Southern Company (SO) financial statements: income statement, balance sheet and cash flow

Southern Company's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Southern Company reported revenue of $29.6B (+10.6% year on year) and net income of $4.3B.

Income statement

Southern Company income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Total operating revenues	$29.6B	$26.7B	$25.3B	$29.3B
Cost of sales	$8.2B	$6.8B	$7.5B	$8.8B
Other operations and maintenance	$7.1B	$6.5B	$6.1B	$6.6B
Depreciation and amortization	$5.5B	$4.8B	$4.5B	$3.7B
Taxes other than income taxes	$1.5B	$1.5B	$1.4B	$1.4B
Total operating expenses	$22.3B	$19.7B	$19.4B	$23.9B
Operating Income	$7.3B	$7.1B	$5.8B	$5.4B
Allowance for equity funds used during construction	$340.0M	$235.0M	$268.0M	$224.0M
Earnings from equity method investments	$112.0M	$139.0M	$144.0M	$151.0M
Interest expense, net of amounts capitalized	($3.2B)	($2.7B)	($2.4B)	($2.0B)
Other income (expense), net	$500.0M	$530.0M	$553.0M	$500.0M
Total other income and (expense)	($2.3B)	($1.8B)	($1.5B)	($1.1B)
Earnings Before Income Taxes	$5.0B	$5.2B	$4.3B	$4.2B
Income taxes (benefit)	$828.0M	$969.0M	$496.0M	$795.0M
Net Income	$4.2B	$4.3B	$3.8B	$3.4B
Net loss attributable to noncontrolling interests	($170.0M)	($141.0M)	($127.0M)	($107.0M)
Net Income	$4.3B	—	—	—
Basic (in dollars per share)	$3.94	$4.02	$3.64	$3.28
Diluted (in dollars per share)	$3.92	$3.99	$3.62	$3.26
Basic (in shares)	1.1B	1.1B	1.1B	1.1B
Diluted (in shares)	1.1B	1.1B	1.1B	1.1B

Southern Company income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Total operating revenues	$7.0B	$8.4B	$7.8B	$7.0B
Total cost of sales	$1.7B	$2.8B	$1.9B	$1.8B
Other operations and maintenance	$1.7B	$1.7B	$1.6B	$1.7B
Depreciation and amortization	$1.4B	$1.4B	$1.4B	$1.3B
Taxes other than income taxes	$367.0M	$464.0M	$288.0M	$403.0M
Total operating expenses	$5.2B	$6.4B	$5.2B	$5.2B
Operating Income	$1.8B	$2.0B	$2.6B	$1.8B
Allowance for equity funds used during construction	$128.0M	$121.0M	$90.0M	$80.0M
Earnings from equity method investments	$86.0M	$50.0M	$33.0M	$10.0M
Interest expense, net of amounts capitalized	($796.0M)	($778.0M)	($755.0M)	($874.0M)
Other income (expense), net	$181.0M	$155.0M	$149.0M	$162.0M
Total other income and (expense)	($401.0M)	($452.0M)	($483.0M)	($622.0M)
Earnings Before Income Taxes	$1.4B	$1.6B	$2.1B	$1.1B
Income taxes	$187.0M	$228.0M	$404.0M	$289.0M
Consolidated Net Income	$1.2B	$1.3B	$1.7B	$853.0M
Net income (loss) attributable to noncontrolling interests	$14.0M	($18.0M)	($4.0M)	($27.0M)
Consolidated Net Income Attributable to Southern Company	$1.2B	$1.4B	$1.7B	$880.0M
Basic (in dollars per share)	$1.03	$1.21	$1.55	$0.80
Diluted (in dollars per share)	$1.03	$1.20	$1.54	$0.79
Basic (in shares)	1.1B	1.1B	1.1B	1.1B
Diluted (in shares)	1.1B	1.1B	1.1B	1.1B

