Revenue growth has been steady at ~8% YoY, with operating margins stable around 25-33% in recent quarters, though Q4 2025 saw a dip to 13.1% due to seasonal factors.
Southern Company (The) Series 2 (SOJD) 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 | 21.19B | 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% | -3.86% | -10.25% | 2.16% | 16.38% | 13.53% | -5.27% | 8.08% | 3.33% | - |
| Cost of Revenue | 15.15B | 20.74B | 13.38B | 13.54B | 18.65B | 12.87B | 10.48B | 14.81B | 16.98B | 15.87B | 13.65B | 11.82B | 11.03B | 9.82B | 9.39B |
| Gross Profit | 15.03B | 8.81B | 13.34B | 11.71B | 10.63B | 10.25B | 9.9B | 6.38B | 6.64B | 7.24B | 6.21B | 5.67B | 7.44B | 7.27B | 7.14B |
| Gross Margin % | 49.81% | 29.81% | 49.93% | 46.36% | 36.3% | 44.33% | 48.57% | 30.1% | 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% | 55.13% | -3.9% | -8.35% | 16.71% | 9.41% | -23.71% | 2.28% | 1.75% | - |
| Operating Expenses | 7.73B | 1.54B | 6.27B | 5.88B | 5.26B | 6.55B | 5.01B | 1.23B | 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 | 8.47B | 8.88B | 9.44B | 8.02B | 7.07B | 5.93B | 5.55B | 6.59B |
| EBITDA Margin % | 44.42% | 45.05% | 46.15% | 42.81% | 32.22% | 33.19% | 43.14% | 39.99% | 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% | 3.72% | -4.56% | -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% | 15.69% | 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 | 5.15B | 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% | 24.3% | 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% | -5.15% | -3.27% | -11.18% | 17.67% | 8.94% | 28.39% | 11.89% | -26.76% | - |
| Interest Expense | 3M | 3.31B | 2.71B | 2.57B | 1.69B | 1.76B | 0 | 1.82B | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Coverage | - | 2.51x | 2.83x | 2.50x | 3.57x | 2.43x | - | 3.08x | - | - | - | - | - | - | - |
| Interest / Revenue % | 0.01% | 11.18% | 10.14% | 10.17% | 5.76% | 7.6% | 0% | 8.57% | 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 | 6.54B | 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% | 30.87% | 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% | 27.48% | 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 | 4.75B | 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% | 22.43% | 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% | -34.39% | 112.04% | 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 SOJD stock.
For fiscal year 2025, Southern Company (The) Series 2 (SOJD) reported total revenue of $29.55B. This represents a 78.7% increase compared to $16.54B in 2012.
Southern Company (The) Series 2 (SOJD) is profitable, generating $4.34B in net income for the fiscal year ending 2025 with a net profit margin of 14.7%.
Southern Company (The) Series 2 (SOJD) 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.
Southern Company (The) Series 2 (SOJD) 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 growth has been steady, averaging around 8% year-over-year in recent quarters, according to reported figures, reflecting ongoing capital investment and rate case outcomes.
Revenue growth has been consistent, with quarterly year-over-year increases ranging from 0.1% to 17.0% over the past ten quarters. This growth appears to be driven by rate base expansion from capital expenditures, as the company continues to invest in generation and grid infrastructure. The durability of this growth depends on continued regulatory approval for rate increases, which may face political and consumer resistance.
Earned Returns Near Authorized Levels
Operating margins have remained stable around 25-33% in recent quarters, as per financial statements, suggesting the company is earning close to its authorized returns, though regulatory lag may compress margins.
Operating margins have been relatively stable, ranging from 13.1% to 33.2% over the past ten quarters, with the most recent quarter at 25.5%. This stability suggests that the company is recovering its costs and earning returns close to authorized levels. However, the variability in margins, particularly the dip in Q4 2025, may indicate timing differences in cost recovery or rate case adjustments.
Fuel Costs Pass-Through with Minimal Lag
Fuel and purchased power costs appear to be largely pass-through, as evidenced by stable operating margins despite revenue fluctuations, according to recent SEC filings, minimizing earnings volatility.
The stability of operating margins despite revenue fluctuations suggests that fuel and purchased power costs are being recovered through automatic adjustment mechanisms, reducing regulatory lag. This is typical for regulated electric utilities, where fuel costs are passed through to customers. The company's ability to maintain margins around 25% indicates effective cost recovery, though investors should monitor any changes in fuel prices that could strain working capital.
Earnings Quality Supported by Recurring Regulated Income
Reported EPS growth has been volatile, with a notable loss in Q4 2024, but core regulated earnings appear stable, as per financial statements, suggesting non-recurring items may be distorting quarterly results.
EPS growth has been erratic, with a significant loss per share of -3.51 in Q4 2024, likely due to a one-time charge or impairment. Excluding this, EPS has generally grown, with recent quarters showing strong growth of 30.4% in Q2 2026. This suggests that underlying regulated earnings are growing steadily, but investors should be cautious about non-recurring items that may obscure the true earnings power.
CAPEX Translating to Rate Base and EPS Growth
Capital expenditures appear to be driving rate base growth, as evidenced by revenue and EPS increases, according to reported figures, though the pace of EPS growth may moderate as assets enter service.
The company's ongoing capital expenditure program appears to be translating into rate base growth, which is supporting revenue and EPS growth. However, the timing of when these investments enter rate base can affect earnings, as construction work in progress may not earn a return until placed in service. The recent EPS growth of 30.4% in Q2 2026 may reflect the benefits of recent rate cases, but investors should monitor whether this growth is sustainable as the CAPEX cycle matures.
Regulatory Lag and Rate Case Risks
Despite stable margins, regulatory lag and potential rate case outcomes could compress earned ROE, as indicated by the variability in quarterly operating margins, according to financial statements.
While the company has maintained stable margins, the variability in quarterly operating margins, particularly the dip to 13.1% in Q4 2025, may indicate regulatory lag or timing issues in cost recovery. Additionally, the company's reliance on rate case approvals for revenue growth exposes it to political and regulatory risks, especially in an inflationary environment where consumer resistance to rate increases may be high. Investors should monitor the outcome of upcoming rate cases and the company's ability to earn its authorized ROE.