The Southern (SO) 10-K Summary — Year Ended Dec 31, 2025
The Southern Company filed its annual report for the most recent fiscal year. The filing covers business operations, risk factors, and financial condition.
Key takeaway
Year ended Dec 31, 2025 · FY2025 10-K
The Southern Company filed its annual report for the most recent fiscal year. The filing covers business operations, risk factors, and financial condition.
Financial snapshot
Selected annual figures reported with the filing, shown separately from the narrative summary.
Annual revenue
$29.6B
Revenue reported for the fiscal year.
Operating income
$7.3B
Income from operations reported for the year.
Net income
$4.3B
Net income reported for the year.
Operating cash flow
$9.8B
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, 2022 | $29.3B | +26.7% |
| Dec 31, 2023 | $25.3B | -13.8% |
| Dec 31, 2024 | $26.7B | +5.8% |
| Dec 31, 2025 | $29.6B | +10.6% |
Business overview
The Southern Company operates an integrated electric utility system, serving customers in a defined territory. The company engages in construction programs, fuel supply management, and rate regulation under state and federal oversight. It also faces competition and seasonal demand variations.
Financial performance
Revenue increased compared to the prior year, while operating income and net income also showed growth. Operating cash flow remained strong, supporting ongoing operations.
Material risks
The filing identifies risk factors related to regulation, construction programs, fuel supply, and competition. These factors could affect financial results and operations.
Liquidity and capital
The company discusses financing programs to support construction and capital needs. Liquidity is maintained through operating cash flow and access to capital markets.
What to watch
Monitor the outcome of pending rate cases and regulatory decisions that could impact future revenue.