Operating margins have compressed to 5.9% in 2025Q4, suggesting that depreciation costs from new generation assets are currently outpacing revenue recovery mechanisms.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Revenue | 29.55B | 11.33B | 10.12B | 11.58B | 9.26B | 8.31B | 8.41B | 8.42B | 8.31B | 8.38B | 8.33B | 8.99B | 8.27B | 8B |
| Revenue Growth % | 160.82% | 11.99% | -12.66% | 25.1% | 11.45% | -1.18% | -0.14% | 1.32% | -0.87% | 0.68% | -7.37% | 8.63% | 3.45% | - |
| Cost of Revenue | 7.48B | 6.17B | 5.14B | 11.43B | 5.15B | 4.14B | 4.51B | 4.71B | 4.43B | 4.69B | 4.74B | 5.44B | 4.84B | 4.68B |
| Gross Profit | 22.08B | 6.13B | 4.97B | 17.85B | 4.11B | 4.17B | 3.9B | 3.71B | 3.88B | 3.69B | 3.58B | 3.55B | 3.43B | 3.32B |
| Gross Margin % | 74.7% | 54.11% | 49.15% | 154.07% | 44.35% | 50.14% | 46.34% | 44.05% | 46.65% | 44.07% | 43.06% | 39.51% | 41.44% | 41.54% |
| Gross Profit Growth % | 260.09% | 23.29% | -72.14% | 334.55% | -1.42% | 6.93% | 5.04% | -4.33% | 4.95% | 3.04% | 0.96% | 3.56% | 3.22% | - |
| Operating Expenses | 14.79B | 19.66B | 1.82B | 2.34B | 3.54B | 2.19B | 1.29B | 2.31B | 1.2B | 1.18B | 1.18B | 1.23B | 1.15B | 1.08B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 12.79B | 11.82B | 4.73B | 3.97B | 2.13B | 3.58B | 3.74B | 3.56B | 3.75B | 3.5B | 3.38B | 3.31B | 3.22B | 3.12B |
| EBITDA Margin % | 43.26% | 104.34% | 46.78% | 34.31% | 22.95% | 43.07% | 44.52% | 42.33% | 45.07% | 41.72% | 40.56% | 36.88% | 38.91% | 38.95% |
| EBITDA Growth % | 8.15% | 149.8% | 19.1% | 87.01% | -40.63% | -4.38% | 5.02% | -4.83% | 7.09% | 3.55% | 1.87% | 2.98% | 3.34% | - |
| Depreciation & Amortization | 5.5B | 4.75B | 1.91B | 1.62B | 1.56B | 1.61B | 1.19B | 1.14B | 1.1B | 1.06B | 1.03B | 1.02B | 979M | 912M |
| D&A / Revenue % | 18.61% | 41.96% | 18.92% | 14% | 16.81% | 19.34% | 14.19% | 13.56% | 13.24% | 12.68% | 12.36% | 11.34% | 11.83% | 11.4% |
| Operating Income (EBIT) | 7.29B | 7.07B | 2.82B | 2.35B | 568M | 1.97B | 2.55B | 2.42B | 2.65B | 2.43B | 2.35B | 2.3B | 2.24B | 2.2B |
| Operating Margin % | 24.65% | 62.38% | 27.86% | 20.3% | 6.13% | 23.73% | 30.33% | 28.76% | 31.83% | 29.03% | 28.2% | 25.55% | 27.07% | 27.54% |
| Operating Income Growth % | 3.07% | 150.73% | 19.86% | 314.08% | -71.2% | -22.67% | 5.28% | -8.43% | 8.67% | 3.66% | 2.26% | 2.5% | 1.68% | - |
| Interest Expense | 3.24B | -2.74B | 0 | 2.02B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | 2.54x | 0.91x | - | 1.36x | - | - | - | - | - | - | - | - | - | - |
| Interest / Revenue % | 10.96% | -24.21% | 0% | 17.46% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 5B | 5.23B | 2.53B | 2.18B | 416M | 1.73B | 2.19B | 1.01B | 2.26B | 2.13B | 2.05B | 1.97B | 1.91B | 1.87B |
| Pretax Margin % | 16.92% | 46.15% | 24.99% | 18.84% | 4.49% | 20.78% | 26.07% | 11.96% | 27.17% | 25.37% | 24.57% | 21.93% | 23.13% | 23.42% |
| Income Tax | 658M | 828M | 448M | 370M | -168M | 152M | 472M | 214M | 830M | 780M | 769M | 729M | 723M | 688M |
| Effective Tax Rate % | 13.16% | 15.83% | 17.72% | 16.95% | -40.38% | 8.8% | 21.53% | 21.25% | 36.76% | 36.67% | 37.59% | 36.99% | 37.77% | 36.73% |
| Net Income | 4.34B | 4.4B | 2.08B | 1.81B | 584M | 1.57B | 1.72B | 793M | 1.41B | 1.33B | 1.26B | 1.23B | 1.17B | 1.17B |
| Net Margin % | 14.69% | 38.84% | 20.56% | 15.65% | 6.31% | 18.96% | 20.46% | 9.42% | 17.02% | 15.87% | 15.13% | 13.63% | 14.19% | 14.6% |
| Net Income Growth % | -1.36% | 111.59% | 14.73% | 210.45% | -62.92% | -8.43% | 116.9% | -43.92% | 6.32% | 5.56% | 2.86% | 4.34% | 0.51% | - |
| EPS (Diluted) | 3.92 | 399.36 | 224.59 | 195.76 | 63.06 | 170.06 | 185.72 | 85.62 | 152.68 | 143.61 | 136.05 | 136.11 | 130.44 | 129.78 |
| EPS Growth % | -99.02% | 77.82% | 14.73% | 210.43% | -62.92% | -8.43% | 116.91% | -43.92% | 6.32% | 5.56% | -0.04% | 4.35% | 0.51% | - |
| EPS (Basic) | 3.94 | 401.55 | 224.59 | 195.76 | 63.06 | 170.06 | 185.72 | 85.62 | 152.68 | 143.61 | 136.05 | 136.11 | 130.44 | 129.78 |
| Diluted Shares Outstanding | 11.09M | 11.02M | 9.26M | 9.26M | 9.26M | 9.26M | 9.26M | 9.26M | 9.26M | 9.26M | 9.26M | 9M | 9M | 9M |
High regulatory and capital intensity risk
