Filing Flows

Filing Flows › Utilities › Southern (SO)

Southern (SO) earnings and revenue breakdown

Latest: Q3 2026 · 8-K filed Nov 5, 2026

Q3 2026 Revenue up 13% year over year to $8.8B · 23¢ of every $1 of revenue kept as net profit · operating margin 33.9%

Southern made $8.8B in Q3 2026 (+13% Y/Y): Non-fuel $5.1B, Fuel $1.5B, Wholesale electric revenues $873M. Operating margin 33.9%, net earnings $2.0B. See where every dollar goes — costs, profit and cash — as a Sankey from the 8-K filed Nov 5, 2026 (preliminary, from the earnings release).

Revenue$8.8B
Year over year+13%
Operating margin33.9%
Net earnings$2.0B
Operating cash flow—

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Southern Q3 2026 revenue breakdown: Sankey diagram of revenue (Non-fuel, Fuel, Wholesale electric revenues, Natural gas revenues), costs, profit and cash flow
Southern Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
Embed this chart on your site

Free to use with the credit line. Click a box to select the code.

What changed this quarter

Revenue was $8.8B in Q3 2026, up 13% year over year. Non-fuel was the largest line at 58% of revenue. Non-fuel added $0.69B year over year (up 16%), 68% of the total change. Other electric revenues declined 13%.

Operating profit was $3.0B, a 33.9% margin (up 0.8 points year over year). Of the extra revenue versus Q3 2025, 40% reached operating profit, above the 33% margin then. Total costs grew 12% against revenue growth of 13%. Net earnings were $2.0B, up 20% year over year. The effective tax rate was 18.5%.

Quarterly history

Southern revenue by quarterSouthern revenue by quarter$7.8BQ1 2025$7.0BQ2 2025$7.8BQ3 2025$7.0BQ4 2025$8.4BQ1 2026$7.0BQ2 2026$8.8BQ3 2026
Southern net earnings by quarterSouthern net earnings by quarter$1.3BQ1 2025$880MQ2 2025$1.7BQ3 2025$416MQ4 2025$1.4BQ1 2026$1.2BQ2 2026$2.0BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 20268-KNov 5, 2026$8.8B+13%33.9%$2.0B—
Q2 202610-QJul 30, 2026$7.0B+0.1%25.5%$1.2B$3.1B
Q1 202610-QApr 30, 2026$8.4B+8%24.0%$1.4B$1.2B
Q4 202510-KFeb 19, 2026$7.0B+10%13.1%$416M$2.6B
Q3 202510-QOct 30, 2025$7.8B+8%33.2%$1.7B$3.8B
Q2 202510-QJul 31, 2025$7.0B+8%25.3%$880M$2.2B
Q1 202510-QMay 1, 2025$7.8B+17%25.9%$1.3B$1.2B

Charts

Southern: revenue growth, year over year and quarter over quarterSouthern: revenue growth, year over year and quarter over quarterY/YQ/Q+17%Q1 2025+8%-10%Q2 2025+8%+12%Q3 2025+10%-11%Q4 2025+8%+20%Q1 2026+0%-17%Q2 2026+13%+27%Q3 2026
Latest (Q3 2026): Y/Y +13%, Q/Q +27%.
Southern: where the cash came from (+) and went (−), TTM to Q1 2026Southern: where the cash came from (+) and went (−), TTM to Q1 2026Capital spending−$13.2BOperating cash flow$9.8BNet borrowing (+) / repaid (−)$4.0BDividends−$3.1BShares issued$2.1BCash drawn (+) / kept (−)$1.3BOther investing−$1.3BOther financing$518MPartners−$210M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Southern: profit against cash, quarter by quarterSouthern: profit against cash, quarter by quarterNet incomeOperating cash flow$1.2B$2.7BQ2 2024$1.5B$3.6BQ3 2024$466M$2.2BQ4 2024$1.3B$1.2BQ1 2025$853M$2.2BQ2 2025$1.7B$3.8BQ3 2025$341M$2.6BQ4 2025$1.3B$1.2BQ1 2026
Latest (Q1 2026): Net income $1.3B, Operating cash flow $1.2B.
Southern: diluted shares by fiscal yearSouthern: diluted shares by fiscal year1.06BFY20201.07BFY20211.08BFY20221.10BFY20231.10BFY20241.11BFY2025
+4.1% since FY2020: more shares outstanding (issuance, stock pay).
Southern: long-term debt falling due (FY2025)Southern: long-term debt falling due (FY2025)$6.2B2026$3.4B2027$5.5B2028$2.0B2029$4.1B2030
Cash $1.6B, short-term investments —, long-term debt — at 2025-12-31.
Southern in its industry: growth against margin (53 companies, SIC 4911)Southern in its industry: growth against margin (53 companies, SIC 4911)revenue growth, year over year →↑ operating marginmedian +10%median 24%Southern Power CoNEEFlorida Power & Light CoCEGNRGAEP Texas Inc.VSTDAEPEIXFirstEnergy Pennsylvania Electric CoETI-PDTEFEEAITVEETRPublic Service Co of New HampshirePPLOncor Electric Delivery Co LLCCNPPNWWELPPTLNPuget Energy IncOGEHEPORHawaiian Electric Co IncTampa Electric CoBasin Electric Power CooperativeTXNMIDAOglethorpe Power CorpIpalco Enterprises, Inc.Tucson Electric Power CoClearway Energy LLCCWENFirstEnergy Transmission, LLCTri-State Generation & Transmission Association, Inc.ITC Holdings Corp.BKHCleco Corporate Holdings LLCOld Dominion Electric CooperativeCleco Power LLCXIFROTTRORAHNRGGreenbacker Renewable Energy Co LLCSPRUOPTTSO (+13%, 34%)
Electric Services; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Power grid & electrification money flowPower grid & electrification · buyer