Balance sheet

Southern Company balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$1.6B	$1.1B	$748.0M	$1.9B
Customer accounts	$2.3B	$2.2B	$2.0B	$2.1B
Unbilled revenues	$931.0M	$825.0M	$786.0M	$1.0B
Regulatory assets – under recovered retail fuel clause revenues	$316.0M	—	—	—
Other accounts and notes	$655.0M	$597.0M	$519.0M	$637.0M
Accumulated provision for uncollectible accounts	($84.0M)	($74.0M)	($68.0M)	($71.0M)
Materials and supplies	$2.2B	$2.2B	$2.0B	$1.7B
Fossil fuel for generation	$735.0M	$803.0M	$943.0M	$575.0M
Natural gas for sale	$396.0M	$388.0M	$420.0M	$438.0M
Prepaid expenses	$327.0M	$294.0M	$406.0M	$347.0M
Assets from risk management activities, net of collateral	$63.0M	$39.0M	$36.0M	$115.0M
Regulatory assets – asset retirement obligations	$353.0M	$353.0M	$274.0M	$332.0M
Other regulatory assets	$709.0M	$804.0M	$1.1B	$860.0M
Other current assets	$424.0M	$476.0M	$533.0M	$344.0M
Total current assets	$10.9B	$10.7B	$10.4B	$10.4B
In service	$146.1B	$137.1B	$128.4B	$117.5B
Less: Accumulated depreciation	$43.5B	$40.1B	$37.7B	$35.3B
Plant in service, net of depreciation	$102.6B	$97.0B	$90.7B	$82.2B
Other utility plant, net	$307.0M	$410.0M	$499.0M	$599.0M
Nuclear fuel, at amortized cost	$897.0M	$873.0M	$858.0M	$843.0M
Construction work in progress	$10.5B	$6.4B	$7.8B	$10.9B
Total property, plant, and equipment	$114.4B	$104.7B	$99.8B	$94.6B
Goodwill	$5.2B	$5.2B	$5.2B	$5.2B
Nuclear decommissioning trusts, at fair value	$2.9B	$2.6B	$2.4B	$2.1B
Equity investments in unconsolidated subsidiaries	$1.3B	$1.4B	$1.4B	$1.4B
Other intangible assets, net of amortization	$300.0M	$332.0M	$368.0M	$406.0M
Miscellaneous property and investments	$714.0M	$668.0M	$665.0M	$602.0M
Other Property and Investments	$10.4B	$10.2B	—	—
Operating lease right-of-use assets, net of amortization	$1.4B	$1.4B	$1.4B	$1.5B
Deferred charges related to income taxes	$948.0M	$889.0M	$886.0M	$866.0M
Prepaid pension and other postretirement benefit costs	$3.3B	$2.7B	$2.1B	$2.3B
Unamortized loss on reacquired debt	$187.0M	$203.0M	$220.0M	$238.0M
Deferred under recovered retail fuel clause revenues	$252.0M	$485.0M	$1.3B	—
Regulatory assets – asset retirement obligations, deferred	$5.1B	$5.5B	$5.5B	$5.8B
Other regulatory assets, deferred	$7.4B	$7.0B	$6.3B	$5.9B
Other deferred charges and assets	$1.4B	$1.5B	$1.5B	$1.5B
Total deferred charges and other assets	$20.0B	$19.6B	$19.1B	$20.1B
Total Assets	$155.7B	$145.2B	$139.3B	$134.9B
Securities due within one year	$6.2B	$4.7B	$2.5B	$4.3B
Notes payable	$722.0M	$1.3B	$2.3B	$2.6B
Accounts payable	$3.7B	$3.7B	$2.9B	$3.5B
Customer deposits	$475.0M	$486.0M	$503.0M	$502.0M
Accrued income taxes	$22.0M	$57.0M	$8.0M	$60.0M
Other accrued taxes	$982.0M	$997.0M	$860.0M	$764.0M
Accrued interest	$807.0M	$682.0M	$652.0M	$614.0M

