Southern (SO) Financials

$94.67 +0.12 (+0.12%)

Closing price 05/22/2026 03:59 PM Eastern

Extended Trading

$93.88 -0.79 (-0.84%)

As of 05/22/2026 07:59 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	2,367	2,448	4,020	2,226	4,739	3,119	2,393	3,524	3,976	4,401	4,341
Consolidated Net Income / (Loss)	2,435	2,529	1,992	2,300	4,744	3,103	2,309	3,428	3,849	4,260	4,171
Net Income / (Loss) Continuing Operations	2,435	5,594	62,514	2,300	4,744	3,103	2,309	3,428	3,849	4,260	4,171
Total Pre-Tax Income	3,629	3,480	2,428	2,749	6,542	3,496	2,576	4,223	4,345	5,229	4,999
Total Operating Income	4,282	4,486	4,440	4,191	7,736	4,885	3,698	5,370	5,826	7,068	7,285
Total Gross Profit	7,678	19,896	92,326	9,616	9,603	9,897	10,247	10,627	11,776	13,363	14,324
Total Revenue	17,489	19,896	117,579	23,495	21,419	20,375	23,113	29,279	25,253	26,724	29,553
Operating Revenue	17,442	19,896	117,579	23,495	21,419	20,375	23,113	29,279	25,253	26,724	29,553
Total Cost of Revenue	9,811	0.00	25,253	13,879	11,816	10,478	12,866	18,652	13,477	13,361	15,229
Operating Cost of Revenue	9,811	-	25,253	13,879	11,816	10,478	12,866	18,652	13,477	13,361	15,229
Total Operating Expenses	3,396	12,345	24,547	5,425	1,867	5,012	6,549	5,257	5,950	6,295	7,039
Depreciation Expense	2,034	5,425	6,680	3,131	3,038	3,518	3,565	3,663	4,525	4,755	5,501
Other Operating Expenses / (Income)	997	6,923	9,103	1,315	1,230	1,234	1,290	1,411	1,425	1,540	1,538
Total Other Income / (Expense), net	-653	-1,006	-5,532	-1,442	-1,194	-1,389	-1,122	-1,147	-1,481	-1,839	-2,286
Interest Expense	840	1,317	4,253	1,842	1,736	1,821	1,837	2,022	2,446	2,743	3,238
Interest & Investment Income	226	261	377	286	290	302	266	375	412	374	452
Other Income / (Expense), net	-39	50	-1,656	114	252	130	449	500	553	530	500
Income Tax Expense	1,194	951	926	449	1,798	393	267	795	496	969	828
Net Income / (Loss) Attributable to Noncontrolling Interest	14	36	92	58	-10	-31	-99	-107	-127	-141	-170
Basic Earnings per Share	$2.60	$2.57	$0.84	$2.18	$4.53	$2.95	$2.26	$3.28	$3.64	$4.02	$3.94
Weighted Average Basic Shares Outstanding	910M	951M	1B	1.02B	1.05B	1.06B	1.06B	1.08B	1.09B	1.10B	1.10B
Diluted Earnings per Share	$2.59	$2.55	$0.84	$2.17	$4.50	$2.93	$2.24	$3.26	$3.62	$3.99	$3.92
Weighted Average Diluted Shares Outstanding	914M	958M	1.01B	1.03B	1.05B	1.07B	1.07B	1.08B	1.10B	1.10B	1.11B
Weighted Average Basic & Diluted Shares Outstanding	884.20M	1.04B	1.00B	1.08B	1.10B	1.10B	1.10B	1.13B	1.13B	1.14B	1.16B
Cash Dividends to Common per Share	$2.15	$2.22	$2.30	$2.38	$2.46	$2.54	$2.62	$2.70	$5.56	$5.72	$2.94

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	1,422	854	1,129	1,203	1,535	534	1,334	880	1,711	416	1,356
Consolidated Net Income / (Loss)	1,432	795	1,071	1,188	1,535	466	1,270	853	1,707	341	1,338
Net Income / (Loss) Continuing Operations	1,432	795	1,071	1,188	1,535	466	1,270	853	1,707	341	1,338
Total Pre-Tax Income	1,729	799	1,294	1,478	1,912	545	1,550	1,142	2,111	196	1,566
Total Operating Income	2,110	1,208	1,703	1,939	2,368	1,058	2,010	1,764	2,594	917	2,018
Total Gross Profit	3,754	2,489	3,244	3,505	3,953	2,661	3,741	3,490	4,304	2,789	3,902
Total Revenue	6,980	6,045	6,646	6,463	7,274	6,341	7,775	6,973	7,823	6,982	8,397
Operating Revenue	6,980	6,045	6,646	6,463	7,274	6,341	7,775	6,973	7,823	6,982	8,397
Total Cost of Revenue	3,226	3,556	3,402	2,958	3,321	3,680	4,034	3,483	3,519	4,193	4,495
Operating Cost of Revenue	3,226	3,556	3,402	2,958	3,321	3,680	4,034	3,483	3,519	4,193	4,495
Total Operating Expenses	1,644	1,281	1,541	1,566	1,585	1,603	1,731	1,726	1,710	1,872	1,884
Depreciation Expense	1,143	1,159	1,145	1,182	1,210	1,218	1,286	1,323	1,422	1,470	1,420
Other Operating Expenses / (Income)	341	350	396	384	375	385	445	403	288	402	464
Total Other Income / (Expense), net	-381	-409	-409	-461	-456	-513	-460	-622	-483	-721	-452
Interest Expense	620	634	665	694	692	692	714	874	755	895	778
Interest & Investment Income	98	102	103	82	89	100	105	90	123	134	171
Other Income / (Expense), net	141	123	153	151	147	79	149	162	149	40	155
Income Tax Expense	297	4.00	223	290	377	79	280	289	404	-145	228
Net Income / (Loss) Attributable to Noncontrolling Interest	10	-59	-58	-15	0.00	-68	-64	-27	-4.00	-75	-18
Basic Earnings per Share	$1.30	$0.78	$1.03	$1.10	$1.40	$0.49	$1.21	$0.80	$1.55	$0.38	$1.21
Weighted Average Basic Shares Outstanding	1.09B	1.09B	1.09B	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.12B
Diluted Earnings per Share	$1.29	$0.78	$1.03	$1.09	$1.39	$0.48	$1.21	$0.79	$1.54	$0.38	$1.20
Weighted Average Diluted Shares Outstanding	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.11B	1.11B	1.11B	1.11B	1.13B
Weighted Average Basic & Diluted Shares Outstanding	1.13B	1.13B	1.13B	1.14B	1.14B	1.14B	1.14B	1.14B	1.14B	1.16B	1.17B
Cash Dividends to Common per Share	$0.70	-	$0.70	$0.72	$0.72	-	$0.72	$0.74	$1.48	-	$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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	694	489	155	-628	587	-910	761	208	-1,116	180	539
Net Cash From Operating Activities	6,274	4,894	6,394	6,945	5,781	6,696	6,169	6,302	7,553	9,788	9,802
Net Cash From Continuing Operating Activities	6,847	4,811	6,394	6,945	5,909	6,696	6,169	6,251	7,553	9,788	9,802
Net Income / (Loss) Continuing Operations	2,435	2,529	926	2,300	4,744	3,103	2,309	3,428	3,849	4,260	4,171
Consolidated Net Income / (Loss)	2,435	2,529	926	2,300	4,744	3,103	2,309	3,428	3,849	4,260	4,171
Depreciation Expense	2,395	2,923	3,457	3,549	3,331	3,905	3,973	4,064	4,986	5,266	6,030
Non-Cash Adjustments To Reconcile Net Income	197	-1,635	2,798	1,008	-2,204	81	584	-1,743	-1,398	-1,723	-1,491
Changes in Operating Assets and Liabilities, net	1,841	1,053	-787	175	38	-393	-697	502	116	1,985	1,092
Net Cash From Investing Activities	-7,280	-20,047	-7,190	-5,760	-3,392	-7,030	-7,353	-8,430	-9,668	-9,400	-13,959
Net Cash From Continuing Investing Activities	-6,824	-20,037	-7,190	-5,760	-3,392	-7,030	-7,353	-8,430	-9,668	-9,400	-13,959
Purchase of Property, Plant & Equipment	-5,674	-7,555	-7,423	-8,001	-7,555	-7,522	-7,586	-7,923	-9,095	-8,955	-12,737
Acquisitions	-1,731	-12,124	-1,206	-179	-50	-	-	-	0.00	0.00	-635
Purchase of Investments	-1,584	-1,160	-811	-1,117	-888	-877	-1,598	-1,125	-1,142	-1,551	-1,702
Divestitures	-	15	97	2,956	5,122	1,049	917	275	164	369	1.00
Sale and/or Maturity of Investments	1,430	1,154	805	1,111	882	871	1,593	1,112	1,121	1,535	1,685
Other Investing Activities, net	665	-377	1,348	-530	-903	-551	-679	-769	-716	-798	-571
Net Cash From Financing Activities	1,700	15,725	951	-1,813	-1,930	-576	1,945	2,336	999	-208	4,696
Net Cash From Continuing Financing Activities	4,883	15,722	951	-1,813	-1,930	-576	1,945	2,336	999	-208	4,696
Repayment of Debt	-7,284	-4,135	-4,212	-8,471	-6,197	-6,719	-4,618	-3,790	-6,063	-4,071	-6,096
Payment of Dividends	-1,977	-2,176	-2,419	-2,578	-2,826	-2,956	-3,128	-3,166	-3,269	-3,139	-3,215
Issuance of Debt	11,836	17,593	7,117	5,628	6,210	8,662	9,117	7,782	10,295	6,859	12,670
Issuance of Common Equity	597	4,440	873	3,641	1,040	437	574	1,808	36	143	1,623
Other Financing Activities, net	2,238	0.00	-	0.00	-157	-	-	-	0.00	0.00	-286
Cash Interest Paid	809	1,066	1,676	1,794	1,651	1,683	1,718	1,758	2,184	2,538	2,692
Cash Income Taxes Paid	-9.00	-148	-410	172	276	64	93	146	132	176	284

