	-4.34	-6.33
Operating Cash Flow to Interest Expense	2.29	1.45	3.37	4.58	2.86	1.97	3.87	5.23	3.14	1.75	2.50
Operating Cash Flow Less CapEx to Interest Expense	-2.03	-1.55	0.05	0.35	-1.14	-0.69	1.31	1.92	-1.75	-1.66	-0.71
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.22	0.22	0.21	0.19	0.18	0.18	0.19	0.19	0.19	0.19	0.20
Accounts Receivable Turnover	8.77	9.01	7.61	8.80	6.58	7.65	7.13	8.22	6.48	8.18	7.82
Inventory Turnover	7.41	7.47	6.45	5.20	4.49	4.38	4.21	4.06	3.98	4.43	4.57
Fixed Asset Turnover	0.32	0.31	0.29	0.27	0.26	0.26	0.26	0.26	0.26	0.27	0.27
Accounts Payable Turnover	6.55	7.86	6.26	5.03	4.22	5.84	5.33	3.85	4.06	5.34	5.39
Days Sales Outstanding (DSO)	41.62	40.52	47.98	41.48	55.50	47.71	51.21	44.38	56.35	44.63	46.67
Days Inventory Outstanding (DIO)	49.24	48.84	56.62	70.22	81.23	83.27	86.65	89.93	91.66	82.33	79.86
Days Payable Outstanding (DPO)	55.71	46.45	58.31	72.54	86.54	62.53	68.46	94.87	90.00	68.34	67.70
Cash Conversion Cycle (CCC)	35.15	42.91	46.28	39.17	50.19	68.45	69.40	39.44	58.02	58.62	58.83
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	84,317	90,715	57,698	84,934	91,121	90,890	91,328	92,056	95,011	95,633	98,178
Invested Capital Turnover	0.35	0.33	0.39	0.32	0.29	0.28	0.35	0.30	0.29	0.30	0.30
Increase / (Decrease) in Invested Capital	1,491	7,080	-27,023	4,372	6,804	175	33,630	7,122	3,890	4,743	6,850
Enterprise Value (EV)	132,633	129,332	131,660	126,867	139,579	140,766	148,062	162,927	159,367	168,779	170,632
Market Capitalization	73,336	73,432	74,939	69,765	75,089	79,777	87,266	102,398	92,778	104,614	104,684
Book Value per Share	$26.92	$0.00	$0.00	$31.20	$27.79	$32.55	$31.83	$32.50	$29.22	$32.72	$32.76
Tangible Book Value per Share	$21.99	($4.92)	($4.90)	$26.31	$22.90	$27.51	$26.98	$27.66	$24.38	$27.90	$27.95
Total Capital	93,667	93,539	95,492	96,109	98,715	99,384	100,128	100,523	102,951	105,844	106,678
Total Debt	59,135	58,977	60,844	60,805	63,490	63,770	64,017	63,618	66,277	68,621	69,336
Total Long-Term Debt	52,044	52,060	55,134	56,003	58,517	59,361	59,883	61,254	60,021	62,939	62,983
Net Debt	55,173	55,900	56,721	57,102	60,709	60,989	60,796	60,529	63,123	64,165	65,948
Capital Expenditures (CapEx)	2,421	1,747	2,025	2,624	2,534	1,770	1,780	2,286	3,381	2,437	2,800
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-134	1,526	1,326	1,000	1,190	2,781	1,947	221	-113	1,402	1,320
Debt-free Net Working Capital (DFNWC)	1,783	2,579	3,449	2,676	1,938	3,494	3,099	1,239	957	3,729	2,584
Net Working Capital (NWC)	-5,308	-4,338	-2,261	-2,126	-3,035	-915	-1,035	-1,125	-5,299	-1,953	-3,769
Net Nonoperating Expense (NNE)	236	287	330	316	407	339	371	366	439	377	465
Net Nonoperating Obligations (NNO)	49,785	56,153	23,050	49,630	55,896	55,276	55,217	55,151	58,337	58,410	60,836
Total Depreciation and Amortization (D&A)	980	1,233	1,203	1,263	1,287	1,261	1,311	1,344	1,350	1,411	1,449
Debt-free, Cash-free Net Working Capital to Revenue	-0.46%	5.24%	4.80%	3.81%	4.71%	10.94%	7.45%	0.84%	-0.42%	5.03%	4.65%
Debt-free Net Working Capital to Revenue	6.09%	8.86%	12.47%	10.19%	7.67%	13.75%	11.86%	4.69%	3.58%	13.39%	9.11%
Net Working Capital to Revenue	-18.13%	-14.90%	-8.18%	-8.10%	-12.02%	-3.60%	-3.96%	-4.26%	-19.83%	-7.01%	-13.29%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.09)	$0.79	$0.77	$1.30	$0.78	$1.03	$1.10	$1.40	$0.49	$1.21	$0.80
Adjusted Weighted Average Basic Shares Outstanding	1.08B	1.09B	1.09B	1.09B	1.09B	1.09B	1.10B	1.10B	1.10B	1.10B	1.10B
Adjusted Diluted Earnings per Share	($0.09)	$0.79	$0.76	$1.29	$0.78	$1.03	$1.09	$1.39	$0.48	$1.21	$0.79
Adjusted Weighted Average Diluted Shares Outstanding	1.08B	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.11B	1.11B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.13B	1.13B	1.13B	1.13B	1.13B	1.13B	1.14B	1.14B	1.14B	1.14B	1.14B
Normalized Net Operating Profit after Tax (NOPAT)	253	1,086	1,153	1,880	1,202	1,410	1,542	1,901	905	1,647	1,318
Normalized NOPAT Margin	3.60%	16.76%	20.05%	26.94%	19.88%	21.21%	23.85%	26.14%	14.27%	21.18%	18.90%
Pre Tax Income Margin	-3.33%	13.83%	16.02%	24.77%	13.22%	19.47%	22.87%	26.29%	8.59%	19.94%	16.38%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.40	2.35	2.35	3.63	2.10	2.79	3.01	3.63	1.64	3.02	2.20
NOPAT to Interest Expense	0.17	1.87	1.89	2.82	1.90	2.12	2.25	2.75	1.31	2.31	1.51
EBIT Less CapEx to Interest Expense	-3.92	-0.66	-0.97	-0.60	-1.90	0.13	0.45	0.33	-3.24	-0.39	-1.00
NOPAT Less CapEx to Interest Expense	-4.14	-1.14	-1.43	-1.41	-2.10	-0.54	-0.32	-0.56	-3.58	-1.11	-1.70
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	92.36%	97.56%	105.45%	111.29%	84.93%	78.77%	72.45%	69.25%	73.69%	70.53%	76.50%
Augmented Payout Ratio	92.36%	97.56%	105.45%	111.29%	84.93%	78.77%	72.45%	69.25%	73.69%	70.53%	76.50%