Southern Company balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$3.0B	$981.0M	$3.3B	$1.3B
Customer accounts	$2.3B	$2.4B	$2.3B	$2.3B
Unbilled revenues	$938.0M	$740.0M	$685.0M	$895.0M
Under recovered fuel clause revenues	$227.0M	$299.0M	$517.0M	$684.0M
Other accounts and notes	$580.0M	$524.0M	$476.0M	$553.0M
Accumulated provision for uncollectible accounts	($98.0M)	($95.0M)	($79.0M)	($83.0M)
Materials and supplies	$2.4B	$2.3B	$2.2B	$2.1B
Fossil fuel for generation	$728.0M	$727.0M	$682.0M	$740.0M
Natural gas for sale	$198.0M	$145.0M	$415.0M	$197.0M
Prepaid expenses	$370.0M	$411.0M	$324.0M	$482.0M
Regulatory assets – asset retirement obligations	$353.0M	$353.0M	$353.0M	$389.0M
Other regulatory assets	$916.0M	$706.0M	$793.0M	$732.0M
Other current assets	$501.0M	$433.0M	$602.0M	$439.0M
Total current assets	$12.4B	$10.0B	$12.6B	$10.8B
In service	$151.4B	$149.1B	$143.2B	$140.9B
Less: Accumulated depreciation	$45.9B	$45.2B	$42.8B	$41.7B
Plant in service, net of depreciation	$105.6B	$103.9B	$100.4B	$99.2B
Other utility plant, net	$0	$0	$331.0M	$363.0M
Nuclear fuel, at amortized cost	$902.0M	$920.0M	$914.0M	$907.0M
Construction work in progress	$11.9B	$11.3B	$9.2B	$7.7B
Total property, plant, and equipment	$118.3B	$116.1B	$110.9B	$108.1B
Goodwill	$5.2B	$5.2B	$5.2B	$5.2B
Nuclear decommissioning trusts, at fair value	$3.1B	$2.9B	$2.9B	$2.8B
Equity investments in unconsolidated subsidiaries	$1.4B	$1.4B	$1.3B	$1.4B
Other intangible assets, net of amortization	$287.0M	$294.0M	$308.0M	$316.0M
Miscellaneous property and investments	$701.0M	$706.0M	$696.0M	$699.0M
Total other property and investments	$10.7B	$10.4B	$10.4B	$10.4B
Operating lease right-of-use assets, net of amortization	$1.4B	$1.4B	$1.4B	$1.4B
Deferred charges related to income taxes	$1.1B	$1.0B	$911.0M	$899.0M
Prepaid pension costs	$3.5B	$3.4B	$3.0B	$2.9B
Unamortized loss on reacquired debt	$179.0M	$183.0M	$191.0M	$195.0M
Deferred under recovered fuel clause revenues	$151.0M	$210.0M	$197.0M	$325.0M
Regulatory assets – asset retirement obligations, deferred	$5.0B	$5.2B	$5.0B	$5.1B
Other regulatory assets, deferred	$7.6B	$7.7B	$7.4B	$7.3B
Other deferred charges and assets	$1.7B	$1.5B	$1.3B	$1.4B
Total deferred charges and other assets	$20.6B	$20.6B	$19.4B	$19.5B
Total Assets	$162.0B	$157.0B	$153.2B	$148.9B
Securities due within one year	$4.7B	$5.7B	$7.5B	$5.4B
Notes payable	$2.1B	$1.7B	$144.0M	$988.0M
Accounts payable	$3.4B	$2.9B	$3.0B	$2.9B
Customer deposits	$487.0M	$478.0M	$489.0M	$468.0M
Accrued income taxes	$70.0M	$66.0M	$456.0M	$20.0M
Other accrued taxes	$695.0M	$557.0M	$966.0M	$800.0M
Accrued interest	$812.0M	$627.0M	$602.0M	$775.0M
Accrued compensation	$927.0M	$761.0M	$1.2B	$825.0M