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	-354	-969	-89	379	-156	-160	1,231	-1,067	2,077	-1,702	-653
Net Cash From Operating Activities	2,840	1,813	1,311	2,688	3,616	2,173	1,250	2,181	3,774	2,597	1,226
Net Cash From Continuing Operating Activities	2,820	1,785	1,311	2,684	3,620	1,967	1,250	2,181	3,774	2,597	1,226
Net Income / (Loss) Continuing Operations	1,431	796	1,071	1,188	1,535	466	1,270	853	1,707	341	1,338
Consolidated Net Income / (Loss)	1,431	796	1,071	1,188	1,535	466	1,270	853	1,707	341	1,338
Depreciation Expense	1,263	1,287	1,261	1,311	1,344	1,350	1,411	1,449	1,565	1,605	1,580
Non-Cash Adjustments To Reconcile Net Income	-493	-285	28	-541	-440	-675	-170	-317	-690	-203	-64
Changes in Operating Assets and Liabilities, net	619	-13	-1,049	726	1,181	826	-1,261	196	1,192	854	-1,628
Net Cash From Investing Activities	-2,433	-2,947	-2,385	-1,837	-2,456	-2,722	-2,834	-2,900	-3,865	-4,360	-3,421
Net Cash From Continuing Investing Activities	-2,433	-2,947	-2,385	-1,837	-2,456	-2,722	-2,834	-2,900	-3,865	-4,360	-3,421
Purchase of Property, Plant & Equipment	-2,663	-2,534	-1,770	-2,125	-2,311	-3,381	-2,437	-2,800	-3,215	-4,285	-2,944
Purchase of Investments	-159	-257	-404	-335	-331	-481	-361	-416	-435	-490	-442
Sale and/or Maturity of Investments	159	242	403	335	332	465	361	416	435	473	442
Other Investing Activities, net	191	-397	-614	-57	-171	676	-397	-102	-14	-58	-477
Net Cash From Financing Activities	-761	165	985	-472	-1,316	595	2,815	-348	2,168	61	1,542
Net Cash From Continuing Financing Activities	-761	165	985	-472	-1,316	595	2,815	-348	2,168	61	1,542
Repayment of Debt	-2,190	-1,348	-1,321	-1,417	-1,861	1,366	-1,009	-1,545	-998	-2,544	-1,563
Payment of Dividends	-913	-850	-767	-720	-841	-811	-773	-787	-812	-843	-823
Issuance of Debt	2,271	2,233	3,045	1,618	1,358	838	4,567	1,952	3,950	2,201	3,393
Issuance of Common Equity	4.00	10	28	47	28	31	30	32	28	1,533	535
Cash Interest Paid	651	490	714	521	780	523	756	531	886	519	901
Cash Income Taxes Paid	51	121	-9.00	71	69	45	-1.00	200	32	53	0.00

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	73,626	20,801	26,846	116,914	118,700	122,935	127,534	134,891	139,331	145,180	155,720
Total Current Assets	6,526	3,160	3,520	9,583	9,817	8,617	8,965	10,416	10,432	10,694	10,917
Cash & Equivalents	1,404	-	-	1,396	1,975	1,065	1,798	1,917	748	1,070	1,639
Accounts Receivable	1,903	-	-	3,258	2,981	2,819	2,962	3,716	3,963	3,576	3,753
Inventories, net	1,929	1,262	1,190	2,394	2,388	2,488	2,355	2,677	3,352	4,082	3,333
Prepaid Expenses	495	524	832	432	314	276	330	347	406	294	327
Other Current Assets	651	1,374	1,498	2,103	2,159	1,969	1,520	1,759	1,963	1,672	1,549
Plant, Property, & Equipment, net	61,114	0.00	0.00	80,797	83,080	87,634	91,108	94,570	99,844	104,689	114,369
Plant, Property & Equipment, gross	85,367	-	-	111,835	113,845	120,031	125,187	129,867	136,711	143,942	156,955
Accumulated Depreciation	24,253	-	-	31,038	30,765	32,397	34,079	35,297	37,725	40,126	43,483
Total Noncurrent Assets	5,986	17,641	23,326	26,313	25,803	26,684	27,461	29,905	29,055	29,797	30,434
Long-Term Investments	921	3,864	3,765	12,943	2,482	2,316	1,935	2,045	2,033	2,084	2,032
Goodwill	2.00	12,218	18,202	5,315	5,280	5,280	5,280	5,161	5,161	5,161	5,161
Intangible Assets	317	1,336	1,153	613	536	487	445	406	368	332	300
Noncurrent Deferred & Refundable Income Taxes	2,029	-	-	794	798	796	824	866	886	889	948
Employee Benefit Assets	-	-	-	-	-	-	1,657	2,290	2,079	2,674	3,257
Other Noncurrent Operating Assets	2,249	-	-	6,117	15,806	17,525	17,062	13,135	12,849	18,454	13,420
Other Noncurrent Nonoperating Assets	468	223	206	531	901	280	258	6,002	5,679	203	5,316
Total Liabilities & Shareholders' Equity	78,318	8,944	6,310	116,914	118,700	122,935	127,534	134,891	139,331	145,180	155,720
Total Liabilities	56,175	5,478	4,335	87,584	86,650	90,410	94,967	100,359	104,106	108,506	116,853
Total Current Liabilities	9,129	4,724	3,304	14,286	12,546	12,079	10,921	15,724	13,467	15,993	16,888
Short-Term Debt	4,050	-	-	6,113	5,044	4,116	3,597	7,091	4,973	6,256	6,942
Accounts Payable	1,905	2,576	2,530	2,580	2,115	2,312	2,169	3,525	2,898	3,701	3,710
Accrued Expenses	777	-	-	1,030	992	1,025	1,070	1,127	1,151	1,261	1,418
Customer Deposits	404	-	-	522	496	487	479	502	503	486	475
Current Deferred & Payable Income Tax Liabilities	9.00	430	774	21	0.00	130	50	60	8.00	57	22
Other Taxes Payable	494	768	-	635	659	699	641	764	860	997	982
Other Current Liabilities	1,241	950	-	2,488	2,761	2,797	2,382	2,041	2,208	2,360	2,374
Other Current Nonoperating Liabilities	249	-	0.00	897	479	513	533	614	652	682	807
Total Noncurrent Liabilities	46,732	754	1,031	73,456	74,104	78,331	84,046	84,635	90,639	92,513	99,965
Long-Term Debt	24,688	-	300	40,894	41,798	45,073	50,120	50,656	57,210	58,768	65,649
Asset Retirement Reserve & Litigation Obligation	5,110	754	731	11,555	11,755	12,310	13,093	12,049	11,530	11,219	10,975
Noncurrent Deferred & Payable Income Tax Liabilities	13,728	-	-	15,390	16,257	16,177	16,479	17,404	17,731	18,220	18,847
Noncurrent Employee Benefit Liabilities	2,582	-	-	2,147	1,814	2,213	1,550	1,238	1,115	1,011	980
Other Noncurrent Operating Liabilities	624	-	-	634	2,480	2,558	2,804	1,900	1,746	2,042	3,514
Total Equity & Noncontrolling Interests	21,821	3,099	1,360	29,039	31,759	32,234	32,276	34,532	35,225	36,674	38,867
Total Preferred & Common Equity	20,431	0.00	0.00	24,723	27,505	27,972	27,874	30,408	31,444	33,208	38,867
Total Common Equity	20,431	0.00	0.00	24,761	27,505	27,972	27,874	30,408	31,444	33,208	38,867
Common Stock	10,854	-	-	16,258	16,991	17,102	17,229	19,090	19,198	19,595	38,867

