Revenue growth reached 8.0% in 2026Q1, supported by successful rate base integration and stable operating margins of 24.0%.
| 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 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Revenue | 30.17B | 29.55B | 26.72B | 25.25B | 29.28B | 23.11B | 20.38B | 21.42B | 23.5B | 23.03B | 19.9B | 17.49B | 18.47B | 17.09B | 16.54B | 17.66B | 17.46B | 15.74B | 17.13B | 15.35B | 14.36B | 13.55B | 11.73B | 11.19B | 10.51B | 10.15B | 10.07B | 9.32B | 9.5B | 12.61B | 10.36B |
| Revenue Growth % | 8.33% | 10.59% | 5.83% | -13.75% | 26.68% | 13.44% | -4.87% | -8.84% | 2.01% | 15.76% | 13.76% | -5.3% | 8.08% | 3.33% | -6.34% | 1.15% | 10.88% | -8.08% | 11.55% | 6.94% | 5.92% | 15.56% | 4.85% | 6.39% | 3.54% | 0.88% | 8.04% | -1.92% | -24.68% | 21.75% | 12.83% |
| Cost of Revenue | 17.16B | 20.74B | 13.38B | 13.54B | 18.65B | 12.87B | 10.48B | 11.82B | 13.88B | 13.12B | 11.37B | 9.81B | 11.03B | 9.82B | 9.37B | 10.81B | 7.26B | 6.43B | 7.63B | 6.37B | 5.7B | 5.23B | 4.04B | 5.83B | 5.36B | 5.19B | 5.1B | 4.58B | 4.57B | 7.24B | 5.21B |
| Gross Profit | 13.01B | 8.81B | 13.34B | 11.71B | 10.63B | 10.25B | 9.9B | 9.6B | 9.62B | 9.91B | 8.53B | 7.68B | 7.44B | 7.27B | 7.16B | 6.85B | 10.19B | 9.32B | 9.49B | 8.98B | 8.66B | 8.33B | 7.69B | 5.36B | 5.15B | 4.96B | 4.96B | 4.74B | 4.93B | 5.37B | 5.15B |
| Gross Margin % | 43.11% | 29.81% | 49.93% | 46.36% | 36.3% | 44.33% | 48.57% | 44.83% | 40.93% | 43.05% | 42.87% | 43.9% | 40.27% | 42.55% | 43.32% | 38.79% | 58.4% | 59.18% | 55.43% | 58.5% | 60.33% | 61.44% | 65.54% | 47.87% | 48.99% | 48.85% | 49.31% | 50.9% | 51.9% | 42.56% | 49.72% |
| Gross Profit Growth % | - | -33.98% | 13.96% | 10.17% | 3.71% | 3.54% | 3.06% | -0.14% | -3.02% | 16.24% | 11.1% | 3.25% | 2.28% | 1.48% | 4.6% | -32.81% | 9.41% | -1.86% | 5.7% | 3.71% | 4% | 8.34% | 43.55% | 3.96% | 3.83% | -0.06% | 4.68% | -3.81% | -8.14% | 4.21% | 4.31% |
| Operating Expenses | 5.72B | 1.54B | 6.27B | 5.88B | 5.26B | 6.55B | 5.01B | 1.87B | 5.42B | 7.58B | 4.04B | 3.4B | 3.79B | 4.01B | 2.7B | 2.62B | 10.19B | 9.32B | 9.49B | 8.98B | 8.66B | 8.33B | 7.69B | 5.36B | 5.15B | 4.96B | 4.96B | 4.74B | 4.93B | 5.37B | 5.15B |
| Other Operating Expenses | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| EBITDA | 13.34B | 13.3B | 12.33B | 10.81B | 9.43B | 7.67B | 8.79B | 11.07B | 7.74B | 5.79B | 7.41B | 6.68B | 5.93B | 5.55B | 6.61B | 6.28B | 5.63B | 5.26B | 5.21B | 4.81B | 4.64B | 4.36B | 3.98B | 4.03B | 3.77B | 3.75B | 3.74B | 3.47B | 3.81B | 4.26B | 3.94B |
| EBITDA Margin % | 44.22% | 45.01% | 46.15% | 42.81% | 32.22% | 33.19% | 43.14% | 51.67% | 32.94% | 25.14% | 37.24% | 38.18% | 32.14% | 32.5% | 39.96% | 35.56% | 32.27% | 33.4% | 30.42% | 31.34% | 32.36% | 32.17% | 33.95% | 35.99% | 35.83% | 36.92% | 37.17% | 37.21% | 40.1% | 33.76% | 38.03% |
| EBITDA Growth % | 4.32% | 7.84% | 14.08% | 14.61% | 22.98% | -12.73% | -20.57% | 42.98% | 33.68% | -21.85% | 10.96% | 12.5% | 6.88% | -15.97% | 5.24% | 11.47% | 7.13% | 0.92% | 8.27% | 3.6% | 6.54% | 9.49% | -1.09% | 6.88% | 0.48% | 0.19% | 7.93% | -8.98% | -10.52% | 8.07% | 2.98% |
