Income StatementBalance SheetCash FlowSegments
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Southern Company Business Segments

Business, geographic, and product segment breakdowns

Southern Company generates $31.5B in annual revenue across 4 key segments: Commercial ($5.4B), Industrial ($3.7B), Non-PPA revenues ($719.0M), and Other ($50.0M). The company-wide operating margin is 26.42%. Based on the Q1 2026 filing.

Commercial (TTM)$5.4BIndustrial (TTM)$3.7BNon-PPA revenues (TTM)$719.0MOther (TTM)$50.0MOther revenues (TTM)$1.1BOther (TTM)$101.0MPPA capacity revenues (TTM)$563.0MPPA energy revenues (TTM)$2.1B
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$106.59B
P/E Ratio19.05
ROE14.87%

Products & Services

Total operating revenues

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Residential$331.0M—$217.0M$845.0M—$1.0B
Other natural gas revenues$99.0M—$62.0M$260.0M—$284.0M
Commercial$93.0M—$56.0M$199.0M—$253.0M
Other$49.0M—$60.0M$112.0M—$145.0M
Industrial$12.0M—$4.0M$18.0M—$24.0M

Total revenue from contracts with customers

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Retail electric revenues$5.0B—$5.5B$4.6B—$4.6B
Residential$2.1B—$2.5B$2.1B—$2.0B
Commercial$1.6B—$1.8B$1.6B—$1.7B
Industrial$1.2B—$1.1B$915.0M—$942.0M
PPA energy revenues$812.0M—$317.0M$415.0M—$496.0M
Other revenues$277.0M—$330.0M$493.0M—$493.0M
Transportation$259.0M—$275.0M$406.0M—$440.0M
Non-PPA revenues$303.0M—$137.0M$134.0M—$169.0M
PPA capacity revenues$175.0M—$151.0M$149.0M—$149.0M
Other$27.0M—$30.0M$31.0M—$31.0M
Other$15.0M—$8.0M$4.0M—$3.0M

Earnings from equity method investments

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Electric Utilities———-$2.0M—-$1.0M

Income taxes (benefit)

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Electric Utilities———$225.0M—$160.0M

Contract Liabilities

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Unregulated Distributed Generation$37.0M$32.0M$47.0M—$132.0M$170.0M
Energy Efficiency Enhancement And Upgrade——$51.0M——$68.0M

Total cost of sales

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Fuel$2.4B—$1.4B$1.3B—$1.5B
Natural gas$294.0M—$102.0M$674.0M—$926.0M
Purchased power, affiliates$571.0M—$221.0M$264.0M—$289.0M
Purchased power$645.0M—$207.0M$250.0M—$244.0M
Fuel and purchased power$262.0M—$169.0M$166.0M—$205.0M
Other revenues$92.0M—$126.0M$199.0M—$181.0M

Gain (loss) on hedges

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Natural gas———-$1.0M—$10.0M
Fuel———$1.0M—$3.0M

Other revenues

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Other revenue sources$1.3B—$173.0M$184.0M—$357.0M

Contract Assets

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Unregulated Distributed Generation$59.0M$65.0M$75.0M—$63.0M$69.0M

Fuel cost recovery

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Wholesale MRA————$6.0M$9.0M
Wholesale MB————$0.0$0.0

Business Segments

Depreciation and amortization(b)

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$503.0M—$484.0M

Goodwill

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
SOUTHERN POWER CO$2.0M$2.0M$2.0M—$2.0M$2.0M

Interest expense(c)

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$187.0M—$204.0M

Net Income (Loss) Attributable to Parent

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
SOUTHERN POWER CO$95.0M——$87.0M—$4.0M

Other segment items

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$1.1B—$1.2B
SOUTHERN POWER CO———$303.0M—$442.0M

Total Assets

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
SOUTHERN POWER CO$13.3B$13.1B$13.1B—$12.7B$12.5B

Total operating revenues

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$3.0B—$3.1B
SOUTHERN POWER CO$1.2B—$653.0M$567.0M—$681.0M

Depreciation and Amortization Excluding Nuclear Fuel

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
SOUTHERN Co GAS———$169.0M—$183.0M
Gas distribution operations———$164.0M—$179.0M
Gas marketing services———$3.0M—$2.0M
Gas Pipeline Investments———$1.0M—$1.0M

Earnings from equity method investments

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Gas Pipeline Investments———$39.0M—$46.0M
SOUTHERN Co GAS———$39.0M—$46.0M
Traditional Electric Operating Companies———-$2.0M—-$1.0M
Gas distribution operations———$0.0—$0.0
Gas marketing services———$0.0—$0.0

Income taxes (benefit)

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$111.0M—$129.0M

Interest Expense

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
SOUTHERN Co GAS———$92.0M—$105.0M
Gas distribution operations———$82.0M—$91.0M
Gas Pipeline Investments———$9.0M—$9.0M
Gas marketing services———$1.0M—$1.0M

CapEx

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$1.6B—$2.1B

Environmental compliance expenses

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$2.0M—$4.0M

Net Income

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$596.0M—$628.0M

Operational expenses

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$57.0M—$64.0M

Rate CNP Compliance expenses

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$75.0M—$74.0M

Rate RSE expenses

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$365.0M—$301.0M

Utilities Operating Expense, Maintenance and Operations

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Reportable Segment———$536.0M—$578.0M

Depreciation And Amortization Excluding Nuclear Fuel

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
SOUTHERN POWER CO———$152.0M—$278.0M

Income Loss From Equity Method Investments

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
SOUTHERN POWER CO———$0.0—$0.0

Income Tax

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
SOUTHERN POWER CO———-$1.0M—-$70.0M

Interest & Debt Expense

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
SOUTHERN POWER CO———$26.0M—$27.0M

Number of operating segments

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Traditional Electric Operating Companies—————3.00

Number of reportable segments

SegmentQ3 '22Q4 '22Q3 '23Q1 '25Q4 '25Q1 '26
Traditional Electric Operating Companies—————1.00