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	9/30/2025	3/31/2026
Total Assets	137,116	138,321	139,331	140,120	141,937	143,956	145,180	148,109	148,853	153,248	157,031
Total Current Assets	10,979	11,088	10,432	10,543	10,993	11,040	10,694	11,817	10,801	12,627	9,961
Cash & Equivalents	2,123	1,676	748	713	1,152	1,018	1,070	2,327	1,264	3,341	981
Accounts Receivable	3,746	2,699	3,963	3,245	3,587	3,728	4,289	3,567	3,666	3,386	3,574
Inventories, net	2,963	3,148	3,352	3,268	3,287	3,385	3,369	3,054	3,075	3,255	3,169
Prepaid Expenses	504	321	406	474	422	391	294	441	482	324	411
Other Current Assets	1,643	1,934	1,963	2,142	1,856	1,829	1,672	1,721	1,630	1,804	1,527
Plant, Property, & Equipment, net	96,767	98,254	99,844	100,470	101,888	102,897	104,689	106,329	108,141	110,880	116,102
Plant, Property & Equipment, gross	133,267	135,453	136,711	138,817	140,883	141,547	143,942	146,348	148,574	152,428	160,368
Accumulated Depreciation	36,500	37,199	37,725	38,347	38,995	39,536	40,126	40,909	41,703	42,793	45,186
Total Noncurrent Assets	29,370	27,700	29,055	29,107	29,056	30,019	29,797	29,963	29,911	29,741	30,968
Long-Term Investments	2,000	2,027	2,033	2,068	2,069	2,071	2,084	2,129	2,124	1,999	2,071
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	386	377	368	359	350	341	332	324	316	308	294
Noncurrent Deferred & Refundable Income Taxes	892	889	886	888	874	874	889	895	899	911	1,026
Employee Benefit Assets	2,478	2,574	2,079	2,184	2,279	2,375	2,674	2,781	2,881	2,982	3,369
Other Noncurrent Operating Assets	18,224	10,819	12,849	12,852	12,731	13,712	12,996	13,009	13,220	13,142	13,666
Other Noncurrent Nonoperating Assets	229	5,853	5,679	5,595	5,592	5,485	5,661	5,664	5,310	5,238	5,381
Total Liabilities & Shareholders' Equity	137,116	138,321	139,331	140,120	141,937	143,956	145,180	148,109	148,853	153,248	157,031
Total Liabilities	102,468	103,017	104,106	104,506	105,826	107,051	108,506	110,886	111,511	114,974	117,119
Total Current Liabilities	13,240	13,214	13,467	11,458	12,028	12,165	15,993	13,770	14,570	16,726	15,318
Short-Term Debt	5,710	4,802	4,973	4,409	4,134	2,364	6,256	5,682	6,353	7,685	7,374
Accounts Payable	2,493	2,942	2,898	2,154	2,445	3,950	3,701	3,094	2,948	3,017	2,909
Accrued Expenses	719	936	1,151	618	746	1,065	1,261	683	825	1,206	761
Customer Deposits	493	511	503	456	466	491	486	458	468	489	478
Current Deferred & Payable Income Tax Liabilities	76	177	8.00	76	49	37	57	53	20	456	66
Other Taxes Payable	627	862	860	503	722	985	997	600	800	966	557
Other Current Liabilities	2,470	2,014	2,208	2,659	2,764	2,477	2,360	2,584	2,274	2,142	2,415
Other Current Nonoperating Liabilities	652	573	652	583	702	570	682	600	775	602	627
Total Noncurrent Liabilities	123,322	89,803	90,639	93,048	93,798	94,886	92,513	97,116	96,941	98,248	101,801
Long-Term Debt	55,134	56,003	57,210	59,361	59,883	61,254	58,768	62,939	62,983	64,621	67,148
Asset Retirement Reserve & Litigation Obligation	12,059	11,812	11,530	11,646	11,609	11,184	11,219	11,184	10,890	10,806	10,961
Noncurrent Deferred & Payable Income Tax Liabilities	17,679	17,658	17,731	17,848	18,010	18,317	18,220	18,587	18,757	18,625	19,076
Noncurrent Employee Benefit Liabilities	1,217	1,184	1,115	1,096	1,109	1,064	1,011	983	993	955	941
Other Noncurrent Operating Liabilities	3,139	3,146	1,746	3,097	3,187	3,067	2,042	3,423	3,318	3,241	3,675
Total Equity & Noncontrolling Interests	34,648	35,304	35,225	35,614	36,111	36,905	36,674	37,223	37,342	38,274	39,912
Total Preferred & Common Equity	0.00	35,304	31,444	35,614	36,111	36,905	33,208	37,223	37,342	38,274	39,912
Total Common Equity	0.00	35,304	31,444	35,614	36,111	36,905	33,208	37,223	37,342	38,274	39,912
Common Stock	-	35,304	19,198	35,614	36,111	36,905	19,595	37,223	37,342	38,274	39,912