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

Loading the interactive chart…

🌏Named in Asian annual reportsinteractive

Loading the interactive chart…

🔄Rotation against the market and its industry (RRG)interactive

Loading the interactive chart…

🔍Earnings qualityinteractive

Loading the interactive chart…

⚖️Fair value by methodinteractive

Loading the interactive chart…

🔭Outlook & guidanceinteractive

Loading the interactive chart…

📈Investments: gains and what it boughtinteractive

Loading the interactive chart…

🏭Its industry’s money flow (input-output)interactive

Loading the interactive chart…

About Southern

Southern Company is a holding company that owns all of the outstanding common stock of three traditional electric operating companies, Southern Power Company, and Southern Company Gas. • The traditional electric operating companies – Alabama Power, Georgia Power, and Mississippi Power – are each vertically integrated utilities providing electric service to retail customers in three Southeastern states in addition to wholesale customers in the Southeast.

In its own words, from its 10-K, filed Feb 19, 2026.

Southern against its Electric Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +13%. Operating margin: 33.9% against the peers' median 29.7%.

CompanyQuarterRevenueY/YOp. margin
SO SouthernQ3 2026$8.8B+13%33.9%
Southern PowerQ3 2026$8.8B+13%33.9%
NEE NextEra EnergyQ3 2026$8.1B+2%32.4%
Florida Power & LightQ2 2026$7.5B+12%29.7%
CEG Constellation EnergyQ2 2026$7.5B+23%7.7%
NRG NRG EnergyQ2 2026$7.5B+11%13.0%
AEP TexasQ3 2026$6.8B+14%26.5%
VST VistraQ3 2026$6.3B+28%26.9%
D Dominion EnergyQ3 2026$5.6B+24%32.8%

Source: Southern 8-K on SEC EDGAR · CIK 92122 · Electric Services

Guidance and outlook

Southern: what its forward-looking statements are about (10-Q filed 2026-07-30)Southern: what its forward-looking statements are about (10-Q filed 2026-07-30)Legal & regulation1Other1
2 statements; tone +0.00 (−1 all cautious, +1 all confident); 1 hedged.

13F: who owns SO and who is buying

Largest holders of SO (13F)Largest holders of SO (13F)Vanguard Group$9.4BBlackRock$8.9BVanguard Capital Management LLC$7.1BState Street$6.2BCapital World Investors$6.0BPrice T Rowe Associates$4.4BGeode Capital Management, LLC$2.8BVanguard Portfolio Management LLC$2.6BFMR LLC$2.2BFranklin Resources$1.6B
Funds' net buying of SO by quarter (13F)Funds' net buying of SO by quarter (13F)−$558M2024-09−$474M2024-12−$505M2025-03$2.2B2025-06$1.6B2025-09$567M2025-12$1.9B2026-03$3.9B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on SO

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

Compare SO with

中文版：南方公司（SO）财报

Español · Français