Filing Flows › Southern (SO) › How it makes money
How Southern (SO) makes money
Southern (SO) made $8.8B of revenue in the third quarter 2026 (Q3 2026), +13% from a year earlier. Non-fuel brought in $5.1B (58%); Fuel brought in $1.5B (17%); Wholesale electric revenues brought in $873M (10%). Of every dollar of revenue, 34¢ was left as operating profit, 23¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Non-fuel | $5.1B | 58.0% | — | +16% |
| Fuel | $1.5B | 16.9% | — | +18% |
| Wholesale electric revenues | $873M | 9.9% | — | +5% |
| Natural gas revenues | $773M | 8.7% | — | +5% |
| Other revenues | $345M | 3.9% | — | +20% |
| Other electric revenues | $229M | 2.6% | — | -13% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $8.8B | 100.0% |
| Operating profit | $3.0B | 33.9% |
| Income tax | $472M | 5.3% |
| Net earnings | $2.0B | 23.1% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $8.8B | +13% |
| Q2 2026 | $7.0B | +0.1% |
| Q1 2026 | $8.4B | +8% |
| Q4 2025 | $7.0B | +10% |
| Q3 2025 | $7.8B | +8% |
| Q2 2025 | $7.0B | +8% |
| Q1 2025 | $7.8B | +17% |
From Southern's 8-K filed Nov 5, 2026 (on EDGAR).
Questions
How does Southern make money?
Southern (SO) made $8.8B of revenue in the third quarter 2026 (Q3 2026), +13% from a year earlier. Non-fuel brought in $5.1B (58%); Fuel brought in $1.5B (17%); Wholesale electric revenues brought in $873M (10%). Of every dollar of revenue, 34¢ was left as operating profit, 23¢ was left as net earnings.
What is Southern's biggest business?
Non-fuel: $5.1B in the third quarter 2026, 58% of revenue, +16% from a year earlier.
What is Southern's profit margin?
Net earnings were $2.0B, 23.1% of revenue, in the third quarter 2026; the operating margin was 33.9%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.