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-5.30%	13.76%	490.97%	-80.02%	-8.84%	-4.87%	13.44%	26.68%	-13.75%	5.83%	10.59%
EBITDA Growth	12.74%	11.83%	-15.66%	24.45%	45.73%	-21.19%	-8.97%	22.34%	14.41%	13.19%	7.39%
EBIT Growth	17.93%	6.91%	-38.62%	54.63%	85.55%	-37.22%	-17.31%	41.55%	8.67%	19.11%	2.46%
NOPAT Growth	16.84%	13.47%	-15.75%	27.66%	59.99%	-22.71%	-23.55%	31.51%	18.40%	11.57%	5.56%
Net Income Growth	19.89%	3.86%	-21.23%	15.46%	106.26%	-34.59%	-25.59%	48.46%	12.28%	10.68%	-2.09%
EPS Growth	18.81%	-1.54%	-67.06%	158.33%	107.37%	-34.89%	-23.55%	45.54%	11.04%	10.22%	-1.75%
Operating Cash Flow Growth	7.89%	-22.00%	30.65%	8.62%	-16.76%	15.83%	-7.87%	2.16%	19.85%	29.59%	0.14%
Free Cash Flow Firm Growth	-1,565.53%	184.41%	-113.50%	-774.44%	91.57%	93.94%	-335.33%	403.41%	-157.29%	213.70%	2.46%
Invested Capital Growth	2,950.78%	-74.44%	67.68%	244.06%	14.18%	6.15%	5.42%	1.80%	8.07%	4.27%	9.54%
Revenue Q/Q Growth	0.00%	20.40%	394.07%	-80.03%	-1.94%	1.01%	2.89%	4.57%	-3.82%	1.12%	0.00%
EBITDA Q/Q Growth	1,205.13%	1.73%	9.57%	-7.24%	1.09%	2.02%	-9.39%	3.60%	14.23%	-1.01%	0.00%
EBIT Q/Q Growth	0.00%	-0.46%	20.10%	-10.92%	2.66%	-0.16%	-17.31%	7.20%	21.04%	-2.49%	0.00%
NOPAT Q/Q Growth	0.00%	-1.58%	110.07%	-24.66%	1.13%	-0.06%	-18.53%	5.41%	23.26%	-4.68%	0.00%
Net Income Q/Q Growth	0.00%	-3.55%	216.19%	-36.06%	3.04%	-1.62%	-21.76%	4.42%	32.04%	-7.17%	0.00%
EPS Q/Q Growth	0.00%	-3.77%	55.56%	-9.21%	3.21%	-1.68%	-20.00%	3.49%	31.64%	-6.99%	0.00%
Operating Cash Flow Q/Q Growth	304.77%	-10.73%	9.32%	4.72%	-8.77%	9.41%	-5.92%	3.23%	7.52%	3.82%	0.00%
Free Cash Flow Firm Q/Q Growth	-7,698.55%	162.11%	-111.14%	7.82%	-450.53%	-103.95%	86.78%	-60.63%	-788.99%	272.84%	57.27%
Invested Capital Q/Q Growth	7,935.83%	-81.48%	2.38%	-6.24%	0.48%	8.38%	-1.06%	4.66%	7.28%	3.21%	9.77%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	43.90%	100.00%	78.52%	40.93%	44.83%	48.57%	44.33%	36.30%	46.36%	49.93%	48.47%
EBITDA Margin	37.84%	37.19%	5.31%	33.06%	52.85%	43.78%	35.13%	33.93%	45.00%	48.14%	46.75%
Operating Margin	24.48%	22.55%	3.78%	17.84%	36.12%	23.98%	16.00%	18.34%	23.07%	26.45%	24.65%
EBIT Margin	24.26%	22.80%	2.37%	18.32%	37.29%	24.61%	17.94%	20.05%	25.26%	28.43%	26.34%
Profit (Net Income) Margin	13.92%	12.71%	1.69%	9.79%	22.15%	15.23%	9.99%	11.71%	15.24%	15.94%	14.11%
Tax Burden Percent	67.10%	72.67%	82.04%	83.67%	72.52%	88.76%	89.64%	81.17%	88.58%	81.47%	83.44%
Interest Burden Percent	85.53%	76.72%	87.21%	63.86%	81.90%	69.71%	62.12%	71.94%	68.11%	68.82%	64.21%
Effective Tax Rate	32.90%	27.33%	38.14%	16.33%	27.48%	11.24%	10.36%	18.83%	11.42%	18.53%	16.56%
Return on Invested Capital (ROIC)	13.55%	11.81%	18.26%	8.38%	8.08%	5.68%	4.11%	5.22%	5.88%	6.19%	5.77%
ROIC Less NNEP Spread (ROIC-NNEP)	8.81%	6.90%	12.14%	3.77%	5.85%	2.88%	2.02%	3.35%	3.40%	3.56%	2.95%
Return on Net Nonoperating Assets (RNNOA)	6.80%	8.06%	54.96%	6.31%	7.38%	3.93%	2.99%	5.00%	5.15%	5.66%	5.27%
Return on Equity (ROE)	20.35%	19.88%	73.22%	14.69%	15.46%	9.61%	7.09%	10.22%	11.04%	11.85%	11.04%
Cash Return on Invested Capital (CROIC)	-96.97%	130.39%	-32.30%	-101.54%	-5.16%	-0.28%	-1.17%	3.43%	-1.87%	2.01%	-3.33%
Operating Return on Assets (OROA)	11.22%	9.61%	11.69%	5.99%	6.78%	4.15%	3.31%	4.47%	4.65%	5.34%	5.17%
Return on Assets (ROA)	6.44%	5.36%	8.36%	3.20%	4.03%	2.57%	1.84%	2.61%	2.81%	2.99%	2.77%
Return on Common Equity (ROCE)	17.37%	15.96%	0.00%	11.62%	13.16%	8.26%	6.09%	8.88%	9.78%	10.66%	10.12%
Return on Equity Simple (ROE_SIMPLE)	11.92%	0.00%	0.00%	9.30%	17.25%	11.09%	8.28%	11.27%	12.24%	12.83%	0.00%
Net Operating Profit after Tax (NOPAT)	2,873	3,260	2,747	3,506	5,610	4,336	3,315	4,359	5,161	5,758	6,078
NOPAT Margin	16.43%	16.39%	2.34%	14.92%	26.19%	21.28%	14.34%	14.89%	20.44%	21.55%	20.57%
Net Nonoperating Expense Percent (NNEP)	4.74%	4.92%	6.13%	4.61%	2.24%	2.80%	2.09%	1.86%	2.48%	2.62%	2.83%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	4.65%	5.23%	5.59%	5.38%
Cost of Revenue to Revenue	56.10%	0.00%	21.48%	59.07%	55.17%	51.43%	55.67%	63.70%	53.64%	50.07%	51.53%
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	19.42%	62.05%	20.88%	23.09%	8.72%	24.60%	28.33%	17.95%	23.29%	23.48%	23.82%
Earnings before Interest and Taxes (EBIT)	4,243	4,536	2,784	4,305	7,988	5,015	4,147	5,870	6,379	7,598	7,785
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6,617	7,400	6,241	7,767	11,319	8,920	8,120	9,934	11,365	12,864	13,815
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.48	0.00	0.00	1.49	2.06	2.06	2.41	2.41	2.39	2.79	2.74
Price to Tangible Book Value (P/TBV)	1.51	0.00	0.00	1.96	2.62	2.59	3.03	2.95	2.90	3.35	3.23
Price to Revenue (P/Rev)	1.73	1.80	0.32	1.58	2.65	2.82	2.90	2.50	2.97	3.47	3.34
Price to Earnings (P/E)	12.80	14.61	9.34	16.62	11.98	18.44	28.05	20.81	18.89	21.08	22.74
Dividend Yield	6.79%	6.38%	6.44%	6.93%	4.72%	4.85%	4.30%	4.16%	4.19%	4.36%	3.40%
Earnings Yield	7.81%	6.84%	10.71%	6.02%	8.35%	5.42%	3.56%	4.81%	5.30%	4.74%	4.40%
Enterprise Value to Invested Capital (EV/IC)	1.33	3.15	1.91	1.15	1.40	1.37	1.47	1.57	1.53	1.68	1.56
Enterprise Value to Revenue (EV/Rev)	3.33	1.78	0.31	3.16	4.84	5.29	5.27	4.53	5.53	5.96	5.82
Enterprise Value to EBITDA (EV/EBITDA)	8.80	4.78	5.78	9.56	9.16	12.09	15.00	13.35	12.28	12.39	12.45
Enterprise Value to EBIT (EV/EBIT)	13.73	7.80	12.95	17.25	12.98	21.51	29.37	22.60	21.88	20.97	22.09
Enterprise Value to NOPAT (EV/NOPAT)	20.28	10.85	13.13	21.18	18.49	24.88	36.75	30.43	27.05	27.68	28.29
Enterprise Value to Operating Cash Flow (EV/OCF)	9.29	7.23	5.64	10.70	17.94	16.11	19.75	21.05	18.48	16.28	17.54
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.98	0.00	0.00	0.00	0.00	0.00	46.24	0.00	85.30	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.31	0.00	0.15	1.60	1.46	1.51	1.65	1.71	1.80	1.81	1.91
Long-Term Debt to Equity	1.12	0.00	0.15	1.39	1.30	1.39	1.54	1.51	1.66	1.64	1.72
Financial Leverage	0.77	1.17	4.53	1.67	1.26	1.36	1.48	1.49	1.52	1.59	1.79
Leverage Ratio	3.16	3.71	8.76	4.59	3.84	3.74	3.85	3.91	3.93	3.96	3.98
Compound Leverage Factor	2.70	2.85	7.64	2.93	3.14	2.61	2.39	2.81	2.68	2.72	2.56
Debt to Total Capital	56.66%	0.00%	13.19%	61.58%	59.37%	60.20%	62.26%	63.13%	64.32%	64.38%	65.59%
Short-Term Debt to Total Capital	7.99%	0.00%	0.00%	8.01%	6.39%	5.04%	4.17%	7.57%	5.04%	6.08%	6.32%
Long-Term Debt to Total Capital	48.68%	0.00%	13.19%	53.57%	52.98%	55.16%	58.09%	55.56%	59.28%	58.30%	59.27%
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	3.06%	100.00%	86.81%	6.04%	5.76%	5.57%	5.44%	4.40%	3.83%	3.37%	2.52%
Common Equity to Total Capital	40.28%	0.00%	0.00%	32.44%	34.86%	34.23%	32.30%	32.46%	31.85%	32.26%	31.89%
Debt to EBITDA	4.34	0.00	0.05	6.05	4.14	5.51	6.62	5.95	5.59	5.15	5.36
Net Debt to EBITDA	3.99	0.00	-0.56	4.21	3.74	5.14	6.16	5.55	5.34	4.91	5.10
Long-Term Debt to EBITDA	3.73	0.00	0.05	5.27	3.69	5.05	6.17	5.24	5.15	4.67	4.85
Debt to NOPAT	10.00	0.00	0.11	13.41	8.35	11.34	16.21	13.57	12.30	11.51	12.19
Net Debt to NOPAT	9.19	0.00	-1.26	9.32	7.56	10.56	15.08	12.66	11.76	10.96	11.58
Long-Term Debt to NOPAT	8.59	0.00	0.11	11.66	7.45	10.40	15.12	11.94	11.34	10.42	11.01
Altman Z-Score	0.90	5.50	9.93	0.63	0.90	0.78	0.81	0.87	0.86	0.96	0.95
Noncontrolling Interest Sharing Ratio	14.64%	19.71%	100.00%	20.90%	14.85%	14.09%	14.20%	13.14%	11.33%	10.08%	8.36%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.71	0.67	1.07	0.67	0.78	0.71	0.82	0.66	0.77	0.67	0.65
Quick Ratio	0.36	0.00	0.00	0.33	0.40	0.32	0.44	0.36	0.35	0.34	0.32
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-42,628	35,983	-4,857	-42,475	-3,582	-217	-945	2,868	-1,643	1,868	-3,502
Operating Cash Flow to CapEx	111.96%	64.86%	86.14%	86.80%	76.52%	89.02%	81.32%	79.54%	83.05%	102.10%	76.96%
Free Cash Flow to Firm to Interest Expense	-50.75	27.32	-1.14	-23.06	-2.06	-0.12	-0.51	1.42	-0.67	0.68	-1.08
Operating Cash Flow to Interest Expense	7.47	3.72	1.50	3.77	3.33	3.68	3.36	3.12	3.09	3.57	3.03
Operating Cash Flow Less CapEx to Interest Expense	0.80	-2.01	-0.24	-0.57	-1.02	-0.45	-0.77	-0.80	-0.63	0.07	-0.91
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.42	4.94	0.33	0.18	0.17	0.18	0.22	0.18	0.19	0.20
Accounts Receivable Turnover	0.00	0.00	0.00	0.00	6.87	7.03	8.00	8.77	6.58	6.48	8.06
Inventory Turnover	0.00	0.00	20.60	7.75	4.94	4.30	5.31	7.41	4.49	3.98	3.94
Fixed Asset Turnover	0.00	0.00	0.00	0.00	0.26	0.24	0.26	0.32	0.26	0.26	0.27
Accounts Payable Turnover	5.61	0.00	9.89	5.43	5.03	4.73	5.74	6.55	4.22	4.06	4.11
Days Sales Outstanding (DSO)	0.00	0.00	0.00	0.00	53.16	51.95	45.65	41.62	55.50	56.35	45.26
