What is the primary revenue source for Southern Company (SO)?

According to the latest financial reports, the company's revenue is driven by its core business segments and operational services. You can explore the exact breakdown and proportions of each revenue stream using the interactive charts on this page.

How can I visualize and analyze SO's financial statements?

gkcal provides interactive Sankey diagrams and profit waterfall charts that map out Southern Company's total revenue, cost of goods sold, operating expenses, and net income, making it easy to understand their business model and cash flow at a glance.

How Southern Company Makes Money: SO Revenue Breakdown (2025)

Income Statement – SO Q3 2025 Income Statement (Q3 2025)

Income Statement Q3 2025
Item	Category	Value	YoY
Total operating revenues	revenue	7.82B	7.55%
Operating income	profit	2.59B	9.54%
Total operating expenses	cost	5.23B	6.58%
Earnings before income taxes	profit	2.11B	10.41%
Other income (expense), net	revenue	149.00M	1.36%
Public utilities, allowance for funds used during construction, capitalized cost of equity	revenue	90.00M	55.17%
Earnings from equity method investments	revenue	33.00M	6.45%
Total other income and (expense)	revenue	483.00M	5.92%
Total utility operations and maintenance	cost	1.64B	-1.14%
Depreciation and amortization	cost	1.42B	17.52%
Total cost of sales	cost	1.34B	17.36%
Taxes, miscellaneous	cost	288.00M	-23.20%
Consolidated net income	profit	1.71B	11.21%
Income taxes (benefit)	cost	404.00M	7.16%
Interest expense(e)	cost	755.00M	9.10%

Business Breakdown
Segment	Value	YoY
Traditional Electric Operating Companies	6.44B	8.62%
Southern Company Gas	734.00M	7.62%
Southern Power	613.00M	2.17%
Others	38.00M	-86.03%

Products Breakdown
Segment	Value	YoY
Retail	5.71B	6.35%
Wholesale Electric	832.00M	15.40%
Natural Gas	734.00M	7.62%
Product and Service, Other	288.00M	1.77%
Other Electric Revenue	262.00M	18.02%

Balance Sheet – SO Q3 2025 Balance Sheet (Q3 2025)

Balance Sheet Q3 2025
Item	Category	Value
In service	assets	143.19B
Cash and cash equivalent	assets	3.34B
Customer accounts, net and affiliated	assets	2.30B
Materials and supplies	assets	2.16B
Other regulatory assets current	assets	793.00M
Unbilled revenues current	assets	685.00M
Fossil fuel stock	assets	682.00M
Other assets, current	assets	602.00M
Under recovered fuel clause revenues	assets	517.00M
Other accounts and notes	assets	476.00M
Natural gas for sale	assets	415.00M
Regulatory assets – asset retirement obligations	assets	353.00M
Prepaid expense, current	assets	324.00M
Assets from risk management activities, net of collateral	assets	56.00M
Plant in service, net of depreciation	assets	100.40B
Less: accumulated depreciation	assets	42.79B
Aggregate	assets	12.71B
Construction work in progress	assets	9.24B
Other regulatory assets deferred	assets	7.36B
Goodwill	assets	5.16B
Regulatory assets – asset retirement obligations, deferred	assets	5.05B
Prepaid pension costs	assets	2.98B
Decommissioning fund investments	assets	2.88B
Operating lease, right-of-use asset	assets	1.38B
Other assets, noncurrent	assets	1.32B
Equity investments in unconsolidated subsidiaries	assets	1.30B
Nuclear fuel, at amortized cost	assets	914.00M
Deferred charges related to income taxes	assets	911.00M
Other long-term investments	assets	696.00M
Other utility plant, net	assets	331.00M
Other intangible assets, net of amortization	assets	308.00M
Deferred under recovered fuel clause revenues	assets	197.00M
Unamortized loss reacquired debt, noncurrent	assets	191.00M
Total property, plant, and equipment	assets	110.88B
Total deferred charges and other assets	assets	19.39B
Total current assets	assets	12.63B
Total other property and investments	assets	10.35B
Accounts receivable, allowance for credit loss, current	assets	79.00M
Total assets	assets	153.25B
Liabilities	liabilities	114.97B
Total stockholders' equity	liabilities	38.27B
Long-term debt	liabilities	64.62B
Total deferred credits and other liabilities	liabilities	33.63B
Total current liabilities	liabilities	16.73B
Accumulated deferred income taxes	liabilities	12.25B
Asset retirement obligations, noncurrent	liabilities	8.77B
Deferred credits related to income taxes	liabilities	4.38B
Other cost of removal obligations	liabilities	2.03B
Accumulated deferred investment tax credit	liabilities	1.99B
Other liabilities, noncurrent	liabilities	1.36B
Operating lease obligations, deferred	liabilities	1.24B
Liability, defined benefit plan, noncurrent	liabilities	955.00M
Other regulatory liabilities, deferred	liabilities	642.00M
Securities due within one year	liabilities	7.54B
Accounts payable, current	liabilities	3.02B
Accrued salaries, current	liabilities	1.21B
Other liabilities, current	liabilities	970.00M
Other accrued taxes	liabilities	966.00M
Asset retirement obligations	liabilities	680.00M
Interest payable, current	liabilities	602.00M
Customer deposits	liabilities	489.00M
Accrued income taxes	liabilities	456.00M
Operating lease obligations	liabilities	198.00M
Other regulatory liabilities, current	liabilities	196.00M
Natural gas cost over recovery	liabilities	163.00M
Notes payable	liabilities	144.00M
Liabilities from risk management activities, net of collateral	liabilities	98.00M

