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SOUTHERN COSO

Sector
Energy
Industry
Electric Services
Exchange
NYSE

Stock Price $SO

Latest filings

You are here#2 of 21 in Utilities by market cap

Filing record · 2016–202610-K1110-Q328-K206

SO filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 206 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · Oct ’21Oct ’21
  3. Leadership change8-K · Jul ’25Jul ’25

01—Key figures

Share Class
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $28.94B
YoY changeLargest recent move+24.8%in FY22Latest +8.1%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All SO Financial Metrics54 metrics

Income Statement12

Balance Sheet23

Cash Flow14

Per Share5

02—Overview

SOUTHERN CO Financial Overview 2021–2025

Updated Jul 10, 2026

Southern Company’s retail electric revenues surged 8.7%a in FY2025, fueled by rate adjustments and a wave of new industrial demand from data centers. This influx of large-load customers signals a major turning point for the utility. With the long-delayed Plant Vogtle nuclear expansion fully operational in 2024, Southern Company has pivoted from managing massive construction risk to monetizing unprecedented regional electricity demand.

This operational shift is reflected in the company's long-term financial arc. Consolidated net income expanded from $2.39 billion in FY2021 to $4.3 billionb in FY2025, aided heavily by utility rate bases expanding to include the new nuclear generation units. Alongside retail expansion, wholesale electric revenues jumped 21.0% in FY2025 as both market prices and volumes increased. To service the surging baseline power needs of the Southeast, Southern Company is executing an aggressive infrastructure buildout, with system-wide capital expenditures projected at $15.9 billion for 2026. The market has rewarded this combination of regulatory visibility and load growth; at the close of FY2025, the stock traded at $87.20 and carried a 22.2x price-to-earnings multiple.

Recent Developments (Q4 2025 and Q1 2026)

Operating revenues climbed to $8.40 billionc in Q1 2026, up from $7.78 billion a year prior, driven by higher natural gas and wholesale electric demand. Consolidated net income edged up to $1.36 billion, though earnings per share slightly contracted to $1.20. Southern Power remains a near-term drag on profitability, with segment net income plummeting to $4 million from $87 million due to accelerated depreciation from wind repowering projects.

To fund its infrastructure pipeline, the utility secured massive Department of Energy loan facilities in February 2026, totaling $26.5 billiond across its Alabama and Georgia subsidiaries, alongside a 50,000,000-share equity distribution program established in June 2026. Bulls see this highly favorable government financing as a structural advantage for accelerating asset base growth. Conversely, bears warn that impending share dilution and a premium valuation—trading at 24.7x earnings as of April 30, 2026—leave little margin for execution errors.

What to watch: utilization of the new Department of Energy credit facilities; Southern Power's earnings recovery following wind repowering depreciation.