Days Inventory Outstanding (DIO)	0.00	0.00	17.72	47.13	73.86	84.93	68.70	49.24	81.23	91.66	92.65
Days Payable Outstanding (DPO)	65.07	0.00	36.90	67.19	72.52	77.11	63.56	55.71	86.54	90.00	88.81
Cash Conversion Cycle (CCC)	-65.07	0.00	-19.18	-20.07	54.50	59.77	50.78	35.15	50.19	58.02	49.09
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	43,959	11,236	18,840	64,821	74,013	78,566	82,826	84,317	91,121	95,011	110,049
Invested Capital Turnover	0.82	0.72	7.82	0.56	0.31	0.27	0.29	0.35	0.29	0.29	0.28
Increase / (Decrease) in Invested Capital	45,501	-32,723	7,604	45,981	9,192	4,553	4,260	1,491	6,804	3,890	9,580
Enterprise Value (EV)	58,258	35,378	36,056	74,280	103,698	107,879	121,808	132,633	139,579	159,367	171,972
Market Capitalization	30,294	35,776	37,546	37,005	56,768	57,518	67,131	73,336	75,089	92,778	98,717
Book Value per Share	$21.38	$0.00	$0.00	$22.99	$25.24	$25.49	$25.32	$26.92	$27.79	$29.22	$32.65
Tangible Book Value per Share	$21.05	($13.20)	($18.40)	$17.48	$19.90	$20.24	$20.12	$21.99	$22.90	$24.38	$27.70
Total Capital	50,720	3,466	2,275	76,337	78,892	81,714	86,284	93,667	98,715	102,951	112,942
Total Debt	28,738	0.00	300	47,007	46,842	49,189	53,717	59,135	63,490	66,277	74,075
Total Long-Term Debt	24,688	0.00	300	40,894	41,798	45,073	50,120	52,044	58,517	60,021	66,936
Net Debt	26,413	-3,864	-3,465	32,668	42,385	45,808	49,984	55,173	60,709	63,123	70,404
Capital Expenditures (CapEx)	5,604	7,545	7,423	8,001	7,555	7,522	7,586	7,923	9,095	9,587	12,737
Debt-free, Cash-free Net Working Capital (DFCFNWC)	43	-1,564	216	14	340	-411	-157	-134	1,190	-113	-471
Debt-free Net Working Capital (DFNWC)	1,447	-1,564	216	1,410	2,315	654	1,641	1,783	1,938	957	1,168
Net Working Capital (NWC)	-2,603	-1,564	216	-4,703	-2,729	-3,462	-1,956	-5,308	-3,035	-5,299	-5,971
Net Nonoperating Expense (NNE)	438	731	755	1,206	866	1,233	1,006	931	1,312	1,498	1,907
Net Nonoperating Obligations (NNO)	21,977	7,770	16,865	35,491	41,963	46,041	50,259	49,785	55,896	58,337	71,182
Total Depreciation and Amortization (D&A)	2,374	2,864	3,457	3,462	3,331	3,905	3,973	4,064	4,986	5,266	6,030
Debt-free, Cash-free Net Working Capital to Revenue	0.25%	-7.86%	0.18%	0.06%	1.59%	-2.02%	-0.68%	-0.46%	4.71%	-0.42%	-1.59%
Debt-free Net Working Capital to Revenue	8.27%	-7.86%	0.18%	6.00%	10.81%	3.21%	7.10%	6.09%	7.67%	3.58%	3.95%
Net Working Capital to Revenue	-14.88%	-7.86%	0.18%	-20.02%	-12.74%	-16.99%	-8.46%	-18.13%	-12.02%	-19.83%	-20.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.60	$2.57	$0.84	$2.18	$4.53	$2.95	$2.26	$3.28	$3.64	$4.02	$3.94
Adjusted Weighted Average Basic Shares Outstanding	910M	951M	1B	1.02B	1.05B	1.06B	1.06B	1.08B	1.09B	1.10B	1.10B
Adjusted Diluted Earnings per Share	$2.59	$2.55	$0.84	$2.17	$4.50	$2.93	$2.24	$3.26	$3.62	$3.99	$3.92
Adjusted Weighted Average Diluted Shares Outstanding	914M	958M	1.01B	1.03B	1.05B	1.07B	1.07B	1.08B	1.10B	1.10B	1.11B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$4.53	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	959.41M	1.04B	1.06B	1.08B	1.10B	1.10B	1.10B	1.13B	1.13B	1.14B	1.16B
Normalized Net Operating Profit after Tax (NOPAT)	3,118	3,258	2,745	4,326	3,869	4,567	4,833	4,508	5,101	5,741	6,078
Normalized NOPAT Margin	17.83%	16.37%	2.34%	18.41%	18.06%	22.41%	20.91%	15.40%	20.20%	21.48%	20.57%
Pre Tax Income Margin	20.75%	17.49%	2.07%	11.70%	30.54%	17.16%	11.15%	14.42%	17.21%	19.57%	16.92%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	5.05	3.44	0.65	2.34	4.60	2.75	2.26	2.90	2.61	2.77	2.40
NOPAT to Interest Expense	3.42	2.48	0.65	1.90	3.23	2.38	1.80	2.16	2.11	2.10	1.88
EBIT Less CapEx to Interest Expense	-1.62	-2.28	-1.09	-2.01	0.25	-1.38	-1.87	-1.02	-1.11	-0.73	-1.53
NOPAT Less CapEx to Interest Expense	-3.25	-3.25	-1.10	-2.44	-1.12	-1.75	-2.33	-1.76	-1.61	-1.40	-2.06
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	81.19%	86.04%	121.44%	112.09%	59.57%	95.26%	135.47%	92.36%	84.93%	73.69%	77.08%
Augmented Payout Ratio	85.91%	86.04%	121.44%	112.09%	59.57%	95.26%	135.47%	92.36%	84.93%	73.69%	77.08%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,168,222,198.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,168,222,198.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1.16
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-16.69%	-14.22%	2.56%	12.44%	4.21%	4.90%	16.99%	7.89%	0.00%	0.00%	8.00%
EBITDA Growth	2.93%	117.80%	19.98%	29.07%	9.82%	-5.00%	14.53%	-0.76%	11.64%	0.00%	5.13%
EBIT Growth	-3.18%	499.55%	35.97%	45.95%	11.73%	-14.58%	16.33%	-7.85%	9.07%	0.00%	0.65%
NOPAT Growth	1.87%	1,144.26%	29.77%	35.20%	8.79%	-24.74%	16.84%	-15.46%	10.33%	0.00%	4.69%
Net Income Growth	-3.70%	671.94%	34.04%	44.35%	7.19%	-41.38%	18.58%	-28.20%	0.00%	0.00%	5.35%
EPS Growth	-4.44%	966.67%	30.38%	43.42%	7.75%	-38.46%	17.48%	-27.52%	0.00%	0.00%	-0.83%
Operating Cash Flow Growth	97.50%	41.09%	55.33%	30.74%	27.32%	19.86%	-4.65%	-18.86%	4.37%	0.00%	-1.92%
Free Cash Flow Firm Growth	-153.95%	-301.75%	120.60%	-213.83%	-98.93%	46.71%	-350.79%	82.75%	-16.77%	14.58%	-194.01%
Invested Capital Growth	5.43%	8.07%	0.19%	58.29%	8.39%	4.27%	5.22%	7.50%	8.90%	9.54%	11.32%
Revenue Q/Q Growth	21.43%	-13.40%	9.94%	-2.75%	12.55%	-12.83%	22.61%	-10.32%	12.19%	-10.75%	20.27%
EBITDA Q/Q Growth	33.36%	-25.50%	19.06%	9.11%	13.47%	-35.55%	43.55%	-5.46%	27.64%	-40.53%	46.49%
EBIT Q/Q Growth	57.19%	-40.87%	39.44%	12.61%	20.33%	-54.79%	89.89%	-10.79%	42.42%	-65.11%	127.06%
NOPAT Q/Q Growth	51.60%	-31.22%	17.27%	10.57%	21.98%	-52.41%	82.05%	-20.00%	59.20%	-23.94%	8.07%
Net Income Q/Q Growth	74.00%	-44.48%	34.72%	10.92%	29.21%	-69.64%	172.53%	-32.83%	100.12%	-80.02%	292.38%
EPS Q/Q Growth	69.74%	-39.53%	32.05%	5.83%	27.52%	-65.47%	152.08%	-34.71%	94.94%	-75.32%	215.79%
Operating Cash Flow Q/Q Growth	38.13%	-36.16%	-27.69%	105.03%	34.52%	-39.91%	-42.48%	74.48%	73.04%	-31.19%	-52.79%
Free Cash Flow Firm Q/Q Growth	-109.31%	-113.46%	138.55%	-2,697.90%	83.72%	42.82%	-3.71%	-78.69%	-10.20%	-30.97%	-14.00%
Invested Capital Q/Q Growth	47.20%	7.28%	2.44%	0.48%	0.80%	3.21%	0.65%	2.66%	2.11%	9.77%	-3.26%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	53.78%	41.17%	48.81%	53.91%	54.34%	41.97%	48.12%	50.05%	55.02%	39.95%	46.47%
EBITDA Margin	50.34%	43.31%	46.90%	52.62%	53.05%	39.22%	45.92%	48.40%	55.07%	36.69%	44.69%
Operating Margin	30.23%	19.98%	25.62%	30.00%	32.55%	16.69%	25.85%	25.30%	33.16%	13.13%	24.03%
EBIT Margin	32.25%	22.02%	27.93%	32.34%	34.58%	17.93%	27.77%	27.62%	35.06%	13.71%	25.88%
Profit (Net Income) Margin	20.52%	13.15%	16.12%	18.38%	21.10%	7.35%	16.33%	12.23%	21.82%	4.88%	15.93%
Tax Burden Percent	82.82%	99.50%	82.77%	80.38%	80.28%	85.50%	81.94%	74.69%	80.86%	173.98%	85.44%
Interest Burden Percent	76.81%	60.03%	69.72%	70.72%	76.02%	47.93%	71.79%	59.29%	76.96%	20.48%	72.07%
Effective Tax Rate	17.18%	0.50%	17.23%	19.62%	19.72%	14.50%	18.06%	25.31%	19.14%	-73.98%	14.56%
Return on Invested Capital (ROIC)	7.94%	5.72%	5.94%	8.46%	7.81%	4.10%	6.33%	5.66%	0.00%	6.42%	6.13%
ROIC Less NNEP Spread (ROIC-NNEP)	7.28%	4.95%	5.33%	7.51%	7.11%	3.33%	5.66%	4.86%	0.00%	4.56%	5.51%
Return on Net Nonoperating Assets (RNNOA)	9.68%	7.51%	8.46%	8.31%	10.31%	5.29%	8.84%	7.67%	0.00%	8.14%	8.93%
Return on Equity (ROE)	17.62%	13.23%	14.40%	16.77%	18.12%	9.39%	15.17%	13.33%	0.00%	14.56%	15.06%
Cash Return on Invested Capital (CROIC)	-0.22%	-1.87%	5.85%	-37.23%	-1.22%	2.01%	1.34%	-1.14%	-8.52%	-3.33%	-4.61%
Operating Return on Assets (OROA)	6.22%	4.06%	5.17%	6.06%	6.47%	3.37%	5.37%	5.39%	0.00%	2.69%	5.12%
Return on Assets (ROA)	3.96%	2.42%	2.98%	3.44%	3.95%	1.38%	3.16%	2.39%	0.00%	0.96%	3.15%
Return on Common Equity (ROCE)	17.56%	11.73%	7.31%	8.56%	18.12%	8.44%	15.17%	13.33%	0.00%	13.34%	15.06%
Return on Equity Simple (ROE_SIMPLE)	8.26%	0.00%	11.57%	12.42%	12.43%	0.00%	11.98%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	1,748	1,202	1,410	1,559	1,901	905	1,647	1,318	2,098	1,595	1,724
NOPAT Margin	25.04%	19.88%	21.21%	24.11%	26.14%	14.27%	21.18%	18.90%	26.81%	22.85%	20.53%
Net Nonoperating Expense Percent (NNEP)	0.67%	0.77%	0.61%	0.95%	0.70%	0.77%	0.66%	0.80%	0.67%	1.86%	0.62%
Return On Investment Capital (ROIC_SIMPLE)	-	1.22%	-	-	-	0.88%	1.56%	1.24%	1.90%	1.41%	1.51%
Cost of Revenue to Revenue	46.22%	58.83%	51.19%	46.09%	45.66%	58.04%	51.88%	49.95%	44.98%	60.05%	53.53%
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	23.55%	21.19%	23.19%	23.91%	21.79%	25.28%	22.26%	24.75%	21.86%	26.81%	22.44%
Earnings before Interest and Taxes (EBIT)	2,251	1,331	1,856	2,090	2,515	1,137	2,159	1,926	2,743	957	2,173