Cash flow statement

Southern Company cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Consolidated net income	$4.2B	$4.3B	$3.8B	$3.4B
Depreciation and amortization, total	$6.0B	$5.3B	$5.0B	$4.1B
Deferred income taxes	$618.0M	$536.0M	$63.0M	$670.0M
Allowance for equity funds used during construction	($340.0M)	($235.0M)	($268.0M)	($224.0M)
Pension, postretirement, and other employee benefits	($579.0M)	($556.0M)	($527.0M)	($436.0M)
Settlement of asset retirement obligations	($634.0M)	($566.0M)	($617.0M)	($455.0M)
Storm damage and reliability reserve accruals	$236.0M	$163.0M	$124.0M	$430.0M
Stock based compensation expense	$136.0M	$132.0M	$137.0M	$127.0M
Loss on extinguishment of debt	$252.0M	—	—	—
Retail fuel cost under recovery – long-term	($176.0M)	($32.0M)	($206.0M)	($2.2B)
Storm damage cost recovery – long-term	($275.0M)	($631.0M)	—	—
Other, net	($36.0M)	($39.0M)	($138.0M)	$17.0M
-Receivables	($124.0M)	($372.0M)	$482.0M	($769.0M)
-Retail fuel cost under recovery	$645.0M	$984.0M	$686.0M	—
-Fossil fuel for generation	$68.0M	$140.0M	($368.0M)	($125.0M)
-Materials and supplies	($24.0M)	($189.0M)	($345.0M)	($160.0M)
-Natural gas cost under recovery	$0	$0	$108.0M	$158.0M
-Other current assets	$47.0M	($47.0M)	($106.0M)	($288.0M)
-Accounts payable	($290.0M)	$492.0M	($863.0M)	$1.0B
-Accrued interest	$125.0M	—	—	—
-Accrued taxes	($36.0M)	—	—	$51.0M
-Customer refunds	($75.0M)	$83.0M	($157.0M)	$119.0M
-Natural gas cost over recovery	($36.0M)	($21.0M)	$214.0M	—
-Other current liabilities	$99.0M	$145.0M	$214.0M	$153.0M
Net cash provided from operating activities	$9.8B	$9.8B	$7.6B	$6.3B
Property additions	($12.7B)	($9.0B)	($9.1B)	($7.9B)
Business acquisition	($635.0M)	—	—	—
Nuclear decommissioning trust fund purchases	($1.7B)	($1.6B)	($1.1B)	($1.1B)
Nuclear decommissioning trust fund sales	$1.7B	$1.5B	$1.1B	$1.1B
Proceeds from dispositions	$1.0M	$369.0M	$164.0M	$275.0M
Cost of removal, net of salvage	($655.0M)	($632.0M)	($592.0M)	($649.0M)
Change in construction payables, net	$301.0M	$106.0M	$18.0M	—
Payments pursuant to LTSAs	($159.0M)	($108.0M)	($99.0M)	($190.0M)
Other investing activities	($58.0M)	($164.0M)	($43.0M)	$70.0M
Net cash used for investing activities	($14.0B)	($9.4B)	($9.7B)	($8.4B)
Increase (decrease) in notes payable, net	($414.0M)	($648.0M)	($236.0M)	($337.0M)
Increase (decrease) in notes payable, net	$300.0M	$54.0M	$973.0M	$10.0M
Long-term debt	$12.5B	$6.2B	$9.0B	$5.1B
Short-term borrowings	$200.0M	$700.0M	$350.0M	$2.6B
Common stock	$1.6B	$143.0M	$36.0M	$1.8B
Long-term debt	($5.5B)	($2.2B)	($4.3B)	($2.2B)
Short-term borrowings	$0	($1.0B)	($1.6B)	($1.1B)
Distributions to noncontrolling interests	($200.0M)	($185.0M)	($234.0M)	($259.0M)
Purchase of membership interests from noncontrolling interests	($286.0M)	—	—	—
Payment of common stock dividends	($3.0B)	($3.0B)	($3.0B)	($2.9B)