As reported in recent financial statements, Georgia Power experienced a significant revenue surge of 125.3% in 2025Q3, though this growth appears heavily influenced by non-recurring accounting adjustments related to the commercialization of new generation assets rather than sustained organic volumetric expansion across the service territory.
The extreme quarterly revenue fluctuations suggest that the company's top-line performance is currently tethered to the timing of regulatory rate case outcomes and the accounting recognition of major infrastructure projects. Investors should monitor whether these revenue spikes translate into durable earnings growth or if they are merely temporary accounting artifacts that mask underlying demand trends.
Based on the company's reported figures, operating margins have contracted significantly to 5.9% in 2025Q4, which may indicate that the burden of depreciation and maintenance on newly commissioned nuclear assets is currently outpacing the immediate revenue recovery mechanisms provided by the Georgia Public Service Commission.
While fuel and purchased power costs are typically treated as pass-through items, the sharp decline in operating margin suggests that fixed-cost absorption is becoming a primary challenge. This trend warrants further investigation into whether the current regulatory construct provides sufficient flexibility to recover these elevated operational costs without further compressing the utility's profitability.
According to the provided income statement data, the company's EPS has exhibited extreme volatility, including a 99.1% decline in 2025Q3, which suggests that reported earnings are heavily impacted by non-recurring items and the accounting treatment of construction-related financing costs rather than core regulated utility operations.
The reliance on non-cash items like AFUDC appears to be distorting the true earnings power of the regulated business. Analysts should be skeptical of headline EPS figures until the company moves past the current capital-intensive cycle and demonstrates a more stable, cash-generative earnings profile.
As indicated by the reported interest coverage ratio of 1.04 in 2025Q4, the massive capital expenditure cycle associated with the Vogtle nuclear project appears to have placed significant strain on the company's ability to service its debt obligations from current operating income.
The transition from a construction phase to an operational phase is critical, yet the current data suggests that the financial leverage remains elevated. It appears that the company is struggling to balance the massive debt load incurred during the construction period with the immediate cash flow requirements of a newly operational generation fleet.
Based on the recent financial trajectory, the company faces a potential disconnect between its need for continued rate base growth and the political reality of consumer bill fatigue, which may limit the Georgia PSC's willingness to approve future rate increases to cover rising operational costs.
The income statement fails to capture the latent risk of regulatory pushback that could arise if the company continues to seek rate relief for cost overruns. Investors should monitor whether the regulatory compact remains constructive or if the political environment shifts toward a more adversarial stance that could compress earned ROE below authorized levels.
Quick answers to the most common questions about buying GPJA stock.
For fiscal year 2025, Georgia Power Company 5% JR SUB NT 77 (GPJA) reported total revenue of $29.55B. This represents a 269.5% increase compared to $8.00B in 2012.
Georgia Power Company 5% JR SUB NT 77 (GPJA) is profitable, generating $4.34B in net income for the fiscal year ending 2025 with a net profit margin of 14.7%.
Georgia Power Company 5% JR SUB NT 77 (GPJA) reported an operating income of $7.29B, resulting in an operating profit margin of 24.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Georgia Power Company 5% JR SUB NT 77 (GPJA) generated $22.08B in gross profit for the year, representing a gross profit margin of 74.7%. This demonstrates the company's core pricing power and production efficiency.