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,514	2,618	3,117	3,401	3,859	2,487	3,570	3,375	4,308	2,562	3,753
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.98	2.39	2.24	2.42	2.77	2.79	2.81	2.80	2.78	2.74	2.81
Price to Tangible Book Value (P/TBV)	2.34	2.90	2.65	2.85	3.26	3.35	3.30	3.29	3.24	3.23	3.25
Price to Revenue (P/Rev)	2.66	2.97	3.14	3.34	3.87	3.47	3.76	3.69	0.00	3.34	3.71
Price to Earnings (P/E)	22.99	18.89	18.80	18.94	21.69	21.08	22.71	24.44	0.00	22.74	25.67
Dividend Yield	4.48%	4.19%	4.96%	4.58%	3.93%	4.36%	3.13%	3.16%	3.13%	3.40%	3.07%
Earnings Yield	4.35%	5.30%	5.32%	5.28%	4.61%	4.74%	4.40%	4.09%	0.00%	4.40%	3.90%
Enterprise Value to Invested Capital (EV/IC)	1.49	1.53	1.55	1.62	1.77	1.68	1.76	1.74	1.73	1.56	1.72
Enterprise Value to Revenue (EV/Rev)	4.83	5.53	5.54	5.67	6.16	5.96	6.06	6.02	0.00	5.82	6.08
Enterprise Value to EBITDA (EV/EBITDA)	12.75	12.28	11.85	11.70	12.54	12.39	12.67	12.84	0.00	12.45	13.11
Enterprise Value to EBIT (EV/EBIT)	24.07	21.88	20.49	19.67	20.91	20.97	21.36	22.05	0.00	22.09	23.52
Enterprise Value to NOPAT (EV/NOPAT)	30.30	27.05	25.67	25.13	26.97	27.68	28.15	29.59	0.00	28.29	29.76
Enterprise Value to Operating Cash Flow (EV/OCF)	18.06	18.48	17.55	17.11	17.28	16.28	17.35	18.51	0.00	17.54	18.76
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	26.52	0.00	0.00	85.30	134.76	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.72	1.80	1.79	1.77	1.72	1.81	1.84	1.86	1.89	1.91	1.87
Long-Term Debt to Equity	1.59	1.66	1.67	1.66	1.66	1.64	1.69	1.69	1.69	1.72	1.68
Financial Leverage	1.33	1.52	1.59	1.11	1.45	1.59	1.56	1.58	1.56	1.79	1.62
Leverage Ratio	3.83	3.93	3.92	3.94	3.91	3.96	3.96	3.96	3.95	3.98	3.96
Compound Leverage Factor	2.95	2.36	2.73	2.79	2.97	1.90	2.84	2.35	3.04	0.82	2.85
Debt to Total Capital	63.27%	64.32%	64.17%	63.94%	63.29%	64.38%	64.83%	65.00%	65.39%	65.59%	65.12%
Short-Term Debt to Total Capital	5.00%	5.04%	4.44%	4.13%	2.35%	6.08%	5.37%	5.96%	6.95%	6.32%	6.44%
Long-Term Debt to Total Capital	58.27%	59.28%	59.73%	59.81%	60.94%	58.30%	59.46%	59.04%	58.44%	59.27%	58.68%
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	0.00%	3.83%	0.00%	0.00%	0.00%	3.37%	0.00%	0.00%	0.00%	2.52%	0.00%
Common Equity to Total Capital	36.73%	31.85%	35.83%	36.06%	36.71%	32.26%	35.17%	35.00%	34.61%	31.89%	34.88%
Debt to EBITDA	6.11	5.59	5.37	5.06	4.90	5.15	5.15	5.22	0.00	5.36	5.32
Net Debt to EBITDA	5.74	5.34	5.13	4.81	4.66	4.91	4.82	4.96	0.00	5.10	5.11
Long-Term Debt to EBITDA	5.63	5.15	5.00	4.73	4.71	4.67	4.73	4.74	0.00	4.85	4.80
Debt to NOPAT	14.52	12.30	11.63	10.87	10.53	11.51	11.45	12.02	0.00	12.19	12.09
Net Debt to NOPAT	13.64	11.76	11.12	10.32	10.02	10.96	10.70	11.44	0.00	11.58	11.59
Long-Term Debt to NOPAT	13.37	11.34	10.83	10.17	10.14	10.42	10.50	10.92	0.00	11.01	10.89
Altman Z-Score	0.63	0.74	0.68	0.72	0.81	0.81	0.79	0.77	0.58	0.80	0.77
Noncontrolling Interest Sharing Ratio	0.34%	11.33%	49.25%	48.97%	0.00%	10.08%	0.00%	0.00%	0.00%	8.36%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.84	0.77	0.92	0.91	0.91	0.67	0.86	0.74	0.75	0.65	0.65
Quick Ratio	0.33	0.35	0.35	0.39	0.39	0.34	0.43	0.34	0.40	0.32	0.30
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,624	-5,602	1,235	-32,071	-5,221	-2,985	-3,096	-5,532	-6,096	-7,985	-9,103
Operating Cash Flow to CapEx	108.23%	71.55%	74.07%	151.01%	158.18%	64.27%	51.29%	77.89%	117.35%	60.61%	41.64%
Free Cash Flow to Firm to Interest Expense	-4.23	-8.84	1.86	-46.21	-7.54	-4.31	-4.34	-6.33	-8.07	-8.92	-11.70
Operating Cash Flow to Interest Expense	4.58	2.86	1.97	3.87	5.23	3.14	1.75	2.50	5.00	2.90	1.58
Operating Cash Flow Less CapEx to Interest Expense	0.35	-1.14	-0.69	1.31	1.92	-1.75	-1.66	-0.71	0.74	-1.89	-2.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.19	0.18	0.18	0.19	0.19	0.19	0.19	0.20	0.00	0.20	0.20
Accounts Receivable Turnover	8.80	6.58	7.65	7.13	8.22	6.48	8.18	7.82	0.00	8.06	8.45
Inventory Turnover	5.20	4.49	4.38	4.21	4.06	3.98	4.43	4.57	0.00	3.94	5.04
Fixed Asset Turnover	0.27	0.26	0.26	0.26	0.26	0.26	0.27	0.27	0.00	0.27	0.27
Accounts Payable Turnover	5.03	4.22	5.84	5.33	3.85	4.06	5.34	5.39	0.00	4.11	5.23
Days Sales Outstanding (DSO)	41.48	55.50	47.71	51.21	44.38	56.35	44.63	46.67	0.00	45.26	43.19
Days Inventory Outstanding (DIO)	70.22	81.23	83.27	86.65	89.93	91.66	82.33	79.86	0.00	92.65	72.38
Days Payable Outstanding (DPO)	72.54	86.54	62.53	68.46	94.87	90.00	68.34	67.70	0.00	88.81	69.82
Cash Conversion Cycle (CCC)	39.17	50.19	68.45	69.40	39.44	58.02	58.62	58.83	0.00	49.09	45.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	84,934	91,121	90,890	91,328	92,056	95,011	95,633	98,178	100,250	110,049	106,460
Invested Capital Turnover	0.32	0.29	0.28	0.35	0.30	0.29	0.30	0.30	0.00	0.28	0.30
Increase / (Decrease) in Invested Capital	4,372	6,804	175	33,630	7,122	3,890	4,743	6,850	8,194	9,580	10,827
Enterprise Value (EV)	126,867	139,579	140,766	148,062	162,927	159,367	168,779	170,632	173,377	171,972	183,463
Market Capitalization	69,765	75,089	79,777	87,266	102,398	92,778	104,614	104,684	106,411	98,717	111,993
Book Value per Share	$31.20	$27.79	$32.55	$31.83	$32.50	$29.22	$32.72	$32.76	$33.55	$32.65	$34.40
Tangible Book Value per Share	$26.31	$22.90	$27.51	$26.98	$27.66	$24.38	$27.90	$27.95	$28.75	$27.70	$29.70
Total Capital	96,109	98,715	99,384	100,128	100,523	102,951	105,844	106,678	110,580	112,942	114,434
Total Debt	60,805	63,490	63,770	64,017	63,618	66,277	68,621	69,336	72,306	74,075	74,522
Total Long-Term Debt	56,003	58,517	59,361	59,883	61,254	60,021	62,939	62,983	64,621	66,936	67,148
Net Debt	57,102	60,709	60,989	60,796	60,529	63,123	64,165	65,948	66,966	70,404	71,470
Capital Expenditures (CapEx)	2,624	2,534	1,770	1,780	2,286	3,381	2,437	2,800	3,216	4,285	2,944
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,000	1,190	2,781	1,947	221	-113	1,402	1,320	245	-471	1,036
Debt-free Net Working Capital (DFNWC)	2,676	1,938	3,494	3,099	1,239	957	3,729	2,584	3,586	1,168	2,017
Net Working Capital (NWC)	-2,126	-3,035	-915	-1,035	-1,125	-5,299	-1,953	-3,769	-4,099	-5,971	-5,357
Net Nonoperating Expense (NNE)	316	407	339	371	366	439	377	465	391	1,254	386
Net Nonoperating Obligations (NNO)	49,630	55,896	55,276	55,217	55,151	58,337	58,410	60,836	61,976	71,182	66,548
Total Depreciation and Amortization (D&A)	1,263	1,287	1,261	1,311	1,344	1,350	1,411	1,449	1,565	1,605	1,580
Debt-free, Cash-free Net Working Capital to Revenue	3.81%	4.71%	10.94%	7.45%	0.84%	-0.42%	5.03%	4.65%	0.00%	-1.59%	3.43%
Debt-free Net Working Capital to Revenue	10.19%	7.67%	13.75%	11.86%	4.69%	3.58%	13.39%	9.11%	0.00%	3.95%	6.68%
Net Working Capital to Revenue	-8.10%	-12.02%	-3.60%	-3.96%	-4.26%	-19.83%	-7.01%	-13.29%	0.00%	-20.20%	-17.75%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.30	$0.78	$1.03	$1.10	$1.40	$0.49	$1.21	$0.80	$1.55	$0.38	$1.21
Adjusted Weighted Average Basic Shares Outstanding	1.09B	1.09B	1.09B	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.12B
Adjusted Diluted Earnings per Share	$1.29	$0.78	$1.03	$1.09	$1.39	$0.48	$1.21	$0.79	$1.54	$0.38	$1.20
Adjusted Weighted Average Diluted Shares Outstanding	1.10B	1.10B	1.10B	1.10B	1.10B	1.10B	1.11B	1.11B	1.11B	1.11B	1.13B
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	1.14B	1.14B	1.14B	1.14B	1.14B	1.14B	1.16B	1.17B
Normalized Net Operating Profit after Tax (NOPAT)	1,880	1,202	1,410	1,542	1,901	905	1,647	1,318	2,098	642	1,724
Normalized NOPAT Margin	26.94%	19.88%	21.21%	23.85%	26.14%	14.27%	21.18%	18.90%	26.81%	9.19%	20.53%
Pre Tax Income Margin	24.77%	13.22%	19.47%	22.87%	26.29%	8.59%	19.94%	16.38%	26.98%	2.81%	18.65%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	3.63	2.10	2.79	3.01	3.63	1.64	3.02	2.20	3.63	1.07	2.79
NOPAT to Interest Expense	2.82	1.90	2.12	2.25	2.75	1.31	2.31	1.51	2.78	1.78	2.22
EBIT Less CapEx to Interest Expense	-0.60	-1.90	0.13	0.45	0.33	-3.24	-0.39	-1.00	-0.63	-3.72	-0.99
NOPAT Less CapEx to Interest Expense	-1.41	-2.10	-0.54	-0.32	-0.56	-3.58	-1.11	-1.70	-1.48	-3.01	-1.57
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	111.29%	84.93%	78.77%	72.45%	69.25%	73.69%	70.53%	76.50%	0.00%	77.08%	77.02%
Augmented Payout Ratio	111.29%	84.93%	78.77%	72.45%	69.25%	73.69%	70.53%	76.50%	0.00%	77.08%	77.02%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, investor-focused summary of Southern Company (SO) using the four most recent years of quarterly statements available in the data you provided (covering 2022–2025 quarters). The goal is to highlight the key trends in revenue, profitability, cash flow, and leverage that may matter to retail investors.