Cash Flow Statement – SO 9M 2025 Cash Flow Statement (9M 2025)

Operating Activities – 9M 2025
Item	Value
Depreciation, amortization and accretion, net	4.42B
Consolidated net income	3.83B
Increase (decrease) retail fuel cost under recovery short term	439.00M
Increase (decrease) in accrued taxes payable	432.00M
Deferred income taxes	355.00M
Increase (decrease) in receivables	200.00M
Stock based compensation expense	124.00M
Increase (decrease) in fossil fuel inventories	121.00M
Increase (decrease) in materials and supplies	18.00M
Other noncash income (expense)	-22.00M
Accrued compensation	-126.00M
Increase (decrease) in other operating assets	-187.00M
Public utilities, allowance for funds used during construction, capitalized cost of equity	-243.00M
Storm damage cost recovery, noncurrent	-262.00M
Increase (decrease) in other operating liabilities	-267.00M
Pension, postretirement, and other employee benefits	-414.00M
Asset retirement obligation, cash paid to settle	-471.00M
Increase (decrease) in accounts payable	-747.00M

Investing Activities – 9M 2025
Item	Value
Proceeds from decommissioning trust fund assets	1.21B
Change in construction payables, net of joint owner portion	69.00M
Proceeds from dispositions	1.00M
Payment for (proceeds from) other investing activity	-103.00M
Payments for removal costs	-479.00M
Payments to acquire businesses, gross	-635.00M
Payments to acquire investments to be held in decommissioning trust fund	-1.21B
Payments to acquire property, plant, and equipment	-8.45B

Financing Activities – 9M 2025
Item	Value
Proceeds from issuance of long-term debt and capital securities, net	10.27B
Short-term borrowings	200.00M
Proceeds from issuance of common stock	90.00M
Payments to noncontrolling interests	-118.00M
Other financing activities	-176.00M
Repayments of notes payable	-993.00M
Payments of ordinary dividends, common stock	-2.25B
Repayment of long-term debt, long-term lease obligation, and capital security	-2.38B

Cash Balance – 9M 2025
Item	Value
Cash and cash equivalents, beginning of period	1.10B
Cash and cash equivalents, end of period	3.34B

Income Statement – SO Q3 2025 Income Statement (Q3 2025)

Balance Sheet – SO Q3 2025 Balance Sheet (Q3 2025)

Cash Flow Statement – SO 9M 2025 Cash Flow Statement (9M 2025)

Financial Insights

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