Southern Company (The) Series 2 (SOJE) Balance Sheet

As reported in financial statements, Southern Company's net property, plant, and equipment grew from $101.9 billion in 2023Q4 to $118.2 billion by 2026Q1, reflecting a sustained commitment to massive infrastructure investment that serves as the primary foundation for the utility's long-term regulated rate base expansion.

Based on reported figures, the company's debt-to-equity ratio reached 1.90 in 2026Q1, indicating that Southern Company maintains a highly leveraged capital structure to support its ongoing infrastructure requirements while navigating the regulatory constraints inherent in its primary service territories of Georgia, Alabama, and Mississippi.

According to quarterly balance sheet data, total equity expanded from $31.4 billion in 2023Q4 to $37.1 billion in 2026Q1, suggesting that the company is successfully utilizing retained earnings to bolster its capital base despite the significant dividend obligations inherent in its utility-as-a-bond-proxy investment thesis.

As indicated by the current ratio of 0.65 in 2026Q1, Southern Company maintains a lean liquidity profile, which is consistent with the utility's reliance on revolving credit facilities and commercial paper programs to manage the timing disconnects between massive capital expenditures and eventual regulatory rate recovery.