Southern (SO) financial statements
Southern reported revenue of $29.6B in fiscal 2025, up 4.5% a year over 9 years.
Net income was $4.3B and the operating margin 24.7%, against 22.5% in 2016.
Free cash flow was -$2.9B, and the company returned $3.0B in dividends.
The diluted share count rose 16% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Southern's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $19.9B | $23.0B | $23.5B | $21.4B | $20.4B | $23.1B | $29.3B | $25.3B | $26.7B | $29.6B |
| Operating income | $4.5B | $2.3B | $4.2B | $7.7B | $4.9B | $3.7B | $5.4B | $5.8B | $7.1B | $7.3B |
| Interest expense | $1.3B | $1.7B | $1.8B | $1.7B | $1.8B | $1.8B | $2.0B | $2.4B | $2.7B | $3.2B |
| Pre-tax income | $3.5B | $1.1B | $2.7B | $6.5B | $3.5B | $2.6B | $4.2B | $4.3B | $5.2B | $5.0B |
| Income tax | $951M | $142M | $449M | $1.8B | $393M | $267M | $795M | $496M | $969M | $828M |
| Net income | $2.4B | $842M | $2.2B | $4.7B | $3.1B | $2.4B | $3.5B | $4.0B | $4.4B | $4.3B |
| EPS (diluted) | $2.55 | $0.84 | $2.17 | $4.50 | $2.93 | $2.24 | $3.26 | $3.62 | $3.99 | $3.92 |
| Diluted shares | 958M | 1.01B | 1.02B | 1.05B | 1.06B | 1.07B | 1.08B | 1.10B | 1.10B | 1.11B |
| Operating margin | 22.5% | 10.1% | 17.8% | 36.1% | 24.0% | 16.0% | 18.3% | 23.1% | 26.4% | 24.7% |
| Net margin | 12.3% | 3.7% | 9.5% | 22.1% | 15.3% | 10.4% | 12.0% | 15.7% | 16.5% | 14.7% |
Balance sheet
Fiscal years, from Southern's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $2.0B | $2.1B | $1.4B | $2.0B | $1.1B | $1.8B | $1.9B | $748M | $1.1B | $1.6B |
| Total current assets | $9.7B | $10.1B | $9.6B | $9.8B | $8.6B | $9.0B | $10.4B | $10.4B | $10.7B | $10.9B |
| Property, plant and equipment | $78.4B | $79.9B | $80.8B | $83.1B | $87.6B | $91.1B | $94.6B | $99.8B | — | — |
| Goodwill | $6.3B | $6.3B | $5.3B | $5.3B | $5.3B | $5.3B | $5.2B | $5.2B | $5.2B | $5.2B |
| Total assets | $109.7B | $111.0B | $116.9B | $118.7B | $122.9B | $127.5B | $134.9B | $139.3B | $145.2B | $155.7B |
| Total current liabilities | $12.9B | $13.6B | $14.3B | $12.5B | $12.1B | $10.9B | $15.7B | $13.5B | $16.0B | $16.9B |
| Long-term debt | $42.6B | $44.5B | $40.7B | $41.8B | $45.1B | $50.1B | $50.7B | $57.2B | $58.8B | $65.6B |
| Total liabilities | $82.8B | $85.2B | $87.6B | $86.7B | $90.4B | $95.0B | $100.4B | $104.1B | $108.5B | $116.9B |
| Shareholders' equity | $24.8B | $24.2B | $24.7B | $27.5B | $28.0B | $27.9B | $30.4B | $31.4B | $33.2B | $36.0B |
| Net debt | $40.7B | $42.3B | $39.3B | $39.8B | $44.0B | $48.3B | $48.7B | $56.5B | $57.7B | $64.0B |
Cash flow
Fiscal years, from Southern's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $4.9B | $6.4B | $6.9B | $5.8B | $6.7B | $6.2B | $6.3B | $7.6B | $9.8B | $9.8B |
| Capital spending | $7.3B | $7.4B | $8.0B | $7.6B | $7.5B | $7.6B | $7.9B | $9.1B | $9.0B | $12.7B |
| Free cash flow | -$2.4B | -$1.0B | -$1.1B | -$1.8B | -$826M | -$1.4B | -$1.6B | -$1.5B | $833M | -$2.9B |
| Stock-based compensation | $3M | — | — | — | — | — | — | — | — | — |
| Dividends paid | $2.1B | $2.3B | $2.4B | $2.6B | $2.7B | $2.8B | $2.9B | $3.0B | $3.0B | $3.0B |
| Share buybacks (net) | $0 | $0 | — | — | — | — | — | — | — | — |
| Net borrowing | $1.2B | -$401M | -$774M | — | — | — | — | — | — | — |
| Free cash flow margin | -12.1% | -4.5% | -4.5% | -8.3% | -4.1% | -6.1% | -5.5% | -6.1% | 3.1% | -9.9% |
| Dividends per share | $2.20 | $2.28 | $2.37 | $2.44 | $2.52 | $2.60 | $2.69 | $2.76 | $2.68 | $2.72 |
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Open SO in InvestinglyQuestions
What was Southern's revenue in 2025?
$29.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Southern generate?
-$2.9B in fiscal 2025 (operating cash flow minus capital spending).
From Southern's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.