Revenue growth accelerated to 10.1% year-over-year in 2025Q4, with operating margins improving to 25.5% in 2026Q2, though quarterly volatility (net margin swung from 6.0% to 21.9%) suggests fuel cost pass-through and one-time items affect earnings quality.
The Southern Company JR 2017B NT 77 (SOJC) annual income statement — 14-year revenue, gross profit & net income history
| Metric | TTM | 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 | 30.18B | 29.55B | 26.72B | 25.25B | 29.28B | 23.11B | 20.38B | 21.42B | 23.61B | 23.11B | 19.86B | 17.49B | 18.47B | 17.09B | 16.54B |
| Revenue Growth % | 6.4% | 10.59% | 5.83% | -13.75% | 26.68% | 13.44% | -4.87% | -9.3% | 2.16% | 16.38% | 13.53% | -5.27% | 8.08% | 3.33% | - |
| Cost of Revenue | 16.62B | 20.74B | 13.38B | 13.54B | 18.65B | 12.87B | 10.48B | 11.82B | 16.98B | 15.87B | 13.65B | 11.82B | 11.03B | 9.82B | 9.39B |
| Gross Profit | 13.55B | 8.81B | 13.34B | 11.71B | 10.63B | 10.25B | 9.9B | 9.6B | 6.64B | 7.24B | 6.21B | 5.67B | 7.44B | 7.27B | 7.14B |
| Gross Margin % | 44.92% | 29.81% | 49.93% | 46.36% | 36.3% | 44.33% | 48.57% | 44.83% | 28.11% | 31.34% | 31.25% | 32.43% | 40.27% | 42.55% | 43.21% |
| Gross Profit Growth % | - | -33.98% | 13.96% | 10.17% | 3.71% | 3.54% | 3.06% | 44.65% | -8.35% | 16.71% | 9.41% | -23.71% | 2.28% | 1.75% | - |
| Operating Expenses | 6.25B | 1.54B | 6.27B | 5.88B | 5.26B | 6.55B | 5.01B | 1.87B | 1.31B | 1.25B | 1.11B | 997M | 3.59B | 3.91B | 2.58B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 13.4B | 13.31B | 12.33B | 10.81B | 9.43B | 7.67B | 8.79B | 11.07B | 8.88B | 9.44B | 8.02B | 7.07B | 5.93B | 5.55B | 6.59B |
| EBITDA Margin % | 44.41% | 45.05% | 46.15% | 42.81% | 32.22% | 33.19% | 43.14% | 51.67% | 37.6% | 40.82% | 40.38% | 40.42% | 32.14% | 32.5% | 39.84% |
| EBITDA Growth % | 5.69% | 7.95% | 14.08% | 14.61% | 22.98% | -12.73% | -20.57% | 24.63% | -5.88% | 17.66% | 13.41% | 19.14% | 6.88% | -15.72% | - |
| Depreciation & Amortization | 6.1B | 6.03B | 5.27B | 4.99B | 4.06B | 3.97B | 3.9B | 3.33B | 3.56B | 3.44B | 2.92B | 2.4B | 2.29B | 2.3B | 2.15B |
| D&A / Revenue % | 20.21% | 20.4% | 19.71% | 19.74% | 13.88% | 17.19% | 19.17% | 15.55% | 15.06% | 14.89% | 14.73% | 13.69% | 12.42% | 13.45% | 12.97% |
| Operating Income (EBIT) | 7.3B | 7.29B | 7.07B | 5.83B | 5.37B | 3.7B | 4.88B | 7.74B | 5.32B | 5.99B | 5.09B | 4.68B | 3.64B | 3.25B | 4.44B |
| Operating Margin % | 24.21% | 24.65% | 26.45% | 23.07% | 18.34% | 16% | 23.98% | 36.12% | 22.54% | 25.93% | 25.65% | 26.73% | 19.72% | 19.05% | 26.87% |
| Operating Income Growth % | - | 3.07% | 21.32% | 8.49% | 45.21% | -24.3% | -36.85% | 45.3% | -11.18% | 17.67% | 8.94% | 28.39% | 11.89% | -26.76% | - |
