Southern (SO) revenue breakdown
By segment, Traditional Electric Operating Companies is the largest at 75% of fiscal 2025 revenue; Southern Company Gas grew fastest, 8% a year over 5 years.
By product, Residential is the largest at 30% of fiscal 2025 revenue; Other revenues grew fastest, 18% a year over 3 years.
Revenue by segment
Fiscal years, as Southern reports them in its 10-K filings; fiscal 2025 total $29.3B.
| Segments | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|
| Traditional Electric Operating Companies | $15.1B | $16.6B | $20.4B | $18.4B | $20.0B | $22.1B | 75% |
| Southern Company Gas | $3.4B | $4.4B | $6.0B | $4.7B | $4.5B | $5.0B | 17% |
| Southern Power | $1.7B | $2.2B | $3.4B | $2.2B | $2.0B | $2.2B | 8% |
| All Other | $596M | $582M | — | — | — | — | — |
Revenue by product
Fiscal years, as Southern reports them in its 10-K filings; fiscal 2025 total $28.9B.
| Products | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Share |
|---|---|---|---|---|---|---|---|---|---|
| Residential | — | — | — | — | $6.6B | $7.3B | $8.3B | $8.6B | 30% |
| Commercial | — | — | — | — | $5.4B | $5.9B | $6.6B | $7.0B | 24% |
| Industrial | — | — | — | — | $3.8B | $3.6B | $3.9B | $4.0B | 14% |
| Residential | — | — | — | — | $2.8B | $2.0B | $1.8B | $2.2B | 7% |
| Other revenues | — | — | — | — | $1.1B | $1.4B | $1.6B | $1.8B | 6% |
| PPA energy revenues | — | — | — | — | $2.3B | $1.1B | $1.1B | $1.4B | 5% |
| Transportation | — | — | — | — | $1.2B | $1.2B | $1.3B | $1.4B | 5% |
| PPA capacity revenues | — | — | — | — | $596M | $624M | $641M | $637M | 2% |
| Gas marketing services | — | — | — | — | $636M | $528M | $507M | $569M | 2% |
| Commercial | — | — | — | — | $763M | $505M | $417M | $527M | 2% |
| Non-PPA revenues | — | — | — | — | $250M | $250M | $226M | $299M | 1% |
| Other | — | — | — | — | $342M | $324M | $316M | $295M | 1% |
| Other | — | — | — | — | $102M | $112M | $124M | $123M | 0% |
| Industrial | — | — | — | — | $84M | $45M | $34M | $44M | 0% |
| Other | — | — | — | — | $51M | $31M | $18M | $12M | 0% |
| Residential | $6.6B | $6.2B | $6.1B | $6.2B | — | — | — | — | — |
| Commercial | $5.3B | $5.1B | $4.7B | $4.9B | — | — | — | — | — |
| Industrial | $3.2B | $3.1B | $2.8B | $3.1B | — | — | — | — | — |
| Wholesale gas services | — | — | — | $2.2B | — | — | — | — | — |
| Residential | $1.5B | $1.4B | $1.3B | $1.8B | — | — | — | — | — |
| Wholesale gas services | $3.1B | $2.1B | $1.7B | — | — | — | — | — | — |
| PPA energy revenues | $950M | $833M | $735M | $1.1B | — | — | — | — | — |
| Other revenues | $1.5B | $1.0B | $982M | $1.1B | — | — | — | — | — |
| Transportation | $944M | $907M | $971M | $1.0B | — | — | — | — | — |
| PPA capacity revenues | $498M | $453M | $454M | $493M | — | — | — | — | — |
| Commercial | $436M | $389M | $340M | $470M | — | — | — | — | — |
| Gas marketing services | $571M | $440M | $391M | $464M | — | — | — | — | — |
| Other | $230M | $245M | $209M | $269M | — | — | — | — | — |
| Non-PPA revenues | $263M | $232M | $210M | $236M | — | — | — | — | — |
| Other | $94M | $90M | $90M | $93M | — | — | — | — | — |
| Industrial | $40M | $35M | $30M | $49M | — | — | — | — | — |
| Other natural gas revenues | $53M | $42M | $33M | $36M | — | — | — | — | — |
| Gas pipeline investments | — | $32M | — | — | — | — | — | — | — |
| Gas pipeline investments | $32M | — | — | — | — | — | — | — | — |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for SO.
Open SO in InvestinglyQuestions
Where does Southern make its money?
In fiscal 2025, by segment: Traditional Electric Operating Companies $22.1B, Southern Company Gas $5.0B, Southern Power $2.2B.
From Southern's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.