| Depreciation & Amortization | 6.06B | 6.03B | 5.27B | 4.99B | 4.06B | 3.97B | 3.9B | 3.33B | 3.55B | 3.46B | 2.92B | 2.4B | 2.29B | 2.3B | 2.15B | 2.05B | 1.83B | 1.79B | 1.7B | 1.49B | 1.42B | 1.4B | 1.16B | 1.22B | 1.19B | 1.36B | 1.34B | 1.22B | 1.53B | 1.59B | 1.34B |
| D&A / Revenue % | 20.07% | 20.4% | 19.71% | 19.74% | 13.88% | 17.19% | 19.17% | 15.55% | 15.11% | 15.01% | 14.69% | 13.69% | 12.42% | 13.45% | 12.97% | 11.6% | 10.49% | 11.36% | 9.95% | 9.68% | 9.9% | 10.31% | 9.9% | 10.92% | 11.27% | 13.37% | 13.28% | 13.05% | 16.11% | 12.62% | 12.92% |
| Operating Income (EBIT) | 7.29B | 7.27B | 7.07B | 5.83B | 5.37B | 3.7B | 4.88B | 7.74B | 4.19B | 2.33B | 4.49B | 4.28B | 3.64B | 3.25B | 4.46B | 4.23B | 3.8B | 3.47B | 3.51B | 3.33B | 3.22B | 2.96B | 2.82B | 2.81B | 2.58B | 2.39B | 2.4B | 2.25B | 2.28B | 2.67B | 2.6B |
| Operating Margin % | 24.15% | 24.6% | 26.45% | 23.07% | 18.34% | 16% | 23.98% | 36.12% | 17.84% | 10.13% | 22.55% | 24.48% | 19.72% | 19.05% | 26.99% | 23.96% | 21.78% | 22.04% | 20.47% | 21.66% | 22.46% | 21.85% | 24.05% | 25.08% | 24.56% | 23.55% | 23.89% | 24.16% | 23.99% | 21.13% | 25.11% |
| Operating Income Growth % | - | 2.87% | 21.32% | 8.49% | 45.21% | -24.3% | -36.85% | 84.59% | 79.64% | -47.99% | 4.76% | 17.57% | 11.89% | -27.07% | 5.48% | 11.28% | 9.57% | -1.03% | 5.41% | 3.16% | 8.85% | 5% | 0.57% | 8.64% | 7.99% | -0.58% | 6.84% | -1.23% | -14.48% | 2.46% | -3.34% |
| Interest Expense | 4M | 3.31B | 2.74B | 2.45B | 2.02B | 1.84B | 1.82B | 1.74B | 1.84B | 1.69B | 1.32B | 840M | 835M | 824M | 859M | 857M | 895M | 905M | 866M | 886M | 866M | 747M | 640M | 527M | 492M | 557M | 643M | 527M | 558M | 839M | 664M |
| Interest Coverage | - | 2.51x | 2.91x | 2.78x | 3.09x | 2.40x | 2.92x | 4.77x | 2.49x | 1.63x | 3.64x | 5.32x | 4.60x | 4.11x | 5.36x | 5.07x | 4.43x | 3.88x | 4.14x | 3.90x | 3.72x | 3.93x | 4.30x | 4.96x | 4.75x | 4.01x | 3.46x | 3.87x | 3.97x | 3.16x | 2.70x |
| Interest / Revenue % | 0.01% | 11.18% | 10.26% | 9.69% | 6.91% | 7.95% | 8.94% | 8.1% | 7.84% | 7.36% | 6.62% | 4.8% | 4.52% | 4.82% | 5.19% | 4.85% | 5.13% | 5.75% | 5.06% | 5.77% | 6.03% | 5.51% | 5.46% | 4.71% | 4.68% | 5.48% | 6.39% | 5.66% | 5.87% | 6.65% | 6.41% |
| Non-Operating Income | -4M | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K | -1000K |
| Pretax Income | 5.01B | 5B | 5.23B | 4.34B | 4.22B | 2.58B | 3.5B | 6.54B | 2.75B | 1.07B | 3.48B | 3.63B | 3.01B | 2.56B | 3.75B | 3.49B | 3.07B | 2.6B | 2.72B | 2.57B | 2.35B | 2.19B | 2.11B | 2.09B | 1.85B | 1.68B | 1.58B | 1.51B | 1.66B | 1.81B | 1.13B |
| Pretax Margin % | 16.62% | 16.92% | 19.57% | 17.21% | 14.42% | 11.15% | 17.16% | 30.54% | 11.7% | 4.64% | 17.49% | 20.75% | 16.29% | 14.98% | 22.67% | 19.75% | 17.56% | 16.54% | 15.89% | 16.73% | 16.39% | 16.13% | 18.02% | 18.65% | 17.56% | 16.51% | 15.72% | 16.25% | 17.43% | 14.36% | 10.88% |
| Income Tax | 772M | 828M | 969M | 496M | 795M | 267M | 393M | 1.8B | 449M | 142M | 951M | 1.19B | 977M | 849M | 1.33B | 1.22B | 1.03B | 896M | 915M | 835M | 780M | 595M | 585M | 612M | 528M | 558M | 588M | 599M | 670M | 839M | 0 |