Revenue growth: In 2025 Q4, Operating Revenue was 6.982 billion and Total Revenue matched 6.982 billion, up from 2024 Q4 where Operating Revenue was 6.341 billion. This indicates a year-over-year top-line expansion into late 2025.
Consistent gross margin: 2025 Q4 gross profit was 2.789 billion on 6.982 billion in revenue (roughly 40%), a level broadly comparable to 2024 Q4 gross margin (about 42%). This suggests stable profitability on a gross basis despite ongoing cost dynamics.
Healthy operating cash flow in 2025: 2025 Q4 net cash from continuing operating activities was about 2.60 billion, with 2025 Q3 at about 3.77 billion, indicating solid cash generation from core operations across the year.
Dividend coverage signal: Cash dividends per share rose into 2025, with Q3 2025 showing a payout around 1.48 per share, supported by strong quarterly earnings in that period and positive operating cash flow.
Asset base growth: Total assets rose from about 148.1 billion in 2024 Q3 to roughly 153.2 billion in 2025 Q3, reflecting ongoing asset growth and capital deployment across the balance sheet.
Stable equity base: Total Common Equity hovered around 37.3–38.3 billion across 2024–2025, suggesting a stable capital structure despite growing assets and debt.
Ongoing capital expenditure: Purchases of property, plant & equipment (PPE) were substantial in 2025, with around 3.2–4.3 billion in recent quarters, signaling continued infrastructure investment.
Earnings volatility: Net income to common shareholders fluctuated meaningfully across quarters (e.g., 1.711 billion in 2025 Q3 versus 0.416 billion in 2025 Q4), highlighting quarterly earnings variability that investors should watch over time.
Debt levels trending higher: Long-term debt rose to about 64.6 billion by 2025 Q3 from roughly 62.9 billion in 2024 Q3, indicating higher leverage as the company funds ongoing capex and investments.
Free cash flow pressure in pockets: 2025 Q4 investing activities were heavy (net cash from continuing investing activities around -4.36 billion), and with solid CFO but sizable capex, free cash flow can be negative in a given quarter. This reflects the cash impact of ongoing capital investments and could affect liquidity timing if not offset by financing or working capital changes.

