The Southern (SO) 10-K Summary — Year Ended Dec 31, 2023
The Southern Company is a regulated utility holding company that generates, transmits, and distributes electricity. In the most recent annual period, revenue declined compared to the prior year, while operating income and net income remained positive.
Key takeaway
Year ended Dec 31, 2023 · FY2025 10-K
The Southern Company is a regulated utility holding company that generates, transmits, and distributes electricity. In the most recent annual period, revenue declined compared to the prior year, while operating income and net income remained positive.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$25.3B
Revenue reported for the fiscal year.
Operating income
$5.8B
Income from operations reported for the year.
Net income
$4B
Net income reported for the year.
Operating cash flow
$7.6B
Cash generated by operating activities.
Annual revenue trend
Reported annual revenue and its change from the preceding fiscal year.
| Period ended | Revenue | Year-over-year change |
|---|---|---|
| Dec 31, 2021 | $23.1B | n/a |
| Dec 31, 2022 | $29.3B | +26.7% |
| Dec 31, 2023 | $25.3B | -13.8% |
Business overview
The Southern Company operates as an integrated electric utility system serving a defined territory. Its business includes construction programs, fuel supply management, and rate regulation, with operations subject to seasonal demand and competition.
Financial performance
Revenue for the year was lower than the prior year, following a significant increase in the year before. Operating income and net income were reported, and operating cash flow was generated.
Material risks
The filing identifies risk factors related to regulation, rate matters, fuel supply, and competition. These factors could affect the company's financial condition and results of operations.
Liquidity and capital
The filing discusses financing programs and construction programs, indicating ongoing capital allocation toward infrastructure investment.
What to watch
Monitor changes in revenue trends and regulatory rate decisions in the next filing.