| Effective Tax Rate % | 15.39% | 16.56% | 18.53% | 11.42% | 18.83% | 10.36% | 11.24% | 27.48% | 16.33% | 13.3% | 27.33% | 32.9% | 32.48% | 33.18% | 35.58% | 34.96% | 33.46% | 34.41% | 33.61% | 32.5% | 33.15% | 27.22% | 27.67% | 29.34% | 28.6% | 33.27% | 37.17% | 39.56% | 40.46% | 46.33% | 0% |
| Net Income | 4.36B | 4.34B | 4.4B | 3.98B | 3.54B | 2.41B | 3.13B | 4.75B | 2.24B | 880M | 2.49B | 2.42B | 2.03B | 1.71B | 2.42B | 2.27B | 2.04B | 1.71B | 1.81B | 1.73B | 1.57B | 1.59B | 1.53B | 1.47B | 1.32B | 1.26B | 1.31B | 1.28B | 977M | 972M | 1.13B |
| Net Margin % | 14.46% | 14.69% | 16.47% | 15.74% | 12.07% | 10.42% | 15.38% | 22.2% | 9.54% | 3.82% | 12.53% | 13.84% | 11% | 10.01% | 14.6% | 12.84% | 11.69% | 10.85% | 10.55% | 11.29% | 10.96% | 11.74% | 13.06% | 13.18% | 12.54% | 12.43% | 13.04% | 13.7% | 10.29% | 7.71% | 10.88% |
| Net Income Growth % | -5.28% | -1.36% | 10.69% | 12.48% | 46.8% | -23.17% | -34.08% | 112.04% | 154.77% | -64.7% | 2.97% | 19.2% | 18.77% | -29.19% | 6.48% | 11.18% | 19.44% | -5.48% | 4.21% | 10.24% | -1.13% | 3.85% | 3.93% | 11.84% | 4.44% | -3.88% | 2.9% | 30.6% | 0.51% | -13.75% | 2.18% |
| EPS (Diluted) | 3.87 | 3.92 | 3.99 | 3.62 | 3.26 | 2.26 | 2.95 | 4.50 | 2.15 | 0.84 | 2.47 | 2.60 | 2.18 | 1.85 | 2.71 | 2.57 | 2.37 | 2.07 | 2.25 | 2.28 | 2.10 | 2.13 | 2.06 | 2.02 | 1.85 | 1.82 | 2.01 | 1.86 | 1.40 | 1.42 | 1.68 |
| EPS Growth % | -6.24% | -1.75% | 10.22% | 11.04% | 44.25% | -23.39% | -34.44% | 109.3% | 155.95% | -65.99% | -5% | 19.27% | 17.84% | -31.73% | 5.45% | 8.44% | 14.49% | -8% | -1.32% | 8.57% | -1.41% | 3.4% | 1.98% | 9.19% | 1.65% | -9.45% | 8.06% | 32.86% | -1.41% | -15.48% | 1.2% |
| EPS (Basic) | - | 3.94 | 4.02 | 3.64 | 3.28 | 2.26 | 2.95 | 4.50 | 2.15 | 0.84 | 2.47 | 2.60 | 2.18 | 1.85 | 2.71 | 2.57 | 2.37 | 2.07 | 2.26 | 2.29 | 2.12 | 2.14 | 2.07 | 2.03 | 1.86 | 1.83 | 2.01 | 1.86 | 1.40 | 1.42 | 1.68 |
| Diluted Shares Outstanding | 1.13B | 1.11B | 1.1B | 1.1B | 1.08B | 1.06B | 1.06B | 1.05B | 1.03B | 1.01B | 990.2M | 911.6M | 908.3M | 887.3M | 868M | 857M | 833.33M | 795M | 775M | 761M | 748M | 749M | 743M | 732M | 714M | 694M | 654M | 686M | 697M | 685M | 673M |
Elevated operational concentration risk following the completion of Vogtle nuclear units.
As reported in recent financial statements, Southern Company achieved a revenue growth rate of 8.0% in 2026Q1, reflecting the successful integration of major capital projects into the rate base and sustained demand from the utility's core Southeastern service territories, particularly within the industrial and data center segments.
The revenue trajectory appears increasingly tied to the successful recovery of capital investments rather than purely volumetric growth. While the 8.0% growth in 2026Q1 suggests a positive momentum, investors should monitor whether this expansion is sustainable or if it remains heavily dependent on periodic rate case outcomes that may face future political resistance.