03—Filings

Recent SEC Filings

  1. 8-KSOUTHERN CO 8-K Report, Financial Obligation (Aug 6, 2026)Southern Company (SO) has announced the issuance of two series of Convertible Senior Notes, totaling approximately $2.72 billion in aggregate principal amount. The Series 2026A notes, for $833.75 million with a 2.125% coupon, mature in December 2027. The Series 2026B notes, for $1.8975 billion with a 3.50% coupon, mature in September 2029. These notes are unsecured and rank equally with other unsecured, unsubordinated debt, but are effectively subordinated to secured debt. The issuance was conducted under Section 4(a)(2) and Rule 144A of the Securities Act, targeting qualified institutional buyers, with potential shares issued upon conversion not being registered unless an exemption applies. Investors should note the conversion features and potential dilutive effects. Both note series can be converted by holders under specific conditions related to the Company's stock price performance relative to the conversion price, or in the event of certain corporate events. The initial conversion prices suggest a premium to the stock price at the time of issuance, implying a growth expectation. The settlement of conversions can involve cash, stock, or a combination thereof, at the Company's discretion. The company may also be required to repurchase these notes upon a Fundamental Change, indicating a degree of protection for noteholders in certain adverse events.
  2. 8-KSOUTHERN CO 8-K Report, Corporate Update (Aug 4, 2026)Southern Company (NYSE: SO) priced two private, Rule 144A offerings of convertible senior notes totaling $2.375 billion in base principal: $725 million of 2.125% Series 2026A notes due December 15, 2027, and $1.65 billion of 3.50% Series 2026B notes due September 15, 2029. Both offerings were upsized, and initial purchasers hold options for up to an additional $356.25 million (about $108.75 million of 2026A and $247.5 million of 2026B), which would raise total principal to roughly $2.73 billion if fully exercised. The offerings are expected to close August 6, 2026. The Series 2026A notes carry a conversion price of about $104.56, a 12.5% premium to the August 3, 2026 reference price, and the Series 2026B notes carry a conversion price of about $118.50, a 27.5% premium. Both imply a reference stock price of roughly $92.94. Net proceeds are estimated at about $2.35 billion in the base case. The company will use about $403 million of that to repurchase about $369 million of its 4.50% Series 2024A convertible notes due June 2027, and it plans to use the remainder mainly to repay short-term debt and for general corporate purposes, including investments in subsidiaries. Because the 2024A repurchases are being done at a premium to par, the effective cost of retiring that debt is about 9% above principal. For investors, the transaction refinances near-term convertible debt and short-term borrowings with lower-coupon, longer-dated capital, and the company's cash-settlement election for conversion excess should limit share dilution. The main near-term risk is that convertible arbitrage hedging by 2024A holders, including short-covering and derivative unwinds tied to the repurchases, could pressure SO's share price and raise the effective conversion prices. The filing also includes standard caveats that repurchases may be partial or not occur, and that the company cannot guarantee the offering closing terms.
  3. 8-KSOUTHERN CO 8-K Report, Corporate Update (Aug 3, 2026)On August 3, 2026, Southern Company (NYSE: SO) announced proposed Rule 144A private offerings of two convertible senior note series: $650 million of convertible senior notes due December 15, 2027 and $1.5 billion of convertible senior notes due September 15, 2029. The initial purchasers also have options for an additional $97.5 million (2027 notes) and $225 million (2029 notes), settleable within 13 days of first issuance. Pricing terms, including the initial conversion price and coupon, will be set at pricing and were not disclosed in this filing. The notes will be senior, unsecured obligations, with semiannual interest and conversion settlement that gives the company flexibility to pay principal in cash and the excess in cash, shares, or a combination. A significant portion of the proceeds is earmarked to repurchase part of the company's existing convertible notes: the Series 2024A 4.50% notes due June 2027 and the Series 2025A 3.25% notes due June 2028. These repurchases will be negotiated privately with select holders, and the company may buy back more after the offering closes. Remaining proceeds will repay short-term debt and fund general corporate purposes, including investments in subsidiaries. The structure is a common liability-management approach that can lower the company's near-term refinancing risk and interest cost while extending maturities, though it adds potential future share dilution if the notes convert. Investors should note the potential market effects described in the release: holders of the existing notes who hedge through convertible arbitrage may buy shares or unwind short positions during repurchases, which could push the stock price up or reduce its decline and may raise the effective conversion prices of the new notes. The release is a notice of offerings only, not an offer to sell, and the securities are unregistered under the Securities Act.
  4. 8-KSOUTHERN CO 8-K Report, Financial Results (Jul 30, 2026)Southern Company (NYSE: SO) reported second-quarter 2026 GAAP earnings of $1.2 billion, or $1.03 per share, up from $0.9 billion, or $0.80 per share, in the second quarter of 2025. Excluding items such as accelerated depreciation from wind repowering at Southern Power, an estimated Nicor Gas disallowance loss, and tax refund items, adjusted earnings were $1.3 billion, or $1.13 per share, versus $0.92 a year earlier, a gain of $0.21. For the six months ended June 30, 2026, reported EPS was $2.24 and adjusted EPS was $2.46, versus $2.01 and $2.15 in the prior-year period. Quarterly operating revenues were essentially flat at $6.98 billion (up 0.1%), while year-to-date revenues rose 4.2% to $15.4 billion, helped by higher natural gas revenues and wholesale sales. Management attributed adjusted earnings growth to investment in state-regulated utilities, customer usage and growth, higher equity method earnings, and lower income taxes, partially offset by higher interest expense. Total retail kilowatt-hour sales rose 2.1% in the quarter, with commercial sales up 7.3%, consistent with the data center and large-load demand growth management highlighted. Investors should note several headwinds and watch items: Southern Power's quarterly loss widened to $25 million on accelerated depreciation tied to wind repowering, which is expected to total roughly $205 million pre-tax in 2026 and $120 million in 2027. Share count growth (1,137 million average shares in Q2 versus 1,101 million) diluted per-share gains by $0.04. The filing also flags regulatory and capital-access risks tied to data center-driven generation and transmission investment, and management is scheduled to discuss the results on a call that day.
  5. 8-KSOUTHERN CO 8-K Report, Corporate Update (Jun 8, 2026)Southern Company (SO) has entered into an Equity Distribution Agreement with a syndicate of financial institutions acting as Sales Agents and Forward Purchasers. This agreement allows the company to offer and sell up to 50,000,000 shares of its common stock from time to time. The structure of the agreement includes provisions for both direct sales and more complex "Forward Transactions," which involve the company entering into forward sale agreements. These forward sale agreements allow for the potential issuance of shares to raise capital, with the proceeds to be received upon future settlement. The agreement aims to provide flexibility in how the company can access equity financing. The Equity Distribution Agreement offers two primary types of forward transactions: "Initially Priced Forward Transactions" and "Collared Forward Transactions." In the Initially Priced Forward Transactions, the company receives proceeds at future settlement, with the initial price subject to adjustments. The Collared Forward Transactions involve a "Floor Price" and a "Cap Price" for the shares, offering a degree of price certainty for both the company and the purchasers. While the company may receive cash upon settlement, it also retains the right to elect to receive shares in lieu of cash under certain conditions for Collared Forward Transactions. The company will pay commissions not to exceed 1.00% on sales made through the agreement.
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04—See also

Related Companies

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