Southern Company cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Consolidated Net Income	$2.5B	$1.3B	$3.8B	$2.1B
Depreciation and amortization, total	$3.2B	$1.6B	$4.4B	$2.9B
Deferred income taxes	$310.0M	$168.0M	$355.0M	$453.0M
Allowance for equity funds used during construction	($248.0M)	($121.0M)	($243.0M)	($153.0M)
Pension, postretirement, and other employee benefits	($277.0M)	($149.0M)	($414.0M)	($253.0M)
Settlement of asset retirement obligations	($283.0M)	($133.0M)	($471.0M)	($285.0M)
Stock based compensation expense	$112.0M	$97.0M	$124.0M	$102.0M
Storm damage cost recovery – long-term	($139.0M)	($93.0M)	($262.0M)	($238.0M)
Other, net	($87.0M)	($25.0M)	($22.0M)	$76.0M
Receivables	$116.0M	$124.0M	$200.0M	($130.0M)
Retail fuel cost under recovery	$188.0M	$63.0M	$439.0M	$158.0M
Prepayments	($96.0M)	($98.0M)	—	($109.0M)
Materials and supplies	($178.0M)	($85.0M)	$18.0M	$35.0M
Natural gas for sale, net of temporary LIFO liquidation	$197.0M	$355.0M	—	$233.0M
Other current assets	($60.0M)	($27.0M)	($187.0M)	$61.0M
Accounts payable	($403.0M)	($555.0M)	($747.0M)	($695.0M)
Accrued taxes	($221.0M)	($408.0M)	$432.0M	($245.0M)
Accrued compensation	($459.0M)	($599.0M)	($126.0M)	($421.0M)
Other current liabilities	$105.0M	($4.0M)	($267.0M)	$26.0M
Net cash provided from operating activities	$4.3B	$1.2B	$7.2B	$3.4B
Property additions	($6.6B)	($2.9B)	($8.5B)	($5.2B)
Contributions in aid of construction	$313.0M	—	—	—
Nuclear decommissioning trust fund purchases	($994.0M)	($442.0M)	($1.2B)	($777.0M)
Nuclear decommissioning trust fund sales	$994.0M	$442.0M	$1.2B	$777.0M
Cost of removal, net of salvage	($349.0M)	($166.0M)	($479.0M)	($304.0M)
Other investing activities	($83.0M)	($60.0M)	($103.0M)	($153.0M)
Net cash used for investing activities	($6.8B)	($3.4B)	($9.6B)	($5.7B)
Increase in notes payable, net	$1.4B	$653.0M	—	—
Long-term debt	$4.8B	$2.4B	$10.3B	$6.3B
Short-term borrowings	$350.0M	$350.0M	$200.0M	$200.0M
Common stock	$2.6B	$535.0M	$90.0M	$62.0M
Long-term debt	($3.1B)	($1.3B)	($2.4B)	($2.3B)
Short-term borrowings	($350.0M)	($50.0M)	$0	$0
Distributions to noncontrolling interests	($76.0M)	($47.0M)	($118.0M)	($66.0M)
Payment of common stock dividends	($1.6B)	($776.0M)	($2.3B)	($1.5B)
Other financing activities	($233.0M)	($191.0M)	($176.0M)	($150.0M)
Net cash provided from financing activities	$3.8B	$1.5B	$4.6B	$2.5B
Net Change in Cash, Cash Equivalents, and Restricted Cash	$1.4B	($653.0M)	$2.2B	$164.0M
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	$1.6B	$1.6B	$1.1B	$1.1B
Cash, Cash Equivalents, and Restricted Cash at End of Period	$3.0B	$987.0M	$3.3B	$1.3B
Interest, net of amounts capitalized	$1.5B	$901.0M	$2.2B	$1.3B
Income taxes, net (excludes credit transfers)	$146.0M	$0	$231.0M	$199.0M
Accrued property additions at end of period	$1.4B	$1.0B	$1.2B	$1.1B
Right-of-use assets obtained under operating leases	$107.0M	$41.0M	$131.0M	$114.0M
Right-of-use assets obtained under finance leases	$5.0M	$2.0M	$17.0M	$14.0M

Southern Company score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.