| Interest Expense | 3M | 3.31B | 2.71B | 2.57B | 1.79B | 1.85B | 1.88B | 1.82B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.51x | 2.83x | 2.50x | 3.37x | 2.31x | 2.78x | 3.08x | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.01% | 11.18% | 10.14% | 10.17% | 6.11% | 8% | 9.23% | 8.48% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 5.25B | 5B | 5.23B | 4.34B | 4.21B | 2.56B | 3.48B | 6.53B | 2.75B | 1.07B | 3.48B | 3.63B | 2.94B | 2.49B | 3.68B |
| Pretax Margin % | 17.39% | 16.92% | 19.57% | 17.21% | 14.39% | 11.08% | 17.08% | 30.47% | 11.64% | 4.62% | 17.52% | 20.74% | 15.92% | 14.59% | 22.28% |
| Income Tax | 684M | 828M | 969M | 496M | 795M | 267M | 393M | 1.8B | 449M | 142M | 951M | 1.19B | 977M | 849M | 1.33B |
| Effective Tax Rate % | 13.03% | 16.56% | 18.53% | 11.42% | 18.87% | 10.43% | 11.29% | 27.55% | 16.33% | 13.3% | 27.33% | 32.9% | 33.23% | 34.06% | 36.21% |
| Net Income | 4.66B | 4.34B | 4.4B | 3.98B | 3.52B | 2.39B | 3.12B | 4.74B | 2.24B | 880M | 2.49B | 2.42B | 1.96B | 1.64B | 2.35B |
| Net Margin % | 15.43% | 14.69% | 16.47% | 15.74% | 12.04% | 10.35% | 15.31% | 22.13% | 9.49% | 3.81% | 12.55% | 13.84% | 10.63% | 9.62% | 14.21% |
| Net Income Growth % | 8.73% | -1.36% | 10.69% | 12.83% | 47.26% | -23.28% | -34.18% | 111.37% | 154.77% | -64.7% | 2.97% | 23.33% | 19.4% | -30.04% | - |
| EPS (Diluted) | 4.08 | 3.92 | 3.99 | 3.62 | 3.26 | 2.24 | 2.82 | 4.50 | 2.19 | 0.87 | 2.60 | 2.65 | 2.18 | 1.87 | 2.67 |
| EPS Growth % | 3558.33% | -1.75% | 10.22% | 11.04% | 45.54% | -20.57% | -37.33% | 105.48% | 151.72% | -66.54% | -1.89% | 21.56% | 16.58% | -29.96% | - |
| EPS (Basic) | - | 3.94 | 4.02 | 3.64 | 3.28 | 2.26 | 2.82 | 4.53 | 2.20 | 0.88 | 2.62 | 2.66 | 2.18 | 1.87 | 2.67 |
| Diluted Shares Outstanding | 1.14B | 1.11B | 1.1B | 1.1B | 1.08B | 1.07B | 1.1B | 1.05B | 1.02B | 1.01B | 958M | 914M | 901M | 881M | 879M |
Quick answers to the most common questions about buying SOJC stock.
For fiscal year 2025, The Southern Company JR 2017B NT 77 (SOJC) reported total revenue of $29.55B. This represents a 78.7% increase compared to $16.54B in 2012.
The Southern Company JR 2017B NT 77 (SOJC) is profitable, generating $4.34B in net income for the fiscal year ending 2025 with a net profit margin of 14.7%.
The Southern Company JR 2017B NT 77 (SOJC) 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.
The Southern Company JR 2017B NT 77 (SOJC) generated $8.81B in gross profit for the year, representing a gross profit margin of 29.8%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Regulatory lag and rate case outcomes
Metrics are mathematically derived from official filings.
Revenue Growth Driven by Rate Base Expansion
Revenue grew 10.1% year-over-year in 2025Q4, reaching $7.0B, according to the latest quarterly report, reflecting continued rate base investment and constructive rate case outcomes.