Based on the company's reported figures, fuel and purchased power costs continue to function as primary pass-through items, allowing Southern to maintain a relatively stable operating margin of 24.0% in 2026Q1 despite the inherent volatility in global energy commodity prices and regional generation requirements.
The regulatory construct effectively insulates the utility from direct fuel price exposure, though it does not eliminate the risk of bill pressure on end-users. This mechanism appears to provide a reliable buffer for earnings, provided that state regulators continue to view these recovery mechanisms as prudent and necessary for grid reliability.
According to quarterly data, Southern Company experienced significant EPS fluctuations, including a 22.9% decline in 2025Q4, which suggests that the transition from construction-heavy accounting to operational earnings remains a complex process that may obscure the underlying sustainable regulated earnings power of the utility's generation fleet.
The variability in quarterly EPS, ranging from 0.37 to 1.54 over the last two years, warrants further investigation into the impact of non-recurring items and the timing of regulatory adjustments. Analysts should distinguish between core regulated returns and the noise created by the conclusion of the multi-year Vogtle capital cycle.
As indicated by the completion of Vogtle Unit 4 in early 2024, Southern Company is shifting from a period of intense capital expenditure to a phase of potential free cash flow generation, which may fundamentally alter the company's reliance on AFUDC credits to bolster reported net income.
The reduction in construction-related accounting credits should theoretically improve the quality of earnings, yet the company faces pressure to initiate new grid modernization projects. Investors should monitor whether incremental CAPEX will continue to yield authorized returns or if the regulatory environment will demand more stringent cost-sharing for future infrastructure.
Based on an analysis of the company's current generation profile, the income statement may mask the heightened operational risk associated with the increased reliance on a single nuclear site, which could lead to significant earnings volatility if unplanned outages occur at the newly commissioned Vogtle units.
While the P&L reflects the successful completion of these assets, it does not explicitly account for the potential for regulatory fatigue in Georgia following years of rate increases. This concentration risk may necessitate a higher risk premium than the market currently assigns to the utility's regulated earnings stream.
Quick answers to the most common questions about buying SOJE stock.
For fiscal year 2025, Southern Company (The) Series 2 (SOJE) reported total revenue of $29.55B. This represents a 185.3% increase compared to $10.36B in 1996.
Southern Company (The) Series 2 (SOJE) 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 (SOJE) reported an operating income of $7.27B, resulting in an operating profit margin of 24.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Southern Company (The) Series 2 (SOJE) 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.