Bottom line for investors: Southern Company shows a growing revenue base with stable gross margins and strong operating cash flow, underpinned by meaningful capital investment. However, rising debt to fund capex and occasional quarterly earnings volatility mean investors should monitor leverage, capex pacing, and free cash flow dynamics going forward.

05/25/26 01:34 PM ETAI Generated. May Contain Errors.

Southern Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Southern's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Southern's net income appears to be on an upward trend, with a most recent value of $4.17 billion in 2025, rising from $2.44 billion in 2015. The previous period was $4.26 billion in 2024. View Southern's forecast to see where analysts expect Southern to go next.

Southern's total operating income in 2025 was $7.29 billion, based on the following breakdown:

Total Gross Profit: $14.32 billion
Total Operating Expenses: $7.04 billion

Over the last 10 years, Southern's total revenue changed from $17.49 billion in 2015 to $29.55 billion in 2025, a change of 69.0%.

Southern's total liabilities were at $116.85 billion at the end of 2025, a 7.7% increase from 2024, and a 108.0% increase since 2015.

In the past 10 years, Southern's cash and equivalents has ranged from $0.00 in 2016 to $1.98 billion in 2019, and is currently $1.64 billion as of their latest financial filing in 2025.

Over the last 10 years, Southern's book value per share changed from 21.38 in 2015 to 32.65 in 2025, a change of 52.7%.

Related Companies

Financial statements for NYSE:SO last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Southern (SO) Financials

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Southern (SO) Financials

Annual Income Statements for Southern

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Quarterly Cash Flow Statements for Southern

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Quarterly Metrics And Ratios for Southern

Financials Breakdown Chart

Key Financial Trends

Southern Financials - Frequently Asked Questions

When does Southern's fiscal year end?

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

What is Southern's operating income?

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

How much debt does Southern have?

How much cash does Southern have?

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

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