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Southern cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.7B in Q1 2026 · −$3.5B over twelve months

Operating cash flow$1.2B
Capital spending−$2.9B
Free cash flow−$1.7B
Cash / net income0.9×

Analysis

In Q1 2026, Southern generated $1.2B of operating cash flow and spent $2.9B on capital projects, leaving free cash flow of −$1.7B. That is $531M less than in Q1 2025 (−$1.2B).

Over the twelve months to Mar 31, 2026, operating cash flow was $9.8B; the largest uses were capital spending ($13.2B), dividends ($3.1B), other investing ($1.3B); besides operations, cash came from net borrowing (+) / repaid (−) ($4.0B), shares issued ($2.1B); the cash balance fell by $1.3B.

Operating cash flow was $1.2B against net income of $1.3B — 0.9× profit, roughly in line with earnings. The largest differences: depreciation & amortization +$1.6B, payables −$555M, income taxes payable −$408M.

Free cash flow

Southern: free cash flow by quarterSouthern: free cash flow by quarter$563MQ2 2024$1.3BQ3 2024−$576MQ4 2024−$1.2BQ1 2025−$619MQ2 2025$559MQ3 2025−$1.7BQ4 2025−$1.7BQ1 2026
Operating cash flow less capital spending.
Southern: operating cash flow against capital spendingSouthern: operating cash flow against capital spendingOperating cash flowCapital spending$2.7B$2.1BQ2 2024$3.6B$2.3BQ3 2024$2.2B$2.7BQ4 2024$1.2B$2.4BQ1 2025$2.2B$2.8BQ2 2025$3.8B$3.2BQ3 2025$2.6B$4.3BQ4 2025$1.2B$2.9BQ1 2026
Latest (Q1 2026): Operating cash flow $1.2B, Capital spending $2.9B.

Capital allocation, year by year

Southern: where the cash came from (up) and went (down), by fiscal yearSouthern: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsDividendsFY2021: Operating cash flow $6.2BFY2021: Net borrowing $4.2BFY2021: Shares issued $139MFY2021: Asset sales $917MFY2021: Capital spending −$7.6BFY2021: Acquisitions −$345MFY2021: Dividends −$2.8B$11.4BFY2021FY2022: Operating cash flow $6.3BFY2022: Net borrowing $4.5BFY2022: Shares issued $1.9BFY2022: Asset sales $275MFY2022: Capital spending −$7.9BFY2022: Dividends −$2.9B$12.9BFY2022FY2023: Operating cash flow $7.6BFY2023: Net borrowing $3.4BFY2023: Shares issued $64.0MFY2023: Asset sales $164MFY2023: Capital spending −$9.1BFY2023: Dividends −$3.0B$11.2BFY2023FY2024: Operating cash flow $9.8BFY2024: Net borrowing $3.0BFY2024: Shares issued $157MFY2024: Asset sales $369MFY2024: Capital spending −$9.0BFY2024: Dividends −$3.0B$13.3BFY2024FY2025: Operating cash flow $9.8BFY2025: Net borrowing $7.2BFY2025: Shares issued $1.6BFY2025: Asset sales $1.0MFY2025: Capital spending −$12.7BFY2025: Acquisitions −$635MFY2025: Dividends −$3.0B$18.6BFY2025
Over these 5 years operating cash flow totalled $39.6B; the largest uses were capital spending ($46.3B) and dividends ($14.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$981M
Debt$74.5B
Net debt$73.5B
Due within a year$6.2B

Southern's operations bring cash in ($9.8B over twelve months), and it spends more than that on capital projects: a gap of $3.5B funded from its $981M of cash and investments and from borrowing ($74.5B of debt, $6.2B due within a year). That is a choice to invest, not a cash runway running down.

Southern: debt maturities by year (FY2025)Southern: debt maturities by year (FY2025)$6.2BYear 1$3.4BYear 2$5.5BYear 3$2.0BYear 4$4.1BYear 5
Principal due in each year as disclosed in the annual report, against $981M of cash and investments now.

Where the cash came from and went

Southern: sources (+) and uses (−) of cash, Q1 2026Southern: sources (+) and uses (−) of cash, Q1 2026Capital spending−$2.9BNet borrowing (+) / repaid (−)$2.0BOperating cash flow$1.2BDividends−$776MCash drawn (+) / kept (−)$653MShares issued$535MOther investing−$477MOther financing−$191MPartners−$47.0M
Southern: sources (+) and uses (−) of cash, TTM to Q1 2026Southern: sources (+) and uses (−) of cash, 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 profit to cash

Southern: net income to operating cash flow, Q1 2026Southern: net income to operating cash flow, Q1 2026Net income$1.3BDepreciation & amortization$1.6BDeferred taxes$168MOther non-cash−$25.0MReceivables$124MPayables−$555MPrepaid and other assets−$27.0MOther liabilities−$4.0MIncome taxes payable−$408MOperating cash flow$1.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q1 2026$1.2B−$2.9B−$776M$2.0B$535M$653M−$1.7B
Q4 2025$2.6B−$4.3B−$761M−$880M$1.5B$1.7B−$1.7B
Q3 2025$3.8B−$3.2B−$760M$3.0B$28.0M−$2.1B$559M
Q2 2025$2.2B−$2.8B−$758M$424M$32.0M$1.1B−$619M
Q1 2025$1.2B−$2.4B−$736M$3.7B$30.0M−$1.2B−$1.2B
Q4 2024$2.2B−$2.7B−$734M$1.4B$31.0M−$46.0M−$576M
Q3 2024$3.6B−$2.3B−$733M−$538M$28.0M$156M$1.3B
Q2 2024$2.7B−$2.1B−$754M$1.6B$56.0M−$379M$563M

Southern: income statement and cash flow

Southern, Q3 2026: revenue $8.8B (+13% year over year), operating margin 33.9%. The chart follows the revenue to costs, profit and cash.

Southern: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.