# The Southern Company (SO) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/SO/thesis · /stocks/SO/memo

## Financial Snapshot

---
ticker: SO
step: 04
generated: 2026-05-12
source: quick-research
---

### The Southern Company (SO) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2023 | FY2024 | FY2025 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | $25.3B | $26.7B | $28.5B | +7% |
| Net Income | $4.0B | $4.4B | $4.3B | -2% (GAAP) |
| Adjusted EPS | $3.64 | $4.02 | $4.30 | +7% |
| Operating Margin (utility) | ~22% | ~24% | ~25% | improving |
| Operating Cash Flow | $9B | $10B | $10.5B | +5% |

#### Q1 2026 Highlights

| Metric | Q1 2026 |
|--------|---------|
| Retail Sales Growth (YoY) | +2.3% |
| Data Center Usage Growth | +42% YoY |
| Georgia Power Q1 CapEx | $2B (vs $1.6B prior) |
| Data Center contracted load | 11 GW (vs 10 GW earlier) |

#### Data Center Demand

| Metric | Value |
|--------|-------|
| Fully contracted large load | 11 GW |
| Anticipated data center interest pipeline | 75 GW |
| Commercial sales growth target | +20%/year through end of decade |
| Q1 2026 Data Center % power growth | +42% |

#### Vogtle Nuclear Detail

| Metric | Value |
|--------|-------|
| Total Vogtle Capacity (Units 1-4) | 4,536 MW (largest US nuclear) |
| Units 3+4 (AP1000) completed | 2024 |
| Original Vogtle 3+4 budget | $14B → $30B+ actual |
| Future nuclear capacity planning | Underway (Georgia Power) |

#### 2026-2030 CapEx Plan

| Metric | Value |
|--------|-------|
| 5-year CapEx | $81B |
| Increase from prior plan | +$5B |
| Annual run-rate | ~$16B |
| Focus areas | Generation, transmission, distribution, gas infrastructure |

#### 2026 Guidance (mgmt)

| Metric | 2026 Guide |
|--------|------------|
| Adjusted EPS | $4.50-4.60 (+6% midpoint) |
| Long-term EPS Growth | 6-8%+ |
| Dividend Growth | mid-single-digit |

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$10.5B |
| Capital Expenditures | ~$13B |
| Free Cash Flow | ~($2.5B) - capex heavy |
| Cash & Equivalents | ~$2B |
| Total Debt | ~$65B |
| Net Debt/EBITDA | ~5.5x (typical for utility) |

#### Key Ratios (approximate, May 2026)
- P/E (forward FY26): ~25x | EV/EBITDA: ~14x | Dividend Yield: ~2.8%
- ROE: ~12%
- Investment grade rating: BBB+

#### Forward Estimates
- **FY2026E Revenue:** ~$30B (+5-7%)
- **FY2026E Adj EPS:** $4.50-4.60 (mgmt)
- **FY2027E EPS:** ~$4.85 (+6-7%)
- **FY2030E EPS:** ~$5.75 (compounding 6-8%)

#### Capital Return
- Dividend $2.96 annual = ~$3.2B paid — 2.8% yield
- 23+ consecutive years of dividend growth (Aristocrat)
- Buybacks minimal (capex priority)
- Total return: ~2.8% dividend + 6-8% EPS growth

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/SO/fundamental

## Navigation

- Overview: /stocks/SO
- Financials (this page): /stocks/SO/financials
- Thesis: /stocks/SO/thesis
- Investment Memo: /stocks/SO/memo
- Coverage universe: /stocks