Key Financial Trends

Southern Co (NYSE:SO) has demonstrated generally stable financial performance over the last several quarters with some notable trends and developments worth highlighting for investors:

Strong and steady net income growth: Quarterly consolidated net income has risen from $799 million in Q1 2023 to $853 million in Q2 2025, showing consistent profitability improvements.
Operating revenue growth: Operating revenue increased from roughly $6.48 billion in Q1 2023 to about $6.97 billion in Q2 2025, indicating growth in core business revenues.
Robust operating cash flow: Net cash from continuing operating activities consistently exceeds $1.2 billion quarterly, reaching $2.18 billion in Q2 2025, reflecting strong cash generation.
Capital investments reflecting growth strategy: Periodic investments in property, plant, and equipment remain significant, e.g., $2.8 billion in Q2 2025, signaling ongoing infrastructure and capacity expansion.
Dividend payments maintained and growing: Quarterly dividends per share increased modestly from $0.68 in early 2023 to $0.74 by Q2 2025, supporting income-focused investors.
Use of debt financing: Southern issued substantial debt in multiple periods (e.g., $1.95 billion in Q2 2025), reflecting reliance on debt, but repayments also continue, indicating active balance sheet management.
Stable asset base: Total assets have grown steadily from about $134 billion in early 2023 to nearly $149 billion in mid-2025, reflecting ongoing investments and expansion.
Equity base modestly expanding: Total common equity increased from roughly $35 billion in 2023 to $37.3 billion by Q2 2025, showing retained earnings growth.
Rising operating cost of revenue: Costs rose alongside revenues, from about $3.4 billion in Q1 2023 to $3.48 billion in Q2 2025, pressuring gross margins slightly.
Declining gross profit in late 2024: Gross profit was weaker in Q4 2024 ($2.66 billion) compared to prior quarters, indicating some margin compression before partial recovery.
Significant net cash outflow from investing activities: High CAPEX and investments have resulted in negative investing cash flow (around -$2.9 billion in Q2 2025), which may pressure liquidity despite strong operating cash flow.

Overall, Southern Co has shown solid profitability and cash flow generation with strategic capital investments supporting growth and modernization. The company maintains a strong asset and equity base but is also leveraging debt to fund investments. Margins saw some pressure in 2024 which investors should monitor. The steady increase in dividends and net income underscores management's confidence in financial health.

Retail investors may view the company as a stable dividend-paying utility with reasonable growth prospects supported by infrastructure spending. However, monitoring cost trends, debt levels, and margin progression remains important for assessing ongoing financial resilience.

08/24/25 04:26 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Southern's Financials

When does Southern's financial year end?

According to the most recent income statement we have on file, Southern's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Southern's net income changed over the last 10 years?

Southern's net income appears to be on an upward trend, with a most recent value of $4.26 billion in 2024, rising from $2.03 billion in 2014. The previous period was $3.85 billion in 2023. Find out what analysts predict for Southern in the coming months.

What is Southern's operating income?

Southern's total operating income in 2024 was $7.07 billion, based on the following breakdown:

Total Gross Profit: $13.34 billion
Total Operating Expenses: $6.27 billion

How has Southern's revenue changed over the last 10 years?

Over the last 10 years, Southern's total revenue changed from $18.47 billion in 2014 to $26.72 billion in 2024, a change of 44.7%.

How much debt does Southern have?

Southern's total liabilities were at $108.51 billion at the end of 2024, a 4.2% increase from 2023, and a 4,173.6% increase since 2014.

How much cash does Southern have?

In the past 10 years, Southern's cash and equivalents has ranged from $0.00 in 2014 to $1.98 billion in 2019, and is currently $1.07 billion as of their latest financial filing in 2024.

How has Southern's book value per share changed over the last 10 years?

Over the last 10 years, Southern's book value per share changed from 0.00 in 2014 to 29.22 in 2024, a change of 2,921.7%.

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This page (NYSE:SO) was last updated on 8/24/2025 by MarketBeat.com Staff

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Southern (SO) Financials

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Southern (SO) Financials

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