Southern Company (SO): financials, SEC filings and peers

Southern Company (SO) is an electric utilities company in the Utilities sector of the S&P 500, headquartered in Atlanta, Georgia.

It was founded in 1945 and joined the S&P 500 on March 4, 1957.

Its fiscal year ends in December, and its shares trade on the NYSE.

In its SEC filings it is classified as “Electric Services”.

Southern Company at a glance

Revenue (12 months): $30.2B
Revenue growth: +8.3%
Operating margin: 24.2%
Net income (12 months): $4.4B
Free cash flow (12 months): −$3.5B
Cash: $981M
Debt: $74.5B
Diluted EPS (12 months): $3.91

Twelve months to March 31, 2026, from the 10-Q filed April 30, 2026.

Latest twelve months

Over the twelve months to March 31, 2026, Southern Company reported revenue of $30.2 billion, up 8.3% from a year earlier.

Its operating margin was 24.2%, down 2.3 percentage points from a year earlier: for every $100 of sales, about $24 was left as operating profit.

Net income was $4.4 billion (14.5% of revenue), 5.3% lower than a year earlier.

Profit fell while sales grew, which usually points to higher costs, heavier investment or one-time items. The filings explain which.

Operating cash flow was $9.8 billion and capital spending $13.2 billion, leaving free cash flow of −$3.5 billion (-11.5% of revenue). Capital spending equal to 44% of revenue is high; the company is investing heavily.

At the end of the period it held $981 million in cash and $74.5 billion in debt, a net debt position of $73.5 billion.

The diluted share count rose 2.1% in a year, which dilutes existing shareholders.

Five-year trend

Revenue went from $20.4 billion in fiscal 2020 to $29.6 billion in fiscal 2025, about 7.7% a year.
Operating margin has been steady, around 24.7%.
Free cash flow was negative in 5 of the last 6 fiscal years.

Fiscal year	2021	2022	2023	2024	2025
Revenue	$23.1B	$29.3B	$25.3B	$26.7B	$29.6B
Revenue growth	13.4%	26.7%	-13.8%	5.8%	10.6%
Operating margin	16.0%	18.3%	23.1%	26.4%	24.7%
Net income	$2.3B	$3.4B	$4.0B	$4.4B	$4.3B
Free cash flow	−$1.4B	−$1.6B	−$1.5B	$833M	−$2.9B
Diluted EPS	$2.24	$3.26	$3.62	$3.99	$3.92

Fiscal years as reported in Southern Company’s 10-K filings. Free cash flow is operating cash flow minus capital spending.

Recent SEC filings

8-K filed August 6, 2026 — New debt obligation; Unregistered share sale
8-K filed August 4, 2026 — Other event
8-K filed August 3, 2026 — Other event
8-K filed July 30, 2026 — Earnings results
10-Q filed July 30, 2026 — quarterly report
8-K filed June 8, 2026 — Other event
8-K filed May 15, 2026 — Shareholder vote results
8-K filed April 30, 2026 — Earnings results

All Southern Company filings on SEC EDGAR

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Questions about Southern Company

Is Southern Company's revenue growing?

Yes. Revenue for the twelve months to March 31, 2026 was $30.2 billion, up 8.3% from a year earlier, according to its SEC filings.

Is Southern Company profitable?

Yes. It earned $4.4 billion in net income over the twelve months to March 31, 2026, a net margin of 14.5%.

Does Southern Company have more cash or more debt?

At March 31, 2026 it had $981 million in cash and $74.5 billion in debt, so more debt than cash.

When did Southern Company last file financial results?

Its latest quarterly report (10-Q) was filed with the SEC on July 30, 2026.

Which companies are similar to Southern Company?

In the S&P 500, Southern Company is grouped in Electric Utilities within the Utilities sector. American Electric Power (AEP), Constellation Energy (CEG), Duke Energy (DUK), Edison International (EIX), Eversource Energy (ES) are in the same group.

Understand the numbers

Source: Southern Company’s filings with the U.S. Securities and Exchange Commission (EDGAR), retrieved September 27, 2026. Figures are as reported by the company and may be restated. This page is for information only and is not financial advice.