The 10.1% revenue growth in 2025Q4, while decelerating from the 17.0% spike in 2025Q1, indicates that the company's capital expenditure program is translating into regulatory rate base additions. This growth is likely supported by rate case approvals and rider mechanisms, which are typical for regulated utilities. However, the sequential decline from 2025Q1 suggests that the pace of rate base growth may be moderating, and investors should monitor whether future revenue growth can be sustained without additional rate cases.
Earned Returns Approaching Authorized Levels
Operating margin improved to 25.5% in 2026Q2, up from 25.3% in 2025Q2, as per the income statement, suggesting the company is earning close to its authorized ROE.
The stable operating margin around 25% indicates that the company is effectively recovering its costs and earning a return consistent with regulatory allowances. The slight improvement in 2026Q2, despite a modest revenue growth of 0.1%, implies that cost control and regulatory mechanisms are functioning well. However, the wide fluctuation in operating margin from 13.1% in 2025Q4 to 33.2% in 2025Q3 highlights the impact of seasonal and weather-related factors, which can obscure the underlying regulatory margin quality. Investors should assess whether the earned ROE consistently meets the authorized ROE across all periods.
Fuel Cost Pass-Through Mitigates Earnings Volatility
Despite revenue growth of 7.9% in 2025Q2, net income fell 27.5% year-over-year, as reported in financial statements, indicating that fuel and purchased power costs may not be fully recovered in the same period.
The disconnect between revenue growth and net income in 2025Q2 suggests that while fuel costs are typically pass-through, there may be regulatory lag or timing differences in cost recovery. This is a common challenge for utilities, as fuel cost adjustments often occur with a lag, creating working capital strain. The company's ability to recover these costs through fuel adjustment clauses is crucial, and the negative EPS growth in that quarter warrants monitoring. If fuel costs continue to rise, the company may face pressure on cash flows unless regulatory mechanisms provide timely recovery.
Earnings Quality Clouded by One-Time Items
EPS swung from -$3.51 in 2024Q4 to $0.38 in 2025Q4, a 110.8% increase, based on the income statement, suggesting significant non-recurring items affecting reported earnings.
The dramatic EPS swing in 2024Q4, which was negative, likely reflects a one-time charge, possibly related to asset impairments or regulatory disallowances. The subsequent recovery in 2025Q4, while positive, may still be influenced by weather normalization or settlement gains. These non-recurring items obscure the underlying regulated earnings power, which appears to be growing at a more moderate pace. Investors should adjust for these items to assess the sustainable earnings growth rate, which seems to be in the mid-single digits based on the trend in operating income.
CAPEX Cycle Translating into Rate Base Growth
Depreciation and amortization increased from $1.3B in 2024Q1 to $1.4B in 2026Q2, as per the income statement, indicating ongoing investment in rate base that should support future earnings.
The steady increase in D&A reflects the company's continued capital expenditure program, which is expected to expand rate base and drive earnings growth. However, the EPS growth has been inconsistent, with some quarters showing declines, suggesting that the incremental CAPEX may not be immediately accretive due to regulatory lag or construction work in progress not yet earning a return. The company's ability to recover these investments through rate cases will determine whether the CAPEX cycle translates into sustainable EPS growth. The current trend suggests that the CAPEX is more than maintenance, but the earnings benefit may be delayed.
Regulatory Lag Could Compress Future Returns
Despite strong revenue growth, operating margin fell to 13.1% in 2025Q4, as reported in financial statements, indicating potential regulatory lag in cost recovery that could pressure future earnings.
The sharp drop in operating margin in 2025Q4, despite revenue growth of 10.1%, suggests that costs, possibly fuel or storm-related, were not fully recovered in that period. This could indicate that the regulatory construct is not providing timely recovery, leading to earnings volatility. If this pattern persists, the company may struggle to earn its authorized ROE, especially in an environment of rising interest rates and inflation. Investors should monitor the regulatory relationships and the timing of cost recovery mechanisms, as any deterioration could compress margins and earnings quality.