Utilities · Electric Utilities

Southern: revenue, profit and dividends

In fiscal 2025, Southern had revenue of $29.6B, up 5.4% a year on average since 2015, and net income of $4.34B (14.7% of revenue). Its dividend per share has gone up 18 years in a row, to $2.94. It has 21% more shares than in 2015.

Revenue, fiscal 2025

$29.6B+5.4% a year

average annual revenue growth since 2015 · +10.6% vs 2024

Net income, 2025

$4.34B

14.7% of revenue

Diluted EPS, 2025

$3.92

4.2% a year since 2015

Dividend per share, 2025

$2.94

raised every year since 2008

Revenue growth, 5 years

7.7% a year

since 2020

Shares, 2025

1.11B

+21.3% since 2015

Free cash flow, 2025

−$2.94B

$9.8B from operations − $12.7B capex

Ticker: SO · NYSE
Sector: Utilities
Sub-industry: Electric Utilities
Headquarters: Atlanta, Georgia
Founded: 1945
In the S&P 500 since: March 4, 1957, the index’s first day
Latest fiscal year: 2025, ended December 31, 2025
SEC filer: Southern Co · CIK 0000092122

Revenue and net income

Revenue went from $15.4B in 2007 to $29.6B in 2025.

RevenueNet income

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Diluted earnings per share

Diluted EPS went from $2.28 in 2007 to $3.92 in 2025. Ten-year growth: 4.2% a year.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Dividends per share

Raised every year in the data: 18 years in a row, from 2008 to 2025. Ten-year growth: 3.2% a year.

Fiscal years · US dollars per share, adjusted for splitsSource: SEC EDGAR (company filings)

Shares outstanding

21.3% more shares in 2025 than in 2015 (914M → 1.11B): new shares outweighed buybacks.

Fiscal years · diluted weighted-average shares, adjusted for splitsSource: SEC EDGAR (company filings)

Operating cash flow, capex and free cash flow

Free cash flow (operating cash flow minus capital expenditure) was −$2.94B in 2025, −9.9% of revenue. Negative in 2007–2010, 2016–2023, 2025.

Operating cash flowCapital expenditureFree cash flow

Fiscal years · US dollarsSource: SEC EDGAR (company filings)

Year by year

Fiscal year	Revenue	Net income	Net margin	Diluted EPS	Dividend	Shares	Operating cash flow	Capex	Free cash flow
2025	$29.6B	$4.34B	14.7%	$3.92	$2.94	1.11B	$9.8B	$12.7B	−$2.94B
2024	$26.7B	$4.4B	16.5%	$3.99	$2.86	1.1B	$9.79B	$8.96B	$833M
2023	$25.3B	$3.98B	15.7%	$3.62	$2.78	1.1B	$7.55B	$9.1B	−$1.54B
2022	$29.3B	$3.52B	12.0%	$3.26	$2.70	1.08B	$6.3B	$7.92B	−$1.62B
2021	$23.1B	$2.39B	10.4%	$2.24	$2.62	1.07B	$6.17B	$7.59B	−$1.42B
2020	$20.4B	$3.12B	15.3%	$2.93	$2.54	1.06B	$6.7B	$7.52B	−$826M
2019	$21.4B	$4.74B	22.1%	$4.50	$2.46	1.05B	$5.78B	$7.55B	−$1.77B
2018	$23.5B	$2.23B	9.5%	$2.17	$2.38	1.02B	$6.95B	$8.0B	−$1.06B
2017	$23B	$842M	3.7%	$0.84	$2.30	1.01B	$6.39B	$7.42B	−$1.03B
2016	$19.9B	$2.45B	12.3%	$2.55	$2.22	958M	$4.89B	$7.31B	−$2.42B
2015	$17.5B	$2.37B	13.5%	$2.59	$2.15	914M	$6.27B	$5.67B	$600M
2014	$18.5B	$1.96B	10.6%	$2.18	$2.08	901M	$5.82B	$5.25B	$569M
2013	$17.1B	$1.64B	9.6%	$1.87	$2.01	881M	$6.1B	$5.33B	$766M
2012	$16.5B	$2.35B	14.2%	$2.67	$1.94	879M	$4.9B	$4.81B	$89M
2011	$17.7B	$2.2B	12.5%	$2.55	$1.87	864M	$5.9B	$4.53B	$1.38B
2010	$17.5B	$1.98B	11.3%	$2.36	$1.80	837M	$3.99B	$4.09B	−$95M
2009	$15.7B	$1.64B	10.4%	$2.06	$1.73	796M	$3.26B	$4.67B	−$1.41B
2008	$17.1B	$1.74B	10.2%	$2.25	$1.66	775M	$3.46B	$3.96B	−$497M
2007	$15.4B	$1.73B	11.3%	$2.28	$1.59	761M	$3.43B	$3.55B	−$112M